State of Connecticut Department of Banking

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Independent Fiduciary Appointed to Manage
Trust Advisors Stable Value Plus Fund
Independent Fiduciary files petition in U.S. Bankruptcy Court

October 3, 2005

State Banking Commissioner John P. Burke today indicated that management of the Trust Advisors Stable Value Plus Fund (the “Fund”), previously managed by Circle Trust Company (“CTC”), has been placed in the hands of an independent fiduciary, Fiduciary Counselors Inc. (the “Independent Fiduciary”) of Washington, D.C.

CTC appointed the Independent Fiduciary before the State Banking Commissioner’s appointment as receiver for CTC became effective. It is the understanding of the State Banking Commissioner that the independent fiduciary has filed a voluntary petition for the Fund under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Connecticut. According to the independent fiduciary, the bankruptcy proceeding provides the best vehicle for protecting the interests of the investors in and creditors of the Fund through an orderly and equitable process for resolving outstanding issues.

More information concerning the Fund and its Chapter 11 filing may be obtained by going to www.fiduciarycounselors.com/stablevalue.htm.