United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form N-CSR
   Certified Shareholder Report of Registered Management Investment Companies




                                    811-5514
                      (Investment Company Act File Number)



                            MTB Group of Funds, Inc.

               (Exact Name of Registrant as Specified in Charter)




                              5800 Corporate Drive
                       Pittsburgh, Pennsylvania 15237-7010


                                 (412) 288-1900
                         (Registrant's Telephone Number)


                                C. Grant Anderson
                            Federated Investors Tower
                               1001 Liberty Avenue
                       Pittsburgh, Pennsylvania 15222-3779
                     (Name and Address of Agent for Service)
                (Notices should be sent to the Agent for Service)






                        Date of Fiscal Year End: 4/30/04


               Date of Reporting Period: Six months ended 10/31/03







Item 1.     Reports to Stockholders

[Logo of MTB Group of Funds]

Managed by MTB Investment Advisors, Inc.

SEMI-ANNUAL REPORT: October 31, 2003

MTB Fund

U.S. Treasury Money Market Fund
U.S. Government Money Market Fund
Tax-Free Money Market Fund
Money Market Fund
Prime Money Market Fund
New York Tax-Free Money Market Fund
Pennsylvania Tax-Free Money Market Fund
Short Duration Government Bond Fund
Short-Term Corporate Bond Fund
U.S. Government Bond Fund
New York Municipal Bond Fund
Pennsylvania Municipal Bond Fund
Maryland Municipal Bond Fund
Intermediate-Term Bond Fund
Income Fund
Managed Allocation Fund -- Conservative Growth
Managed Allocation Fund -- Moderate Growth
Managed Allocation Fund -- Aggressive Growth
Balanced Fund
Social Balanced Fund
Equity Income Fund
Large Cap Value Fund
Equity Index Fund
Large Cap Stock Fund
Large Cap Growth Fund
Multi Cap Growth Fund
Mid Cap Stock Fund
Mid Cap Growth Fund
Small Cap Stock Fund
Small Cap Growth Fund
International Equity Fund

Last Meeting of Shareholders

1. A Special Meeting of VISION Large Cap Core Fund, VISION Intermediate Term Bond Fund and VISION Pennsylvania Municipal Income Fund shareholders was held on August 14, 2003. On June 16, 2003, the record date for shareholders voting at the meeting, there were 15,181,352 total outstanding shares for VISION Large Cap Core Fund, 14,264,707 total outstanding shares for VISION Intermediate Term Bond Fund, and 8,048,091 total outstanding shares for VISION Pennsylvania Municipal Income Fund. The following item was considered by shareholders and the results of their voting are listed below. Unless otherwise noted, each matter was approved.

To approve or disapprove an Agreement and Plan of Reorganization between the Trust, on behalf of the Acquired VISION Fund and on behalf of a corresponding newly-created VISION Fund (the "Acquiring VISION Fund") whereby the Acquiring VISION Fund would acquire all of the assets of the corresponding Acquired VISION Fund in exchange solely for the Acquiring VISION Fund's assumption of the Acquired VISION Fund's liabilities and the Acquiring VISION Fund's shares, to be distributed pro rata by the Acquired VISION Fund to the holders of its shares, in complete liquidation of the Acquired VISION Fund.

VISION LARGE CAP CORE FUND

For	Against	Abstentions and Broker Non-Votes
12,853,216	481	8,692

VISION INTERMEDIATE TERM BOND FUND

For	Against	Abstentions and Broker Non-Votes
13,182,640	410	3,277

VISION PENNSYLVANIA MUNICIPAL INCOME FUND

For	Against	Abstentions and Broker Non-Votes
6,194,546	47,081	20,241

2. A Special Meeting of ARK Funds shareholders was held on August 14, 2003. On June 16, 2003, the record date for shareholders voting at the meeting, the following were the total outstanding shares for each ARK Fund: Balanced Portfolio -- 13,986,354; Blue Chip Equity Portfolio -- 14,724,346; Capital Growth Portfolio -- 11,694,671; Emerging Markets Equity Portfolio -- 632,046; Equity Income Portfolio -- 8,165,486; Equity Index Portfolio -- 13,074,898; Income Portfolio -- 24,139,435; Intermediate Fixed Income Portfolio -- 12,183,364; International Equity Portfolio -- 3,230,741; Maryland Tax-Free Portfolio -- 12,246,154; Mid-Cap Equity Portfolio -- 6,894,915; Money Market Portfolio -- 1,067,650,001; Pennsylvania Tax-Free Money Market Portfolio -- 20,280,150; Pennsylvania Tax-Free Portfolio -- 15,229,183; Prime Cash Management Portfolio -- 49,256,477; Short-Term Bond Portfolio -- 5,964,969; Short-Term Treasury Portfolio -- 5,911,227; Small-Cap Equity Portfolio -- 9,391,170; Social Issues Blue Chip Equity Portfo lio -- 106,992; Social Issues Capital Growth Portfolio -- 24,862; Social Issues Intermediate Fixed Income Portfolio -- 313,320; Social Issues Small-Cap Equity Portfolio -- 64,213; Tax-Free Cash Management Portfolio -- 13,070,114; Tax-Free Money Market Portfolio -- 185,134,326; U.S. Government Bond Portfolio -- 9,652,734; U.S. Government Cash Management Portfolio -- 918,439,732; U.S. Government Money Market Portfolio -- 1,750,082,420; U.S. Treasury Cash Management Portfolio -- 39,145,889; U.S. Treasury Money Market Portfolio -- 437,284,370; and Value Equity Portfolio -- 22,957,304. The following item was considered by shareholders and the results of their voting are listed below. Unless otherwise noted, each matter was approved.

To approve or disapprove an Agreement and Plan of Reorganization between the Trust, on behalf of the ARK Fund, and the VISION Group of Funds, on behalf of a corresponding VISION Fund series (the "Acquiring Fund"), whereby the Acquiring Fund would acquire all of the assets of the corresponding ARK Fund in exchange for the Acquiring Fund's assumption of the ARK Fund's liabilities and the Acquiring Fund's shares, to be distributed pro rata by the ARK Fund to the holders of its shares, in complete liquidation of the ARK Fund.

ARK BALANCED PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
10,165,223	20,848	51,938

ARK BLUE CHIP EQUITY PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
10,689,845	9,027	17,575

ARK CAPITAL GROWTH PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
7,844,404	33,534	20,966

ARK EQUITY INCOME PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
7,467,246	2,181	1,128

ARK EQUITY INDEX PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
11,551,214	113,522	1,874

ARK INCOME PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
21,606,831	96,961	16,088

ARK INTERMEDIATE FIXED INCOME PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
11,426,690	6,356	2,987

ARK INTERNATIONAL EQUITY PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
1,901,491	21,452	5,292

ARK MARYLAND TAX-FREE PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
10,042,252	48,089	9,252

ARK MID-CAP EQUITY PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
6,248,412	1,658	680

ARK MONEY MARKET PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
540,675,128	5,234,477	16,724,862

ARK PENNSYLVANIA TAX-FREE MONEY MARKET PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
17,460,114	25,238	83,871

ARK PENNSYLVANIA TAX-FREE PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
13,140,183	0	384

ARK PRIME CASH MANAGEMENT PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
25,547,471	0	0

ARK SHORT-TERM BOND PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
5,363,330	23,012	1,524

ARK SHORT-TERM TREASURY PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
4,911,536	737	2,888

ARK SMALL-CAP EQUITY PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
4,590,026	226,035	59,750

ARK SOCIAL ISSUES BLUE CHIP EQUITY PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
106,991	0	0

ARK SOCIAL ISSUES CAPITAL GROWTH PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
16,293	0	0

ARK SOCIAL ISSUES INTERMEDIATE FIXED INCOME PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
313,318	0	0

ARK TAX-FREE CASH MANAGEMENT PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
12,991,841	0	0

ARK TAX-FREE MONEY MARKET PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
113,390,140	0	11,319

ARK U.S. GOVERNMENT BOND PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
8,891,705	1,677	5,395

ARK U.S. GOVERNMENT CASH MANAGEMENT PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
774,520,280	0	0

ARK U.S. GOVERNMENT MONEY MARKET PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
1,373,156,571	1,368,905	4,796,424

ARK U.S. TREASURY MONEY MARKET PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
332,793,583	945	31,637

ARK VALUE EQUITY PORTFOLIO

For	Against	Abstentions and Broker Non-Votes
18,922,884	51,260	12,991

Portfolios of Investments

MTB U.S. Treasury Money Market Fund

Description			Principal Amount		Value
U.S. TREASURY -- 100.1%
	U.S. Treasury Bills
	United States Treasury Bills, 0.810% - 1.100%, 11/6/2003 - 4/1/2004	$	1,089,123,000	$	1,087,653,771
					Value
	TOTAL INVESTMENTS -- 100.1% (AT AMORTIZED COST)			$	1,087,653,771
	OTHER ASSETS AND LIABILITIES -- NET -- (0.1)%			$	(652,535	)
	TOTAL NET ASSETS -- 100%			$	1,087,001,236

See Notes to Portfolios of Investments

MTB U.S. Government Money Market Fund

Description			Principal Amount		Value
GOVERNMENT AGENCIES -- 93.0%
	FEDERAL HOME LOAN BANK -- 12.8%
1	Discount Notes, 0.920% - 1.000%, 11/19/2003 - 12/10/2003	$	185,940,000	$	185,829,180
2	Floating Rate Notes, 0.990% - 1.010%, 11/28/2003		55,000,000		54,986,855
	1.300% - 6.375%, 11/14/2003 - 6/28/2004		67,950,000		68,282,426
	TOTAL FEDERAL HOME LOAN BANK			$	309,098,461
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 37.4%
1	Discount Notes, 1.000% -1.100%, 11/3/2003 - 4/1/2004		582,500,000		581,381,085
2	Floating Rate Notes, 1.110%, 1/7/2004		235,000,000		235,000,000
	3.750% - 6.375%, 11/15/2003 - 4/15/2004		83,450,000		84,248,280
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	900,629,365
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 42.8%
1	Discount Notes, 0.940% - 1.050%, 11/5/2003 - 2/26/2004	$	865,776,000	$	864,916,976
2	Floating Rate Notes, 1.050%, 1/20/2004		25,000,000		24,990,858
	4.750% - 5.125%, 11/14/2003 - 2/13/2004		139,580,000		141,125,833
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	1,031,033,667
TOTAL GOVERNMENT AGENCIES				$	2,240,761,493
REPURCHASE AGREEMENT -- 6.9%
	Repurchase agreement with State Street Corp., dated 10/31/2003 due 11/3/2003 at 0.950%, collateralized by a U.S. Treasury Obligation with maturity of 4/1/2004 (repurchase proceeds $165,800,125)		165,787,000	$	165,787,000
TOTAL INVESTMENTS -- 99.9% (AT AMORTIZED COST)				$	2,406,548,493
OTHER ASSETS AND LIABILITIES -- NET -- 0.1%				$	1,769,424
TOTAL NET ASSETS -- 100%				$	2,408,317,917

See Notes to Portfolios of Investments

MTB Tax-Free Money Market Fund

 

Description			Principal Amount		Value
3SHORT-TERM MUNICIPALS -- 100.8%
	ALABAMA -- 0.5%
	Mobile, AL, Industrial Development Board Dock & Wharf, Revenue Bonds Weekly VRDNs	$	900,000	$	900,000
	CALIFORNIA -- 2.5%
	Oakland, CA, Joint Powers Financing Authority, Revenue Bonds Weekly VRDNs (Dexia Credit Local LOC)		4,300,000		4,300,000
	COLORADO -- 0.3%
	Colorado Postsecondary Educational Facilities, Revenue Bonds Weekly VRDNs (Pro Rodeo Hall of Fame)/(Fifth Third Bank, Cincinnati LOC)		470,000		470,000
	DISTRICT OF COLUMBIA -- 0.9%
	District of Columbia, 0.85% CP, Mandatory Tender 11/19/2003		1,000,000		1,000,000
	District of Columbia, 0.85% CP, Mandatory Tender 11/19/2003		500,000		500,000
	TOTAL DISTRICT OF COLUMBIA			$	1,500,000
	FLORIDA -- 4.3%
	Florida Housing Finance Agency, Multi-Family Housing Revenue Bonds (1985 Series AA) Weekly VRDNs (Parrot's Landing)/(FNMA COL)		2,900,000		2,900,000
	Lee County, FL, HFA, Revenue Bonds Weekly VRDNs		2,400,000		2,400,000
	Pinellas County, FL, HFA, Refunding Revenue Bonds Weekly VRDNs (MBIA Insurance Corp. INS)		2,000,000		2,000,000
	TOTAL FLORIDA			$	7,300,000
	GEORGIA -- 0.9%
	De Kalb County, GA, Multi-Family Housing Authority, WintersCreek Apartments Weekly VRDNs (FNMA COL)		1,600,000		1,600,000
	ILLINOIS -- 2.2%
	Illinois Development Finance Authority, PCR, Refunding Revenue Bonds Daily VRDNs		200,000		200,000
	Illinois Health Facilities Authority, (Series 1998B) Weekly VRDNs (Rush-Presbyterian St. Luke's Medical)/(MBIA Insurance Corp. INS)/(Bank One N.A. (Chicago) LIQ)		3,500,000		3,500,000
	TOTAL ILLINOIS			$	3,700,000
	INDIANA -- 0.9%
	Columbus Industrial Revenue, Quinco Consulting Center Weekly VRDNs	$	300,000	$	300,000
	Elkhart County, IN, Hubbard Hill Estates Weekly VRDNs		1,300,000		1,300,000
	TOTAL INDIANA			$	1,600,000
	IOWA -- 1.1%
	Iowa School Corporations, (Series B), 2.25% Bonds, 1/30/2004		1,800,000		1,805,135
	LOUISIANA -- 1.8%
	Lake Charles, LA, Harbor & Revenue District, Refunding Revenue Bonds Weekly VRDNs		3,000,000		3,000,000
	MARYLAND -- 15.4%
	Gaithersburg, MD, Economic Development Weekly VRDNs (MBIA Insurance Corp. LOC)		5,650,000		5,650,000
	Howard County, MD, Multifamily Revenue, Refunding Revenue Bonds Weekly VRDNs		1,750,000		1,750,000
	Howard County, MD, 0.95% CP, Mandatory Tender 1/13/2004		5,000,000		5,000,000
	Maryland State Health & Higher Educational Facilities Authority Weekly VRDNs		1,983,000		1,983,000
	Maryland State Health & Higher Educational Facilities Authority, (Series 1985A) Weekly VRDNs (Bank One N.A. (Chicago) LOC)		5,650,000		5,650,000
	Maryland State Health & Higher Educational Facilities Authority, (Series 1985B) Weekly VRDNs (Bank One N.A. (Chicago) LOC)		1,300,000		1,300,000
	Maryland State Health & Higher Educational Facilities Authority, (Series 1998A) Weekly VRDNs (Charlestown Community)/(Wachovia Bank N.A. LOC)		3,445,000		3,445,000
	Washington County, MD, (Series 1999), 2.00% TOBs (St. James School, MD)/(PNC Bank, N.A. LOC), Mandatory Tender 11/1/2003		1,500,000		1,500,000
	TOTAL MARYLAND			$	26,278,000
	MICHIGAN -- 1.7%
	Detroit, MI, Water Supply System, (Series C) Weekly VRDNs		2,900,000		2,900,000
	MISSISSIPPI -- 0.3%
	Jackson County, MS, Port Facility Daily VRDNs (Chevron U.S.A., Inc.)		500,000		500,000
	MISSOURI -- 0.1%
	Missouri State HEFA, (Series 1996B) Daily VRDNs (Washington University)		200,000		200,000
	MONTANA -- 0.6%
	Montana State Health Facilities Authority, Revenue Bond Weekly VRDNs	$	1,000,000	$	1,000,000
	NEVADA -- 0.4%
	Clark County, NV, Airport System, (Series 1993A) Weekly VRDNs (MBIA Insurance Corp. INS)/(National Westminster Bank PLC LIQ)		700,000		700,000
	NEW HAMPSHIRE -- 1.2%
	New Hampshire State HFA, Revenue Bonds Weekly VRDNs (FNMA LOC)		2,000,000		2,000,000
	NEW JERSEY -- 1.4%
	New Jersey State, GO Unlimited Weekly VRDNs (Chase Manhattan Bank (USA) N.A., Wilmington LOC)		2,400,000		2,400,000
	NEW YORK -- 3.5%
	New York City, NY, (1995 Series F-2) Weekly VRDNs		1,000,000		1,000,000
	Suffolk County, NY, Tax Anticipation Note, 2.00% TANs, 9/8/2004		5,000,000		5,045,950
	TOTAL NEW YORK			$	6,045,950
	NORTH CAROLINA -- 4.7%
	Charlotte, NC, Airport, Refunding Revenue Bonds (Series 1993A) Weekly VRDNs (MBIA Insurance Corp. INS)/(Industrial Bank of Japan Ltd., Tokyo LIQ)		3,150,000		3,150,000
	Durham, NC, Water & Sewer Utility System, Refunding Revenue Bonds Weekly VRDNs (Wachovia Bank N.A. LOC)		2,000,000		2,000,000
	Greensboro, NC, (Series B) Weekly VRDNs (Wachovia Bank N.A. LOC)		1,000,000		1,000,000
	North Carolina Educational Facilities Finance Agency, Revenue Bonds Weekly VRDNs (Bank of America N.A. LOC)		1,900,000		1,900,000
	TOTAL NORTH CAROLINA			$	8,050,000
	OHIO -- 2.3%
	Allen County, OH, GO, 1.50% Bonds (AMBAC LOC), 12/1/2003		525,000		525,000
	Butler County, OH, Healthcare Facilities, Revenue Bonds Weekly VRDNs (UC Physicians LLC)/(Fifth Third Bank, Cincinnati LOC)		1,900,000		1,900,000
	Wood County, OH, EDRB, Revenue Bonds Weekly VRDNs (Northwest, OH Carpenters)/(Fifth Third Bank, Cincinnati LOC)		1,545,000		1,545,000
	TOTAL OHIO			$	3,970,000
	OREGON -- 2.4%
	Oregon State, 2.25% TANs, 11/15/2004		4,000,000		4,048,484
	PENNSYLVANIA -- 32.7%
	Allegheny County, PA, HDA, (Series A of 2000), 1.15% TOBs (South Hills Health System)/(PNC Bank, N.A. LOC), Mandatory Tender 6/1/2004		2,200,000		2,200,000
	Allegheny County, PA, IDA Weekly VRDNs (Western PA Humane Society)/(National City Bank, Pennsylvania LOC)		800,000		800,000
	Allentown, PA, Commercial and IDA, (Series 1999) Daily VRDNs (Diocese of Allentown)/(Wachovia Bank N.A. LOC)	$	100,000	$	100,000
	Beaver County, PA, IDA, Refunding Revenue Bond Weekly VRDNs		3,000,000		3,000,000
	Berks County, PA, Revenue Bond Weekly VRDNs (MBIA Insurance Corp. LOC)/(Wachovia Bank N.A. SA)		1,000,000		1,000,000
	Bucks County, PA, IDA, Revenue Bonds Weekly VRDNs (Christian Life Center)/(First Union National Bank LOC)		600,000		600,000
	Chester County, PA, HEFA, Revenue Bonds Weekly VRDNs (Barclay Friends)/(First Union National Bank LOC)		945,000		945,000
	Chester County, PA, IDA, (Series of 2001) Daily VRDNs (Archdiocese of Philadelphia)/(Wachovia Bank N.A. LOC)		225,000		225,000
	Chester County, PA, IDA, The Woods Project Weekly VRDNs (PNC Bank, N.A. LOC)		360,000		360,000
	Delaware County, PA, IDA, Refunding Revenue Bonds Weekly VRDNs		2,030,000		2,030,000
	Delaware County, PA, IDA, Revenue Bonds Weekly VRDNs		2,870,000		2,870,000
	Delaware County, PA, IDA, Revenue Bonds Weekly VRDNs		4,305,000		4,305,000
	Delaware Valley, PA, Regional Finance Authority Weekly VRDNs		5,700,000		5,700,000
	Delaware Valley, PA, Regional Finance Authority, (Series D) Weekly VRDNs		200,000		200,000
	Emmaus, PA, General Authority, (Series A) Weekly VRDNs		2,600,000		2,600,000
	Emmaus, PA, General Authority, (Series E) Weekly VRDNs (Goldman Sachs & Co. LOC)		3,000,000		3,000,000
	Emmaus, PA, General Authority, (Series G) Weekly VRDNs (Goldman Sachs & Co. LOC)		50,000		50,000
	Emmaus, PA, General Authority, Refunding Revenue Bonds Weekly VRDNs (Goldman Sachs & Co. LOC)		2,800,000		2,800,000
	Erie, PA, Higher Education Building Authority, (Series F), 1.40% TOBs (Gannon University)/(PNC Bank, N.A. LOC), Mandatory Tender 1/15/2004		1,000,000		1,000,000
	Harrisburg, PA, Water Authority, Refunding Revenue Bond, (Series A) Weekly VRDNs		135,000		135,000
	Lancaster County, PA, Hospital Authority, Refunding Revenue Bonds Weekly VRDNs (AMBAC LOC)		1,770,000		1,770,000
	Lehigh County, PA, General Purpose Authority Daily VRDNs		400,000		400,000
	Lehigh County, PA, IDA Weekly VRDNs (First Union National Bank LOC)		900,000		900,000
	Lehigh County, PA, IDA, Refunding Revenue Bonds Weekly VRDNs (Rabobank Nederland, Utrecht LOC)		1,500,000		1,500,000
	Luzerne County, PA, Convention Center, (Series A) Weekly VRDNs (Wachovia Bank N.A. LOC)		1,350,000		1,350,000
	Montgomery County, PA, Redevelopment Authority, Revenue Bonds Weekly VRDNs	$	600,000	$	600,000
	Moon Township, PA, IDA, Revenue Bonds Weekly VRDNs (PNC Bank, N.A. LOC)		550,000		550,000
	New Castle, PA, Area Hospital Authority, (Series 1996) Weekly VRDNs (Jameson Memorial Hospital)/(FSA INS)/(PNC Bank, N.A. LIQ)		600,000		600,000
	Pennsylvania EDFA, Revenue Bonds Weekly VRDNs (Glade Run Luthern Services)/ (PNC Bank, N.A. LOC)		475,000		475,000
	Pennsylvania State University, (Series A) Weekly VRDNs (Go of University LOC)		1,300,000		1,300,000
	Philadelphia, PA, Authority for Industrial Development Daily VRDNs (New Courtland Elder Services)/(PNC Bank, N.A. LOC)		1,250,000		1,250,000
	Philadelphia, PA, Water & Wastewater System, (Series B) Weekly VRDNs (AMBAC LOC)		3,900,000		3,900,000
	Philadelphia, PA, 2.00% TRANs, 6/30/2004		5,500,000		5,537,469
	Schuylkill County, PA, (GO UT) Weekly VRDNs (AMBAC LOC)		400,000		400,000
	Temple University, Higher Education, 1.20% Bonds (Go of University LOC), 5/4/2004		1,300,000		1,300,000
	TOTAL PENNSYLVANIA			$	55,752,469
	SOUTH CAROLINA -- 0.3%
	South Carolina Jobs-EDA, Refunding Revenue Bonds Weekly VRDNs (Bank of America LOC)		500,000		500,000
	TEXAS -- 11.4%
	Georgetown, TX, Higher Education Weekly VRDNs (Chase Manhattan Corp. LOC)		3,000,000		3,000,000
	Midlothian, TX, Industrial Development Corp. Pollution Control, Revenue Bonds Weekly VRDNs		1,900,000		1,900,000
	Splendora, TX, Higher Education Facilities Corp., (Series A) Weekly VRDNs (Wells Fargo Bank, N.A. LOC)		3,600,000		3,600,000
	Texas Higher Education Authority, (Series B) Weekly VRDNs	$	1,555,000	$	1,555,000
	Texas Municipal Gas Corp., Refunding Revenue Bonds Weekly VRDNs		1,550,000		1,550,000
	Texas State, 2.00% TRANs, 8/31/2004		5,000,000		5,034,910
	Texas Turnpike Authority, First Tier Weekly VRDNs (AMBAC LOC)		2,800,000		2,800,000
	TOTAL TEXAS			$	19,439,910
	UTAH -- 1.1%
	Emery County, Utah, (Series 1994) Daily VRDNs (Pacificorp)/(AMBAC INS)/(Bank of Nova Scotia, Toronto LIQ)		40,000		40,000
	Emery County, Utah, PCRB (Series 1991) Weekly VRDNs (Pacificorp)/(Credit Suisse First Boston LOC)		1,800,000		1,800,000
	TOTAL UTAH			$	1,840,000
	VERMONT -- 2.4%
	Vermont Educational and Health Buildings Financing Agency, VHA New England (Series C) Weekly VRDNs (AMBAC LOC)		1,000,000		1,000,000
	Vermont Educational and Health Buildings Financing Agency, VHA New England (Series E) Weekly VRDNs (AMBAC LOC)		3,100,000		3,100,000
	TOTAL VERMONT			$	4,100,000
	WASHINGTON -- 3.5%
	Washington State Public Power Supply System, (Series 1A-3) Weekly VRDNs		5,300,000		5,300,000
	Washington State Public Power Supply System, (Series CMC2) Weekly VRDNs (Chase Manhattan Grantor Trust LIQ)/(AMBAC LOC)		700,000		700,000
	TOTAL WASHINGTON			$	6,000,000
TOTAL INVESTMENTS -- 100.8% (AT AMORTIZED COST)				$	171,899,948
OTHER ASSETS AND LIABILITIES -- NET -- (0.8)%				$	(1,355,900	)
TOTAL NET ASSETS -- 100%				$	170,544,048

See Notes to Portfolios of Investments

MTB Money Market Fund

 

Description			Principal Amount		Value
CERTIFICATE OF DEPOSIT -- 0.0%
	COMMERCIAL BANK -- 0.0%
	Canadian Imperial Bank of Commerce, 1.170%, 4/12/2004	$	1,000,000	$	1,000,315
1COMMERCIAL PAPER -- 32.8%
	ASSET-BACKED -- 2.0%
	CIESCO LP, 1.040%, 12/2/2003		45,000,000		44,959,700
	COMMERCIAL BANKS -- 3.3%
	Citicorp, 1.050%, 12/8/2003		75,000,000		74,919,063
	COMPUTERS & PERIPHERALS -- 1.6%
	International Business Machines Corp., 1.040%, 12/16/2003		36,000,000		35,953,200
	CONSUMER FINANCE -- 3.9%
	American General Finance Corp., 1.090%, 3/12/2004		90,000,000		89,640,300
	DIVERSIFIED -- 3.8%
	General Electric Capital Services, 1.230%, 7/13/2004		87,000,000		86,242,013
	FOOD & BEVERAGE -- 3.9%
	Nestle Capital Corp., 1.040%, 11/21/2003		90,000,000		89,948,000
	FOOD & STAPLES RETAILING -- 4.1%
	Wal-Mart Stores, Inc., 1.020%, 12/2/2003		93,000,000		92,918,315
	INSURANCE -- 5.8%
	AIG Funding, Inc., 1.040%, 1/5/2004		75,000,000		74,859,167
	Prudential Funding Corp., 1.020%, 11/24/2003		58,000,000		57,962,203
	TOTAL INSURANCE			$	132,821,370
	PERSONAL CREDIT -- 4.4%
	American Express Credit Corp., 1.040%, 12/4/2003		100,000,000		99,904,667
TOTAL COMMERCIAL PAPER				$	747,306,628
CORPORATE BONDS -- 11.6%
	CAPITAL MARKETS -- 5.3%
	Bear Stearns Cos., Inc., 6.150%, 3/2/2004		23,602,000		23,963,557
	Bear Stearns Cos., Inc., 6.625%, 1/15/2004		3,000,000		3,031,945
	Bear Stearns Cos., Inc., 8.750%, 3/15/2004		6,000,000		6,169,592
	JP Morgan Chase Bank, 5.370%, 2/27/2004		40,000,000		40,533,635
	Lehman Brothers Holdings, Inc., 7.375%, 5/15/2004	$	5,565,000	$	5,745,784
	Lehman Brothers, Inc., 7.360%, 12/15/2003		7,000,000		7,046,140
	Mellon Financial Corp., 5.750%, 11/15/2003		9,990,000		10,007,032
	Morgan Stanley, 1.560%, 3/9/2004		23,000,000		23,037,169
	Morgan Stanley, 5.625%, 1/20/2004		2,000,000		2,018,498
	TOTAL CAPITAL MARKETS			$	121,553,352
	COMMERCIAL BANKS -- 3.6%
	Bank of America N.A., 1.400%, 3/12/2004		25,000,000		25,030,887
	Bank One Corp., 5.625%, 2/17/2004		14,750,000		14,948,150
	Bank One Corp., 7.250%, 8/15/2004		2,413,000		2,524,614
	BankBoston Corp., 6.625%, 2/1/2004		31,735,000		32,155,567
	First Interstate Bancorp, 9.125%, 2/1/2004		5,000,000		5,096,640
	FleetBoston Financial Corp., 8.125%, 7/1/2004		1,000,000		1,045,176
	U.S. Bancorp, 6.000%, 5/15/2004		1,500,000		1,536,851
	TOTAL COMMERCIAL BANKS			$	82,337,885
	DIVERSIFIED FINANCIAL SERVICES -- 1.0%
	CIT Group, Inc., 5.500%, 2/15/2004		1,900,000		1,922,377
	CIT Group, Inc., 5.570%, 12/8/2003		3,600,000		3,614,777
	CIT Group, Inc., 5.625%, 5/17/2004		14,685,000		15,022,348
	CIT Group, Inc., 7.500%, 11/14/2003		650,000		651,410
	Heller Financial, Inc., 6.000%, 3/19/2004		1,050,000		1,068,407
	TOTAL DIVERSIFIED FINANCIAL SERVICES			$	22,279,319
	PERSONAL CREDIT -- 1.7%
	Associates Corp. of North America, 5.750%, 11/1/2003		38,800,000		38,800,000
TOTAL CORPORATE BONDS				$	264,970,556
CORPORATE NOTES -- 1.4%
	CAPITAL MARKETS -- 1.2%
	Lehman Brothers Holdings, Inc., 6.625%, 4/1/2004		17,331,000		17,711,998
	Merrill Lynch & Co., Inc., 1.280%, 12/2/2003		9,000,000		9,001,086
	TOTAL CAPITAL MARKETS			$	26,713,084
	DIVERSIFIED FINANCIAL SERVICES -- 0.2%
	CIT Group, Inc., 1.900%, 4/8/2004		5,000,000		5,004,203
TOTAL CORPORATE NOTES				$	31,717,287
1GOVERNMENT AGENCIES -- 38.4%
	THRIFTS & MORTGAGE FINANCE -- 38.4%
	Federal Home Loan Mortgage Corp., 1.030%, 11/20/2003	$	95,000,000	$	94,948,357
	Federal Home Loan Mortgage Corp., 1.030%, 12/9/2003		90,000,000		89,902,150
	Federal Home Loan Mortgage Corp., 1.110%, 10/7/2005		100,000,000		100,000,000
	Federal Home Loan Mortgage Corp., 1.165%, 12/5/2003		100,000,000		99,889,972
	Federal National Mortgage Association, 1.050%, 12/10/2003		82,000,000		81,919,162
	Federal National Mortgage Association, 1.140%, 2/26/2004		85,000,000		84,709,938
	Federal National Mortgage Association, 1.060%, 1/5/2004		100,000,000		99,808,611
	Federal National Mortgage Association, 1.060%, 2/9/2004		85,000,000		84,749,722
	Federal National Mortgage Association, 1.130%, 11/26/2003		45,000,000		44,964,688
	Federal National Mortgage Association, 1.130%, 3/22/2004		95,000,000		94,576,564
TOTAL GOVERNMENT AGENCIES				$	875,469,164
MUNICIPALS -- 1.8%
	Illinois Health Facilities Authority, 1.100%, 11/5/2003		8,500,000		8,500,000
	Maryland State Health & Higher Educational Facilities Authority, 1.150%, 11/5/2003		4,700,000		4,700,000
	New Jersey EDA, Morey Organization, Inc. Project (Series 1997), (Wachovia Bank N.A. LOC), 1.170%, 11/5/2003		3,340,000		3,340,000
	Texas State, (Series A-2), 1.090%, 11/5/2003		10,000,000		10,000,000
	Texas State, GO UT, 1.090%, 11/5/2003		8,920,000		8,920,000
	Winston Salem, NC COPs, 1.130%, 11/7/2003		5,000,000		5,000,000
TOTAL MUNICIPALS				$	40,460,000
2NOTES -- VARIABLE -- 9.6%
	ASSET-BACKED -- 0.9%
4	Bob Sumerel Tire Co., Inc., 1.140%, 11/6/2003		4,375,000		4,375,000
	Elsinore Properties, LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.140%, 11/6/2003		9,400,000		9,400,000
4	Reynolds Road Fitness Center, Inc., 1.140%, 11/6/2003	$	5,355,000	$	5,355,000
	Trap Rock Industries, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 1.140%, 11/5/2003		850,000		850,000
	TOTAL ASSET-BACKED			$	19,980,000
	CAPITAL MARKETS -- 4.8%
	Goldman Sachs Group, Inc., 1.340%, 11/3/2003		40,000,000		40,044,840
4	Goldman Sachs Group, Inc., 1.356%, 12/15/2003		10,000,000		10,000,000
	Morgan Stanley, 1.113%, 11/3/2003		60,000,000		60,000,000
	TOTAL CAPITAL MARKETS			$	110,044,840
	COMMERCIAL BANKS -- 1.0%
	Canadian Imperial Bank of Commerce, (Series YCD), 1.170%, 11/3/2003		24,000,000		24,007,522
	DIVERSIFIED FINANCIAL SERVICES -- 1.0%
	Capital One Funding Corp., (Bank One N.A. (Chicago) LOC), 1.140%, 11/6/2003		362,000		362,000
	Capital One Funding Corp., (Series 1996-H), (Bank One N.A. (Columbus) LOC), 1.140%, 11/6/2003		662,000		662,000
	General Electric Capital Corp., 1.070%, 11/7/2003		22,000,000		22,000,000
	TOTAL DIVERSIFIED FINANCIAL SERVICES			$	23,024,000
	HOUSEHOLD PRODUCTS -- 1.9%
	Colgate-Palmolive Co., 1.255%, 11/17/2003		43,000,000		43,067,934
TOTAL NOTES -- VARIABLE				$	220,124,296
REPURCHASE AGREEMENT -- 4.3%
	Repurchase agreement with State Street Corp., dated 10/31/2003 due 11/3/2003 at 0.950%, collateralized by a U.S. Treasury Obligation with maturity of 4/1/2004 (repurchase proceeds $97,294,702)		97,287,000	$	97,287,000
TOTAL INVESTMENTS -- 99.9% (AT AMORTIZED COST)				$	2,278,335,246
OTHER ASSETS AND LIABILITIES -- NET -- 0.1%				$	2,900,639
TOTAL NET ASSETS -- 100%				$	2,281,235,885

See Notes to Portfolios of Investments

MTB Prime Money Market Fund

   

Description			Principal Amount		Value
1COMMERCIAL PAPER -- 34.1%
	ASSET BACKED -- 1.8%
	CIESCO LP, 1.040%, 12/2/2003	$	5,000,000	$	4,995,522
	COMMERCIAL BANKS -- 3.5%
	Citicorp, 1.050%, 12/8/2003		10,000,000		9,989,208
	COMPUTERS & PERIPHERALS -- 1.4%
	International Business Machines Corp., 1.040%, 12/16/2003		4,000,000		3,994,800
	CONSUMER FINANCE -- 3.5%
	American General Finance Corp., 1.090%, 3/12/2004		10,000,000		9,960,033
	DIVERSIFIED -- 4.6%
	General Electric Capital Services, 1.230%, 7/13/2004		13,000,000		12,886,738
	FOOD & BEVERAGE -- 3.5%
	Nestle Capital Corp., 1.040%, 11/21/2003		10,000,000		9,994,222
	FOOD & STAPLES RETAILING -- 4.2%
	Wal-Mart Stores, Inc., 1.020%, 12/2/2003		12,000,000		11,989,460
	INSURANCE -- 7.4%
	AIG Funding, Inc., 1.040%, 1/5/2004		9,000,000		8,983,100
	Prudential Funding Corp., 1.020%, 11/24/2003		12,000,000		11,992,180
	TOTAL INSURANCE			$	20,975,280
	PERSONAL CREDIT -- 4.2%
	American Express Credit Corp., 1.040%, 12/4/2003		12,000,000		11,988,560
TOTAL COMMERCIAL PAPER				$	96,773,823
GOVERNMENT AGENCIES -- 52.1%
	FEDERAL HOME LOAN BANK -- 8.8%
	1.000%, 11/19/2003		25,000,000		24,987,500
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 20.4%
	1.030%, 11/20/2003	$	14,000,000	$	13,992,390
	1.165%, 12/5/2003		15,000,000		14,983,496
	1.030%, 12/9/2003		13,750,000		13,735,051
	1.110%, 10/7/2005		15,000,000		15,000,000
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	57,710,937
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 22.9%
	1.130%, 11/26/2003		5,000,000		4,996,076
	0.910%, 12/10/2003		18,000,000		17,982,255
	1.060%, 1/5/2004		12,000,000		11,977,033
	1.060%, 2/9/2004		15,000,000		14,955,833
	1.050%, 2/26/2004		10,000,000		9,965,875
	1.130%, 3/22/2004		5,000,000		4,977,714
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	64,854,786
TOTAL GOVERNMENT AGENCIES				$	147,553,223
2NOTES - VARIABLE -- 7.2%
	Colgate-Palmolive Co., 1.255%, 11/17/2003		9,000,000		9,014,219
	Morgan Stanley, 1.113%, 11/3/2003		11,300,000		11,300,000
TOTAL NOTES -- VARIABLE				$	20,314,219
REPURCHASE AGREEMENT -- 6.6%
	Repurchase agreement with State Street Corp., dated 10/31/2003 due 11/3/2003 at 0.950%, collateralized by a U.S. Treasury obligation with maturity of 4/1/2004 (repurchase proceeds of $18,828,490)		18,827,000	$	18,827,000
TOTAL INVESTMENTS -- 100.0% (AT AMORTIZED COST)				$	283,468,265
OTHER ASSETS AND LIABILITIES -- NET -- (0.0)%				$	(101,600	)
TOTAL NET ASSETS -- 100%				$	283,366,665

See Notes to Portfolios of Investments

MTB New York Tax-Free Money Market Fund

 

Description			Principal Amount		Value
3SHORT-TERM MUNICIPALS -- 99.7%
	NEW YORK -- 99.7%
	ABN AMRO MuniTOPS Certificates Trust (New York Non-AMT), (Series 1999-2), Weekly VRDNs, (Metropolitan Transportation Authority, NY)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ)	$	1,455,000	$	1,455,000
	Albany, NY, IDA, (Series 2001C: Empire Commons North), Weekly VRDNs, (University at Albany Foundation Student Housing Corp.)/ (AMBAC INS)/(Key Bank, N.A. LIQ)	$	1,600,000	$	1,600,000
	Binghamton, NY, City School District, 2.00% BANs, 2/20/2004	$	2,000,000	$	2,005,690
	Carthage, NY, CSD, 1.75% RANs, 6/25/2004		4,000,000		4,020,778
	Cattaraugus-Little Valley, NY, CSD, 1.50% BANs, 6/24/2004		1,975,000		1,980,663
	Central Islip, NY, Union Free School District, 1.25% TANs, 6/25/2004		2,710,000		2,715,721
	Chautauqua County, NY, IDA, IDRBs, Weekly VRDNs, (Belknap Business Forms)/(Key Bank, N.A. LOC)		1,550,000		1,550,000
	Clinton County, NY, IDA, (Series 2002A), Weekly VRDNs, (Champlain Valley Physicians Hospital Medical Center)/(Radian Asset Assurance INS)/(Key Bank, N.A. LIQ)		7,750,000		7,750,000
	Clipper Tax-Exempt Certificates Trust (New York Non-AMT), (Series 2003-12), Weekly VRDNs, (New York State Dormitory Authority)/(FGIC INS)/(State Street Bank and Trust Co. LIQ)		2,000,000		2,000,000
	Dansville, NY, CSD, 1.50% RANs, 6/30/2004		1,000,000		1,003,141
	Dansville, NY, CSD, 1.625% BANs, 4/1/2004		2,444,985		2,449,240
	Dutchess County, NY, IDA, (Series 1998-A), Weekly VRDNs, (Marist College)/(Bank of New York LOC)		1,820,000		1,820,000
	East Greenbush, NY, CSD, 1.75% BANs, 3/3/2004		3,000,000		3,005,979
	Erie County, NY, IDA, Civic Facility Revenue Bonds, (Series 2002), Weekly VRDNs, (People, Inc.)/(Key Bank, N.A. LOC)		1,735,000		1,735,000
	Erie County, NY, IDA, (Series 1998), Weekly VRDNs, (B & G Properties LLC)/(HSBC Bank USA LOC)		1,325,000		1,325,000
	Grand Island, NY, CSD, 1.75% BANs, 10/15/2004		2,000,000		2,013,195
	Herkimer County, NY, IDA, Civic Facility Revenue Bonds, (Series 2000), Weekly VRDNs, (Templeton Foundation)/(Key Bank, N.A. LOC)		2,475,000		2,475,000
	LeRoy, NY, CSD, 1.50% BANs, 3/18/2004		4,000,000		4,001,267
	Long Island Power Authority, Floater Certificates, (Series 1998-66), Weekly VRDNs, (MBIA Insurance Corp. INS)/(Morgan Stanley LIQ)		1,375,000		1,375,000
	Long Island Power Authority, (PA-807R), Weekly VRDNs, (FSA INS)/(Merrill Lynch & Co., Inc. LIQ)		2,000,000		2,000,000
4	Metropolitan Transportation Authority, NY, (PA-1027), 1.20% TOBs, (AMBAC INS)/ (Merrill Lynch & Co., Inc. LIQ), Optional Tender 3/4/2004		1,995,000		1,995,000
	Metropolitan Transportation Authority, NY, (Series 2002D-2), Weekly VRDNs, (FSA INS)/(Dexia Credit Local LIQ)		3,105,000		3,105,000
	Metropolitan Transportation Authority, NY, MERLOTS, (Series 1997C), Weekly VRDNs, (FGIC INS)/(Wachovia Bank N.A. LIQ)		6,900,000		6,900,000
	Metropolitan Transportation Authority, NY, Trust Receipts, (Series 1997 FR/RI-9), Weekly VRDNs, (FGIC INS)/(Bank of New York LIQ)	$	1,430,000	$	1,430,000
	New Hartford, NY, CSD, 1.60% BANs, 6/30/2004		1,858,000		1,864,701
	New York City, NY, Housing Development Corp., (Series 2003A: 2 Gold Street), Weekly VRDNs, (2 Gold LLC)/(Fleet National Bank LOC)		5,000,000		5,000,000
	New York City, NY, IDA, (Series 2001A) Weekly VRDNs, (Heart Share Human Services of New York)/(JP Morgan Chase Bank LOC)		4,400,000		4,400,000
	New York City, NY, IDA, (Series 2000), Weekly VRDNs, (National Center on Addiction and Substance Abuse at Columbia University)/ (JP Morgan Chase Bank LOC)		3,600,000		3,600,000
	New York City, NY, IDA, Revenue Bonds, Weekly VRDNs, (Children's Oncology Society)/(Bank of New York LOC)		2,000,000		2,000,000
	New York City, NY, Municipal Water Finance Authority, (Series 2001 F-2), Weekly VRDNs, (JP Morgan Chase Bank LIQ)		100,000		100,000
	New York City, NY, Municipal Water Finance Authority, Floater Certificates, (Series 2001-687), Weekly VRDNs, (MBIA Insurance Corp. INS)/(Morgan Stanley LIQ)		1,000,000		1,000,000
	New York City, NY, Transitional Finance Authority, (1999 Subseries A-2), Weekly VRDNs, (Bank of Nova Scotia, Toronto LIQ)		1,500,000		1,500,000
	New York City, NY, Transitional Finance Authority, (Series 2001A), Weekly VRDNs, (Bank One N.A. (Chicago) LIQ)		2,225,000		2,225,000
	New York City, NY, Transitional Finance Authority, MERLOTS, (Series 2002-A40), Weekly VRDNs, (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ)		3,395,000		3,395,000
	New York City, NY, Transitional Finance Authority, New York City Recovery Bonds, (2003 Subseries 1-A), Weekly VRDNs, (Landesbank Hessen-Thueringen, Frankfurt LIQ)		3,400,000		3,400,000
	New York City, NY, (Series 1995F-4), Weekly VRDNs, (Landesbank Hessen-Thueringen, Frankfurt LOC)		825,000		825,000
	New York State Dormitory Authority, (Series 1993 PA-60), Weekly VRDNs, (Rochester General Hospital)/(FHA INS)/(Merrill Lynch & Co., Inc. LIQ)		1,760,000		1,760,000
	New York State Dormitory Authority, (Series 2000), Weekly VRDNs, (Glen Eddy, Inc.)/(Fleet National Bank LOC)		3,335,000		3,335,000
	New York State Dormitory Authority, (Series 2003), Weekly VRDNs, (Teresian House Housing Corp.)/(Lloyds TSB Bank PLC, London LOC)		4,500,000		4,500,000
	New York State Dormitory Authority, MERLOTS, (Series 2001-A30), Weekly VRDNs, (AMBAC INS)/(Wachovia Bank N.A. LIQ)		2,980,000		2,980,000
	New York State Energy Research & Development Authority, (Series 2002 FR/RI-F9J), Weekly VRDNs, (Consolidated Edison Co.)/(Lehman Brothers Holdings, Inc. SWP)	$	3,200,000	$	3,200,000
	New York State Environmental Facilities Corp. State Clean Water and Drinking Water, (Series 2001-732), Weekly VRDNs, (Morgan Stanley LIQ)		3,100,000		3,100,000
	New York State Environmental Facilities Corp. State Clean Water and Drinking Water, Floater Certificates, (Series 2001-658), Weekly VRDNs, (Morgan Stanley LIQ)		1,600,000		1,600,000
	New York State HFA, Weekly VRDNs, (Special Surgery Hospital)/(JP Morgan Chase Bank LOC)		5,000,000		5,000,000
	New York State HFA, (Series 2000A), Weekly VRDNs, (1501 Associates, LP)/(FNMA LOC)		2,000,000		2,000,000
	New York State HFA, Service Contract Revenue Bonds, (Series 2003B), Weekly VRDNs, (BNP Paribas SA LOC)		4,200,000		4,200,000
	New York State HFA, Service Contract Revenue Bonds, (Series 2003G), Weekly VRDNs, (WestLB AG LOC)		3,700,000		3,700,000
	New York State Local Government Assistance Corp., (Series 1993A), Weekly VRDNs, (Bayerische Landesbank Girozentrale and WestLB AG LOCs)		3,000,000		3,000,000
	New York State Local Government Assistance Corp., (Series 1995B), Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC)		2,200,000		2,200,000
	New York State Local Government Assistance Corp., Class A Certificates, (Series 2002-203), Weekly VRDNs, (FSA INS)/(Bear Stearns Cos., Inc. LIQ)		1,100,000		1,100,000
	New York State Mortgage Agency, (PA-422), Weekly VRDNs, (Merrill Lynch & Co., Inc. LIQ)		2,000,000		2,000,000
	New York State Mortgage Agency, (PA-406), Weekly VRDNs, (Merrill Lynch & Co., Inc. LIQ)		1,500,000		1,500,000
	New York State Thruway Authority, (PA-532), Weekly VRDNs, (Merrill Lynch & Co., Inc. LIQ)		4,000,000		4,000,000
	New York State Thruway Authority, Local Highway & Bridge Service Contract Bonds, (PA-172), Weekly VRDNs, (New York State)/ (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)		2,530,000		2,530,000
	New York State Urban Development Corp., (Series 1996-CMC6), Weekly VRDNs, (New York State Urban Development Corp - HUD Section 236)/(J.P. Morgan Chase & Co. LIQ)		3,000,000		3,000,000
	Onondaga County, NY, IDA, (Series 1999A), Weekly VRDNs, (Christian Brothers Academy of Syracuse, NY)/(Key Bank, N.A. LOC)		2,773,000		2,773,000
	Ontario County, NY, IDA, (Series 2003A), Weekly VRDNs, (Frederick Ferris Thompson Hospital)/(Key Bank, N.A. LOC)		4,000,000		4,000,000
	Orange County, NY, IDA, (Series 2002), Weekly VRDNs, (Horton Medical Center)/(FSA INS)/(Fleet National Bank LIQ)		1,200,000		1,200,000
	Oyster Bay, NY, (Series 2003C), 1.40% BANs, 6/11/2004		1,292,622		1,295,346
	Port Authority of New York and New Jersey, Equipment Note Agreement, (Series 2002-2), Weekly VRDNs,		4,000,000		4,000,000
	Riverhead, NY, IDA, IDRB, (Series 1998), Weekly VRDNs, (Altaire Pharmaceuticals, Inc.)/(Mellon Bank NA, Pittsburgh LOC)		1,500,000		1,500,000
	Saranac CSD, NY, 1.75% BANs, 8/6/2004		2,775,665		2,788,212
	Seneca County, NY, IDA, (Series 2000), Weekly VRDNs, (Kidspeace National Centers of New York, Inc.)/(Key Bank, N.A. LOC)		2,200,000		2,200,000
	St. Lawrence County, NY, IDA, (Series 1998A), Weekly VRDNs, (Alcoa, Inc.)		1,850,000		1,850,000
	Suffolk County, NY, IDA, (Series 1997B), Weekly VRDNs, (Maryhaven Center of Hope)/(Key Bank, N.A. LOC)		2,735,000		2,735,000
	Sullivan West, NY, CSD, 1.25% BANs, 6/18/2004		2,335,000		2,338,629
	Tompkins County, NY, IDA, (Series 2001-A), Weekly VRDNs, (Tompkins Cortland Community College Foundation, Inc.)/(HSBC Bank USA LOC)		3,240,000		3,240,000
	Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds, (Series 2000A), Weekly VRDNs, (FSA INS)/(JP Morgan Chase Bank LIQ)		2,700,000		2,700,000
	Ulster County, NY, (Series 2002A), 2.00% BANs, 11/20/2003		5,174,062		5,175,387
	Watertown, NY, 1.50% BANs, 5/28/2004		1,215,000		1,218,087
	Wellsville, NY, CSD, 1.20% BANs, 6/17/2004		4,297,020		4,297,603
	Yonkers, NY, IDA, Civic Facility Revenue Bonds, (Series 1994), Weekly VRDNs, (Consumers Union of United States, Inc.)/(AMBAC INS)/(Bank of New York LIQ)		1,574,355		1,574,355
TOTAL INVESTMENTS -- 99.7% (AT AMORTIZED COST)				$	190,610,994
OTHER ASSETS AND LIABILITIES -- NET -- 0.3%				$	641,707
TOTAL NET ASSETS -- 100%				$	191,252,701

See Notes to Portfolios of Investments

MTB Pennsylvania Tax-Free Money Market Fund

 

Description		Principal Amount				Value
SHORT-TERM MUNICIPALS -- 106.0%
	PENNSYLVANIA -- 106.0%
	Allegheny County, PA, HDA, (Series A of 2000), 1.15% TOBs (South Hills Health System)/(PNC Bank, N.A. LOC), Mandatory Tender 6/1/2004		$	800,000	$	800,000
	Allegheny County, PA , HDA, Refunding Revenue Bonds Weekly VRDNs			500,000		500,000
	Allegheny County, PA, IDA Weekly VRDNs (Western PA Humane Society)/(National City Bank, Pennsylvania LOC)			700,000		700,000
	Bucks County, PA, IDA, Revenue Bonds Weekly VRDNs (SHV Real Estate, Inc.)/(ABN AMRO Bank NV, New York LOC)			400,000		400,000
	Chester County, PA , HEFA, Revenue Bonds Weekly VRDNs (Barclay Friends)/(First Union National Bank LOC)			315,000		315,000
	Cornwall & Lebanon, PA, Refunding Revenue Bonds, 5.90% Bonds (FGIC LOC), 3/1/2004 (@100)			250,000		254,051
	Dallastown Area School District, PA, (Series 1998) Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)			500,000		500,000
	Delaware County, PA, IDA, Refunding Revenue Bonds Weekly VRDNs			130,000		130,000
	Delaware County, PA, IDA, Revenue Bonds Weekly VRDNs			560,000		560,000
	Delaware County, PA, IDA, Revenue Bonds Weekly VRDNs			350,000		350,000
	Delaware County, PA, IDA, Scott Paper Co. Weekly VRDNs			800,000		800,000
	Delaware Valley, PA, Regional Finance Authority Weekly VRDNs			700,000		700,000
	Delaware Valley, PA, Regional Finance Authority, (Series A) Weekly VRDNs			500,000		500,000
	Delaware Valley, PA, Regional Finance Authority, (Series D) Weekly VRDNs			400,000		400,000
	Emmaus, PA, General Authority, (Series E) Weekly VRDNs (Goldman Sachs & Co. LOC)			400,000		400,000
	Emmaus, PA, General Authority, (Series G) Weekly VRDNs (Goldman Sachs & Co. LOC)			50,000		50,000
	Erie, PA, Higher Education Building Authority, (Series F), 1.40% TOBs (Gannon University)/(PNC Bank, N.A. LOC), Mandatory Tender 1/15/2004			700,000		700,000
	Forest Hills, PA, School District, (Series A), 2.00% Bonds (MBIA Insurance Corp. LOC), 5/15/2004			445,000		447,185
	Harrisburg, PA, Water Authority, Refunding Revenue Bonds, (Series A) Weekly VRDNs			100,000		100,000
	Lancaster, PA, Higher Education Authority, (Series 1997) Weekly VRDNs (Franklin and Marshall College Project)/(J.P. Morgan Chase Bank LIQ)			395,000		395,000
	Lehigh County, PA, General Purpose Authority Daily VRDNs		$	220,000	$	220,000
	Lehigh County, PA, IDA Weekly VRDNs (First Union National Bank LOC)			600,000		600,000
	Lehigh County, PA, IDA, Refunding Revenue Bonds Weekly VRDNs (Rabobank Nederland, Utrecht LOC)			500,000		500,000
	Luzerne County, PA, Convention Center, (Series A) Weekly VRDNs (Wachovia Bank N.A. LOC)			200,000		200,000
	Montgomery County, PA, IDA, Revenue Bonds Monthly VRDNs			900,000		900,000
	Montgomery County, PA, Redevelopment Authority, Revenue Bonds Weekly VRDNs			800,000		800,000
	Pennsylvania State Higher Education Facilities Authority Daily VRDNs (Temple University)/(J.P. Morgan Chase Bank LOC)			220,000		220,000
	Pennsylvania State Turnpike Commission, (Series Q of 1998) Daily VRDNs (Mellon Bank NA, Pittsburgh LOC)			220,000		220,000
	Pennsylvania State University, (Series A) Weekly VRDNs (Go of University LOC)			570,000		570,000
	Philadelphia, PA, Water & Wastewater System, (Series B) Weekly VRDNs (AMBAC LOC)			800,000		800,000
	Philadelphia, PA, 2.00% TRANs, 6/30/2004			500,000		503,406
	Pittsburgh, PA, School District, (Series A), 2.00% Bonds (FGIC LOC), 9/1/2004			500,000		503,495
	Schuylkill County, PA, (GO UT) Weekly VRDNs (AMBAC LOC)			100,000		100,000
	Temple University, Higher Education, 1.20% Bonds (Go of University LOC), 5/4/2004			700,000		700,000
	University of Pittsburgh, (Series 2000A) Weekly VRDNs			100,000		100,000
	University of Pittsburgh, (Series 2000A) Weekly VRDNs			220,000		220,000
	University of Pittsburgh, (Series 2000B) Weekly VRDNs			240,000		240,000
	York, PA, General Authority, Refunding Revenue Bonds Weekly VRDNs (FSA, Inc. LOC)/(First Union Bank SA)			545,000		545,000
	York, PA, General Authority, Revenue Bonds Weekly VRDNs (AMBAC LOC)			200,000		200,000
	York, PA, General Authority, Revenue Bonds Weekly VRDNs (AMBAC LOC)			20,000		20,000
TOTAL INVESTMENTS -- 106.0% (AT AMORTIZED COST)					$	17,163,137
OTHER ASSETS AND LIABILITIES -- NET -- (6.0)%					$	(967,064	)
TOTAL NET ASSETS -- 100%					$	16,196,073

See Notes to Portfolios of Investments

MTB Short Duration Government Bond Fund

Description			Principal Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS -- 27.4%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 15.7%
	Series SF1-A2, REMIC, 1.700%, 6/1/2033	$	1,775,409	$	1,775,490
	Series 2617-GW, REMIC 3.500%, 6/15/2016		10,000,000		10,047,300
	Series 2672-NU, REMIC, 5.000%, 8/15/2008		6,000,000		6,203,940
	Series 1601-PH, REMIC, 6.000%, 4/15/2008		1,223,122		1,247,021
	Series 1638-E, REMIC, 6.250%, 4/15/2023		5,251,763		5,494,027
	Series 1295-J, REMIC, 7.500%, 3/15/2007		81,346		81,580
	Series 1154-GB, REMIC, 8.000%, 10/15/2006		1,435,367		1,451,026
	Series 1253-E, REMIC, 8.000%, 2/15/2007		132,078		134,609
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	26,434,993
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 7.5%
	Series 93234-FA, REMIC, 2.570%, 12/25/2008		1,203,248		1,201,804
	Series 2003-86-QN, REMIC, 3.500%, 4/25/2009		5,000,000		5,085,600
	Series 1993-52-H, REMIC, 6.500%, 8/25/2007		1,954,386		1,968,985
	Series 1998-40-G, REMIC, 6.500%, 2/18/2012		3,090,000		3,222,128
	Series 1992-43-E, REMIC, 7.500%, 4/25/2022		462,714		480,982
	Series 1991-4-G, REMIC, 8.250%, 1/25/2006		648,240		674,208
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	12,633,707
	GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 4.2%
	Series 2003-75-YM, REMIC, 4.000%, 10/20/2021		4,899,484		4,997,865
	Series 2003-32-MM, REMIC, 5.000%, 4/16/2006		2,087,398		2,105,559
	TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION			$	7,103,424
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $46,186,849)				$	46,172,124
CORPORATE BOND -- 5.9%
	SOVEREIGN U.S. GOVERNMENT GUARANTEE-- 5.9%
	Overseas Private Investment Corp., 9/15/2008 (IDENTIFIED COST $10,355,841)	$	10,100,000	$	10,016,372
GOVERNMENT AGENCIES -- 25.9%
	FEDERAL HOME LOAN BANK SYSTEM -- 14.1%
	2.040%, 10/14/2005		5,000,000		4,984,150
	3.000%, 11/21/2008		3,000,000		2,994,660
	4.540%, 8/1/2007		5,000,000		5,173,850
	5.375%, 2/15/2006		5,000,000		5,342,450
	7.125%, 2/15/2005		5,000,000		5,350,800
	TOTAL FEDERAL HOME LOAN BANK SYSTEM			$	23,845,910
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 3.0%
	2.750%, 12/30/2005		5,000,000		5,012,250
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 8.8%
	2.250%, 8/26/2005		5,000,000		5,004,800
	5.420%, 4/4/2007		9,500,000		9,930,160
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	14,934,960
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $43,456,204)				$	43,793,120
MORTGAGE BACKED SECURITIES -- 1.0%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 0.6%
	6.000%, 8/1/2006		248,558		255,604
	9.000%, 4/1/2016		726,023		780,250
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	1,035,854
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.2%
	9.000%, 6/1/2022		278,986		307,845
	GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 0.2%
	8.500%, 2/15/2017		18,677		20,567
	8.500%, 4/15/2017		5,592		6,150
	8.500%, 7/15/2021		96,303		105,452
	8.500%, 7/15/2021		41,178		45,155
	8.500%, 1/15/2023	$	73,995	$	81,025
	TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION			$	258,349
TOTAL MORTGAGE BACKED SECURITIES (IDENTIFIED COST $1,573,362)				$	1,602,048
U.S. Treasury -- 39.3%
	U.S. Treasury Bills -- 0.4%
	1/8/2004		168,000		167,703
	11/6/2003		191,000		190,985
	11/28/2003		236,000		235,847
	TOTAL U.S. TREASURY BILLS			$	594,535
	U.S. TREASURY NOTES -- 38.9%
	1.250%, 5/31/2005		7,000,000		6,970,460
	1.625%, 1/31/2005		5,000,000		5,013,300
	1.625%, 4/30/2005		9,000,000		9,016,920
	1.625%, 9/30/2005		10,000,000		9,973,400
	3.125%, 10/15/2008		1,500,000		1,492,035
	3.250%, 5/31/2004		4,500,000		4,554,495
	4.250%, 11/15/2003		1,962,000		1,963,844
Description			Principal Amount or Shares		Value
	4.250%, 8/15/2013	$	1,500,000	$	1,494,375
	5.875%, 2/15/2004		2,000,000		2,027,260
	5.875%, 11/15/2005		3,000,000		3,242,820
	6.000%, 8/15/2004		500,000		518,635
	6.500%, 8/15/2005		4,000,000		4,337,520
	6.750%, 5/15/2005		5,000,000		5,394,550
	7.500%, 2/15/2005		9,000,000		9,696,060
	TOTAL U.S. TREASURY NOTES			$	65,695,674
TOTAL U.S. TREASURY (IDENTIFIED COST $65,880,362)				$	66,290,209
MUTUAL FUND -- 0.1%
	SSGA Money Market Fund (AT NET ASSET VALUE)		236,377	$	236,377
TOTAL INVESTMENTS -- 99.6% (IDENTIFIED COST $167,688,995)				$	168,110,250
OTHER ASSETS AND LIABILITIES -- NET -- 0.4%				$	685,358
TOTAL NET ASSETS -- 100%				$	168,795,608

See Notes to Portfolios of Investments

MTB Short-Term Corporate Bond Fund

 

Description			Principal Amount		Value
ADJUSTABLE RATE MORTGAGES -- 0.0%
	FNMA ARM 399251, 3.065%, 9/01/2027 (IDENTIFIED COST $316)	$	315	$	321
ASSET-BACKED SECURITIES -- 24.0%
	ANRC Auto Owner Trust 2001-A, Class A4, 4.320%, 6/16/2008		900,000		920,619
	Capital Auto Receivables, Class A3, 3.580%, 10/16/2006		1,000,000		1,026,689
	Capital Auto Receivables, Class A3, 3.820%, 7/15/2005		1,359,950		1,374,655
	DaimlerChrysler Auto Trust 2001-C, Class A3, 4.210%, 7/6/2005		427,121		429,927
	EQCC Home Equity Loan Trust 1999-1, Class A3F, 5.915%, 11/20/2024		33,937		33,933
	Ford Credit Auto Owner Trust 2001-D, Class A3, 4.310%, 6/15/2005		387,369		390,545
	Ford Credit Auto Owner Trust 2002-C, Class A4, 3.790%, 9/15/2006		1,000,000		1,023,730
	Green Tree Home Improvement Loan Trust 1996-F, Class HIB, 7.250%, 11/15/2027		2,000,000		2,009,040
	Greenpoint Manufactured Housing, Class A2, 6.010%, 8/15/2015		15,370		15,407
	Honda Auto Receivables Owner Trust 2002-2, Class A3, 3.830%, 2/15/2006		959,000		971,457
	Honda Auto Receivables Owner Trust 2002-3, Class A3, 3.000%, 5/18/2006		2,000,000		2,029,760
	Residential Asset Securities Corp. 2001-KS3, Class AI3, 5.180%, 7/25/2027	$	761,118	$	768,166
	Residential Asset Securities Corp. 2002-KS4, Class AI2, 4.040%, 12/25/2021		965,634		970,791
	Residential Asset Securities Corp. 2002-KS6, Class AI3, 3.580%, 12/25/2026		750,000		754,928
	Student Loan Marketing Association, Class A2, 1.645%, 10/25/2010		1,375,097		1,392,618
	Whole Auto Loan Trust 2002-1, Class A3, 2.600%, 8/15/2006		950,000		961,109
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $14,891,527)				$	15,073,374
COLLATERALIZED MORTGAGE OBLIGATIONS -- 2.1%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 2.1%
	(Series SF1), Class A2, 1.700%, 12/15/2006		355,082		355,098
	(Series 1614), Class J, 6.250%, 11/15/2022		954,429		981,544
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,343,625)				$	1,336,642
1COMMERCIAL PAPER -- 3.2%
	UBS Finance (Delaware), Inc., 1.030%, 11/3/2003 (AT AMORTIZED COST)		2,000,000	$	1,999,884
CORPORATE BONDS -- 51.9%
	AUTO COMPONENTS -- 0.5%
	Lear Corp., Company Guarantee, 8.110%, 5/15/2009	$	250,000	$	288,437
	AUTOMOBILES -- 0.9%
	DaimlerChrysler North America Holding Corp., Company Guarantee, 6.900%, 9/1/2004		550,000		572,143
	BANKS -- 2.9%
	Bank Boston Capital Trust III, Company Guarantee, 1.890%, 6/15/2027		240,000		228,106
	PNC Funding Corp., Company Gaurantee,7.000%, 9/1/2004		1,500,000		1,558,215
	TOTAL BANKS			$	1,786,321
	BANKS - FOREIGN -- 1.6%
	National Westminster Bancorp, Inc., Deb., 9.375%, 11/15/2003		1,000,000		1,002,900
	CAPITAL MARKETS -- 3.4%
	Lehman Brothers Holdings, Inc., Note, 7.750%, 1/15/2005		1,000,000		1,072,480
	Morgan Stanley, Unsub., 6.100%, 4/15/2006		1,000,000		1,085,010
	TOTAL CAPITAL MARKETS			$	2,157,490
	COMMERCIAL BANKS -- 3.4%
	Bank of America Corp., Sr. Note, 5.250%, 2/1/2007		1,000,000		1,069,090
	Bank Boston Corp., Sub. Notes, 6.625%, 12/1/2005		1,000,000		1,090,030
	TOTAL COMMERCIAL BANKS			$	2,159,120
	COMMERCIAL SERVICES & SUPPLIES -- 0.9%
	Cendant Corp., Note 6.875%, 8/15/2006		500,000		548,950
	Consumer Finance -- 10.3%
	American Express Co., Note, 5.500%, 9/12/2006		1,700,000		1,831,937
	General Motors Acceptance Corp., 7.500%, 7/15/2005		2,000,000		2,144,760
	Household Finance Corp., Note, 8.250%, 2/15/2005		500,000		539,085
	Household Finance Corp., Note, 6.500%, 1/24/2006		500,000		543,855
	John Deere Capital Corp., Note, 4.500%, 8/22/2007		1,000,000		1,041,800
	MBNA Corp., Note, 4.625%, 9/15/2008		325,000		328,152
	TOTAL CONSUMER FINANCE			$	6,429,589
	DIVERSIFIED FINANCIAL SERVICES -- 3.2%
	General Electric Capital Corp., Note, 3.500%, 5/1/2008		1,000,000		998,450
	International Lease Finance Corp., Note, (Series MTNM), 4.750%, 1/18/2005		1,000,000		1,032,250
	TOTAL DIVERSIFIED FINANCIAL SERVICES			$	2,030,700
	ELECTRIC UTILITIES -- 2.4%
	DTE Energy Co., Sr. Note, 6.000%, 6/1/2004	$	1,500,000	$	1,535,685
	FOOD PRODUCTS -- 1.0%
	ConAgra, Inc., Sub. Deb., 7.400%, 9/15/2004		585,000		614,361
	HOTELS, RESTAURANTS & LEISURE -- 0.6%
	Tricon Global Restaurants, Inc., Sr. Note, 7.650%, 5/15/2008		335,000		375,200
	IT SERVICES -- 1.7%
	First Data Corp., Sr. Note, 6.75%, 7/15/2005		1,000,000		1,076,280
	MEDIA -- 5.4%
	Clear Channel Communications, Inc., Sr. Note, 6.000%, 11/1/2006		1,000,000		1,080,220
	Cox Communications, Inc., Note, 6.875%, 6/15/2005		1,140,000		1,220,119
	Lenfest Communications, Inc., Sr. Note, 8.375%, 11/1/2005		1,000,000		1,110,570
	TOTAL MEDIA			$	3,410,909
	OIL & GAS -- 4.2%
	Conoco, Inc., Sr. Note, 5.900%, 4/15/2004		540,000		551,038
	Husky Oil Ltd., Sr. Note, 6.875%, 11/15/2003		1,000,000		1,002,630
	Union Pacific Resources Group, Inc., Note, 6.500%, 5/15/2005		1,000,000		1,066,970
	TOTAL OIL & GAS			$	2,620,638
	PAPER AND FOREST PRODUCTS -- 4.6%
	Simon Property Group, Inc., Note, 6.750%, 2/9/2004		1,000,000		1,012,600
	Westvaco Corp., Note, 6.850%, 11/15/2004		1,800,000		1,878,804
	TOTAL PAPER AND FOREST PRODUCTS			$	2,891,404
	ROAD & RAIL -- 0.5%
	Canadian National Railway, Unsecd. Note, 7.000%, 3/15/2004		300,000		305,667
	SPECIALTY RETAIL -- 0.4%
	Gap (The), Inc., Note, 6.900%, 9/15/2007		250,000		272,500
	TELECOMMUNICATIONS -- 1.4%
	TELUS Corp., Note, 8.000%, 6/1/2011		300,000		344,250
	Verizon Wireless, Inc., Note, 1.540%, 12/17/2003		500,000		500,270
	TOTAL TELECOMMUNICATIONS			$	844,520
	THRIFTS & MORTGAGE FINANCE -- 1.8%
	Washington Mutual Financial Corp., Sr. Note, 8.250%, 6/15/2005		1,000,000		1,098,060
	WIRELESS TELECOMMUNICATION SERVICES -- 0.8%
	360 Communications Co., Sr. Note, 7.500%, 3/1/2006	$	475,000	$	524,471
TOTAL CORPORATE BONDS (IDENTIFIED COST $32,001,226)				$	32,545,345
GOVERNMENT AGENCIES -- 0.9%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 0.9%
	7.000%, 7/15/2005 (IDENTIFIED COST $523,771)		500,000	$	542,670
NOTES -- VARIABLE -- 3.2%
	American Honda Finance Corp., 1.000%, 10/6/2006		1,000,000		1,002,460
	CIT Group, Inc., 1.591%, 1/29/2004		1,000,000		1,000,600
TOTAL NOTES -- VARIABLE (IDENTIFIED COST $2,000,000)				$	2,003,060
U.S. TREASURY -- 3.6%
	U.S. TREASURY NOTES -- 3.6%
	2.000%, 5/15/2006		350,000		349,234
	2.625%, 5/15/2008	$	175,000	$	171,610
	3.000%, 11/15/2007		350,000		352,023
	3.250%, 8/15/2007		65,000		66,168
	TIPS (Series A-2011) 3.500% 1/15/2011		1,164,245		1,311,778
TOTAL U.S. TREASURY (IDENTIFIED COST $2,112,317)				$	2,250,813
REPURCHASE AGREEMENT -- 10.0%
	Repurchase agreement with Credit Suisse First Boston Corp., dated 10/31/2003 due 11/3/2003 at 1.020% collateralized by a U.S. Treasury obligation with maturity of 11/15/2012 (repurchase proceeds $6,291,752) (COST OF $6,291,217)		6,291,217	$	6,291,217
TOTAL INVESTMENTS -- 98.9% (IDENTIFIED COST $61,163,883)				$	62,043,326
OTHER ASSETS AND LIABILITIES -- NET -- 1.1%				$	702,761
TOTAL NET ASSETS -- 100%				$	62,746,087

See Notes to Portfolios of Investments

MTB U.S. Government Bond Fund

 

Description			Principal Amount			Value
ASSET-BACKED SECURITIES -- 0.4%
	ANRC Auto Owner Trust 2001-A, Class A4, 4.320%, 6/16/2008	$	850,000		$	869,474
	EQCC Home Equity Loan Trust 1998-2, Class A4F, 6.326%, 1/15/2022		102,707			103,121
	Guaranteed Export Trust, Class C, 5.200%, 10/15/2004		17,778			18,076
	Provident Bank Home Equity Loan Trust 1996-1, Class A1, 7.600%, 10/25/2012		13,063			13,589
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $990,443)					$	1,004,260
COLLATERALIZED MORTGAGE OBLIGATIONS -- 10.5%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 9.3%
	(Series 2617-GW) , REMIC, 3.500%, 6/15/2016		500,000			502,365
	(Series 2643-LA) , REMIC, 4.500%, 1/15/2011		3,000,000			3,110,940
	(Series 2595D-PT), REMIC, 4.500%, 11/15/2017		5,000,000			5,154,950
	(Series 141-D), REMIC, 5.000%, 5/15/2021		51,770			51,741
	(Series 1686-PJ), REMIC, 5.000%, 2/15/2024		105,000			106,546
	(Series 2491A-PQ), REMIC, 5.000%, 4/15/2026		2,190,980			2,216,089
	(Series 2586C-PA), REMIC, 5.500%, 9/15/2006	$	1,209,425		$	1,215,061
	(Series 2446D-LA), REMIC, 5.800%, 9/15/2016		3,858,475			3,942,706
	(Series 1637-GA), REMIC, 5.800%, 6/15/2023		81,267			83,889
	(Series 136-E), REMIC, 6.000%, 4/15/2021		87,989			87,965
	(Series 1534-H), REMIC, 6.000%, 1/15/2023		237,292			240,560
	(Series 1614-J), REMIC, 6.250%, 11/15/2022		274,398			282,194
	(Series 1666H), REMIC, 6.250%, 9/15/2023		5,000,000			5,231,050
	(Series 112-I), REMIC, 6.500%, 1/15/2021		27,387			27,384
	(Series 1577-PK), REMIC, 6.500%, 9/15/2023		279,000			304,127
	(Series 1644-K), REMIC, 6.750%, 12/15/2023		176,000			185,451
	(Series 33-H), REMIC, 7.500%, 6/25/2023		11,631			11,838
	(Series 126-A), REMIC 9.000%, 3/15/2005		96,440			96,683
	(Series 6-C), REMIC, 9.050%, 6/15/2019		166,436			181,615
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$		23,033,154
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 1.2%
	(Series L-DC), REMIC, 5.000%, 1/1/2006		20,685			20,994
	(Series 1993-38-L), REMIC, 5.000%, 8/25/2022,	$	6,269		$	6,282
	(Series 1994-3-PL), REMIC, 5.500%, 1/25/2024		152,000			154,294
	(Series 1993-198-K), REMIC, 6.000%, 12/25/2022		111,000			112,739
	(Series 1998-19-PK), REMIC, 6.000%, 9/18/2026		439,677			441,357
	(Series 2002-52-QA), REMIC, 6.000%, 7/18/2032		624,916			641,121
	(Series 1993-160-PK), REMIC, 6.500%, 11/25/2022		16,064			16,274
	(Series 1993-223-C), REMIC, 6.500%, 5/25/2023		175,000			175,472
	(Series 1993-113-PK), REMIC, 6.500%, 7/25/2023		415,000			433,895
	(Series 1993-127-H), REMIC, 6.500%, 7/25/2023,		554,000			577,357
	(Series 1993-202-J), REMIC, 6.500%, 11/25/2023		155,000			162,572
	(Series 1994-55-H), REMIC, 7.000%, 3/25/2024		181,000			192,180
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION				$	2,934,537
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $25,506,794)					$	25,967,691
CORPORATE BONDS -- 15.3%
	AEROSPACE & DEFENSE -- 0.2%
	General Dynamics Corp., 3.000%, 5/15/2008		500,000			488,115
	AIR FREIGHT & LOGISTICS -- 0.5%
	FedEx Corp., 7.250%, 2/15/2011		1,000,000			1,131,840
	AUTOMOBILES -- 1.0%
	DaimlerChrysler North America Holding Corp., 6.900%, 9/1/2004		2,300,000			2,392,598
	BANKS -- 1.0%
	Bank of America Corp., 5.250%, 2/1/2007		1,425,000			1,523,453
	First Tennessee Bank, 4.625%, 5/15/2013		1,000,000			970,556
	TOTAL BANKS				$	2,494,009
	CAPITAL MARKETS -- 0.9%
	Credit Suisse First Boston USA, Inc., 6.125%, 11/15/2011		1,200,000			1,299,024
	J.P. Morgan Chase & Co., 4.000%, 2/1/2008		1,000,000			1,020,190
	TOTAL CAPITAL MARKETS				$	2,319,214
	COMMERCIAL BANKS -- 0.4%
	Bank One Corp., 2.625%, 6/30/2008		1,000,000			957,170
	CONSUMER FINANCE -- 2.3%
	American Express Credit Corp., 3.000%, 5/16/2008		1,000,000			975,530
	Associates Corp. of North America, 6.375%, 11/15/2005	$	1,195,000		$	1,292,488
	Ford Motor Credit Co., 6.700%, 7/16/2004		1,000,000			1,029,140
	General Motors Acceptance Corp., 7.000%, 2/1/2012		450,000			467,915
	MBNA Corp., 4.625%, 9/15/2008		1,350,000			1,363,095
	SLM Corporation, 3.625%, 3/17/2008		500,000			498,295
	TOTAL CONSUMER FINANCE				$	5,626,463
	GAS UTILITIES -- 0.2%
	Bay State Gas Co., 9.200%, 6/6/2011		500,000			597,070
	INDUSTRIAL CONGLOMERATES -- 0.4%
	General Electric Co., 5.000%, 2/1/2013		1,000,000			1,006,840
	INSURANCE -- 1.3%
4	Ohio National Life Insurance Co., 8.500%, 5/15/2026		1,000,000			1,165,960
	Prudential Financial, Inc., 4.500%, 7/15/2013		1,000,000			954,980
	Travelers Property Casualty Corp., 6.750%, 11/15/2006		1,000,000			1,096,910
	TOTAL INSURANCE				$	3,217,850
	MEDIA -- 0.6%
	Comcast Corp., 8.125%, 5/1/2004		1,385,000			1,429,445
	MULTILINE RETAIL -- 0.4%
	Target Corp., 5.375%, 6/15/2009		1,000,000			1,074,060
	OIL & GAS -- 0.9%
	Husky Oil Ltd., 7.550%, 11/15/2016		1,000,000			1,176,400
	Valero Energy Corp., 6.050%, 3/15/2013		1,100,000			1,135,222
	TOTAL OIL & GAS				$	2,311,622
	PHARMACEUTICALS -- 0.4%
	Bristol-Myers Squibb Co., 5.750%, 10/1/2011		1,000,000			1,070,640
	REAL ESTATE -- 0.8%
	Boston Properties, Inc., 5.625%, 4/15/2015		600,000			601,044
4	Simon Property Group, Inc., 6.750%, 11/15/2003		1,000,000			1,002,590
	Weingarten Realty Investors, 6.650%, 7/12/2027		370,000			373,456
	TOTAL REAL ESTATE				$	1,977,090
	SHIPBUILDING -- 0.3%
	American Heavy Lift Shipping, 7.180%, 6/1/2017		750,000			777,847
	SOVEREIGN U.S. GOVERNMENT GUARANTEE -- 1.0%
	El Salvador, Government of, 6.530%, 7/1/2007		2,200,000			2,356,750
	TAXABLE MUNI -- 0.9%
	Stanford University, 5.850%, 3/15/2009		1,000,000			1,102,720
	Stanford University, 6.160%, 4/30/2011	$	1,000,000		$	1,093,930
	TOTAL TAXABLE MUNI				$	2,196,650
	TELECOMMUNICATION SERVICES -- 1.4%
	NYNEX Corp., 9.550%, 5/1/2010		962,876			1,125,139
	Verizon Global Funding, 7.250%, 12/1/2010		2,000,000			2,282,120
	TOTAL TELECOMMUNICATION SERVICES				$	3,407,259
	TRANSPORTATION -- MARINE -- 0.4%
	Vessel Management Service, 6.750%, 6/15/2025		880,000			940,333
TOTAL CORPORATE BONDS (IDENTIFIED COST $36,504,909)					$	37,772,865
GOVERNMENT AGENCIES -- 26.1%
	DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT -- 0.8%
	7.140%, 8/1/2007		500,000			540,805
	7.660%, 8/1/2015		1,200,000			1,304,988
	TOTAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT				$	1,845,793
	FEDERAL HOME LOAN BANK SYSTEM -- 5.6%
	3.375%, 7/21/2008		4,000,000			3,924,000
	4.500%, 11/15/2012		3,095,000			3,061,976
	4.875%, 2/15/2007		5,000,000			5,318,550
	6.625%, 11/15/2010		1,435,000			1,638,827
	TOTAL FEDERAL HOME LOAN BANK SYSTEM				$	13,943,353
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 5.5%
	1.000%, 6/1/2026		1,000,000			1,242,200
	2.500%, 7/28/2005		10,000,000			10,029,200
	5.250%, 11/5/2012		2,000,000			2,019,180
	6.943%, 3/21/2007		175,000			197,584
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION				$	13,488,164
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 8.7%
	2.875%, 5/19/2008		3,000,000			2,899,560
	3.875%, 3/15/2005		1,000,000			1,030,080
	4.750%, 6/18/2007		3,000,000			3,056,160
	5.125%, 2/13/2004		53,000			53,598
	5.250%, 8/1/2012		3,000,000			3,056,400
	5.500%, 5/2/2006		3,025,000			3,233,301
	6.250%, 2/17/2011		2,000,000			2,027,200
	6.470%, 9/25/2012		5,500,000			6,234,690
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION				$	21,590,989
	OVERSEAS PRIVATE INVESTMENT CORPORATION -- 1.4%
	6.600%, 5/21/2016	$	2,998,800		$	3,347,830
	PRIVATE EXPORT FUNDING CORPORATION -- 1.2%
	6.490%, 7/15/2007		500,000			559,460
	7.200%, 1/15/2010		2,000,000			2,342,560
	7.950%, 11/1/2006		75,000			79,441
	TOTAL PRIVATE EXPORT FUNDING CORPORATION				$	2,981,461
	SMALL BUSINESS ADMINISTRATION -- 2.6%
	5.600%, 9/1/2008		432,623			451,609
	6.200%, 11/1/2007		375,574			390,263
	6.700%, 3/1/2016		448,554			485,917
	6.700%, 12/1/2016		1,129,036			1,225,533
	6.950%, 11/1/2016		2,977,086			3,251,759
	7.300%, 5/1/2017		112,920			124,734
	7.300%, 9/1/2019		111,707			124,501
	8.850%, 8/1/2011		19,711			21,347
	9.250%, 2/1/2008		164,104			174,459
	9.650%, 5/1/2010		197,154			212,217
	TOTAL SMALL BUSINESS ADMINISTRATION				$	6,462,339
	TENNESSEE VALLEY AUTHORITY -- 0.3%
	7.430%, 4/1/2022		731,403			757,061
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $63,493,657)					$	64,416,990
MORTGAGE BACKED SECURITIES -- 21.3%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 9.5%
	3.500%, 7/1/2010		3,593,681			3,522,921
	3.500%, 9/1/2010		3,500,306			3,431,384
	5.000%, 6/1/2033		3,244,286			3,194,616
	5.500%, 4/1/2033		4,811,915			4,858,542
	6.000%, 3/1/2013		2,558,619			2,682,559
	6.500%, 2/1/2032		1,767,129			1,837,815
	7.000%, 11/1/2007		21,226			21,681
	7.000%, 7/1/2008		39,071			40,732
	7.000%, 8/1/2008		77,473			80,584
	7.000%, 11/1/2008		112,379			117,155
	7.000%, 11/1/2010		25,582			27,276
	7.000%, 11/1/2017		36,776			39,086
	7.000%, 11/1/2025		163,828			173,197
	7.250%, 1/1/2005		408			413
	7.500%, 7/1/2007		4,078			4,214
	7.500%, 3/1/2008	$	42,065		$	43,467
	7.500%, 6/1/2008		28,143			29,674
	7.500%, 11/1/2009		3,419			3,605
	7.500%, 12/1/2010		16,211			17,019
	7.500%, 3/1/2017		4,575			4,897
	7.500%, 8/1/2017		191,065			205,335
	7.500%, 7/1/2025		557,888			598,681
	7.500%, 5/1/2032		1,787,904			1,906,353
	8.000%, 5/1/2006		1,187			1,235
	8.000%, 11/1/2006		41,099			43,039
	8.000%, 3/1/2007		978			1,006
	8.000%, 9/1/2007		12,484			13,199
	8.000%, 11/1/2008		135,549			143,766
	8.000%, 1/1/2010		4,908			5,206
	8.000%, 12/1/2010		14,766			15,662
	8.250%, 12/1/2007		8,421			8,933
	8.250%, 5/1/2009		7,293			7,736
	8.250%, 8/1/2009		21,185			22,549
	8.500%, 7/1/2004		3,048			3,066
	8.500%, 9/1/2009		17,144			18,189
	8.500%, 8/1/2017		333,795			365,402
	9.000%, 9/1/2019		1,839			2,035
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION				$	23,492,229
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 9.2%
	5.000%, 6/1/2033		2,794,590			2,757,030
	5.500%, 3/1/2033		2,479,981			2,503,243
	5.500%, 5/1/2033		1,929,084			1,947,178
	6.000%, 5/1/2009		143,296			150,192
	6.000%, 1/1/2014		10,576			11,088
	6.000%, 12/1/2028		1,231,422			1,271,824
	6.000%, 9/1/2029		1,698,298			1,758,265
	6.500%, 4/1/2004		2,966			2,989
	6.500%, 8/1/2028		270,559			282,226
	6.500%, 8/1/2028		263,257			274,609
	6.500%, 8/1/2028		1,197,656			1,249,299
	6.500%, 3/1/2029		625,313			651,300
	6.500%, 3/1/2029		1,101,114			1,146,876
	6.500%, 4/1/2029		390,595			406,829
	6.500%, 5/1/2029		665,214			692,860
	6.500%, 3/1/2032		723,270			751,521
	6.500%, 4/1/2032		1,432,363			1,488,311
	6.500%, 5/1/2032		1,893,393			1,967,349
	7.000%, 5/1/2024		800,270			848,038
	7.000%, 1/1/2025		1,013,950			1,080,810
	7.000%, 2/1/2032		1,142,977			1,204,057
	7.500%, 2/1/2014		77,245			79,747
	8.000%, 1/1/2006	$	35,357		$	36,724
	8.000%, 6/1/2008		72,417			76,603
	8.000%, 1/1/2010		26,642			28,340
	8.000%, 8/1/2021		53,475			58,237
	8.250%, 7/1/2009		32,074			34,057
	8.500%, 3/1/2012		13,027			13,898
	9.000%, 10/1/2006		3,882			3,952
	9.750%, 9/1/2017		24,765			27,586
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION				$	22,805,038
	GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 2.6%
	6.000%, 4/15/2033		1,094,618			1,130,194
	6.000%, 5/15/2033		1,453,792			1,502,407
	7.000%, 5/15/2023		303,294			324,713
	7.000%, 10/20/2023		159,298			169,900
	7.000%, 9/15/2028		822,666			875,630
	7.250%, 2/15/2005		1,722			1,749
	7.250%, 3/15/2005		2,637			2,678
	7.250%, 3/15/2005		4,910			4,987
	7.250%, 5/15/2005		15,269			15,647
	7.250%, 7/15/2005		2,598			2,662
	7.250%, 10/15/2005		1,638			1,693
	7.250%, 11/15/2005		3,441			3,527
	7.250%, 4/15/2006		9,696			10,069
	7.500%, 12/15/2005		7,274			7,500
	7.500%, 4/15/2007		18,923			20,028
	7.500%, 5/15/2007		21,324			22,571
	7.500%, 6/15/2007		10,433			11,043
	7.500%, 6/20/2007		4,458			4,814
	8.000%, 6/15/2006		4,268			4,421
	8.000%, 8/15/2006		4,570			4,811
	8.000%, 9/15/2006		9,260			9,802
	8.000%, 11/15/2006		43,424			46,206
	8.000%, 9/15/2007		233,928			249,791
	8.000%, 10/15/2007		35,045			37,334
	8.000%, 12/15/2009		35,166			37,815
	8.000%, 2/15/2010		52,685			56,982
	8.000%, 12/15/2016		10,562			11,443
	8.000%, 7/15/2024		5,296			5,763
	8.250%, 6/15/2008		25,784			27,520
	8.375%, 4/15/2010		18,668			20,194
	8.500%, 9/15/2008		129,752			138,430
	8.500%, 10/15/2008		1,092,574			1,160,827
	8.500%, 10/20/2009		58,651			62,519
	8.500%, 11/15/2017		22,981			25,372
	9.000%, 10/15/2008		19,499			20,955
Description			Principal Amount			Value
	9.000%, 9/15/2016	$	52,198		$	58,120
	9.000%, 11/15/2016		15,340			17,080
	9.000%, 2/15/2017		97,336			108,590
	9.000%, 4/20/2023		139,371			153,134
	9.000%, 10/20/2024		27,498			30,145
	TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION				$	6,399,066
TOTAL MORTGAGE BACKED SECURITIES (IDENTIFIED COST $51,632,461)					$	52,696,333
Municipals -- 1.8%
	Arkansas Development Finance Authority, 9.750%, 11/15/2005		748,413			796,296
	Chicago, IL Public Building Commission, 7.000%, 1/1/2007		225,000			253,215
	Connecticut Development Authority, 8.550%, 8/15/2008		250,000			267,735
	Connecticut Municipal Electric Energy Cooperative, 5.700%, 1/1/2004		265,000			266,964
	Greater Orlando (FL) Aviation Authority, 8.250%, 10/1/2004		100,000			106,098
	Miami, FL, 8.650%, 7/1/2019		180,000			229,534
	Tacoma, WA, 8.200%, 9/15/2013		1,470,000			1,788,373
	Tobacco Settlement Financing Corp., NJ, 6.360%, 5/15/2025		761,728			779,956
TOTAL MUNICIPALS (IDENTIFIED COST $4,453,727)					$	4,488,171
NOTES - VARIABLE -- 0.6%
	CIT Group, Inc., 1.591%, 7/29/2005 (IDENTIFIED COST $1,500,900)	$	1,500,000		$	1,500,900
U.S. TREASURY -- 19.2%
	U.S TREASURY BONDS -- 5.3%
	5.375%, 2/15/2031		7,000,000			7,238,420
	6.375%, 8/15/2027		5,000,000			5,759,400
	TOTAL U.S. TREASURY BONDS				$	12,997,820
Description			Principal Amount or Shares			Value
	U.S. TREASURY NOTES -- 13.9%
	1.500%, 2/28/2005	$	1,000,000		$	1,000,620
	2.000%, 8/31/2005		2,000,000			2,009,680
	2.125%, 10/31/2004		1,000,000			1,008,280
	3.000%, 11/15/2007		450,000			452,601
	3.250%, 8/15/2007		720,000			732,938
	3.500%, 11/15/2006		1,500,000			1,549,215
	3.500%, 1/15/2011		2,460,873			2,772,715
	3.625%, 1/15/2008		7,981,890			8,869,875
	3.625%, 5/15/2013		2,000,000			1,916,560
	3.875%, 2/15/2013		550,000			535,133
	4.000%, 11/15/2012		5,500,000			5,420,085
	4.625%, 5/15/2006		2,000,000			2,123,440
	5.000%, 8/15/2011		1,385,000			1,479,138
	6.500%, 8/15/2005		1,000,000			1,084,380
	6.500%, 2/15/2010		1,500,000			1,740,930
	6.750%, 5/15/2005		1,500,000			1,618,365
	TOTAL U.S. TREASURY NOTES				$	34,313,955
TOTAL U.S. TREASURY (IDENTIFIED COST $46,365,259)					$	47,311,775
MUTUAL FUNDS -- 0.0%
	SSGA Money Market Fund		12,053			12,053
	SSGA US Government Money Market Fund		129			129
TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)					$	12,182
REPURCHASE AGREEMENT -- 3.8%
	Repurchase agreement with Credit Suisse First Boston Corp., dated 10/31/2003 due 11/3/2003 at 1.020%, collateralized by a U.S. Treasury Obligation with maturity of 11/15/2012 (repurchase proceeds $9,501,291) (COST OF $9,500,483)	$	9,500,483		$	9,500,483
TOTAL INVESTMENTS -- 99.0% (IDENTIFIED COST $239,960,802)					$	244,671,650
OTHER ASSETS AND LIABILITIES -- NET -- 1.0%					$	2,550,058
TOTAL NET ASSETS -- 100%					$	247,221,708

See Notes to Portfolios of Investments

MTB New York Municipal Bond Fund

 

Description			Principal Amount	Credit Rating	5		Value
3LONG-TERM MUNICIPALS -- 98.5%
	GUAM -- 0.5%
	Guam Housing Corp., State Single Family Housing Revenue Bonds, 5.75%, 9/1/2031	$	375,000	AAA / NR		$	403,395
	NEW YORK -- 96.4%
	34th Street Partnership, Inc., NY, Special Assessment, 5.00% (Original Issue Yield: 3.99%), 1/1/2015		1,040,000	NR / Aa3			1,114,558
	Albany, NY, Housing Authority, Revenue Bonds, 5.20% (Key Bank, N.A. LOC), 12/1/2013		200,000	NR / A1			210,036
	Albany, NY, Housing Authority, Revenue Bonds, 5.40% (Key Bank, N.A. LOC), 12/1/2018		150,000	NR / A1			156,433
	Albany, NY, Housing Authority, Revenue Bonds, 5.50% (Key Bank, N.A. LOC), 12/1/2028		200,000	NR / A1			203,856
	Albany, NY, Parking Authority, (Series A), 5.00% (Original Issue Yield: 4.79%), 7/15/2008		435,000	BBB+ / NR			468,086
	Albany, NY, Parking Authority, (Series A), 5.625% (Original Issue Yield: 5.75%), 7/15/2025		500,000	BBB+ / NR			514,155
	Appleridge Retirement Community, Revenue Bonds, 5.60% (GNMA Collateralized Home Mortgage Program)/ (GNMA Collateralized Home Mortgage Program LOC), 9/1/2021		500,000	NR / Aaa			551,755
	Broome County, NY, COPs, 5.25% (MBIA Insurance Corp. INS)/(Original Issue Yield: 5.578%), 4/1/2022		50,000	AAA / Aaa			51,716
	Buffalo & Fort Erie, NY, Public Bridge Authority, 6.00% (MBIA Insurance Corp. INS)/(Original Issue Yield: 5.05%), 1/1/2004		10,000	AAA / Aaa			10,082
	Canton, NY, Human Services, 5.75% (Original Issue Yield: 5.80%), 9/1/2032		1,000,000	NR / Baa2			1,024,430
	Erie County, NY, IDA, Refunding Revenue Bonds, 5.00% (Original Issue Yield: 3.33%), 5/1/2010		500,000	AAA / Aaa			555,075
	Erie County, NY, Water Authority, (Series A), 6.00% (AMBAC INS)/(Original Issue Yield: 7.25%), 12/1/2008	$	50,000	AAA / Aaa		$	56,868
	Geneva, NY, Revenue Bonds, (Project A), 5.375%, 2/1/2033		1,000,000	A / NR			1,035,290
	Holiday Square Housing Development Corp., NY, (Section 8), Assisted Project, 5.80% (Holiday Square Management Co.)/(FNMA COL)/(Original Issue Yield: 5.943%), 1/15/2024		125,000	NR / Aaa			125,075
	Housing, NY Corp., Revenue Bonds, 5.00% (Original Issue Yield: 5.65%), 11/1/2018		100,000	AAA / Aa3			102,000
	Housing, NY Corp., Refunding Revenue Bonds, 5.00% (Original Issue Yield: 5.60%), 11/1/2013		25,000	AAA / Aa3			25,500
	Lakewood, NY, GO UT Public Improvement Bonds, 5.50% (Original Issue Yield: 5.70%), 4/1/2012		50,000	NR / Baa1			52,211
	Mahopac, NY, CSD, GO UT (Series C), Bonds, 5.30% (Original Issue Yield: 5.35%), 6/1/2018		1,000,000	NR / Aaa			1,081,600
	Metropolitan Transportation Authority, NY, (Series A), 5.00% (FSA LOC)/(Original Issue Yield: 5.12%), 11/15/2012		500,000	AAA			504,515
	Metropolitan Transportation Authority, NY, (Series A), 5.00% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 5.21%), 11/15/2012		1,000,000	AAA / Aaa			1,009,760
	Monroe County, NY, IDA, Revenue Bonds, 5.80% (Nazareth College)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 5.799%), 6/1/2010		25,000	AAA / Aaa			27,150
	Monroe Woodbury, NY, Center School District, GO UT, 6.70% (FGIC INS), 11/15/2010		25,000	AAA / Aaa			26,231
	Municipal Assistance Corp. of Troy, NY, Refunding Revenue Bonds (Series A), 5.00% (Original Issue Yield: 5.40%), 1/15/2010		870,000	AAA / Aaa			948,222
	Nassau County, NY, GO, (Series F), 7.00% (FSA LOC), 3/1/2010	$	500,000	AAA / Aaa		$	608,115
	Nassau County, NY, GO UT, 6.05% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 6.15%), 5/15/2004		375,000	AAA / Aaa			384,757
	Nassau County, NY, GO UT, (Series S), 5.125% ( AMBAC/LOC)/(Original Issue Yield: 5.35%), 3/1/2013		250,000	AAA / Aaa			271,882
	Nassau County, NY, GO UT, ( Series X), 8.00% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 8.40%), 11/1/2004		500,000	AAA / Aaa			533,580
	Nassau County, NY, Special Tax, 5.75% (Original Issue Yield: 5.18%), 11/15/2013		500,000	AA- / Aa3			565,315
	New York City, NY, (Series B1), 7.20% (Original Issue Yield: 7.30%), 8/15/2008		1,450,000	A / A2			1,534,781
	New York City, NY, (Series G), 5.75% (Original Issue Yield: 6.27%), 2/1/2014		800,000	A / A2			861,712
	New York City, NY, (Series J), 6.125%, 8/1/2011		1,060,000	A / A2			1,185,483
	New York City, NY, Educational Construction Fund, Refunding Revenue Bonds, 5.50% (Original Issue Yield: 5.68%), 4/1/2016		1,100,000	AAA / Aaa			1,198,021
	New York City, NY, GO UT, Bonds, (Series 2000A), 5.75% (Original Issue Yield: 5.79%), 5/15/2018		500,000	A / A2			539,825
	New York City, NY, GO UT, (Series B), Refunding Bonds, 5.80% (Original Issue Yield: 5.88%), 8/1/2013		435,000	A / A2			476,512
	New York City, NY, GO UT, (Series I), Bonds, 6.25% (Original Issue Yield: 5.85%), 4/15/2006		230,000	A / A2			253,173
	New York City, NY, GO UT, (Series L), Refunding Bonds, 8.00%, 8/1/2006		275,000	AAA / Aaa			320,598
	New York City, NY, Health and Hospitals Corp., (Series A), 5.45% (Original Issue Yield: 5.48%), 2/15/2012		1,000,000	BBB / A3			1,019,610
	New York City, NY, IDA, Revenue Bonds, 6.00% (Terminal One Group Association)/(Original Issue Yield: 6.40%), 1/1/2015		1,000,000	BBB+ / A3			1,023,140
	New York City, NY, Municipal Water Finance Authority, (Series C), 5.125% (Original Issue Yield: 5.43%), 6/15/2033		1,000,000	AA / Aa2			1,011,050
	New York City, NY, Municipal Water Finance Authority, Revenue Bonds, 5.50% (MBIA Insurance Corp. INS)/Original Issue Yield: 5.855%), 6/15/2027	$	1,000,000	AAA / Aaa		$	1,067,870
	New York City, NY, Transitional Finance Authority, Revenue Bonds, (Series A), 5.00%, 8/1/2009		1,000,000	AA+ / Aa2			1,115,380
	New York City, NY, Transitional Finance Authority, (Series C), 5.25% (Original Issue Yield: 5.05%), 5/1/2008		2,690,000	AA+ / Aa2			2,935,516
	New York City, NY, Transitional Finance Authority, 5.50%, 2/1/2013		65,000	AAA/Aaa			72,589
	New York City, NY, Transitional Finance Authority, Refunding Revenue Bonds, 5.50% (Original Issue Yield: 4.62%), 2/1/2011		135,000	AA+ / Aa2			150,217
	New York City, NY, Transitional Finance Authority, Refunding Revenue Bonds, 5.75%, 11/1/2011		1,000,000	AA+ / Aa2			1,139,220
	New York City, NY, Transitional Finance Authority, Revenue Bonds, 5.75%, 2/15/2015		875,000	AA+ / Aa2			989,082
	New York Counties Tobacco Trust II, Refunding Revenue Bonds, 5.25% (Original Issue Yield: 5.30%), 6/1/2025		1,305,000	BBB/Baa2			1,159,205
	New York State Dormitory Authority, (Series C), 5.50% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 4.09%), 10/1/2014		1,500,000	AAA / Aaa			1,681,035
	New York State Dormitory Authority, (Series C), 7.375% (Original Issue Yield: 7.471%), 5/15/2010		425,000	AA- / A3			528,556
	New York State Dormitory Authority, (Series C), 7.375% (Original Issue Yield: 7.471%), 5/15/2010		1,575,000	AA- / A3			1,888,677
	New York State Dormitory Authority, Health, Hospital, Nursing Home Improvement Revenue Bonds, 5.10% (AMBAC LOC), 2/1/2019		1,000,000	NR / Aaa			1,038,720
	New York State Dormitory Authority, Refunding Revenue Bonds (Series B), 5.25% (Original Issue Yield: 5.75%), 5/15/2019		20,000	AA- / A3			21,652
	New York State Dormitory Authority, Refunding Revenue Bonds, 5.00% (Original Issue Yield: 5.13%), 7/1/2012	$	500,000	AA- / A1		$	502,935
	New York State Dormitory Authority, Refunding Revenue Bonds, 5.125% (Original Issue Yield: 5.33%), 8/15/2017		1,000,000	AAA / Aaa			1,069,912
	New York State Dormitory Authority, Refunding Revenue Bonds, 5.30%, 7/1/2008		1,000,000	AAA / Aaa			1,065,520
	New York State Dormitory Authority, Revenue Bonds, 5.50% (MBIA Insurance Corp. LOC), 10/1/2017		1,000,000	AAA / Aaa			1,109,560
	New York State Dormitory Authority, Revenue Bonds, 5.85% (Arden Hill)/(FHA INS), 8/1/2026		175,000	AAA / NR			199,264
	New York State Dormitory Authority, Revenue Bonds, 5.85% (Wesley Health System)/(FHA INS), 8/1/2026		395,000	AAA / NR			437,976
	New York State Dormitory Authority, Revenue Bonds, 6.05% (Lutheran Center at Poughkeepsie)/(Key Bank of New York LOC)/(Original Issue Yield: 6.08%), 7/1/2026		1,000,000	NR / A1			1,052,940
	New York State Dormitory Authority, Revenue Bonds, 7.50%, 5/15/2013		2,315,000	AA- / A3			2,970,307
	New York State Dormitory Authority, Refunding Revenue Bonds, 5.30% (Rochester, NY)/(MBIA Insurance Corp. LOC)/(Original Issue Yield: 5.475%), 7/1/2017		1,000,000	AAA / Aaa			1,095,420
	New York State Dormitory Authority, Refunding Revenue Bonds, 7.15% (R & J Jewish Geriatric Center)/(FHA INS), 8/1/2014		90,000	AAA / NR			95,446
	New York State Dormitory Authority, Schools Program, 5.10% (Original Issue Yield: 5.14%), 7/1/2011		275,000	AA- / Baa1			300,897
	New York State Dormitory Authority, United Health Services, 5.375% (AMBAC LOC)/(Original Issue Yield: 5.573%), 8/1/2027		1,000,000	AAA / Aaa			1,051,140
	New York State Environmental Facilities Corp. State Clean Water and Drinking Water, Revenue Bonds, 5.25%, 6/15/2018		2,090,000	AAA / Aaa			2,262,195
	New York State Environmental Facilities Corp., (Series C), 6.40% (Original Issue Yield: 6.40%), 9/15/2006	$	35,000	AAA / Aaa		$	35,149
	New York State Environmental Facilities Corp., 5.00%, 10/15/2015		430,000	AAA / Aaa			463,252
	New York State Environmental Facilities Corp., 5.85%, 1/15/2015		15,000	AAA / Aaa			16,720
	New York State Environmental Facilities Corp.,5.875%, 1/15/2017		400,000	AAA / Aaa			454,608
	New York State Environmental Facilities Corp., Refunding Revenue Bonds, 5.20% (Original Issue Yield: 5.20%), 5/15/2014		75,000	AAA / Aaa			84,408
	New York State Environmental Facilities Corp., Revenue Bonds, 5.85%, 1/15/2015		1,040,000	AAA / Aaa			1,137,053
	New York State Environmental Facilities Corp., Solid Waste Disposal Revenue Bonds (Series A), 5.70% (Occidental Petroleum Corp.)/(Original Issue Yield: 5.75%), 9/1/2028		25,000	BBB / Baa2			24,919
	New York State HFA, (Series A), 6.25% (Original Issue Yield: 6.35%), 9/15/2010		365,000	AA- / A3			403,829
	New York State HFA, (Series A), 6.25% (Original Issue Yield: 6.35%), 9/15/2010		635,000	AAA- / A3			727,475
	New York State HFA, (Series A), 6.90%, 8/15/2007		20,000	NR / Aa1			20,257
	New York State HFA, (Series A), 7.75% (FHA LOC)/(Original Issue Yield: 7.748%), 2/15/2005		1,000,000	NR / A2			1,062,320
	New York State HFA, (Series A), Service Contract Obligation Revenue Bonds, 6.375% (Original Issue Yield: 6.45%), 9/15/2015		885,000	AAA / A3			1,027,874
	New York State HFA, Refunding Revenue Bonds, 7.90% (United States Treasury COL), 11/1/2006		80,000	AAA / #Aaa			87,510
	New York State Local Government Assistance Corp., (Series A-2), 4.00% (Original Issue Yield: 2.73%), 4/1/2008		1,000,000	AA / A1			1,068,600
	New York State Local Government Assistance Corp., Revenue Bonds, (Series A), 6.00% (Original Issue Yield: 6.106%), 4/1/2016		1,000,000	AA / A1			1,087,550
	New York State Medical Care Facilities Finance Agency, Hospital & Nursing Home Revenue Bonds (Series B), 6.00% (Buffalo General Hospital)/(FHA INS)/(Original Issue Yield: 6.219%), 8/15/2014	$	30,000	AAA / NR		$	31,604
	New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home, 5.95% (FHA LOC)/(Original Issue Yield: 6.00%), 2/15/2010		50,000	AAA / NR			52,839
	New York State Medical Care Facilities Finance Agency, Refunding Revenue Bonds, 5.75% (FHA LOC)/(Original Issue Yield: 5.85%), 2/15/2008		25,000	AAA / NR			26,378
	New York State Mortgage Agency, Refunding Revenue Bonds, 5.70% (Original Issue Yield: 5.70%), 4/1/2011		865,000	NR / Aa1			912,722
	New York State Mortgage Agency, (Series 67), 5.80% (Original Issue Yield: 5.799%), 10/1/2028		500,000	NR / Aa1			517,050
	New York State Mortgage Agency, Revenue Bonds, (Series MBIA), 5.875% (MBIA Insurance Corp. LOC), 10/1/2015		3,500,000	AAA / Aaa			3,720,430
	New York State Mortgage Agency, Refunding Revenue Bonds (Series 53), 5.25%, 10/1/2006		300,000	NR / Aa1			324,336
	New York State Power Authority, Revenue Bonds (Series 2002A), 5.00%, 11/15/2021		500,000	AA- / Aa2			516,325
	New York State Power Authority, Revenue Bonds (Series A), 5.25% (Original Issue Yield: 5.38%), 11/15/2030		400,000	AA- / Aa2			411,476
	New York State Thruway Authority Service Contract, Refunding Revenue Bonds, 5.50% (Original Issue Yield: 3.94%), 4/1/2012		425,000	AA- / A3			478,831
	New York State Thruway Authority, (Series 1998B), 5.25% (New York State Thruway Authority - Highway and Bridge Trust Fund)/(FGIC LOC)/(Original Issue Yield: 5.02%), 4/1/2013		1,600,000	AAA / Aaa			1,748,160
	New York State Thruway Authority, (Series 1999A), 5.125% (New York State Thruway Authority - Highway and Bridge Trust Fund)/(Original Issue Yield: 4.601%), 4/1/2011	$	1,000,000	AAA / Aaa		$	1,087,700
	New York State Thruway Authority, (Series 2000A), 6.00% (New York State Thruway Authority - Highway and Bridge Trust Fund)/(Original Issue Yield: 5.69%), 4/1/2015		1,000,000	AAA / Aaa			1,153,030
	New York State Thruway Authority, (Series 2000A) , 6.25% (New York State Thruway Authority - Highway and Bridge Trust Fund)/(FSA LOC), 4/1/2011		1,000,000	AAA / Aaa			1,171,270
	Niagara Falls, NY, Bridge Commission, (Series B), 5.25% (FGIC INS)/(Original Issue Yield: 5.35%), 10/1/2015		25,000	AAA / Aaa			27,976
	Niagara Falls, NY, City School District, COPs, 5.625% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 5.15%), 6/15/2011		300,000	AAA / Baa3			343,653
	Niagara Frontier Transportation Authority, Revenue Bonds, 6.00% (Greater Buffalo International Airport)/(AMBAC INS)/(Original Issue Yield: 6.15%), 4/1/2007		20,000	AAA / Aaa			20,707
	North Babylon Union Free School District, NY, (Series A), 5.50% (FGIC LOC)/(Original Issue Yield: 5.57%), 2/15/2017		1,000,000	NR / Aaa			1,105,620
	Onondaga County, NY, IDA, (Series A), 4.00% (Original Issue Yield: 3.83%), 12/1/2004		340,000	NR / Baa2			347,997
	Onondaga County, NY, IDA, University and College Improvements Revenue Bonds, 5.00%, 3/1/2009		85,000	NR / Baa2			90,936
	Orange County, NY, GO UT, 5.10% (Original Issue Yield: 5.29%), 7/15/2019		1,580,000	NR / Aa1			1,673,315
	Riverton Housing Corp., Revenue Bonds, 6.65% (FHA INS), 8/1/2024		170,000	AA- / NR			179,661
	Schenectady, NY, IDA, (Series A), 5.45% (Union College)/(AMBAC INS)/(Original Issue Yield: 5.467%), 12/1/2029		155,000	NR / Aaa			164,556
	Spackenkill, NY, Union Free School District, GO UT, 6.125%, 9/15/2014	$	10,000	NR / A1		$	11,853
	Syracuse, NY, GO UT (Series A), Refunding Bonds, 5.125%, 2/15/2009		225,000	BBB / Baa1			246,816
	Syracuse, NY, GO, (Series C), 5.50% (FGIC LOC), 1/1/2009		500,000	AAA / Aaa			556,230
	TSASC, Inc. NY, Cash Flow Management, Public Improvements, 6.25%, 7/15/2027		1,500,000	BBB+/A2			1,525,665
	Tobacco Settlement Financing Corp., NY, (Series A-1), 5.25% (Original Issue Yield: 4.00%), 6/1/2016		1,000,000	AA-			1,046,630
	Tompkins, NY, HealthCare Corp., 10.80% (FHA INS), 2/1/2028		280,000	A / NR			321,045
	Tompkins County, NY, IDA, Revenue Bonds, 6.05% (HeaIthcare Center Project)/(FHA INS), 2/1/2017		800,000	AAA / NR			862,376
	Triborough Bridge & Tunnel Authority, NY, (Series A), 5.00% (Original Issue Yield: 5.24%), 1/1/2027		640,000	AA- / Aa3			644,864
	Triborough Bridge & Tunnel Authority, NY, (Series B), 5.125% (Original Issue Yield: 4.73%), 11/15/2012		100,000	AA- / Aa3			101,808
	Triborough Bridge & Tunnel Authority, NY, (Series Y), Refunding Revenue Bonds, 6.125% (CapMAC Holdings, Inc.)/(CapMAC Holdings, Inc. LOC)/(Original Issue Yield: 6.20%), 1/1/2021		3,500,000	AAA / Aaa			4,199,230
	Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, 6.75% (Original Issue Yield: 6.821%), 1/1/2009		285,000	AA- / Aa3			335,009
	Utica, NY, Industrial Development Agency Civic Facility, 5.50%, 8/15/2013		510,000	A / NR			546,434
	Utica, NY, Industrial Development Agency Civic Facility, (Series A), 5.375% (Munson Williams Proctor)/(Original Issue Yield: 5.45%), 7/15/2019	$	320,000	NR / Aa3		$	340,502
	Utica, NY, Industrial Development Agency Civic Facility, (Series A) Revenue Bonds, 5.50% (Munson Williams Proctor), 7/15/2029		425,000	NR / Aa3			444,916
	Valley Central School District, GO UT, 7.15% (AMBAC LOC)/(Original Issue Yield: 7.10%), 6/15/2005		350,000	AAA / Aaa			382,456
	Webster, NY, CSD, GO UT, 5.125% (FGIC LOC)/(Original Issue Yield: 5.40%), 6/15/2019		1,000,000	NR / Aaa			1,066,860
	TOTAL NEW YORK					$	85,084,179
	PUERTO RICO -- 0.0%
	Puerto Rico Industrial, Medical & Environmental PCA, Revenue Bonds, 5.10% (American Home Products Corp.)/(Original Issue Yield: 5.30%), 12/1/2018		25,000	NR / A3			25,537
	WISCONSIN -- 1.6%
	Badger, WI, Tobacco Asset Securitization Corp., Refunding Revenue Bonds, 6.125%, 6/1/2027		1,500,000	BBB / Baa2			1,371,120
TOTAL LONG-TERM MUNICIPALS (IDENTIFIED COST $83,726,281)						$	86,884,231
SHORT-TERM MUNICIPALS -- 0.3%
	New York City, NY, Municipal Water Finance Authority, (Series 2003 C-1) Daily VRDNS (State Street Bank and Trust Co. LOC) (COST OF $300,000)		300,000	AA / Aa2		$	300,000
TOTAL INVESTMENTS -- 98.8% (IDENTIFIED COST $84,026,281)						$	87,184,231
OTHER ASSETS AND LIABILITIES -- NET -- 1.2%						$	1,056,090
TOTAL NET ASSETS -- 100%						$	88,240,321

See Notes to Portfolios of Investments.

MTB Pennsylvania Municipal Bond Fund

 

Description			Principal Amount	Credit Rating	5		Value
3LONG-TERM MUNICIPALS -- 97.8%
	NEW JERSEY -- 0.8%
	Tobacco Settlement Financing Corp., NJ, Revenue Bonds, 6.75% (Original Issue Yield: 7.05%), 6/1/2039	$	2,000,000	A / A1		$	1,817,800
	PENNSYLVANIA -- 97.0%
	Adams County, PA, GO UT Refunding Notes, 5.30% (FGIC LOC)/(Original Issue Yield: 5.42%), 11/15/2019		1,185,000	AAA / Aaa			1,344,051
	Allegheny County, PA, GO, (Series C-52), 5.25% (FGIC LOC)/(Original Issue Yield: 5.50%), 11/1/2021		4,000,000	AAA / Aaa			4,230,400
	Allegheny County, PA, GO, (Series C-56), 4.50% (FSA LOC), 10/1/2006		1,500,000	AAA / Aaa			1,620,120
	Allegheny County, PA, Airport Authority, Refunding Revenue Bonds, 5.75% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 4.85%), 1/1/2006		1,450,000	AAA / Aaa			1,559,721
	Allegheny County, PA, Higher Education Building Authority, [Duquesne University Project], 5.125%, 3/1/2013		435,000	NR / Aaa			481,066
	Allegheny County, PA, IDA, Refunding Revenue Bond, 6.70%, 12/1/2020		4,150,000	BBB+ / Baa1			4,314,714
	Allegheny County, PA, Port Authority, Refunding Revenue Bonds, 6.00% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 6.125%), 3/1/2024		2,500,000	AAA / Aaa			2,939,975
	Allegheny County, PA, Residential Finance Agency, Revenue Bonds, 5.15%, 11/1/2016		665,000	NR / Aaa			691,866
	Belle Vernon, PA, Area School District, GO UT, 6.00% (FGIC LOC)/(Original Issue Yield: 6.09%), 4/1/2021		1,210,000	AAA / Aaa			1,415,579
	Blair County, PA, (Series A), 5.00% (AMBAC LOC)/(Original Issue Yield: 3.45%), 8/1/2007		1,000,000	NR / Aaa			1,106,230
	Bucks County, PA, IDA, Revenue Bonds (Series 2002A), 6.00% (Pennswood Village)/(Original Issue Yield: 6.12%), 10/1/2027		1,000,000	BBB+ / NR			1,021,290
	Bucks County, PA, IDA, Revenue Bonds, 10.00%, 5/15/2019	$	4,775,000	Aaa		$	7,780,433
	Burrell, PA, School District, GO UT School Improvements, 5.25% (FGIC INS)/(Original Issue Yield: 5.45%), 11/15/2010		2,200,000	AAA / Aaa			2,386,714
	Butler County, PA, IDA, GO UT, 6.00% (FGIC LOC)/(Original Issue Yield: 6.00%), 7/15/2011		1,000,000	AAA / Aaa			1,179,200
	Charleroi, PA, Area School District, (Series C), 5.75% (FGIC LOC)/(Original Issue Yield: 5.90%), 10/1/2014		1,070,000	AAA / NR			1,247,641
	Charleroi, PA, Area School District, (Series C), 6.00% (FGIC LOC), 10/1/2017		30,000	AAA / NR			34,651
	Charleroi, PA, Area School District, (Series C), 6.00% (FGIC LOC), 10/1/2017		1,300,000	AAA / NR			1,533,493
	Chester County, PA, HEFA, Refunding Revenue Bonds, 5.30% (Main Line Health Systems)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 5.40%), 5/15/2007		2,045,000	AAA / Aaa			2,119,970
	Chester County, PA, HEFA, Refunding Revenue Bonds, 5.50% (Chester County Hospital, PA)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 5.70%), 7/1/2007		965,000	AAA / Aaa			1,056,771
	Chester County, PA, HEFA, Refunding Revenue Bonds, 5.625% (Chester County Hospital, PA)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 5.90%), 7/1/2010		1,675,000	AAA / Aaa			1,850,054
	Chester County, PA, HEFA, Refunding Revenue Bonds, 5.625% (MBIA Insurance Corp. INS)/(Original Issue Yield: 5.85%), 7/1/2009		1,985,000	AAA / Aaa			2,192,452
	Chester County, PA, HEFA, Revenue Bonds, 5.625% (Immaculata College)/(Radian Asset Assurance LOC), 10/15/2027		2,250,000	AA			2,351,452
	Chester County, PA, HEFA, Revenue Bonds, (Series B), 5.375% (Jefferson Health System)/(Original Issue Yield: 5.63%), 5/15/2027	$	2,000,000	AA- / A1		$	2,007,600
	Commonwealth of Pennsylvania, GO UT, 5.25% (Original Issue Yield: 4.69%), 10/15/2008		2,000,000	AA / Aa2			2,259,700
	Commonwealth of Pennsylvania, GO UT, 6.00% (Original Issue Yield: 5.96%), 1/15/2018		3,000,000	AA / Aa2			3,444,720
	Commonwealth of Pennsylvania, GO UT, (Series, 2nd), 5.10% (FSA LOC)/(Original Issue Yield: 5.20%), 5/1/2022		475,000	AAA / Aaa			492,570
	Commonwealth of Pennsylvania, GO UT Bonds, 5.75%, 1/15/2009		2,150,000	AA / Aa2			2,459,858
	Conestoga Valley, PA, School District, (Series A), 4.50% (FGIC LOC)/(Original Issue Yield: 2.95%), 5/1/2005		640,000	NR / Aaa			670,861
	Dauphin County, PA, General Authority, Revenue Refunding Bonds, 5.20% (Pinnacle Health System)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 5.30%), 5/15/2009		910,000	AAA / Aaa			987,259
	Delaware County, PA, Authority, Dunwoody Village, 6.25% (Original Issue Yield: 6.45%), 4/1/2030		1,200,000	A-			1,245,084
	Delaware County, PA, Authority, Hospital Revenue Bonds, 6.00% (Original Issue Yield: 6.21%), 12/15/2020		4,000,000	BBB+ / Baa1			3,980,640
	Delaware River Joint Toll Bridge Commission, Refunding Revenue Bonds, 5.25% (Original Issue Yield: 4.66%), 7/1/2018		2,000,000	A- / A2			2,125,280
	Dover, PA, Area School District, GO UT, 4.50% (FGIC LOC)/(Original Issue Yield: 4.09%), 4/1/2014		600,000	Aaa			627,888
	Downingtown Area School District, PA, GO UT, 4.90% (Original Issue Yield: 4.97%), 4/1/2016		2,130,000	NR / Aaa			2,239,482
	Gateway, PA, School District, GO UT, 4.45% (FGIC LOC), 10/15/2017		555,000	AAA / Aaa			564,873
	Gateway, PA, School District, 4.35% (FGIC LOC), 10/15/2016		525,000	AAA / Aaa			534,555
	Greater Johnstown, PA, School District, GO UT, 5.00% (FGIC LOC), 2/1/2009	$	1,365,000	AAA		$	1,515,546
	Greene County, PA, IDA, Refunding Revenue Bonds, 4.75% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 4.749%), 2/1/2007		710,000	AAA / Aaa			770,208
	Harbor Creek, PA, School District, (Series C), 4.00% (FGIC LOC)/(Original Issue Yield: 3.25%), 8/1/2006		505,000	AAA / Aaa			536,462
	Indiana County, PA, IDA, (Series A), 5.875% (AMBAC LOC)/(Original Issue Yield: 6.04%), 11/1/2029		1,300,000	AAA / Aaa			1,413,360
	Indiana County, PA, IDA, 6.00% (MBIA Insurance Corp. LOC), 6/1/2006		1,500,000	AAA / Aaa			1,663,170
	Keystone, PA, Central School District, GO UT, 2.80%, 9/1/2004		795,000	A / NR			804,945
	Lampeter-Strasburg, PA, School District, GO UT, 4.00% (FGIC LOC)/(Original Issue Yield: 2.95%), 4/1/2008		1,000,000	Aaa			1,067,740
	Lancaster County, PA, Solid Waste Management, (Series B), 5.375% (AMBAC LOC)/(Original Issue Yield: 5.05%), 12/15/2015		4,000,000	AAA / Aaa			4,426,680
	Lancaster County, PA, (Series A), 5.60% (FGIC LOC)/(Original Issue Yield: 5.65%), 5/1/2012		2,000,000	NR / Aaa			2,254,800
	Lancaster, PA, School District, GO UT, 2.00% (FGIC LOC)/(Original Issue Yield: 2.02%), 2/15/2005		500,000	AAA			504,840
	Lehigh County, PA, General Purpose Authority, Hospital Refunding Revenue Bonds (Series 1996A), 5.75% (Muhlenberg Hospital Center)/(Original Issue Yield: 5.85%), 7/15/2010		1,270,000	A / NR			1,427,937
	Lehigh County, PA, General Purpose Authority, Refunding Revenue Bonds, 5.80% (Original Issue Yield: 5.90%), 11/1/2012		1,435,000	NR / Ba2			1,423,907
	Lehigh County, PA, General Purpose Authority, Revenue Bonds, 5.75% (Muhlenberg Hospital Center)/(Original Issue Yield: 5.85%), 7/15/2010		1,730,000	A / A3			1,945,143
	Loyalsock Township, PA, School District, GO UT, 4.00% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 3.15%), 11/1/2005	$	1,020,000	AAA / Aaa		$	1,073,744
	Luzerne County, PA , Flood Protection Authority, (Series A), 5.25% (MBIA Insurance Corp. LOC), 1/15/2012		2,310,000	AAA / Aaa			2,575,627
	Manheim, PA, Central School District, GO UT, 4.95% (FGIC LOC), 6/1/2011		1,500,000	NR / Aaa			1,581,060
	Mercer County, PA, GO UT Unltd, 5.50%, 10/1/2019		1,215,000	AAA / Aaa			1,336,196
	Mercer County, PA, GO UT Unltd, 5.50%, 10/1/2028		1,155,000	AAA / Aaa			1,275,813
	Millville, PA, Area School District, GO UT, 5.75% (AMBAC LOC)/(Original Issue Yield: 5.748%), 6/1/2017		890,000	AAA / Aaa			953,386
	Montgomery County, PA, Higher Education & Health Authority College, Revenue Bonds, 5.70% (Connie Lee LOC)/(Original Issue Yield: 5.80%), 4/1/2010		500,000	AAA			555,480
	Montgomery County, PA, Higher Education & Health Authority Hospital, Revenue Bonds, 7.25% (Original Issue Yield: 7.40%), 12/1/2019		3,000,000	NR			3,058,230
	Montgomery County, PA, Higher Education & Health Authority Hospital, Revenue Refunding Bonds, 5.50% (Holy Redeemer Health Care)/(AMBAC INS), 10/1/2008		1,275,000	AAA / Aaa			1,422,071
	Montgomery County, PA, IDA, Refunding Revenue Bonds, 5.35% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 5.46%), 8/15/2027		1,500,000	NR / Aaa			1,563,690
	Montgomery County, PA, IDA, Retirement Community Revenue Bonds (Series 1996B), 5.75% (Adult Communities Total Services, Inc.)/(Original Issue Yield: 5.98%), 11/15/2017		1,000,000	BBB+ / NR			1,033,690
	Montgomery County, PA, IDA, Revenue Bonds, 5.25% (Original Issue Yield: 5.48%), 11/15/2028		3,000,000	BBB+			2,838,240
	Montgomery County, PA, 5.375%, 7/15/2013		1,885,000	Aaa			2,084,942
	North Allegheny, PA, School District, GO UT, 5.75% (FGIC LOC), 11/10/2012	$	1,500,000	AAA / Aaa		$	1,736,310
	North Allegheny, PA, School District, GO UT, 5.50% (FGIC LOC), 11/1/2010		1,765,000	AAA / Aaa			2,028,162
	Northampton County, PA, GO UT, 5.125%, 8/15/2019		2,575,000	AA- / Aa2			2,695,587
	Northern Tioga, PA, School District, GO UT, 4.40% (Original Issue Yield: 4.45%), 9/15/2012		555,000	AAA / Aaa			558,763
	Owen J. Roberts School District, PA, GO UT Prerefunded (Series A) Bonds, 5.375% (Original Issue Yield: 5.50%), 5/15/2018		630,000	AAA / Aaa			705,039
	Owen J. Roberts School District, PA, GO UT Unrefunded (Series A) Bonds, 5.375% (Original Issue Yield: 5.50%), 5/15/2018		870,000	AAA / Aaa			943,437
	Pennsylvania Convention Center Authority, Revenue Bonds, 6.00% (FGIC LOC)/(Original Issue Yield: 6.80%), 9/1/2019		5,410,000	AAA / Aaa			6,442,769
	Pennsylvania Convention Center Authority, Revenue Bonds, 6.75% (FGIC LOC)/(Original Issue Yield: 6.875%), 9/1/2019		2,000,000	AAA / Aaa			2,129,920
	Pennsylvania Convention Center Authority, Revenue Refunding Bonds, 6.75% (MBIA Insurance Corp. INS)/(Original Issue Yield: 6.875%), 9/1/2019		2,500,000	AAA / Aaa			2,662,400
	Pennsylvania HFA, (Series 58A), 5.85%, 4/1/2017		1,410,000	AA+ / Aa2			1,466,456
	Pennsylvania HFA, (Series 68A), 6.10%, 4/1/2021		2,000,000	AA+ / Aa2			2,101,160
	Pennsylvania HFA, (Series 69A0), 6.15% (FHA/VA Mtgs LOC), 10/1/2020		1,115,000	AA+ / Aa2			1,179,458
	Pennsylvania HFA, (Series 70A0), 5.80%, 10/1/2021		1,295,000	AA+ / Aa2			1,347,836
	Pennsylvania HFA, (Series 72A), 3.80% (Original Issue Yield: 3.80%), 10/1/2005		1,170,000	AA+ / Aa2			1,214,390
	Pennsylvania HFA, Refunding Revenue Bonds, 6.00%, 10/1/2013		1,500,000	AA+ / Aa2			1,583,340
	Pennsylvania Intergovernmental Coop Authority, Special Tax, 5.25% (FGIC LOC), 6/15/2015	$	2,000,000	AAA / Aaa		$	2,182,040
	Pennsylvania State, 5.00%, 8/1/2016		1,475,000	AA / Aa2			1,561,863
	Pennsylvania State, GO UT, 6.00% (Original Issue Yield: 5.47%), 1/15/2010 (@101)		1,000,000	AA / Aa2			1,153,750
	Pennsylvania State, GO UT Unltd, 5.375% (FGIC LOC)/(Original Issue Yield: 5.80%), 5/15/2015		5,000,000	AAA / Aaa			5,543,750
	Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds (Series A), 5.50% (University of Pennsylvania Health Services)/(Original Issue Yield: 5.55%), 1/1/2009		4,000,000	AA / A1			4,223,520
	Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds, 5.25% (Bryn Mawr College)/(AMBAC LOC)/(Original Issue Yield: 4.06%), 12/1/2012		250,000	AAA / Aaa			281,463
	Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds, 5.60% (Original Issue Yield: 5.60%), 11/1/2022		2,600,000	AA			2,769,858
	Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds, 6.00% (Original Issue Yield: 6.05%), 5/1/2024		4,075,000	A / A2			4,330,136
	Pennsylvania State Higher Education Facilities Authority, University and College Improvement Bonds, 5.25% (Temple University)/(MBIA Insurance Corp. LOC), 4/1/2014		425,000	AAA / Aaa			464,946
	Pennsylvania State IDA, Economic Development Revenue Bonds, 5.50% (AMBAC INS), 7/1/2013		500,000	AAA / Aaa			566,840
	Pennsylvania State IDA, Revenue Bonds, 6.00% (AMBAC NS), 7/1/2006		3,000,000	AAA / Aaa			3,332,760
	Pennsylvania State IDA, Refunding Revenue Bonds, 4.50% (AMBAC LOC), 7/1/2008		800,000	AAA / Aaa			872,064
	Pennsylvania State Turnpike Commission, (Series A), 4.00% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 2.83%), 12/1/2008	$	2,000,000	AAA / Aaa		$	2,143,140
	Pennsylvania State Turnpike Commission, (Series S), 5.625% (FGIC LOC)/(Original Issue Yield: 4.77%), 6/1/2011 (@101)		1,000,000	AAA / Aa3			1,124,280
	Pennsylvania State University, Refunding Revenue Bonds, 5.25% (Original Issue Yield: 4.67%), 8/15/2016		1,000,000	AA / Aa2			1,118,270
	Pennsylvania State University, Refunding Revenue Bonds, 5.00%, 8/15/2006		1,000,000	AA / Aa2			1,090,090
	Philadelphia, PA, Authority for Industrial Development, (Series B), 5.25% (FSA LOC)/(Original Issue Yield: 4.50%), 10/1/2010		1,000,000	AAA / Aaa			1,127,720
	Philadelphia, PA , Authority for Industrial Development, (Series B), 5.25% (Original Issue Yield: 5.45%), 10/1/2030		2,000,000	AAA / Aaa			2,069,720
	Philadelphia, PA, Authority for Industrial Development, Refunding Revenue Bonds, 4.75% (Original Issue Yield: 4.84%), 8/15/2008		1,000,000	BBB			1,017,240
	Philadelphia, PA, Authority for Industrial Development, Refunding Revenue Bonds, 5.20%, 6/15/2018		2,100,000	NR / Baa2			2,078,895
	Philadelphia, PA , Authority for Industrial Development, Revenue Bonds, 5.50% (Girard Estate Coal Mining Project)/(Original Issue Yield: 5.75%), 11/15/2016		3,590,000	AA / Aa3			3,933,384
	Philadelphia, PA, Authority for Industrial Development, Revenue Bonds, 6.00% (Philadelphia, PA)/(MBIA Insurance Corp. INS), 2/15/2007		1,365,000	AAA / Aaa			1,533,960
	Philadelphia, PA, Health & Educational Facilities, Refunding Revenue Bonds, 5.50% (AMBAC LOC)/(Original Issue Yield: 4.40%), 5/1/2014		1,280,000	AAA / Aaa			1,425,446
	Philadelphia, PA, Health & Educational Facilities, Refunding Revenue Bonds, 5.50% (AMBAC LOC)/(Original Issue Yield: 4.53%), 5/1/2015		1,350,000	AAA / Aaa			1,498,986
	Philadelphia, PA, Hospitals & Higher Education Facilities Authority, (Series A), 6.625%, 11/15/2023	$	3,250,000	BBB / Baa2		$	3,251,690
	Philadelphia, PA, Municipal Authority, Lease Revenue Bonds, 7.10% (MBIA Insurance Corp. INS), 11/15/2006		4,095,000	AAA / Aaa			4,114,779
	Philadelphia, PA, Water & Wastewater System, (Series A), 5.00% (AMBAC LOC)/(Original Issue Yield: 5.25%), 8/1/2013		2,000,000	AAA / Aaa			2,147,140
	Philadelphia, PA, Water & Wastewater System, Refunding Revenue Bonds, 5.625% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 5.81%), 6/15/2009		1,900,000	AAA / Aaa			2,175,557
	Philadelphia, PA, Water & Wastewater System, Refunding Revenue Bonds, 6.25% (MBIA Insurance Corp. INS), 8/1/2007		3,000,000	AAA / Aaa			3,444,030
	Philadelphia, PA, Water & Wastewater System, Refunding Revenue Bonds, 6.25% (MBIA Insurance Corp. INS), 8/1/2008		2,150,000	AAA / Aaa			2,508,362
	Philadelphia, PA, GO UT, 5.25% (FSA LOC)/(Original Issue Yield: 4.59%), 3/15/2011 (@100)		1,000,000	AAA / Aaa			1,091,750
	Philadelphia, PA, Refunding GO UT Bonds, 5.125% (FGIC INS), 5/15/2014		3,000,000	AAA / Aaa			3,234,750
	Pittsburgh, PA, Auditorium Authority, Refunding Revenue Bonds, 5.25% (AMBAC LOC)/(Original Issue Yield: 5.155%), 2/1/2017		3,000,000	AAA / Aaa			3,238,230
	Pittsburgh, PA, Public Parking Authority, Revenue Bonds, 3.50% (AMBAC LOC), 12/1/2005		1,000,000	AAA			1,043,840
	Pittsburgh, PA, Public Parking Authority, Revenue Bonds, 4.00% (AMBAC LOC), 12/1/2007		1,000,000	AAA			1,073,230
	Pittsburgh, PA, School District, GO UT, 5.25% (FSA LOC)/(Original Issue Yield: 4.12%), 9/1/2009		500,000	AAA / Aaa			566,005
	Radnor Township, PA, School District, GO UT, 5.75% (Original Issue Yield: 5.92%), 3/15/2019		2,500,000	NR / Aa3			2,734,800
	Ridley Park, PA, Hospital Authority, (Series A), 6.00% (Original Issue Yield: 5.999%), 12/1/2005	$	400,000	NR / Baa1		$	419,492
	Scranton-Lackawanna, PA, Health & Welfare Authority, Refunding Revenue Bonds, 5.625% (Mercy Health Care Systems)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 5.75%), 1/1/2016		2,000,000	AAA / Aaa			2,198,260
	Seneca Valley, PA, School District, Refunding Revenue Bonds, (Series A), 3.90% (FGIC LOC)/(Original Issue Yield: 4.00%), 7/1/2016		1,590,000	Aaa			1,550,314
	Southeastern, PA, Transportation Authority, (Series A) Revenue Bonds, 5.25%, 3/1/2013		500,000	AAA / Aaa			546,645
	State Public School Building Authority, PA, Refunding Revenue Bonds, 5.95% (AMBAC LOC)/(Original Issue Yield: 6.014%), 7/15/2020		2,335,000	AAA / Aaa			2,753,269
	Swarthmore Boro Authority PA, Refunding Revenue Bonds, 5.25% (Original Issue Yield: 4.65%), 9/15/2020		1,000,000	AA+ / Aa1			1,064,470
	Tredyffrin-Easttown, PA, School District, GO UT, 5.00% (Original Issue Yield: 3.92%), 2/15/2009		1,000,000	Aaa			1,111,360
	Tredyffrin Township, PA, 5.25%, 11/15/2017		1,750,000	NR / Aaa			1,891,033
	West Chester, PA, Area School District, GO UT 5.00% (State Aid Withholding LOC), 4/15/2016		1,515,000	Aa1			1,615,475
	West Chester, PA, Area School District, GO UT 5.00% (State Aid Withholding LOC), 4/15/2018		1,000,000	Aa1			1,051,700
	Westmoreland County, PA, Municipal Authority, (Series A)/(FGIC LOC)/(Original Issue Yield: 6.19%), 8/15/2023		3,680,000	AAA  / Aaa			1,342,795
	Wilson, PA School District, 5.00% (FSA LOC), 5/15/2012		1,000,000	Aaa			1,099,800
	TOTAL PENNSYLVANIA					$	232,713,044
TOTAL LONG-TERM MUNICIPALS (IDENTIFIED COST $220,884,871)						$	234,530,844
Description			Shares				Value
MUTUAL FUND -- 0.9%
6	Pennsylvania Municipal Cash Trust, (Series IS) (AT NET ASSET VALUE)		2,238,995			$	2,238,995
							Value
TOTAL INVESTMENTS -- 98.7% (IDENTIFIED COST $223,123,866)						$	236,769,839
OTHER ASSETS AND LIABILITIES -- NET -- 1.3%						$	3,194,320
TOTAL NET ASSETS -- 100%						$	239,964,159

See Notes to Portfolios of Investments

MTB Maryland Municipal Bond Fund

 

Description			Principal Amount	Credit Rating	5		Value
LONG-TERM MUNICIPALS -- 96.8%
	DISTRICT OF COLUMBIA -- 0.9%
	Washington, DC, Metro Area Transit Authority, Refunding Revenue Bonds, 5.00% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 3.55%), 1/1/2012	$	1,000,000	AAA / Aaa		$	1,101,600
	MARYLAND -- 91.2%
	Allegany County, MD, GO, 5.30% (AMBAC LOC)/ (Original Issue Yield: 5.40%), 3/1/2012		1,190,000	AAA / Aaa			1,333,371
	Allegany County, MD, Refunding Revenue Bonds, 6.20%, 1/1/2008		550,000	BBB / Baa2			569,525
	Anne Arundel County, MD, GO UT, 5.00% (Original Issue Yield: 3.86%), 3/1/2016		1,000,000	AA+ / Aa1			1,078,410
	Anne Arundel County, MD, GO, 5.00%, 3/1/2019		2,000,000	AA+ / Aa1			2,096,360
	Anne Arundel County, MD, GO, 6.00%, 9/1/2006		2,000,000	AA+ / Aa1			2,238,100
	Baltimore County, MD, Convention Center, Refunding Revenue Bonds, 5.375% (MBNA Corp. LOC), 9/1/2011		2,910,000	AAA / Aaa			3,254,107
	Baltimore County, MD, Port Facility, Refunding Revenue Bonds, 6.50%, 10/1/2011		1,000,000	Aa3			1,024,350
	Baltimore County, MD, GO, 5.25%, 6/1/2011		1,000,000	AAA / Aaa			1,103,070
	Baltimore County, MD, GO, 5.50%, 6/1/2016		1,500,000	AAA / Aaa			1,664,070
	Baltimore, MD, Refunding Revenue Bonds, (Series A), 5.75% (Original Issue Yield: 5.80%), 7/1/2030		3,000,000	AAA / Aaa			3,500,910
	Baltimore, MD, Refunding Revenue Bonds, 5.25% (FGIC LOC), 7/1/2017	$	1,000,000	AAA / Aaa		$	1,117,690
	Baltimore, MD, Revenue Bonds, 5.00% (FGIC LOC), 7/1/2023		1,545,000	AAA / Aaa			1,588,445
	Calvert County, MD, Pollution Control, 5.55% (Baltimore Gas & Electric Co.)/(MBIA Insurance Corp. LOC), 7/15/2014		2,500,000	AAA / Aaa			2,616,375
	Carroll County, MD, Revenue Bonds, 5.375% (Fairhaven, Inc./Copper Ridge, Inc.)/(Radian Asset Assurance LOC), 1/1/2016		2,000,000	AA / NR			2,164,440
	Frederick County, MD, Revenue Bonds, 5.75% (Original Issue Yield: 5.88%), 9/1/2025		1,000,000	BBB / Baa3			1,020,580
	Frederick County, MD, Revenue Bonds, 5.90% (Original Issue Yield: 5.95%), 1/1/2017		1,000,000	NR			922,980
	Harford County, MD, GO UT, 5.50%, 12/1/2008		1,895,000	AA / Aa1			2,157,495
	Howard County, MD, GO UT, 5.25%, 8/15/2016		1,480,000	AAA / Aaa			1,619,712
	Howard County, MD, 5.25%, 8/15/2015		125,000	AAA / Aaa			140,652
	Howard County, MD, 5.25%, 8/15/2015		1,800,000	AAA / Aaa			1,981,980
	Maryland National Capital Park & Planning Commission, 5.375% (Original Issue Yield: 5.55%), 1/15/2014		1,000,000	AA / Aa2			1,092,360
	Maryland State Community Development Administration, 5.05% (MHF LOC), 4/1/2008		1,000,000	Aa2			1,048,360
	Maryland State Community Development Administration, 5.20%, 12/1/2029		2,000,000	Aaa			2,088,640
	Maryland State Community Development Administration, (Series A), 5.60%, 3/1/2017	$	940,000	Aa2		$	985,233
	Maryland State Economic Development Corp., 4.65% (GNMA Collateralized Home Mortgage Program LOC), 12/20/2008		590,000	AAA			632,486
	Maryland State Economic Development Corp., 5.60%, 6/1/2010		1,595,000	Baa3			1,634,125
	Maryland State Economic Development Corp., 6.00% (Original Issue Yield: 6.054%), 6/1/2019		1,000,000	Baa3			1,043,140
	Maryland State Economic Development Corp., 7.125%, 4/1/2019		895,000	BBB-			955,699
	Maryland State Economic Development Corp., 8.25%, 11/1/2026		1,000,000	NR			951,960
	Maryland State Health & Higher Educational Facilities Authority, (Series A) Revenue Bonds, 5.25% (Medlantic/Helix Parent, Inc.)/(FSA LOC), 8/15/2012		1,175,000	AAA / Aaa			1,285,239
	Maryland State Health & Higher Educational Facilities Authority, (Series A), 4.75% (Original Issue Yield: 4.90%), 11/1/2014		1,000,000	AA / Aa2			1,035,890
	Maryland State Health & Higher Educational Facilities Authority, 3.50% (Sheppard Pratt Residential Treatment Facility)/(Original Issue Yield: 3.60%), 7/1/2011		600,000	A-			576,306
	Maryland State Health & Higher Educational Facilities Authority, 5.00% (AMBAC LOC)/(Original Issue Yield: 5.27%), 7/1/2027		2,500,000	AAA / Aaa			2,604,450
	Maryland State Health & Higher Educational Facilities Authority, 5.00% (Frederick Memorial Hospital)/(Original Issue Yield: 5.20%), 7/1/2022		2,500,000	A3			2,509,425
	Maryland State Health & Higher Educational Facilities Authority, 5.00% (Johns Hopkins Hospital), 5/15/2013		1,465,000	AA- / A1			1,556,079
	Maryland State Health & Higher Educational Facilities Authority, 5.00% (Mercy Ridge, Inc.), 4/1/2008		2,000,000	NR			2,056,420
	Maryland State Health & Higher Educational Facilities Authority, 5.00% (Original Issue Yield: 5.17%), 7/1/2019		1,500,000	AAA / Aaa			1,550,925
	Maryland State Health & Higher Educational Facilities Authority, 5.00% (Original Issue Yield: 5.20%), 7/1/2008	$	1,000,000	A / A2		$	1,021,690
	Maryland State Health & Higher Educational Facilities Authority, 5.00% (University of Maryland Medical System), 7/1/2012		1,000,000	A / Baa1			1,080,410
	Maryland State Health & Higher Educational Facilities Authority, 5.125% (Johns Hopkins University)/(Original Issue Yield: 5.54%), 7/1/2020		2,000,000	AA / Aa2			2,114,000
	Maryland State Health & Higher Educational Facilities Authority, 5.25% (Johns Hopkins University)/(Original Issue Yield: 5.52%), 7/1/2017		2,000,000	AA / Aa2			2,170,580
	Maryland State Health & Higher Educational Facilities Authority, 5.25% (Original Issue Yield: 5.35%), 7/1/2020		1,585,000	AAA / Aaa			1,690,133
	Maryland State Health & Higher Educational Facilities Authority, 5.25%, 8/15/2011		2,000,000	AAA / Aaa			2,197,420
	Maryland State Health & Higher Educational Facilities Authority, 5.25%, 10/1/2028		1,000,000	NR			999,970
	Maryland State Health & Higher Educational Facilities Authority, 5.50% (Howard County General Hospital, MD)/(Original Issue Yield: 5.68%), 7/1/2013		1,000,000	NR / Aaa			1,024,050
	Maryland State Health & Higher Educational Facilities Authority, 5.625% (Mercy Medical Center)/(Original Issue Yield: 5.80%), 7/1/2031		2,000,000	A- / Baa1			2,017,160
	Maryland State Health & Higher Educational Facilities Authority, 5.80% (Original Issue Yield: 5.93%), 1/1/2032		1,135,000	BBB+			1,172,818
	Maryland State Health & Higher Educational Facilities Authority, 6.00% (Carroll County, MD General Hospital), 7/1/2037		2,250,000	Baa1			2,368,665
	Maryland State Health & Higher Educational Facilities Authority, 6.00% (Catholic Health Initiatives), 12/1/2013		1,370,000	AA / Aa2			1,545,182
	Maryland State Health & Higher Educational Facilities Authority, 6.00% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 6.20%), 7/1/2012	$	500,000	AAA / Aaa		$	511,900
	Maryland State Health & Higher Educational Facilities Authority, 6.00% (Mercy Ridge, Inc.), 4/1/2035		500,000	NR			491,775
	Maryland State Health & Higher Educational Facilities Authority, 6.00% (Original Issue Yield: 6.05%), 1/1/2015		1,500,000	A-			1,585,500
	Maryland State Health & Higher Educational Facilities Authority, 6.00% (Original Issue Yield: 6.05%), 7/1/2020		250,000	BBB-			256,805
	Maryland State Health & Higher Educational Facilities Authority, 6.00% (Original Issue Yield: 6.146%), 7/1/2031		1,500,000	BBB-			1,522,455
	Maryland State Health & Higher Educational Facilities Authority, (Series A), 5.375% (Loyola College in Maryland, Inc.)/(Original Issue Yield: 5.45%), 10/1/2011		950,000	AAA / Aaa			1,062,822
	Maryland State IDFA, 5.10% (National Aquarium in Baltimore, Inc.)/(Original Issue Yield: 5.21%), 11/1/2022		1,000,000	A2			1,022,670
	Maryland State Stadium Authority, 5.50% (AMBAC LOC)/(Original Issue Yield: 5.55%), 3/1/2012		1,000,000	AAA / Aaa			1,094,250
	Maryland State Transportation Authority, 6.00% (FGIC LOC)/(Original Issue Yield: 6.10%), 7/1/2007		1,000,000	AAA / Aaa			1,053,030
	Maryland State Transportation Authority, Refunding Revenue Bonds, 5.75% (Original Issue Yield: 6.20%), 7/1/2015		1,500,000	A+ / A1			1,505,205
	Maryland State, 5.50%, 3/1/2013		2,000,000	AAA / Aaa			2,295,780
	Maryland Water Quality Financing Administrative Revolving Loan Fund, (Series A), 6.55%, 9/1/2014		910,000	AA / Aa2			918,172
	Montgomery County, MD, Special Obligation, Special Tax, 5.375% (Radian Group, Inc. LOC)/(Original Issue Yield: 5.48%), 7/1/2020		250,000	AA			262,943
	Montgomery County, MD, GO UT, Refunding Bonds (Series A), 5.80% (Original Issue Yield: 5.90%), 7/1/2007	$	1,000,000	AAA / Aaa		$	1,134,850
	Montgomery County, MD, GO UT, 4.75%, 2/1/2015		2,025,000	AAA / Aaa			2,151,279
	Montgomery County, MD, GO UT, 5.60% (Original Issue Yield: 5.70%), 1/1/2016		2,000,000	AAA / Aaa			2,316,500
	New Baltimore, MD, Board School Commerce, Revenue Bonds, 5.00% (Original Issue Yield: 5.05%), 11/1/2013		1,135,000	AA+ / Aa1			1,220,772
	Northeast, MD Waste Disposal Authority, Revenue Bonds, 7.20% (MBIA Insurance Corp. LOC), 1/1/2016		2,500,000	AAA / Aaa			2,574,650
	Prince Georges County, MD, GO UT, 5.50% (Original Issue Yield: 4.95%), 10/1/2010		2,000,000	AAA / Aaa			2,282,660
	Prince Georges County, MD, 4.00%, 9/15/2017		1,100,000	AA / Aa3			1,080,981
	Queen Annes County, MD, Public Facility, 5.40% (FGIC LOC)/(Original Issue Yield: 5.48%), 11/15/2011		1,000,000	AAA / Aaa			1,121,920
	Queen Annes County, MD, Public Facility, 6.00% (FGIC LOC)/(Original Issue Yield: 5.25%), 11/15/2008		1,000,000	AAA / Aaa			1,143,740
	St. Mary's College, MD, Refunding Revenue Bonds, 5.25% (MBIA Insurance Corp. LOC)/(Original Issue Yield: 5.30%), 9/1/2027		2,000,000	AAA / Aaa			2,081,840
	St. Mary's County, MD, GO UT, 4.45% (Original Issue Yield: 4.50%), 7/1/2014		1,100,000	AA- / Aa3			1,158,740
	St. Mary's County, MD, GO UT, 5.00% (Original Issue Yield: 5.00%), 10/1/2021		1,000,000	AA- / Aa3			1,041,400
	University of Maryland, Revenue Bonds, 5.25%, 10/1/2011		1,000,000	AA+ / Aa3			1,118,160
	Washington Country, MD, GO UT Bonds, 5.80% (MBIA Insurance Corp. LOC)/ (Original Issue Yield: 5.95%), 1/1/2015		1,250,000	AAA / Aaa			1,342,038
	Washington Suburban Sanitation District, MD, GO UT Bonds, 4.70% (Original Issue Yield: 4.80%), 6/1/2018		2,000,000	AAA / Aaa			2,078,140
Description			Principal Amount	Credit Rating	5		Value
	Washington Suburban Sanitation District, MD, GO UT Bonds, 6.00%, 6/1/2018	$	1,000,000	AAA / Aaa		$	1,196,590
	TOTAL MARYLAND					$	114,829,004
	PUERTO RICO -- 3.2%
	Commonwealth of Puerto Rico, GO UT, 6.25%, 7/1/2012		1,000,000	AAA / Aaa			1,201,100
	Puerto Rico Highway and Transportation Authority, (Series F), 5.25%, 7/1/2011		1,000,000	A / Baa1			1,097,350
	Puerto Rico Public Finance Corp., (Series A), 5.375% (AMBAC LOC)/(Original Issue Yield: 4.94%), 6/1/2019		1,500,000	AAA / Aaa			1,688,085
	TOTAL PUERTO RICO					$	3,986,535
Description			Principal Amount or Shares	Credit Rating	5		Value
	WISCONSIN -- 1.5%
	Badger, WI Tobacco Asset Securitization Corp., Revenue Bonds, 7.00%, 6/1/2028	$	2,000,000	A- / Baa2		$	1,913,100
TOTAL LONG-TERM MUNICIPALS (IDENTIFIED COST $115,575,138)						$	121,830,239
MUTUAL FUND -- 2.0%
9	Maryland Municipal Cash Trust (AT NET ASSET VALUE)		2,525,847			$	2,525,847
TOTAL INVESTMENTS -- 98.8% (IDENTIFIED COST $118,100,985)						$	124,356,086
OTHER ASSETS AND LIABILITIES -- NET -- 1.2%						$	1,502,405
TOTAL NET ASSETS -- 100%						$	125,858,491

See Notes to Portfolios of Investments

MTB Intermediate-Term Bond Fund

 

Description			Principal Amount		Value
ASSET-BACKED SECURITIES -- 3.6%
	EQCC Home Equity Loan Trust 1999-1, Class A3F, 5.915%, 11/20/2024	$	52,094	$	52,087
	Ford Credit Auto Owner Trust 2002-B, Class A4, 4.750%, 8/15/2006		1,000,000		1,047,870
	GMAC Mortgage Corp. Loan Trust 2002-HE2, Class A4, 6.000%, 6/25/2023		1,792,904		1,813,935
	Household Automotive Trust 2002-2, Class A3, 2.850%, 3/19/2007		1,000,000		1,009,947
	Residential Asset Securities Corp. 2002-KS6, Class AI3, 3.580%, 12/25/2026		1,250,000		1,258,213
	Residential Asset Securities Corp. 2002-KS8, Class A3, 3.690%, 4/25/2027		1,500,000		1,513,065
	The Money Store Home Equity Trust 1997-D, Class AF5, 6.555%, 12/15/2038		632,122		640,892
	Whole Auto Loan Trust 2002-1, Class A3, 2.600%, 8/15/2006		1,000,000		1,011,694
	William Street Funding Corp., Class A, 1.410%, 4/23/2006		1,000,000		1,001,952
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $9,271,866)				$	9,349,655
COLLATERALIZED MORTGAGE OBLIGATIONS -- 5.0%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 3.5%
	(Series SF1), Class A2, 1.700%, 12/15/2006	$	491,788	$	491,811
	(Series 2672), Class GM, 4.000%, 3/15/2017		1,000,000		1,024,062
	(Series T045), Class A3, 4.105%, 10/27/2031		1,000,000		1,021,736
	(Series 2643), Class LA, 4.500%, 1/15/2011		3,300,000		3,422,034
	(Series 2672), Class NU, 5.000%, 8/15/2008		2,000,000		2,067,980
	(Series 1614), Class J, 6.250%, 11/15/2022		954,429		981,544
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	9,009,167
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 1.5%
	(Series 1993-135), Class PG, 6.250%, 7/25/2008		964,057		997,751
	(Series 1993-160), Class AJ, 6.500%, 4/25/2023		2,705,000		2,899,057
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	3,896,808
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $12,562,887)				$	12,905,975
COMMERCIAL PAPER -- 1.9%
	UBS Finance (Delaware), Inc. CPABS3A3 1.030%, 11/3/2003 (AT AMORTIZED COST)	$	5,000,000	$	4,999,711
CORPORATE BONDS -- 52.1%
	AUTO COMPONENTS -- 0.5%
	Lear Corp., Company Guarantee, 8.110%, 5/15/2009		1,250,000		1,442,188
	AUTOMOBILES -- 1.2%
	DaimlerChrysler North America Holding Corp., Note, 6.500%, 11/15/2013		500,000		505,950
	DaimlerChrysler North America Holding Corp., Company Guarantee, 6.900%, 9/1/2004		2,450,000		2,548,637
	TOTAL AUTOMOBILES			$	3,054,587
	BANKS -- 1.7%
	BankBoston Capital Trust III, Company Guarantee, 1.000%, 6/15/2027		1,000,000		950,440
	PNC Funding Corp., Sub. Note, 6.125%, 2/15/2009		1,330,000		1,457,773
	Suntrust Capital III, Company Guarantee, 1.790%, 3/15/2028		1,000,000		948,580
	U.S. Bank NA, Sub. Note, 6.300%, 7/15/2008		1,000,000		1,109,470
	TOTAL BANKS			$	4,466,263
	BANKS -- FOREIGN -- 0.9%
	Merita Ltd., Sub. Note, 6.500%, 1/15/2006		2,060,000		2,222,513
	Banks -- Regional -- 1.4%
	Fleet National Bank, Sub. Note, (Series BKNT), 5.750%, 1/15/2009		1,320,000		1,437,256
	National City Bank, Indiana, Note, 2.375%, 8/15/2006		1,055,000		1,053,861
	Wachovia Bank NA, Sub. Note, 7.875%, 2/15/2010		1,000,000		1,188,840
	TOTAL BANKS -- REGIONAL			$	3,679,957
	BEVERAGES -- 0.4%
	Coca-Cola Enterprises, Inc., Deb., 6.750%, 9/15/2028		1,000,000		1,106,680
	CAPITAL MARKETS -- 3.4%
	Bank of New York Co., Inc., Sr. Note, 5.200%, 7/1/2007		1,000,000		1,069,480
	Bear Stearns Cos., Inc., Note, 4.000%, 1/31/2008		1,000,000		1,018,890
	Bear Stearns Cos., Inc., Sr. Note, 7.250%, 10/15/2006		835,000		938,615
	Bear Stearns Cos., Inc., Unsecd. Note, 2.875%, 7/2/2008		1,000,000		964,410
	Credit Suisse First Boston USA, Inc., Note, 6.125%, 11/15/2011		1,300,000		1,407,276
	Goldman Sachs Group, Inc., Note, 5.700%, 9/1/2012		1,000,000		1,044,910
	Lehman Brothers Holdings, Inc., Note, 6.250%, 5/15/2006		670,000		729,389
	Morgan Stanley, Bond, 5.800%, 4/1/2007	$	500,000	$	539,440
	Morgan Stanley Tracer, Note, 4.250%, 5/15/2010		1,000,000		990,580
	TOTAL CAPITAL MARKETS			$	8,702,990
	COMMERCIAL BANKS -- 4.9%
	Bank One Corp., Note, 7.600%, 5/1/2007		1,400,000		1,590,890
	Bank of America Corp., Sub. Note, 6.625%, 10/15/2007		500,000		560,220
	Bank of America Corp., Unsecd. Note, 7.800%, 2/15/2010		965,000		1,140,398
	Chase Manhattan Corp., Note, 6.375%, 4/1/2008		2,500,000		2,760,525
	National City Corp., Sub. Note, 6.875%, 5/15/2019		1,000,000		1,139,330
	SunTrust Banks, Inc., Sub. Note, 7.375%, 7/1/2006		1,000,000		1,133,700
	Wachovia Corp., Note, 6.625%, 6/15/2004		970,000		1,001,554
	Wachovia Corp., Sub. Note, 7.500%, 7/15/2006		1,000,000		1,123,450
	Wells Fargo & Co., Sub. Note, 7.125%, 8/15/2006		1,920,000		2,132,928
	TOTAL COMMERCIAL BANKS			$	12,582,995
	COMMERCIAL SERVICES & SUPPLIES -- 0.4%
	Pitney Bowes, Inc., Note, 4.750%, 5/15/2018		1,000,000		952,590
	CONSUMER FINANCE -- 7.1%
	American General Finance Corp., Note, 5.875%, 7/14/2006		2,000,000		2,160,340
	American General Finance Corp., Note, (Series G), 5.375%, 10/1/2012		1,160,000		1,188,281
	Countrywide Home Loans, Company Guarantee, (Series MTNK), 1.680%, 5/20/2005		2,000,000		2,005,820
	Countrywide Home Loans, Inc., Note, (Series K), 3.500%, 12/19/2005		1,000,000		1,022,290
	Ford Motor Credit Co., Note, 6.700%, 7/16/2004		1,000,000		1,029,140
	General Motors Acceptance Corp., Note, 7.000%, 2/1/2012		1,450,000		1,507,725
	Household Finance Corp., Note, 8.250%, 2/15/2005		1,000,000		1,078,170
	Household Finance Corp., Note, 6.375%, 10/15/2011		1,000,000		1,094,660
	Household Finance Corp., Note, 6.500%, 1/24/2006		1,295,000		1,408,584
	John Deere Capital Corp., Note, 4.500%, 8/22/2007		1,000,000		1,041,800
	John Deere Capital Corp., Deb, 5.100%, 1/15/2013		2,000,000		2,040,540
	MBNA Corp., Note, 4.625%, 9/15/2008		1,400,000		1,413,580
	SLM Corporation, Note, 5.000%, 10/1/2013		1,500,000		1,483,935
	TOTAL CONSUMER FINANCE			$	18,474,865
	DIVERSIFIED FINANCIAL SERVICES -- 4.4%
	Caterpillar Financial Services Corp., Note, 7.590%, 12/10/2003	$	1,000,000	$	1,006,870
	Citigroup, Inc., Note, 5.750%, 5/10/2006		2,000,000		2,153,700
	Citigroup, Inc., Sub. Note, 4.875%, 5/7/2015		1,000,000		971,580
	Commercial Credit Co., Unsecd. Note, 7.750%, 3/1/2005		1,285,000		1,382,480
	General Electric Capital Corp., Note, 3.500%, 5/1/2008		1,000,000		998,450
	National Rural Utilities Cooperative Finance Corp., Collateral Trust, 6.000%, 5/15/2006		1,000,000		1,081,540
	National Rural Utilities Cooperative Finance Corp., Collateral Trust, 7.300%, 9/15/2006		1,000,000		1,110,940
	National Rural Utilities Cooperative Finance Corp., Note, (Series MTNC), 6.500%, 3/1/2007		1,000,000		1,105,320
	Student Loan Marketing Association, Note, (Series MTNA), 5.000%, 4/15/2015		1,500,000		1,487,160
	TOTAL DIVERSIFIED FINANCIAL SERVICES			$	11,298,040
	DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.4%
	Verizon New York, Inc., Deb., (Series A), 6.875%, 4/1/2012		1,000,000		1,104,150
	ELECTRIC UTILITIES -- 2.3%
	Cinergy Corp., Deb., 6.250%, 9/1/2004		1,000,000		1,033,780
	Columbus Southern Power, Note, 6.510%, 2/1/2008		1,250,000		1,391,325
	Duke Capital Corp., Sr. Note, 6.250%, 2/15/2013		1,000,000		1,038,060
	Niagara Mohawk Power Corp., 1st Mtg. Bond, 7.750%, 5/15/2006		1,000,000		1,121,700
	PP&L Capital Funding, Inc., Sr. Note, (Series MTN), 7.750%, 4/15/2005		1,000,000		1,071,440
	Xcel Energy, Inc., Sr. Note, 3.400%, 7/1/2008		400,000		388,804
	TOTAL ELECTRIC UTILITIES			$	6,045,109
	ENERGY EQUIPMENT & SERVICES -- 0.8%
	Anderson Exploration Ltd., Note, 6.750%, 3/15/2011		1,000,000		1,105,940
	National-Oilwell, Inc., Note, 5.650%, 11/15/2012		1,000,000		1,008,900
	TOTAL ENERGY EQUIPMENT & SERVICES			$	2,114,840
	FOOD & STAPLES RETAILING -- 0.6%
	Wal-Mart Stores, Inc., Sr. Note, 5.450%, 8/1/2006		1,460,000		1,572,259
	FOOD PRODUCTS -- 0.4%
	ConAgra, Inc., Sr. Note, 9.875%, 11/15/2005		1,000,000		1,152,090
	GAS UTILITIES -- 2.2%
	Consolidated Natural Gas Co., Deb., 7.375%, 4/1/2005	$	1,000,000	$	1,062,380
	Consolidated Natural Gas Co., Sr. Note, 6.850%, 4/15/2011		1,500,000		1,667,760
	Consolidated Natural Gas Co., Sr. Note, (Series B), 5.375%, 11/1/2006		730,000		785,122
	K N Energy, Inc., Sr. Note, 6.650%, 3/1/2005		2,000,000		2,110,880
	TOTAL GAS UTILITIES			$	5,626,142
	HOTELS, RESTAURANTS & LEISURE -- 0.6%
	Tricon Global Restaurants, Inc., Sr. Note, 7.650%, 5/15/2008		1,300,000		1,456,000
	INDUSTRIAL CONGLOMERATES -- 0.4%
	General Electric Co., Note, 5.000%, 2/1/2013		1,000,000		1,006,840
	INSURANCE -- 1.9%
	Allstate Corp., Deb., 7.500%, 6/15/2013		2,000,000		2,381,720
	Hartford Life, Inc., Sr. Note, 6.900%, 6/15/2004		1,000,000		1,033,330
	Prudential Financial, Inc., Note, 4.500%, 7/15/2013		1,500,000		1,432,470
	TOTAL INSURANCE			$	4,847,520
	MACHINERY -- 0.4%
	Ingersoll-Rand Co., Note, 6.510%, 12/1/2004		1,000,000		1,040,360
	MEDIA -- 3.3%
	Clear Channel Communications, Inc., Sr. Note, 6.000%, 11/1/2006		480,000		518,506
	Comcast Corp., Sr. Note, 8.875%, 5/1/2017		1,500,000		1,892,775
	Cox Communications, Inc., Sr. Note, 6.850%, 1/15/2018		1,310,000		1,446,764
	Time Warner, Inc., Sr. Note, 9.125%, 1/15/2013		2,000,000		2,492,500
	Walt Disney Co., Sr. Note, (Series B), 6.200%, 6/20/2014		2,000,000		2,134,820
	TOTAL MEDIA			$	8,485,365
	MULTI-UTILITIES & UNREGULATED POWER -- 0.6%
	Constellation Energy Group, Sr. Note, 6.125%, 9/1/2009		1,000,000		1,095,850
	Constellation Energy Group, Unsecd. Note, 4.550%, 6/15/2015		475,000		442,315
	TOTAL MULTI-UTILITIES & UNREGULATED POWER			$	1,538,165
	MULTILINE RETAIL -- 0.3%
	Target Corp., Note, 4.000%, 6/15/2013		750,000		701,843
	OIL & GAS -- 4.7%
	BP Amoco PLC, Deb., 10.875%, 7/15/2005		962,000		1,103,645
	ChevronTexaco Corp., Note, 3.500%, 9/17/2007	$	990,000	$	1,003,068
	Conoco, Inc., Sr. Note, 5.900%, 4/15/2004		2,085,000		2,127,617
	Devon Financing Corp., Company Guarantee, 6.875%, 9/30/2011		1,000,000		1,129,260
	Kaneb Pipeline Partners LP, Sr. Note, 5.875%, 6/1/2013		1,250,000		1,236,562
	Mitchell Energy & Development Corp., Sr. Note, 6.750%, 2/15/2004		2,000,000		2,025,220
	Oryx Energy Co., Sr. Note, 8.125%, 10/15/2005		580,000		643,551
	Phillips Petroleum Co., Note, 6.375%, 3/30/2009		1,000,000		1,117,310
	Union Pacific Resources Group, Inc., Note, 6.500%, 5/15/2005		620,000		661,521
	Valero Energy Corp., Company Guarantee, 6.050%, 3/15/2013		1,100,000		1,135,222
	TOTAL OIL & GAS			$	12,182,976
	PHARMACEUTICALS -- 0.4%
	American Home Products Corp., Note, 6.700%, 3/15/2011		1,000,000		1,115,950
	REAL ESTATE -- 1.3%
	Boston Properties, Inc., Sr. Note, 5.000%, 6/1/2015		650,000		616,128
	PHH Corp., Note, 7.125%, 3/1/2013		2,450,000		2,730,231
	TOTAL REAL ESTATE			$	3,346,359
	ROAD & RAIL -- 1.4%
	Canadian National Railway, Sr. Note, 6.450%, 7/15/2036		2,445,000		2,678,253
	Union Pacific Corp., Note, 5.750%, 10/15/2007		1,000,000		1,080,350
	TOTAL ROAD & RAIL			$	3,758,603
	SPECIALTY RETAIL -- 0.6%
	Gap (The), Inc., Note, 6.900%, 9/15/2007		1,500,000		1,635,000
	TELECOMMUNICATIONS -- 1.6%
	New York Telephone Co., Deb., 6.000%, 4/15/2008		1,000,000		1,085,730
	TELUS Corp., Note, 8.000%, 6/1/2011		1,300,000		1,491,750
	Verizon Global Funding, Note, 4.375%, 6/1/2013		500,000		468,380
	Verizon Wireless, Inc., Note, 1.540%, 12/17/2003		1,000,000		1,000,540
	TOTAL TELECOMMUNICATIONS			$	4,046,400
	THRIFTS & MORTGAGE FINANCE -- 1.1%
	Washington Mutual Financial Corp., Sr. Note, 8.250%, 6/15/2005		1,500,000		1,647,090
	Washington Mutual, Inc., Sr. Note, 7.500%, 8/15/2006		1,000,000		1,123,960
	TOTAL THRIFTS & MORTGAGE FINANCE			$	2,771,050
	WIRELESS TELECOMMUNICATION SERVICES -- 0.5%
	360 Communications Co., Sr. Note, 7.500%, 3/1/2006	$	1,150,000	$	1,269,773
TOTAL CORPORATE BONDS (IDENTIFIED COST $131,954,424)				$	134,800,462
GOVERNMENT AGENCIES -- 12.9%
	FEDERAL HOME LOAN BANK SYSTEM -- 2.3%
	Bond, (Series TE05), 1.750%, 3/11/2005		2,500,000		2,495,850
	(Series NV09), 6.500%, 11/13/2009		3,000,000		3,402,540
	TOTAL FEDERAL HOME LOAN BANK SYSTEM			$	5,898,390
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 3.7%
	Discount Bond, 4.000%, 10/29/2007		2,000,000		2,033,060
	Note, 3.250%, 3/14/2008		1,500,000		1,476,795
	Note, 4.750%, 10/11/2012		2,500,000		2,460,050
	Note, 5.375%, 8/16/2006		2,000,000		2,055,980
	Note, (Series MTN), 2.850%, 6/3/2008		1,500,000		1,443,405
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	9,469,290
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 5.7%
	5.350%, 3/18/2009		2,000,000		2,077,100
	MTN, (Series B), 6.875%, 9/10/2012		6,000,000		6,637,200
	Note, 4.900%, 6/13/2007		2,000,000		2,081,580
	Note, 6.000%, 5/15/2008		1,190,000		1,316,414
	Sub. Note, 5.500%, 5/2/2006		1,500,000		1,603,290
	Unsecd. Note, 4.750%, 6/18/2007		1,000,000		1,018,720
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	14,734,304
	PRIVATE EXPORT FUNDING CORPORATION -- 0.6%
	Note, (Series UU), 7.950%, 11/1/2006		1,495,000		1,583,519
	STUDENT LOAN MARKETING ASSOCIATION -- 0.6%
	Note, 5.250%, 3/15/2006		1,500,000		1,599,930
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $32,924,995)				$	33,285,433
MORTGAGE BACKED SECURITIES -- 18.3%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 6.4%
	4.000%, 9/15/2010		1,983,908		1,976,031
	Pool G11311, 5.000%, 10/1/2017		2,219,272		2,260,196
	Pool E92817, 5.000%, 12/1/2017		2,119,751		2,152,204
	Pool E76204, 5.500%, 4/1/2014		13,094		13,609
	Pool E83022, 6.000%, 4/1/2016	$	702,760	$	734,602
	Pool C28983, 6.000%, 7/1/2029		2,518,047		2,593,589
	Pool C01444, 6.000%, 1/1/2033		2,567,069		2,635,250
	Pool G10399, 6.500%, 7/1/2009		768,628		807,060
	Pool C90504, 6.500%, 12/1/2021		1,058,152		1,108,415
	Pool C90293, 7.500%, 9/1/2019		2,210,337		2,370,586
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	16,651,542
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 8.0%
	Pool 254227, 5.000%, 2/1/2009		1,192,143		1,218,597
	Pool 254400, 5.500%, 7/1/2009		1,611,831		1,652,626
	Pool 619054, 5.500%, 2/1/2017		1,930,923		1,991,863
	Pool 303831, 6.000%, 4/1/2011		535,500		562,275
	Pool 545890, 6.000%, 9/1/2032		1,480,213		1,520,002
	Pool 196701, 6.500%, 5/1/2008		185,678		195,542
	Pool 50905, 6.500%, 10/1/2008		446,828		470,563
	Pool 424286, 6.500%, 6/1/2013		222,306		235,576
	Pool 561915, 6.500%, 11/1/2030		245,595		255,419
	Pool 633862, 6.500%, 3/1/2032		422,110		438,598
	Pool 313224, 7.000%, 12/1/2011		532,999		569,978
	Pool 254240, 7.000%, 3/1/2032		1,730,580		1,823,062
	Pool 526062, 7.500%, 12/1/2029		357,241		380,797
	Pool TBA, 5.000%, 1/1/2018		5,000,000		5,064,050
	Pool TBA, 5.000%, 12/1/2018		4,300,000		4,368,542
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	20,747,490
	GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 3.9%
	Pool 3052, 6.000%, 3/20/2031		1,935,302		2,000,018
	Pool 781330, 6.000%, 9/15/2031		1,935,683		2,011,910
	Pool 780825, 6.500%, 7/15/2028		1,735,263		1,827,440
	Pool 2701, 6.500%, 1/20/2029		1,723,598		1,807,624
	Pool 2616, 7.000%, 7/20/2028		1,089,680		1,156,423
	Pool 426727, 7.000%, 2/15/2029		190,028		202,262
	Pool 781231, 7.000%, 12/15/2030		890,973		946,935
	TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION			$	9,952,612
TOTAL MORTGAGE BACKED SECURITIES (IDENTIFIED COST $46,143,485)				$	47,351,644
NOTES -- VARIABLE -- 0.4%
	CIT Group, Inc., 1.591%, 1/29/2004 (IDENTIFIED COST $1,000,522)	$	1,000,000	$	1,000,600
U.S. TREASURY -- 8.8%
	U.S. TREASURY BOND -- 0.6%
	10.625%, 8/15/2015		1,000,000		1,552,030
	U.S. TREASURY NOTES -- 8.2%
	1.625%, 3/31/2005		1,000,000		1,002,500
	1.625%, 4/30/2005		500,000		500,940
	2.000%, 5/15/2006		1,600,000		1,596,496
	2.625%, 5/15/2008		600,000		588,378
	3.000%, 2/15/2008		870,000		870,818
	4.250%, 8/15/2013		175,000		174,344
	4.625%, 5/15/2006		690,000		732,587
	4.750%, 11/15/2008		80,000		85,538
	5.625%, 2/15/2006		1,500,000		1,623,285
	5.625%, 5/15/2008		1,265,000		1,400,988
	5.750%, 11/15/2005		2,000,000		2,156,560
	5.875%, 11/15/2004		2,000,000		2,094,380
	6.125%, 8/15/2007		1,120,000		1,256,506
	6.500%, 8/15/2005		1,000,000		1,084,380
	6.500%, 10/15/2006		1,500,000		1,676,955
	6.625%, 5/15/2007		175,000		198,543
	TIPS (Series A-2011) 3.500% 1/15/2011		2,116,880		2,385,131
	TIPS (Series A-2012) 3.375% 1/15/2012		1,037,460		1,165,192
	TIPS (Series C-2012) 3.000% 7/15/2012		594,245		650,603
	TOTAL U.S. TREASURY NOTES			$	21,244,124
TOTAL U.S. TREASURY (IDENTIFIED COST $22,320,077)				$	22,796,154
REPURCHASE AGREEMENT -- 1.4%
	Repurchase agreement with Credit Suisse First Boston Corp., dated 10/31/2003 due 11/3/2003 at 1.020%, collateralized by a U.S. Treasury Obligation with maturity of 12/31/2004 (repurchase proceeds $3,741,167) (COST OF $3,740,849)		3,740,849	$	3,740,849
TOTAL INVESTMENTS -- 104.4% (IDENTIFIED COST $264,918,816)				$	270,230,483
OTHER ASSETS AND LIABILITIES -- NET -- (4.4)%				$	(11,506,367	)
TOTAL NET ASSETS -- 100%				$	258,724,116

See Notes to Portfolios of Investments

MTB Income Fund

 

Description			Principal Amount		Value
ASSET-BACKED SECURITIES -- 4.7%
	Citibank Credit Card Master Trust I 1998-9, Class A, 5.30%, 1/9/2006	$	2,000,000	$	2,015,460
	L.A. Arena Funding LLC, Class A, 7.656%, 12/15/2026		1,932,825		2,017,077
	The Money Store Home Equity Trust 1997-D, Class AF5, 6.555%, 12/15/2038		1,544,792		1,566,225
	William Street Funding Corp., Class A, 1.62%, 4/23/2006		5,000,000		5,009,760
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $10,477,353)				$	10,608,522
COLLATERALIZED MORTGAGE OBLIGATIONS -- 10.8%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 9.6%
	(Series 2631), Class LA, 4.00%, 6/15/2011		5,000,000		5,142,800
	(Series 2672), Class GM, 4.00%, 3/15/2017		2,000,000		2,048,125
	(Series 2672), Class NU, 5.00%, 8/15/2008		826,700		854,799
	(Series 1614), Class J, 6.25%, 11/15/2022		954,429		981,544
	(Series 2292), Class QT, 6.50%, 5/15/2030		9,046,417		9,259,189
	(Series 2315), Class CK, 6.50%, 6/15/2030		3,437,333		3,483,497
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	21,769,954
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 1.2%
	(Series 1998-34), Class PE, 6.00%, 7/18/2026		1,910,619		1,917,153
	(Series 1998-19), Class PK, 6.00%, 9/18/2026		732,795		735,595
	(Series 1998-23), Class C, 9.75%, 9/25/2018		70,157		77,200
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	2,729,948
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $24,326,021)				$	24,499,902
1COMMERCIAL PAPER -- 2.6%
	UBS Finance (Delaware), Inc., 1.03%, 11/3/2003 (AT AMORTIZED COST)		6,000,000	$	5,999,653
CORPORATE BONDS -- 49.9%
	AUTO COMPONENTS -- 0.6%
	Lear Corp., Company Guarantee, 8.11%, 5/15/2009		1,250,000		1,442,188
	AUTOMOBILES -- 1.3%
	DaimlerChrysler North America Holding Corp., 6.50%, 11/15/2013		500,000		505,950
	DaimlerChrysler North America Holding Corp., Company Guarantee, 6.90%, 9/1/2004	$	2,250,000	$	2,340,585
	TOTAL AUTOMOBILES			$	2,846,535
	BANKS -- 4.2%
	Bank of New York Institutional Capital Trust, Company Guarantee, 7.78%, 12/1/2026		1,500,000		1,584,795
	BankBoston Capital Trust III, Company Guarantee, 1.89%, 6/15/2027		900,000		855,396
	Mellon Capital I, Company Guarantee, Series A, 7.72%, 12/1/2026		2,500,000		2,698,025
	PNC Funding Corp., 5.75%, 8/1/2006		2,500,000		2,705,025
	SunTrust Capital I, Company Guarantee, Series A, 1.80%, 5/15/2027		1,700,000		1,604,086
	TOTAL BANKS			$	9,447,327
	CAPITAL MARKETS -- 4.0%
	Credit Suisse First Boston USA, Inc., Note, 6.125%, 11/15/2011		1,200,000		1,299,024
	Goldman Sachs Group, Inc., Note, 5.25%, 10/15/2013		1,000,000		1,003,480
	Goldman Sachs Group, Inc., Note, 5.70%, 9/1/2012		1,000,000		1,044,910
	Lehman Brothers Holdings, Inc., Note, 7.00%, 2/1/2008		1,107,000		1,254,264
	Lehman Brothers Holdings, Inc., Note, 8.25%, 6/15/2007		2,500,000		2,910,350
	Merrill Lynch & Co., Inc., Note, Series MTNB, 3.70%, 4/21/2008		1,455,000		1,460,151
	TOTAL CAPITAL MARKETS			$	8,972,179
	COMMERCIAL BANKS -- 1.5%
	Bank One Corp., Note, 2.625%, 6/30/2008		1,000,000		957,170
	Bank One Corp., Sub. Note, 5.25%, 1/30/2013		900,000		922,203
	Wells Fargo & Co., Sub. Note, 5.00%, 11/15/2014		1,445,000		1,440,593
	TOTAL COMMERCIAL BANKS			$	3,319,966
	CONSUMER FINANCE -- 6.3%
	Countrywide Home Loans, Series MTNK, 1.68%, 5/20/2005		1,000,000		1,002,910
	Ford Motor Credit Co., Bond, 6.70%, 7/16/2004		3,000,000		3,087,420
	General Motors Acceptance Corp., Note, 7.00%, 2/1/2012		1,780,000		1,850,862
	Household Finance Corp., 8.25%, 2/15/2005		2,000,000		2,156,340
	John Deere Capital Corp., 4.50%, 8/22/2007		1,300,000		1,354,340
	MBNA Corp., Note, 4.625%, 9/15/2008		1,400,000		1,413,580
	SLM Corporation, Note, 5.00%, 10/1/2013		1,500,000		1,483,935
	SLM Corporation, Note, Series MTN, 3.625%, 3/17/2008		2,000,000		1,993,180
	TOTAL CONSUMER FINANCE			$	14,342,567
	DIVERSIFIED FINANCIAL SERVICES -- 6.0%
	CIT Group, Inc., Note, 7.50%, 11/14/2003	$	2,000,000	$	2,004,320
	Citigroup, Inc., Bond, 4.875%, 5/7/2015		2,000,000		1,943,160
	General Electric Capital Corp., Note, 3.50%, 5/1/2008		1,150,000		1,148,217
	National Rural Utilities Cooperative Finance Corp., Note, Series MTNC, 6.50%, 3/1/2007		1,180,000		1,304,278
	Newcourt Credit Group, Inc., Company Guarantee, 6.875%, 2/16/2005		3,500,000		3,717,840
	Storage USA, Note, 7.125%, 11/1/2003		3,600,000		3,601,008
	TOTAL DIVERSIFIED FINANCIAL SERVICES			$	13,718,823
	ELECTRIC UTILITIES -- 2.6%
	DTE Energy Co., 6.00%, 6/1/2004		2,600,000		2,661,854
	DTE Energy Co., 6.375%, 4/15/2033		1,000,000		994,920
	Duke Capital Corp., Sr. Note, 6.25%, 2/15/2013		1,000,000		1,038,060
4	Xcel Energy, Inc., Sr. Note, 3.40%, 7/1/2008		1,300,000		1,263,613
	TOTAL ELECTRIC UTILITIES			$	5,958,447
	ENERGY EQUIPMENT & SERVICES -- 1.4%
	Anderson Exploration Ltd., 6.75%, 3/15/2011		1,000,000		1,105,940
	National-Oilwell, Inc., Note, 5.65%, 11/15/2012		2,000,000		2,017,800
	TOTAL ENERGY EQUIPMENT & SERVICES			$	3,123,740
	FOOD & STAPLES RETAILING -- 0.6%
	Safeway, Inc., Note, 3.625%, 11/5/2003		1,330,000		1,331,716
	Food Products -- 0.9%
	Archer-Daniels-Midland Co., 5.935%, 10/1/2032		1,000,000		997,390
	ConAgra, Inc., Sr. Note, 9.875%, 11/15/2005		1,000,000		1,152,090
	TOTAL FOOD PRODUCTS			$	2,149,480
	GAS UTILITIES -- 2.2%
	Consolidated Natural Gas Co., 6.25%, 11/1/2011		2,000,000		2,158,840
	K N Energy, Inc., Sr. Note, 6.65%, 3/1/2005		2,750,000		2,902,460
	TOTAL GAS UTILITIES			$	5,061,300
	HOTELS, RESTAURANTS & LEISURE -- 0.5%
	Tricon Global Restaurants, Inc., Sr. Note, 7.65%, 5/15/2008		1,100,000		1,232,000
	INDUSTRIAL CONGLOMERATES -- 0.4%
	General Electric Co., Note, 5.00%, 2/1/2013		1,000,000		1,006,840
	INSURANCE -- 0.5%
4	Asif Global Financing, Series 144A, 4.90%, 1/17/2013		1,175,000		1,164,143
	MEDIA -- 2.2%
	Clear Channel Communications, Inc., 6.00%, 11/1/2006	$	1,250,000	$	1,350,275
	Comcast Corp., Note, 8.125%, 5/1/2004		1,000,000		1,032,090
	Comcast Corp., Sr. Note, 8.875%, 5/1/2017		2,000,000		2,523,700
	TOTAL MEDIA			$	4,906,065
	MULTI-UTILITIES & UNREGULATED POWER -- 0.4%
	Constellation Energy Group, Unsecd. Note, 4.55%, 6/15/2015		1,000,000		931,190
	MULTILINE RETAIL -- 0.8%
	Target Corp., Note, 4.00%, 6/15/2013		2,000,000		1,871,580
	OIL & GAS -- 6.9%
	Anadarko Petroleum Corp., Sr. Deb., 7.20%, 3/15/2029		3,800,000		4,322,006
	Conoco, Inc., 7.25%, 10/15/2031		1,290,000		1,500,283
	Devon Financing Corp., 6.875%, 9/30/2011		950,000		1,072,797
	GulfTerra Energy Partners LP, Company Guarantee, Series B, 8.50%, 6/1/2010		1,000,000		1,095,000
	Husky Oil Ltd., Deb., 7.55%, 11/15/2016		2,100,000		2,470,440
	Kaneb Pipeline Partners LP, Sr. Note, 5.875%, 6/1/2013		1,250,000		1,236,562
	Mitchell Energy & Development Corp., Sr. Note, 6.75%, 2/15/2004		2,000,000		2,025,220
	Valero Energy Corp., Company Guarantee, 6.05%, 3/15/2013		900,000		928,818
	XTO Energy, Inc., Sr. Note, 6.25%, 4/15/2013		1,000,000		1,030,000
	TOTAL OIL & GAS			$	15,681,126
	PAPER & FOREST PRODUCTS -- 0.5%
	Westvaco Corp., 6.85%, 11/15/2004		1,000,000		1,043,780
	REAL ESTATE -- 1.7%
	Boston Properties, Inc., Sr. Note, 5.00%, 6/1/2015		650,000		616,128
	PHH Corp., 7.125%, 3/1/2013		1,000,000		1,114,380
4	Simon Property Group, Inc., Bond, Series 144A, 6.75%, 11/15/2003		2,000,000		2,005,180
	TOTAL REAL ESTATE			$	3,735,688
	ROAD & RAIL -- 1.0%
	Canadian National Railway, Sr. Note, 6.45%, 7/15/2036		2,000,000		2,190,800
	SPECIALTY RETAIL -- 0.5%
	Gap (The), Inc., Note, 6.90%, 9/15/2007		1,000,000		1,090,000
	TELECOMMUNICATION SERVICES -- 2.5%
	TELUS Corp., Note, 8.00%, 6/1/2011		1,150,000		1,319,625
	Verizon Global Funding, Note, 4.375%, 6/1/2013	$	1,500,000	$	1,405,140
	Verizon Wireless, Inc., Note, 1.54%, 12/17/2003		2,865,000		2,866,547
	TOTAL TELECOMMUNICATION SERVICES			$	5,591,312
	THRIFTS & MORTGAGE FINANCE -- 0.4%
	Washington Mutual, Inc., Note, 4.00%, 1/15/2009		1,000,000		989,700
TOTAL CORPORATE BONDS (IDENTIFIED COST $111,110,084)				$	113,148,492
GOVERNMENT AGENCIES -- 5.7%
	BANKS -- 0.1%
	Deutsche Ausgleichsbank, Bond, 7.00%, 6/23/2005		250,000		270,020
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 2.0%
	2.850%, 6/3/2008		2,000,000		1,924,540
	5.250%, 1/15/2006		2,000,000		2,127,680
	5.875%, 3/21/2011		500,000		538,010
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	4,590,230
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 3.6%
	5.250%, 8/1/2012		8,000,000		8,150,400
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $12,918,368)				$	13,010,650
MORTGAGE BACKED SECURITIES -- 27.1%
	GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 1.7%
	7.00%, 2/15/2024		733,751		784,886
	7.00%, 5/15/2024		604,442		646,566
	7.00%, 5/15/2024		572,867		612,790
	7.00%, 9/20/2025		227,103		241,864
	7.50%, 5/15/2022		114,853		123,898
	7.50%, 10/15/2023		479,733		516,461
	7.50%, 12/15/2023		215,478		231,975
	7.50%, 5/15/2024		224,331		241,295
	7.50%, 10/15/2024		420,634		452,443
	TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION			$	3,852,178
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 8.4%
	3.50%, 7/1/2010		3,338,377		3,272,644
	3.50%, 9/1/2010		3,445,005		3,377,173
	4.50%, 10/1/2033		499,388		476,136
8	TBA, 5.00%, 12/1/2033		8,000,000		7,850,000
	5.50%, 9/1/2033		3,006,857		3,032,235
	6.00%, 2/1/2033		754,851		774,666
	8.00%, 1/1/2008	$	2,075	$	2,100
	8.50%, 9/1/2026		167,396		181,834
	14.75%, 3/1/2010		6,855		7,534
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	18,974,322
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 17.0%
8	TBA, 5.00%, 1/1/2018		10,000,000		10,128,100
8	TBA, 5.00%, 12/1/2018		7,075,000		7,187,775
8	TBA, 5.50%, 12/1/2033		12,600,000		12,718,188
	6.00%, 3/1/2033		5,075,141		5,209,937
	6.00%, 5/1/2033		2,510,213		2,576,884
	7.00%, 2/1/2026		472,279		500,323
	7.00%, 3/1/2029		235,596		248,848
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	38,570,055
TOTAL MORTGAGE BACKED SECURITIES (IDENTIFIED COST $60,755,206)				$	61,396,555
NOTES -- VARIABLE -- 4.4%
	CONSUMER FINANCE -- 2.2%
	American Honda Finance Corp., 1.000%, 10/26/2006		2,000,000		2,004,920
	Countrywide Home Loans, Inc., 1.390%, 12/10/2003		3,000,000		3,001,770
	TOTAL CONSUMER FINANCE			$	5,006,690
	CAPITAL MARKETS-- 0.9%
	Morgan Stanley & Co., Inc., 1.414%, 11/3/2003		2,100,000		2,101,491
	DIVERSIFIED FINANCIAL SERVICES -- 1.3%
	CIT Group, Inc., 1.591%, 1/29/2004		3,000,000		3,001,800
TOTAL NOTES -- VARIABLE (IDENTIFIED COST $10,100,076)				$	10,109,981
U.S. TREASURY -- 7.0%
	U. S. TREASURY BONDS -- 0.5%
	5.375%, 2/15/2031		1,150,000		1,189,169
	U. S. TREASURY NOTES -- 6.5%
	2.625%, 5/15/2008		600,000		588,378
	3.000% 7/15/2012		2,049,120		2,243,459
	3.375% 1/15/2012		7,262,220		8,156,344
	3.500%, 11/15/2006		570,000		588,702
	3.875%, 2/15/2013		460,000		447,566
	4.250%, 8/15/2013		500,000		498,125
	6.750%, 5/15/2005		2,000,000		2,157,820
	TOTAL U. S. TREASURY NOTES			$	14,680,394
TOTAL U. S. TREASURY (IDENTIFIED COST $14,661,844)				$	15,869,563
Description			Shares or Principal Amount		Value
MUTUAL FUND -- 1.0%
	SSGA Money Market Fund (AT NET ASSET VALUE)		2,336,142	$	2,336,142
REPURCHASE AGREEMENT -- 3.0%
	Repurchase agreement with Credit Suisse First Boston Corp., dated 10/31/2003 due 11/3/2003 at 1.02%, collateralized by a U.S Treasury Obligation with maturity of 12/31/2004 (repurchase proceeds $6,851,180) (COST OF $6,850,598)	$	6,850,598	$	6,850,598
					Value
	TOTAL INVESTMENTS -- 116.2% (IDENTIFIED COST $259,535,345)			$	263,830,058
	OTHER ASSETS AND LIABILITIES -- NET -- (16.2)%			$	(36,846,889	)
	TOTAL NET ASSETS -- 100%			$	226,983,169

See Notes to Portfolios of Investments

MTB Managed Allocation Fund -- Conservative Growth

 

Description		Shares		Value
6MUTUAL FUNDS -- 99.8%
	EQUITY FUNDS -- 25.2%
	MTB International Equity Fund, Class A	33,213	$	294,935
	MTB Large Cap Stock Fund, Class A	69,617		597,312
	MTB Large Cap Value Fund, Class A	61,538		606,151
	MTB Small Cap Stock Fund, Class A	39,032		379,388
	TOTAL EQUITY FUNDS		$	1,877,786
	FIXED INCOME FUNDS -- 65.9%
	MTB Intermediate-Term Bond Fund, Class A	72,093		746,880
	MTB Short Duration Government Bond Fund, Class IS	206,557	$	2,009,818
	MTB Short-Term Corporate Bond Fund, Class IS	112,452		1,115,521
	MTB U.S. Government Bond Fund, Class A	108,671		1,046,501
	TOTAL FIXED INCOME FUNDS		$	4,918,720
	MONEY MARKET FUND -- 8.7%
	MTB Prime Money Market Fund, Class IS	648,010	$	648,010
TOTAL INVESTMENTS -- 99.8% (IDENTIFIED COST $7,233,029)			$	7,444,516
OTHER ASSETS AND LIABILITIES -- NET -- 0.2%			$	11,845
TOTAL NET ASSETS -- 100%			$	7,456,361

See Notes to Portfolios of Investments

MTB Managed Allocation Fund -- Moderate Growth

 

Description		Shares		Value
6MUTUAL FUNDS -- 98.9%
	EQUITY FUNDS -- 59.1%
	MTB International Equity, Class A	226,847	$	2,014,401
	MTB Large Cap Growth Fund, Class A	318,683		2,272,210
	MTB Large Cap Stock Fund, Class A	558,276		4,790,013
	MTB Large Cap Value Fund, Class A	231,763		2,282,866
	MTB Mid Cap Stock Fund, Class A	158,005		2,280,010
	MTB Small Cap Stock Fund, Class A	156,906		1,525,130
	TOTAL EQUITY FUNDS		$	15,164,630
	FIXED INCOME FUNDS -- 33.4%
	MTB Intermediate -Term Bond Fund, Class A	194,582	$	2,015,865
	MTB Short Duration Government Bond Fund, Class IS	285,223		2,775,218
	MTB Short - Term Corporate Bond Fund, Class IS	203,488		2,018,599
	MTB U.S. Government Bond Fund, Class A	183,234		1,764,544
	TOTAL FIXED INCOME FUNDS		$	8,574,226
	MONEY MARKET FUND -- 6.4%
	MTB Prime Money Market Fund, Class IS	1,644,701		1,644,701
TOTAL INVESTMENTS -- 98.9% (IDENTIFIED COST $24,198,798)			$	25,383,557
OTHER ASSETS AND LIABILITIES -- NET -- 1.1%			$	272,733
TOTAL NET ASSETS -- 100%			$	25,656,290

See Notes to Portfolios of Investments

MTB Managed Allocation Fund -- Aggressive Growth

 

Description		Shares		Value
6MUTUAL FUNDS -- 99.4%
	EQUITY FUNDS -- 88.3%
	MTB International Equity, Class A	188,197	$	1,671,190
	MTB Large Cap Growth Fund, Class A	268,509		1,914,467
	MTB Large Cap Stock Fund, Class A	314,851		2,701,423
	MTB Large Cap Value Fund, Class A	151,967		1,496,879
	MTB Mid Cap Stock Fund, Class A	87,175		1,257,938
	MTB Small Cap Stock Fund, Class A	118,956		1,156,248
	TOTAL EQUITY FUNDS		$	10,198,145
	FIXED INCOME FUNDS -- 6.8%
	MTB Short - Term Corporate Bond Fund, Class IS	45,229	$	448,664
	MTB U.S. Government Bond Fund, Class A	35,244		339,396
	TOTAL FIXED INCOME FUNDS		$	788,060
	MONEY MARKET FUND -- 4.3%
	MTB Prime Money Market Fund, Class IS	501,425		501,425
TOTAL INVESTMENTS -- 99.4% (IDENTIFIED COST $11,197,106)			$	11,487,630
OTHER ASSETS AND LIABILITIES -- NET -- 0.6%			$	65,657
TOTAL NET ASSETS -- 100%			$	11,553,287

See Notes to Portfolios of Investments

MTB Balanced Fund

 

Description			Principal Amount		Value
ASSET-BACKED SECURITIES -- 0.6%
	ContiMortgage Home Equity Loan Trust 1998-2, Class A6, 6.360%, 11/15/2019	$	188,371	$	193,646
	Honda Auto Receivables Owner Trust 2002-1, Class A3, 3.500%, 10/17/2005		729,704		736,235
	The Money Store Home Equity Trust 1997-D, Class AF5, 6.555%, 12/15/2038		142,050		144,021
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,057,614)				$	1,073,902
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.1%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 0.7%
	(Series 2617), Class GW, 3.500%, 6/15/2016		500,000		502,365
	(Series 2347), Class PC, 6.500%, 5/15/2030		701,641		711,352
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	1,213,717
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.4%
	(Series 1998-19), Class PK, 6.000%, 9/18/2026		732,795		735,595
	(Series 1998-23), Class C, 9.750%, 9/25/2018		23,386		25,733
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	761,328
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $2,003,732)				$	1,975,045
1 COMMERCIAL PAPER -- 1.7%
	UBS Finance (Delaware), Inc. 1.040%, 11/3/2003 (AT AMORTIZED COST)		3,000,000	$	2,999,827
Description			Shares		Value
COMMON STOCKS -- 69.5%
	AEROSPACE & DEFENSE -- 2.0%
	Northrop Grumman Corp.		40,000	$	3,576,000
	AUTO COMPONENTS -- 1.5%
7	Lear Corp.		45,000		2,614,050
	BEVERAGES -- 1.9%
	PepsiCo, Inc.		70,000		3,347,400
	BIOTECHNOLOGY -- 2.9%
	7Amgen, Inc.		45,000		2,779,200
	7Genentech, Inc.		15,000		1,229,550
	7Gilead Sciences, Inc.		20,000		1,091,600
	TOTAL BIOTECHNOLOGY			$	5,100,350
	CAPITAL MARKETS -- 2.6%
	Bank of New York Co., Inc.		55,000		1,715,450
	Morgan Stanley		53,000		2,908,110
	TOTAL CAPITAL MARKETS			$	4,623,560
	COMMERCIAL BANKS -- 0.6%
	Wells Fargo & Co.		20,000		1,126,400
	COMMUNICATIONS EQUIPMENT -- 4.2%
7	Cisco Systems, Inc.		171,000		3,587,580
7	Corning, Inc.		350,000		3,843,000
	TOTAL COMMUNICATIONS EQUIPMENT			$	7,430,580
	COMPUTERS & PERIPHERALS -- 3.5%
7	EMC Corp. Mass		220,000		3,044,800
	International Business Machines Corp.		35,000		3,131,800
	TOTAL COMPUTERS & PERIPHERALS			$	6,176,600
Description			Shares		Value
	CONSUMER FINANCE -- 0.9%
	Capital One Financial Corp.		25,000	$	1,520,000
	ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.8%
7	Jabil Circuit, Inc.		115,000		3,202,750
	ENERGY EQUIPMENT & SERVICES -- 4.2%
7	Nabors Industries Ltd.		85,000		3,213,000
7	Smith International, Inc.		35,000		1,303,050
7	Weatherford International Ltd.		80,000		2,780,000
	TOTAL ENERGY EQUIPMENT & SERVICES			$	7,296,050
	FOOD & STAPLES RETAILING -- 2.7%
7	Costco Wholesale Corp.		70,000		2,475,900
	Sysco Corp.		30,000		1,009,800
	Wal-Mart Stores, Inc.		20,000		1,179,000
	TOTAL FOOD & STAPLES RETAILING			$	4,664,700
	FOOD PRODUCTS -- 1.9%
	General Mills, Inc.		35,000		1,569,750
	Kraft Foods, Inc., Class A		60,000		1,746,000
	TOTAL FOOD PRODUCTS			$	3,315,750
	HEALTHCARE EQUIPMENT & SUPPLIES -- 0.9%
	Medtronic, Inc.		35,000		1,594,950
	HEALTHCARE PROVIDERS & SERVICES -- 1.3%
	Health Management Association, Class A		100,000		2,215,000
	HOTELS, RESTAURANTS & LEISURE -- 1.1%
7	Brinker International, Inc.		60,000		1,909,800
	HOUSEHOLD DURABLES -- 1.5%
	Centex Corp.		27,000		2,632,500
	HOUSEHOLD PRODUCTS -- 1.7%
	Procter & Gamble Co.		30,000		2,948,700
	IT SERVICES -- 2.1%
7	Accenture Ltd.		100,000		2,340,000
	First Data Corp., Class		40,000		1,428,000
	TOTAL IT SERVICES			$	3,768,000
	INDUSTRIAL CONGLOMERATES -- 2.8%
	General Electric Co.		170,000		4,931,700
	INSURANCE -- 1.7%
	American International Group, Inc.		50,000		3,041,500
	MACHINERY -- 1.8%
7	SPX Corp.		65,000		3,127,800
	MEDIA -- 1.9%
	Clear Channel Communications, Inc.		55,000		2,245,100
Description			Shares or Principal Amount		Value
7	Time Warner, Inc.		75,000	$	1,146,750
	TOTAL MEDIA			$	3,391,850
	MULTILINE RETAIL -- 0.8%
7	Kohl's Corp.		25,000		1,401,750
	PHARMACEUTICALS -- 8.9%
	Abbott Laboratories		65,000		2,770,300
	Johnson & Johnson		50,000		2,516,500
	Lilly (Eli) & Co.		40,000		2,664,800
	Pfizer, Inc.		158,000		4,992,800
	Wyeth		60,000		2,648,400
	TOTAL PHARMACEUTICALS			$	15,592,800
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 4.3%
	Intel Corp.		100,000		3,305,000
	STMicroelectronics N.V.		60,000		1,598,400
7	Taiwan Semiconductor Manufacturing Co., ADR		235,000		2,599,100
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS			$	7,502,500
	SOFTWARE -- 4.4%
	Microsoft Corp.		155,000		4,053,250
7	Veritas Software Corp.		100,000		3,615,000
	TOTAL SOFTWARE			$	7,668,250
	SPECIALTY RETAIL -- 2.7%
	Best Buy Co., Inc.		30,000		1,749,300
	Home Depot, Inc.		50,000		1,853,500
	Lowe's Cos., Inc.		20,000		1,178,600
	TOTAL SPECIALTY RETAIL			$	4,781,400
	THRIFTS & MORTGAGE FINANCE -- 0.6%
	Fannie Mae		13,965		1,001,151
	WIRELESS TELECOMMUNICATION SERVICES -- 0.3%
7	AT&T Wireless Services, Inc.		75,000		543,750
TOTAL COMMON STOCKS (IDENTIFIED COST $109,696,892)				$	122,047,591
CORPORATE BONDS -- 8.4%
	BANKS -- 2.1%
	Bank of America Corp., 5.250%, 2/1/2007	$	1,500,000	$	1,603,635
	Bank of New York Institutional Capital Trust, Company Guarantee, 7.780%, 12/1/2026		500,000		528,265
	BankBoston Capital Trust III, Company Guarantee, 1.000%, 6/15/2027		170,000		161,575
	Mellon Capital I, Company Guarantee, (Series A), 7.720%, 12/1/2026		600,000		647,526
	Mellon Capital II, Company Guarantee, (Series B), 7.995%, 1/15/2027	$	500,000	$	556,480
	Suntrust Capital III, Company Guarantee, 1.000%, 3/15/2028		152,000		144,184
	TOTAL BANKS			$	3,641,665
	CAPITAL MARKETS -- 0.1%
	Credit Suisse First Boston USA, Inc., Note, 6.125%, 11/15/2011		225,000		243,567
	CONSUMER FINANCE -- 1.1%
	General Motors Acceptance Corp., Note, 7.000%, 2/1/2012		335,000		348,336
	Household Finance Corp., Note, 6.375%, 10/15/2011		1,000,000		1,094,660
	SLM Corporation, Note, (Series MTN), 3.625%, 3/17/2008		500,000		498,295
	TOTAL CONSUMER FINANCE			$	1,941,291
	DIVERSIFIED FINANCIAL SERVICES -- 1.3%
	Citicorp Capital I, Company Guarantee, 7.933%, 2/15/2027		250,000		281,970
	Citigroup, Inc., 6.500%, 1/18/2011		1,300,000		1,462,630
	Newcourt Credit Group, Inc., Company Guarantee, 6.875%, 2/16/2005		500,000		531,120
	TOTAL DIVERSIFIED FINANCIAL SERVICES			$	2,275,720
	ELECTRIC UTILITIES -- 0.4%
	Hydro Quebec, Deb., 8.050%, 7/7/2024		575,000		739,922
	GAS UTILITIES -- 0.7%
	Consolidated Natural Gas Co., 6.250%, 11/1/2011		635,000		685,432
	K N Energy, Inc., Sr. Note, 6.650%, 3/1/2005		500,000		527,720
	TOTAL GAS UTILITIES			$	1,213,152
	HOTELS, RESTAURANTS & LEISURE -- 0.2%
	Tricon Global Restaurants, Inc., Sr. Note, 7.650%, 5/15/2008		250,000		280,000
	MEDIA -- 0.8%
	Clear Channel Communications, Inc., 6.000%, 11/1/2006		750,000		810,165
	Comcast Corp., Sr. Note, 8.875%, 5/1/2017		500,000		630,925
	TOTAL MEDIA			$	1,441,090
	OIL & GAS -- 0.8%
	Anadarko Petroleum Corp., Sr. Deb., 7.200%, 3/15/2029		500,000		568,685
	Husky Oil Ltd., Deb., 7.550%, 11/15/2016		725,000		852,890
	TOTAL OIL & GAS			$	1,421,575
	ROAD & RAIL -- 0.7%
	Union Pacific Corp., 7.375%, 9/15/2009		1,000,000		1,157,820
	TELECOMMUNICATION SERVICES -- 0.2%
	TELUS Corp., Note, 8.000%, 6/1/2011	$	250,000	$	286,875
TOTAL CORPORATE BONDS (IDENTIFIED COST $13,299,672)				$	14,642,677
GOVERNMENT AGENCIES -- 6.1%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 3.5%
	Note, 5.250%, 1/15/2006		2,000,000		2,127,680
	Sub. Note, 5.875%, 3/21/2011		3,775,000		4,061,975
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	6,189,655
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 2.6%
	Note, 2.250%, 5/15/2006		2,000,000		1,992,900
	Sub. Note, 5.250%, 8/1/2012		2,500,000		2,547,000
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	4,539,900
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $10,235,588)				$	10,729,555
MORTGAGE BACKED SECURITIES -- 4.9%
	GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 1.2%
	Pool 354765, 7.000%, 2/15/2024		418,727		447,908
	Pool 354827, 7.000%, 5/15/2024		343,720		367,674
	Pool 385623, 7.000%, 5/15/2024		362,665		387,940
	Pool 2077, 7.000%, 9/20/2025		170,327		181,398
	Pool 354677, 7.500%, 10/15/2023		431,755		464,810
	Pool 354713, 7.500%, 12/15/2023		143,455		154,438
	TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION			$	2,004,168
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 0.1%
	Pool E46188, 6.500%, 4/1/2008		157,423		165,294
	Pool C00478, 8.500%, 9/1/2026		18,600		20,204
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	185,498
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 3.6%
8	TBA, 5.000%, 1/1/2018		5,000,000		5,064,050
	Pool 124221, 7.000%, 2/1/2007		35,582		37,505
	Pool 333854, 7.000%, 12/1/2025		79,425		84,141
	Pool 329794, 7.000%, 2/1/2026		399,062		422,758
	Pool 527006, 7.500%, 1/1/2030		123,233		131,359
	Pool 253113, 7.500%, 3/1/2030		373,105		397,708
	Pool 533246, 7.500%, 4/1/2030		145,236		154,813
Description			Principal Amount		Value
	Pool 8245, 8.000%, 12/1/2008	$	69,653	$	74,766
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	6,367,100
TOTAL MORTGAGE BACKED SECURITIES (IDENTIFIED COST $8,208,071)				$	8,556,766
U.S. TREASURY -- 5.6%
	U.S. TREASURY BONDS -- 0.8%
	8.000%, 11/15/2021		1,000,000		1,340,940
	U.S. TREASURY NOTES -- 4.8%
	2.375%, 8/15/2006		2,000,000		2,006,560
	3.875%, 2/15/2013		665,000		647,025
	4.250%, 8/15/2013		2,000,000		1,992,500
	5.000%, 8/15/2011		320,000		341,750
Description			Principal Amount or Shares		Value
	6.500%, 8/15/2005	$	1,000,000	$	1,084,380
	TIPS (Series A-2011) 3.500% 1/15/2011		2,079,835		2,343,391
	TOTAL U.S. TREASURY NOTES			$	8,415,606
TOTAL U.S. TREASURY (IDENTIFIED COST $9,617,016)				$	9,756,546
MUTUAL FUNDS -- 4.9%
	SSGA Money Market Fund		2,332,429		2,332,429
	SSGA US Government Money Market Fund		6,308,236		6,308,236
TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)				$	8,640,665
TOTAL INVESTMENTS -- 102.8% (IDENTIFIED COST $165,759,077)				$	180,422,574
OTHER ASSETS AND LIABILITIES -- NET -- (2.8)%				$	(4,866,935	)
TOTAL NET ASSETS -- 100%				$	175,555,639

See Notes to Portfolios of Investments

MTB Social Balanced Fund

Description			Principal Amount or Shares		Value
ASSET-BACKED SECURITIES -- 5.4%
	ANRC Auto Owner Trust 2001-A, Class A4, 4.32%, 6/16/2008	$	100,000	$	102,291
	Residential Asset Securities Corp. 2001-KS3, Class AI3, 5.18%, 7/25/2027		42,284		42,676
	Whole Auto Loan Trust 2002-1, Class A3, 2.60%, 8/15/2006		50,000		50,585
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $192,271)				$	195,552
COLLATERALIZED MORTGAGE OBLIGATION -- 0.7%
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 0.7%
	(Series T045), Class A3, 4.105%, 10/27/2031 (IDENTIFIED COST $25,000)		25,000	$	25,543
Common Stocks -- 29.2%
	AUTO COMPONENTS -- 0.3%
7	Lear Corp.		200		11,618
	BEVERAGES -- 0.5%
	PepsiCo, Inc.		400		19,128
	BIOTECHNOLOGY -- 1.8%
7	Amgen, Inc.		600		37,056
7	Gilead Sciences, Inc.		300		16,374
7	Medarex, Inc.		1,700		12,155
	TOTAL BIOTECHNOLOGY			$	65,585
Description			Shares		Value
	CAPITAL MARKETS -- 1.8%
	Bank of New York Co., Inc.		500	$	15,595
	Morgan Stanley		500		27,435
	Northern Trust Corp.		500		23,225
	TOTAL CAPITAL MARKETS			$	66,255
	COMMERCIAL BANKS -- 0.6%
	Wells Fargo & Co.		400		22,528
	COMMUNICATIONS EQUIPMENT -- 1.3%
7	Cisco Systems, Inc.		1,500		31,470
	Nokia Oyj, Class A, ADR		500		8,495
7	PC-Tel, Inc.		800		8,104
	TOTAL COMMUNICATIONS EQUIPMENT			$	48,069
	COMPUTERS & PERIPHERALS -- 0.8%
7	Dell, Inc.		100		3,612
	International Business Machines Corp.		300		26,844
	TOTAL COMPUTERS & PERIPHERALS			$	30,456
	CONSUMER FINANCE -- 1.2%
	American Express Co.		500		23,465
	Capital One Financial Corp.		300		18,240
	TOTAL CONSUMER FINANCE			$	41,705
Description			Shares		Value
	DIVERSIFIED FINANCIAL SERVICES -- 0.7%
	Citigroup, Inc.		500	$	23,700
	DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.0%
	BellSouth Corp.		700		18,417
	SBC Communications, Inc.		700		16,786
	TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	35,203
	ELECTRICAL EQUIPMENT -- 0.6%
	Emerson Electric Co.		400		22,700
	ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.0%
7	Celestica, Inc.		700		9,940
7	Jabil Circuit, Inc.		875		24,369
	Symbol Technologies, Inc.		200		2,498
	TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			$	36,807
	ENERGY EQUIPMENT & SERVICES -- 1.0%
7	Nabors Industries Ltd.		350		13,230
7	Smith International, Inc.		600		22,338
	TOTAL ENERGY EQUIPMENT & SERVICES			$	35,568
	FOOD & STAPLES RETAILING -- 0.1%
	Wal-Mart Stores, Inc.		90		5,305
	FOOD PRODUCTS -- 0.8%
	General Mills, Inc.		300		13,455
	Kraft Foods, Inc., Class A		500		14,550
	TOTAL FOOD PRODUCTS			$	28,005
	HEALTHCARE EQUIPMENT & SUPPLIES -- 1.1%
	Baxter International, Inc.		500		13,290
	Medtronic, Inc.		600		27,342
	TOTAL HEALTHCARE EQUIPMENT & SUPPLIES			$	40,632
	HEALTHCARE PROVIDERS & SERVICES -- 0.3%
	Cardinal Health, Inc.		200		11,868
	HOTELS, RESTAURANTS & LEISURE -- 0.2%
7	Brinker International, Inc.		200		6,366
	HOUSEHOLD DURABLES -- 1.0%
	Koninklijke (Royal) Philips Electronics NV, ADR		700		18,788
	Lennar Corp., Class A		50		4,593
	Newell Rubbermaid, Inc.		300		6,840
7	Toll Brothers, Inc.		125		4,605
	TOTAL HOUSEHOLD DURABLES			$	34,826
	HOUSEHOLD PRODUCTS -- 0.8%
	Procter & Gamble Co.		300		29,487
	IT SERVICES -- 0.1%
7	Ceridian Corp.		150	$	3,150
	INSURANCE -- 0.8%
	American International Group, Inc.		500		30,415
	MACHINERY -- 0.7%
	Danaher Corp.		300		24,855
	MEDIA -- 1.3%
	Clear Channel Communications, Inc.		700		28,574
7	Time Warner, Inc.		1,100		16,819
	TOTAL MEDIA			$	45,393
	MULTILINE RETAIL -- 1.1%
7	Kohl's Corp.		300		16,821
	Target Corp.		600		23,844
	TOTAL MULTILINE RETAIL			$	40,665
	OIL & GAS -- 0.6%
	BP Amoco PLC, ADR		500		21,190
	PHARMACEUTICALS -- 2.3%
7	Eon Labs, Inc.		400		16,844
	Lilly (Eli) & Co.		500		33,310
	Merck & Co., Inc.		400		17,700
7	Taro Pharmaceutical Industries Ltd.		250		16,063
	TOTAL PHARMACEUTICALS			$	83,917
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 1.3%
	Intel Corp.		725		23,961
7	Taiwan Semiconductor Manufacturing Co., ADR		700		7,742
	Texas Instruments, Inc.		500		14,460
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS			$	46,163
	SOFTWARE -- 1.6%
	Microsoft Corp.		1,500		39,225
7	Veritas Software Corp.		500		18,075
	TOTAL SOFTWARE			$	57,300
	SPECIALTY RETAIL -- 2.1%
	Best Buy Co., Inc.		600		34,986
	Home Depot, Inc.		500		18,535
	Lowe's Cos., Inc.		400		23,572
	TOTAL SPECIALTY RETAIL			$	77,093
	THRIFTS & MORTGAGE FINANCE -- 0.4%
	Fannie Mae		200		14,338
TOTAL COMMON STOCKS (IDENTIFIED COST $970,766)				$	1,060,290
Description			Prinicpal Amount		Value
CORPORATE BONDS -- 28.0%
	AUTOMOBILES -- 0.9%
	DaimlerChrysler North America Holding Corp., Company Guarantee, 6.90%, 9/1/2004	$	30,000	$	31,208
	BANKS - REGIONAL -- 0.6%
	Fleet National Bank, Sub. Note, (Series BKNT), 5.75%, 1/15/2009		20,000		21,777
	BANKS -- 1.5%
	U.S. Bank NA, Sub. Note, 6.375%, 8/1/2011		50,000		55,615
	CAPITAL MARKETS -- 1.9%
	Bear Stearns Cos., Inc., Sr. Note, 7.25%, 10/15/2006		25,000		28,102
	Credit Suisse First Boston USA, Inc., Note, 6.125%, 11/15/2011		15,000		16,238
	Goldman Sachs Group, Inc., Sr. Unsub., 7.50%, 1/28/2005		25,000		26,745
	TOTAL CAPITAL MARKETS			$	71,085
	COMMERCIAL BANKS -- 2.3%
	Wachovia Corp., Sub. Note, 5.625%, 12/15/2008		75,000		82,487
	CONSUMER FINANCE -- 2.7%
	American General Finance Corp., Note, (Series G), 5.375%, 10/1/2012		30,000		30,731
	John Deere Capital Corp., Deb., 5.100%, 1/15/2013		40,000		40,811
	MBNA Corp., Note, 4.625%, 9/15/2008		25,000		25,243
	TOTAL CONSUMER FINANCE			$	96,785
	DIVERSIFIED FINANCIAL SERVICES -- 3.0%
	Heller Financial, Inc., Note, 6.375%, 3/15/2006		25,000		27,316
	National Rural Utilities Cooperative Finance Corp., Note, (Series MTNC), 6.50%, 3/1/2007		25,000		27,633
	Wells Fargo Financial, Inc., Note, (Series 7373761), 6.125%, 4/18/2012		50,000		54,516
	TOTAL DIVERSIFIED FINANCIAL SERVICES			$	109,465
	ELECTRIC UTILITIES -- 0.3%
4	Xcel Energy, Inc., Sr. Note, 3.40%, 7/1/2008		10,000		9,720
	GAS UTILITIES -- 2.2%
	Consolidated Natural Gas Co., Sr. Note, 6.25%, 11/1/2011		50,000		53,971
	K N Energy, Inc., Sr. Note, 6.65%, 3/1/2005		25,000		26,386
	TOTAL GAS UTILITIES			$	80,357
	HOTELS, RESTAURANTS & LEISURE -- 0.5%
	Tricon Global Restaurants, Inc., Sr. Note, 7.65%, 5/15/2008		15,000		16,800
	MEDIA -- 1.8%
	Clear Channel Communications, Inc., Sr. Note, 6.00%, 11/1/2006		15,000		16,203
	Comcast Corp., Sr. Note, 8.875%, 5/1/2017		25,000		31,546
	Cox Communications, Inc., Note, 6.75%, 3/15/2011	$	15,000	$	16,628
	TOTAL MEDIA			$	64,377
	MULTI-UTILITIES & UNREGULATED POWER -- 0.2%
	Constellation Energy Group, Unsecd. Note, 4.55%, 6/15/2015		10,000		9,312
	MULTILINE RETAIL -- 1.3%
	Target Corp., Note, 7.50%, 2/15/2005		30,000		32,178
	Target Corp., Note, 4.00%, 6/15/2013		15,000		14,037
	TOTAL MULTILINE RETAIL			$	46,215
	OIL & GAS -- 3.3%
	Devon Financing Corp., Company Guarantee, 6.875%, 9/30/2011		25,000		28,232
	Kerr-McGee Corp., Note, 6.625%, 10/15/2007		75,000		82,926
	Valero Energy Corp., Company Guarantee, 6.05%, 3/15/2013		10,000		10,320
	TOTAL OIL & GAS			$	121,478
	REAL ESTATE -- 3.4%
	Kimco Realty Corp., Sr. Note, 6.875%, 2/10/2009		100,000		112,499
	PHH Corp., Note, 7.125%, 3/1/2013		10,000		11,144
	TOTAL REAL ESTATE			$	123,643
	ROAD & RAIL -- 0.7%
	Canadian National Railway, Unsecd. Note, 7.00%, 3/15/2004		25,000		25,472
	TELECOMMUNICATIONS -- 0.8%
	Verizon Wireless, Inc., Note, 1.65875%, 12/17/2003		30,000		30,016
	THRIFTS & MORTGAGE FINANCE -- 0.6%
	Washington Mutual Financial Corp., Sr. Note, 8.25%, 6/15/2005		20,000		21,961
TOTAL CORPORATE BONDS (IDENTIFIED COST $978,519)				$	1,017,773
GOVERNMENT AGENCIES -- 16.3%
	FEDERAL HOME LOAN BANK -- 8.1%
	Bond, (Series 375), 2.500%, 12/15/2005		100,000		100,726
	Bond, (Series K805), 6.500%, 11/15/2005		100,000		108,678
	Bond, 6.875%, 8/15/2005		80,000		86,862
	TOTAL FEDERAL HOME LOAN BANK			$	296,266
	FEDERAL HOME LOAN MORTGAGE CORPORATION -- 2.4%
	Discount Bond, 4.000%, 10/29/2007		75,000		76,240
	Note, (Series MTN), 2.850%, 6/3/2008		10,000		9,623
	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION			$	85,863
Description			Prinicpal Amount		Value
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 5.8%
	Note, 4.250%, 7/15/2007	$	100,000	$	104,132
	Sub. Note, 5.500%, 5/2/2006		100,000		106,886
	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION			$	211,018
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $575,452)				$	593,147
MORTGAGE BACKED SECURITIES -- 5.6%
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 5.6%
8	Pool TBA, 5.000%, 12/1/2018 ( IDENTIFIED COST $199,000)		200,000	$	203,188
U.S. TREASURY -- 14.1%
	U. S. TREASURY BONDS -- 2.8%
	5.375%, 2/15/2031		100,000		103,406
	U. S. TREASURY NOTES -- 11.3%
	3.250%, 8/15/2007		25,000		25,449
	3.625%, 5/15/2013		50,000		47,914
Description			Prinicpal Amount or Shares		Value
	3.875%, 2/15/2013	$	20,000	$	19,459
	4.250%, 8/15/2013		10,000		9,963
	6.125%, 8/15/2007		100,000		112,188
	TIPS, Series A-2011, 3.500% 1/15/2011		21,169		23,851
	TIPS, Series A-2012, 3.375% 1/15/2012		103,746		116,519
	TIPS, Series C-2012, 3.000% 7/15/2012		51,228		56,086
	TOTAL U. S. TREASURY NOTES				411,429
TOTAL U.S. TREASURY (IDENTIFIED COST $496,591)				$	514,835
MUTUAL FUND -- 0.0%
	SSGA Money Market Fund (AT NET ASSET VALUE)		6		6
REPURCHASE AGREEMENT -- 6.7%
	Repurchase agreement with Credit Suisse First Boston Corp., dated 10/31/2003 due 11/3/2003 at 1.020%, collateralized by a U.S. Treasury Obligation with maturity of 12/31/2004 (repurchase proceeds $242,272) (COST OF $242,251)	$	242,251	$	242,251
TOTAL INVESTMENTS -- 106.0% (IDENTIFIED COST $3,679,856)				$	3,852,585
OTHER ASSETS AND LIABILITIES -- NET -- (6.0)%				$	(219,454	)
TOTAL NET ASSETS -- 100%				$	3,633,131

See Notes to Portfolios of Investments

MTB Equity Income Fund

 

Description		Shares		Value
COMMON -- STOCKS -- 95.2%
	AEROSPACE & DEFENSE -- 2.8%
	United Technologies Corp.	25,000	$	2,117,250
	BEVERAGES -- 3.0%
	Coors Adolph Co., Class B	10,000		560,500
	PepsiCo, Inc.	35,000		1,673,700
	TOTAL BEVERAGES		$	2,234,200
	BUILDING PRODUCTS -- 2.2%
	Masco Corp.	60,000		1,650,000
	CAPITAL MARKETS -- 3.6%
	J.P. Morgan Chase & Co.	25,000		897,500
	Waddell & Reed Financial, Inc., Class A	80,000		1,774,400
	TOTAL CAPITAL MARKETS		$	2,671,900
	CHEMICALS -- 2.1%
	Eastman Chemical Co.	30,000		973,800
	Lyondell Chemical Co.	40,000		572,000
	TOTAL CHEMICALS		$	1,545,800
	COMMERCIAL BANKS -- 9.8%
	FleetBoston Financial Corp.	22,000	$	888,580
	KeyCorp	50,000		1,412,500
	U.S. Bancorp	80,000		2,177,600
	Wells Fargo & Co.	50,000		2,816,000
	TOTAL COMMERCIAL BANKS		$	7,294,680
	COMMUNICATIONS EQUIPMENT -- 2.4%
	Motorola, Inc.	80,000		1,082,400
	Nokia Oyj, Class A, ADR	40,000		679,600
	TOTAL COMMUNICATIONS EQUIPMENT		$	1,762,000
	COMPUTERS & PERIPHERALS -- 2.4%
	International Business Machines Corp.	20,000		1,789,600
	DIVERSIFIED FINANCIAL SERVICES -- 2.9%
	Citigroup, Inc.	45,000		2,133,000
	DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.8%
	BellSouth Corp.	45,000	$	1,183,950
	Verizon Communications	27,000		907,200
	TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES		$	2,091,150
	ELECTRIC UTILITIES -- 2.9%
	Exelon Corp.	20,000		1,269,000
	Pepco Holdings, Inc.	50,000		880,000
	TOTAL ELECTRIC UTILITIES		$	2,149,000
	ENERGY EQUIPMENT & SERVICES -- 2.2%
	Schlumberger Ltd.	35,000		1,643,950
	FOOD PRODUCTS -- 4.0%
	General Mills, Inc.	15,000		672,750
	Kellogg Co.	40,000		1,325,200
	Kraft Foods, Inc., Class A	35,000		1,018,500
	TOTAL FOOD PRODUCTS		$	3,016,450
	HOUSEHOLD DURABLES -- 5.1%
	Koninklijke (Royal) Philips Electronics NV, ADR	60,000		1,610,400
	Maytag Corp.	40,000		1,016,000
	Newell Rubbermaid, Inc.	50,000		1,140,000
	TOTAL HOUSEHOLD DURABLES		$	3,766,400
	HOUSEHOLD PRODUCTS -- 1.7%
	Procter & Gamble Co.	13,000		1,277,770
	INDUSTRIAL CONGLOMERATES -- 2.3%
	General Electric Co.	60,000		1,740,600
	INSURANCE -- 2.4%
	Ace Ltd.	28,000		1,008,000
	Allstate Corp.	20,000		790,000
	TOTAL INSURANCE		$	1,798,000
	MACHINERY -- 2.2%
	Harsco Corp.	14,000		536,340
	Illinois Tool Works, Inc.	15,000		1,103,250
	TOTAL MACHINERY		$	1,639,590
	MEDIA -- 2.1%
	New York Times Co., Class A	17,000		808,010
	Walt Disney Co.	35,000		792,400
	TOTAL MEDIA		$	1,600,410
	METALS & MINING -- 1.7%
	Alcoa, Inc.	40,000		1,262,800
	MULTI-UTILITIES & UNREGULATED POWER -- 2.1%
	Constellation Energy Group	42,000		1,527,540
	MULTILINE RETAIL -- 2.1%
	Target Corp.	40,000	$	1,589,600
	OIL & GAS -- 5.3%
	BP Amoco PLC, ADR	25,000		1,059,500
	ChevronTexaco Corp.	15,000		1,114,500
	Exxon Mobil Corp.	48,000		1,755,840
	TOTAL OIL & GAS		$	3,929,840
	PHARMACEUTICALS -- 9.2%
	Abbott Laboratories	35,000		1,491,700
	Bristol-Myers Squibb Co.	40,000		1,014,800
	Merck & Co., Inc.	20,000		885,000
	Pfizer, Inc.	55,000		1,738,000
	Wyeth	40,000		1,765,600
	TOTAL PHARMACEUTICALS		$	6,895,100
	REAL ESTATE -- 3.7%
	Boston Properties, Inc.	20,000		885,000
	New Plan Excel Realty Trust	40,000		908,000
	Simon Property Group, Inc.	22,000		991,760
	TOTAL REAL ESTATE		$	2,784,760
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 3.0%
	Intel Corp.	25,000		826,250
	Texas Instruments, Inc.	50,000		1,446,000
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS		$	2,272,250
	SOFTWARE -- 3.5%
	Computer Associates International, Inc.	25,000		588,000
	Microsoft Corp.	76,000		1,987,400
	TOTAL SOFTWARE		$	2,575,400
	SPECIALTY RETAIL -- 1.2%
	Pier 1 Imports, Inc.	38,000		877,800
	THRIFTS & MORTGAGE FINANCE -- 2.6%
	Washington Mutual, Inc.	45,000		1,968,750
	TOBACCO -- 1.9%
	Altria Group, Inc.	30,000		1,395,000
TOTAL COMMON STOCKS (IDENTIFIED COST $60,147,013)			$	71,000,590
PREFERRED STOCK -- 2.0%
	AEROSPACE & DEFENSE -- 2.0%
	Northrop Grumman Corp., Conv. Pfd., $7.25 Annual Dividend (IDENTFIED COST $1,578,835)	15,000	$	1,513,500
MUTUAL FUNDS -- 2.7%
	SSGA Money Market Fund	1,836,787		1,836,787
	SSGA US Government Money Market Fund	161,530		161,530
TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)			$	1,998,317
TOTAL INVESTMENTS -- 99.9% (IDENTIFIED COST $63,724,165)			$	74,512,407
OTHER ASSETS AND LIABILITIES -- NET -- 0.1%			$	79,721
TOTAL NET ASSETS -- 100%			$	74,592,128

See Notes to Portfolios of Investments

MTB Large Cap Value Fund

 

Description		Shares		Value
COMMON STOCKS -- 94.8%
	AEROSPACE & DEFENSE -- 2.9%
	Honeywell International, Inc.	20,800	$	636,688
	Lockheed Martin Corp.	16,605		769,808
	Raytheon Co.	22,020		583,090
	TOTAL AEROSPACE & DEFENSE		$	1,989,586
	AUTO COMPONENTS -- 1.5%
7	Lear Corp.	18,005		1,045,910
	CAPITAL MARKETS -- 3.4%
	Bank of New York Co., Inc.	28,700		895,153
	Morgan Stanley	26,020		1,427,717
	TOTAL CAPITAL MARKETS		$	2,322,870
	CHEMICALS -- 1.1%
	Du Pont (E.I.) de Nemours & Co.	19,000		767,600
	COMMERCIAL BANKS -- 6.4%
	FleetBoston Financial Corp.	32,600		1,316,714
	KeyCorp	23,600		666,700
	U.S. Bancorp	28,792		783,718
	Wells Fargo & Co.	28,154		1,585,633
	TOTAL COMMERCIAL BANKS		$	4,352,765
	COMMERCIAL SERVICES & SUPPLIES -- 1.5%
7	Cendant Corp.	50,100		1,023,543
	COMMUNICATIONS EQUIPMENT -- 2.2%
7	Lucent Technologies, Inc.	275,350	$	881,120
7	Nortel Networks Corp.	147,325		655,596
	TOTAL COMMUNICATIONS EQUIPMENT		$	1,536,716
	COMPUTERS & PERIPHERALS -- 1.8%
7	Electronics for Imaging, Inc.	45,400	$	1,230,340
	CONSUMER FINANCE -- 1.8%
	Capital One Financial Corp.	19,690		1,197,152
	DIVERSIFIED FINANCIAL SERVICES -- 5.0%
	Citigroup, Inc.	71,333		3,381,184
	DIVERSIFIED TELECOMMUNICATION SERVICES -- 3.2%
	BellSouth Corp.	22,600		594,606
	SBC Communications, Inc.	26,090		625,638
	Verizon Communications	30,425		1,022,280
	TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES		$	2,242,524
	ELECTRIC UTILITIES -- 3.3%
	DTE Energy Co.	21,906		807,893
	FPL Group, Inc.	10,800		688,392
	PPL Corp.	7,125		284,430
	Pepco Holdings, Inc.	27,063		476,309
	TOTAL ELECTRIC UTILITIES		$	2,257,024
	ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.7%
7	Solectron Corp.	132,800		735,712
	Symbol Technologies, Inc.	86,470		1,080,010
	TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS		$	1,815,722
	ENERGY EQUIPMENT & SERVICES -- 1.5%
	Schlumberger Ltd.	10,175		477,920
7	Transocean Sedco Forex, Inc.	28,890		554,399
	TOTAL ENERGY EQUIPMENT & SERVICES		$	1,032,319
	HEALTHCARE PROVIDERS & SERVICES -- 4.0%
7	Caremark Rx, Inc.	32,800	$	821,640
	HCA - The Healthcare Corp.	19,140		732,105
	Health Management Association, Class A	52,411		1,160,904
	TOTAL HEALTHCARE PROVIDERS & SERVICES		$	2,714,649
	HOTELS, RESTAURANTS & LEISURE -- 2.1%
	Carnival Corp.	16,805		586,663
	Darden Restaurants, Inc.	39,060		818,307
	TOTAL HOTELS, RESTAURANTS & LEISURE		$	1,404,970
	HOUSEHOLD DURABLES -- 0.7%
	Newell Rubbermaid, Inc.	20,285		462,498
	HOUSEHOLD PRODUCTS -- 0.7%
	Kimberly-Clark Corp.	9,600		506,976
	INDUSTRIAL CONGLOMERATES -- 1.8%
	General Electric Co.	41,255		1,196,808
	INSURANCE -- 8.9%
	Allstate Corp.	21,900		865,050
	American International Group, Inc.	34,750		2,113,842
	Hartford Financial Services Group, Inc.	16,250		892,125
	Jefferson-Pilot Corp.	20,250		966,735
	Lincoln National Corp.	15,200		606,936
	St. Paul Cos., Inc.	16,700		636,771
	TOTAL INSURANCE		$	6,081,459
	LEISURE EQUIPMENT & PRODUCTS -- 1.1%
	Mattel, Inc.	39,862		771,728
	MACHINERY -- 1.4%
	SPX Corp.	20,065		965,528
	MEDIA -- 9.6%
	Clear Channel Communications, Inc.	19,227		784,846
7	Comcast Corp., Class A	37,935		1,286,755
7	Cox Communications, Inc., Class A	19,500		664,365
7	Liberty Media Corp., Class A	52,244		527,142
7	Time Warner, Inc.	69,192		1,057,946
	Viacom, Inc., Class B	31,700		1,263,879
	Walt Disney Co.	41,709		944,292
	TOTAL MEDIA		$	6,529,225
	METALS & MINING -- 1.4%
	Alcoa, Inc.	29,668		936,619
	MULTI-UTILITIES & UNREGULATED POWER -- 0.4%
	Duke Energy Corp.	14,695		266,714
	OIL & GAS -- 7.9%
	Burlington Resources, Inc.	16,185	$	787,238
	ChevronTexaco Corp.	24,450		1,816,635
	ConocoPhillips	11,322		647,052
	ExxonMobil Corp.	59,214		2,166,048
	TOTAL OIL & GAS		$	5,416,973
	PHARMACEUTICALS -- 1.2%
	Pfizer, Inc.	26,015		822,074
	REAL ESTATE -- 2.1%
	Archstone-Smith Trust	24,000		640,800
	Equity Office Properties Trust	27,267		763,749
	TOTAL REAL ESTATE		$	1,404,549
	ROAD & RAIL -- 1.1%
	CSX Corp.	23,660		752,861
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 2.6%
7	International Rectifier Corp.	21,950		1,047,674
	Texas Instruments, Inc.	25,700		743,244
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS		$	1,790,918
	SPECIALTY RETAIL -- 3.1%
	Home Depot, Inc.	31,515		1,168,261
7	Staples, Inc.	36,600		981,612
	TOTAL SPECIALTY RETAIL		$	2,149,873
	THRIFTS & MORTGAGE FINANCE -- 5.7%
	Countrywide Financial Corp.	17,200		1,808,064
	Fannie Mae	14,325		1,026,959
	Washington Mutual, Inc.	24,600		1,076,250
	TOTAL THRIFTS & MORTGAGE FINANCE		$	3,911,273
	TOBACCO -- 0.7%
	Altria Group, Inc.	10,749		499,829
TOTAL COMMON STOCKS (IDENTIFIED COST $58,576,624)			$	64,780,779
MUTUAL FUNDS -- 4.7%
	SSGA Money Market Fund	1,911,046		1,911,046
	SSGA US Government Money Market Fund	1,315,233		1,315,233
TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)			$	3,226,279
TOTAL INVESTMENTS -- 99.5% (IDENTIFIED COST $61,802,903)			$	68,007,058
OTHER NET ASSETS AND LIABILITIES -- NET -- 0.5%			$	360,074
TOTAL NET ASSETS -- 100%			$	68,367,132

See Notes to Portfolios of Investments

MTB Equity Index Fund

 

Description		Shares		Value
COMMON STOCKS -- 98.2%
	AEROSPACE & DEFENSE -- 1.7%
	Boeing Co.	9,880	$	380,281
	General Dynamics Corp.	2,300		192,510
	Goodrich (B.F.) Co.	1,385		38,254
	Honeywell International, Inc.	10,041		307,355
	Lockheed Martin Corp.	5,350		248,026
	Northrop Grumman Corp.	2,160		193,104
	Raytheon Co.	4,880		129,222
	Rockwell Collins	1,890		51,881
	United Technologies Corp.	5,460		462,407
	TOTAL AEROSPACE & DEFENSE		$	2,003,040
	AIR FREIGHT & LOGISTICS -- 1.1%
	FedEx Corp.	3,517		266,448
	Ryder Systems, Inc.	770		23,100
	United Parcel Service, Inc.	13,125		951,825
	TOTAL AIR FREIGHT & LOGISTICS		$	1,241,373
	AIRLINES -- 0.2%
7	Delta Air Lines, Inc.	1,200		15,624
	Southwest Airlines Co.	9,059		175,745
	TOTAL AIRLINES		$	191,369
	AUTO COMPONENTS -- 0.2%
	Cooper Tire & Rubber Co.	855		16,809
	Dana Corp.	1,681		27,367
	Delphi Auto Systems Corp.	6,543		58,233
7	Goodyear Tire & Rubber Co.	1,545		10,599
	Johnson Controls, Inc.	1,000		107,530
	Visteon Corp.	1,300		8,398
	TOTAL AUTO COMPONENTS		$	228,936
	AUTOMOBILES -- 0.6%
	Ford Motor Co.	21,500		260,795
	General Motors Corp.	6,595		281,409
	Harley Davidson, Inc.	3,625		171,861
	TOTAL AUTOMOBILES		$	714,065
	BEVERAGES -- 2.7%
	Anheuser-Busch Cos., Inc.	9,725		479,053
	Brown-Forman Corp., Class B	780		65,816
	Coca-Cola Co.	29,215		1,355,576
	Coca-Cola Enterprises, Inc.	5,350		107,856
	Coors Adolph Co., Class B	485		27,184
	PepsiCo, Inc.	20,525		981,506
	The Pepsi Bottling Group, Inc.	3,200		71,328
	TOTAL BEVERAGES		$	3,088,319
	BIOTECHNOLOGY -- 1.2%
7	Amgen, Inc.	14,972		924,671
	Applera Corp.	2,040		47,083
7	Biogen, Inc.	1,750		70,822
7	Chiron Corp.	2,100		114,723
7	Genzyme Corp.	2,525		115,897
7	Medimmune, Inc.	2,950		78,647
	TOTAL BIOTECHNOLOGY		$	1,351,843
	BUILDING PRODUCTS -- 0.2%
7	American Standard Cos.	800		76,560
	Masco Corp.	5,555		152,763
	TOTAL BUILDING PRODUCTS		$	229,323
	CAPITAL MARKETS -- 3.7%
	Bank of New York Co., Inc.	8,935		278,683
	Bear Stearns Cos., Inc.	1,200		91,500
	Federated Investors, Inc.	1,200		33,180
	Franklin Resources, Inc.	2,900		137,518
	Goldman Sachs Group, Inc.	5,450		511,755
	J.P. Morgan Chase & Co.	24,168		867,631
	Janus Capital Group, Inc.	2,400		33,936
	Lehman Brothers Holdings, Inc.	2,860		205,920
	Mellon Financial Corp.	5,160		154,129
	Merrill Lynch & Co., Inc.	10,820		640,544
	Morgan Stanley	12,750		699,593
	Northern Trust Corp.	2,670		124,022
	Schwab (Charles) Corp.	16,028		217,340
	State Street Corp.	3,900		204,204
	T. Rowe Price Group, Inc.	1,300		53,495
	TOTAL CAPITAL MARKETS		$	4,253,450
	CHEMICALS -- 1.4%
	Air Products & Chemicals, Inc.	2,525		114,660
	Dow Chemical Co.	10,682		402,604
	Du Pont (E.I.) de Nemours & Co.	11,650		470,660
	Eastman Chemical Co.	900		29,214
	Ecolab, Inc.	2,890		77,712
	Engelhard Corp.	1,530		43,727
	Great Lakes Chemical Corp.	600		12,900
7	Hercules, Inc.	800		8,360
	International Flavors & Fragrances, Inc.	1,085		35,913
	Monsanto Co.	3,040		76,152
	PPG Industries, Inc.	1,890		108,959
	Praxair, Inc.	1,805		125,592
	Rohm & Haas Co.	2,450		96,285
	Sigma-Aldrich Corp.	750		39,338
	TOTAL CHEMICALS		$	1,642,076
	COMMERCIAL BANKS -- 6.2%
	Amsouth Bancorporation	4,200		99,204
	BB&T Corp.	6,285		243,041
	Bank One Corp.	13,000		551,850
	Bank of America Corp.	4,175		316,173
	Charter One Financial, Inc.	2,671		85,365
	Comerica, Inc.	2,132		109,755
	Fifth Third Bancorp	6,600		382,536
	First Tennessee National Corp.	1,500		68,040
	FleetBoston Financial Corp.	36,303		1,466,278
	Huntington Bancshares, Inc.	2,542		55,060
	KeyCorp	4,745		134,046
	Marshall & Ilsley Corp.	2,600		93,132
	National City Corp.	7,310		238,745
	North Fork Bancorp, Inc.	1,700		66,266
	PNC Financial Services Group	3,365		180,263
	Regions Financial Corp.	2,620		96,285
	SouthTrust Corp.	3,900		124,215
	SunTrust Banks, Inc.	3,345		224,349
	Synovus Financial Corp.	3,592		99,139
	U.S. Bancorp	22,375		609,048
	Union Planters Corp.	2,175		72,362
	Wachovia Corp.	15,675		719,012
	Wells Fargo & Co.	19,930		1,122,458
	Zions Bancorp	1,000		61,290
	TOTAL COMMERCIAL BANKS		$	7,217,912
	COMMERCIAL SERVICES & SUPPLIES -- 1.0%
7	Allied Waste Industries, Inc.	1,900		21,432
7	Apollo Group, Inc., Class A	2,050		130,236
	Avery Dennison Corp.	1,240		65,199
	Block (H&R), Inc.	2,100		98,889
7	Cendant Corp.	11,850		242,095
	Cintas Corp.	1,900		81,054
	Deluxe Corp.	640		25,837
	Donnelley (R.R.) & Sons Co.	1,105		28,730
	Equifax, Inc.	1,625		39,715
7	Monster Worldwide, Inc.	1,300		33,111
	Pitney Bowes, Inc.	2,680		110,148
7	Robert Half International, Inc.	1,700		40,137
	Waste Management, Inc.	7,050		182,736
	TOTAL COMMERCIAL SERVICES & SUPPLIES		$	1,099,319
	COMMUNICATIONS EQUIPMENT -- 2.8%
7	ADC Telecommunications, Inc.	7,700		19,635
7	Andrew Corp.	1,145		14,977
7	Avaya, Inc.	4,425		57,260
7	CIENA Corp.	4,800		30,768
7	Cisco Systems, Inc.	83,275		1,747,109
7	Comverse Technology, Inc.	2,200		39,688
7	Corning, Inc.	15,470		169,861
7	JDS Uniphase Corp.	16,900		59,995
7	Lucent Technologies, Inc.	48,111		153,955
	Motorola, Inc.	27,026		365,662
7	Qlogic Corp.	1,000		56,050
	Qualcomm, Inc.	9,200		437,000
	Scientific-Atlanta, Inc.	1,600		47,360
7	Tellabs, Inc.	3,985		30,007
	TOTAL COMMUNICATIONS EQUIPMENT		$	3,229,327
	COMPUTERS & PERIPHERALS -- 4.0%
7	Apple Computer, Inc.	4,265		97,626
7	Dell, Inc.	30,525		1,102,563
7	EMC Corp. Mass	25,361		350,996
7	Gateway, Inc.	3,550		17,892
	Hewlett-Packard Co.	35,550		793,120
	International Business Machines Corp.	20,400		1,825,392
7	Lexmark International Group, Class A	1,400		103,054
7	NCR Corp.	1,100		39,534
7	Network Appliance, Inc.	3,950		97,486
7	Seagate Technology, Inc., Rights	2,330		0
7	Sun Microsystems, Inc.	37,700		149,292
	TOTAL COMPUTERS & PERIPHERALS		$	4,576,955
	CONSTRUCTION & ENGINEERING -- 0.0%
	Fluor Corp.	955		35,411
	CONSTRUCTION MATERIALS -- 0.0%
	Vulcan Materials Co.	1,200		53,172
	CONSUMER FINANCE -- 1.3%
	American Express Co.	15,125		709,816
	Capital One Financial Corp.	2,585		157,168
	MBNA Corp.	14,995		371,126
7	Providian Financial Corp.	2,900		32,219
	SLM Corporation	5,245		205,394
	TOTAL CONSUMER FINANCE		$	1,475,723
	CONTAINERS & PACKAGING -- 0.2%
	Ball Corp.	580		32,596
	Bemis Co., Inc.	560		25,894
7	Pactiv Corp.	1,765		38,918
7	Sealed Air Corp.	882		46,949
	Temple-Inland, Inc.	650		35,120
	TOTAL CONTAINERS & PACKAGING		$	179,477
	DISTRIBUTORS -- 0.1%
	Genuine Parts Co.	2,060		65,549
	DIVERSIFIED FINANCIAL SERVICES -- 2.8%
	Citigroup, Inc.	61,130		2,897,562
	Loews Corp.	2,175		93,525
	Moody's Corp.	1,835		106,118
	Principal Financial Group	3,850		120,698
	TOTAL DIVERSIFIED FINANCIAL SERVICES		$	3,217,903
	DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.8%
	AT&T Corp.	9,180		170,656
	Alltel Corp.	3,660		173,008
	BellSouth Corp.	21,525		566,323
	CenturyTel, Inc.	1,500		53,625
7	Citizens Communications Co., Class B	3,300		41,085
	Qwest Communications International, Inc.	18,654		65,849
	SBC Communications, Inc.	38,700		928,026
	Sprint Corp.	10,350		165,600
	Verizon Communications	32,700		1,098,720
	TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES		$	3,262,892
	ELECTRIC UTILITIES -- 2.0%
7	Allegheny Energy, Inc.	1,000		10,580
	Ameren Corp.	1,860		83,049
	American Electric Power Co., Inc.	4,602		129,730
7	CMS Energy Corp.	1,000		8,120
	CenterPoint Energy, Inc.	2,960		29,038
	Cinergy Corp.	2,060		74,799
	Consolidated Edison Co.	2,560		103,603
	DTE Energy Co.	1,845		68,044
	Dominion Resources, Inc.	3,800		234,080
7	Edison International	3,465		68,295
	Entergy Corp.	2,680		144,452
	Exelon Corp.	3,816		242,125
	FPL Group, Inc.	2,185		139,272
	FirstEnergy Corp.	3,788		130,269
7	P G & E Corp.	4,830		118,094
	PPL Corp.	2,115		84,431
	Pinnacle West Capital Corp.	900		32,904
7	Progress Energy, Inc.	825		182
	Progress Energy, Inc.	2,827		121,844
	Public Service Enterprises Group, Inc.	2,610		106,671
	Southern Co.	8,410		250,618
	TECO Energy, Inc.	1,900		24,947
	TXU Corp.	3,800		86,716
	Xcel Energy, Inc.	4,428		72,619
	TOTAL ELECTRIC UTILITIES		$	2,364,482
	ELECTRICAL EQUIPMENT -- 0.4%
	American Power Conversion Corp.	2,500		50,575
	Cooper Industries, Ltd., Class A	910		48,139
	Emerson Electric Co.	4,960		281,480
7	Power-One, Inc.	700		6,342
	Rockwell Automation, Inc.	2,190		68,000
7	Thomas & Betts Corp.	565		10,057
	TOTAL ELECTRICAL EQUIPMENT		$	464,593
	ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.5%
7	Agilent Technologies, Inc.	5,580		139,054
7	Jabil Circuit, Inc.	2,300		64,055
	Molex, Inc.	2,250		70,628
	PerkinElmer, Inc.	1,030		18,550
7	Sanmina-SCI Corp.	6,000		63,300
7	Solectron Corp.	9,800		54,292
	Symbol Technologies, Inc.	2,700		33,723
	Tektronix, Inc.	1,100		28,237
7	Thermo Electron Corp.	1,580		34,728
7	Waters Corp.	1,550		48,717
	TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS		$	555,284
	ENERGY EQUIPMENT & SERVICES -- 0.7%
7	BJ Services Co.	1,875		61,519
	Baker Hughes, Inc.	3,920		110,779
	Halliburton Co.	4,890		116,773
7	Nabors Industries Ltd.	1,700		64,260
7	Noble Corp.	1,575		54,070
7	Rowan Companies, Inc.	1,060		25,387
	Schlumberger Ltd.	6,815		320,101
7	Transocean Sedco Forex, Inc.	3,449		66,186
	TOTAL ENERGY EQUIPMENT & SERVICES		$	819,075
	FOOD & STAPLES RETAILING -- 3.9%
	Albertsons, Inc.	4,217		85,563
	CVS Corp.	4,640		163,235
7	Costco Wholesale Corp.	5,530		195,596
7	Kroger Co.	8,765		153,300
	SUPERVALU, Inc.	1,580		39,848
7	Safeway, Inc.	5,355		112,991
	Sysco Corp.	7,755		261,033
	Wal-Mart Stores, Inc.	51,850		3,056,558
	Walgreen Co.	12,075		420,452
	Winn-Dixie Stores, Inc.	1,450		11,731
	TOTAL FOOD & STAPLES RETAILING		$	4,500,307
	FOOD PRODUCTS -- 1.2%
	Archer-Daniels-Midland Co.	7,651		109,792
	Campbell Soup Co.	4,815		124,805
	ConAgra, Inc.	6,400		152,576
	General Mills, Inc.	4,325		193,976
	Heinz (H.J.) Co.	4,150		146,619
	Hershey Foods Corp.	1,535		118,348
	Kellogg Co.	4,800		159,024
	McCormick & Co., Inc.	1,600		47,424
	Sara Lee Corp.	9,020		179,769
	Wrigley (Wm.), Jr. Co.	2,710		152,844
	TOTAL FOOD PRODUCTS		$	1,385,177
	GAS UTILITIES -- 0.3%
	KeySpan Corp.	1,700		59,449
	Kinder Morgan, Inc.	1,500		80,325
	NICOR, Inc.	540		18,506
	NiSource, Inc.	2,692		55,751
	Peoples Energy Corp.	400		16,180
	Sempra Energy	2,376		66,053
	TOTAL GAS UTILITIES		$	296,264
	HEALTHCARE EQUIPMENT & SUPPLIES -- 1.8%
	Bard (C.R.), Inc.	645		51,632
	Bausch & Lomb, Inc.	640		30,822
	Baxter International, Inc.	7,040		187,123
	Becton, Dickinson & Co.	2,855		104,379
	Biomet, Inc.	2,940		105,428
7	Boston Scientific Corp.	4,810		325,733
	Guidant Corp.	3,650		186,186
	Medtronic, Inc.	14,215		647,778
7	Millipore Corp.	530		23,241
7	St. Jude Medical, Inc.	1,980		115,157
	Stryker Corp.	2,350		190,609
7	Zimmer Holdings, Inc.	2,627		167,629
	TOTAL HEALTHCARE EQUIPMENT & SUPPLIES		$	2,135,717
	HEALTHCARE PROVIDERS & SERVICES -- 1.7%
	Aetna, Inc.	1,760		101,042
	AmerisourceBergen Corp.	1,200		68,124
7	Anthem, Inc.	1,600		109,488
	CIGNA Corp.	1,725		98,411
	Cardinal Health, Inc.	5,200		308,568
7	Express Scripts, Inc., Class A	1,000		54,920
	HCA - The Healthcare Corp.	5,930		226,823
	Health Management Association, Class A	2,825		62,574
7	Humana, Inc.	1,790		36,319
	IMS Health, Inc.	3,150		74,119
	Manor Care, Inc.	790		26,291
	McKesson HBOC, Inc.	3,231		97,802
7	Medco Health Solutions, Inc.	3,068		101,858
7	Quest Diagnostic, Inc.	1,250		84,563
7	Tenet Healthcare Corp.	5,137		70,891
	UnitedHealth Group, Inc.	6,900		351,072
7	Wellpoint Health Networks, Inc.	1,700		151,130
	TOTAL HEALTHCARE PROVIDERS & SERVICES		$	2,023,995
	HOTELS, RESTAURANTS & LEISURE -- 1.2%
	Carnival Corp.	7,400		258,334
	Darden Restaurants, Inc.	2,050		42,948
	Harrah's Entertainment, Inc.	1,300		56,550
	Hilton Hotels Corp.	4,120		65,261
	International Game Technology	4,200		137,550
	Marriott International, Inc., Class A	2,730		117,936
	McDonald's Corp.	14,910		372,899
7	Starbucks Corp.	4,550		143,780
	Starwood Hotels & Resorts Worldwide, Inc.	2,400		80,952
	Wendy's International, Inc.	1,235		45,757
7	Yum! Brands, Inc.	3,464		118,261
	TOTAL HOTELS, RESTAURANTS & LEISURE		$	1,440,228
	HOUSEHOLD DURABLES -- 0.5%
7	American Greetings Corp., Class A	355		7,572
	Black & Decker Corp.	950		45,419
	Centex Corp.	680		66,300
	Fortune Brands, Inc.	1,650		107,497
	KB HOME	520		35,615
	Leggett and Platt, Inc.	2,100		43,869
	Maytag Corp.	720		18,288
	Newell Rubbermaid, Inc.	3,150		71,820
	Pulte Corp.	620		53,636
	Snap-On Tools Corp.	680		19,951
	Stanley Works	1,000		33,340
	Tupperware Corp.	680		10,234
	Whirlpool Corp.	800		56,376
	TOTAL HOUSEHOLD DURABLES		$	569,917
	HOUSEHOLD PRODUCTS -- 2.0%
	Clorox Co.	2,550		115,515
	Colgate-Palmolive Co.	6,330		336,693
	Kimberly-Clark Corp.	6,030		318,444
	Procter & Gamble Co.	15,250		1,498,923
	TOTAL HOUSEHOLD PRODUCTS		$	2,269,575
	IT SERVICES -- 1.1%
	Automatic Data Processing, Inc.	6,940		261,916
7	Computer Sciences Corp.	2,200		87,164
7	Concord EFS, Inc.	5,600		59,864
7	Convergys Corp.	1,700		27,302
	Electronic Data Systems Corp.	5,625		120,656
7	FIserv, Inc.	2,150		75,938
	First Data Corp., Class	8,670		309,519
	Paychex, Inc.	4,425		172,221
	Sabre Group Holdings, Inc.	1,656		36,283
7	Sungard Data Systems, Inc.	3,300		92,565
7	Unisys Corp.	3,270		50,227
	TOTAL IT SERVICES		$	1,293,655
	INDUSTRIAL CONGLOMERATES -- 4.1%
	3M Co.	9,120		719,294
	General Electric Co.	118,850		3,447,839
	Textron, Inc.	1,660		82,485
	Tyco International Ltd.	23,441		489,448
	TOTAL INDUSTRIAL CONGLOMERATES		$	4,739,066
	INSURANCE -- 4.3%
	AON Corp.	3,430		75,117
	Ace Ltd.	3,200		115,200
	Aflac, Inc.	6,050		220,704
	Allstate Corp.	8,285		327,257
	Ambac Financial Group, Inc.	1,250		88,425
	American International Group, Inc.	30,771		1,871,800
	Chubb Corp.	2,175		145,312
	Cincinnati Financial Corp.	1,895		77,543
	Hartford Financial Services Group, Inc.	3,320		182,268
	Jefferson-Pilot Corp.	1,600		76,384
	John Hancock Financial Services, Inc.	3,350		118,423
	Lincoln National Corp.	1,980		79,061
	MBIA Insurance Corp.	1,650		98,356
	Marsh & McLennan Cos., Inc.	6,339		270,992
	MetLife, Inc.	8,825		277,105
	Progressive Corp., OH	2,585		190,773
	Prudential Financial, Inc.	6,400		247,296
	SAFECO Corp.	1,525		55,968
	St. Paul Cos., Inc.	2,504		95,478
	Torchmark Corp.	1,200		52,656
	Travelers Property Casualty Corp., Class B	11,809		193,313
	UNUMProvident Corp.	3,395		55,576
	XL Capital Ltd.	1,625		112,937
	TOTAL INSURANCE		$	5,027,944
	INTERNET & CATALOG RETAIL -- 0.4%
7	eBay, Inc.	7,500		419,550
	INTERNET SOFTWARE & SERVICES -- 0.3%
7	Yahoo!, Inc.	7,700	$	336,490
	LEISURE EQUIPMENT & PRODUCTS -- 0.2%
	Brunswick Corp.	900		26,703
	Eastman Kodak Co.	3,260		79,642
	Hasbro, Inc.	2,000		43,600
	Mattel, Inc.	5,140		99,510
	TOTAL LEISURE EQUIPMENT & PRODUCTS		$	249,455
	MACHINERY -- 1.3%
	Caterpillar, Inc.	4,060		297,517
	Crane Co.	760		21,356
	Cummins Engine Co., Inc.	410		19,434
	Danaher Corp.	1,815		150,373
	Deere & Co.	2,855		173,070
	Dover Corp.	2,410		94,038
	Eaton Corp.	895		89,715
	ITT Industries, Inc.	1,045		71,049
	Illinois Tool Works, Inc.	3,625		266,619
	Ingersoll-Rand Co., Class A	1,900		114,760
	Navistar International Corp.	845		34,163
	PACCAR, Inc.	1,330		105,017
	Pall Corp.	1,480		34,632
	Parker-Hannifin Corp.	1,390		70,848
	TOTAL MACHINERY		$	1,542,591
	MEDIA -- 3.9%
	Clear Channel Communications, Inc.	7,185		293,292
7	Comcast Corp., Class A	26,266		890,943
	Dow Jones & Co.	1,025		53,269
	Gannett Co., Inc.	3,140		264,105
7	Interpublic Group Cos., Inc.	4,000		59,520
	Knight-Ridder, Inc.	900		65,988
	McGraw-Hill Cos., Inc.	2,225		148,964
	Meredith Corp.	560		27,171
	New York Times Co., Class A	1,770		84,128
	Omnicom Group, Inc.	2,275		181,545
7	Time Warner, Inc.	52,385		800,967
	Time Warner Inc.	1,115		17,082
	Tribune Co.	3,577		175,452
7	Univision Communications, Inc., Class A	3,700		125,615
	Viacom, Inc., Class B	20,475		816,338
	Walt Disney Co.	23,805		538,945
	TOTAL MEDIA		$	4,543,324
	METALS & MINING -- 0.6%
	Alcoa, Inc.	9,813		309,796
	Allegheny Technologies, Inc.	765		5,852
	Freeport-McMoRan Copper & Gold, Inc., Class B	1,830		70,912
	Newmont Mining Corp.	4,765		208,612
	Nucor Corp.	975		53,459
7	Phelps Dodge Corp.	908		56,060
	United States Steel Corp.	915		21,640
	Worthington Industries, Inc.	940		13,705
	TOTAL METALS & MINING		$	740,036
	MULTI-UTILITIES & UNREGULATED POWER -- 0.4%
7	AES Corp.	6,400		56,000
7	Calpine Corp.	4,500		20,745
	Constellation Energy Group	1,955		71,103
	Duke Energy Corp.	10,475		190,121
7	Dynegy, Inc.	4,400		17,644
	El Paso Corp.	6,483		47,585
7	Mirant Corp.	4,169		1,834
	Williams Cos., Inc. (The)	6,125		62,475
	TOTAL MULTI-UTILITIES & UNREGULATED POWER		$	467,507
	MULTILINE RETAIL -- 1.2%
	Big Lots, Inc.	1,290		19,363
	Dillards, Inc., Class A	1,080		17,464
	Dollar General Corp.	3,950		88,756
	Family Dollar Stores, Inc.	2,050		89,400
	Federated Department Stores, Inc.	2,300		109,365
7	Kohl's Corp.	3,950		221,476
	May Department Stores Co.	3,335		93,247
	Nordstrom, Inc.	1,575		48,022
	Penney (J.C.) Co., Inc.	3,000		70,950
	Sears, Roebuck & Co.	3,250		171,048
	Target Corp.	10,720		426,013
	TOTAL MULTILINE RETAIL		$	1,355,104
	OFFICE ELECTRONICS -- 0.1%
7	Xerox Corp.	8,800		92,400
	OIL & GAS -- 4.7%
	Amerada-Hess Corp.	970		50,071
	Anadarko Petroleum Corp.	2,900		126,498
	Apache Corp.	1,948		135,814
	Ashland, Inc.	610		22,716
	Burlington Resources, Inc.	3,617		175,931
	ChevronTexaco Corp.	12,448		924,886
	ConocoPhillips	7,968		455,371
	Devon Energy Corp.	2,750		133,375
	EOG Resources, Inc.	1,350		56,889
	Exxon Mobil Corp.	78,775		2,881,589
	Kerr-McGee Corp.	1,200		49,800
	Marathon Oil Corp.	3,680		108,818
	Occidental Petroleum Corp.	4,525		159,552
	Sunoco Inc.	735		32,164
	Unocal Corp.	2,905		92,030
	TOTAL OIL & GAS		$	5,405,504
	PAPER & FOREST PRODUCTS -- 0.5%
	Boise Cascade Corp.	575		16,129
	Georgia-Pacific Corp.	2,901		76,238
	International Paper Co.	5,690		223,901
7	Louisiana-Pacific Corp.	870		16,547
	MeadWestvaco Corp.	2,365		61,301
	Weyerhaeuser Co.	2,650		159,610
	TOTAL PAPER & FOREST PRODUCTS		$	553,726
	PERSONAL PRODUCTS -- 0.5%
	Alberto-Culver Co., Class B	620		39,308
	Avon Products, Inc.	2,800		190,288
	Gillette Co.	11,890		379,291
	TOTAL PERSONAL PRODUCTS		$	608,887
	PHARMACEUTICALS -- 8.1%
	Abbott Laboratories	18,190		775,258
	Allergan, Inc.	1,480		111,918
	Bristol-Myers Squibb Co.	22,575		572,728
7	Forest Laboratories, Inc., Class A	4,300		215,043
	Johnson & Johnson	34,993		1,761,198
7	King Pharmaceuticals, Inc.	2,733		36,622
	Lilly (Eli) & Co.	13,300		886,046
	Merck & Co., Inc.	26,145		1,156,916
	Pfizer, Inc.	91,705		2,897,878
	Schering Plough Corp.	17,275		263,789
7	Watson Pharmaceuticals, Inc.	1,200		47,124
	Wyeth	15,490		683,729
	TOTAL PHARMACEUTICALS		$	9,408,249
	REAL ESTATE -- 0.4%
	Apartment Investment & Management Co., Class A	1,000		40,900
	Equity Office Properties Trust	4,800		134,448
	Equity Residential Properties Trust	3,050		89,212
	Plum Creek Timber Co., Inc.	2,250		59,288
	Prologis Trust	2,000		59,080
	Simon Property Group, Inc.	2,200		99,176
	TOTAL REAL ESTATE		$	482,104
	ROAD & RAIL -- 0.4%
	Burlington Northern Santa Fe	4,400		127,336
	CSX Corp.	2,570		81,777
	Norfolk Southern Corp.	4,575		92,186
	Union Pacific Corp.	2,995		187,487
	TOTAL ROAD & RAIL		$	488,786
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 4.4%
7	Advanced Micro Devices, Inc.	3,400		51,680
7	Altera Corp.	4,500		91,035
7	Analog Devices, Inc.	4,300		190,619
7	Applied Materials, Inc.	19,340		451,976
7	Applied Micro Circuits Corp.	3,000		17,460
7	Broadcom Corp.	3,300		105,435
	Intel Corp.	76,700		2,534,935
7	KLA-Tencor Corp.	2,300		131,859
7	LSI Logic Corp.	4,360		40,286
	Linear Technology Corp.	3,550		151,265
	Maxim Integrated Products, Inc.	3,825		190,141
7	Micron Technology, Inc.	7,300		104,682
7	NVIDIA Corp.	1,825		32,266
7	National Semiconductor Corp.	1,885		76,588
7	Novellus Systems, Inc.	1,800		74,322
7	PMC-Sierra, Inc.	2,000		36,340
7	Teradyne, Inc.	2,100		47,838
	Texas Instruments, Inc.	20,130		582,160
7	Xilinx, Inc.	4,000		126,800
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS		$	5,037,687
	SOFTWARE -- 4.6%
	Adobe System, Inc.	2,600		113,984
	Autodesk, Inc.	1,380		26,565
7	BMC Software, Inc.	2,650		46,057
7	Citrix Systems, Inc.	2,000		50,560
	Computer Associates International, Inc.	6,825		160,524
7	Compuware Corp.	3,500		19,670
7	Electronic Arts, Inc.	1,700		168,368
7	Intuit, Inc.	2,325		116,203
7	Mercury Interactive Corp.	900		41,796
	Microsoft Corp.	128,350		3,356,353
7	Novell, Inc.	3,325		19,518
7	Oracle Corp.	61,088		730,612
7	Parametric Technology Corp.	2,670		8,304
7	Peoplesoft, Inc.	4,250		88,230
7	Siebel Systems, Inc.	5,700		71,763
7	Symantec Corp.	1,750		116,638
7	Veritas Software Corp.	4,915		177,677
	TOTAL SOFTWARE		$	5,312,822
	SPECIALTY RETAIL -- 2.5%
7	AutoNation, Inc.	3,450		64,515
7	AutoZone, Inc.	1,040		99,944
7	Bed Bath & Beyond, Inc.	3,450		145,728
	Best Buy Co., Inc.	3,600		209,916
	Circuit City Stores, Inc.	2,350		22,419
	Gap (The), Inc.	10,395		198,337
	Home Depot, Inc.	26,867		995,960
	Limited, Inc.	6,184		108,838
	Lowe's Cos., Inc.	9,050		533,317
7	Office Depot, Inc.	3,300		49,269
	Radioshack Corp.	1,800		53,982
	Sherwin-Williams Co.	1,910		64,061
7	Staples, Inc.	5,700		152,874
	TJX Cos., Inc.	6,140		128,879
	Tiffany & Co.	1,600		75,920
7	Toys `R' Us, Inc.	2,090		27,170
	TOTAL SPECIALTY RETAIL		$	2,931,129
	TEXTILES APPAREL & LUXURY GOODS -- 0.3%
	Jones Apparel Group, Inc.	1,450		50,025
	Liz Claiborne, Inc.	1,340		49,433
	Nike, Inc., Class B	3,165		202,244
	Reebok International Ltd.	670		26,097
	V.F. Corp.	1,075		45,634
	TOTAL TEXTILES APPAREL & LUXURY GOODS		$	373,433
	THRIFTS & MORTGAGE FINANCE -- 1.9%
	Countrywide Financial Corp.	1,515		159,257
	Freddie Mac	8,125		456,056
	Fannie Mae	11,425		819,058
	Golden West Financial Corp.	1,800		180,774
	MGIC Investment Corp.	1,200		61,572
	Washington Mutual, Inc.	10,834		473,987
	TOTAL THRIFTS & MORTGAGE FINANCE		$	2,150,704
	TOBACCO -- 1.1%
	Altria Group, Inc.	24,100		1,120,650
	R.J. Reynolds Tobacco Holdings, Inc.	1,000		48,030
	UST, Inc.	1,865		63,447
	TOTAL TOBACCO		$	1,232,127
	TRADING COMPANIES & DISTRIBUTORS -- 0.0%
	Grainger (W.W.), Inc.	1,105		50,587
	WIRELESS TELECOMMUNICATION SERVICES -- 0.5%
7	AT&T Wireless Services, Inc.	31,922		231,434
7	NEXTEL Communications, Inc., Class A	11,990		290,158
7	Sprint PCS Group	11,084		48,215
	TOTAL WIRELESS TELECOMMUNICATION SERVICES		$	569,807
TOTAL COMMON STOCKS (IDENTIFIED COST $124,914,909)			$	113,594,722
POOLED INVESTMENT VEHICLES-- 1.5%
	S&P Depositary Receipts Trust, ADR (IDENTIFIED COST $1,734,687)	16,500	$	1,737,945
MUTUAL FUND -- 0.6%
	SSGA Money Market Fund (AT NET ASSET VALUE)	638,210	$	638,210
TOTAL INVESTMENTS -- 100.3% (IDENTIFIED COST $127,287,806)			$	115,970,877
OTHER ASSETS AND LIABILITIES -- NET -- (0.3)%			$	(286,967	)
TOTAL NET ASSETS -- 100%			$	115,683,910

See Notes to Portfolios of Investments

MTB Large Cap Stock Fund

Description		Shares		Value
COMMON STOCKS -- 97.9%
	AEROSPACE & DEFENSE -- 4.9%
	Honeywell International, Inc.	90,484	$	2,769,715
	Lockheed Martin Corp.	24,225		1,123,071
	Northrop Grumman Corp.	81,392		7,276,445
	Raytheon Co.	154,904		4,101,858
	United Technologies Corp.	105,000		8,892,450
	TOTAL AEROSPACE & DEFENSE		$	24,163,539
	AUTO COMPONENTS -- 0.9%
7	Lear Corp.	77,465		4,499,942
	AUTOMOBILES -- 0.3%
	Honda Motor Co., Ltd., ADR	75,000		1,503,750
	Beverages -- 2.3%
	Coca-Cola Co.	22,040		1,022,656
	PepsiCo, Inc.	220,000		10,520,400
	TOTAL BEVERAGES		$	11,543,056
	BIOTECHNOLOGY -- 1.2%
7	Amgen, Inc.	97,711		6,034,631
	CAPITAL MARKETS -- 4.2%
	Bank of New York Co., Inc.	29,935		933,673
	Morgan Stanley	140,352		7,701,114
	Northern Trust Corp.	115,000		5,341,750
	Waddell & Reed Financial, Inc., Class A	300,000		6,654,000
	TOTAL CAPITAL MARKETS		$	20,630,537
	CHEMICALS -- 1.0%
	Du Pont (E.I.) de Nemours & Co.	18,545		749,218
	Engelhard Corp.	146,500		4,186,970
	TOTAL CHEMICALS		$	4,936,188
	COMMERCIAL BANKS -- 3.6%
	Bank of America Corp.	40,000		3,029,200
	U.S. Bancorp	127,657		3,474,824
	Wells Fargo & Co.	199,082		11,212,298
	TOTAL COMMERCIAL BANKS		$	17,716,322
	COMMERCIAL SERVICES & SUPPLIES -- 0.9%
7	Cendant Corp.	205,464	$	4,197,629
	COMMUNICATIONS EQUIPMENT -- 3.6%
7	Cisco Systems, Inc.	347,481		7,290,151
7	Corning, Inc.	700,000		7,686,000
	Nokia Oyj, Class A, ADR	175,000		2,973,250
	TOTAL COMMUNICATIONS EQUIPMENT		$	17,949,401
	COMPUTERS & PERIPHERALS -- 2.6%
7	Dell, Inc.	96,475		3,484,677
	International Business Machines Corp.	105,131		9,407,122
	TOTAL COMPUTERS & PERIPHERALS		$	12,891,799
	CONSUMER FINANCE -- 2.6%
	American Express Co.	135,000		6,335,550
	Capital One Financial Corp.	104,207		6,335,786
	TOTAL CONSUMER FINANCE		$	12,671,336
	DIVERSIFIED FINANCIAL SERVICES -- 3.8%
	CIT Group, Inc.	100,000		3,362,000
	Citigroup, Inc.	319,796		15,158,330
	TOTAL DIVERSIFIED FINANCIAL SERVICES		$	18,520,330
	DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.0%
	Verizon Communications	141,906		4,768,042
	ELECTRIC UTILITIES -- 0.2%
	DTE Energy Co.	22,572		832,455
	ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.0%
7	Solectron Corp.	726,182		4,023,048
	Symbol Technologies, Inc.	89,638		1,119,579
	TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS		$	5,142,627
	ENERGY EQUIPMENT & SERVICES -- 3.0%
7	Nabors Industries Ltd.	210,000	$	7,938,000
	Schlumberger Ltd.	16,109		756,640
7	Weatherford International Ltd.	172,000		5,977,000
	TOTAL ENERGY EQUIPMENT & SERVICES		$	14,671,640
	FOOD & STAPLES RETAILING -- 2.2%
7	Costco Wholesale Corp.	155,000		5,482,350
	Wal-Mart Stores, Inc.	87,882		5,180,644
	TOTAL FOOD & STAPLES RETAILING		$	10,662,994
	FOOD PRODUCTS -- 1.2%
	Heinz (H.J.) Co.	42,600		1,505,058
	Kraft Foods, Inc., Class A	150,635		4,383,479
	TOTAL FOOD PRODUCTS		$	5,888,537
	HEALTHCARE EQUIPMENT & SUPPLIES -- 1.5%
	Medtronic, Inc.	158,461		7,221,068
	HEALTHCARE PROVIDERS & SERVICES -- 3.0%
7	Caremark Rx, Inc.	306,405		7,675,445
7	Express Scripts, Inc., Class A	75,195		4,129,709
	HCA - The Healthcare Corp.	27,694		1,059,296
	Health Management Association, Class A	73,981		1,638,679
7	Medco Health Solutions, Inc.	3,891		129,182
	TOTAL HEALTHCARE PROVIDERS & SERVICES		$	14,632,311
	HOTELS, RESTAURANTS & LEISURE -- 1.2%
	Carnival Corp.	27,285		952,519
	Darden Restaurants, Inc.	225,624		4,726,823
	TOTAL HOTELS, RESTAURANTS & LEISURE		$	5,679,342
	HOUSEHOLD DURABLES -- 1.9%
	Newell Rubbermaid, Inc.	154,435		3,521,118
7	Toll Brothers, Inc.	161,000		5,931,240
	TOTAL HOUSEHOLD DURABLES		$	9,452,358
	HOUSEHOLD PRODUCTS -- 1.1%
	Kimberly-Clark Corp.	14,050		741,981
	Procter & Gamble Co.	50,000		4,914,500
	TOTAL HOUSEHOLD PRODUCTS		$	5,656,481
	IT SERVICES -- 3.3%
7	Accenture Ltd.	419,975		9,827,415
7	Concord EFS, Inc.	303,945		3,249,172
	First Data Corp.	92,322		3,295,895
	TOTAL IT SERVICES		$	16,372,482
	INDUSTRIAL CONGLOMERATES -- 3.2%
	General Electric Co.	413,208		11,987,164
	Tyco International Ltd.	175,000	$	3,654,000
	TOTAL INDUSTRIAL CONGLOMERATES		$	15,641,164
	INSURANCE -- 4.5%
	Allstate Corp.	129,400		5,111,300
	American International Group, Inc.	193,115		11,747,185
	Hartford Financial Services Group, Inc.	19,425		1,066,433
	Jefferson-Pilot Corp.	18,015		860,036
	Lincoln National Corp.	57,000		2,276,010
	St. Paul Cos., Inc.	29,982		1,143,214
	TOTAL INSURANCE		$	22,204,178
	LEISURE EQUIPMENT & PRODUCTS -- 1.0%
	Mattel, Inc.	266,435		5,158,182
	MACHINERY -- 2.2%
	Ingersoll-Rand Co., Class A	85,000		5,134,000
	Parker-Hannifin Corp.	75,000		3,822,750
7	SPX Corp.	40,000		1,924,800
	TOTAL MACHINERY		$	10,881,550
	MEDIA -- 4.6%
	Clear Channel Communications, Inc.	159,740		6,520,587
7	Comcast Corp., Class A	190,985		6,478,211
7	Cox Communications, Inc., Class A	14,960		509,687
	Viacom, Inc., Class B	136,430		5,439,464
	Walt Disney Co.	171,982		3,893,672
	TOTAL MEDIA		$	22,841,621
	METALS & MINING -- 1.6%
	Alcoa, Inc.	252,250		7,963,532
	MULTI-UTILITIES & UNREGULATED POWER -- 1.3%
	Questar Corp.	205,600		6,527,800
	OIL & GAS -- 4.6%
	BP Amoco PLC, ADR	310,000		13,137,800
	Burlington Resources, Inc.	18,241		887,242
	ConocoPhillips	17,515		1,000,982
	ExxonMobil Corp.	211,552		7,738,572
	TOTAL OIL & GAS		$	22,764,596
	PERSONAL PRODUCTS -- 0.2%
	Gillette Co.	25,956		827,996
	PHARMACEUTICALS -- 10.4%
	Abbott Laboratories	260,000		11,081,200
	Bristol-Myers Squibb Co.	95,000		2,410,150
	Johnson & Johnson	94,675		4,764,993
	Lilly (Eli) & Co.	106,486		7,094,097
	Merck & Co., Inc.	32,264		1,427,682
	Pfizer, Inc.	409,826		12,950,502
	Wyeth	263,405	$	11,626,697
	TOTAL PHARMACEUTICALS		$	51,355,321
	REAL ESTATE -- 0.2%
	Archstone-Smith Trust	34,690		926,223
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 3.1%
	Intel Corp.	196,957		6,509,429
7	International Rectifier Corp.	32,123		1,533,231
	STMicroelectronics N.V.	165,000		4,395,600
7	Taiwan Semiconductor Manufacturing Co., ADR	216,000		2,388,960
	Texas Instruments, Inc.	17,441		504,394
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS		$	15,331,614
	SOFTWARE -- 2.9%
	Microsoft Corp.	553,573		14,475,934
	SPECIALTY RETAIL -- 2.7%
	Best Buy Co., Inc.	70,000		4,081,700
	Home Depot, Inc.	221,194		8,199,662
7	Staples, Inc.	48,607	$	1,303,640
	TOTAL SPECIALTY RETAIL		$	13,585,002
	THRIFTS & MORTGAGE FINANCE -- 2.6%
	Fannie Mae	119,244		8,548,602
	Washington Mutual, Inc.	102,010		4,462,938
	TOTAL THRIFTS & MORTGAGE FINANCE		$	13,011,540
	TOBACCO -- 0.3%
	Altria Group, Inc.	28,667		1,333,015
TOTAL COMMON STOCKS (IDENTIFIED COST $392,406,636)			$	483,068,065
MUTUAL FUNDS -- 2.2%
	SSGA Money Market Fund	7,693,654		7,693,654
	SSGA US Government Money Market Fund	3,230,368		3,230,368
TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)			$	10,924,022
TOTAL INVESTMENTS- 100.1% (IDENTIFIED COST $403,330,658)			$	493,992,087
OTHER ASSETS AND LIABILITIES -- NET -- (0.1)%			$	(322,160	)
TOTAL NET ASSETS -- 100%			$	493,669,927

See Notes to Portfolios of Investments

MTB Large Cap Growth Fund

 

Description		Shares		Value
COMMON STOCKS -- 90.9%
	AIR FREIGHT & LOGISTICS -- 4.3%
	United Parcel Service, Inc.	12,500	$	906,500
	BEVERAGES -- 7.8%
	Coca-Cola Co.	17,900		830,560
	PepsiCo, Inc.	17,300		827,286
	TOTAL BEVERAGES		$	1,657,846
	BIOTECHNOLOGY -- 5.3%
7	Amgen, Inc.	12,800		790,528
7	Genentech, Inc.	4,100		336,077
	TOTAL BIOTECHNOLOGY		$	1,126,605
	BUILDING PRODUCTS -- 1.9%
	Masco Corp.	14,600		401,500
	COMMUNICATIONS EQUIPMENT -- 4.5%
	Qualcomm, Inc.	19,800		940,500
	DIVERSIFIED FINANCIAL SERVICES -- 3.2%
	Citigroup, Inc.	14,100		668,340
	ENERGY EQUIPMENT & SERVICES -- 3.8%
	Schlumberger Ltd.	16,900		793,793
	HEALTHCARE EQUIPMENT & SUPPLIES -- 4.2%
	Medtronic, Inc.	19,600	$	893,172
	HOTELS, RESTAURANTS & LEISURE -- 2.1%
	Marriott International, Inc., Class A	10,100		436,320
	HOUSEHOLD PRODUCTS -- 7.4%
	Colgate-Palmolive Co.	10,500		558,495
	Procter & Gamble Co.	10,200		1,002,558
	TOTAL HOUSEHOLD PRODUCTS		$	1,561,053
	IT SERVICES -- 1.0%
	Paychex, Inc.	5,600		217,952
	INDUSTRIAL CONGLOMERATES -- 3.3%
	3M Co.	8,900		701,943
	INSURANCE -- 6.1%
	American International Group, Inc.	13,350		812,081
	Marsh & McLennan Cos., Inc.	11,300		483,075
	TOTAL INSURANCE		$	1,295,156
	INTERNET & CATALOG RETAIL -- 1.3%
7	eBay, Inc.	5,000	$	279,700
	MACHINERY -- 2.1%
	Caterpillar, Inc.	6,000		439,680
	MEDIA -- 8.2%
	Gannett Co., Inc.	9,300		782,223
	Omnicom Group, Inc.	6,000		478,800
	Walt Disney Co.	20,600		466,384
	TOTAL MEDIA		$	1,727,407
	MULTILINE RETAIL -- 3.2%
7	Kohl's Corp.	11,900		667,233
	PERSONAL PRODUCTS -- 3.7%
	Gillette Co.	24,400		778,360
	PHARMACEUTICALS -- 11.5%
	Johnson & Johnson	16,700		840,511
	Lilly (Eli) & Co.	8,800		586,256
	Pfizer, Inc.	32,060		1,013,096
	TOTAL PHARMACEUTICALS		$	2,439,863
	SOFTWARE -- 6.0%
7	Electronic Arts, Inc.	3,100	$	307,024
	Microsoft Corp.	15,100		394,865
7	Oracle Corp.	47,700		570,492
	TOTAL SOFTWARE		$	1,272,381
TOTAL COMMON STOCKS (IDENTIFIED COST $17,552,323)			$	19,205,304
MUTUAL FUNDS -- 7.9%
	SSGA Money Market Fund	928,968		928,968
	SSGA US Government Money Market Fund	735,836		735,836
TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)			$	1,664,804
TOTAL INVESTMENTS -- 98.8% (IDENTIFIED COST $19,217,127)			$	20,870,108
OTHER ASSETS AND LIABILITIES -- NET -- 1.2%			$	261,360
TOTAL NET ASSETS -- 100%			$	21,131,468

See Notes to Portfolios of Investments

MTB Multi Cap Growth Fund

 

Description		Shares		Value
COMMON STOCKS -- 99.8%
	AIRLINES -- 2.1%
7	Ryanair Holdings PLC, ADR	65,000	$	3,347,500
	AUTO COMPONENTS -- 3.0%
	BorgWarner, Inc.	30,000		2,387,700
7	Lear Corp.	40,000		2,323,600
	TOTAL AUTO COMPONENTS		$	4,711,300
	AUTOMOBILES -- 0.6%
	Honda Motor Co. Ltd., ADR	50,000		1,002,500
	BIOTECHNOLOGY -- 4.0%
7	Amgen, Inc.	45,000		2,779,200
7	Calypte Biomedical Corp.	750,000		971,250
7	Gilead Sciences, Inc.	25,000		1,364,500
7	IDEC Pharmaceuticals Corp.	35,000		1,229,550
	TOTAL BIOTECHNOLOGY		$	6,344,500
	COMMERCIAL BANKS -- 1.9%
	East West Bancorp, Inc.	30,000		1,472,700
	UCBH Holdings, Inc.	45,000		1,606,950
	TOTAL COMMERCIAL BANKS		$	3,079,650
	COMMERCIAL SERVICES & SUPPLIES -- 1.6%
7	Cendant Corp.	120,000		2,451,600
	COMMUNICATIONS EQUIPMENT -- 1.3%
7	Nortel Networks Corp.	450,000	$	2,002,500
	COMPUTERS & PERIPHERALS -- 3.8%
7	Dell, Inc.	100,000		3,612,000
7	EMC Corp. Mass	175,000		2,422,000
	TOTAL COMPUTERS & PERIPHERALS		$	6,034,000
	CONSUMER FINANCE -- 2.1%
	Capital One Financial Corp.	55,000		3,344,000
	DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.4%
7	Covad Communications Group, Inc.	150,000		657,000
	ELECTRONIC EQUIPMENT & INSTRUMENTS -- 3.2%
7	Jabil Circuit, Inc.	60,000		1,671,000
7	Spatialight, Inc.	160,000		766,400
7	Superconductor Technologies, Inc.	150,000		763,500
	Symbol Technologies, Inc.	150,000		1,873,500
	TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS		$	5,074,400
	ENERGY EQUIPMENT & SERVICES -- 3.0%
7	Nabors Industries Ltd.	60,000	$	2,268,000
7	Patterson-UTI Energy, Inc.	85,000		2,430,150
	TOTAL ENERGY EQUIPMENT & SERVICES		$	4,698,150
	FOOD & STAPLES RETAILING -- 3.4%
	Costco Wholesale Corp.	70,000		2,475,900
	Wal-Mart Stores, Inc.	50,000		2,947,500
	TOTAL FOOD & STAPLES RETAILING		$	5,423,400
	FOOD PRODUCTS -- 0.9%
7	Stake Technology Ltd.	150,000		1,438,500
	HEALTHCARE EQUIPMENT & SUPPLIES -- 1.7%
	Medtronic, Inc.	60,000		2,734,200
	HEALTHCARE PROVIDERS & SERVICES -- 8.1%
7	Caremark Rx, Inc.	100,000		2,505,000
7	Cerner Corp.	35,000		1,482,950
	Health Management Association, Class A	150,000		3,322,500
7	Pharmaceutical Product Development, Inc.	75,000		2,255,250
7	Quest Diagnostic, Inc.	35,000		2,367,750
7	United Surgical Partners International, Inc.	30,000		904,800
	TOTAL HEALTHCARE PROVIDERS & SERVICES		$	12,838,250
	HOTELS, RESTAURANTS & LEISURE -- 1.0%
	Ruby Tuesday, Inc.	60,000		1,641,000
	HOUSEHOLD DURABLES -- 7.1%
	Centex Corp.	10,000		975,000
	D. R. Horton, Inc.	70,000		2,786,000
	Harman International Industries, Inc.	15,000		1,923,000
	Lennar Corp., Class A	30,000		2,755,500
7	Toll Brothers, Inc.	75,000		2,763,000
	TOTAL HOUSEHOLD DURABLES		$	11,202,500
	IT SERVICES -- 4.3%
7	CACI International, Inc., Class A	50,000		2,476,500
7	Ceridian Corp.	100,000		2,100,000
	First Data Corp.	30,000		1,071,000
7	ManTech International Corp., Class A	50,000		1,223,000
	TOTAL IT SERVICES		$	6,870,500
	INDUSTRIAL CONGLOMERATES -- 3.7%
	General Electric Co.	200,000		5,802,000
	INSURANCE -- 2.0%
	Ambac Financial Group, Inc.	28,000		1,980,720
	American International Group, Inc.	20,000		1,216,600
	TOTAL INSURANCE		$	3,197,320
	INTERNET SOFTWARE & SERVICES -- 1.3%
7	Akamai Technologies, Inc.	175,000	$	1,382,500
7	Opsware, Inc.	90,000		748,800
	TOTAL INTERNET SOFTWARE & SERVICES		$	2,131,300
	MEDIA -- 3.9%
	Clear Channel Communications, Inc.	50,000		2,041,000
7	Cox Communications, Inc., Class A	60,000		2,044,200
7	XM Satellite Radio Holdings, Inc., Class A	100,000		2,026,000
	TOTAL MEDIA		$	6,111,200
	MULTILINE RETAIL -- 0.8%
	Target Corp.	30,000		1,192,200
	PERSONAL PRODUCTS -- 1.2%
	Estee Lauder Cos., Inc., Class A	50,000		1,869,500
	PHARMACEUTICALS -- 6.8%
	Johnson & Johnson	60,000		3,019,800
	Lilly (Eli) & Co.	40,000		2,664,800
	Pfizer, Inc.	160,000		5,056,000
	TOTAL PHARMACEUTICALS		$	10,740,600
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 11.6%
	Intel Corp.	235,000		7,766,750
7	International Rectifier Corp.	70,000		3,341,100
7	Taiwan Semiconductor Manufacturing Co., ADR	320,000		3,539,200
7	Teradyne, Inc.	80,000		1,822,400
7	Ultratech, Inc.	60,000		1,872,600
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS		$	18,342,050
	SOFTWARE -- 7.2%
7	Cadence Design Systems, Inc.	150,000		2,308,500
	Computer Associates International, Inc.	160,000		3,763,200
	Microsoft Corp.	200,000		5,230,000
	TOTAL SOFTWARE		$	11,301,700
	SPECIALTY RETAIL -- 1.4%
7	Staples, Inc.	80,000		2,145,600
	THRIFTS & MORTGAGE FINANCE -- 6.4%
	Countrywide Financial Corp.	22,500		2,365,200
	Freddie Mac	60,000		3,367,800
	Fannie Mae	60,000		4,301,400
	TOTAL THRIFTS & MORTGAGE FINANCE		$	10,034,400
TOTAL COMMON STOCKS (IDENTIFIED COST $134,206,247)			$	157,763,320
MUTUAL FUND -- 0.3%
	SSGA Money Market Fund ( AT NET ASSET VALUE )	491,393	$	491,393
TOTAL INVESTMENTS -- 100.1% (IDENTIFIED COST $134,697,640)			$	158,254,713
OTHER ASSETS AND LIABILITIES -- NET -- (0.1%)			$	(209,068	)
TOTAL NET ASSETS -- 100%			$	158,045,645

 

See Notes to Portfolios of Investments

MTB Mid Cap Stock Fund

 

Description		Shares		Value
COMMON STOCKS -- 98.5%
	AEROSPACE & DEFENSE -- 1.5%
	Goodrich Corp.	12,000	$	331,440
	Precision Castparts Corp.	40,300		1,657,539
	TOTAL AEROSPACE & DEFENSE		$	1,988,979
	AIR FREIGHT & LOGISTICS -- 0.5%
7	EGL, Inc.	38,300		624,673
	AIRLINES -- 0.4%
7	Northwest Airlines Corp., Class A	36,000		492,840
	AUTO COMPONENTS -- 2.6%
	BorgWarner, Inc.	24,600		1,957,914
	Magna International, Inc., Class A	18,000		1,444,140
	TOTAL AUTO COMPONENTS		$	3,402,054
	BANKS -- 6.6%
	Amsouth Bancorporation	32,400		765,288
	Boston Private Financial Holdings, Inc.	23,000		585,810
	Charter One Financial, Inc.	47,300		1,511,708
	First Community Bancorp	16,500		577,500
	First Tennessee National Corp.	53,700		2,435,832
	National Commerce Financial Corp.	45,000		1,236,150
	SouthTrust Corp.	42,100		1,340,885
	TOTAL BANKS		$	8,453,173
	BEVERAGES -- 0.6%
7	Constellation Brands, Inc., Class A	26,100		818,757
	BIOTECHNOLOGY -- 1.3%
7	Genzyme Corp.	19,100		876,690
7	IDEC Pharmaceuticals Corp.	22,700		797,451
	TOTAL BIOTECHNOLOGY		$	1,674,141
	BUILDING PRODUCTS -- 0.4%
7	American Standard Cos., Inc.	5,000		478,500
	CHEMICALS -- 1.4%
	Cambrex Corp.	17,000		401,880
7	FMC Corp.	10,000		280,100
	Georgia Gulf Corp.	21,200		570,280
	Rohm and Haas Co.	14,200		558,060
	TOTAL CHEMICALS		$	1,810,320
	COMMERCIAL SERVICES & SUPPLIES -- 0.7%
	Harland (John H.) Co.	20,000	$	544,600
7	Waste Connections, Inc.	10,000		346,800
	TOTAL COMMERCIAL SERVICES & SUPPLIES		$	891,400
	COMMUNICATIONS EQUIPMENT -- 1.1%
7	QLogic Corp.	25,800		1,446,090
	COMPUTERS & PERIPHERALS -- 0.7%
7	Network Appliance, Inc.	38,500		950,180
	CONSTRUCTION & ENGINEERING -- 0.5%
	Jacobs Engineering Group, Inc.	12,771		591,553
	CONSUMER FINANCE -- 1.1%
	Capital One Financial Corp.	23,700		1,440,960
	CONTAINERS & PACKAGING -- 0.7%
7	Smurfit-Stone Container Corp.	58,600		908,300
	DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.3%
	CenturyTel, Inc.	11,000		393,250
	ELECTRIC UTILITIES -- 0.9%
	Entergy Corp.	16,500		889,350
	FPL Group, Inc.	4,300		274,082
	TOTAL ELECTRIC UTILITIES		$	1,163,432
	ELECTRICAL EQUIPMENT -- 1.3%
	American Power Conversion Corp.	33,500		677,705
	Rockwell Automation, Inc.	33,200		1,030,860
	TOTAL ELECTRICAL EQUIPMENT		$	1,708,565
	ELECTRONIC EQUIPMENT & INSTRUMENTS -- 5.1%
	CDW Corp.	48,200		2,894,410
7	Jabil Circuit, Inc.	13,000		362,050
7	Sanmina-SCI Corp.	179,200		1,890,560
7	Solectron Corp.	46,300		256,502
7	Vishay Intertechnology, Inc.	65,000		1,218,750
	TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS		$	6,622,272
	ENERGY EQUIPMENT & SERVICES -- 2.7%
7	Cooper Cameron Corp.	34,400	$	1,473,008
	Halliburton Co.	25,400		606,552
7	Smith International, Inc.	37,100		1,381,233
	TOTAL ENERGY EQUIPMENT & SERVICES		$	3,460,793
	FOOD & STAPLES RETAILING -- 1.0%
7	BJ's Wholesale Club, Inc.	41,200		1,058,428
7	Duane Reade, Inc.	17,000		233,750
	TOTAL FOOD & STAPLES RETAILING		$	1,292,178
	FOOD PRODUCTS -- 1.8%
	Archer-Daniels-Midland Co.	58,100		833,735
	Hormel Foods Corp.	40,909		1,010,043
	Sensient Technologies Corp.	27,400		526,080
	TOTAL FOOD PRODUCTS		$	2,369,858
	GAS UTILITIES -- 0.9%
	Sempra Energy	40,200		1,117,560
	HEALTHCARE EQUIPMENT & SUPPLIES -- 2.4%
	Becton, Dickinson & Co.	12,000		438,720
	Guidant Corp.	18,000		918,180
7	Respironics, Inc.	21,200		883,828
	St. Jude Medical, Inc.	14,300		831,688
	TOTAL HEALTHCARE EQUIPMENT & SUPPLIES		$	3,072,416
	HEALTHCARE PROVIDERS & SERVICES -- 6.1%
	Aetna, Inc.	13,300		763,553
7	Anthem, Inc.	25,600		1,751,808
7	Community Health Systems, Inc.	28,900		694,178
7	DaVita, Inc.	48,400		1,698,840
7	PacifiCare Health Systems, Inc.	27,600		1,642,200
7	Triad Hospitals, Inc.	21,700		666,841
	Universal Health Services, Inc., Class B	13,400		630,470
	TOTAL HEALTHCARE PROVIDERS & SERVICES		$	7,847,890
	HOTELS, RESTAURANTS & LEISURE -- 1.5%
7	Brinker International, Inc.	14,800		471,084
	Hilton Hotels Corp.	75,100		1,189,584
7	Penn National Gaming, Inc.	13,000		307,970
	TOTAL HOTELS, RESTAURANTS & LEISURE		$	1,968,638
	HOUSEHOLD PRODUCTS -- 1.2%
	Clorox Co.	34,800		1,576,440
	IT SERVICES -- 5.9%
7	Accenture Ltd.	83,700		1,958,580
7	Affiliated Computer Services, Inc., Class A	44,200		2,162,706
7	Ceridian Corp.	115,900	$	2,433,900
7	Computer Sciences Corp.	16,300		645,806
	Electronic Data Systems Corp.	19,800		424,710
	TOTAL IT SERVICES		$	7,625,702
	INSURANCE -- 8.9%
	Chubb Corp.	9,000		601,290
	Everest Re Group Ltd.	29,600		2,455,320
	Fidelity National Financial, Inc.	35,500		1,097,660
	Hartford Financial Services Group, Inc.	23,100		1,268,190
	Old Republic International Corp.	53,200		1,912,008
	PartnerRe Ltd.	12,500		678,375
	Protective Life Corp.	32,100		1,042,287
	Radian Group, Inc.	25,700		1,359,530
	Torchmark Corp.	15,000		658,200
	Travelers Property Casualty Corp., Class A	22,400		365,120
	TOTAL INSURANCE		$	11,437,980
	INTERNET SOFTWARE & SERVICES -- 0.3%
7	Yahoo!, Inc.	7,900		345,230
	LEISURE EQUIPMENT & PRODUCTS -- 1.4%
	Hasbro, Inc.	85,800		1,870,440
	MACHINERY -- 2.4%
	Danaher Corp.	3,000		248,550
	Eaton Corp.	20,400		2,044,896
	Pall Corp.	20,300		475,020
7	Terex Corp.	16,500		372,240
	TOTAL MACHINERY		$	3,140,706
	MEDIA -- 2.3%
7	Entercom Communication Corp.	23,000		1,053,630
	Meredith Corp.	12,500		606,500
	Omnicom Group, Inc.	16,600		1,324,680
	TOTAL MEDIA		$	2,984,810
	METALS & MINING -- 0.8%
	United States Steel Corp.	44,500		1,052,425
	MULTI-UTILITIES & UNREGULATED POWER -- 2.6%
	Constellation Energy Group, Inc.	52,900		1,923,973
	Energy East Corp.	63,000		1,414,350
	TOTAL MULTI-UTILITIES & UNREGULATED POWER		$	3,338,323
	MULTILINE RETAIL -- 1.3%
	Family Dollar Stores, Inc.	23,600		1,029,196
	Federated Department Stores, Inc.	13,500		641,925
	TOTAL MULTILINE RETAIL		$	1,671,121
	OIL & GAS -- 4.2%
	Imperial Oil Ltd.	25,600	$	1,018,112
	Murphy Oil Corp.	33,900		1,999,422
7	Newfield Exploration Co.	12,300		488,679
	Sunoco, Inc.	28,000		1,225,280
	Unocal Corp.	19,900		630,432
	TOTAL OIL & GAS		$	5,361,925
	PAPER & FOREST PRODUCTS -- 0.9%
	Abitibi-Consolidated, Inc.	98,400		660,264
	Georgia-Pacific Corp.	20,100		528,228
	TOTAL PAPER & FOREST PRODUCTS		$	1,188,492
	PHARMACEUTICALS -- 2.3%
	Mylan Laboratories, Inc.	30,000		724,500
7	Sepracor, Inc.	41,500		1,105,145
7	Watson Pharmaceuticals, Inc.	27,800		1,091,706
	TOTAL PHARMACEUTICALS		$	2,921,351
	ROAD & RAIL -- 0.9%
7	Genesee & Wyoming, Inc., Class A	15,000		364,650
	Norfolk Southern Corp.	17,300		348,595
7	Yellow Corp.	12,000		394,200
	TOTAL ROAD & RAIL		$	1,107,445
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 4.2%
7	Altera Corp.	32,300		653,429
7	Analog Devices, Inc.	29,400		1,303,302
7	FEI Co.	16,700		396,625
7	NVIDIA Corp.	36,000		636,480
7	Novellus Systems, Inc.	49,000		2,023,210
7	Xilinx, Inc.	11,900		377,230
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS		$	5,390,276
	SOFTWARE -- 5.6%
7	Cadence Design Systems, Inc.	41,300		635,607
7	Electronic Arts, Inc.	8,100	$	802,224
7	Mercury Interactive Corp.	40,600		1,885,464
	Reynolds & Reynolds Co., Class A	14,805		402,104
7	Symantec Corp.	11,500		766,475
7	Synopsys, Inc.	40,700		1,291,004
7	Veritas Software Corp.	38,600		1,395,390
	TOTAL SOFTWARE		$	7,178,268
	SPECIALTY RETAIL -- 4.6%
7	AutoZone, Inc.	12,800		1,230,080
7	Bed Bath & Beyond, Inc.	25,100		1,060,224
7	Staples, Inc.	84,000		2,252,880
7	Williams-Sonoma, Inc.	41,100		1,452,063
	TOTAL SPECIALTY RETAIL		$	5,995,247
	TEXTILES APPAREL & LUXURY GOODS -- 1.7%
	Nike, Inc., Class B	33,900		2,166,210
	THRIFTS & MORTGAGE FINANCE -- 2.6%
	Golden West Financial Corp.	17,100		1,717,353
	PMI Group, Inc.	22,800		871,644
	W Holding Co., Inc.	33,600		782,544
	TOTAL THRIFTS & MORTGAGE FINANCE		$	3,371,541
	TOBACCO -- 0.3%
	UST, Inc.	11,000		374,220
TOTAL COMMON STOCKS (IDENTIFIED COST $105,929,489)			$	127,086,924
MUTUAL FUND -- 1.4%
	SSGA Money Market Fund (AT NET ASSET VALUE)	1,765,085	$	1,765,085
TOTAL INVESTMENTS -- 99.9% (IDENTIFIED COST $107,694,574)			$	128,852,009
OTHER ASSETS AND LIABILITIES -- NET -- 0.1%			$	129,429
TOTAL NET ASSETS -- 100%			$	128,981,438

See Notes to Portfolios of Investments

MTB Mid Cap Growth Fund

 

Description		Shares		Value
COMMON STOCKS -- 97.3%
	AUTO COMPONENTS -- 1.2%
7	Lear Corp.	17,000	$	987,530
	BEVERAGES -- 1.1%
	Pepsi Bottling Group, Inc.	40,000		891,600
	BIOTECHNOLOGY -- 5.7%
7	Affymetrix, Inc.	30,000		768,900
7	Gilead Sciences, Inc.	36,800	$	2,008,544
7	IDEC Pharmaceuticals Corp.	32,515		1,142,252
7	Protein Design Laboratories, Inc.	60,300		812,844
	TOTAL BIOTECHNOLOGY		$	4,732,540
	CAPITAL MARKETS -- 2.5%
	Northern Trust Corp.	45,000		2,090,250
	COMMERCIAL BANKS -- 4.3%
7	Dime Bancorp, Inc., Warrants	9,500	$	1,615
	Greater Bay Bancorp	91,000		2,453,360
	UCBH Holdings, Inc.	31,000		1,107,010
	TOTAL COMMERCIAL BANKS		$	3,561,985
	COMMERCIAL SERVICES & SUPPLIES -- 3.1%
7	United Rentals, Inc.	146,500		2,552,030
	COMPUTERS & PERIPHERALS -- 1.8%
7	Electronics for Imaging, Inc.	19,350		524,385
7	SanDisk Corp.	12,600		1,015,560
	TOTAL COMPUTERS & PERIPHERALS		$	1,539,945
	CONTAINERS & PACKAGING -- 1.0%
7	Pactiv Corp.	39,000		859,950
	ELECTRIC UTILITIES -- 3.5%
	Cinergy Corp.	26,000		944,060
	Wisconsin Energy Corp.	60,000		1,965,000
	TOTAL ELECTRIC UTILITIES		$	2,909,060
	ELECTRONIC EQUIPMENT & INSTRUMENTS -- 4.2%
	CDW Corp.	10,500		630,525
	Symbol Technologies, Inc.	62,300		778,127
7	Vishay Intertechnology, Inc.	110,000		2,062,500
	TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS		$	3,471,152
	ENERGY EQUIPMENT & SERVICES -- 5.1%
7	BJ Services Co.	17,000		557,770
	ENSCO International, Inc.	32,300		851,105
7	Nabors Industries Ltd.	45,000		1,701,000
7	Smith International, Inc.	8,000		297,840
7	Weatherford International Ltd.	25,500		886,125
	TOTAL ENERGY EQUIPMENT & SERVICES		$	4,293,840
	FOOD & STAPLES RETAILING -- 1.1%
	Costco Wholesale Corp.	25,000		884,250
	HEALTHCARE EQUIPMENT & SUPPLIES -- 0.7%
7	Cytyc Corp.	46,000		594,780
	HEALTHCARE PROVIDERS & SERVICES -- 14.0%
7	Amerigroup Corp.	54,200		2,266,644
7	Caremark Rx, Inc.	32,000		801,600
7	Cerner Corp.	69,800		2,957,426
7	Express Scripts, Inc., Class A	20,000		1,098,400
	Health Management Association, Class A	60,000		1,329,000
7	Quest Diagnostic, Inc.	22,000		1,488,300
7	United Surgical Partners International, Inc.	21,700		654,472
7	Universal Health Services, Inc., Class B	24,000	$	1,129,200
	TOTAL HEALTHCARE PROVIDERS & SERVICES		$	11,725,042
	HOTELS, RESTAURANTS & LEISURE -- 2.3%
	Darden Restaurants, Inc.	33,000		691,350
	Outback Steakhouse, Inc.	30,000		1,260,000
	TOTAL HOTELS, RESTAURANTS & LEISURE		$	1,951,350
	HOUSEHOLD DURABLES -- 3.9%
	Harman International Industries, Inc.	5,700		730,740
	Lennar Corp., Class A	10,000		918,500
	Lennar Corp., Class B	1,000		86,850
	Newell Rubbermaid, Inc.	33,500		763,800
7	Toll Brothers, Inc.	20,000		736,800
	TOTAL HOUSEHOLD DURABLES		$	3,236,690
	HOUSEHOLD PRODUCTS -- 0.7%
7	Energizer Holdings, Inc.	16,100		592,480
	IT SERVICES -- 2.5%
7	Concord EFS, Inc.	59,000		630,710
7	ManTech International Corp., Class A	60,000		1,467,600
	TOTAL IT SERVICES		$	2,098,310
	INSURANCE -- 0.8%
	Radian Group, Inc.	12,400		655,960
	INTERNET SOFTWARE & SERVICES -- 0.8%
7	Opsware, Inc.	77,000		640,640
	MACHINERY -- 4.2%
	Harsco Corp.	42,000		1,609,020
	SPX Corp.	39,000		1,876,680
	TOTAL MACHINERY		$	3,485,700
	MEDIA -- 6.1%
	Interpublic Group Cos., Inc.	138,600		2,062,368
	New York Times Co., Class A	18,000		855,540
7	Sinclair Broadcast Group, Inc.	142,000		1,652,880
	Washington Post Co., Class B	700		516,187
	TOTAL MEDIA		$	5,086,975
	METALS & MINING -- 1.0%
	Peabody Energy Corp.	25,000		833,250
	OIL & GAS -- 4.8%
	Devon Energy Corp.	25,000		1,212,500
	EOG Resources, Inc.	22,000		927,080
	XTO Energy, Inc.	80,666		1,909,364
	TOTAL OIL & GAS		$	4,048,944
	REAL ESTATE -- 3.5%
	Archstone-Smith Trust	40,000		1,068,000
	Boston Properties, Inc.	25,000		1,106,250
	CarrAmerica Realty Corp.	26,000	$	781,820
	TOTAL REAL ESTATE		$	2,956,070
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 6.1%
7	Cree, Inc.	45,000		799,200
7	International Rectifier Corp.	30,500		1,455,765
	Microchip Technology, Inc.	12,000		392,520
7	NVIDIA Corp.	61,000		1,078,480
7	Skyworks Solutions, Inc.	160,000		1,372,800
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS		$	5,098,765
	SOFTWARE -- 4.2%
7	Cadence Design Systems, Inc.	90,000		1,385,100
7	Citrix Systems, Inc.	26,000		657,280
7	THQ, Inc.	84,000		1,490,160
	TOTAL SOFTWARE		$	3,532,540
	SPECIALTY RETAIL -- 5.8%
7	AnnTaylor Stores Corp.	13,300		476,140
	Blockbuster, Inc.	20,000		385,400
7	GameStop Corp.	64,000	$	1,076,480
	Michaels Stores, Inc.	22,000		1,044,340
	Pier 1 Imports, Inc.	42,900		990,990
7	Staples, Inc.	33,200		890,424
	TOTAL SPECIALTY RETAIL		$	4,863,774
	THRIFTS & MORTGAGE FINANCE -- 1.3%
	Countrywide Financial Corp.	10,600		1,114,272
TOTAL COMMON STOCKS (IDENTIFIED COST $66,287,571)			$	81,289,674
MUTUAL FUNDS -- 1.9%
	SSGA Money Market Fund	477,558		477,558
	SSGA US Government Money Market Fund	1,126,934		1,126,934
TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)			$	1,604,492
TOTAL INVESTMENTS -- 99.2% (IDENTIFIED COST $67,892,063)			$	82,894,166
OTHER ASSETS AND LIABILITIES -- NET -- 0.8%			$	629,339
TOTAL NET ASSETS -- 100%			$	83,523,505

See Notes to Portfolios of Investments

MTB Small Cap Stock Fund

 

Description		Shares		Value
COMMON STOCKS -- 96.9%
	AIR FREIGHT & LOGISTICS -- 0.5%
	Ryder Systems, Inc.	25,100	$	753,000
	AUTO COMPONENTS -- 2.1%
7	American Axle & Manufacturing Holdings, Inc.	24,300		840,780
	ArvinMeritor, Inc.	29,000		486,910
	BorgWarner, Inc.	12,100		963,039
	Cooper Tire & Rubber Co.	44,700		878,802
	TOTAL AUTO COMPONENTS		$	3,169,531
	BIOTECHNOLOGY -- 7.5%
7	AVI BioPharma, Inc.	12,900		62,565
7	Albany Molecular Research, Inc.	10,800		158,760
7	Alkermes, Inc.	35,100		455,247
7	Cell Genesys, Inc.	106,829		1,371,684
7	Corixa Corp.	99,000		591,030
7	Cubist Pharmaceuticals, Inc.	109,000		1,266,580
7	Dendreon Corp.	72,600		611,292
7	Genta, Inc.	97,300		1,041,110
7	Isis Pharmaceuticals, Inc.	117,700		782,705
7	La Jolla Pharmaceutical Co.	88,800		302,808
7	Lexicon Genetics, Inc.	56,200		314,720
7	Medarex, Inc.	104,500		747,175
7	Nuvelo, Inc.	27,000		89,370
7	OraSure Technologies, Inc.	14,800	$	124,468
7	Paradigm Genetics, Inc.	208,100		243,477
7	Savient Pharmaceuticals, Inc.	82,800		500,940
7	Telik, Inc.	44,000		894,080
7	Third Wave Technologies, Inc.	107,800		376,222
7	Transgenomic, Inc.	55,000		115,500
7	Tularik, Inc.	67,800		852,246
7	Vicuron Pharmaceuticals, Inc.	19,700		361,495
7	ViroPharma, Inc.	13,300		40,698
	TOTAL BIOTECHNOLOGY		$	11,304,172
	BUILDING PRODUCTS -- 1.4%
7	Griffon Corp.	34,300		663,705
	Universal Forest Products, Inc.	24,800		734,080
	York International Corp.	18,700		743,138
	TOTAL BUILDING PRODUCTS		$	2,140,923
	CAPITAL MARKETS -- 1.7%
7	Affiliated Managers Group	3,800		275,500
7	E*Trade Group, Inc.	217,700		2,242,310
	W.P. Stewart & Co.	2,900		62,205
	TOTAL CAPITAL MARKETS		$	2,580,015
	CHEMICALS -- 1.8%
	Albemarle Corp.	24,000		643,680
	Fuller (H.B.) Co.	14,800	$	366,744
7	Headwaters, Inc.	28,100		526,594
	Lubrizol Corp.	19,200		581,760
7	Symyx Technologies, Inc.	26,000		549,900
	TOTAL CHEMICALS		$	2,668,678
	COMMERCIAL BANKS -- 4.4%
	Cascade Bancorp	3,600		68,040
	Colonial BancGroup, Inc.	52,400		821,632
	East West Bancorp, Inc.	9,200		451,628
	First Charter Corp.	25,800		528,900
	First Citizens Bancshares, Inc., Class A	3,200		364,800
	First Essex Bancorp, Inc.	19,400		1,055,360
	Independent Bank Corp. -- Michigan	33,090		957,299
	NBT Bancorp, Inc.	18,600		390,600
	Provident Bankshares Corp.	10,700		332,021
	Republic Bancorp, Inc.	57,112		829,266
	Silicon Valley Bancshares	6,900		242,190
	Umpqua Holdings Corp.	13,800		282,210
	WestAmerica Bancorp.	6,300		315,378
	TOTAL COMMERCIAL BANKS		$	6,639,324
	COMMERCIAL SERVICES & SUPPLIES -- 3.1%
	Banta Corp.	23,800		910,588
	CDI Corp.	2,200		72,050
	Ikon Office Solutions, Inc.	63,400		532,560
7	MemberWorks, Inc.	27,600		797,088
	New England Business Service, Inc.	17,400		506,340
7	Princeton Review (The), Inc.	52,800		393,888
	Strayer Education, Inc.	6,000		587,580
7	Sylvan Learning Systems, Inc.	15,300		432,990
7	United Rentals, Inc.	28,300		492,986
	TOTAL COMMERCIAL SERVICES & SUPPLIES		$	4,726,070
	COMMUNICATIONS EQUIPMENT -- 1.7%
7	Harmonic Lightwaves, Inc.	18,300		142,008
7	Polycom, Inc.	119,900		2,401,597
	TOTAL COMMUNICATIONS EQUIPMENT		$	2,543,605
	COMPUTERS & PERIPHERALS -- 2.7%
7	Immersion Corp.	140,300		813,740
7	Maxtor Corp.	109,300		1,494,131
7	Pinnacle Systems, Inc.	170,000		1,181,500
7	Storage Technology Corp.	21,800		525,380
	TOTAL COMPUTERS & PERIPHERALS		$	4,014,751
	CONSTRUCTION & ENGINEERING -- 2.2%
	Chicago Bridge & Iron Co., N.V.	11,300		307,925
7	Integrated Electrical Services	125,100		888,210
7	Mastec, Inc.	167,500	$	2,159,075
	TOTAL CONSTRUCTION & ENGINEERING		$	3,355,210
	CONSTRUCTION MATERIALS -- 0.3%
	Ameron, Inc.	15,400		505,736
	CONSUMER FINANCE -- 0.2%
7	United PanAm Financial Corp.	15,100		277,840
	ELECTRIC UTILITIES -- 0.8%
	UIL Holdings Corp.	9,400		353,064
	UniSource Energy Corp.	42,500		820,250
	TOTAL ELECTRIC UTILITIES		$	1,173,314
	ELECTRICAL EQUIPMENT -- 1.1%
7	Active Power, Inc.	29,500		92,040
7	Genlyte Group, Inc.	7,900		372,564
	Roper Industries, Inc.	10,300		509,026
	Woodward Governor Co.	13,100		606,006
	TOTAL ELECTRICAL EQUIPMENT		$	1,579,636
	ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.6%
7	Checkpoint Systems, Inc.	35,700		672,588
	Cognex Corp.	13,500		362,475
7	Identix, Inc.	125,399		721,044
	Methode Electronics, Inc., Class A	60,200		716,982
	PerkinElmer, Inc.	62,000		1,116,620
7	RadiSys Corp.	10,800		211,140
7	Universal Display Corp.	3,600		41,436
	TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS		$	3,842,285
	ENERGY EQUIPMENT & SERVICES -- 1.2%
7	Cal Dive International, Inc.	14,700		304,731
7	Key Energy Group, Inc.	23,200		202,536
7	Lone Star Technologies, Inc.	15,200		211,584
	Offshore Logistics, Inc.	13,600		296,480
7	Varco International, Inc.	26,800		471,412
7	Veritas DGC, Inc.	38,800		343,768
	TOTAL ENERGY EQUIPMENT & SERVICES		$	1,830,511
	FOOD & STAPLES RETAILING -- 1.6%
7	7-Eleven, Inc.	52,600		838,970
7	BJ's Wholesale Club, Inc.	20,700		531,783
7	Duane Reade, Inc.	50,200		690,250
	Ruddick Corp.	26,000		414,960
	TOTAL FOOD & STAPLES RETAILING		$	2,475,963
	FOOD PRODUCTS -- 0.3%
	Interstate Bakeries Corp.	31,900		468,292
	GAS UTILITIES -- 1.2%
	NICOR, Inc.	24,300	$	832,761
	UGI Corp.	30,900		951,720
	TOTAL GAS UTILITIES		$	1,784,481
	HEALTHCARE EQUIPMENT & SUPPLIES -- 1.2%
7	Align Technology, Inc.	4,200		64,764
	Analogic Corp.	8,900		388,396
7	Bioject Medical Technologies, Inc.	36,800		111,504
7	CardioDynamics International Corp.	15,400		88,550
	PolyMedica Industries, Inc.	20,800		613,600
	West Pharmaceutical Services, Inc.	15,000		495,750
	TOTAL HEALTHCARE EQUIPMENT & SUPPLIES		$	1,762,564
	HEALTHCARE PROVIDERS & SERVICES -- 4.6%
7	Alliance Imaging, Inc.	23,400		109,512
7	Apria Healthcare Group, Inc.	21,300		617,700
7	Cerner Corp.	43,000		1,821,910
7	DaVita, Inc.	18,500		649,350
7	Dendrite International, Inc.	67,400		1,017,740
7	LifePoint Hospitals, Inc.	2,600		66,846
7	MIM Corp.	16,800		98,952
7	Orthodontic Centers of America, Inc.	29,400		259,896
7	PDI, Inc.	3,300		71,775
7	PacifiCare Health Systems, Inc.	9,800		583,100
7	Province Heathcare Co.	4,700		60,348
7	Service Corp. International	79,400		385,090
7	US Oncology, Inc.	106,900		1,169,486
	TOTAL HEALTHCARE PROVIDERS & SERVICES		$	6,911,705
	HOTELS, RESTAURANTS & LEISURE -- 3.1%
7	Aztar Corp.	46,200		964,656
7	Chicago Pizza & Brewery, Inc.	15,500		199,175
	Gtech Holdings Corp.	27,200		1,215,296
	Landrys Seafood Restaurants, Inc.	26,900		673,307
	Lone Star Steakhouse & Saloon	37,900		828,873
7	P. F. Chang's China Bistro, Inc.	6,800		331,432
7	Ryan's Family Steak Houses, Inc.	33,150		462,111
	TOTAL HOTELS, RESTAURANTS & LEISURE		$	4,674,850
	HOUSEHOLD DURABLES -- 4.4%
7	American Greetings Corp., Class A	48,900		1,043,037
	M.D.C. Holdings, Inc.	13,310		896,029
	M/I Schottenstein Homes, Inc.	28,000		1,165,640
	Meritage Corp.	6,500		384,150
	Ryland Group, Inc.	19,600		1,742,440
7	Salton, Inc.	27,700		295,836
7	Toll Brothers, Inc.	20,200		744,168
7	WCI Communities, Inc.	15,200	$	331,360
	TOTAL HOUSEHOLD DURABLES		$	6,602,660
	IT SERVICES -- 0.5%
7	American Management System, Inc.	39,200		580,160
7	Lionbridge Technologies, Inc.	17,100		154,413
	TOTAL IT SERVICES		$	734,573
	INDUSTRIAL CONGLOMERATES -- 0.4%
	Walter Industries, Inc.	55,100		654,588
	INSURANCE -- 2.4%
	AmerUs Group Co.	18,500		698,375
	Commerce Group, Inc.	17,400		691,650
	LandAmerica Financial Group, Inc.	16,500		825,165
	Presidential Life Corp.	11,000		168,960
	RLI Corp.	8,100		272,160
	StanCorp Financial Group, Inc.	14,200		895,310
	TOTAL INSURANCE		$	3,551,620
	INTERNET & CATALOG RETAIL -- 0.0%
7	Insight Enterprises, Inc.	3,600		60,552
	INTERNET SOFTWARE & SERVICES -- 2.6%
7	Allscripts Healthcare Solutions, Inc.	35,500		184,600
7	Broadvision, Inc.	45,900		230,877
7	Corillian Corp.	177,990		1,176,514
7	Digital Insight Corp.	47,850		1,003,893
7	DoubleClick, Inc.	140,500		1,170,365
7	TriZetto Group, Inc.	10,900		74,120
7	WebEx Communications, Inc.	2,800		61,852
7	Websense, Inc.	2,800		65,520
	TOTAL INTERNET SOFTWARE & SERVICES		$	3,967,741
	LEISURE EQUIPMENT & PRODUCTS -- 1.2%
	Action Performance Cos., Inc.	13,600		278,528
7	Marvel Enterprises, Inc.	20,000		589,000
	Polaris Industries, Inc., Class A	10,800		924,480
	TOTAL LEISURE EQUIPMENT & PRODUCTS		$	1,792,008
	MACHINERY -- 2.4%
	Albany International Corp., Class A	34,600		1,069,140
	Briggs & Stratton Corp.	17,400		1,131,174
	Harsco Corp.	20,800		796,848
	Timken Co.	35,300		592,334
	TOTAL MACHINERY		$	3,589,496
	MEDIA -- 0.2%
7	Journal Communications, Inc., Class A	21,000		373,590
	METALS & MINING -- 1.6%
	Quanex Corp.	19,000	$	760,950
	Southern Peru Copper Corp.	14,700		418,362
7	Steel Dynamics, Inc.	39,400		734,022
	Steel Technologies, Inc.	29,700		457,677
	TOTAL METALS & MINING		$	2,371,011
	MULTI-UTILITIES & UNREGULATED POWER -- 0.7%
	Avista Corp.	25,400		431,800
	ONEOK, Inc.	32,300		642,447
	TOTAL MULTI-UTILITIES & UNREGULATED POWER		$	1,074,247
	MULTILINE RETAIL -- 0.4%
	Shopko Stores, Inc.	42,400		656,352
	OFFICE ELECTRONICS -- 0.3%
7	Gerber Scientific, Inc.	49,700		392,630
	OIL & GAS -- 1.1%
7	Evergreen Resources, Inc.	9,200		252,264
	Holly Corp.	16,200		403,704
7	Stone Energy Corp.	19,400		701,116
7	Ultra Petroleum Corp.	15,800		289,140
	TOTAL OIL & GAS		$	1,646,224
	PHARMACEUTICALS -- 1.2%
	Alpharma, Inc., Class A	40,400		735,280
7	AtheroGenics, Inc.	6,500		107,185
	ICN Pharmaceuticals, Inc.	52,100		1,006,051
	TOTAL PHARMACEUTICALS		$	1,848,516
	REAL ESTATE -- 3.1%
	Bedford Property Investors, Inc.	14,100		370,266
	Boykin Lodging Co.	55,000		455,400
	Friedman, Billings, Ramsey Group, Inc., Class A	57,500		1,145,400
	HRPT Properties Trust	67,600		632,736
	Mission West Properties, Inc.	32,400		405,972
	Novastar Financial, Inc.	18,700		1,379,125
	RAIT Investment Trust	12,600		294,336
	TOTAL REAL ESTATE		$	4,683,235
	ROAD & RAIL -- 0.6%
	Arkansas Best Corp.	2,000		66,220
7	Dollar Thrifty Automotive Group	27,700		725,463
7	SCS Transportation, Inc.	4,700		70,547
	TOTAL ROAD & RAIL		$	862,230
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 7.7%
7	August Technology Corp.	3,700		71,780
7	Cabot Microelectronics Corp.	1,800		102,600
7	ChipPAC, Inc.	10,800		90,072
7	Credence Systems Corp.	45,300	$	738,843
7	Cymer, Inc.	12,100		552,486
7	Dupont Photomasks, Inc.	19,300		447,374
7	FEI Co.	60,700		1,441,625
7	Genesis Microchip, Inc.	59,900		993,142
7	Lattice Semiconductor Corp.	307,700		2,400,060
7	Mykrolis Corp.	37,700		556,075
7	Pixelworks, Inc.	249,600		3,015,168
7	Rudolph Technologies, Inc.	24,400		638,060
	Skyworks Solutions, Inc.	19,200		164,736
7	Trident Microsystems, Inc.	1,700		39,440
7	Triquint Semiconductor, Inc.	51,700		370,689
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS		$	11,622,150
	SOFTWARE -- 5.6%
7	Advent Software, Inc.	13,800		252,678
7	Digimarc Corp.	119,800		2,010,244
	Henry Jack & Associates, Inc.	37,900		757,242
7	Macrovision Corp.	35,300		775,541
7	Mentor Graphics Corp.	14,500		242,875
7	Novell, Inc.	127,900		750,773
7	ONYX Software Corp.	70,050		314,525
7	Quest Software, Inc.	14,300		213,070
7	Red Hat, Inc.	106,700		1,604,768
7	Roxio, Inc.	7,700		78,463
7	Sybase, Inc.	40,100		717,790
7	Transaction Systems Architects, Inc., Class A	36,700		734,000
	TOTAL SOFTWARE		$	8,451,969
	SPECIALTY RETAIL -- 4.4%
7	Barnes & Noble, Inc.	14,700		438,060
7	Chicos FAS, Inc.	19,400		728,276
	Christopher & Banks Corp.	37,350		1,090,620
7	Cost Plus, Inc.	18,700		857,769
7	Hollywood Entertainment Corp.	38,900		591,280
7	Hot Topic, Inc.	51,200		1,469,952
7	Pacific Sunwear of California	29,200		674,228
7	Rex Stores Corp.	32,800		516,928
	Sonic Automotive, Inc.	13,400		304,180
	TOTAL SPECIALTY RETAIL		$	6,671,293
	TEXTILES, APPAREL & LUXURY GOODS -- 1.9%
	Kenneth Cole Productions, Inc., Class A	29,700		879,120
	Phillips Van Heusen Corp.	41,500		711,310
7	Quiksilver, Inc.	52,400		899,708
	Unifirst Corp.	13,000		342,550
	TOTAL TEXTILES, APPAREL & LUXURY GOODS		$	2,832,688
	THRIFTS & MORTGAGE FINANCE -- 6.3%
	BankAtlantic Bancorp, Inc., Class A	53,700	$	901,623
7	Commercial Capital Bancorp, Inc.	32,300		606,271
	Commercial Federal Corp.	28,600		736,164
	Corus Bankshares, Inc.	5,000		294,000
	Flagstar Bancorp, Inc.	47,500		1,059,250
	Harbor Florida Bancshares, Inc.	5,000		134,600
	Hudson River Bancorp, Inc.	9,500		317,300
	Independence Community Bank	35,600		1,308,300
	IndyMac Bancorp, Inc.	31,400		923,160
	Net.B@nk, Inc.	40,200		551,142
7	Saxon Capital, Inc.	39,700		748,742
	Seacoast Financial Services Corp.	32,300		827,203
	Staten Island Bancorp, Inc.	47,200		940,696
7	Sterling Financial Corp.	6,250		195,688
	TOTAL THRIFTS & MORTGAGE FINANCE		$	9,544,139
	TOBACCO -- 0.6%
	Standard Commercial Corp.	20,400	$	389,232
	Universal Corp.	12,500		544,750
	TOTAL TOBACCO		$	933,982
TOTAL COMMON STOCKS (IDENTIFIED COST $105,886,849)			$	146,099,950
MUTUAL FUND -- 2.9%
	SSGA Money Market Fund (AT NET ASSET VALUE)	4,364,105	$	4,364,105
TOTAL INVESTMENTS -- 99.8% (IDENTIFIED COST $110,250,954)			$	150,464,055
OTHER ASSETS AND LIABILITIES -- NET -- 0.2%			$	296,897
TOTAL NET ASSETS -- 100%			$	150,760,952

See Notes to Portfolios of Investments

MTB Small Cap Growth Fund

 

Description		Shares		Value
COMMON STOCKS -- 99.1%
	BIOTECHNOLOGY -- 9.4%
7	Applied Molecular Evolution	200,000	$	2,486,000
7	Calypte Biomedical Corp.	2,000,000		2,590,000
7	IDEXX Laboratories, Inc.	69,000		3,263,700
7	Medarex, Inc.	300,000		2,145,000
7	Serologicals Corp.	165,000		2,640,000
7	Sirna Therapeutics, Inc.	224,600		1,758,618
7	United Therapeutics Corp.	125,000		2,516,250
	TOTAL BIOTECHNOLOGY		$	17,399,568
	COMMERCIAL BANKS -- 4.3%
	Columbia Bancorp	80,000		2,225,600
	Greater Bay Bancorp	110,000		2,965,600
	UCBH Holdings, Inc.	75,000		2,678,250
	TOTAL COMMERCIAL BANKS		$	7,869,450
	COMMERCIAL SERVICES & SUPPLIES -- 1.7%
	Gevity HR, Inc.	205,000		3,099,600
	COMMUNICATIONS EQUIPMENT -- 12.9%
7	3Com Corp.	375,000		2,700,000
7	Andrew Corp.	150,000		1,962,000
7	Extreme Networks, Inc.	300,000		2,580,000
7	F5 Networks, Inc.	118,000		2,951,180
7	Network Engines, Inc.	331,500		3,254,998
7	Oplink Communications, Inc.	860,000		2,012,400
7	PC-Tel, Inc.	364,400	$	3,691,372
7	Verso Technologies, Inc.	1,007,700		3,909,876
7	Vyyo, Inc.	159,800		719,100
	TOTAL COMMUNICATIONS EQUIPMENT		$	23,780,926
	COMPUTERS & PERIPHERALS -- 1.8%
7	Maxtor Corp.	240,000		3,280,800
	ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.1%
7	Spatialight, Inc.	385,000		1,844,150
7	Superconductor Technologies, Inc.	410,000		2,086,900
	TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS		$	3,931,050
	FOOD PRODUCTS -- 1.3%
7	Stake Technology Ltd.	250,000		2,397,500
	HEALTHCARE -- 1.1%
7	Given Imaging Ltd.	150,000		2,014,500
	HEALTHCARE EQUIPMENT & SUPPLIES -- 6.0%
7	Align Technology, Inc.	225,000		3,469,500
7	Interpore International, Inc.	149,000		1,758,200
7	Mentor Corp.	104,900		2,124,225
7	Orthofix International NV	41,200		1,503,800
7	Synovis Life Technologies, Inc.	92,300		2,181,972
	TOTAL HEALTHCARE EQUIPMENT & SUPPLIES		$	11,037,697
	HOTELS, RESTAURANTS & LEISURE -- 4.6%
7	Alliance Gaming Corp.	150,000	$	3,637,500
7	Mikohn Gaming Corp.	280,000		1,643,600
7	Scientific Games Holdings Corp.	240,000		3,192,000
	TOTAL HOTELS, RESTAURANTS & LEISURE		$	8,473,100
	HOUSEHOLD DURABLES -- 1.7%
	Brookfield Homes Corp.	142,500		3,085,125
	IT SERVICES -- 4.4%
7	Cognizant Technology Solutions Corp.	60,000		2,723,400
7	Lightbridge, Inc.	248,000		2,380,800
7	Lionbridge Technologies, Inc.	345,500		3,119,865
	TOTAL IT SERVICES		$	8,224,065
	INSURANCE -- 2.2%
	Infinity Property & Casualty	126,000		4,095,000
	INTERNET SOFTWARE & SERVICES -- 8.2%
7	Akamai Technologies, Inc.	430,000		3,397,000
7	CNET, Inc.	250,000		2,035,000
7	Corillian Corp.	305,000		2,016,050
7	Digitas, Inc.	25,400		220,980
7	Interwoven, Inc.	520,000		1,970,800
7	Opsware, Inc.	350,000		2,912,000
7	United Online, Inc.	92,700		2,668,833
	TOTAL INTERNET SOFTWARE & SERVICES		$	15,220,663
	MACHINERY -- 1.1%
7	Dionex Corp.	50,000		2,127,000
	OIL & GAS -- 1.6%
7	OMI Corp.	450,000		3,037,500
	PHARMACEUTICALS -- 6.5%
7	Advancis Pharmaceutical Corp.	176,300		1,597,278
7	Bentley Pharmaceuticals, Inc.	150,000		2,170,500
7	Eon Labs, Inc.	75,000		3,158,250
7	Guilford Pharmaceuticals, Inc.	335,000		2,468,950
7	Taro Pharmaceutical Industries Ltd.	41,000		2,634,250
	TOTAL PHARMACEUTICALS		$	12,029,228
	SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 13.0%
7	AMIS Holdings, Inc.	85,000		1,712,750
7	Ade Corp.	110,000		2,673,000
7	Axcelis Technologies, Inc.	185,000	$	1,957,300
7	Credence Systems Corp.	183,000		2,984,730
7	Cypress Semiconductor Corp.	200,000		4,292,000
7	Micrel, Inc.	225,000		3,712,500
7	Pixelworks, Inc.	260,000		3,140,800
7	Rambus, Inc.	100,000		2,476,000
7	SRS Labs, Inc.	160,700		1,100,474
	TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS		$	24,049,554
	SOFTWARE -- 8.4%
7	Concur Technologies, Inc.	80,000		917,600
7	OpenTV Corp.	450,000		2,403,000
7	Quest Software, Inc.	181,000		2,696,900
7	Red Hat, Inc.	150,000		2,256,000
7	Secure Computing Corp.	188,500		2,710,630
7	Tibco Software, Inc.	425,000		2,737,000
7	Verity, Inc.	125,000		1,756,250
	TOTAL SOFTWARE		$	15,477,380
	SPECIALTY RETAIL -- 1.2%
7	A.C. Moore Arts & Crafts, Inc.	100,000		2,313,000
	THRIFTS & MORTGAGE FINANCE -- 1.6%
7	Commercial Capital Bancorp, Inc.	154,000		2,890,580
	WIRELESS TELECOMMUNICATION SERVICES -- 4.0%
7	Nextel Partners, Inc., Class A	353,000		4,243,060
7	Western Wireless Corp., Class A	165,000		3,201,000
	TOTAL WIRELESS TELECOMMUNICATION SERVICES		$	7,444,060
TOTAL COMMON STOCKS (IDENTIFIED COST $145,375,959)			$	183,277,346
MUTUAL FUND -- 2.9%
	SSGA Money Market Fund (AT NET ASSET VALUE)	5,325,735	$	5,325,735
TOTAL INVESTMENTS-102.0% (IDENTIFIED COST $150,701,694)			$	188,603,081
OTHER ASSETS AND LIABILITIES -- NET -- (2.0)%			$	(3,770,595	)
TOTAL NET ASSETS -- 100%			$	184,832,486

See Notes to Portfolios of Investments

MTB International Equity Fund

 

Description		Shares		Value in U.S. Dollars
COMMON STOCKS -- 95.6%
	AUSTRALIA -- 3.5%
	Australia & New Zealand Banking Group, Melbourne	50,277	$	633,745
	Australia & New Zealand Banking Group, Melbourne, Rights	9,141		27,900
	Australian Gas Light Co.	38,744		293,571
	QBE Insurance Group Ltd.	97,214		709,077
	Rio Tinto Ltd.	11,958		301,886
	Westpac Banking Corp. Ltd., Sydney	136,790		1,564,416
	Woolworth's Ltd.	34,756		273,691
	TOTAL AUSTRALIA		$	3,804,286
	BELGIUM -- 1.2%
	Fortis	9,218		163,642
	Fortis	60,288		1,073,760
	TOTAL BELGIUM		$	1,237,402
	BRAZIL -- 0.1%
	Companhia Cervajaria Brahma, ADR	1,500		31,800
	Petroleo Brasileiro SA, ADR	2,000		47,000
	Tele Norte Leste Participacoes SA	851		10
	Unibanco Uniao de Bancos Brasileiros SA, GDR	2,900		64,119
	TOTAL BRAZIL		$	142,929
	CZECH REPUBLIC -- 0.1%
	Komercni Banka AS, GDR	3,852		114,545
	FINLAND -- 2.6%
	Nokia Oyj	118,776		2,014,791
	UPM--Kymmene OY	41,800		781,364
	TOTAL FINLAND		$	2,796,155
	FRANCE -- 9.9%
	Aventis SA	41,869		2,214,278
	BNP Paribas SA	29,981		1,573,387
	Cap Gemini SA	15,715		790,960
	Compagnie de St. Gobain	9,462		398,677
	France Telecom SA	36,186		874,727
	Sanofi Synthelabo SA	11,644		719,901
	Suez SA	31,477		504,340
	Total Fina SA, Class B	19,405		3,012,286
	Unibail (Union du Credit-Bail Immobilier)	6,392		503,544
	TOTAL FRANCE		$	10,592,100
	GERMANY, FEDERAL REPUBLIC OF -- 1.2%
	Allianz AG Holding	2,742		293,592
	Bayer AG	10,421		250,093
	Linde AG	15,114		692,273
	TOTAL GERMANY		$	1,235,958
	HONG KONG -- 0.5%
	Cheung Kong	68,000	$	566,813
	HUNGARY -- 0.1%
	OTP Bank RT, GDR	4,200		103,110
	IRELAND -- 2.6%
	Bank of Ireland	133,576		1,657,896
	Bank of Ireland	10,261		126,284
	CRH PLC	46,312		830,755
	CRH PLC	7,724		138,734
	TOTAL IRELAND		$	2,753,669
	ISRAEL -- 0.4%
	Teva Pharmaceutical Industries Ltd., ADR	6,804		387,080
	ITALY -- 2.5%
	Assicurazioni Generali SpA	21,261		488,765
	ENI SpA	90,103		1,429,029
	Unicredito Italiano SpA	164,656		810,577
	TOTAL ITALY		$	2,728,371
	JAPAN -- 17.1%
	Aiful Corp.	7,850		495,482
	Canon, Inc.	18,000		869,676
	Daikin Industries	11,000		234,266
	Fuji Photo Film Co.	38,000		1,118,155
	Honda Motor Co., Ltd.	42,300		1,667,260
	Hoya Corp.	4,700		424,712
	Kao Corp.	49,000		1,005,722
	Keyence Corp.	900		197,639
	Mitsubishi Corp.	89,000		922,250
	Mitsubishi Tokyo Financial Group, Inc.	58		416,129
	Mitsui Fudosan Co.	19,000		176,523
	Mitsui Marine & Fire Insurance Co.	920		7,570
	Murata Manufacturing Co. Ltd.	5,800		329,216
	Nintendo Corp. Ltd.	14,800		1,141,150
	Nippon Telegraph & Telephone Corp.	237		1,056,825
	Rohm Co.	8,000		1,076,741
	Sekisui House Ltd.	56,000		548,760
	Sompo Japan Insurance, Inc.	127,000		1,049,587
	Sumitomo Chemical Co.	132,000		491,508
	Sumitomo Mitsui Financial Group, Inc.	120		602,670
	Takeda Chemical Industries	40,800		1,441,395
	Takefuji Corp.	3,840		227,031
	Toppan Printing Co.	32,000		292,943
	Toyoda Automatic Loom Works	20,100		370,566
	Toyota Motor Corp.	61,500		1,748,206
	West Japan Railway Co.	93	$	345,445
	TOTAL JAPAN		$	18,257,427
	KOREA, REPUBLIC OF -- 1.1%
7	Daewoo Shipbuilding & Marine Engineering Co. Ltd.	5,220		70,129
	Honam Petrochem Corp.	1,220		48,862
	Hyundai Motor Co.	4,000		133,333
	KT Corp.	650		25,868
	Kookmin Bank	3,500		127,757
	LG Chem Ltd.	2,770		111,174
7	LG Electronics, Inc.	1,200		62,155
	POSCO	750		87,452
	SK Telecom Co. Ltd.	470		83,000
	Samsung Electronics Co.	900		357,414
	Shinsegae Department Store Co.	510		102,345
	TOTAL KOREA		$	1,209,489
	MEXICO -- 0.4%
7	America Movil SA de CV	67,694		80,486
7	Fomento Economico Mexicano, SA de CV	13,041		46,339
7	Grupo Financiero BBVA Bancomer, SA de CV, Class B	105,000		89,146
7	Wal-Mart de Mexico SA de CV	82,550		214,958
	TOTAL MEXICO		$	430,929
	NETHERLANDS -- 6.9%
	ABN AMRO Holdings NV	52,105		1,091,962
	Koninklijke (Royal) Philips Electronics NV	36,715		988,543
	Reed Elsevier NV	126,849		1,410,924
	TPG NV	65,455		1,409,736
	VNU - Verenigde Nederlandse Uitgeversbedrijven	56,338		1,713,775
	Wolters Kluwer NV	54,625		766,777
	TOTAL NETHERLANDS		$	7,381,717
	PORTUGAL -- 0.7%
	Electricidade de Portugal SA	73,298		165,950
	Portugal Telecom SGPS SA	64,633		542,555
	TOTAL PORTUGAL		$	708,505
	RUSSIA -- 0.2%
	JSC Mining and Smelting Co. Norilsk Nickel	1,345		69,267
	Lukoil Holding Co., ADR	1,307		106,259
	TOTAL RUSSIA		$	175,526
	SINGAPORE -- 0.5%
	DBS Group Holdings Ltd.	66,000		542,461
	SOUTH AFRICA -- 0.1%
	Anglo American Platinum Corp. Ltd.	755		32,361
	Nedcor Ltd.	4,000		36,614
	Standard Bank Group Ltd.	16,000	$	77,668
	TOTAL SOUTH AFRICA		$	146,643
	SPAIN -- 2.7%
	Banco Bilbao Vizcaya Argentaria SA	99,955		1,145,441
	Banco Santander Central Hispano SA	72,722		696,580
7	Antena 3 Television SA	270		8,817
7	Telefonica SA	81,393		1,011,165
	TOTAL SPAIN		$	2,862,003
	SWEDEN -- 2.9%
	Nordea AB	154,557		958,407
	Svenska Cellulosa AB, Class B	27,870		1,051,570
	Svenska Handelsbanken AB, Class A	27,690		487,800
	Swedish Match AB	80,720		656,706
	TOTAL SWEDEN		$	3,154,483
	SWITZERLAND -- 7.1%
	Adecco SA	19,286		1,135,488
	Givaudan SA	1,009		454,127
	Holcim Ltd.	12,201		512,651
	Nestle SA	13,932		3,062,321
	Novartis AG	24,378		927,696
	Roche Holding AG	13,699		1,131,726
	Swiss Re	5,826		366,099
	TOTAL SWITZERLAND		$	7,590,108
	TAIWAN, PROVINCE OF CHINA -- 0.1%
	Benq Corp.	36,000		46,154
	Nan Ya Plastic	61,088		81,558
	TOTAL TAIWAN		$	127,712
	THAILAND -- 0.1%
7	Finance One Co. Ltd.	3,000		0
	Siam Cement Co. Ltd., GDR	19,000		96,178
	TOTAL THAILAND		$	96,178
	TURKEY -- 0.0%
	Akbank T.A.S.	9,852,940		46,191
	UNITED KINGDOM -- 31.0%
7	ARM Holdings PLC	105,937		204,368
	AstraZeneca PLC	29,297		1,375,315
	BP Amoco PLC	451,371		3,130,906
	BT Group PLC	258,370		812,829
	Balfour Beatty PLC	51,942		168,694
	Barclays PLC	231,989		1,955,406
	Boc Group PLC	32,822		447,264
	Carlton Communications PLC	130,260		477,175
	Centrica PLC	189,932		594,303
	Compass Group PLC	101,558	$	585,176
	Diageo PLC	167,165		1,964,679
	Electrocomponents PLC	82,861		489,038
	Gallaher Group PLC	152,575		1,526,682
	GlaxoSmithKline PLC	140,574		3,008,690
	HSBC Holdings PLC	91,819		1,378,126
	Invensys PLC	429,576		218,562
	Kesa Electricals PLC	88,775		367,361
	Kingfisher PLC	204,776		981,094
	National Grid Transco PLC	160,237		1,022,474
	Rentokil Initial PLC	242,533		918,281
	Rio Tinto PLC	32,678		791,955
	Rolls-Royce Group PLC	220,065		708,184
	Royal Bank of Scotland PLC, Edinburgh	90,450		2,422,165
	Scottish & Southern Energy PLC	89,893		935,306
	Shell Transport & Trading Co.	328,081		2,047,585
	Tesco PLC	349,750		1,401,337
	Vodafone Group PLC	1,552,703	$	3,258,717
	TOTAL UNITED KINGDOM		$	33,191,672
TOTAL COMMON STOCKS (IDENTIFIED COST $91,124,069)			$	102,383,462
PREFERRED STOCK -- 0.4%
	AUSTRALIA -- 0.4%
	News Corp. Ltd., Pfd., $0.08, Annual Dividend (IDENTIFIED COST $316,721)	53,953	$	396,205
MUTUAL FUND -- 1.4%
	UNITED STATES -- 1.4%
	SSGA Money Market Fund (AT NET ASSET VALUE)	1,493,046	$	1,493,046
TOTAL INVESTMENTS -- 97.4% (IDENTIFIED COST $92,933,836)			$	104,272,713
OTHER ASSETS AND LIABILITIES -- NET -- 2.6%			$	2,789,000
TOTAL NET ASSETS -- 100%			$	107,061,713

See Notes to Portfolios of Investments

The categories of investments are shown as a percentage of total net assets at October 31, 2003.

(1)	Each issue, with the exception of variable rate securities, shows the coupon or rate of discount at the time of purchase, if applicable.
(2)	Denotes variable rate securities with current rate and next demand date.
(3)	At October 31, 2003, 7.8%, 10.0% and 4.0% of the total investments at market value were subject to alternative minimum tax for New York Tax-Free Money Market Fund, New York Municipal Bond Fund and Pennsylvania Municipal Bond Fund, respectively.
(4)	Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the fund's Board of Trustees. At October 31, 2003, these securities amounted to $1,995,000, $2,168,550, $4,432,936 and $ 9,720 which represent 1.0%, 0.9%, 2.0% and 0.3% of total net assets for the New York Tax-Free Money Market Fund, U.S. Government Bond Fund, Income Fund and Social Balanced Fund, respectively.
(5)	Please refer to the Appendix of the Statement of Additional Information for an explanation of the credit ratings. Current credit ratings are unaudited.
(6)	Affiliated company.
(7)	Non-income producing security.
(8)	All or a portion of these securities may be subject to dollar roll transactions.

The following acronyms are used throughout this report:

 

ADR -- American Depositary Receipt	HFA -- Housing Finance Agency
AMBAC -- American Municipal Bond Assurance Corporation	IDA -- Industrial Development Authority
AMT -- Alternative Minimum Tax	IDFA -- Industrial Development Finance Authority
ARM -- Adjustable Rate Mortgage	IDRB -- Industrial Development Revenue Bond
BANs -- Bond Anticipation Notes	INS -- Insured
COL -- Collateralized	IO -- Interest Only
COPs -- Certificates of Participation	LIQ -- Liquidity Agreement
CP -- Commercial Paper	LOC(s) -- Letter(s) of Credit
CSD -- Central School District	MERLOTS -- Municipal Exempt Receipts -- Liquidity Optional Tender Series
EDA -- Economic Development Authority	MTN -- Medium Term Note
EDFA -- Economic Development Financing Authority	PCA -- Pollution Control Authority
EDRB -- Economic Development Revenue Bond	PCRBs -- Pollution Control Revenue Bonds
FGIC -- Financial Guaranty Insurance Corporation	RANs -- Revenue Anticipation Notes
FHA -- Federal Housing Administration	REMIC -- Real Estate Mortgage Investment Conduit
FHA/VA -- Federal Housing Administration/Veterans Administration	SWP -- Swap Agreement
FHLMC -- Federal Home Loan Mortgage Corporation	TANs -- Tax Anticipation Notes
FNMA -- Federal National Mortgage Association	TOBs -- Tender Option Bonds
FSA -- Financial Security Assurance	TOPS -- Trust Obligation Participating Securities
GDR -- Global Depositary Receipt	TRANs -- Tax and Revenue Anticipation Notes
GNMA -- Government National Mortgage Association	UT -- Unlimited Tax
GO -- General Obligation	VHA -- Veterans Housing Administration
HDA -- Hospital Development Authority	VRDNs -- Variable Rate Demand Notes
HEFA -- Health and Education Facilities Authority

   

MTB Fund	Cost of Investments for Federal Tax Purposes
U.S. Treasury Money Market Fund	$1,087,653,771	*
U.S. Government Money Market Fund	2,406,548,493	*
Tax-Free Money Market Fund	171,899,948	*
Money Market Fund	2,278,335,246	*
Prime Money Market Fund	283,468,265	*
New York Tax-Free Money Market Fund	190,610,994	*
Pennsylvania Tax-Free Money Market Fund	17,163,137	*
Short Duration Government Bond Fund	168,040,138
Short-Term Corporate Bond Fund	61,163,883
U.S. Government Bond Fund	240,370,855
New York Municipal Bond Fund	84,026,281
Pennsylvania Municipal Bond Fund	223,082,407
Maryland Municipal Bond Fund	118,066,901
Intermediate-Term Bond Fund	265,863,461
Income Fund	259,537,829
Managed Allocation Fund -- Conservative Growth	7,233,029
Managed Allocation Fund -- Moderate Growth	24,198,798
Managed Allocation Fund -- Aggressive Growth	11,197,106
Balanced Fund	167,621,278
Social Balanced Fund	3,739,803
Equity Income Fund	63,710,874
Large Cap Value Fund	61,802,903
Equity Index Fund	131,785,493
Large Cap Stock Fund	403,330,658
Large Cap Growth Fund	19,217,127
Multi Cap Growth Fund	135,459,226
Mid Cap Stock Fund	107,694,574
Mid Cap Growth Fund	68,003,170
Small Cap Stock Fund	110,250,954
Small Cap Growth Fund	150,721,565
International Equity Fund	92,933,836

*at amortized cost

(See Notes which are an integral part of the Financial Statements)

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2003 (Unaudited)	U.S. Treasury Money Market Fund	U.S. Government Money Market Fund
ASSETS:
Investments in repurchase agreements	$ --	$ 165,787,000
Investments in securities	1,087,653,771	2,240,761,493
TOTAL INVESTMENTS IN SECURITIES, AT AMORTIZED COST AND VALUE	1,087,653,771	2,406,548,493
Cash	85,395	281
Income receivable	--	3,385,146
Receivable for shares sold	2,912	--
Prepaid expenses	--	--
TOTAL ASSETS	1,087,742,078	2,409,933,920
LIABILITIES:
Payable for investments purchased	--	--
Income distribution payable	368,643	1,219,878
Payable to bank	--	--
Payable for shares redeemed	6,323	--
Payable for investment adviser fee (Note 5)	--	--
Payable for administrative personnel and services fee (Note 5)	373	366
Payable for transfer and dividend disbursing agent fees and expenses (Note 5)	--	--
Payable for portfolio accounting fees (Note 5)	103,467	196,185
Payable for distribution services fee (Note 5)	--	19,506
Payable for shareholder services fee (Note 5)	212,916	31,274
Payable for printing and postage	27,776	101,162
Accrued expenses	21,344	47,632
TOTAL LIABILITIES	740,842	1,616,003
NET ASSETS	$ 1,087,001,236	$ 2,408,317,917
NET ASSETS CONSIST OF:
Paid in capital	$ 1,087,045,590	$ 2,408,316,801
Net unrealized appreciation of investments	--	--
Accumulated net realized gain (loss) on investments	(42,654)	(10)
Undistributed (distributions in excess of) net investment income	(1,700)	1,126
TOTAL NET ASSETS	$ 1,087,001,236	$ 2,408,317,917
Class A Shares	$ 188,866,570	$ 173
Class B Shares	$ --	$ --
Class S Shares	$ 23,373,638	$ --
Institutional Shares	$ --	$ --
Institutional I Shares	$ 313,807,595	$ 1,312,708,233
Institutional II Shares	$ 560,953,433	$ 1,095,609,511
SHARES OUTSTANDING:
Class A Shares	188,932,515	173
Class B Shares	--	--
Class S Shares	23,301,103	--
Institutional Shares	--	--
Institutional I Shares	313,749,250	1,312,794,403
Institutional II Shares	561,062,104	1,095,629,174

Tax Free Money Market Fund	Money Market Fund	Prime Money Market Fund	New York Tax-Free Money Market Fund	Pennsylvania Tax-Free Money Market Fund	Short Duration Government Bond Fund	Short-Term Corporate Bond Fund
$ --	$ 97,287,000	$ 18,827,000	$ --	$ --	$ --	$ 6,291,217
171,899,948	2,181,048,246	264,641,265	190,610,994	17,163,137	168,110,250	55,752,109
171,899,948	2,278,335,246	283,468,265	190,610,994	$ 17,163,137	168,110,250	62,043,326
--	43	3,930,596	46,242	--	1,501,623	--
269,757	4,505,110	47,274	554,677	27,966	1,182,490	688,088
--	159,839	--	100,575	--	90,135	72,719
44,629	72,325	72,202	16,450	37,645	8,591	31,074
172,214,334	2,283,072,563	287,518,337	191,328,938	17,228,748	170,893,089	62,835,207
1,545,000	--	--	--	951,396	1,501,623	--
62,011	718,731	108,610	25,662	5,615	254,640	65,503
14,763	--	--	--	64,323	--	--
--	518,492	3,908,618	2,725	--	320,993	10,183
--	20,932	--	--	--	--	--
--	281	--	--	--	--	--
4,086	--	8,802	2,098	934	1,052	--
15,761	193,026	26,435	18,216	2,216	15,499	6,810
6,745	78,973	--	--	829	773	6
13,523	254,150	93,940	26,661	6,455	154	4,040
8,397	52,093	5,267	875	907	2,747	2,578
--	--	--	--	--	--	--
1,670,286	1,836,678	4,151,672	76,237	1,032,675	2,097,481	89,120
$ 170,544,048	$ 2,281,235,885	$ 283,366,665	$ 191,252,701	$ 16,196,073	$ 168,795,608	$ 62,746,087
$ 170,543,892	$ 2,281,240,657	$ 283,369,662	$ 191,252,114	$ 16,196,685	$ 170,247,043	$ 63,453,864
--	--	--	--	--	421,255	879,443
(1,558)	(13,758)	(2,750)	(9)	(27)	(1,129,884)	(1,561,098)
1,714	8,986	(247)	596	(585)	(742,806)	(26,122)
$ 170,544,048	$ 2,281,235,885	$ 283,366,665	$ 191,252,701	$ 16,196,073	$ 168,795,608	$ 62,746,087
$ 50,821,245	$ 1,108,562,090	$ --	$ 154,604,501	$ --	$ 8,948,992	$ 35,666
$ --	$ 228,516	$ --	$ --	$ --	$ --	$ 4,754
$ --	$ 69,727,168	$ --	$ --	$ --	$ --	$ --
$ --	$ 1,935,972	$ 283,366,665	$ --	$ --	$ --	$ --
$ 69,239,590	$ 698,939,044	$ --	$ 36,648,200	$ 15,478,056	$ 159,846,616	$ 62,705,667
$ 50,483,213	$ 401,843,095	$ --	$ --	$ 718,017	$ --	$ --
50,830,760	1,108,813,062	---	154,603,976	--	919,732	3,595
--	228,547	---	--	--	--	479
--	69,529,859	---	--	--	--	--
--	1,936,268	283,372,220	--	--	--	--
69,251,229	698,908,136	---	36,647,900	15,479,160	16,433,571	6,321,222
50,473,791	401,852,279	---	--	717,525	--	--

October 31, 2003 (Unaudited)	U.S. Treasury Money Market Fund	U.S. Government Money Market Fund
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PROCEEDS PER SHARE:
Net Asset Value Per Share
Class A Shares	$ 1.00	$ 1.00
Class B Shares	$ --	$ --
Class S Shares	$ 1.00	$ --
Institutional Shares	$ --	$ --
Institutional I Shares	$ 1.00	$ 1.00
Institutional II Shares	$ 1.00	$ 1.00
Offering Price Per Share*
Class A Shares	$ 1.00	$ 1.00
Class B Shares	$ --	$ --
Class S Shares	$ 1.00	$ --
Institutional Shares	$ --	$ --
Institutional I Shares	$ 1.00	$ 1.00
Institutional II Shares	$ 1.00	$ 1.00
Redemption Proceeds Per Share*
Class A Shares	$ 1.00	$ 1.00
Class B Shares	$ --	$ --
Class S Shares	$ 1.00	$ --
Institutional Shares	$ --	$ --
Institutional I Shares	$ 1.00	$ 1.00
Institutional II Shares	$ 1.00	$ 1.00
Investments, at identified cost	$ 1,087,653,771	$ 2,406,548,493

* See "What Do Shares Cost?" in the Prospectus.

** Computation of offering price per share 100/97 of net asset value.

*** Computation of redemption price per share 95/100 of net asset value.

See Notes which are an integral part of the Financial Statements

Tax Free Money Market Fund	Money Market Fund	Prime Money Market Fund	New York Tax-Free Money Market Fund	Pennsylvania Tax-Free Money Market Fund	Short Duration Government Bond Fund	Short-Term Corporate Bond Fund
$ 1.00	$ 1.00	$ --	$ 1.00	$ --	$ 9.73	$ 9.92
$ --	$ 1.00	$ --	$ --	$ --	$ --	$ 9.92
$ --	$ 1.00	$ --	$ --	$ --	$ --	$ --
$ --	$ 1.00	$ 1.00	$ --	$ --	$ --	$ --
$ 1.00	$ 1.00	$ --	$ 1.00	$ 1.00	$ 9.73	$ 9.92
$ 1.00	$ 1.00	$ --	$ --	$ 1.00	$ --	$ --
$ 1.00	$ 1.00	$ --	$ 1.00	$ --	$ 10.03 **	$ 10.23 **
$ --	$ 1.00	$ --	$ --	$ --	$ --	$ 9.92
$ --	$ 1.00	$ --	$ --	$ --	$ --	$ --
$ --	$ 1.00	$ 1.00	$ --	$ --	$ --	$ --
$ 1.00	$ 1.00	$ --	$ 1.00	$ 1.00	$ 9.73	$ 9.92
$ 1.00	$ 1.00	$ --	$ --	$ 1.00	$ --	$ --
$ 1.00	$ 1.00	$ --	$ 1.00	$ --	$ 9.73	$ 9.92
$ --	$ 1.00	$ --	$ --	$ --	$ --	$ 9.42 ***
$ --	$ 1.00	$ --	$ --	$ --	$ --	$ --
$ --	$ 1.00	$ 1.00	$ --	$ --	$ --	$ --
$ 1.00	$ 1.00	$ --	$ 1.00	$ 1.00	$ 9.73	$ 9.92
$ 1.00	$ 1.00	$ --	$ --	$ 1.00	$ --	$ --
$ 171,899,948	$ 2,278,335,246	$ 283,468,265	$ 190,610,994	$ 17,163,137	$ 167,688,995	$ 61,163,883

October 31, 2003 (Unaudited)	U.S. Government Bond Fund	New York Municipal Bond Fund
ASSETS:
Investments in securities, at value	$ 244,671,650	$ 87,184,231
Income receivable	2,730,213	1,285,628
Receivable for shares sold	366,421	117,012
Receivable for investments sold	--	--
Prepaid expenses	11,927	13,328
TOTAL ASSETS	247,780,211	88,600,199
LIABILITIES:
Payable for investments purchased	105,150	--
Income distribution payable	415,923	80,834
Payable for dollar roll transactions	--	--
Payable to bank	--	251,276
Payable for shares redeemed	--	14,145
Payable for transfer and dividend disbursing agent fees and expenses (Note 5)	9,179	5,742
Payable for portfolio accounting fees (Note 5)	19,898	7,859
Payable for distribution services fee (Note 5)	4,056	17
Payable for shareholder services fee (Note 5)	4,297	5
Accrued expenses	--	--
TOTAL LIABILITIES	558,503	359,878
NET ASSETS	$ 247,221,708	$ 88,240,321
NET ASSETS CONSIST OF:
Paid in capital	$ 243,510,315	$ 84,332,757
Net unrealized appreciation of investments	4,710,848	3,157,950
Accumulated net realized gain (loss) on investments	36,954	743,626
Undistributed (distributions in excess of) net investment income	(1,036,409)	5,988
TOTAL NET ASSETS	$ 247,221,708	$ 88,240,321
Class A Shares	$ 64,293,999	$ 59,311,050
Class B Shares	$ 98,170	$ 35,014
Institutional I Shares	$ 182,829,539	$ 28,894,257

Pennsylvania Municipal Bond Fund	Maryland Municipal Bond Fund	Intermediate-Term Bond Fund	Income Fund	Managed Allocation Fund Conservative Growth	Managed Allocation Fund Moderate Growth
$ 236,769,839	$ 124,356,086	$ 270,230,483	$ 263,830,058	$ 7,444,516	$ 25,383,557
3,862,625	1,844,880	2,968,166	2,672,693	--	--
25,000	15,573	37,069	72,114	17,465	291,215
--	--	--	12,010,842	--	--
9,282	21,393	--	69,291	1,867	--
240,666,746	126,237,932	273,235,718	278,654,998	7,463,848	25,674,772
--	--	4,425,136	13,047,480	--	--
636,558	318,507	503,471	384,227	--	--
--	--	9,439,099	37,874,623	--	--
--	--	--	--	--	--
13,375	50,669	106,638	284,784	2,102	2,655
--	--	4,278	--	4,361	880
20,854	7,917	20,335	13,309	672	2,454
10,757	2,348	9	495	352	3,736
21,043	--	6,886	66,911	--	2,590
--	--	5,750	--	--	6,167
702,587	379,441	14,511,602	51,671,829	7,487	18,482
$ 239,964,159	$ 125,858,491	$ 258,724,116	$ 226,983,169	$ 7,456,361	$ 25,656,290
$ 231,574,365	$ 119,848,086	$ 266,913,436	$ 218,150,491	$ 7,289,535	$ 24,860,539
13,645,973	6,255,101	5,311,667	4,294,713	211,487	1,184,759
(5,261,892)	(229,811)	(13,643,326)	4,593,405	(43,792)	(365,230)
5,713	(14,885)	142,339	(55,440)	(869)	(23,778)
$ 239,964,159	$ 125,858,491	$ 258,724,116	$ 226,983,169	$ 7,456,361	$ 25,656,290
$ 11,729,178	$ 22,602,244	$ 7,994,117	$ 11,922,937	$ 4,558,686	$ 16,470,877
$ 518,859	$ 1,900,336	$ 15,438	$ 2,146,314	$ 2,897,675	$ 9,185,413
$ 227,716,122	$ 101,355,911	$ 250,714,561	$ 212,913,918	$ --	$ --

October 31, 2003 (Unaudited)	U.S. Government Bond Fund	New York Municipal Bond Fund
SHARES OUTSTANDING:
Class A Shares	6,677,953	5,549,096
Class B Shares	10,196	3,276
Institutional I Shares	18,990,117	2,703,854
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PROCEEDS PER SHARE:
Net Asset Value Per Share
Class A Shares	$ 9.63	$ 10.69
Class B Shares	$ 9.63	$ 10.69
Institutional I Shares	$ 9.63	$ 10.69
Offering Price Per Share*
Class A Shares	$ 10.08 **	$ 11.19 **
Class B Shares	$ 9.63	$ 10.69
Institutional I Shares	$ 9.63	$ 10.69
Redemption Proceeds Per Share*
Class A Shares	$ 9.63	$ 10.69
Class B Shares	$ 9.15 ****	$ 10.16 ****
Institutional I Shares	$ 9.63	$ 10.69
Investments, at identified cost	$ 239,960,802	$ 84,026,281
Investments in affiliated issuers	$ --	$ --

* See "What Do Shares Cost?" in the Prospectus.

** Computation of offering price per share 100/95.5 of net asset value.

*** Computation of offering price per share 100/96.00 of net asset value.

**** Computation of redemption price per share 95/100 of net asset value.

See Notes which are an integral part of the Financial Statements

Pennsylvania Municipal Bond Fund	Maryland Municipal Bond Fund	Intermediate-Term Bond Fund	Income Fund	Managed Allocation Fund Conservative Growth	Managed Allocation Fund Moderate Growth
1,126,598	2,188,098	771,927	1,137,225	463,292	1,715,973
49,834	183,612	1,490	207,329	295,283	959,833
21,884,620	9,802,788	24,207,255	20,567,060	--	--
$ 10.41	$ 10.33	$ 10.36	$ 10.48	$ 9.84	$ 9.60
$ 10.41	$ 10.35	$ 10.36	$ 10.35	$ 9.81	$ 9.57
$ 10.41	$ 10.34	$ 10.36	$ 10.35	$ --	$ --
$ 10.90 **	$ 10.82 **	$ 10.85 **	$ 10.97 **	$ 10.25 ***	$ 10.05 **
$ 10.41	$ 10.35	$ 10.36	$ 10.35	$ 9.81	$ 9.57
$ 10.41	$ 10.34	$ 10.36	$ 10.35	$ --	$ --
$ 10.41	$ 10.33	$ 10.36	$ 10.48	$ 9.84	$ 9.60
$ 9.89 ****	$ 9.83 ****	$ 9.84 ****	$ 9.83 ****	$ 9.32 ****	$ 9.09 ****
$ 10.41	$ 10.34	$ 10.36	$ 10.35	$ --	$ --
$ 223,123,866	$ 118,100,985	$ 264,918,816	$ 259,535,345	$ 7,233,029	$ 24,198,798
$ 2,238,995	$ 2,525,847	$ --	$ --	$ 7,444,516	$ 25,383,557

October 31, 2003 (Unaudited)	Managed Allocation Fund Aggressive Growth	Balanced Fund
ASSETS:
Investments in securities, at value	$ 11,487,630	$ 180,422,574
Cash	--	--
Income receivable	--	618,508
Receivable for shares sold	79,156	73,381
Receivable for investments sold	--	2,599,065
Prepaid expenses	4,656	61,732
TOTAL ASSETS	11,571,442	183,775,260
LIABILITIES:
Payable for investments purchased	--	3,049,234
Payable for dollar roll transactions	--	5,074,785
Payable for shares redeemed	6,578	28,516
Payable for transfer and dividend disbursing agent fees and expenses (Note 5)	10,086	--
Payable for Trustees' fees	--	--
Payable for portfolio accounting fees (Note 5)	979	11,872
Payable for distribution services fee (Note 5)	512	13,105
Payable for shareholder services fee (Note 5)	--	42,109
Accrued expenses	--	--
TOTAL LIABILITIES	18,155	8,219,621
NET ASSETS	$ 11,553,287	$ 175,555,639
NET ASSETS CONSIST OF:
Paid in capital	$ 11,358,295	$ 224,629,751
Net unrealized appreciation of investments	290,524	14,663,497
Accumulated net realized gain (loss) on investments	(66,625)	(63,931,494)
Undistributed (distributions in excess of) net investment income	(28,907)	193,885
TOTAL NET ASSETS	$ 11,553,287	$ 175,555,639
Class A Shares	$ 8,077,154	$ 32,352,298
Class B Shares	$ 3,476,133	$ 12,364,706
Institutional I Shares	$ --	$ 130,838,635

Social Balanced Fund	Equity Income Fund	Large Cap Value Fund	Equity Index Fund	Large Cap Stock Fund	Large Cap Growth Fund	Multi Cap Growth Fund
$ 3,852,585	$ 74,512,407	$ 68,007,058	$ 115,970,877	$ 493,992,087	$ 20,870,108	$ 158,254,713
6,095	--	--	--	--	--	--
30,006	123,701	92,305	152,843	613,697	30,447	81,447
--	597	342,996	158,906	58,216	221	38,876
17,072	--	765	263,841	7,602,009	260,261	5,673,269
--	41,135	4,324	28,981	--	2,935	30,891
3,905,758	74,677,840	68,447,448	116,575,448	502,266,009	21,163,972	164,079,196
65,110	--	--	876,524	8,219,512	--	5,908,109
202,991	--	--	--	--	--	--
--	61,585	54,134	--	219,416	17,460	83,937
303	--	14,656	--	31,005	10,421	--
97	--	--	--	--	--	--
2,575	6,335	5,489	7,818	40,652	1,915	15,705
--	429	4,872	1,540	20,645	1,957	11,903
959	17,363	1,165	5,656	33,945	751	13,897
592	--	--	--	30,907	--	--
272,627	85,712	80,316	891,538	8,596,082	32,504	6,033,551
$ 3,633,131	$ 74,592,128	$ 68,367,132	$ 115,683,910	$ 493,669,927	$ 21,131,468	$ 158,045,645
$ 4,039,862	$ 64,733,861	$ 68,387,053	$ 140,435,949	$ 403,113,963	$ 25,008,480	$ 205,732,152
172,729	10,788,242	6,204,155	(11,316,929)	90,661,429	1,652,981	23,557,073
(581,653)	(962,559)	(6,266,916)	(13,580,671)	75,735	(5,524,968)	(71,243,580)
2,193	32,584	42,840	145,561	(181,200)	(5,025)	--
$ 3,633,131	$ 74,592,128	$ 68,367,132	$ 115,683,910	$ 493,669,927	$ 21,131,468	$ 158,045,645
$ --	$ 5,009,845	$ 29,752,777	$ 6,321,064	$ 59,870,704	$ 7,259,870	$ 26,162,495
$ --	$ 24,779	$ 556,712	$ 31,939	$ 11,733,560	$ 1,100,549	$ 10,590,759
$ 3,633,131	$ 69,557,504	$ 38,057,643	$ 109,330,907	$ 422,065,663	$ 12,771,049	$ 121,292,391

October 31, 2003 (Unaudited)	Managed Allocation Fund Aggressive Growth	Balanced Fund
SHARES OUTSTANDING:
Class A Shares	877,345	2,502,890
Class B Shares	382,320	957,556
Institutional I Shares	--	10,098,720
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PROCEEDS PER SHARE:
Net Asset Value Per Share
Class A Shares	$ 9.21	$ 12.93
Class B Shares	$ 9.09	$ 12.91
Institutional I Shares	$ --	$ 12.96
Offering Price Per Share*
Class A Shares	$ 9.69 **	$ 13.68 ***
Class B Shares	$ 9.09	$ 12.91
Institutional I Shares	$ --	$ 12.96
Redemption Proceeds Per Share*
Class A Shares	$ 9.21	$ 12.93
Class B Shares	$ 8.64 ****	$ 12.26 ****
Institutional I Shares	$ --	$ 12.96
Investments, at identified cost	$ 11,197,106	$ 165,759,077
Investments in affiliated issuers	$ 11,487,630	$ --

* See "What Do Shares Cost?" in the Prospectus.

** Computation of offering price per share 100/95 of net asset value.

*** Computation of offering price per share 100/94.50 of net asset value.

**** Computation of redemption price per share 95/100 of net asset value.

See Notes which are an integral part of the Financial Statements

Social Balanced Fund	Equity Income Fund	Large Cap Value Fund	Equity Index Fund	Large Cap Stock Fund	Large Cap Growth Fund	Multi Cap Growth Fund
--	544,264	3,019,854	717,635	6,975,056	1,017,902	1,883,782
--	2,703	57,164	3,631	1,416,391	159,300	787,849
340,380	7,586,565	3,860,517	12,430,625	49,388,399	1,789,037	8,616,065
$ --	$ 9.20	$ 9.85	$ 8.81	$ 8.58	$ 7.13	$ 13.89
$ --	$ 9.17	$ 9.74	$ 8.80	$ 8.28	$ 6.91	$ 13.44
$ 10.67	$ 9.17	$ 9.86	$ 8.80	$ 8.55	$ 7.14	$ 14.08
$ --	$ 9.74 ***	$ 10.42 ***	$ 9.32 ***	$ 9.08 ***	$ 7.54 ***	$ 14.70 ***
$ --	$ 9.17	$ 9.74	$ 8.80	$ 8.28	$ 6.91	$ 13.44
$ 10.67	$ 9.17	$ 9.86	$ 8.80	$ 8.55	$ 7.14	$ 14.08
$ --	$ 9.20	$ 9.85	$ 8.81	$ 8.58	$ 7.13	$ 13.89
$ --	$ 8.71 ****	$ 9.25 ****	$ 8.36 ****	$ 7.87 ****	$ 6.56 ****	$ 12.77 ****
$ 10.67	$ 9.17	9.86	$ 8.80	$ 8.55	$ 7.14	$ 14.08
$ 3,679,856	$ 63,724,165	$ 61,802,903	$ 127,287,806	$ 403,330,658	$ 19,217,127	$ 134,697,640
$ --	$ --	$ --	$ --	$ --	$ --	$ --

October 31, 2003 (Unaudited)	Mid Cap Stock Fund	Mid Cap Growth Fund	Small Cap| Stock Fund	Small Cap Growth Fund	International Equity Fund
ASSETS:
Investments in securities, at value	$ 128,852,009	$ 82,894,166	$ 150,464,055	$ 188,603,081	$ 104,272,713
Cash	--	--	--	736,789	1,845,664
Cash denominated in foreign currencies (identified cost $904,968)	--	--	--	--	915,653
Income receivable	52,647	31,519	84,402	9,614	245,490
Receivable for shares sold	319,037	43,524	187,484	259,074	8,305
Receivable for investments sold	730,112	1,179,599	1,108,978	3,226,665	94,656
Prepaid expenses	10,922	29,873	2,208	204	5,816
TOTAL ASSETS	129,964,727	84,178,681	151,847,127	192,835,427	107,388,297
LIABILITIES:
Payable for investments purchased	838,323	589,380	927,562	7,478,330	62,003
Net payable for foreign exchange contracts	--	--	--	--	178,087
Payable for shares redeemed	93,299	53,053	104,111	482,592	55,561
Payable for transfer and dividend disbursing agent fees and expenses (Note 5)	26,525	--	10,514	--	--
Payable for Trustees' fees	--	--	--	191	--
Payable for portfolio accounting fees (Note 5)	10,764	10,136	12,878	19,053	8,805
Payable for distribution services fee (Note 5)	10,378	882	489	12,732	13,279
Payable for shareholder services fee (Note 5)	4,000	1,725	30,621	10,043	8,849
TOTAL LIABILITIES	983,289	655,176	1,086,175	8,002,941	326,584
NET ASSETS	$ 128,981,438	$ 83,523,505	$ 150,760,952	$ 184,832,486	$ 107,061,713
NET ASSETS CONSIST OF:
Paid in capital	$ 116,214,640	$ 77,656,859	$ 102,765,003	$ 163,458,272	$ 101,955,778
Net unrealized appreciation of investments and translation of assets & liabilities in foreign currency	21,157,435	15,002,103	40,213,101	37,901,387	11,185,758
Accumulated net realized gain (loss) on investments and foreign currency transactions	(8,237,432)	(9,135,457)	7,975,442	(16,527,173)	(7,281,945)
Undistributed (distributions in excess of) net investment income	(153,205)	--	(192,594)	--	1,202,122
TOTAL NET ASSETS	$ 128,981,438	$ 83,523,505	$ 150,760,952	$ 184,832,486	$ 107,061,713
Class A Shares	$ 53,630,715	$ 5,848,802	$ 9,106,767	$ 79,026,306	$ 16,946,083
Class B Shares	$ 2,240,732	$ 19,321	$ 870,816	$ 2,788,822	$ 137,349
Class C Shares	$ --	$ --	$ --	$ 334,367	$ --
Institutional I Shares	$ 73,109,991	$ 77,655,382	$ 140,783,369	$ 102,682,991	$ 89,978,281

October 31, 2003 (Unaudited)	Mid Cap Stock Fund	Mid Cap Growth Fund	Small Cap Stock Fund	Small Cap Growth Fund	International Equity Fund
SHARES OUTSTANDING:
Class A Shares	3,717,145	463,590	936,562	4,357,343	1,907,766
Class B Shares	160,276	1,524	91,933	156,932	15,648
Class C Shares	--	--	--	18,778	--
Institutional I Shares	5,065,324	6,123,420	14,500,200	5,592,557	10,144,664
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PROCEEDS PER SHARE:
Net Asset Value Per Share
Class A Shares	$ 14.43	$ 12.62	$ 9.72	$ 18.14	$ 8.88
Class B Shares	$ 13.98	$ 12.68	$ 9.47	$ 17.77	$ 8.78
Class C Shares	$ --	$ --	$ --	$ 17.81	$ --
Institutional I Shares	$ 14.43	$ 12.68	$ 9.71	$ 18.36	$ 8.87
Offering Price Per Share*
Class A Shares	$ 15.27 **	$ 13.35 **	$ 10.29 **	$ 19.20 **	$ 9.40 **
Class B Shares	$ 13.98	$ 12.68	$ 9.47	$ 17.77	$ 8.78
Class C Shares	$ --	$ --	$ --	$ 17.81	$ --
Institutional I Shares	$ 14.43	$ 12.68	$ 9.71	$ 18.36	$ 8.87
Redemption Proceeds Per Share*
Class A Shares	$ 14.43	$ 12.62	$ 9.72	$ 18.14	$ 8.88
Class B Shares	$ 13.28 ***	$ 12.05 ***	$ 9.00 ***	$ 16.88 ***	$ 8.34 ***
Class C Shares	$ --	$ --	$ --	$ 17.63 ****	$ --
Institutional I Shares	$ 14.43	$ 12.68	$ 9.71	$ 18.36	$ 8.87
Investments, at identified cost	$ 107,694,574	$ 67,892,063	$ 110,250,954	$ 150,701,694	$ 92,933,836

* See "What Do Shares Cost?" in the Prospectus.

** Computation of offering price per share 100/94.50 of net asset value.

*** Computation of redemption price per share 95/100 of net asset value.

**** Computation of redemption price per share 99/100 of net asset value.

See Notes which are an integral part of the Financial Statements

STATEMENTS OF OPERATIONS

Six Months Ended October 31, 2003 (Unaudited)	U.S.Treasury Money Market Fund	U.S. Government Money Market Fund
INVESTMENT INCOME:
Interest	$ 4,628,908	$ 11,180,678
EXPENSES:
Investment adviser fee (Note 5)	2,287,265	3,775,894
Administrative personnel and services fee (Note 5)	331,073	738,753
Custodian fees	15,564	64,249
Transfer and dividend disbursing agent fees and expenses (Note 5)	105,205	127,747
Trustees' fees	9,777	11,169
Auditing fees	30,630	51,716
Legal fees	3,350	21,881
Portfolio accounting fees (Note 5)	181,572	243,332
Distribution services fee--Class A Shares (Note 5)	--	46,075
Distribution services fee--Class B Shares (Note 5)	--	--
Distribution services fee--Class S Shares (Note 5)	25,014	--
Distribution services fee--Institutional II Shares (Note 5)	160,358	665,700
Shareholder services fee--Class A Shares (Note 5)	311,579	46,075
Shareholder services fee--Class B Shares (Note 5)	--	--
Shareholder services fee--Class S Shares (Note 5)	11,471	--
Shareholder services fee--Institutional Shares (Note 5)	--	--
Shareholder services fee--Institutional I Shares (Note 5)	156,309	1,298,649
Shareholder services fee--Institutional II Shares (Note 5)	--	--
Share registration costs	40,031	61,642
Printing and postage	25,656	63,108
Insurance premiums	18,593	23,335
Miscellaneous	39,169	76,124
TOTAL EXPENSES	3,752,616	7,315,449

See Notes which are an integral part of the Financial Statements

Tax Free Money Market Fund	Money Market Fund	Prime Money Market Fund	New York Tax-Free Money Market Fund	Pennsylvania Tax-Free Money Market Fund	Short Duration| Government Bond Fund	Short-Term Corporate Bond Fund
$ 918,636	$ 9,664,383	$ 1,499,279	$ 1,068,869	$ 92,158	$ 1,790,964	$ 1,103,577
319,645	4,288,923	682,515	495,715	30,432	419,404	219,987
76,503	621,380	103,359	75,465	12,542	51,679	30,993
8,346	25,592	6,640	4,957	1,306	3,495	3,283
22,788	314,774	36,434	28,320	8,632	20,430	9,319
1,323	17,674	2,711	1,963	103	1,190	2,578
5,238	53,697	11,331	8,339	518	5,815	1,049
2,881	10,048	1,950	2,003	280	630	974
33,882	340,834	55,882	40,530	16,205	28,169	18,282
31,711	659,151	--	--	--	5,031	7
--	353	--	--	--	--	5
--	90,737	--	--	--	--	--
52,159	175,664	--	--	2,154	--	--
38,989	1,559,231	--	94,843	--	--	7
--	116	--	--	--	--	2
--	93,552	--	--	--	--	--
--	3,740	146,180	--	--	--	--
39,123	--	--	7,082	19,302	88,599	56,595
--	--	--	--	1,699	--	--
15,023	67,095	8,555	16,097	10,967	20,257	12,026
6,849	79,498	5,420	5,019	666	766	2,141
2,347	22,100	4,407	3,651	181	3,475	805
5,625	13,793	41,614	1,848	561	33,290	439
662,432	8,437,952	1,106,998	785,832	105,548	682,230	358,492

Six Months Ended October 31, 2003 (Unaudited)	U.S. Treasury Money Market Fund	U.S. Government Money Market Fund
WAIVERS AND REIMBURSEMENTS (NOTE 5):
Waiver of investment adviser fee	(693,183)	(1,419,473)
Waiver of administrative personnel and services fee	--	--
Waiver of distribution services fee--Class A Shares	--	--
Waiver of distribution services fee--Class B Shares	--	--
Waiver of distribution services fee--Class S Shares	(9,919)	--
Waiver of distribution services fee--Institutional II Shares	(102,629)	(398,105)
Waiver of shareholder services fee--Class A Shares	(116,763)	(18,652)
Waiver of shareholder services fee--Class B Shares	--	--
Waiver of shareholder services fee--Institutional Shares	--	--
Waiver of shareholder services fee--Institutional I Shares	(143,805)	(981,616)
Waiver of shareholder services fee--Institutional II Shares	--	--
Reimbursement of other operating expenses	--	--
TOTAL WAIVERS AND REIMBURSEMENTS	(1,066,299)	(2,817,846)
Net expenses	2,686,317	4,497,603
Net investment income	1,942,591	6,683,075
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments	(42,230)	--
Net change in unrealized appreciation (depreciation) of investments	--	--
Net realized and unrealized loss on investments	(42,230)	--
Change in net assets resulting from operations	$ 1,900,361	$ 6,683,075

See Notes which are an integral part of the Financial Statements

Tax Free Money Market Fund	Money Market Fund	Prime Money Market Fund	New York Tax-Free Money Market Fund	Pennsylvania Tax-Free Money Market Fund	Short Duration Government Bond Fund	Short-Term Corporate Bond Fund
(174,470)	(1,998,750)	(409,509)	(134,316)	(30,432)	(108,572)	(14,128)
--	--	--	--	(1,866)	--	--
--	(553,687)	--	--	--	(3,018)	(2)
--	(145)	--	--	--	--	--
--	(537)	--	--	--	--	--
(21,102)	(126,478)	--	--	(845)	--	--
(13,315)	(189,522)	--	(33,816)	--	--	(7)
--	(38)	--	--	--	--	--
--	(1,79)	(122,792)	--	--	--	--
(18,257)	--	--	(2,550)	(9,331)	(71,002)	(37,057)
--	--	--	--	(1,309)	--	--
(9,974)	--	--	--	(7,700)	--	--
(237,118)	(2,870,948)	(532,301)	(170,682)	(51,483)	(182,592)	(51,194)
425,314	5,567,004	574,697	615,150	54,065	499,638	307,298
493,322	4,097,379	924,582	453,719	38,093	1,291,326	796,279
--	--	--	--	--	701,004	185,097
--	--	--	--	--	(1,340,250)	(556,096)
--	--	--	--	--	(639,246)	(370,999)
$ 493,322	$ 4,097,379	$ 924,582	$ 453,719	$ 38,093	$ 652,080	$ 425,280

Six Months Ended October 31, 2003 (Unaudited)	U.S. Government Bond Fund	New York Municipal Bond Fund
INVESTMENT INCOME:
Dividends	$ --	$ --
Interest	3,880,835	2,007,573
TOTAL INVESTMENT INCOME	3,880,835	2,007,573
EXPENSES:
Investment adviser fee (Note 5)	665,287	307,634
Administrative personnel and services fee (Note 5)	70,075	33,535
Custodian fees	4,752	2,197
Transfer and dividend disbursing agent fees and expenses (Note 5)	44,861	25,649
Trustees' fees	1,637	1,178
Auditing fees	5,757	3,865
Legal fees	1,057	1,019
Portfolio accounting fees (Note 5)	37,772	18,085
Distribution services fee--Class A Shares (Note 5)	73,282	--
Distribution services fee--Class B Shares (Note 5)	83	29
Distribution services fee--Institutional I Shares (Note 5)	373	--
Shareholder services fee--Class A Shares (Note 5)	--	14,947
Shareholder services fee--Class B Shares (Note 5)	28	10
Shareholder services fee--Institutional I Shares (Note 5)	53,540	6
Share registration costs	21,729	18,466
Printing and postage	2,159	5,502
Insurance premiums	5,593	2,443
Miscellaneous	2,724	1,346
TOTAL EXPENSES	990,709	435,911

(a) Received from affiliated issuer (Note 5).

(b) Net of dollar roll expense of $8,672 and including dollar roll income of $56,299.

(c) Net of dollar roll expense of $37,158 and including dollar roll income of $244,283.

See Notes which are an integral part of the Financial Statements

Pennsylvania Municipal Bond Fund	Maryland Municipal Bond Fund	Intermediate-Term Bond Fund	Income Fund	Managed Allocation Fund Conservative Growth	Managed Allocation Fund Moderate Growth
$ 6,391(a)	$ 6,193(a)	$ --	$ --	$ 89,093(a)	$ 161,671(a)
4,765,485	3,113,872	3,876,043(b)	5,336,291(c)	--	--
4,771,876	3,120,065	3,876,043	5,336,291	89,093	161,671
657,874	425,463	599,540	731,052	8,611	25,939
78,820	56,952	72,522	101,631	2,613	7,760
7,362	5,428	8,414	12,007	172	519
18,865	18,827	12,169	28,228	14,800	32,937
947	734	1,062	1,438	50	136
5,541	3,678	5,325	7,134	238	642
2,170	1,943	1,901	3,806	39	123
37,099	28,786	33,971	38,633	1,414	4,214
45,571	34,813	--	17,121	--	7,733
1,737	7,137	17	8,284	9,002	27,382
--	--	--	--	--	--
44,300	11,979	--	11,227	--	--
580	2,379	6	2,761	1,651	9,128
150,735	93,145	130,555	212,196	--	--
12,593	12,713	13,419	14,542	14,451	15,919
4,569	4,544	5,958	8,758	1,240	4,584
3,102	1,690	3,867	3,430	1,727	1,999
4,908	3,540	3,919	7,218	1,955	3,174
1,076,773	713,751	892,645	1,209,466	57,963	142,189

Six Months Ended October 31, 2003 (Unaudited)	U.S. Government Bond Fund	New York Municipal Bond Fund
WAIVERS AND REIMBURSEMENTS (NOTE 5):
Waiver of investment adviser fee	--	(35,982)
Waiver of distribution services fee--Class A Shares	(61,015)	--
Waiver of distribution services fee--Class B Shares	--	--
Waiver of shareholder services fee--Class A Shares	--	(14,947)
Waiver of shareholder services fee--Class B Shares	--	(1)
Waiver of shareholder services fee--Institutional I Shares	(44,973)	(6)
Reimbursement of other operating expenses	---	---
TOTAL WAIVERS AND REIMBURSEMENTS	(105,988)	(50,936)
Net expenses	884,721	384,975
Net investment income	2,996,114	1,622,598
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments	755,726	333,004
Net realized gain on capital gain distributions from other investment companies	--	--
Net change in unrealized appreciation (depreciation) of investments	(2,502,722)	(813,095)
Net realized and unrealized gain (loss) on investments	(1,746,996)	(480,091)
Change in net assets resulting from operations	$ 1,249,118	$ 1,142,507

See Notes which are an integral part of the Financial Statements

Pennsylvania Municipal Bond Fund	Maryland Municipal Bond Fund	Intermediate-Term Bond Fund	Income Fund	Managed Allocation Fund Conservative Growth	Managed Allocation Fund Moderate Growth
--	(73,248)	(85,326)	(36,571)	(8,611)	(1,512)
(423)	(7,033)	--	(1,965)	--	(4,021)
--	--	--	(16)	(1,026)	(2,224)
(40,857)	(11,979)	--	(11,013)	--	--
(60)	(429)	(2)	(208)	--	--
(48,073)	(54,607)	(73,846)	(90,658)	--	--
(8,734)	(6,724)	---	(11,911)	(4,338)	--
(98,147)	(154,020)	(159,174)	(152,342)	(13,975)	(7,757)
978,626	559,731	733,471	1,057,124	43,988	134,432
3,793,250	2,560,334	3,142,572	4,279,167	45,105	27,239
1,084,070	349,261	1,301,560	2,563,393	(139,889)	(631,911)
--	--	--	--	91,480	314,512
(622,291)	(1,587,200)	(817,663)	(7,327,138)	286,002	2,064,120
461,779	(1,237,939)	483,897	(4,763,745)	237,593	1,746,721
$ 4,255,029	$ 1,322,395	$ 3,626,469	$ (484,578)	$ 282,698	$ 1,773,960

Six Months Ended October 31, 2003 (Unaudited)	Managed Allocation Fund Aggressive Growth	Balanced Fund
INVESTMENT INCOME:
Dividends	$ 28,380(a)	$ 626,077
Interest	--	1,119,383 (b)
TOTAL INVESTMENT INCOME	28,380	1,745,460
EXPENSES:
Investment adviser fee (Note 5)	11,792	567,902
Administrative personnel and services fee (Note 5)	3,528	74,957
Custodian fees	236	9,102
Transfer and dividend disbursing agent fees and expenses (Note 5)	26,424	50,968
Trustees' fees	70	972
Auditing fees	366	5,139
Legal fees	58	2,642
Portfolio accounting fees (Note 5)	1,916	33,549
Distribution services fee--Class A Shares (Note 5)	--	55,384
Distribution services fee--Class B Shares (Note 5)	9,699	45,275
Distribution services fee--Institutional I Shares (Note 5)	--	--
Shareholder services fee--Class A Shares (Note 5)	--	15,094
Shareholder services fee--Class B Shares (Note 5)	1,675	15,092
Shareholder services fee--Institutional I Shares (Note 5)	--	122,220
Share registration costs	15,795	14,180
Printing and postage	2,929	6,383
Insurance premiums	2,045	2,156
Miscellaneous	2,763	5,128
TOTAL EXPENSES	79,296	1,026,143

(a) Received from affiliated issuer (Note 5).

(b) Net of dollar roll expense of $4,662 and including dollar roll income of $30,268.

(c) Net of foreign taxes withheld of $3,570, $618 and $810, respectively.

See Notes which are an integral part of the Financial Statements

Social Balanced Fund	Equity Income Fund	Large Cap Value Fund	Equity Index Fund	Large Cap Stock Fund	Large Cap Growth Fund	Multi Cap Growth Fund
2,164	$ 972,691(c)	$ 559,067	$ 954,884	$ 2,368,360(c)	$ 126,098	$ 493,868(c)
57,787	18,000	12,943	2,450	2,401	3,935	3,946
59,951	990,691	572,010	957,334	2,370,761	130,033	497,814
11,267	252,594	206,116	108,371	1,397,103	84,553	525,056
8,079	35,930	22,184	49,732	119,101	7,530	65,867
1,242	3,673	1,472	6,705	9,783	497	8,427
3,339	15,987	27,204	20,589	76,153	13,499	77,493
142	398	478	605	5,330	143	839
--	2,135	2,422	3,191	3,849	1,294	4,417
51	1,092	663	1,505	1,881	186	2,275
11,673	21,844	12,016	25,408	56,031	4,042	31,588
--	8,320	29,013	9,720	69,626	9,163	31,489
--	18	1,894	4	19,841	4,065	37,032
--	55	--	--	--	--	--
--	2,208	--	5,452	2,929	13,377	23,717
--	6	631	1	6,614	1,355	12,344
2,931	62,304	3,287	47,884	260,369	974	107,399
2,026	12,534	23,647	13,383	19,074	21,508	14,248
128	2,727	2,473	4,018	7,011	788	5,717
44	855	2,262	1,335	4,193	3,372	1,772
97	2,721	2,138	3,142	8,412	2,336	4,461
41,019	425,401	337,900	301,045	2,067,300	168,682	954,141

Six Months Ended October 31, 2003 (Unaudited)	Managed Allocation Fund Aggressive Growth	Balanced Fund
WAIVERS AND REIMBURSEMENTS (NOTE 5):
Waiver of investment adviser fee	(11,792)	(64,024)
Waiver of distribution services fee--Class A Shares	--	(15,094)
Waiver of distribution services fee--Class B Shares	(1,121)	--
Waiver of distribution services fee--Institutional I Shares	--	--
Waiver of shareholder services fee--Class A Shares	--	(15,094)
Waiver of shareholder services fee--Class B Shares	--	(1,135)
Waiver of shareholder services fee--Institutional I Shares	--	(39,031)
Reimbursement of other operating expenses	(9,096)	--
TOTAL WAIVERS AND REIMBURSEMENTS	(22,009)	(134,378)
Net expenses	57,287	891,765
Net investment income (net operating loss)	(28,907)	853,695
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments	(365,893)	545,627
Net realized gain on capital gain distributions from other investment companies	258,736	--
Net change in unrealized appreciation (depreciation) of investments	1,386,868	18,565,882
Net realized and unrealized gain on investments	1,279,711	19,111,509
Change in net assets resulting from operations	$ 1,250,804	$19,965,204

See Notes which are an integral part of the Financial Statements

Social Balanced Fund	Equity Income Fund	Large Cap Value Fund	Equity Index Fund	Large Cap Stock Fund	Large Cap Growth Fund	Multi Cap Growth Fund
(7,355)	(25,483)	--	(99,541)	(72,220)	(20,457)	(12,898)
--	(2,723)	(16,247)	(2,561)	(7,085)	(5,131)	--
--	--	--	--	(78)	--	--
--	(55)	--	--	--	--	--
--	(2,208)	--	(5,105)	(2,929)	(7,491)	(22,279)
--	--	--	--	(62)	--	(380)
(1,295)	--	(1,841)	(44,691)	(137,148)	(545)	(28,539)
(13,234)	(26,670)	--	--	--	--	(63,806)
(21,884)	(57,139)	(18,088)	(151,898)	(219,522)	(33,624)	(127,902)
19,135	368,262	319,812	149,147	1,847,778	135,058	826,239
40,816	622,429	252,198	808,187	522,983	(5,025)	(328,425)
201,893	(329,152)	(110,105)	(813,184)	518,159	(480,662)	10,406,518
--	--	--	--	--	--	--
(97,998)	8,640,115	9,137,613	15,076,652	39,589,891	1,744,730	18,963,529
103,895	8,310,963	9,027,508	14,263,468	40,108,050	1,264,068	29,370,047
144,711	$ 8,933,392	$ 9,279,706	$ 15,071,655	$ 40,631,033	$ 1,259,043	$ 29,041,622

	Mid Cap Stock Fund	Mid Cap Growth Fund	Small Cap Stock Fund	Small Cap Growth Fund	International Equity Fund
INVESTMENT INCOME:
Dividends	$ 582,561(a)	$ 383,904	$ 624,565(a)	$ 210,675	$ 902,747(a)
Interest	--	20,461	14,393	11,708	10,172
TOTAL INVESTMENT INCOME	582,561	404,365	638,958	222,383	912,919
EXPENSES:
Investment adviser fee (Note 5)	495,639	325,019	557,290	597,887	415,000
Administrative personnel and services fee (Note 5)	44,110	38,606	49,430	61,034	30,586
Custodian fees	2,916	5,137	3,032	9,237	64,861
Transfer and dividend disbursing agent fees and expenses (Note 5)	73,701	15,415	28,126	148,205	23,103
Trustees' fees	1,038	443	1,119	1,187	496
Auditing fees	4,987	2,334	3,693	3,914	3,335
Legal fees	1,362	1,133	1,530	2,191	499
Portfolio accounting fees	23,424	22,442	26,628	34,818	16,509
Distribution services fee--Class A Shares (Note 5)	54,099	9,395	--	112,190	39,012
Distribution services fee--Class B Shares (Note 5)	7,409	13	2,625	8,107	360
Distribution services fee--Class C Shares (Note 5)	--	--	--	901	--
Distribution services fee--Institutional I Shares (Note 5)	--	--	--	17	--
Shareholder services fee--Class A Shares (Note 5)	81,534	2,537	151,897	63,115	90,328
Shareholder services fee--Class B Shares (Note 5)	2,470	4	875	2,702	120
Shareholder services fee--Class C Shares (Note 5)	--	--	--	1,194	--
Shareholder services fee--Institutional I Shares (Note 5)	7,673	69,429	11,137	73,560	13,302
Share registration costs	22,262	12,826	22,606	19,867	21,924
Printing and postage	8,058	3,033	2,785	5,700	2,230
Insurance premiums	2,765	965	2,771	1,521	2,280
Miscellaneous	2,134	2,441	2,494	4,121	2,219
TOTAL EXPENSES	835,581	511,172	868,038	1,151,468	726,164

(a) Net of foreign taxes withheld of $4,685, $92 and $88,086, respectively.

See Notes which are an integral part of the Financial Statements

	Mid Cap Stock Fund	Mid Cap Growth Fund	Small Cap Stock Fund	Small Cap Growth Fund	International Equity Fund
WAIVERS AND REIMBURSEMENTS (NOTE 5):
Waiver of investment adviser fee	--	(25,335)	--	--	(20,549)
Waiver of distribution services fee--Class A Shares	(30,295)	(3,273)	--	(29,185)	--
Waiver of shareholder services fee--Class A Shares	(65,227)	(2,537)	(36,486)	(60,681)	(63,559)
Waiver of shareholder services fee--Institutional I Shares	(4,293)	(32,242)	--	(23,125)	(3,192)
Reimbursement of other operating expenses	--	(7,390)	--	(131,799)	--
TOTAL WAIVERS AND REIMBURSEMENTS	(99,815)	(70,777)	(36,486)	(244,790)	(87,300)
Net expenses	735,766	440,395	831,552	906,678	638,864
Net investment income (net operating loss)	(153,205)	(36,030)	(192,594)	(684,295)	274,055
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on investments and foreign currency transactions	5,529,299	5,482,801	8,215,522	27,484,805	3,214,994
Net change in unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currency	16,812,842	11,434,634	35,794,375	32,482,989	9,953,939
Net realized and unrealized gain on investments and foreign currency transactions	22,342,141	16,917,435	44,009,897	59,967,794	13,168,933
Change in net assets resulting from operations	$ 22,188,936	$ 16,881,405	$ 43,817,303	$ 59,283,499	$ 13,442,988

Statements of Changes in Net Assets

	U.S. Treasury Money Market Fund
		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income		$ 1,942,591	$ 6,637,934
Net realized loss on investments		(42,230)	--
Change in net assets resulting from operations		1,900,361	6,637,934
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A Shares		(1,342,548)	(6,590,665)
Class B Shares		--	(49,802)
Class S Shares		(23,778)	--
Institutional Shares		--	--
Institutional I Shares		(300,923)	--
Institutional II Shares		(274,509)	--
Distributions from net realized gain on investments
Class A Shares		--	--
Class S Shares		--	--
Institutional Shares		--	--
Institutional I Shares		--	--
Change in net assets resulting from distributions to shareholders		(1,941,758)	(6,640,467)
SHARE TRANSACTIONS:
Proceeds from sale of shares		2,764,983,968	20,148,264,601
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Treasury Money Market Portfolio		414,957,553	--
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Treasury Cash Management Portfolio		37,662,151	--
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Government Cash Management Portfolio		--	--
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Tax-Free Cash Management Portfolio		--	--
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Money Market Portfolio		--	--
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Prime Cash Management Portfolio		--	--
Net asset value of shares issued to shareholders in payment of distributions declared		150,046	682,530
Cost of shares redeemed		(2,770,808,066)	(20,276,343,242)
Change in net assets resulting from share transactions		446,945,652	(127,396,111)
Change in net assets		446,904,255	(127,398,644)
NET ASSETS:
Beginning of period		640,096,981	767,495,625
End of period		$ 1,087,001,236	$ 640,096,981
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$ (1,700)	$ (2,533)

See Notes which are an integral part of the Financial Statements

U.S. Government Money Market Fund		Tax-Free Money Market Fund			Money Market Fund			Prime Money Market Fund
Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
$ 6,683,075	$ 19,865,670		$ 493,322	$ 1,554,161		$ 4,097,379	$ 13,626,470		$ 924,582	$ 3,140,059
--	(10)		--	(570)		--	--		--	--
6,683,075	19,865,660		493,322	1,553,591		4,097,379	13,626,470		924,582	3,140,059
(127,584)	(797,967)		(92,379)	(318,174)		(2,698,162)	(13,134,406)		--	--
--	--		--	--		(65)	--		--	--
--	--		--	--		(65,613)	(408,829)		--	--
--	--		--	--		(7,977)	(29,065)		(959,272)	(3,099,195)
(4,778,581)	(15,731,093)		(268,989)	(795,698)		(890,473)	--		--	--
(1,777,926)	(3,336,608)		(130,280)	(440,270)		(453,888)	--		--	--
--	--		--	--		--	(13,835)		--	--
--	--		--	--		--	(943)		--	--
--	--		--	--		--	(28)		--	--
--	--		--	--		--	--		--	(32,174)
(6,684,091)	(19,865,668)		(491,648)	(1,554,142)		(4,116,178)	(13,587,106)		(959,272)	(3,131,369)
2,374,941,196	3,876,147,207		221,151,726	229,407,794		4,178,737,978	59,207,069,915		407,614,412	1,160,952,298
--	--		--	--		--	--		--	--
--	--		--	--		--	--		--	--
856,436,292	--		--	--		--	--		--	--
--	--		11,848,522	--		--	--		--	--
--	--		--	--		1,028,939,384	--		--	--
--	--		--	--		61,893,805	--		--	--
246,334	45,187		110,067	318,164		1,518,306	6,507,298		277,503	693,566
(2,385,395,560)	(3,983,743,337)		(248,221,111)	(194,937,654)		(4,314,264,740)	(59,516,580,412)		(373,302,087)	(1,131,661,846)
846,228,262	(107,550,943)		(15,110,796)	34,788,304		956,824,733	(303,003,199)		34,589,828	29,984,018
846,227,246	(107,550,951)		(15,109,122)	34,787,753		956,805,934	(302,963,835)		34,555,138	29,992,708
1,562,090,671	1,669,641,622		185,653,170	150,865,417		1,324,429,951	1,627,393,786		248,811,527	218,818,819
$ 2,408,317,917	$ 1,562,090,671		$ 170,544,048	$ 185,653,170		$ 2,281,235,885	$ 1,324,429,951		$ 283,366,665	$ 248,811,527
$ 1,126	$ 2,142		$ 1,714	$ 41		$ 8,986	$ 27,785		$ (247)	$ 34,443

	New York Tax-Free Money Market Fund
		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income		$ 453,719	$ 1,698,818
Net realized gain (loss) on investments		--	--
Net change in unrealized appreciation (depreciation) of investments		--	--
Change in net assets resulting from operations		453,719	1,698,818
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A Shares		(441,569)	(1,698,748)
Class B Shares		--	--
Institutional I Shares		(11,624)	--
Institutional II Shares		--	--
Change in net assets resulting from distributions to shareholders		(453,193)	(1,698,748)
SHARE TRANSACTIONS:
Proceeds from sale of shares		209,101,628	1,180,246,328
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Short-Term Treasury Portfolio		--	--
Net asset value of shares issued to shareholders in payment of distributions declared		269,106	995,420
Cost of shares redeemed		(209,977,498)	(1,176,425,629)
Change in net assets resulting from share transactions		(606,764)	4,816,119
Change in net assets		(606,238)	4,816,189
NET ASSETS:
Beginning of period		191,858,939	187,042,750
End of period		$ 191,252,701	$ 191,858,939
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$ 596	$ 70

See Notes which are an integral part of the Financial Statements

Pennsylvania Tax-Free Money Market Fund		Short Duration Government Bond Fund			Short-Term Corporate Bond Fund
Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
$ 38,093	$ 178,495		$ 1,291,326	$ 3,464,908		$ 796,279	$ 2,267,463
--	(27)		701,004	1,246,757		185,097	743,635
--	--		(1,340,250)	229,535		(556,096)	557,359
38,093	178,468		652,080	4,941,200		425,280	3,568,457
--	--		(62,725)	--		(69)	--
--	--		--	--		(10)	--
(33,315)	(155,483)		(1,967,215)	(4,596,450)		(824,531)	(2,299,201)
(5,362)	(23,014)		--	--		--	--
(38,677)	(178,497)		(2,029,940)	(4,596,450)		(824,610)	(2,299,201)
38,077,324	50,481,282		33,231,346	55,313,480		10,886,554	15,285,313
--	--		60,731,410	--		--	--
--	--		738,492	1,859,833		376,889	1,083,533
(38,772,586)	(59,708,212)		(41,860,282)	(29,199,086)		(7,882,708)	(29,066,192)
(695,262)	(9,226,930)		52,840,966	27,974,227		3,380,735	(12,697,346)
(695,846)	(9,226,959)		51,463,106	28,318,977		2,981,405	(11,428,090)
16,891,919	26,118,878		117,332,502	89,013,525		59,764,682	71,192,772
$ 16,196,073	$ 16,891,919		$ 168,795,608	$ 117,332,502		$ 62,746,087	$ 59,764,682
$ (585)	$ (1)		$ (742,806)	$ (4,192)		$ (26,122)	$ 2,209

	U.S. Government Bond Fund
		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income		$ 2,996,114	$ 5,646,098
Net realized gain on investments		755,726	2,251,264
Net change in unrealized appreciation (depreciation) of investments		(2,502,722)	3,315,077
Change in net assets resulting from operations		1,249,118	11,212,439
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A Shares		(3,227,713)	(6,517,505)
Class B Shares		(308)	--
Institutional I Shares		(892,618)	--
Institutional II Shares		--	--
Distributions from net realized gain on investments
Class A Shares		--	--
Change in net assets resulting from distributions to shareholders		(4,120,639)	(6,517,505)
SHARE TRANSACTIONS:
Proceeds from sale of shares		131,852,752	52,103,220
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Government Bond Portfolio		94,394,490	--
Proceeds from shares issued in connection with the tax-free transfer of assets from VISION Pennsylvania Municipal Income Fund		--	--
Net asset value of shares issued to shareholders in payment of distributions declared		2,094,560	3,543,395
Cost of shares redeemed		(122,458,314)	(32,482,150)
Change in net assets resulting from share transactions		105,883,488	23,164,465
Change in net assets		103,011,967	27,859,399
NET ASSETS:
Beginning of period		144,209,741	116,350,342
End of period		$ 247,221,708	$ 144,209,741
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$ (1,036,409)	$ 88,116

See Notes which are an integral part of the Financial Statements

New York Municipal Bond Fund		Pennsylvania Municipal Bond Fund			Maryland Municipal Bond Fund
Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
$ 1,622,598	$ 3,231,123		$ 3,793,250	$ 6,455,745		$ 2,560,334	$ 5,111,047
333,004	596,600		1,084,070	582,668		349,261	495,470
(813,095)	2,004,389		(622,291)	5,524,473		(1,587,200)	3,739,129
1,142,507	5,832,112		4,255,029	12,562,886		1,322,395	9,345,646
(1,581,500)	(3,211,133)		(595,526)	(87,455)		(463,391)	(996,680)
(102)	--		(6,770)	(9,748)		(29,066)	(48,975)
(35,290)	--		(3,043,404)	(6,358,541)		(1,985,224)	(4,074,964)
--	--		--	--		--	--
--	(85,625)		--	--		--	--
(1,616,892)	(3,296,758)		(3,645,700)	(6,455,744)		(2,477,681)	(5,120,619)
41,221,171	17,618,682		80,105,489	9,010,974		10,763,561	12,289,509
--	--		--	--		--	--
--	--		85,690,214	--		--	--
898,899	1,861,128		201,560	304,742		554,938	1,246,757
(39,292,795)	(16,580,118)		(88,591,275)	(16,160,092)		(12,109,683)	(15,647,767)
2,827,275	2,899,692		77,405,988	(6,844,376)		(791,184)	(2,111,501)
2,352,890	5,435,046		78,015,317	(737,234)		(1,946,470)	2,113,526
85,887,431	80,452,385		161,948,842	162,686,076		127,804,961	125,691,435
$ 88,240,321	$ 85,887,431		$ 239,964,159	$ 161,948,842		$ 125,858,491	$ 127,804,961
$ 5,988	$ 282		$ 5,713	$ 20,200		$ (14,885)	--

	Intermediate-Term Bond Fund
		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income		$ 3,142,572	$ 5,339,336
Net realized gain (loss) on investments		1,301,560	4,820,946
Net realized gain on capital gain distributions from other investment companies		--	--
Net change in unrealized appreciation (depreciation) of investments		(817,663)	3,626,022
Change in net assets resulting from operations		3,626,469	13,786,304
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A Shares		(984,911)	--
Class B Shares		(70)	--
Institutional I Shares		(2,542,078)	(5,348,770)
Distributions from net realized gain on investments
Class A Shares		--	--
Class B Shares		--	--
Change in net assets resulting from distributions to shareholders		(3,527,059)	(5,348,770)
SHARE TRANSACTIONS:
Proceeds from sale of shares		140,124,763	14,470,490
Proceeds from shares issued in connection with the tax-free transfer of assets from VISION Intermediate-Term Bond Fund		132,243,372	--
Net asset value of shares issued to shareholders in payment of distributions declared		748,743	1,015,406
Cost of shares redeemed		(142,755,510)	(25,895,409)
Change in net assets resulting from share transactions		130,361,368	(10,409,513)
Change in net assets		130,460,778	(1,971,979)
NET ASSETS:
Beginning of period		128,263,338	130,235,317
End of period		$ 258,724,116	$ 128,263,338
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$ 142,339	$ --

See Notes which are an integral part of the Financial Statements

Income Fund		Managed Allocation Fund Conservative Growth			Managed Allocation Fund Moderate Growth
Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
$ 4,279,167	$ 11,300,910		$ 45,105	$ 96,199		$ 27,239	105,985
2,563,393	6,723,978		(139,889)	(77,799)		(631,911)	(315,112)
--	--		91,480	91,118		314,512	313,915
(7,327,138)	7,580,938		286,002	(46,651)		2,064,120	(730,035)
(484,578)	25,605,826		282,698	62,867		1,773,960	(625,247)
(204,403)	(501,475)		(36,439)	(80,146)		(51,017)	(99,924)
(29,591)	(59,105)		(9,535)	(16,053)		--	(6,351)
(4,086,196)	(10,782,790)		--	--		--	--
--	--		--	(6,893)		--	(37,351)
--	--		--	(2,117)		--	(10,188)
(4,320,190)	(11,343,370)		(45,974)	(105,209)		(51,017)	(153,814)
13,386,397	42,736,056		1,832,007	4,020,838		8,665,224	10,866,345
--	--		--	--		--	--
2,252,828	6,281,317		45,319	103,430		50,753	153,396
(45,005,849)	(78,807,535)		(778,220)	(749,467)		(1,149,933)	(2,039,764)
(29,366,624)	(29,790,162)		1,099,106	3,374,801		7,566,044	8,979,977
(34,171,392)	(15,527,706)		1,335,830	3,332,459		9,288,987	8,200,916
261,154,561	276,682,267		6,120,531	2,788,072		16,367,303	8,166,387
$ 226,983,169	$ 261,154,561		$ 7,456,361	$ 6,120,531		$ 25,656,290	$ 16,367,303
$ (55,440)	$ --		$ (869)	$ --		$ (23,778)	$ --

	Managed Allocation Fund Aggressive Growth
		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (net operating loss)		$ (28,907)	$ (8,232)
Net realized gain (loss) on investments		(365,893)	(191,705)
Net realized gain on capital gain distributions from other investment companies		258,736	273,128
Net change in unrealized appreciation (depreciation) of investments		1,386,868	(798,772)
Change in net assets resulting from operations		1,250,804	(725,581)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A Shares		--	--
Class B Shares		--	--
Institutional I Shares		--	--
Distributions from net realized gain on investments
Class A Shares		--	(49,084)
Class B Shares		--	(9,972)
Change in net assets resulting from distributions to shareholders		--	(59,056)
SHARE TRANSACTIONS:
Proceeds from sale of shares		3,560,813	4,428,221
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Social Issues Small Cap Equity Portfolio		--	--
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Social Issues Blue Chip Equity Portfolio		--	--
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Social Issues Capital Growth Portfolio		--	--
Net asset value of shares issued to shareholders in payment of distributions declared		--	58,856
Cost of shares redeemed		(492,127)	(1,340,264)
Change in net assets resulting from share transactions		3,068,686	3,146,813
Change in net assets		4,319,490	2,362,176
NET ASSETS:
Beginning of period		7,233,797	4,871,621
End of period		$ 11,553,287	7,233,797
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$ (28,907)	$ --

See Notes which are an integral part of the Financial Statements

Balanced Fund		Social Balanced Fund			Equity Income Fund			Large Cap Value Fund
Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
$ 853,695	$ 3,952,280		$ 40,816	$ 87,427		$ 622,429	$ 1,402,253		$ 252,198	$ 349,346
545,627	(35,836,061)		201,893	14,475		(329,152)	(3,249,959)		(110,105)	(6,083,380)
--	--		--	--		--	--		--	--
18,565,882	1,970,609		(97,998)	136,910		8,640,115	(12,928,852)		9,137,613	(1,170,649)
19,965,204	(29,913,172)		144,711	238,812		8,933,392	(14,776,558)		9,279,706	(6,904,683)
(124,031)	(511,208)		--	--		(28,567)	(73,054)		(246,261)	(312,233)
(11,421)	(93,421)		--	--		(44)	--		--	--
(642,366)	(3,584,065)		(38,607)	(87,426)		(532,690)	(1,329,264)		(1,678)	--
--	--		--	--		--	--		--	--
--	--		--	--		--	--		--	--
(777,818)	(4,188,694)		(38,607)	(87,426)		(561,301)	(1,402,318)		(247,939)	(312,233)
3,628,883	14,467,491		25,165	1,073,007		4,390,429	13,330,365		53,212,034	24,188,497
--	--		777,071	--		--	--		--	--
--	--		793,521	--		--	--		--	--
--	--		178,629	--		--	--		--	--
769,793	4,151,725		14,036	39,721		63,566	133,871		153,467	207,963
(11,522,735)	(122,982,640)		(1,528,117)	(56,511)		(4,049,153)	(8,611,209)		(43,146,756)	(11,376,874)
(7,124,059)	(104,363,424)		260,305	1,056,217		404,842	4,853,027		10,218,745	13,019,586
12,063,327	(138,465,290)		366,409	1,207,603		8,776,933	(11,325,849)		19,250,512	5,802,670
163,492,312	301,957,602		3,266,722	2,059,119		65,815,195	77,141,044		49,116,620	43,313,950
$ 175,555,639	$ 163,492,312		$ 3,633,131	$ 3,266,722		$ 74,592,128	$ 65,815,195		$ 68,367,132	$ 49,116,620
$ 193,885	$ 153,008		$ 2,193	$ (19)		$ 32,584	$ --		$ 42,840	$ 38,581

	Equity Index Fund
		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (net operating loss)		$ 808,187	$ 1,387,337
Net realized gain (loss) on investments		(813,184)	(5,730,755)
Net realized gain on options		--	--
Net change in unrealized appreciation (depreciation) of investments		15,076,652	(9,046,790)
Change in net assets resulting from operations		15,071,655	(13,390,208)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A Shares		(27,657)	(47,288)
Class B Shares		(9)	--
Institutional I Shares		(725,154)	(1,308,718)
Distributions from net realized gain on investments
Class A Shares		--	--
Class B Shares		--	--
Institutional I Shares		--	--
Change in net assets resulting from distributions to shareholders		(752,820)	(1,356,006)
SHARE TRANSACTIONS:
Proceeds from sale of shares		11,799,896	32,897,355
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Blue Chip Equity Portfolio		--	--
Proceeds from shares issued in connection with the tax-free transfer of assets from VISION Large Cap Core Fund		--	--
Net asset value of shares issued to shareholders in payment of distributions declared		505,428	942,196
Cost of shares redeemed		(10,532,844)	(22,696,852)
Change in net assets resulting from share transactions		1,772,480	11,142,699
Change in net assets		16,091,315	(3,603,515)
NET ASSETS:
Beginning of period		99,592,595	103,196,110
End of period		$ 115,683,910	$ 99,592,595
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$ 145,561	$ 92,633

See Notes which are an integral part of the Financial Statements

Large Cap Stock Fund		Large Cap Growth Fund			Multi Cap Growth Fund
Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
$ 522,983	$ 1,399,248		$ (5,025)	$ (3,635)		$ (328,425)	$ (168,211)
518,159	(385,067)		(480,662)	(2,437,193)		10,406,518	(36,357,014)
--	103,778		--	--		--	(279,219)
39,589,891	(49,517,148)		1,744,730	(102,064)		18,963,529	3,888,601
40,631,033	(48,399,189)		1,259,043	(2,542,892)		29,041,622	(32,915,843)
(53,918)	(9,564)		--	--		--	--
--	--		--	--		--	--
(779,086)	(1,266,800)		--	--		--	--
--	(76,132)		--	--		--	--
--	(16,601)		--	--		--	--
--	(3,323,742)		--	--		--	--
(833,004)	(4,692,839)		--	--		--	--
278,012,034	18,578,323		16,987,380	6,664,113		7,133,477	19,198,442
201,685,917	--		--	--		--	--
90,189,708	--		--	--		--	--
290,754	3,005,167		--	--		--	--
(291,021,851)	(46,579,497)		(14,503,557)	(3,263,017)		(13,260,860)	(35,299,624)
279,156,562	(24,996,007)		2,483,823	3,401,096		(6,127,383)	(16,101,182)
318,954,591	(78,088,035)		3,742,866	858,204		22,914,239	(49,017,025)
174,715,336	252,803,371		17,388,602	16,530,398		135,131,406	184,148,431
$ 493,669,927	$ 174,715,336		$ 21,131,468	$ 17,388,602		$ 158,045,645	135,131,406
$ (181,200)	$ 128,821		$ (5,025)	$ --		$ --	$ 98,290

	Mid Cap Stock Fund
		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (net operating loss)		$ (153,205)	$ (27,910)
Net realized gain (loss) on investments and foreign currency transactions		5,529,299	(7,824,657)
Net realized gain on options		--	--
Net change in unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currency		16,812,842	(13,467,468)
Change in net assets resulting from operations		22,188,936	(21,320,035)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A Shares		--	--
Class B Shares		--	--
Institutional I Shares		--	--
Distributions from net realized gain on investments and foreign currency transactions		--	--
Class A Shares		--	--
Class B Shares		--	--
Change in net assets resulting from distributions to shareholders		--	--
SHARE TRANSACTIONS:
Proceeds from sale of shares		81,691,046	23,861,115
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Emerging Markets Equity Portfolio		--	--
Proceeds from shares issued in connection with the tax-free transfer of assets from ARK International Equity Portfolio		--	--
Net asset value of shares issued to shareholders in payment of distributions declared		--	--
Cost of shares redeemed		(78,874,825)	(20,022,984)
Change in net assets resulting from share transactions		2,816,221	3,838,131
Change in net assets		25,005,157	(17,481,904)
NET ASSETS:
Beginning of period		103,976,281	121,458,185
End of period		$ 128,981,438	$ 103,976,281
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$ (153,205)	--

See Notes which are an integral part of the Financial Statements

Mid Cap Growth Fund		Small Cap Stock Fund			Small Cap Growth Fund			International Equity Fund
Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003		Six Months Ended (unaudited) October 31, 2003	Year Ended April 30, 2003
$ (36,030)	$ (26,845)		$ (192,594)	$ (62,425)		$ (684,295 )	$ (721,590)		$ 274,055	$ 514,095
5,482,801	(9,010,723)		8,215,522	3,114,944		27,484,805	(36,188,144)		3,214,994	(3,324,564)
--	--		--	--		--	326,674		--	--
11,434,634	(9,897,667)		35,794,375	(19,010,486)		32,482,989	(16,377,544)		9,953,939	(3,255,305)
16,881,405	(18,881,545)		43,817,303	(15,957,967)		59,283,499	(52,960,604)		13,442,988	(6,065,774)
--	--		--	--		--	--		--	(632,886)
--	--		--	--		--	--		--	(330)
--	(55,557)		--	--		--	--		--	--
--	--		--	(20,803,787)		--	--		--	--
--	--		--	(100,991)		--	--		--	--
--	(55,557)		--	(20,904,778)		--	--		--	(633,216)
4,890,352	7,048,000		147,267,204	32,397,024		50,238,075	39,979,254		88,423,430	29,813,778
--	--		--	--		--	--		5,474,675	--
--	--		--	--		--	--		19,700,015	--
--	21,772		--	19,044,483		--	--		--	281,788
(8,506,173)	(14,019,400)		(147,244,883)	(23,055,650)		(35,610,139)	(34,424,180)		(82,093,481)	(7,093,259)
(3,615,821)	(6,949,628)		22,321	28,385,857		14,627,936	5,555,074		31,504,639	23,002,307
13,265,584	(25,886,730)		43,839,624	(8,476,888)		73,911,435	(47,405,530)		44,947,627	16,303,317
70,257,921	96,144,651		106,921,328	115,398,216		110,921,051	158,326,581		62,114,086	45,810,769
$ 83,523,505	$ 70,257,921		$ 150,760,952	$ 106,921,328		$ 184,832,486	$ 110,921,051		$ 107,061,713	$ 62,114,086
$ --	$ 8,012		$ (192,594)	$ --		$ --	$ --		$ 1,202,122	$ 928,067

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income	Distributions from Net Investment Income	Net Asset Value, end of period
U.S. Treasury Money Market Fund -- Class A Shares
1999	$ 1.00	0.04	(0.04)	$ 1.00
2000	$ 1.00	0.05	(0.05)	$ 1.00
2001	$ 1.00	0.05	(0.05)	$ 1.00
2002	$ 1.00	0.02	(0.02)	$ 1.00
2003	$ 1.00	0.01	(0.01)	$ 1.00
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	$ 1.00
U.S. Treasury Money Market Fund -- Class S Shares
1999(f)	$ 1.00	0.04	(0.04)	$ 1.00
2000	$ 1.00	0.04	(0.04)	$ 1.00
2001	$ 1.00	0.05	(0.05)	$ 1.00
2002	$ 1.00	0.02	(0.02)	$ 1.00
2003	$ 1.00	0.01	(0.01)	$ 1.00
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	$ 1.00
U.S. Treasury Money Market Fund -- Institutional I Shares
2003(g)	$ 1.00	0.00(d)	(0.00)(d)	$ 1.00
U.S. Treasury Money Market Fund -- Institutional II Shares
2003(g)	$ 1.00	0.00(d)	(0.00)(d)	$ 1.00
U.S. Government Money Market Fund -- Class A Shares
1999	$ 1.00	0.05	(0.05)	$ 1.00
2000	$ 1.00	0.05	(0.05)	$ 1.00
2001	$ 1.00	0.06	(0.06)	$ 1.00
2002	$ 1.00	0.02	(0.02)	$ 1.00
2003	$ 1.00	0.01	(0.01)	$ 1.00
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	$ 1.00
U.S. Government Money Market Fund -- Institutional I Shares
1999	$ 1.00	0.05	(0.05)	$ 1.00
2000	$ 1.00	0.05	(0.05)	$ 1.00
2001	$ 1.00	0.06	(0.06)	$ 1.00
2002	$ 1.00	0.03	(0.03)	$ 1.00
2003	$ 1.00	0.01	(0.01)	$ 1.00
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	$ 1.00
U.S. Government Money Market Fund -- Institutional II Shares
1999	$ 1.00	0.05	(0.05)	$ 1.00
2000	$ 1.00	0.05	(0.05)	$ 1.00
2001	$ 1.00	0.06	(0.06)	$ 1.00
2002	$ 1.00	0.02	(0.02)	$ 1.00
2003	$ 1.00	0.01	(0.01)	$ 1.00
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	$ 1.00

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above.

(c) Six months ended October 31, 2003(unaudited).

(d) Represents less than $0.01.

(e) Computed on an annualized basis.

(f) Reflects operations for the period from June 8, 1998(date of initial public investment) to April 30, 1999.

(g) Reflects operations for the period from August 18, 2003(date of initial public investment) to October 31, 2003.

(h) Represents less than $1,000.

See Notes which are an integral part of the Financial Statements

	Ratios to Average Net Assets
Total Return(a)	Expenses	Net Investment Income	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)
4.54%	0.59%	4.49%	0.08%	$ 498,548
4.71%	0.58%	4.62%	0.08%	$ 423,685
5.60%	0.59%	5.45%	0.09%	$ 790,307
2.38%	0.59%	2.27%	0.09%	$ 741,357
0.93%	0.61%	0.93%	0.09%	$ 622,086
0.14%	0.61%(e)	0.42%(e)	0.17%(e)	$ 188,867
3.77%	0.84%(e)	4.17%(e)	0.08%(e)	$ 21,153
4.45%	0.83%	4.36%	0.08%	$ 20,704
5.34%	0.84%	5.26%	0.09%	$ 21,070
2.12%	0.84%	2.03%	0.09%	$ 26,138
0.68%	0.86%	0.70%	0.09%	$ 18,011
0.12%	0.80%(e)	0.23%(e)	0.24%(e)	$ 23,374
0.09%	0.47%(e)	0.49%(e)	0.44%(e)	$ 313,808
0.08%	0.55%(e)	0.42%(e)	0.37%(e)	$ 560,953
4.75%	0.64%	4.62%	0.84%	$ 104,037
4.92%	0.64%	4.85%	0.84%	$ 120,578
5.75%	0.63%	5.62%	0.83%	$ 119,725
2.39%	0.65%	2.46%	0.85%	$ 79,396
1.02%	0.66%	1.03%	0.83%	$ 70,506
0.24%	0.65%(e)	0.55%(e)	0.19%(e)	$ --(h)
5.00%	0.40%	4.86%	0.59%	$ 1,428,064
5.16%	0.41%	5.05%	0.59%	$ 1,414,772
6.00%	0.40%	5.82%	0.58%	$ 1,243,512
2.63%	0.42%	2.56%	0.60%	$ 1,327,751
1.25%	0.43%	1.26%	0.56%	$ 1,232,568
0.36%	0.42%(e)	0.71%(e)	0.27%(e)	$ 1,312,708
4.95%	0.45%	4.76%	0.56%	$ 142,144
5.08%	0.48%	4.91%	0.59%	$ 84,503
5.92%	0.47%	5.69%	0.58%	$ 166,335
2.55%	0.49%	2.35%	0.60%	$ 262,495
1.18%	0.50%	1.17%	0.56%	$ 259,017
0.32%	0.49%(e)	0.60%(e)	0.32%(e)	$ 1,095,610

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income	Distributions from Net Investment Income	Distributions from| Net Realized Gain on Investments	Total Distributions
Tax Free Money Market Fund -- Class A Shares
1999	$ 1.00	0.03	(0.03)	--	(0.03)
2000	$ 1.00	0.03	(0.03)	--	(0.03)
2001	$ 1.00	0.03	(0.03)	--	(0.03)
2002	$ 1.00	0.02	(0.02)	--	(0.02)
2003	$ 1.00	0.01	(0.01)	--	(0.01)
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	--	(0.00)(d)
Tax-Free Money Market Fund -- Institutional I Shares
1999	$ 1.00	0.03	(0.03)	--	(0.03)
2000	$ 1.00	0.03	(0.03)	--	(0.03)
2001	$ 1.00	0.04	(0.04)	--	(0.04)
2002	$ 1.00	0.02	(0.02)	--	(0.02)
2003	$ 1.00	0.01	(0.01)	--	(0.01)
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	--	(0.00)(d)
Tax-Free Money Market Fund -- Institutional II Shares
1999	$ 1.00	0.03	(0.03)	--	(0.03)
2000	$ 1.00	0.03	(0.03)	--	(0.03)
2001	$ 1.00	0.04	(0.04)	--	(0.04)
2002	$ 1.00	0.02	(0.02)	--	(0.02)
2003	$ 1.00	0.01	(0.01)	--	(0.01)
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	--	(0.00)(d)
Money Market Fund -- Class A Shares
1999	$ 1.00	0.05	(0.05)	--	(0.05)
2000	$ 1.00	0.05	(0.05)	--	(0.05)
2001	$ 1.00	0.06	(0.06)	--	(0.06)
2002	$ 1.00	0.02	(0.02)	--	(0.02)
2003	$ 1.00	0.01	(0.01)	(0.00)(d)	(0.01)
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	--	(0.00)(d)
Money Market Fund -- Class B Shares
2003(f)	$ 1.00	0.00(d)	(0.00)(d)	--	(0.00)(d)
Money Market Fund -- Class S Shares
1999(g)	$ 1.00	0.04	(0.04)	--	(0.04)
2000	$ 1.00	0.05	(0.05)	--	(0.05)
2001	$ 1.00	0.05	(0.05)	--	(0.05)
2002	$ 1.00	0.02	(0.02)	--	(0.02)
2003	$ 1.00	0.01	(0.01)	(0.00)(d)	(0.01)
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	--	(0.00)(d)
Money Market Fund -- Institutional Shares
2002(h)	$ 1.00	0.01	(0.01)	--	(0.01)
2003	$ 1.00	0.01	(0.01)	(0.00)(d)	(0.01)
2003(c)	$ 1.00	0.00(d)	(0.00)(d)	--	(0.00)(d)
Money Market Fund -- Institutional I Shares
2003(f)	$ 1.00	0.00(d)	(0.00)(d)	--	(0.00)(d)
Money Market Fund -- Institutional II Shares
2003(f)	$ 1.00	0.00(d)	(0.00)(d)	--	(0.00)(d)

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown.

(c) Six months ended October 31, 2003(unaudited).

(d) Represents less than $0.01.

(e) Computed on an annualized basis.

(f) Reflects operations for the period from August 18, 2003(date of initial public investment) to October 31, 2003.

(g) Reflects operations for the period from June 8, 1998(date of initial public investment) to April 30, 1999.

(h) Reflects operations for the period from September 4, 2001(date of initial public investment) to April 30, 2002.

See Notes which are an integral part of the Financial Statements

		Ratios to Average Net Assets
Net Asset Value, end of period	Total Return(a)	Expenses	Net Investment Income	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)
$ 1.00	2.74%	0.60%	2.66%	0.85%	$ 33,509
$ 1.00	2.94%	0.60%	2.90%	0.85%	$ 45,970
$ 1.00	3.50%	0.59%	3.46%	0.84%	$ 38,358
$ 1.00	1.54%	0.60%	1.49%	0.86%	$ 49,232
$ 1.00	0.77%	0.62%	0.77%	0.92%	$ 40,706
$ 1.00	0.20%	0.61%(e)	0.40%(e)	0.30%(e)	$ 50,821
$ 1.00	2.99%	0.36%	2.95%	0.60%	$ 77,896
$ 1.00	3.17%	0.37%	3.12%	0.60%	$ 63,666
$ 1.00	3.73%	0.36%	3.67%	0.59%	$ 62,052
$ 1.00	1.77%	0.37%	1.73%	0.61%	$ 69,275
$ 1.00	1.00%	0.39%	0.99%	0.60%	$ 96,729
$ 1.00	0.31%	0.39%(e)	0.62%(e)	0.23%(e)	$ 69,240
$ 1.00	2.94%	0.41%	2.87%	0.57%	$ 43,575
$ 1.00	3.10%	0.44%	3.04%	0.60%	$ 35,256
$ 1.00	3.66%	0.43%	3.53%	0.59%	$ 43,993
$ 1.00	1.70%	0.44%	1.74%	0.61%	$ 32,358
$ 1.00	0.93%	0.46%	0.92%	0.61%	$ 48,218
$ 1.00	0.27%	0.47%(e)	0.54%(e)	0.28%(e)	$ 50,483
$ 1.00	4.76%	0.63%	4.64%	0.05%	$ 932,896
$ 1.00	4.95%	0.63%	4.87%	0.05%	$ 1,095,128
$ 1.00	5.85%	0.64%	5.67%	0.05%	$ 1,598,305
$ 1.00	2.41%	0.71%	2.39%	0.18%	$ 1,512,433
$ 1.00	0.92%	0.70%	0.92%	0.25%	$ 1,240,670
$ 1.00	0.22%	0.70%(e)	0.43%(e)	0.34%(e)	$ 1,108,562
$ 1.00	0.02%	1.02%(e)	0.11%(e)	0.66%(e)	$ 229
$ 1.00	3.98%	0.88%(e)	4.42%(e)	0.05%(e)	$ 16,368
$ 1.00	4.69%	0.88%	4.71%	0.05%	$ 48,760
$ 1.00	5.59%	0.89%	5.48%	0.05%	$ 61,450
$ 1.00	2.13%	0.98%	1.96%	0.17%	$ 112,156
$ 1.00	0.61%	1.00%	0.63%	0.20%	$ 81,002
$ 1.00	0.09%	0.97%(e)	0.16%(e)	0.23%(e)	$ 69,727
$ 1.00	1.19%	0.61%(e)	1.55%(e)	0.36%(e)	$ 2,805
$ 1.00	1.02%	0.60%	0.99%	0.35%	$ 2,757
$ 1.00	0.27%	0.60%(e)	0.53%(e)	0.34%(e)	$ 1,936
$ 1.00	0.14%	0.42%(e)	0.71%(e)	0.27%(e)	$ 698,939
$ 1.00	0.13%	0.49%(e)	0.64%(e)	0.27%(e)	$ 401,843

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income (Operating Loss)	Net Realized and Unrealized Gain(Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distributions from Net Realized Gain on Investments	Total Distributions
Prime Money Market Fund -- Institutional Shares
1998(c)	$ 1.00	0.05	(0.00)(d)	0.05	(0.05)	--	(0.05)
1999(c)	$ 1.00	0.05	(0.00)(d)	0.05	(0.05)	--	(0.05)
2000(c)	$ 1.00	0.05	(0.00)(d)	0.05	(0.05)	--	(0.05)
2001(e)(f)	$ 1.00	0.05	--	0.05	(0.05)	--	(0.05)
2002	$ 1.00	0.03	--	0.03	(0.03)	--	(0.03)
2003	$ 1.00	0.01	--	0.01	(0.01)	(0.00)(d)	(0.01)
2003(h)	$ 1.00	0.00(d)	--	0.00(d)	(0.00)(d)	--	(0.00)(d)
New York Tax-Free Money Market Fund -- Class A Shares
1999	$ 1.00	0.03	--	0.03	(0.03)	--	(0.03)
2000	$ 1.00	0.03	--	0.03	(0.03)	--	(0.03)
2001	$ 1.00	0.03	--	0.03	(0.03)	--	(0.03)
2002	$ 1.00	0.02	--	0.02	(0.02)	--	(0.02)
2003	$ 1.00	0.01	--	0.01	(0.01)	--	(0.01)
2003(h)	$ 1.00	0.00(d)	--	0.00(d)	(0.00)(d)	--	(0.00)(d)
New York Tax Free Money Market Fund -- Institutional I Shares
2003(i)	$ 1.00	0.00(d)	--	0.00(d)	(0.00)(d)	--	(0.00)(d)
Pennsylvania Tax-Free Money Market Fund -- Institutional I Shares
2002(j)	$ 1.00	0.01	--	0.01	(0.01)	--	(0.01)
2003	$ 1.00	0.02	--	0.02	(0.02)	--	(0.02)
2003(h)	$ 1.00	0.00(d)	--	0.00(d)	(0.00)(d)	--	(0.00)(d)
Pennsylvania Tax-Free Money Market Fund -- Institutional II Shares
2002(k)	$ 1.00	0.01	--	0.01	(0.01)	--	(0.01)
2003	$ 1.00	0.01	--	0.01	(0.01)	--	(0.01)
2003(h)	$ 1.00	0.00(d)	--	0.00(d)	(0.00)(d)	--	(0.00)(d)
Short Duration Government Bond Fund -- Class A Shares
2003(i)	$ 9.72	0.00(d)(l)	0.06	0.06	(0.05)	--	( 0.05)
Short Duration Government Bond Fund -- Institutional I Shares
1998(o)	$ 10.00	0.56	(0.04)	0.52	(0.56)	(0.00)(d)	(0.56)
1999(c)	$ 9.96	0.54	(0.13)	0.41	(0.54)	(0.00)(d)	(0.54)
2000(c)	$ 9.83	0.55	(0.14)	0.41	(0.55)	--	(0.55)
2001(e)(f)	$ 9.69	0.50	0.11	0.61	(0.49)	--	(0.49)
2002	$ 9.81	0.62((l)(p)	(0.06)(p)	0.56	(0.57)	--	(0.57)
2003	$ 9.80	0.33(l)	0.16	0.49	(0.44)	--	(0.44)
2003(h)	$ 9.85	0.09(l)	(0.06)	0.03	(0.15)	--	(0.15)

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above.

(c) Reflects operations for the year ended June 30.

(d) Represents less than $0.01.

(e) Reflects operations for the period from July 1, 2000 to April 30, 2001. The Fund changed its fiscal year from June 30 to April 30.

(f) Effective January 8, 2001, the Fund changed its investment advisor from Martindale Andres & Company LLC to Manufacturers and Traders Trust Company.

(g) Computed on an annualized basis.

(h) Six months ended October 31, 2003(unaudited).

(i) Reflects operations for the period from August 18, 2003(date of initial public investment) to October 31, 2003.

(j) Reflects operations for the period from May 1, 2001(date of initial public investment) to April 30, 2002.

(k) Reflects operations for the period from May 11, 2001(date of initial public investment) to April 30, 2002.

(l) Based on average shares outstanding.

(m) Represents less than 0.01%.

(n) Represents less than $1,000.

(o) Reflects operations for the period from July 1, 1997(date of initial public investment) to June 30, 1998.

(p) Effective May 1, 2001, the Short Duration Government Bond Fund adopted the provisions of the American Institute of Certified Public Accountants(AICPA) Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long term debt securities. The effect of this change for the year ended April 30, 2002 was to increase net investment income per share by $0.05, decrease net realized gain/loss per share by $0.05 and decrease the ratio of net investment income to average net assets from 5.68% to 4.55%. Per share, ratios and supplemental data for periods prior to May 1, 2001 have not been restated to reflect this change in presentation.

See Notes which are an integral part of the Financial Statements

			Ratios to Average Net Assets
Net Asset Value, end of period	Total Return(a)	Expenses	Net Investment Income	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)	Portfolio Turnover Rate
$ 1.00	5.19%	0.48%	5.14%	0.76%	$ 217,861	--
$ 1.00	4.80%	0.49%	4.68%	0.80%	$ 261,561	--
$ 1.00	5.46%	0.47%	5.34%	0.70%	$ 282,014	--
$ 1.00	4.81%	0.53%(g)	5.76%(g)	0.21%(g)	$ 186,013	--
$ 1.00	2.63%	0.41%	2.54%	0.30%	$ 218,819	--
$ 1.00	1.21%	0.40%	1.20%	0.30%	$ 248,812	--
$ 1.00	0.36%	0.42%(g)	0.68%(g)	0.39%(g)	$ 283,367	--
$ 1.00	2.75%	0.58%	2.69%	0.14%	$ 110,291	--
$ 1.00	2.97%	0.60%	3.00%	0.09%	$ 172,791	--
$ 1.00	3.52%	0.62%	3.44%	0.09%	$ 158,359	--
$ 1.00	1.62%	0.63%	1.59%	0.09%	$ 187,043	--
$ 1.00	0.86%	0.61%	0.86%	0.09%	$ 191,859	--
$ 1.00	0.23%	0.62%(g)	0.46%(g)	0.17%(g)	$ 154,605	--
$ 1.00	0.03%	0.64%(g)	0.43%(g)	0.30%(g)	$ 36,648	--
$ 1.00	1.54%	0.57%	1.51%	0.19%	$ 24,051	--
$ 1.00	0.86%	0.58%	0.88%	0.43%	$ 13,453	--
$ 1.00	0.22%	0.62%(g)	0.42%(g)	0.56%(g)	$ 15,478	--
$ 1.00	1.46%	0.57%	1.45%	0.29%	$ 2,068	--
$ 1.00	0.86%	0.58%	0.83%	0 .73%	$ 3,439	--
$ 1.00	0.22%	0.56%(g)	0.49%(g)	0.71%(g)	$ 718	--
$ 9.73	0.62%	0.79%(g)	0.24%(g)	0.26%(g)	$ 8,949	70%
$ 9.96	5.39%	0.65%(g)	5.58%(g)	1.18%(g)	$ 29,360	482%
$ 9.83	4.25%	0.59%	5.51%	1.03%	$ 52,041	519%
$ 9.69	4.31%	0.61%	5.77%	0.94%	$ 73,140	237%
$ 9.81	6.47%	0.71%(g)	6.05%(g)	0.21%(g)	$ 56,282	158%
$ 9.80	5.87%	0.63%	4.55%(p)	0.27%	$ 89,014	89%
$ 9.85	5.05%	0.69%	3.33%	0.40%	$ 117,333	96%
$ 9.73	0.26%	0.71%(g)	1.90%(g)	0.26%(g)	$ 159,847	70%

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income	Net Realized and Unrealized Gain(Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distributions from Net Realized Gain on Investments	Total Distributions
Short-Term Corporate Bond Fund -- Class A Shares
2003(c)	$ 9.91	0.11	0.01	0.12	(0.11)	--	(0.11)
Short-Term Corporate Fund -- Class B Shares
2003(c)	$ 9.91	0.08	0.01	0.09	(0.08)	--	(0.08)
Short-Term Corporate Bond Fund -- Institutional I Shares
1999	$ 9.95	0.51	(0.01)	0.50	(0.51)	--	(0.51)
2000	$ 9.94	0.50	(0.30)	0.20	(0.50)	(0.01)	(0.51)
2001	$ 9.63	0.55	0.36	0.91	(0.55)	--	(0.55)
2002	$ 9.99	0.45	(0.19)	0.26	(0.45)	--	(0.45)
2003	$ 9.80	0.34	0.19	0.53	(0.35)	--	(0.35)
2003(e)	$ 9.98	0.13	(0.05)	0.08	(0.14)	--	(0.14)
U.S. Government Bond Fund -- Class A Shares
1999	$ 9.61	0.58	(0.08)	0.50	(0.58)	(0.02)	(0.60)
2000	$ 9.51	0.59	(0.49)	0.10	(0.59)	--	(0.59)
2001	$ 9.02	0.59	0.41	1.00	(0.58)	--	(0.58)
2002	$ 9.44	0.59(f)	0.03(f)	0.62	(0.57)	--	(0.57)
2003	$ 9.49	0.43(g)	0.43	0.86	(0.50)	--	(0.50)
2003(e)	$ 9.85	0.17(g)	(0.17)	(0.00)	(0.22)	--	(0.22)
U.S. Government Bond Fund -- Class B Shares
2003(h)	$ 9.56	0.02(g)	0.20	0.22	(0.15)	--	(0.15)
U.S. Government Bond Fund Institutional I Shares
2003(h)	$ 9.56	0.04(g)	0.24	0.28	(0.21)	--	(0.21)
New York Municipal Bond Fund -- Class A Shares
1999	$ 10.42	0.46	0.19	0.65	(0.46)	(0.09)	(0.55)
2000	$ 10.52	0.46	(0.75)	(0.29)	(0.46)	(0.05)	(0.51)
2001	$ 9.72	0.45	0.52	0.97	(0.45)	--	(0.45)
2002	$ 10.24	0.41(i)	0.17(i)	0.58	(0.41)	--	(0.41)
2003	$ 10.41	0.41	0.34	0.75	(0.41)	(0.01)	(0.42)
2003(e)	$ 10.74	0.20(g)	(0.05)	0.15	(0.20)	--	(0.20)
New York Municipal Bond Fund -- Class B Shares
2003(h)	$ 10.45	0.06(g)	0.31	0.37	(0.13)	--	(0.13)
New York Municipal Bond Fund Institutional I Shares
2003(h)	$ 10.45	0.08(g)	0.33	0.41	(0.17)	--	(0.17)

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown.

(c) Reflects operations for the period from August 25, 2003(date of initial public investment) to October 31, 2003.

(d) Computed on an annualized basis.

(e) Six months ended October 31, 2003(unaudited).

(f) Effective May 1, 2001, the U.S. Government Bond Fund adopted the provisions of the American Institute of Certified Public Accountants(AICPA) Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long term debt securities. For the year ended April 30, 2002, this change has no effect on the net investment income per share or net realized gain/loss per share but decreased the ratio of net investment income to average net assets from 6.00% to 4.84%. Per share, ratios and supplemental data for periods prior to May 1, 2001 have not been restated to reflect this change in presentation.

(g) Based on average shares outstanding.

(h) Reflects operations for the period from August 18, 2003(date of initial public investment) to October 31, 2003.

(i) Effective May 1, 2001, the New York Municipal Bond Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long term debt securities. For the year ended April 30, 2002, this change had no effect on the net investment income per share or net realized gain/loss on investment per share but increased the ratio of net investment income to average net assets from 3.97% to 3.98%. Per share, ratios and supplemental data for periods prior to May 1, 2001 have not been restated to reflect this change in presentation.

See Notes which are an integral part of the Financial Statements

		Ratios to Average Net Assets
Net Asset Value, end of period	Total Return(a)	Expenses	Net Investment Income	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)	Portfolio Turnover Rate
$ 9.92	0.42%	1.15%(d)	2.09%(d)	0.12%(d)	$ 36	43%
$ 9.92	0.32%	1.88%(d)	1.51%(d)	0.04%(d)	$ 5	43%
$ 9.94	5.15%	0.97%	5.14%	0.14%	$ 111,127	91%
$ 9.63	2.01%	0.97%	5.09%	0.14%	$ 92,185	66%
$ 9.99	9.70%	0.97%	5.52%	0.14%	$ 76,090	107%
$ 9.80	2.65%	0.97%	4.54%	0.16%	$ 71,193	79%
$ 9.98	5.44%	1.00%	3.49%	0.16%	$ 59,765	170%
$ 9.92	0.78%	1.02%(d)	2.65%(d)	0.17%(d)	$ 62,706	43%
$ 9.51	5.31%	0.92%	5.95%	0.05%	$ 64,100	68%
$ 9.02	1.11%	0.93%	6.36%	0.05%	$ 60,165	46%
$ 9.44	11.43%	0.95%	6.27%	0.03%	$ 88,980	47%
$ 9.49	6.72%	0.96%	4.84%(f)	--	$ 116,350	41%
$ 9.85	9.20%	0.95%	4.41%	--	$ 144,210	68%
$ 9.63	(0.05)%	0.93%(d)	3.45%(d)	0.08%(d)	$ 64,294	25%
$ 9.63	1.14%	1.91%(d)	1.19%(d)	--	$ 98	25%
$ 9.63	1.59%	0.95%(d)	2.15%(d)	0.21%(d)	$ 182,830	25%
$ 10.52	6.37%	0.82%	4.38%	0.20%	$ 52,860	44%
$ 9.72	(2.71)%	0.85%	4.60%	0.20%	$ 48,081	34%
$ 10.24	10.11%	0.88%	4.36%	0.14%	$ 74,851	50%
$ 10.41	5.74%	0.83%	3.98%(i)	0.09%	$ 80,452	46%
$ 10.74	7.29%	0.86%	3.85%	0.09%	$ 85,887	50%
$ 10.69	1.39%	0.87%(d)	3.69%(d)	0.11%(d)	$ 59,311	16%
$ 10.69	2.76%	1.84%(d)	2.89%(d)	0.11%(d)	$ 35	16%
$ 10.69	2.92%	0.87%(d)	4.07%(d)	0.08%(d)	$ 28,894	16%

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income	Net Realized and Unrealized Gain(Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distributions from Net Realized Gain on Investments	Total Distributions
Pennsylvania Municipal Bond Fund -- Class A Shares
1999	$ 10.13	0.39	0.15	0.54	(0.39)	(0.06)	(0.45)
2000	$ 10.22	0.40	(0.80)	(0.40)	(0.40)	(0.04)	(0.44)
2001	$ 9.38	0.41	0.42	0.83	(0.41)	--	(0.41)
2002	$ 9.80	0.41	0.27	0.68	(0.41)	--	(0.41)
2003	$ 10.07	0.39	0.38	0.77	(0.39)	--	(0.39)
2003(c)	$ 10.45	0.19	(0.04)	0.15	(0.19)	--	(0.19)
Pennsylvania Municipal Bond Fund -- Class B Shares
2000(e)	$ 9.71	1.20	(0.28)	0.92	(1.20)	(0.04)	(1.24)
2001	$ 9.39	0.34	0.43	0.77	(0.34)	--	(0.34)
2002	$ 9.82	0.34	0.27	0.61	(0.34)	--	(0.34)
2003	$ 10.09	0.32	0.38	0.70	(0.32)	--	(0.32)
2003(c)	$ 10.47	0.16	(0.07)	0.09	(0.15)	--	(0.15)
Pennsylvania Municipal Bond Fund -- Institutional I Shares
1999	$ 10.14	0.41	0.15	0.56	(0.41)	(0.06)	(0.47)
2000	$ 10.23	0.42	(0.81)	(0.39)	(0.42)	(0.04)	(0.46)
2001	$ 9.38	0.42	0.43	0.85	(0.42)	--	(0.42)
2002	$ 9.81	0.42	0.27	0.69	(0.42)	--	(0.42)
2003	$ 10.08	0.41	0.38	0.79	(0.41)	--	(0.41)
2003(c)	$ 10.46	0.20	(0.05)	0.15	(0.20)	--	(0.20)
Maryland Municipal Bond Fund -- Class A Shares
1999	$ 10.14	0.43	0.14	0.57	(0.43)	(0.07)	(0.50)
2000	$ 10.21	0.43	(0.69)	(0.26)	(0.43)	(0.04)	(0.47)
2001	$ 9.48	0.43	0.42	0.85	(0.43)	--	(0.43)
2002	$ 9.90	0.42	0.18	0.60	(0.42)	--	(0.42)
2003	$ 10.08	0.40	0.34	0.74	(0.40)	--	(0.40)
2003(c)	$ 10.42	0.20	(0.09)	0.11	(0.20)	--	(0.20)
Maryland Municipal Bond Fund -- Class B Shares
2000(e)	$ 9.75	1.51	(0.23)	1.28	(1.51)	(0.04)	(1.55)
2001	$ 9.48	0.36	0.43	0.79	(0.36)	--	(0.36)
2002	$ 9.91	0.35	0.18	0.53	(0.35)	--	(0.35)
2003	$ 10.09	0.33	0.34	0.67	(0.33)	--	(0.33)
2003(c)	$ 10.43	0.17	(0.09)	0.08	(0.16)	--	(0.16)
Maryland Municipal Bond Fund -- Institutional I Shares
1999	$ 10.14	0.45	0.14	0.59	(0.45)	(0.07)	(0.52)
2000	$ 10.21	0.44	(0.69)	(0.25)	(0.44)	(0.04)	(0.48)
2001	$ 9.48	0.44	0.43	0.87	(0.44)	--	(0.44)
2002	$ 9.91	0.43	0.18	0.61	(0.43)	--	(0.43)
2003	$ 10.09	0.42	0.34	0.76	(0.42)	--	(0.42)
2003(c)	$ 10.43	0.21	(0.09)	0.12	(0.21)	--	(0.21)

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown.

(c) Six months ended October 31, 2003(unaudited).

(d) Computed on an annualized basis.

(e) Reflects operations for the period from September 1, 1999(date of initial public investment) to April 30, 2000.

See Notes which are an integral part of the Financial Statements

		Ratios to Average Net Assets
Net Asset Value, end of period	Total Return(a)	Expenses	Net Investment Income	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)	Portfolio Turnover Rate
$ 10.22	5.39%	1.10%	3.84%	0.20%	$ 3,820	43%
$ 9.38	(3.95)%	1.09%	4.23%	0.20%	$ 3,036	31%
$ 9.80	8.99%	1.09%	4.24%	0.20%	$ 2,603	26%
$ 10.07	7.03%	1.09%	4.08%	0.21%	$ 2,177	16%
$ 10.45	7.77%	1.17%	3.79%	0.82%	$ 2,880	12%
$ 10.41	1.45%	1.20%(d)	3.56%(d)	0.25%(d)	$ 11,729	3%
$ 9.39	9.37%	1.84%(d)	3.63%(d)	--	$ 188	31%
$ 9.82	8.30%	1.84%	3.52%	--	$ 76	26%
$ 10.09	6.26%	1.84%	3.33%	0.01%	$ 176	16%
$ 10.47	7.03%	1.82%	3.08%	4.88%	$ 421	12%
$ 10.41	0.91%	1.81%(d)	3.10%(d)	2.07%(d)	$ 519	3%
$ 10.23	5.56%	0.92%	4.01%	0.08%	$ 224,480	43%
$ 9.38	(3.88)%	0.96%	4.32%	0.04%	$ 160,664	31%
$ 9.81	9.25%	0.96%	4.38%	0.04%	$ 160,833	26%
$ 10.08	7.18%	0.95%	4.22%	0.05%	$ 160,333	16%
$ 10.46	7.96%	0.99%	3.97%	--	$ 158,648	12%
$ 10.41	1.44%	0.96%(d)	3.98%(d)	0.06%(d)	$ 227,716	3%
$ 10.21	5.69%	0.93%	4.18%	0.36%	$ 32,395	31%
$ 9.48	(2.50)%	0.94%	4.43%	0.36%	$ 25,924	24%
$ 9.90	9.09%	0.94%	4.38%	0.36%	$ 24,671	29%
$ 10.08	6.13%	0.94%	4.16%	0.37%	$ 26,666	9%
$ 10.42	7.47%	1.02%	3.89%	0.36%	$ 25,233	18%
$ 10.33	1.03%	0.99%(d)	3.92%(d)	0.28%(d)	$ 22,602	9%
$ 9.48	13.17%	1.68%(d)	3.82%(d)	0.17%(d)	$ 50	24%
$ 9.91	8.47%	1.69%	3.57%	0.16%	$ 745	29%
$ 10.09	5.37%	1.69%	3.40%	0.17%	$ 1,266	9%
$ 10.43	6.72%	1.72%	3.18%	1.17%	$ 1,775	18%
$ 10.35	0.77%	1.71%(d)	3.19%(d)	0.69%(d)	$ 1,900	9%
$ 10.21	5.86%	0.76%	4.35%	0.23%	$ 95,046	31%
$ 9.48	(2.37)%	0.81%	4.57%	0.19%	$ 87,845	24%
$ 9.91	9.34%	0.81%	4.50%	0.19%	$ 90,210	29%
$ 10.09	6.27%	0.81%	4.29%	0.20%	$ 97,759	9%
$ 10.43	7.66%	0.84%	4.07%	0.17%	$ 100,797	18%
$ 10.34	1.12%	0.85%(d)	4.06%(d)	0.22%(d)	$ 101,356	9%

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income	Net Realized and Unrealized Gain(Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distributions from Net Realized Gain on Investments	Total Distributions
Intermediate Term Bond Fund -- Class A Shares
2003(c)	$ 10.27	0.07(d)	0.21	0.27	(0.18)	--	(0.18)
Intermediate Term Bond Fund -- Class B Shares
2003(c)	$ 10.27	0.06(d)	0.17	0.22	(0.13)	--	(0.13)
Intermediate-Term Bond Fund -- Institutional I Shares
1999	$ 10.00	0.55	(0.02)	0.53	(0.55)	(0.05)	(0.60)
2000	$ 9.93	0.53	(0.50)	0.03	(0.53)	(0.01)	(0.54)
2001	$ 9.42	0.55	0.43	0.98	(0.55)	--	(0.55)
2002	$ 9.85	0.51	(0.01)	0.50	(0.51)	--	(0.51)
2003	$ 9.84	0.42	0.66	1.08	(0.42)	--	(0.42)
2003(f)	$ 10.50	0.18(d)	(0.12)	0.06	(0.20)	--	(0.20)
Income Fund -- Class A Shares
1999	$ 10.37	0.58	(0.16)	0.42	(0.59)	--	(0.59)
2000	$ 10.20	0.56	(0.58)	(0.02)	(0.56)	--	(0.56)
2001	$ 9.62	0.58	0.47	1.05	(0.59)	--	(0.59)
2002	$ 10.08	0.54	0.09	0.63	(0.53)	(0.02)	(0.55)
2003	$ 10.16	0.42	0.54	0.96	(0.42)	--	(0.42)
2003(f)	$ 10.70	0.18	(0.22)	(0.04)	(0.18)	--	(0.18)
Income Fund -- Class B Shares
1999(g)	$ 10.40	0.35	(0.32)	0.03	(0.35)	--	(0.35)
2000	$ 10.08	0.48	(0.57)	(0.09)	(0.48)	--	(0.48)
2001	$ 9.51	0.51	0.45	0.96	(0.51)	--	(0.51)
2002	$ 9.96	0.45	0.09	0.54	(0.45)	(0.02)	(0.47)
2003	$ 10.03	0.34	0.54	0.88	(0.34)	--	(0.34)
2003(f)	$ 10.57	0.14	(0.22)	(0.08)	(0.14)	--	(0.14)
Income Fund -- Institutional I Shares
1999	$ 10.25	0.59	(0.17)	0.42	(0.59)	--	(0.59)
2000	$ 10.08	0.56	(0.57)	(0.01)	(0.56)	--	(0.56)
2001	$ 9.51	0.60	0.45	1.05	(0.60)	--	(0.60)
2002	$ 9.96	0.54	0.08	0.62	(0.53)	(0.02)	(0.55)
2003	$ 10.03	0.43	0.54	0.97	(0.43)	--	(0.43)
2003(f)	$ 10.57	0.19	(0.22)	(0.03)	(0.19)	--	(0.19)

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above.

(c) Reflects operations for the period from August 18, 2003(date of initial public investment) to October 31, 2003.

(d) Based on average shares outstanding.

(e) Computed on an annualized basis.

(f) Six months ended October 31, 2003(unaudited).

(g) Reflects operations for the period from September 14, 1998(date of initial public investment) to April 30, 1999.

See Notes which are an integral part of the Financial Statements

		Ratios to Average Net Assets
Net Asset Value, end of period	Total Return(a)	Expenses	Net Investment Income	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)	Portfolio Turnover Rate
$ 10.36	1.14%	0.84%(e)	2.99%(e)	0.11%(e)	$ 7,994	256%
$ 10.36	0.90%	1.68%(e)	2.47%(e)	0.22%(e)	$ 15	256%
$ 9.93	5.40%	0.77%	5.49%	0.18%	$ 100,419	53%
$ 9.42	0.32%	0.81%	5.52%	0.15%	$ 114,554	29%
$ 9.85	10.72%	0.80%	5.75%	0.15%	$ 129,531	36%
$ 9.84	5.18%	0.82%	5.11%	0.15%	$ 130,235	83%
$ 10.50	11.20%	0.84%	4.14%	0.12%	$ 128,263	259%
$ 10.36	0.68%	0.85%(e)	3.34%(e)	0.20%(e)	$ 250,715	256%
$ 10.20	4.08%	0.95%	5.59%	0.29%	$ 8,573	50%
$ 9.62	(0.18)%	0.95%	5.67%	0.29%	$ 5,830	328%
$ 10.08	11.19%	0.95%	5.97%	0.29%	$ 8,991	340%
$ 10.16	6.30%	0.96%	5.13%	0.30%	$ 11,459	143%
$ 10.70	9.59%	1.03%	3.97%	0.42%	$ 12,430	276%
$ 10.48	(0.37)%	1.03%(e)	3.37%(e)	0.35%(e)	$ 11,923	125%
$ 10.08	0.35%	1.70%(e)	4.71%(e)	0.09%(e)	$ 280	50%
$ 9.51	(0.85)%	1.71%	4.97%	0.09%	$ 429	328%
$ 9.96	10.35%	1.70%	5.19%	0.09%	$ 705	340%
$ 10.03	5.44%	1.71%	4.35%	0.09%	$ 1,421	143%
$ 10.57	8.90%	1.73%	3.25%	0.99%	$ 2,086	276%
$ 10.35	(0.75)%	1.73%(e)	2.67%(e)	0.54%(e)	$ 2,146	125%
$ 10.08	4.22%	0.78%	5.77%	0.16%	$ 356,482	50%
$ 9.51	(0.01)%	0.82%	5.82%	0.12%	$ 343,260	328%
$ 9.96	11.28%	0.82%	6.09%	0.12%	$ 372,036	340%
$ 10.03	6.33%	0.83%	5.32%	0.13%	$ 263,802	143%
$ 10.57	9.86%	0.85%	4.17%	0.08%	$ 246,639	276%
$ 10.35	(0.30)%	0.85%(e)	3.55%(e)	0.11%(e)	$ 212,914	125%

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income (Operating Loss)	Net Realized and Unrealized Gain(Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distributions in Excess of Net Investment Income	Distributions from Net Realized Gain on Investments
Managed Allocation Fund -- Conservative Growth -- Class A Shares
1999(c)	$ 10.00	0.07	0.15	0.22	(0.07)	--	--
2000(e)	$ 10.15	0.25	0.24	0.49	(0.25)	--	(0.00)(f)
2001(g)(h)	$ 10.39	0.19(i)	(0.10)	0.09	(0.20)	--	(0.39)
2002	$ 9.89	0.32(i)	(0.17)	0.15	(0.30)	--	--
2003	$ 9.74	0.23	(0.23)	0.00(f)	(0.23)	--	(0.02)
2003(j)	$ 9.49	0.08	0.35	0.43	(0.08)	--	--
Managed Allocation Fund -- Conservative Growth -- Class B Shares
2003	$ 9.74	0.15	(0.25)	(0.10)	(0.16)	--	(0.02)
2003(j)	$ 9.46	0.04	0.35	0.39	(0.04)	--	--
Managed Allocation Fund -- Moderate Growth -- Class A Shares
1999(k)	$ 10.00	0.04	0.56	0.60	(0.04)	--	--
2000(e)	$ 10.56	0.18	0.54	0.72	(0.18)	--	(0.01)
2001(g)(h)	$ 11.09	0.14	(0.48)	(0.34)	(0.14)	--	(0.49)
2002	$ 10.12	0.15	(0.39)	(0.24)	(0.16)	--	(0.02)
2003	$ 9.70	0.10	(0.87)	(0.77)	(0.10)	--	(0.03)
2003(j)	$ 8.80	0.03	0.81	0.84	(0.04)	--	--
Managed Allocation Fund -- Moderate Growth -- Class B Shares
2003	$ 9.70	0.03	(0.90)	(0.87)	(0.03)	--	(0.03)
2003(j)	$ 8.77	(0.01)	0.81	0.80	--	--	--
Managed Allocation Fund -- Aggressive Growth -- Class A Shares
1999(l)	$ 10.00	0.02	0.77	0.79	(0.02)	--	--
2000(e)	$ 10.77	0.11	0.75	0.86	(0.11)	(0.03)	(0.00)(f)
2001(g)(h)	$ 11.49	0.07	(0.89)	(0.82)	(0.07)	--	(0.34)
2002	$ 10.26	0.02	(0.63)	(0.61)	(0.02)	--	(0.14)
2003	$ 9.49	0.00(f)	(1.41)	(1.41)	--	--	(0.08)
2003(j)	$ 8.00	(0.02)(i)	1.23	1.21	--	--	--
Managed Allocation Fund -- Aggressive Growth -- Class B Shares
2003	$ 9.49	(0.04)	(1.44)	(1.48)	--	--	(0.08)
2003(j)	$ 7.93	(0.05)	1.21	1.16	--	--	--
Balanced Fund -- Class A Shares
1999	$ 13.20	0.26	2.02	2.28	(0.26)	--	(0.63)
2000	$ 14.59	0.28	2.88	3.16	(0.25)	--	(0.66)
2001	$ 16.84	0.32	(1.48)	(1.16)	(0.33)	--	(0.95)
2002	$ 14.40	0.24	(1.52)	(1.28)	(0.26)	--	--
2003	$ 12.86	0.19	(1.32)	(1.13)	(0.18)	--	--
2003(j)	$ 11.55	0.06	1.37	1.43	(0.05)	--	--
Balanced Fund -- Class b Shares
1999(m)	$ 12.58	0.16	2.67	2.83	(0.18)	--	(0.63)
2000	$ 14.60	0.16	2.87	3.03	(0.15)	--	(0.66)
2001	$ 16.82	0.20	(1.47)	(1.27)	(0.22)	--	(0.95)
2002	$ 14.38	0.14	(1.52)	(1.38)	(0.16)	--	--
2003	$ 12.84	0.10	(1.30)	(1.20)	(0.09)	--	--
2003(j)	$ 11.55	0.01	1.36	1.37	(0.01)	--	--

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above.

(c) Reflects operations for the period from February 3, 1999(date of initial public investment) to June 30, 2000.

(d) Computed on an annualized basis.

(e) Reflects operations for the year ended June 30.

(f) Represents less than $0.01.

(g) Reflects operations for the period from July 1, 2000 to April 30, 2001. The Funds have changed their fiscal year end from June 30 to April 30.

(h) Effective January 8, 2001, the Funds changed their investment advisor from Martindale Andres & Company LLC to Manufacturers and Traders Trust Company.

(i) Based on average shares outstanding.

(j) Six months ended October 31, 2003(unaudited).

(k) Reflects operations for the period from February 4, 1999(date of initial public investment) to June 30, 2000.

(l) Reflects operations for the period from February 18, 1999(date of initial public investment) to June 30, 2000.

(m) Reflects operations for the period from September 14, 1998(date of initial public investment) to April 30, 1999.

See Notes which are an integral part of the Financial Statements

			Ratios to Average Net Assets
Total Distributions	Net Asset Value, end of period	Total Return(a)	Expenses	Net Investment Income (Operating Loss)	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)	Portfolio Turnover Rate
(0.07)	$ 10.15	2.21%	1.79%(d)	2.57%(d)	92.41%(d)	$ 150	2%
(0.25)	$ 10.39	4.94%	1.65%	2.19%	25.56%	$ 311	28%
(0.59)	$ 9.89	0.94%	1.38%(d)	2.71%(d)	17.68%(d)	$ 448	91%
(0.30)	$ 9.74	1.60%	1.00%	3.28%	1.75%	$ 2,788	19%
(0.25)	$ 9.49	0.03%	1.00%	2.49%	1.11%	$ 4,120	11%
(0.08)	$ 9.84	4.53%	1.00%(d)	1.60%(d)	0.38%(d)	$ 4,559	12%
(0.18)	$ 9.46	(1.02)%	2.00%	1.43%	1.11%	$ 2,000	11%
(0.04)	$ 9.81	4.12%	1.80%(d)	0.77%(d)	0.46%(d)	$ 2,898	12%
(0.04)	$ 10.56	6.02%	1.76%(d)	1.17%(d)	36.79%(d)	$ 285	6%
(0.19)	$ 11.09	6.81%	1.64%	1.09%	7.85%	$ 1,214	32%
(0.63)	$ 10.12	(3.18)%	1.39%(d)	1.70%(d)	3.73%(d)	$ 1,920	76%
(0.18)	$ 9.70	(2.39)%	1.00%	1.63%	0.67%	$ 8,166	2%
(0.13)	$ 8.80	(7.89)%	1.00%	1.14%	0.38%	$ 10,922	10%
(0.04)	$ 9.60	9.50%	0.99%(d)	0.57%(d)	0.07%(d)	$ 16,471	19%
(0.06)	$ 8.77	(8.91)%	2.00%	0.11%	0.38%	$ 5,445	10%
--	$ 9.57	9.12%	1.87%(d)	(0.31)%(d)	0.07%(d)	$ 9,185	19%
(0.02)	$ 10.77	7.87%	1.81%(d)	0.07%(d)	51.10%(d)	$ 218	0%
(0.14)	$ 11.49	8.00%	1.64%	0.26%	9.53%	$ 1,352	28%
(0.41)	$ 10.26	(7.35)%	1.40%(d)	0.76%(d)	3.43%(d)	$ 1,634	72%
(0.16)	$ 9.49	(5.92)%	1.00%	0.23%	1.22%	$ 4,872	4%
(0.08)	$ 8.00	(14.78)%	1.00%	0.03%	1.16%	$ 5,421	11%
--	$ 9.21	15.13%	1.00%(d)	(0.39)%(d)	0.45%(d)	$ 8,077	5%
(0.08)	$ 7.93	(15.62)%	2.00%	(1.07)%	1.16%	$ 1,813	11%
--	$ 9.09	9.51%	1.79%(d)	(1.19)%(d)	0.52%(d)	$ 3,476	5%
(0.89)	$ 14.59	17.97%	1.01%	1.94%	0.39%	$ 26,927	57%
(0.91)	$ 16.84	22.26%	1.01%	1.84%	0.39%	$ 43,098	54%
(1.28)	$ 14.40	(7.06)%	1.02%	2.08%	0.39%	$ 43,644	36%
(0.26)	$ 12.86	(8.97)%	1.01%	1.78%	0.40%	$ 39,276	50%
(0.18)	$ 11.55	(8.71)%	1.10%	1.61%	0.54%	$ 30,238	84%
(0.05)	$ 12.93	12.38%	1.09%(d)	0.91%(d)	0.26%(d)	$ 32,352	35%
(0.81)	$ 14.60	23.13%	1.75%(d)	0.99%(d)	0.09%(d)	$ 2,479	57%
(0.81)	$ 16.82	21.32%	1.77%	1.10%	0.09%	$ 10,991	54%
(1.17)	$ 14.38	(7.78)%	1.77%	1.35%	0.09%	$ 14,827	36%
(0.16)	$ 12.84	(9.66)%	1.76%	1.03%	0.10%	$ 13,956	50%
(0.09)	$ 11.55	(9.31)%	1.80%	0.91%	0.42%	$ 11,203	84%
(0.01)	$ 12.91	11.88%	1.79%(d)	0.21%(d)	0.09%(d)	$ 12,365	35%

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income (Operating Loss)	Net Realized and Unrealized Gain(Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distributions from Net Realized Gain on Investments
Balanced Fund -- Institutional I Shares
1999	$ 13.24	0.28	2.03	2.31	(0.28)	(0.63)
2000	$ 14.64	0.28	2.90	3.18	(0.26)	(0.66)
2001	$ 16.90	0.35	(1.48)	(1.13)	(0.35)	(0.95)
2002	$ 14.47	0.26	(1.55)	(1.29)	(0.27)	--
2003	$ 12.91	0.21	(1.32)	(1.11)	(0.22)	--
2003(c)	$ 11.58	0.07	1.37	1.44	(0.06)	--
Social Balanced Fund -- Institutional I Shares
2002(e)	$ 10.00	0.33	(0.21)	0.12	(0.33)	--
2003	$ 9.79	0.34	0.65	0.99	(0.34)	(0.00)(f)
2003(c)	$ 10.44	0.12(g)	0.22	0.34	(0.11)	--
Equity Income Fund -- Class A Shares
1999	$ 12.52	0.23	0.21	0.44	(0.23)	(0.69)
2000	$ 12.04	0.22	0.38	0.60	(0.22)	(0.43)
2001	$ 11.99	0.19	0.42	0.61	(0.19)	(1.08)
2002	$ 11.33	0.15	(0.99)	(0.84)	(0.15)	(0.05)
2003	$ 10.29	0.17	(2.16)	(1.99)	(0.14)	--
2003(c)	$ 8.16	0.07	1.02	1.09	(0.05)	--
Equity Income Fund -- Class B Shares
2003(h)	$ 8.71	0.01	0.49	0.50	(0.04)	--
Equity Income Fund -- Institutional I Shares
1999	$ 12.52	0.25	0.22	0.47	(0.25)	(0.69)
2000	$ 12.05	0.20	0.38	0.58	(0.20)	(0.43)
2001	$ 12.00	0.20	0.42	0.62	(0.20)	(1.08)
2002	$ 11.34	0.16	(0.99)	(0.83)	(0.16)	(0.05)
2003	$ 10.30	0.18	(2.16)	(1.98)	(0.18)	--
2003(c)	$ 8.14	0.08	1.02	1.10	(0.07)	--
Large Cap Value Fund - Class A Shares
1999	$ 11.47	0.19	0.78	0.97	(0.19)	(0.01)
2000	$ 12.24	0.18	(0.94)	(0.76)	(0.18)	(0.16)
2001	$ 11.14	0.09(g)	1.24	1.33	(0.09)	(0.42)
2002	$ 11.96	0.06	(1.49)	(1.43)	(0.06)	(0.16)
2003	$ 10.31	0.07	(1.91)	(1.84)	(0.06)	--
2003(c)	$ 8.41	0.04	1.44	1.48	(0.04)	--
Large Cap Value Fund - Class B Shares
2000(i)	$ 11.18	0.05	0.12	0.17	(0.06)	(0.16)
2001	$ 11.13	(0.04)(g)	1.24	1.20	(0.01)	(0.42)
2002	$ 11.90	(0.01)	(1.52)	(1.53)	--	(0.16)
2003	$ 10.21	(0.02)	(1.87)	(1.89)	--	--
2003(c)	$ 8.32	--	1.42	1.42	--	--
Large Cap Value Fund - Institutional I Shares
2003(j)	$ 9.26	0.03	0.59	0.62	(0.02)	--

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income(net operating loss) ratios shown above.

(c) Six months ended October 31, 2003(unaudited).

(d) Computed on an annualized basis.

(e) Reflects operations for the period from May 29, 2001(date of initial public investment) to April 30, 2002.

(f) Represents less than $0.01.

(g) Based on average shares outstanding.

(h) Reflects operations for the period from August 25, 2003(date of initial public investment) to October 31, 2003.

(i) Reflects operations for the period from December 10, 1999(date of initial public investment) to April 30, 2000.

(j) Reflects operations for the period from August 18, 2003(date of initial public investment) to October 31, 2003.

See Notes which are an integral part of the Financial Statements

			Ratios to Average Net Assets
Total Distributions	Net Asset Value, end of period	Total Return(a)	Expenses	Net Investment Income	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)	Portfolio Turnover Rate
(0.91)	$ 14.64	18.17%	0.85%	2.12%	0.15%	$ 118,395	57%
(0.92)	$ 16.90	22.39%	0.90%	1.95%	0.10%	$ 348,332	54%
(1.30)	$ 14.47	(6.93)%	0.91%	2.18%	0.10%	$ 300,818	36%
(0.27)	$ 12.91	(8.98)%	0.91%	1.88%	0.10%	$ 248,726	50%
(0.22)	$ 11.58	(8.52)%	0.94%	1.80%	0.04%	$ 122,051	84%
(0.06)	$ 12.96	12.47%	0.93%(d)	1.07%(d)	0.13%(d)	$ 130,839	35%
(0.33)	$ 9.79	1.18%	0.83%(d)	3.53%(d)	0.56%(d)	$ 2,059	260%
(0.34)	$ 10.44	10.25%	0.87%	3.28%	2.64%	$ 3,267	82%
(0.11)	$ 10.67	3.25%	1.09%(d)	2.32%(d)	1.24%(d)	$ 3,633	26%
(0.92)	$ 12.04	3.92%	1.08%	1.93%	0.36%	$ 3,659	56%
(0.65)	$ 11.99	5.29%	1.09%	1.72%	0.36%	$ 3,353	41%
(1.27)	$ 11.33	5.33%	1.10%	1.62%	0.36%	$ 4,193	21%
(0.20)	$ 10.29	(7.43)%	1.10%	1.41%	0.38%	$ 5,136	43%
(0.14)	$ 8.16	(19.38)%	1.18%	1.99%	0.81%	$ 4,388	28%
(0.05)	$ 9.20	13.41%	1.17%(d)	1.57%(d)	0.27%(d)	$ 5,010	16%
(0.04)	$ 9.17	5.54%	1.91%(d)	0.32%(d)	0.07%(d)	$ 25	16%
(0.94)	$ 12.05	4.17%	0.91%	2.10%	0.13%	$ 101,104	56%
(0.63)	$ 12.00	5.40%	0.98%	1.83%	0.07%	$ 83,473	41%
(1.28)	$ 11.34	5.42%	0.99%	1.70%	0.07%	$ 78,666	21%
(0.21)	$ 10.30	(7.34)%	1.00%	1.52%	0.08%	$ 72,005	43%
(0.18)	$ 8.14	(19.21)%	1.02%	2.16%	0.09%	$ 61,427	28%
(0.07)	$ 9.17	13.55%	1.03%(d)	1.72%(d)	0.15%(d)	$ 69,558	16%
(0.20)	$ 12.24	8.59%	1.02%	1.67%	--	$ 45,582	55%
(0.34)	$ 11.14	(6.15)%	0.99%	1.53%	--	$ 30,721	88%
(0.51)	$ 11.96	12.36%	1.15%	0.77%	--	$ 37,847	80%
(0.22)	$ 10.31	(11.99)%	1.13%	0.56%	--	$ 42,697	63%
(0.06)	$ 8.41	(17.80)%	1.12%	0.86%	--	$ 48,665	32%
(0.04)	$ 9.85	17.61%	1.07%(d)	0.85%(d)	0.06%(d)	$ 29,753	13%
(0.22)	$ 11.13	1.62%	1.99%(d)	0.17%(d)	--	$ 10	88%
(0.43)	$ 11.90	11.11%	2.15%	(0.38)%	--	$ 229	80%
(0.16)	$ 10.21	(12.88)%	2.13%	(0.47)%	--	$ 617	63%
--	$ 8.32	(18.51)%	2.12%	(0.14)%	--	$ 451	32%
--	$ 9.74	17.07%	2.03%(d)	(0.09%)(d)	--	$ 557	13%
(0.02)	$ 9.86	6.73%	1.17%(d)	1.18%(d)	0.14%(d)	$ 38,058	13%

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income (Operating Loss)	Net Realized and Unrealized Gain(Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distributions from Net Realized Gain on Investments	Total Distributions
Equity Index Fund -- Class A Shares
1999	$ 11.57	0.11	2.40	2.51	(0.11)	(0.13)	(0.24)
2000	$ 13.84	0.11	1.25	1.36	(0.11)	(0.30)	(0.41)
2001	$ 14.79	0.09	(1.77)	(1.68)	(0.09)	(2.60)	(2.69)
2002	$ 10.42	0.08	(1.42)	(1.34)	(0.08)	--	(0.08)
2003	$ 9.00	0.10	(1.34)	(1.24)	(0.06)	--	(0.06)
2003(c)	$ 7.70	0.04	1.11	1.15	(0.04)	--	(0.04)
Equity Index Fund -- Class B Shares
2003(e)	$ 8.33	0.02	0.47	0.49	(0.02)	--	(0.02)
Equity Index Fund -- Institutional I Shares
1999	$ 11.59	0.14	2.41	2.55	(0.14)	(0.13)	(0.27)
2000	$ 13.87	0.14	1.26	1.40	(0.14)	(0.30)	(0.44)
2001	$ 14.83	0.12	(1.77)	(1.65)	(0.13)	(2.60)	(2.73)
2002	$ 10.45	0.11	(1.42)	(1.31)	(0.11)	--	(0.11)
2003	$ 9.03	0.12	(1.34)	(1.22)	(0.12)	--	(0.12)
2003(c)	$ 7.69	0.06	1.11	1.17	(0.06)	--	(0.06)
Large Cap Stock Fund -- Class A Shares
1999	$ 14.60	0.05	1.36	1.41	(0.07)	(0.72)	(0.79)
2000	$ 15.22	0.14	1.40	1.54	(0.15)	(2.51)	(2.66)
2001	$ 14.10	0.01	(0.87)	(0.86)	(0.01)	(1.95)	(1.96)
2002	$ 11.28	0.02	(1.07)	(1.05)	(0.03)	(0.77)	(0.80)
2003	$ 9.43	0.04	(1.84)	(1.80)	(0.02)	(0.14)	(0.16)
2003(c)	$ 7.47	(0.00)(f)(g)	1.12	1.12	(0.01)	--	(0.01)
Large Cap Stock Fund -- Class B Shares
1999(h)	$ 12.93	0.01	2.97	2.98	(0.03)	(0.72)	(0.75)
2000	$ 15.16	(0.07)	1.36	1.29	--	(2.51)	(2.51)
2001	$ 13.94	(0.02)	(0.92)	(0.94)	--	(1.95)	(1.95)
2002	$ 11.05	(0.01)	(1.10)	(1.11)	--	(0.77)	(0.77)
2003	$ 9.17	(0.01)	(1.79)	(1.80)	--	(0.14)	(0.14)
2003(c)	$ 7.23	(0.03)(g)	1.08	1.05	--	--	--
Large Cap Stock Fund -- Institutional I Shares
1999	$ 14.59	0.08	1.36	1.44	(0.09)	(0.72)	(0.81)
2000	$ 15.22	0.26	1.40	1.66	(0.26)	(2.51)	(2.77)
2001	$ 14.11	0.02	(0.86)	(0.84)	(0.02)	(1.95)	(1.97)
2002	$ 11.30	0.04	(1.09)	(1.05)	(0.04)	(0.77)	(0.81)
2003	$ 9.44	0.06	(1.86)	(1.80)	(0.05)	(0.14)	(0.19)
2003(c)	$ 7.45	0.02(g)	1.11	1.13	(0.03)	--	(0.03)
Large Cap Growth Fund -- Class A Shares
2000(h)	$ 10.00	0.01	0.03	0.04	--	--	--
2001	$ 10.04	(0.02)(g)	(1.47)	(1.49)	(0.01)	--	(0.01)
2002	$ 8.54	0.00(f)	(0.63)	(0.63)	--	--	--
2003	$ 7.91	0.00(f)	(1.23)	(1.23)	--	--	--
2003(c)	$ 6.68	(0.00)(f)	0.45	0.45	--	--	--
Large Cap Growth Fund -- Class B Shares
2000(j)	$ 10.31	0.00(f)	(0.27)	(0.27)	--	--	--
2001	$ 10.04	(0.10)(g)	(1.47)	(1.57)	(0.01)	--	(0.01)
2002	$ 8.46	(0.02)	(0.68)	(0.70)	--	--	--
2003	$ 7.76	(0.05)	(1.22)	(1.27)	--	--	--
2003(c)	$ 6.49	(0.03)	0.45	0.42	--	--	--
Large Cap Growth Fund -- Institutional I Shares
2003(k)	$ 7.05	0.00(f)	0.09	0.09	--	--	--

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income(net operating loss) ratios shown above.

(c) Six months ended October 31, 2003(unaudited).

(d) Computed on an annualized basis.

(e) Reflects operations for the period from August 25, 2003(date of initial public investment) to October 31, 2003.

(f) Represents less than $0.01.

(g) Based on average shares outstanding.

(h) Reflects operations for the period from March 20, 2000(date of initial public investment) to April 30, 2000.

(i) Represents less than 0.01%.

(j) Reflects operations for the period from April 6, 2000(date of initial public investment) to April 30, 2000.

(k) Reflects operations for the period from August 18, 2003(date of initial public investment) to October 31, 2003.

See Notes which are an integral part of the Financial Statements

		Ratios to Average Net Assets
Net Asset Value, end of period	Total Return(a)	Expenses	Net Investment Income (Operating Loss)	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)	Portfolio Turnover Rate
$ 13.84	22.05%	0.48%	0.92%	0.52%	$ 4,974	34%
$ 14.79	9.95%	0.50%	0.78%	0.49%	$ 7,453	59%
$ 10.42	(12.51)%	0.50%	0.70%	0.46%	$ 9,260	44%
$ 9.00	(12.85)%	0.50%	0.87%	0.49%	$ 7,709	31%
$ 7.70	(13.70)%	0.58%	1.21%	0.86%	$ 4,646	87%
$ 8.81	14.96%	0.58%(d)	1.18%(d)	0.44%(d)	$ 6,321	22%
$ 8.80	5.94%	1.49%(d)	0.18%(d)	0.17%(d)	$ 32	22%
$ 13.87	22.37%	0.23%	1.20%	0.38%	$ 86,911	34%
$ 14.83	10.25%	0.25%	1.03%	0.34%	$ 151,157	59%
$ 10.45	(12.34)%	0.25%	0.94%	0.31%	$ 100,495	44%
$ 9.03	(12.59)%	0.25%	1.12%	0.34%	$ 95,487	31%
$ 7.69	(13.50)%	0.25%	1.54%	0.34%	$ 94,947	87%
$ 8.80	15.25%	0.25%(d)	1.51%(d)	0.26%(d)	$ 109,331	22%
$ 15.22	10.29%	1.31%	0.29%	0.43%	$ 3,553	32%
$ 14.10	10.72%	1.32%	(0.01)%	0.43%	$ 7,516	25%
$ 11.28	(6.10)%	1.30%	0.06%	0.43%	$ 6,890	10%
$ 9.43	(9.53)%	1.31%	0.24%	0.44%	$ 5,935	22%
$ 7.47	(19.12)%	1.38%	0.58%	0.79%	$ 4,232	36%
$ 8.58	15.05%	1.27%(d)	(0.06)%(d)	0.06%(d)	$ 59,871	33%
$ 15.16	23.70%	2.07%(d)	(0.67)%(d)	0.13%(d)	$ 164	32%
$ 13.94	9.93%	2.07%	(0.77)%	0.13%	$ 583	25%
$ 11.05	(6.79)%	2.05%	(0.69)%	0.13%	$ 858	10%
$ 9.17	(10.26)%	2.06%	(0.53)%	0.14%	$ 1,141	22%
$ 7.23	(19.64)%	2.08%	(0.13)%	2.02%	$ 867	36%
$ 8.28	14.52%	2.04%(d)	(0.74)%(d)	0.22%(d)	$ 11,734	33%
$ 15.22	10.48%	1.14%	0.58%	0.20%	$ 536,827	32%
$ 14.11	10.87%	1.20%	0.16%	0.14%	$ 428,675	25%
$ 11.30	(5.96)%	1.20%	0.17%	0.13%	$ 310,803	10%
$ 9.44	(9.52)%	1.21%	0.34%	0.14%	$ 245,727	22%
$ 7.45	(19.03)%	1.23%	0.73%	0.11%	$ 169,616	36%
$ 8.55	15.22%	1.16%(d)	0.44%(d)	0.16%(d)	$ 422,066	33%
$ 10.04	0.40%	0.00%(d)(i)	1.23%(d)	4.50%(d)	$ 6,617	1%
$ 8.54	(14.87)%	1.51%	(0.23)%	0.14%	$ 12,128	52%
$ 7.91	(7.38)%	1.18%	0.04%	0.29%	$ 15,368	45%
$ 6.68	(15.55)%	1.30%	0.04%	0.38%	$ 16,312	37%
$ 7.13	6.74%	1.30%(d)	(0.06)%(d)	0.35%(d)	$ 7,260	5%
$ 10.04	(2.62)%	0.00%(d)(i)	0.99%(d)	5.50%(d)	$ 42	1%
$ 8.46	(2.51)	(2.51)%	(1.16)%	0.14%	$ 442	52%
$ 7.76	(8.27)%	2.15%	(0.91)%	0.24%	$ 1,162	45%
$ 6.49	(16.37)%	2.19%(	(0.86)%	0.25%	$ 1,077	37%
$ 6.91	6.47%	2.19%(d)	(0.89)%(d)	0.21%(d)	$ 1,101	5%
$ 7.14	1.28%	1.43%(d)	1.38%(d)	0.31%(d)	$ 12,771	5%

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income (Operating Loss)	Net Realized and Unrealized Gain(Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distributions from Net Realized Gain on Investments
Multi Cap Growth Fund -- Class A Shares
1999	$ 14.82	(0.03)	4.30	4.27	--	(0.51)
2000	$ 18.58	(0.05)	9.22	9.17	--	(1.86)
2001	$ 25.89	0.03	(5.15)	(5.12)	--	(1.89)
2002	$ 18.88	(0.04)	(4.99)	(5.03)	--	--
2003	$ 13.85	(0.03)	(2.42)	(2.45)	--	--
2003(c)	$ 11.40	(0.04)	2.53	2.49	--	--
Multi Cap Growth Fund -- Class B Shares
1999(e)	$ 13.53	(0.04)	5.63	5.59	--	(0.51)
2000	$ 18.61	(0.13)	9.12	8.99	--	(1.86)
2001	$ 25.74	(0.08)	(5.16)	(5.24)	--	(1.89)
2002	$ 16.61	(0.15)	(4.91)	(5.06)	--	--
2003	$ 13.55	(0.14)	(2.33)	(2.47)	--	--
2003(c)	$ 11.08	(0.08)	2.44	2.36	--	--
Multi Cap Growth Fund -- Institutional I Shares
1999	$ 14.90	(0.01)	4.33	4.32	--	(0.51)
2000	$ 18.71	(0.03)	9.31	9.28	--	(1.86)
2001	$ 26.13	0.04	(5.19)	(5.15)	(0.02)	(1.89)
2002	$ 19.07	(0.02)	(5.05)	(5.07)	--	--
2003	$ 14.00	--	(2.45)	(2.45)	--	--
2003(c)	$ 11.55	(0.02)	2.55	2.53	--	--
Mid Cap Stock Fund -- Class A Shares
1999(f)	$ 16.13	0.05	(1.67)	(1.62)	(0.07)	(0.99)
2000	$ 13.45	(0.01)	2.54	2.53	(0.02)	(0.45)
2001	$ 15.51	(0.03)(g)	1.00	0.97	--	(1.97)
2002	$ 14.51	0.00(h)	(0.12)	(0.12)	--	--
2003	$ 14.39	(0.00)(h)	(2.48)	(2.48)	--	--
2003(c)	$ 11.91	(0.02)(g)	2.54	2.52	--	--
Mid Cap Stock Fund -- Class B Shares
2000(i)	$ 14.28	(0.03)	1.25	1.22	--	--
2001	$ 15.50	(0.15)(g)	1.00	0.85	--	(1.97)
2002	$ 14.38	(0.07)	(0.17)	(0.24)	--	--
2003	$ 14.14	(0.11)	(2.44)	(2.55)	--	--
2003(c)	$ 11.59	(0.08)(g)	2.47	2.39	--	--
Mid Cap Stock Fund -- Institutional I Shares
2003(j)	$ 13.14	(0.01)(g)	1.30	1.29	--	--

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income(net operating loss) ratios shown above.

(c) Six months ended October 31, 2003(unaudited).

(d) Computed on an annualized basis.

(e) Reflects operations for the period from September 14, 1998(date of initial public investment) to April 30, 1999.

(f) Prior to October 15, 1999, reflects operations of VISION Growth and Income Fund.

(g) Based on average shares outstanding.

(h) Represents less than $0.01.

(i) Reflects operations for the period from March 15, 2000(date of initial public investment) to April 30, 2000.

(j) Reflects operations for the period from August 25, 2003(date of initial public investment) to October 31, 2003.

See Notes which are an integral part of the Financial Statements

			Ratios to Average Net Assets
Total Distributions	Net Asset Value, end of period	Total Return(a)	Expenses	Net Investment Income (Operating Loss)	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)	Portfolio Turnover Rate
(0.51)	$ 18.58	29.34%	1.09%	(0.23)%	0.35%	$ 23,035	118%
(1.86)	$ 25.89	51.12%	1.11%	(0.29)%	0.35%	$ 52,445	114%
(1.89)	$ 18.88	(20.37)%	1.11%	0.11%	0.35%	$ 44,988	90%
--	$ 13.85	(26.64)%	1.10%	(0.24)%	0.35%	$ 33,621	202%
--	$ 11.40	(17.69)%	1.19%	(0.20)%	0.82%	$ 22,820	194%
--	$ 13.89	21.84%	1.18%(d)	(0.51)%(d)	0.28%(d)	$ 26,162	29%
(0.51)	$ 18.61	41.88%	1.87%(d)	(1.09)%(d)	0.05%(d)	$ 2,162	118%
(1.86)	$ 25.74	50.03%	1.86%	(1.04)%	0.05%	$ 14,129	114%
(1.89)	$ 18.61	(20.98)%	1.86%	(0.66)%	0.05%	$ 16,231	90%
--	$ 13.55	(27.19)%	1.85%	(0.99)%	0.05%	$ 12,196	202%
--	$ 11.08	(18.23)%	1.89%	(0.90)%	0.80%	$ 8,870	194%
--	$ 13.44	21.30%	1.88%(d)	(1.21)%(d)	0.02%(d)	$ 10,591	29%
(0.51)	$ 18.71	29.51%	0.94%	(0.07)%	0.10%	$ 90,042	118%
(1.86)	$ 26.13	51.36%	1.00%	(0.18)%	0.06%	$ 193,827	114%
(1.91)	$ 19.07	(20.32)%	1.00%	0.20%	0.06%	$ 175,559	90%
--	$ 14.00	(26.59)%	1.00%	(0.14)%	0.05%	$ 138,331	202%
--	$ 11.55	(17.50)%	1.03%	(0.03)%	0.04%	$ 103,441	194%
--	$ 14.08	21.90%	1.02%(e)	(0.35)%(e)	0.07%(d)	$ 121,292	29%
(1.06)	$ 13.45	(9.26)%	1.20%	0.32%	--	$ 82,203	145%
(0.47)	$ 15.51	19.88%	1.54%	(0.13)%	--	$ 110,651	163%
(1.97)	$ 14.51	6.51%	1.39%	(0.17)%	--	$ 119,409	112%
--	$ 14.39	(0.83)%	1.39%	(0.26)%	0.06%	$ 119,407	91%
--	$ 11.91	(17.23)%	1.26%	(0.01)%	0.20%	$ 102,263	80%
--	$ 14.43	21.16%	1.24%(d)	(0.24)%(d)	0.18%(d)	$ 53,630	53%
--	$ 15.50	8.54%	2.45%(d)	(1.82)%(d)	--	$ 53	163%
(1.97)	$ 14.38	5.69%	2.14%	(1.06)%	--	$ 1,364	112%
--	$ 14.14	(1.67)%	2.20%	(1.09)%	--	$ 2,051	91%
--	$ 11.59	(18.03)%	2.21%	(0.96)%	--	$ 1,713	80%
--	$ 13.98	20.62%	2.17%(d)	(1.18)%(d)	--	$ 2,241	53%
--	$ 14.43	9.82%	1.25%(d)	(0.18)%(d)	0.14%(d)	$ 73,110	53%

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income (Operating Loss)	Net Realized and Unrealized Gain(Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distributions in Excess of Net Investment Income	Distributions from Net Realized Gain on Investments
Mid Cap Growth Fund -- Class A Shares
2000(c)	$ 15.22	(0.02)	4.74	4.72	--	--	(2.04)
2001	$ 17.90	(0.01)	(1.13)	(1.14)	--	--	(3.60)
2002	$ 13.16	(0.03)	(0.55)	(0.58)	--	--	--
2003	$ 12.58	(0.01)	(2.42)	(2.43)	--	--	--
2003(e)	$ 10.15	(0.01)(f)	2.48	2.47	--	--	--
Mid Cap Growth Fund -- Class B Shares
2003(g)	$ 11.81	(0.03)(f)	0.90	0.87	--	--	--
Mid Cap Growth Fund -- Institutional I Shares
1999	$ 14.11	0.01	1.16	1.17	(0.01)	--	(0.57)
2000	$ 14.70	(0.04)	5.30	5.26	--	--	(2.04)
2001	$ 17.92	(0.02)	(1.11)	(1.13)	--	--	(3.60)
2002	$ 13.19	(0.02)	(0.54)	(0.56)	--	--	--
2003	$ 12.63	--	(2.43)	(2.43)	(0.01)	--	--
2003(e)	$ 10.19	(0.00)(f)(h)	2.49	2.49	--	--	--
Small Cap Stock Fund -- Class A Shares
1999(i)	$ 11.41	(0.01)	1.00	0.99	--	(0.01)	(0.37)
2000(i)	$ 12.02	(0.03)	1.60	1.57	--	--	(1.71)
2001(j)(k)	$ 11.88	(0.08)(f)	(0.64)	(0.72)	--	--	(1.14)
2002	$ 10.02	0.00(h)	0.77	0.77	--	--	(0.34)
2003	$ 10.45	0.00(f)(h)	(1.63)	(1.63)	--	--	(1.93)
2003(e)	$ 6.89	(0.01)(f)	2.84	2.83	--	--	--
Small Cap Stock Fund -- Class B Shares
2001(l)	$ 9.75	(0.05)(f)	0.31	0.26	--	--	--
2002	$ 10.01	(0.06)	0.75	0.69	--	--	(0.34)
2003	$ 10.36	(0.05)(f)	(1.64)	(1.69)	--	--	(1.93)
2003(e)	$ 6.74	(0.04)(f)	2.77	2.73	--	--	--
Small Cap Stock Fund -- Institutional I Shares
2003(m)	$ 8.41	--	1.30	1.30	--	--	--

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income(net operating loss) ratios shown above.

(c) Reflects operations for the period from September 1, 1999(date of initial public investment) to April 30, 2000.

(d) Computed on an annualized basis.

(e) Six months ended October 31, 2003(unaudited).

(f) Based on average shares outstanding.

(g) Reflects operations for the period from August 25, 2003(date of initial public investment) to October 31, 2003.

(h) Represents less than $0.01.

(i) Reflects operations for the year ended June 30.

(j) Reflects operations for the period from July 1, 2000 to April 30, 2001. The Funds have changed their fiscal year end from June 30 to April 30.

(k) Effective January 8, 2001, the Funds changed their investment advisor from Martindale Andres & Company LLC to Manufactures and Traders Trust Company.

(l) Reflects operations for the period from January 10, 2001(date of initial public investment) to April 30, 2001.

(m) Reflects operations for the period from August 18, 2003(date of initial public investment) to October 31, 2003.

See Notes which are an integral part of the Financial Statements

			Ratios to Average Net Assets
Total Distributions	Net Asset Value, end of period	Total Return(a)	Expenses	Net Investment Income (Operating Loss)	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)	Portfolio Turnover Rate
(2.04)	$ 17.90	34.04%	1.23%(d)	(0.31)%(d)	0.36%(d)	$ 1,161	56%
(3.60)	$ 13.16	(6.62)%	1.21%	(0.27)%	0.36%	$ 4,489	96%
--	$ 12.58	(4.41)%	1.21%	(0.25)%	0.37%	$ 5,965	106%
--	$ 10.15	(19.32)%	1.29%	(0.12)%	0.82%	$ 4,841	238%
--	$ 12.62	24.33%	1.26%(d)	(0.24)%(d)	0.55%(d)	$ 5,849	77%
--	$ 12.68	7.37%	1.97%(d)	(1.45)%(d)	0.06%(d)	$ 19	77%
(0.58)	$ 14.70	8.76%	1.06%	0.04%	0.12%	$ 63,648	62%
(2.04)	$ 17.92	38.90%	1.11%	(0.26)%	0.07%	$ 92,253	56%
(3.60)	$ 13.19	(6.55)%	1.10%	(0.20)%	0.07%	$ 95,317	96%
(0.00)(f)	$ 12.63	(4.25)%	1.11%	(0.13)%	0.07%	$ 90,179	106%
(0.01)	$ 10.19	(19.25)%	1.13%	0.05%	0.08%	$ 65,417	238%
--	$ 12.68	24.44%	1.10%(d)	(0.08)%(d)	0.15%(d)	$ 77,655	77%
(0.38)	$ 12.02	9.24%	1.04%	(0.05)%	1.47%	$ 139,512	18%
(1.71)	$ 11.88	16.31%	1.06%	(0.25)%	1.40%	$ 148,926	43%
(1.14)	$ 10.02	(6.57)%	1.30%(d)	(0.83)%(d)	0.17%(d)	$ 113,499	21%
(0.34)	$ 10.45	8.03%	1.23%	(0.57)%	0.07%	$ 115,011	136%
(1.93)	$ 6.89	(14.66)%	1.27%	(0.06)%	0.10%	$ 106,415	68%
--	$ 9.72	41.07%	1.27%(d)	(0.29%)(d)	0.06%(d)	$ 9,107	28%
--	$ 10.01	2.67%	0.89%(d)	(0.72)%(d)	--	$ 35	21%
(0.34)	$ 10.36	7.22%	2.05%	(1.35)%	--	$ 387	136%
(1.93)	$ 6.74	(15.46)%	2.12%	(0.89)%	--	$ 506	68%
--	$ 9.47	40.50%	2.07%(d)	(1.09)%(d)	--	$ 871	28%
--	$ 9.71	15.46%	1.33%(d)	(0.24)%(d)	--	$ 140,783	28%

Financial Highlights

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income (Operating Loss)	Net Realized and Unrealized Gain(Loss) on Investments and Foreign Currency Transactions	Total from Investment Operations	Distributions from Net Investment Income	Distributions from Net Realized Gain on Investments and Foreign Currency Transactions
Small Cap Growth -- Class A Shares
1999	$ 11.83	(0.07)	1.16	1.09	--	(0.33)
2000	$ 12.59	(0.05)	15.25	15.20	--	(4.72)
2001	$ 23.07	(0.02)	(2.01)	(2.03)	--	(4.03)
2002	$ 16.99	(0.05)	0.82	0.77	--	--
2003	$ 17.76	(0.08)	(5.69)	(5.77)	--	--
2003(c)	$ 11.99	(0.08)	6.23	6.15	--	--
Small Cap Growth -- Class B Shares
2001(e)	$ 16.80	(0.01)	0.18	0.17	--	--
2002	$ 16.97	(0.14)	0.77	0.63	--	--
2003	$ 17.60	(0.19)	(5.62)	(5.81)	--	--
2003(c)	$ 11.79	(0.12)	6.10	5.98	--	--
Small Cap Growth -- Class C Shares
2003(f)	$ 12.27	(0.03)	(0.43)	(0.46)	--	--
2003(c)	$ 11.81	(0.12)	6.12	6.00	--	--
Small Cap Growth Fund -- Institutional I Shares
1999	$ 11.86	(0.05)	1.17	1.12	--	(0.33)
2000	$ 12.65	(0.08)	15.39	15.31	--	(4.72)
2001	$ 23.24	(0.01)	(2.03)	(2.04)	--	(4.03)
2002	$ 17.15	(0.04)	0.83	0.79	(0.01)	--
2003	$ 17.93	(0.07)	(5.73)	(5.80)	--	--
2003(c)	$ 12.13	(0.06)	6.29	6.23	--	--
International Equity Fund -- Class A Shares
1999(g)	$ 10.00	0.11	0.48	0.59	--	--
2000(h)	$ 10.59	0.08	1.28	1.36	(0.14)	(0.14)
2001(i)(j)	$ 11.67	0.01(k)	(1.31)	(1.30)	--	(0.71)
2002	$ 9.66	0.16	(0.71)	(0.55)	(0.16)	--
2003	$ 8.95	0.09(k)	(1.42)	(1.33)	(0.11)	--
2003(c)	$ 7.51	0.03(k)	1.34	1.37	--	--
International Equity Fund -- Class B Shares
2001(l)	$ 10.25	(0.05)(k)	(0.55)	(0.60)	--	--
2002	$ 9.65	0.20	(0.83)	(0.63)	(0.13)	--
2003	$ 8.89	0.00(k)(n)	(1.38)	(1.38)	(0.05)	--
2003(c)	$ 7.46	(0.01)(k)	1.33	1.32	--	--
International Equity Fund -- Institutional I Shares
2003(o)	$ 8.30	(0.01)(k)	0.58	0.57	--	--

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and net investment income(net operating loss) ratios shown above.

(c) Six months ended October 31, 2003(unaudited).

(d) Computed on an annualized basis.

(e) Reflects operations for the period from February 20, 2001(date of initial public investment) to April 30, 2001.

(f) Reflects operations for the period from October 1, 2002(date of initial public investment) to April 30, 2003.

(g) Reflects operations for the period from February 9, 1999(date of initial public investment) to June 30, 1999.

(h) Reflects operations for the year ended June 30.

(i) Reflects operations for the period from July 1, 2000 to April 30, 2001. The Funds have changed their fiscal year end from June 30 to April 30.

(j) Effective January 8, 2001, the Funds changed their investment advisor from Martindale Andres & Company LLC to Manufactures and Traders Trust Company.

(k) Based on average shares outstanding.

(l) Reflects operations for the period from January 10, 2001(date of initial public investment) to April 30, 2001.

(m) Represents less than 0.01%.

(n) Represents less than $0.01.

(o) Reflects operations for the period from August 18, 2003(date of initial public investment) to October 31, 2003.

See Notes which are an integral part of the Financial Statements

				Ratios to Average Net Assets
Return of Capital	Total Distributions	Net Asset Value, end of period	Total Return(a)		Expenses	Net Investment Income (Operating Loss)	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)	Portfolio Turnover Rate
--	(0.33)	$ 12.59	9.66%		1.32%	(0.64)%	0.31%	$ 2,248	733%
--	(4.72)	$ 23.07	126.13%		1.30%	(0.49)%	0.31%	$ 11,292	753%
(0.02)	(4.05)	$ 16.99	(10.09)%		1.25%	(0.11)%	0.31%	$ 65,062	360%
--	--	$ 17.76	4.53%		1.27%	(0.38)%	0.31%	$ 74,576	267%
--	--	$ 11.99	(32.49)%		1.33%	(0.67)%	1.05%	$ 52,397	246%
--	--	$ 18.14	51.29%		1.31%(d)	(1.01)%(d)	0.45%(d)	$ 79,026	164%
--	--	$ 16.97	1.01%		2.07%(d)	(0.61)%(d)	0.01%(d)	$ 125	360%
--	--	$ 17.60	3.71%		2.01%	(1.20)%	0.02%	$ 829	267%
--	--	$ 11.79	(33.01)%		2.08%	(1.44)%	1.39%	$ 1,611	246%
--	--	$ 17.77	32.97%		2.06%(d)	(1.76)%(d)	0.18%(d)	$ 2,789	164%
--	--	$ 11.81	(3.75)%		2.09%(d)	(1.42)%(d)	9.19%(d)	$ 147	246%
--	--	$ 17.81	50.80%		2.06%(d)	(1.74)%(d)	0.18%(d)	$ 334	164%
--	(0.33)	$ 12.65	9.89%		1.16%	(0.48)%	0.07%	$ 30,562	733%
--	(4.72)	$ 23.24	126.42%		1.19%	(0.49)%	0.02%	$ 81,375	753%
(0.02)	(4.05)	$ 17.15	(10.05)%		1.15%	(0.14)%	0.02%	$ 85,286	360%
--	(0.01)	$ 17.93	4.58%		1.17%	(0.27)%	0.01%	$ 82,922	267%
--	--	$ 12.13	(32.35)%		1.17%	(0.51)%	0.02%	$ 56,766	246%
--	--	$ 18.36	51.36%		1.16%(d)	(0.85)%(d)	0.24%(d)	$ 102,683	164%
--	--	$ 10.59	5.90%		0.98%(d)	2.80%(d)	1.86%(d)	$ 39,506	17%
--	(0.28)	$ 11.67	12.87%		0.97%	0.72%	1.85%	$ 44,697	56%
--	(0.71)	$ 9.66	(11.41)%		1.46%(d)	0.07%(d)	0.42%(d)	$ 34,916	73%
--	(0.16)	$ 8.95	(5.60)%		1.64%	0.61%	0.15%	$ 45,754	61%
--	(0.11)	$ 7.51	(14.84)%		1.57%	1.12%	0.25%	$ 62,059	42%
--	--	$ 8.88	18.24%		1.58%(d)	0.76%(d)	0.23%(d)	$ 16,946	31%
--	--	$ 9.65	(5.85)%		4.04%(d)	(0.50)%(d)	0.00%(d)(m)	$ 5	73%
--	(0.13)	$ 8.89	(6.42)%		2.44%	0.04%	0.10%	$ 57	61%
--	(0.05)	$ 7.46	(15.56)%		2.47%	0.06%	0.10%	$ 55	42%
--	--	$ 8.78	17.69%		2.29%(d)	(0.18)%(d)	0.05%(d)	$ 137	31%
--	--	$ 8.87	6.87%		1.53%(d)	(0.35)%(d)	0.06%(d)	$ 89,978	31%

MTB Group of Funds

(Formerly VISION Group of Funds)

October 31, 2003 (unaudited)

1. ORGANIZATION

MTB Group of Funds (formerly VISION Group of Funds) (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 34 portfolios (individually referred to as the "Fund" or collectively as the "Funds"), 3 of which are only made available to variable annuity contracts. As set forth below, certain of the Funds (each, a "Successor MTB Fund") are successors to a corresponding portfolio of the ARK Funds pursuant to a reorganization which took place on August 15, 2003 or August 22, 20031. Prior to the date of the reorganization, each successor MTB Fund had no investment operations. Accordingly, the information in these financial statements is historical information for the corresponding ARK Fund.

MTB Fund	Investment Objectives	Former Portfolio (sometimes referred to as "Accounting Survivor")
MTB U.S. Treasury Money Market Fund ("U.S. Treasury Money Market Fund'')(d)	To seek current income with liquidity and stability of principal.	N/A
MTB U.S. Government Money Market Fund ("U.S. Government Money Market Fund'')(d)1	To seek maximum current income and provide liquidity and security of principal.	ARK U.S. Government Money Market Portfolio
MTB Tax-Free Money Market Fund ("Tax-Free Money Market Fund")(n)1	Maximizing current income exempt from federal income tax and providing liquidity and stability of principal.	ARK Tax Free Money Market Portfolio
MTB Money Market Fund ("Money Market Fund")(d)	To seek current income with liquidity and stability of principal.	N/A
MTB Prime Money Market Fund ("Prime Money Market Fund")(d)	To seek current income with liquidity and stability of principal	N/A
MTB New York Tax-Free Money Market Fund ("New York Tax-Free Money Market Fund")(n)	To seek a high level of current interest income that is exempt from federal regular income tax as is consistent with liquidity and relative stability of principal.	N/A
MTB Pennsylvania Tax-Free Money Market Fund ("Pennsylvania Tax-Free Money Market Fund")(n)1	Maximizing current income exempt from federal and Pennsylvania personal income taxes and providing liquidity and stability of principal.	ARK Pennsylvania Tax-Free Money Market Portfolio
MTB Short Duration Government Bond Fund ("Short Duration Government Bond Fund")(d)	To seek current income with the preservation of capital as a secondary objective.	N/A
MTB Short-Term Corporate Bond Fund ("Short-Term Corporate Bond Fund")(d)1	Current income.	ARK Short-Term Bond Portfolio
MTB U.S. Government Bond Fund ("U.S. Government Bond Fund")(d)	To provide current income. Capital appreciation is a secondary, non-fundamental investment consideration.	N/A
MTB New York Municipal Bond Fund ("New York Municipal Bond Fund")(n)	To provide current income which is exempt from federal regular income tax and the personal income taxes imposed by the State of New York and New York Municipalities and is consistent with the preservation of capital.	N/A
MTB Pennsylvania Municipal Bond Fund ("Pennsylvania Municipal Bond Fund")(n)1	Current income exempt from federal regular income tax and Pennsylvania personal income taxes.	ARK Pennsylvania Tax Free Portfolio
MTB Maryland Municipal Bond Fund ("Maryland Municipal Bond Fund")(n)1	Current income exempt from federal regular income tax and Maryland state and local income taxes.	ARK Maryland Tax Free Portfolio
MTB Intermediate-Term Bond Fund ("Intermediate-Term Bond Fund")(d)1	Current income.	ARK Intermediate Fixed Income Portfolio
MTB Income Fund ("Income Fund")(d)1	Primarily current income and secondarily capital growth.	ARK Income Portfolio
MTB Managed Allocation Fund -- Conservative Growth ("Conservative Growth Fund")(d)	To seek capital appreciation and income.	N/A
MTB Managed Allocation Fund -- Moderate Growth ("Moderate Growth Fund")(d)	To seek capital growth and secondarily income.	N/A
MTB Managed Allocation Fund -- Aggressive Growth ("Aggressive Growth Fund")(d)	To seek capital appreciation.	N/A
MTB Balanced Fund ("Balanced Fund")(d)1	To provide total return.	ARK Balanced Portfolio
MTB Social Balanced Fund ("Social Balanced Fund")(d)1	To provide total return.	ARK Social Issues Intermediate Fixed Income Portfolio
MTB Equity Income Fund ("Equity Income Fund")(d)1	Current income and growth of capital.	ARK Equity Income Portfolio
MTB Large Cap Value Fund ("Large Cap Value Fund")(d)	To provide income. Capital appreciation is a secondary, non-fundamental investment consideration.	N/A
MTB Equity Index Fund ("Equity Index Fund")(d)1	Investment results that correspond to the performance of the Standard & Poor's 500 Index.	ARK Equity Index Portfolio
MTB Large Cap Stock Fund ("Large Cap Stock Fund")(d)1	Growth of principal.	ARK Value Equity Portfolio
MTB Large Cap Growth Fund ("Large Cap Growth Fund")(d)	To provide capital appreciation.	N/A
MTB Multi Cap Growth Fund ("Multi Cap Growth Fund")(d)1	Long-term capital appreciation.	ARK Capital Growth Portfolio
MTB Mid Cap Stock Fund ("Mid Cap Stock Fund")(d)	To provide total return.	N/A
MTB Mid Cap Growth Fund ("Mid Cap Growth Fund")(d)1	Long-term capital appreciation.	ARK Mid Cap Equity Portfolio
MTB Small Cap Stock Fund ("Small Cap Stock Fund")(d)	To seek growth of capital.	N/A
MTB Small Cap Growth Fund ("Small Cap Growth Fund")(d)1	Long-term capital appreciation.	ARK Small Cap Equity Portfolio
MTB International Equity Fund ("International Equity Fund")(d)	To seek long-term capital appreciation, primarily through a diversified portfolio of non-U.S. equity securities.	N/A

(d) Diversified

(n) Non-diversified

International Equity Fund is the successor to Governor International Equity Fund; Small Cap Stock Fund is the successor to Governor Aggressive Growth Fund; Aggressive Growth Fund is the successor to Governor Lifestyle Growth Fund; Moderate Growth Fund is the successor to Governor Lifestyle Moderate Growth Fund; and Conservative Growth Fund is the successor to Governor Lifestyle Conservative Growth Fund pursuant to a reorganization that took place on January 8, 2001. Prior to that date, each MTB fund had no investment operations. Accordingly, the information in these financial statements for periods prior to January 8, 2001 is historical information for the corresponding Governor Fund.

The Trust offers 7 classes of shares: Class A Shares, Class B Shares, Class C Shares, Class S Shares, Institutional Shares, Institutional I Shares and Institutional II Shares.

Effective August 18, 2003, Class A Shares and Class B Shares were added to Short Duration Government Bond Fund.

Effective August 25, 2003, Class A Shares and Class B Shares were added to Short-Term Corporate Bond Fund.

Effective August 18, 2003, Class B Shares were added to Money Market Fund, U.S. Government Bond Fund and New York Municipal Bond Fund.

Effective August 18, 2003, Institutional I Shares were added to U.S. Treasury Money Market Fund, Money Market Fund, New York Tax-Free Money Market Fund, U.S. Government Bond Fund, New York Municipal Bond Fund, Large Cap Value Fund, Large Cap Growth Fund, Mid Cap Stock Fund, Small Cap Stock Fund and International Equity Fund.

Effective August 18, 2003, Institutional II Shares were added to U.S. Treasury Money Market Fund and Money Market Fund.

Effective August 25, 2003, Class B Shares were added to Equity Income Fund and Equity Index Fund.

The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held.

On August 15, 2003, U.S. Treasury Money Market Fund received a tax-free transfer of assets from ARK U.S. Treasury Money Market Portfolio and ARK U.S. Treasury Cash Management Portfolio, as follows:

	Shares of U.S. Treasury Money Market Fund Issued	ARK U.S. Treasury Money Market Portfolio Net Assets Received	ARK U.S. Treasury Cash Management Portfolio Net Assets Received	Net Assets of U.S. Treasury Money Market Fund Prior to Combination	Net Assets of ARK U.S. Treasury Money Market Portfolio Immediately Prior to Combination	Net Assets of ARK U.S. Treasury Cash Management Portfolio Immediately Prior to Combination	Net Assets of U.S. Treasury Money Market Fund Immediately After Combination
Class A	20,782,532	$  20,781,060	$               --	$699,126,393	$ 20,781,060	$               --	$  719,907,453
Class S	--	--	--	21,127,525	--	--	21,127,525
Institutional I	125,779,858	125,680,842	--	--	125,680,842	--	125,680,842
Institutional II	306,099,544	268,495,651	37,662,151	--	268,495,651	37,662,151	306,157,802
TOTAL	452,661,934	$414,957,553	$37,662,151	$720,253,918	$414,957,553	$37,662,151	$1,172,873,622

On August 15, 2003, U.S. Government Money Market Fund received a tax-free transfer of assets from ARK U.S. Government Cash Management Portfolio, as follows:

	Shares of U.S. Government Money Market Fund Issued	ARK U.S. Government Cash Management Portfolio Net Assets Received	Net Assets of U.S. Government Money Market Fund Prior to Combination	Net Assets of ARK U.S. Government Cash Management Portfolio Immediately Prior to Combination	Net Assets of U.S. Government Money Market Fund Immediately After Combination
Class A	--	$                 --	$     54,220,551	$                 --	$     54,220,551
Institutional I	--	--	1,385,057,487	--	1,385,057,487
Institutional II	856,436,112	856,436,292	267,979,202	856,436,292	1,124,415,494
TOTAL	856,436,112	$856,436,292	$1,707,257,240	$856,436,292	$2,536,693,532

On August 15, 2003, Tax-Free Money Market Fund received a tax-free transfer of assets from ARK Tax-Free Cash Management Portfolio, as follows:

	Shares of Tax-Free Money Market Fund Issued	ARK Tax-Free Cash Management Portfolio Net Assets Received	Net Assets of Tax-Free Money Market Fund Prior to Combination	Net Assets of ARK Tax-Free Cash Management Portfolio Immediately Prior to Combination	Net Assets of Tax-Free Money Market Fund Immediately After Combination
Class A	--	$               --	$  42,977,757	$               --	$  42,977,757
Institutional I	--	--	83,228,289	--	83,228,289
Institutional II	11,848,741	11,848,522	50,344,326	11,848,522	62,192,848
TOTAL	11,848,741	$11,848,522	$176,550,372	$11,848,522	$188,398,894

On August 15, 2003, Money Market Fund received a tax-free transfer of assets from ARK Money Market Portfolio and ARK Prime Cash Management Portfolio, as follows:

	Shares of Money Market Fund Issued	ARK Money Market Portfolio Net Assets Received	ARK Prime Cash Management Portfolio Net Assets Received	Net Assets of Money Market Fund Prior to Combination	Net Assets of ARK Money Market Portfolio Immediately Prior to Combination	Net Assets of ARK Prime Cash Management Portfolio Immediately Prior to Combination	Net Assets of Money Market Fund Immediately After Combination
Class A	195,034,557	$   194,976,333	$               --	$1,167,124,417	$   194,976,333	$               --	$1,362,100,750
Class B	228,433	228,423	--	--	228,423	--	228,423
Class S	--	--	--	72,826,342	--	--	72,826,342
Institutional	--	--	--	2,732,238	--	--	2,732,238
Institutional I	583,060,695	568,196,080	14,900,587	--	568,196,080	14,900,587	583,096,667
Institutional II	312,537,018	265,538,548	46,993,218	--	265,538,548	46,993,218	312,531,766
TOTAL	1,090,860,703	$1,028,939,384	$61,893,805	$1,242,682,997	$1,028,939,384	$61,893,805	$2,333,516,186

On August 15, 2003, Short Duration Government Bond Fund received a tax-free transfer of assets from ARK Short-Term Treasury Portfolio, as follows:

	Shares of Short Duration Government Bond Fund Issued	ARK Short-Term Treasury Portfolio Net Assets Received	ARK Short-Term Treasury Portfolio Unrealized Appreciation1	Net Assets of Short Duration Government Bond Fund Prior to Combination	Net Assets of ARK Short-Term Treasury Portfolio Immediately Prior to Combination	Net Assets of Short Duration Government Bond Fund Immediately After Combination
Class A	1,111,828	$10,802,906	$  73,078	$109,674,976	$10,802,906	$120,477,882
Institutional I	5,138,992	49,928,504	481,137	--	49,928,504	49,928,504
TOTAL	6,250,820	$60,731,410	$554,215	$109,674,976	$60,731,410	$170,406,386

¹Unrealized Appreciation is included in the ARK Short-Term Treasury Portfolio Net Assets Received amount shown above.

On August 15, 2003, U.S. Government Bond Fund received a tax-free transfer of assets from ARK U.S. Government Bond Portfolio, as follows:

	Shares of U.S. Government Bond Fund Issued	ARK U.S. Government Bond Portfolio Net Assets Received	ARK U.S. Government Bond Portfolio Unrealized Appreciation2	Net Assets of U.S. Government Bond Fund Prior to Combination	Net Assets of ARK U.S. Government Bond Portfolio Immediately Prior to Combination	Net Assets of U.S. Government Bond Fund Immediately After Combination
Class A	547,254	$  5,232,477	$     34,186	$149,017,166	$  5,232,477	$154,249,643
Institutional I	9,325,690	89,162,013	1,544,618	--	89,162,013	89,162,013
TOTAL	9,872,944	$94,394,490	$1,578,804	$149,017,166	$94,394,490	$243,411,656

² Unrealized Appreciation is included in the ARK U.S. Government Bond Portfolio Net Assets Received amount shown above.

On August 15, 2003, Pennsylvania Municipal Bond Fund received a tax-free transfer of assets from VISION Pennsylvania Municipal Income Fund, as follows:

	Shares of Pennsylvania Municipal Bond Fund Issued	VISION Pennsylvania Municipal Income Fund Net Assets Received	VISION Pennsylvania Municipal Income Fund Unrealized Appreciation3	Net Assets of Pennsylvania Municipal Bond Fund Prior to Combination	Net Assets of VISION Pennsylvania Municipal Income Fund Immediately Prior to Combination	Net Assets of Pennsylvania Municipal Bond Fund Immediately After Combination
Class A	8,377,693	$85,690,214	$4,056,564	$    2,730,235	$85,690,214	$  88,420,449
Class B	--	--	--	453,243	--	453,243
Institutional I	--	--	--	152,329,021	--	152,329,021
TOTAL	8,377,693	$85,690,214	$4,056,564	$155,512,499	$85,690,214	$241,202,713

³ Unrealized Appreciation is included in the VISION Pennsylvania Municipal Income Fund Net Assets Received amount shown above.

On August 15, 2003, Intermediate-Term Bond Fund received a tax-free transfer of assets from VISION Intermediate-Term Bond Fund, as follows:

	Shares of Intermediate- Term Bond Fund Issued	VISION Intermediate- Term Bond Net Assets Received	VISION Intermediate- Term Bond Fund Unrealized Appreciation4	Net Assets of Intermediate- Term Bond Fund Prior to Combination	Net Assets of VISION Intermediate- Term Bond Fund Immediately Prior to Combination	Net Assets of Intermediate- Term Bond Fund Immediately After Combination
Class A	12,872,342	$132,243,372	$72,439	$                 --	$132,243,372	$132,243,372
Institutional I	--	--	--	124,051,342	--	124,051,342
TOTAL	12,872,342	$132,243,372	$72,439	$124,051,342	$132,243,372	$256,294,714

⁴ Unrealized Appreciation is included in the VISION Intermediate-Term Bond Fund Net Assets Received amount shown above.

On August 15, 2003, Social Balanced Fund received a tax-free transfer of assets from ARK Social Issues Small Cap Equity Portfolio, ARK Social Issues Blue Chip Equity Portfolio and ARK Social Issues Capital Growth Portfolio, as follows:

	Institutional I Shares of Social Balanced Fund Issued	ARK Funds' Net Assets Received	Unrealized Appreciation5	Net Assets of Social Balanced Fund Prior to Combination	Net Assets of ARK Funds Immediately Prior to Combination	Net Assets of Social Balanced Fund After Combination
ARK Social Issues Small Cap Equity Portfolio	75,913	$   777,071	$  91,150	$             --	$   777,071	$            --
ARK Social Issues Blue Chip Equity Portfolio	77,524	793,521	17,834	--	793,521	--
ARK Social Issues Capital Growth Portfolio	17,452	178,629	18,678	--	178,629	--
TOTAL	170,889	$1,749,221	$127,662	$2,455,667	$1,749,221	$4,204,888

⁵ Unrealized Appreciation is included in the ARK Social Issues Small Cap Equity Portfolio, ARK Social Issues Blue Chip Equity Portfolio and ARK Social Issues Capital Growth Portfolio Net Assets Received amounts shown above.

On August 15, 2003, Large Cap Stock Fund received a tax-free transfer of assets from ARK Blue Chip Equity Portfolio and VISION Large Cap Core Fund, as follows:

	Shares of Large Cap Stock Fund Issued	ARK Blue Chip Equity Portfolio Net Assets Received	VISION Large Cap Core Fund Net Assets Received	ARK Blue Chip Equity Portfolio Unrealized Appreciation (Depreciation)6		VISION Large Cap Core Fund Unrealized Appreciation (Depreciation)5
Class A	15,676,758	$  38,368,359	$89,657,991	$ 6,061,652		$10,849,323
Class B	1,295,692	9,698,998	531,717	(2,647,389	)	(42,387	)
Institutional I	18,885,722	153,618,560	--	(4,868,533	)	--
TOTAL	35,858,172	$201,685,917	$90,189,708	$(1,454,270	)	$10,806,936

	Net Assets of Large Cap Stock Fund Prior to Combination	Net Assets of ARK Blue Chip Equity Portfolio Immediately Prior to Combination	Net Assets of VISION Large Cap Core Fund Immediately Prior to Combination	Net Assets of Large Cap Stock Fund Immediately After Combination
Class A	$    4,492,880	$  38,368,359	$89,657,991	$132,519,230
Class B	976,159	9,698,998	531,717	11,206,874
Institutional I	178,825,030	153,618,560	--	332,443,590
TOTAL	$184,294,069	$201,685,917	$90,189,708	$476,169,694

⁶ Unrealized Appreciation (Depreciation) is included in the ARK Blue Chip Equity Portfolio and VISION Large Cap Core Fund Net Assets Received amounts shown above.

On August 15, 2003, International Equity Fund received a tax-free transfer of assets from ARK Emerging Markets Equity Portfolio and ARK International Equity Portfolio, as follows:

	Shares of International Equity Fund Issued	ARK Emerging Markets Portfolio Net Assets Received	ARK International Equity Portfolio Net Assets Received	ARK Emerging Markets Portfolio Unrealized Appreciation7	ARK International Equity Portfolio Unrealized Appreciation6
Class A	1,312,293	$5,474,675	$  5,417,043	$961,062	$1,103,478
Institutional I	1,720,935	--	14,282,972	--	432,282
TOTAL	3,033,228	$5,474,675	$19,700,015	$961,062	$1,535,760

	Net Assets of International Equity Fund Prior to Combination	Net Assets of ARK Emerging Markets Portfolio Immediately Prior to Combination	Net Assets of ARK International Equity Portfolio Immediately Prior to Combination	Net Assets of International Equity Fund Immediately After Combination
Class A	$72,689,604	$5,474,675	$  5,417,043	$83,581,322
Class B	113,087	--	--	113,087
Institutional I	--	--	14,282,972	14,282,972
TOTAL	$72,802,691	$5,474,675	$19,700,015	$97,977,381

⁷ Unrealized Appreciation included in the ARK Emerging Markets Equity Portfolio and ARK International Equity Portfolio Net Assets Received amounts shown above.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles ("GAAP") in the United States of America.

Investment Valuations -- The money market funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act. For fluctuating funds, listed equity securities are valued at the last sale price reported on a national securities exchange. U.S. government securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Listed corporate bonds, and other fixed income and asset-backed securities, unlisted securities and short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Municipal bonds are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue, and any other factors or market data the pricing service deems relevant. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").

Repurchase Agreements -- It is each Fund's policy to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction.

The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds' adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities. The Funds along with other affiliated investment companies may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions -- Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. All Funds except Prime Money Market Fund and Social Balanced Fund offer multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of each Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization/Paydown Gains and Losses -- All premiums and discounts on fixed income securities are amortized/accreted for financial reporting purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.

Federal Taxes -- It is the Funds' policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for federal tax are necessary.

Withholding taxes on foreign interest and dividends have been provided for in accordance with the applicable country's taxes and rates.

When-Issued and Delayed Delivery Transactions -- The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Foreign Exchange Contracts -- The International Equity Fund may enter into foreign currency commitments for the delayed delivery of securities or foreign currency exchange transactions. The Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge the securities against currency fluctuations. Risks may arise upon entering these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.

At October 31, 2003, the International Equity Fund had outstanding foreign currency commitments as set forth below:

Settlement Date	Contracts to Deliver/Receive	In Exchange for	Contracts at Value	Net Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED:
April 16, 2004	1,000,000 Australian Dollar	$  678,560	$  695,212	$  16,652
April 16, 2004	3,400,000 Danish Krone	537,609	528,499	(9,110	)
April 16, 2004	2,100,000 Euro Dollar	2,465,967	2,426,814	(39,153	)
April 16, 2004	6,600,000 Hong Kong Dollar	855,587	851,047	(4,540	)
April 16, 2004	445,000,000 Japanese Yen	4,092,267	4,064,205	(28,062	)
November 12, 2003	210,000,000 Japanese Yen	1,885,607	1,907,879	22,272
CONTRACTS SOLD:
November 3, 2003	4,205 Czech Koruna	153	152	1
November 3, 2003	2,054 Mexican Peso	185	186	(1	)
November 3, 2003	5,041 South African Rand	730	732	(2	)
April 14, 2004	6,200,000 Swedish Krona	809,706	788,267	21,439
April 16, 2004	4,800,000 Pound Sterling	7,876,971	8,034,554	(157,583	)
Net Unrealized Depreciation on Foreign Exchange Contracts : $(178,087)

Foreign Currency Translation -- The International Equity Fund translates foreign currencies into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The changes in foreign exchange rates on investments are not isolated on the Statement of Operations. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate.

Dollar Roll Transactions -- The Intermediate-Term Bond Fund, Income Fund, Balanced Fund and Social Balanced Fund may enter into dollar roll transactions, with respect to mortgage securities issued by GNMA, FNMA and FHLMC, in which the Funds sell mortgage securities to financial institutions and simultaneously agree to accept substantially similar (same type, coupon and maturity) securities at a later date at an agreed upon price. Dollar roll transactions involve "to be announced" securities and are treated as short-term financing arrangements which will not exceed twelve months. The Funds will use the proceeds generated from the transactions to invest in short-term investments, which may enhance the Funds' current yield and total return.

Restricted Securities -- Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Funds will not incur any registration costs upon such resales. The Funds' restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in good faith using methods approved by the Trustees.

Use of Estimates -- The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other -- Investment transactions are accounted for on a trade date basis.

3. CAPITAL STOCK

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.

Transactions in shares were as follows:

		U.S. Treasury Money Market Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,713,314,138		$1,713,315,610		17,313,672,978		$17,313,673,173
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Treasury Money Market Portfolio	20,782,532		20,781,060		--		--
	Shares issued to shareholders in payment of distributions declared	144,816		144,815		682,530		682,530
	Shares redeemed	(2,167,469,300	)	(2,167,469,300	)	(17,433,552,783	)	(17,433,552,783	)
	Net change resulting from Class A Share transactions	(433,227,814	)	$(433,227,815	)	(119,197,275	)	$(119,197,080	)
Class S Shares
	Shares sold	84,850,478		$84,850,478		2,834,591,428		$2,834,591,428
	Shares redeemed	(79,488,365	)	(79,488,365	)	(2,842,790,459	)	(2,842,790,459	)
	Net change resulting from Class S Share transactions	5,362,113		$5,362,113		(8,199,031	)	$(8,199,031	)
Institutional I Shares(a)
	Shares sold	428,681,325		$428,780,341		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Treasury Money Market Portfolio	125,779,858		125,680,842		--		--
	Shares issued to shareholders in payment of distributions declared	3,101		3,101		--		--
	Shares redeemed	(240,715,034	)	(240,715,034	)	--		--
	Net change resulting from Institutional I Share transactions	313,749,250		$313,749,250		--		--
Institutional II Shares(a)
	Shares sold	538,095,797		$538,037,539		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Treasury Money Market Portfolio	268,437,355		268,495,651		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Treasury Cash Management Portfolio	37,662,189		37,662,151		--		--
	Shares issued to shareholders in payment of distributions declared	2,130		2,130		--		--
	Shares redeemed	(283,135,367	)	(283,135,367	)	--		--
	Net change resulting from Institutional II Share transactions	561,062,104		$561,062,104		--		--
	Net change resulting from share transactions	446,945,653		$446,945,652		(127,396,306	)	$(127,396,111	)
		U.S. Government Money Market Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	40,089,254		$40,089,254		169,779,677		$169,779,677
	Shares redeemed	(110,608,486	)	(110,608,486	)	(178,669,582	)	(178,669,582	)
	Net change resulting from Class A Share transactions	(70,519,232	)	$(70,519,232	)	(8,889,905	)	$(8,889,905	)
Institutional I Shares
	Shares sold	1,427,657,108		$1,427,657,108		2,455,362,093		$2,455,362,093
	Shares issued to shareholders in payment of distributions declared	246,334		246,334		45,184		45,184
	Shares redeemed	(1,347,758,386	)	(1,347,758,386	)	(2,550,590,892	)	(2,550,590,892	)
	Net change resulting from Institutional I Share transactions	80,145,056		$80,145,056		(95,183,615	)	$(95,183,615	)
Institutional II Shares
	Shares sold	907,194,833		$907,194,834		1,251,005,438		$1,251,005,438
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Government Cash Management Portfolio	856,436,112		856,436,292		--		--
	Shares redeemed	(927,028,688	)	(927,028,688	)	(1,254,482,863	)	(1,254,482,863	)
	Net change resulting from Institutional II Share transactions	836,602,257		$836,602,438		(3,477,425	)	$(3,477,425	)
	Net change resulting from share transactions	846,228,081		$846,228,262		(107,550,945	)	$(107,550,945	)

		Tax-Free Money Market Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	60,259,889		$60,259,889		19,709,513		$19,709,513
	Shares issued to shareholders in payment of distributions declared	109,992		109,992		318,164		318,164
	Shares redeemed	(50,252,021	)	(50,252,021	)	(28,553,581	)	(28,553,581	)
	Net change resulting from Class A Share transactions	10,117,860		$10,117,860		(8,525,904	)	$(8,525,904	)
Institutional I Shares
	Shares sold	122,008,011		$122,008,011		121,416,014		$121,416,014
	Shares redeemed	(149,487,175	)	(149,487,175	)	(93,961,592	)	(93,961,592	)
	Net change resulting from Institutional I Share transactions	(27,479,164	)	$(27,479,164	)	27,454,422		$27,454,422
Institutional II Shares
	Shares sold	38,883,827		$38,883,826		88,282,297		$88,282,297
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Tax-Free Cash Management Portfolio	11,848,741		11,848,522		--		--
	Shares issued to shareholders in payment of distributions declared	75		75		--		--
	Shares redeemed	(48,481,915	)	(48,481,915	)	(72,422,481	)	(72,422,481	)
	Net change resulting from Institutional II Share transactions	2,250,728		$2,250,508		15,859,816		$15,859,816
	Net change resulting from share transactions	(15,110,576	)	$(15,110,796	)	34,788,334		$34,788,334
		Money Market Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	3,177,779,460		$3,177,779,478		47,762,167,345		$47,762,167,345
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Money Market Portfolio	195,034,557		194,976,333		--		--
	Shares issued to shareholders in payment of distributions declared	1,392,060		1,392,060		6,478,702		6,478,702
	Shares redeemed	(3,506,246,919	)	(3,506,246,919	)	(48,040,248,948	)	(48,040,248,948	)
	Net change resulting from Class A Share transactions	(132,040,842	)	$(132,099,048	)	(271,602,901	)	$(271,602,901	)
Class B Shares(a)
	Shares sold	28,153		$28,153		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Money Market Portfolio	228,433		228,423		--		--
	Shares issued to shareholders in payment of distributions declared	64		64		--		--
	Shares redeemed	(28,103	)	(28,103	)	--		--
	Net change resulting from Class B Share transactions	228,547		$228,537		--		--
Class S Shares
	Shares sold	415,428,799		$415,428,799		11,428,135,792		$11,428,135,792
	Shares issued to shareholders in payment of distributions declared	--		--		--		--
	Shares redeemed	(426,703,449	)	(426,703,449	)	(11,459,488,844	)	(11,459,488,844	)
	Net change resulting from Class S Share transactions	(11,274,650	)	$(11,274,650	)	(31,353,052	)	$(31,353,052	)
Institutional Shares
	Shares sold	6,048,475		$6,048,475		16,766,778		$16,766,778
	Shares issued to shareholders in payment of distributions declared	7,653		7,653		28,596		28,596
	Shares redeemed	(6,877,371	)	(6,877,371	)	(16,842,620	)	(16,842,620	)
	Net change resulting from Institutional Share Transactions	(821,243	)	$(821,243	)	(47,246	)	$(47,246	)
Institutional I Shares(a)
	Shares sold	333,040,748		$333,040,748		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Money Market Portfolio	568,158,635		568,196,080		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Cash Management Portfolio	14,902,060		14,900,587		--		--
	Shares issued to shareholders in payment of distributions declared	118,473		118,474		--		--
	Shares redeemed	(217,311,780	)	(217,311,780	)	--		--
	Net change resulting from Institutional I Share Transactions	698,908,136		$698,944,109		--		--
Institutional II Shares(a)
	Shares sold	246,412,325		$246,412,325		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Money Market Portfolio	265,545,271		265,538,548
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Cash Management Portfolio	46,991,747		46,993,218
	Shares issued to shareholders in payment of distributions declared	55		55		--		--
	Shares redeemed	(157,097,118	)	(157,097,118	)	--		--
	Net change resulting from Institutional II Share Transactions	401,852,279		$401,847,028		--		--
	Net change resulting from share transactions	956,852,227		$956,824,733		(303,003,199	)	$(303,003,199	)

		Prime Money Market Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Institutional Shares
	Shares sold	407,614,412		$407,614,412		1,160,929,274		$1,160,952,298
	Shares issued to shareholders in payment of distributions declared	277,503		277,503		693,566		693,566
	Shares redeemed	(373,302,087	)	(373,302,087	)	(1,131,661,846	)	(1,131,661,846	)
	Net change resulting from share transactions	34,589,828		$34,589,828		29,960,994		$29,984,018
		New York Tax-Free Money Market Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	162,193,713		$162,193,712		1,180,246,098		1,180,246,328
	Shares issued to shareholders in payment of distributions declared	269,106		269,106		995,420		995,420
	Shares redeemed	(199,717,482	)	(199,717,482	)	(1,176,425,629	)	(1,176,425,629	)
	Net change resulting from Class A Share transactions	(37,254,663	)	$(37,254,664	)	4,815,889		$4,816,119
Institutional I Shares(a)
	Shares sold	46,907,916		$46,907,916		--		--
	Shares issued to shareholders in payment of distributions declared	--		--		--		--
	Shares redeemed	(10,260,016	)	(10,260,016	)	--		--
	Net change resulting from Institutional I Share transactions	36,647,900		$36,647,900		--		--
	Net change resulting from share transactions	(606,763)		$(606,764)		4,815,889		$4,816,119
		Pennsylvania Tax-Free Money Market Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Institutional I Shares
	Shares sold	35,658,703		$35,658,703		41,730,429		$41,730,429
	Shares redeemed	(33,632,588	)	(33,632,588	)	(52,328,035	)	(52,328,035	)
	Net change resulting from Institutional I Share transactions	2,026,115		$2,026,115		(10,597,606	)	$(10,597,606	)
Institutional II Shares
	Shares sold	2,418,621		$2,418,621		8,750,853		$8,750,853
	Shares redeemed	(5,139,998	)	(5,139,998	)	(7,380,177	)	(7,380,177	)
	Net change resulting from Institutional II Share transactions	(2,721,377	)	$(2,721,377	)	1,370,676		$1,370,676
	Net change resulting from share transactions	(695,262	)	$(695,262	)	(9,226,930	)	$(9,226,930	)
		Short Duration Government Bond Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares(a)
	Shares sold	14,606		$142,520		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Short-Term Treasury Portfolio	1,111,828		10,802,906
	Shares issued to shareholders in payment of distributions declared	3,737		36,429		--		--
	Shares redeemed	(210,439	)	(2,053,220	)	--		--
	Net change resulting from Class A Share transactions	919,732		$8,928,635		--		--
Institutional I Shares
	Shares sold	3,370,939		$33,088,826		5,599,092		$55,313,480
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Short-Term Treasury Portfolio	5,138,992		49,928,504		--		--
	Shares issued to shareholders in payment of distributions declared	71,671		702,063		187,982		1,859,833
	Shares redeemed	(4,060,540	)	(39,807,062	)	(2,954,869	)	(29,199,086	)
	Net change resulting from Institutional I Share transactions	4,521,062		$43,912,331		2,832,205		$27,974,227
	Net change resulting from share transactions	5,440,799		$52,840,966		2,832,205		$27,974,227
		Short-Term Corporate Bond Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares(b)
	Shares sold	3,588		$35,653		--		--
	Shares issued to shareholders in payment of distributions declared	7		69		--		--
	Net change resulting from Class A Share transactions	3,595		$35,722		--		--
Class B Shares(b)
	Shares sold	479		$4,765		--		--
	Shares redeemed	--		--		--		--
	Net change resulting from Class B Share transactions	479		$4,765		--		--
Institutional I Shares
	Shares sold	1,087,863		$10,846,136		1,538,039		$15,285,313
	Shares issued to shareholders in payment of distributions declared	37,852		376,820		109,021		1,083,533
	Shares redeemed	(790,829	)	(7,882,708	)	(2,927,848	)	(29,066,192	)
	Net change resulting from Institutional I Share transactions	334,886		$3,340,248		(1,280,788	)	$(12,697,346	)
	Net change resulting from share transactions	338,960		$3,380,735		(1,280,788	)	$(12,697,346	)
		U.S. Government Bond Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	3,415,685		$33,317,515		5,347,162		$52,103,220
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Government Bond Portfolio	547,254		5,232,477		--		--
	Shares issued to shareholders in payment of distributions declared	187,301		1,824,065		362,757		3,543,395
	Shares redeemed	(12,106,729	)	(116,495,170	)	(3,331,328	)	(32,482,150	)
	Net change resulting from Class A Share transactions	(7,956,489	)	$(76,121,113	)	2,378,591		$23,164,465
Class B Shares(a)
	Shares sold	10,195		$98,610		--		--
	Shares issued to shareholders in payment of distributions declared	1		13		--		--
	Shares redeemed	--		--		--		--
	Net change resulting from Class B Share transactions	10,196		$98,623		--		--
Institutional I Shares(a)
	Shares sold	10,255,001		$98,436,627		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Government Cash Management Portfolio	9,325,690		89,162,013		--		--
	Shares issued to shareholders in payment of distributions declared	28,028		270,482		--		--
	Shares redeemed	(618,602	)	(5,963,144	)	--		--
	Net change resulting from Institutional I Share transactions	18,990,117		$181,905,978		--		--
	Net change resulting from share transactions	11,043,824		$105,883,488		2,378,591		$23,164,465

		New York Municipal Bond Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,169,226		$12,493,924		1,655,735		$17,618,682
	Shares issued to shareholders in payment of distributions declared	83,947		898,330		174,546		1,861,128
	Shares redeemed	(3,700,256	)	(39,287,795	)	(1,559,173	)	(16,580,118	)
	Net change resulting from Class A Share transactions	(2,447,083	)	$(25,895,541	)	271,108		$2,899,692
Class B Shares(a)
	Shares sold	3,266		$34,443		--		--
	Shares issued to shareholders in payment of distributions declared	10		102		--		--
	Net change resulting from Class B Share transactions	3,276		$34,545		--		--
Institutional I Shares(a)
	Shares sold	2,704,278		$28,692,804		--		--
	Shares issued to shareholders in payment of distributions declared	44		467		--		--
	Shares redeemed	(468	)	(5,000	)	--		--
	Net change resulting from Institutional I Share transactions	2,703,854		$28,688,271		--		--
	Net change resulting from share transactions	260,047		$2,827,275		271,108		$2,899,692
		Pennsylvania Municipal Bond Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	152,249		$1,574,061		116,658		$1,213,530
	Proceeds from shares issued in connection with the tax-free transfer of assets from VISION Pennsylvania Municipal Income Fund	8,377,693		85,690,214		--		--
	Shares issued to shareholders in payment of distributions declared	7,526		78,545		6,537		67,508
	Shares redeemed	(7,686,346	)	(79,581,774	)	(63,950	)	(658,886	)
	Net change resulting from Class A Share transactions	851,122		$7,761,046		59,245		$622,152
Class B Shares
	Shares sold	9,670		$101,099		29,873		$306,916
	Shares issued to shareholders in payment of distributions declared	195		2,041		456		4,714
	Shares redeemed	(216	)	(2,244	)	(7,574	)	(78,185	)
	Net change resulting from Class B Share transactions	9,649		$100,896		22,755		$233,445
Institutional I Shares
	Shares sold	7,573,691		$78,430,329		726,627		$7,490,528
	Shares issued to shareholders in payment of distributions declared	11,580		120,974		22,506		232,520
	Shares redeemed	(861,757	)	(9,007,257	)	(1,493,938	)	(15,423,021	)
	Net change resulting from Institutional I Share transactions	6,723,514		$69,544,046		(744,805	)	$(7,699,973	)
	Net change resulting from share transactions	7,584,285		$77,405,988		(662,805	)	$(6,844,376	)
		Maryland Municipal Bond Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	76,232		$800,651		330,136		$3,415,208
	Shares issued to shareholders in payment of distributions declared	29,368		304,799		67,482		696,423
	Shares redeemed	(338,850	)	(3,503,201	)	(620,855	)	(6,454,523	)
	Net change resulting from Class A Share transactions	(233,250	)	$(2,397,751	)	(223,237	)	$(2,342,892	)
Class B Shares
	Shares sold	26,153		$272,557		50,666		$522,747
	Shares issued to shareholders in payment of distributions declared	1,732		17,983		3,049		31,537
	Shares redeemed	(14,432	)	(148,930	)	(9,015	)	(93,568	)
	Net change resulting from Class B Share transactions	13,453		$141,610		44,700		$460,716
Institutional I Shares
	Shares sold	933,992		$9,690,353		809,331		$8,351,554
	Shares issued to shareholders in payment of distributions declared	22,359		232,156		50,666		518,797
	Shares redeemed	(819,166	)	(8,457,552	)	(882,845	)	(9,099,676	)
	Net change resulting from Institutional I Share transactions	137,185		$1,464,957		(22,848	)	$(229,325	)
	Net change resulting from share transactions	(82,612	)	$(791,184	)	(201,385	)	$(2,111,501	)
		Intermediate-Term Bond Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares(a)
	Shares sold	418,871		$4,304,887		--		--
	Proceeds from shares issued in connection with the tax free transfer of assets from VISION Intermediate-Term Bond Fund	12,872,342		132,243,372		--		--
	Shares issued to shareholders in payment of distributions declared	26,442		274,607		--		--
	Shares redeemed	(12,545,728	)	(129,493,841	)	--		--
	Net change resulting from Class A Share transactions	771,927		$7,329,025		--		--
Class B Shares(a)
	Shares sold	1,485		$15,276		--		--
	Shares issued to shareholders in payment of distributions declared	5		50		--		--
	Shares redeemed	--		--		--		--
	Net change resulting from Class B Share transactions	1,490		$15,326		--		--
Institutional I Shares
	Shares sold	13,211,676		$135,804,600		1,412,921		$14,470,490
	Shares issued to shareholders in payment of distributions declared	45,399		474,086		98,995		1,015,406
	Shares redeemed	(1,266,452	)	(13,261,669	)	(2,530,640	)	(25,895,409	)
	Net change resulting from Institutional I Share transactions	11,990,623		$123,017,017		(1,018,724	)	$(10,409,513	)
	Net change resulting from share transactions	12,764,040		$130,361,368		(1,018,724	)	$(10,409,513	)

		Income Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	434,354		$4,615,563		624,946		$6,500,671
	Shares issued to shareholders in payment of distributions declared	16,157		170,430		40,289		422,359
	Shares redeemed	(475,006	)	(5,045,589	)	(631,931	)	(6,611,346	)
	Net change resulting from Class A Share transactions	(24,495	)	$(259,596	)	33,304		$311,684
Class B Shares
	Shares sold	22,727		$239,604		68,247		$700,897
	Shares issued to shareholders in payment of distributions declared	2,637		27,529		5,352		55,483
	Shares redeemed	(15,332	)	(158,964	)	(17,972	)	(185,374	)
	Net change resulting from Class B Share transactions	10,032		$108,169		55,627		$571,006
Institutional I Shares
	Shares sold	810,600		$8,531,230		3,451,627		$35,534,488
	Shares issued to shareholders in payment of distributions declared	196,668		2,054,869		560,672		5,803,475
	Shares redeemed	(3,769,007	)	(39,801,296	)	(6,974,435	)	(72,010,815	)
	Net change resulting from Institutional I Share transactions	(2,761,739	)	$(29,215,197	)	(2,962,136	)	$(30,672,852	)
	Net change resulting from share transactions	(2,776,202	)	$(29,366,624	)	(2,873,205	)	$(29,790,162	)
		Conservative Growth Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	98,460		$958,575		200,143		$1,882,774
	Shares issued to shareholders in payment of distributions declared	3,691		36,050		9,137		85,632
	Shares redeemed	(73,116	)	(710,809	)	(61,215	)	(574,556	)
	Net change resulting from Class A Share transactions	29,035		$283,816		148,065		$1,393,850
Class B Shares
	Shares sold	89,832		$873,432		228,194		$2,138,064
	Shares issued to shareholders in payment of distributions declared	951		9,269		1,910		17,798
	Shares redeemed	(6,930	)	(67,411	)	(18,674	)	(174,911	)
	Net change resulting from Class B Share transactions	83,853		$815,290		211,430		$1,980,951
	Net change resulting from share transactions	112,888		$1,099,106		359,495		$3,374,801
		Moderate Growth Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	567,400		$5,288,777		601,809		$5,288,569
	Shares issued to shareholders in payment of distributions declared	5,420		50,753		15,714		136,792
	Shares redeemed	(98,571	)	(917,970	)	(217,701	)	(1,886,303	)
	Net change resulting from Class A Share transactions	474,249		$4,421,560		399,822		$3,539,058
Class B Shares
	Shares sold	364,226		$3,376,447		636,459		$5,577,776
	Shares issued to shareholders in payment of distributions declared	--		--		1,910		16,604
	Shares redeemed	(24,934	)	(231,963	)	(17,828	)	(153,461	)
	Net change resulting from Class B Share transactions	339,292		$3,144,484		620,541		$5,440,919
	Net change resulting from share transactions	813,541		$7,566,044		1,020,363		$8,979,977
		Aggressive Growth Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	244,834		$2,133,740		308,474		$2,482,509
	Shares issued to shareholders in payment of distributions declared	--		--		6,240		49,003
	Shares redeemed	(45,053	)	(398,109	)	(150,638	)	(1,212,762	)
	Net change resulting from Class A Share transactions	199,781		$1,735,631		164,076		$1,318,750
Class B Shares
	Shares sold	164,789		$1,427,073		243,995		$1,945,712
	Shares issued to shareholders in payment of distributions declared	--		--		1,258		9,853
	Shares redeemed	(10,976	)	(94,018	)	(16,746	)	(127,502	)
	Net change resulting from Class B Share transactions	153,813		$1,333,055		228,507		$1,828,063
	Net change resulting from share transactions	353,594		$3,068,686		392,583		$3,146,813
		Balanced Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	97,524		$1,230,174		171,637		$1,984,166
	Shares issued to shareholders in payment of distributions declared	9,583		120,760		44,883		499,609
	Shares redeemed	(221,744	)	(2,786,373	)	(654,069	)	(7,402,972	)
	Net change resulting from Class A Share transactions	(114,637	)	$(1,435,439	)	(437,549	)	$(4,919,197	)
Class B Shares
	Shares sold	27,139		$337,892		76,976		$892,146
	Shares issued to shareholders in payment of distributions declared	880		11,255		8,267		92,383
	Shares redeemed	(40,635	)	(507,498	)	(202,349	)	(2,279,037	)
	Net change resulting from Class B Share transactions	(12,616	)	$(158,351	)	(117,106	)	$(1,294,508	)
Institutional I Shares
	Shares sold	165,005		$2,060,817		999,229		$11,591,179
	Shares issued to shareholders in payment of distributions declared	50,732		637,778		318,500		3,559,733
	Shares redeemed	(654,637	)	(8,228,864	)	(10,043,119	)	(113,300,631	)
	Net change resulting from Institutional I Share transactions	(438,900	)	$(5,530,269	)	(8,725,390	)	$(98,149,719	)
	Net change resulting from share transactions	(566,153	)	$(7,124,059	)	(9,280,045	)	$(104,363,424	)
		Social Balanced Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Institutional I Shares
	Shares sold	2,390		$25,165		104,212		$1,073,007
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Social Issues Small Cap Equity Portfolio	75,913		777,071		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Social Issues Blue Chip Equity Portfolio	77,524		793,521		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Social Issues Capital Growth Portfolio	17,452		178,629		--		--
	Shares issued to shareholders in payment of distributions declared	1,336		14,036		3,866		39,721
	Shares redeemed	(147,205	)	(1,528,117	)	(5,511	)	(56,511	)
	Net change resulting from share transactions	27,410		$260,305		102,567		$1,056,217
		Equity Income Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	54,183		$469,478		188,626		$1,653,116
	Shares issued to shareholders in payment of distributions declared	3,026		26,867		8,060		67,394
	Shares redeemed	(50,388	)	(441,155	)	(158,354	)	(1,332,522	)
	Net change resulting from Class A Share transactions	6,821		$55,190		38,332		$387,988
Class B Shares(b)
	Shares sold	2,698		$24,290		--		--
	Shares issued to shareholders in payment of distributions declared	5		44		--		--
	Net change resulting from Class B Share transactions	2,703		$24,334		--		--
Institutional I Shares
	Shares sold	445,551		$3,896,661		1,407,260		$11,677,249
	Shares issued to shareholders in payment of distributions declared	4,154		36,655		8,096		66,477
	Shares redeemed	(408,298	)	(3,607,998	)	(859,901	)	(7,278,687	)
	Net change resulting from Institutional I Share transactions	41,407		$325,318		555,455		$4,465,039
	Net change resulting from share transactions	50,931		$404,842		593,787		$4,853,027
		Large Cap Value Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,709,203		$15,776,744		3,009,159		$24,138,196
	Shares issued to shareholders in payment of distributions declared	16,368		152,720		25,616		207,963
	Shares redeemed	(4,489,336	)	(42,947,455	)	(1,393,775	)	(11,280,908	)
	Net change resulting from Class A Share transactions	(2,763,765	)	$(27,017,991	)	1,641,000		$13,065,251
Class B Shares
	Shares sold	4,692		$43,385		5,995		$50,301
	Shares issued to shareholders in payment of distributions declared	--		--		--		--
	Shares redeemed	(1,786	)	(16,111	)	(12,188	)	(95,966	)
	Net change resulting from Class B Share transactions	2,906		$27,274		(6,193	)	$(45,665	)
Institutional I Shares(a)
	Shares sold	3,879,184		$37,391,905		---		---
	Shares issued to shareholders in payment of distributions declared	79		747		---		---
	Shares redeemed	(18,746	)	(183,190	)	--		--
	Net change resulting from Institutional I Share transactions	3,860,517		$37,209,462		--		--
	Net change resulting from share transactions	1,099,658		$10,218,745		1,634,807		$13,019,586

		Equity Index Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	224,931		$1,889,867		152,376		$31,763,266
	Shares issued to shareholders in payment of distributions declared	3,178		26,950		5,079		904,533
	Shares redeemed	(114,046	)	(953,301	)	(410,240	)	(19,536,740	)
	Net change resulting from Class A Share transactions	114,063		$963,516		(252,785	)	$13,131,059
Class B Shares(b)
	Shares sold	3,630		$31,723		--		--
	Shares issued to shareholders in payment of distributions declared	1		9		--		--
	Net change resulting from Class B Share transactions	3,631		$31,732		--		--
Institutional I Shares
	Shares sold	1,186,998		$9,878,306		4,218,254		$1,134,089
	Shares issued to shareholders in payment of distributions declared	57,287		478,469		122,677		37,663
	Shares redeemed	(1,155,937	)	(9,579,543	)	(2,577,074	)	(3,160,112	)
	Net change resulting from Institutional I Share transactions	88,348		$777,232		1,763,857		$(1,988,360	)
	Net change resulting from share transactions	206,042		$1,772,480		1,511,072		$11,142,699
		Large Cap Stock Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,240,850		$10,279,369		183,161		$1,369,117
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Blue Chip Equity Portfolio	4,698,595		38,368,359		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from Vision Large Cap Core Fund	10,978,163		89,657,991		--		--
	Shares issued to shareholders in payment of distributions declared	3,872		32,364		10,832		79,210
	Shares redeemed	(10,513,025	)	(89,431,394	)	(257,053	)	(1,900,742	)
	Net change resulting from Class A Share transactions	6,408,455		$48,906,689		(63,060	)	$(452,415	)
Class B Shares
	Shares sold	144,516		$1,144,357		21,669		$164,402
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Blue Chip Equity Portfolio	1,228,357		9,698,998		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from Vision Large Cap Core Fund	67,335		531,717		--		--
	Shares issued to shareholders in payment of distributions declared	--		--		2,328		16,601
	Shares redeemed	(143,729	)	(1,138,043	)	(28,571	)	(208,733	)
	Net change resulting from Class B Share transactions	1,296,479		$10,237,029		(4,574	)	$(27,730	)
Institutional I Shares
	Shares sold	32,331,988		$266,588,308		2,242,842		$17,044,804
	Proceeds from shares issued in connection with the tax-free transfer of assets from Vision Large Cap Core Fund	18,885,722		153,618,560		--		--
	Shares issued to shareholders in payment of distributions declared	31,830		258,390		397,198		2,909,356
	Shares redeemed	(24,615,722	)	(200,452,414	)	(5,921,077	)	(44,470,022	)
	Net change resulting from Institutional I Share transactions	26,633,818		$220,012,844		(3,281,037	)	$(24,515,862	)
	Net change resulting from share transactions	34,338,752		$279,156,562		(3,348,671	)	$(24,996,007	)
		Large Cap Growth Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	590,641		$4,121,282		954,664		$6,347,393
	Shares redeemed	(2,015,456	)	(14,257,098	)	(455,113	)	(3,060,488	)
	Net change resulting from Class A Share transactions	(1,424,815	)	$(10,135,816	)	499,551		$3,286,905
Class B Shares
	Shares sold	26,598		$180,358		48,040		$316,720
	Shares redeemed	(33,076	)	(225,824	)	(32,055	)	(202,529	)
	Net change resulting from Class B Share transactions	(6,478	)	$(45,466	)	15,985		$114,191
Institutional I Shares(a)
	Shares sold	1,791,934		$12,685,740		--		--
	Shares redeemed	(2,897	)	(20,635	)	--		--
	Net change resulting from Institutional I Share transactions	1,789,037		$12,665,105		--		--
	Net change resulting from share transactions	357,744		$2,483,823		515,536		$3,401,096
		Multi Cap Growth Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	60,010		$767,238		111,959		$1,260,552
	Shares redeemed	(177,459	)	(2,313,082	)	(538,529	)	(6,059,791	)
	Net change resulting from Class A Share transactions	(117,449	)	$(1,545,844	)	(426,570	)	$(4,799,239	)
Class B Shares
	Shares sold	11,413		$139,855		33,570		$327,783
	Shares redeemed	(24,436	)	(300,392	)	(132,999	)	(1,442,937	)
	Net change resulting from Class B Share transactions	(13,023	)	$(160,537	)	(99,429	)	$(1,070,154	)
Institutional I Shares
	Shares sold	479,626		$6,226,384		1,533,920		$17,565,107
	Shares redeemed	(820,258	)	(10,647,386	)	(2,455,734	)	(27,796,896	)
	Net change resulting from Institutional I Share transactions	(340,632	)	$(4,421,002	)	(921,814	)	$(10,231,789	)
	Net change resulting from share transactions	(471,105	)	$(6,127,383	)	(1,447,813	)	$(16,101,182	)

		Mid Cap Stock Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	718,697		$9,558,177		1,919,001		$23,583,058
	Shares redeemed	(5,590,601	)	(78,557,362	)	(1,626,404	)	(19,790,257	)
	Net change resulting from Class A Share transactions	(4,871,904	)	$(68,999,185	)	292,597		$3,792,801
Class B Shares
	Shares sold	15,792		$204,540		22,884		$278,057
	Shares redeemed	(3,373	)	(43,294	)	(20,032	)	(232,727	)
	Net change resulting from Class B Share transactions	12,419		$161,246		2,852		$45,330
Institutional I Shares(a)
	Shares sold	5,084,509		$71,928,329		--		--
	Shares redeemed	(19,185	)	(274,169	)	--		--
	Net change resulting from Institutional I Share transactions	5,065,324		$71,654,160		--		--
	Net change resulting from share transactions	205,839		$2,816,221		295,449		$3,838,131
		Mid Cap Growth Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	25,824		$303,921		132,054		$1,413,474
	Shares redeemed	(39,322	)	(458,778	)	(128,997	)	(1,300,575	)
	Net change resulting from Class A Share transactions	(13,498	)	$(154,857	)	3,057		$112,899
Class B Shares(a)
	Shares sold	1,524		$18,644		--		--
	Net change resulting from Class B Share transactions	1,524		$18,644		--		--
Institutional I Shares
	Shares sold	390,334		$4,567,787		533,371		$5,634,526
	Shares issued to shareholders in payment of distributions declared	--		--		2,253		21,772
	Shares redeemed	(686,398	)	(8,047,395	)	(1,256,367	)	(12,718,825	)
	Net change resulting from Institutional I Share transactions	(296,064	)	$(3,479,608	)	(720,743	)	$(7,062,527	)
	Net change resulting from share transactions	(308,038	)	$(3,615,821	)	717,686		$(6,949,628	)
		Small Cap Stock Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,083,957		$8,659,904		4,693,779		$32,173,346
	Shares issued to shareholders in payment of distributions declared	--		--		2,892,267		18,944,352
	Shares redeemed	(15,603,161	)	(146,557,704	)	(3,135,991	)	(23,014,962	)
	Net change resulting from Class A Share transactions	(14,519,204	)	$(137,897,800	)	4,450,055		$28,102,736
Class B Shares
	Shares sold	19,373		$157,172		28,380		$223,678
	Shares issued to shareholders in payment of distributions declared	--		--		15,548		100,131
	Shares redeemed	(2,523	)	(20,659	)	(6,175	)	(40,688	)
	Net change resulting from Class B Share transactions	16,850		$136,513		37,753		$283,121
Institutional I Shares(a)
	Shares sold	14,569,886		$138,450,128		--		--
	Shares redeemed	(69,686	)	(666,520	)	--		--
	Net change resulting from Institutional I Share transactions	14,500,200		$137,783,608		--		--
	Net change resulting from share transactions	(2,154	)	$22,321		4,487,808		$28,385,857
		Small Cap Growth Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	726,107		$10,854,993		1,270,512		$17,146,250
	Shares redeemed	(739,688	)	(11,181,045	)	(1,099,316	)	(14,318,848	)
	Net change resulting from Class A Share transactions	(13,581	)	$(326,052	)	171,196		$2,827,402
Class B Shares
	Shares sold	24,001		$358,198		99,284		$1,369,101
	Shares redeemed	(3,749	)	(53,849	)	(9,722	)	(127,046	)
	Net change resulting from Class B Share transactions	20,252		$304,349		89,562		$1,242,055
Class C Shares
	Shares sold	13,274		$199,359		12,443		$139,384
	Shares redeemed	(6,931	)	(107,054	)	(8	)	(92	)
	Net change resulting from Class C Share transactions	6,343		$92,305		12,435		$139,292
Institutional I Shares
	Shares sold	2,488,958		$38,825,525		1,580,333		$21,324,519
	Shares redeemed	(1,577,719	)	(24,268,191	)	(1,523,500	)	(19,978,194	)
	Net change resulting from Institutional I Share transactions	911,239		$14,557,334		56,833		$1,346,325
	Net change resulting from share transactions	924,253		$14,627,936		330,026		$5,555,074
		International Equity Fund
		Six Months Ended 10/31/2003				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,438,340		$12,187,211		4,042,372		$29,799,282
	Proceeds from shares issued in connection with tax-free transfer of assets from ARK Emerging Markets Equity Portfolio	659,621		5,474,675		--		--
	Proceeds from shares issued in connection with tax-free transfer of assets from ARK International Equity Portfolio	652,672		5,417,043		--		--
	Shares issued to shareholders in payment of distributions declared	--		--		38,189		281,458
	Shares redeemed	(9,103,882	)	(80,818,372	)	(933,559	)	(7,086,632	)
	Net change resulting from Class A Share transactions	(6,353,249	)	$(57,739,443	)	3,147,002		$22,994,108
Class B Shares
	Shares sold	8,692		$68,506		1,871		$14,496
	Shares issued to shareholders in payment of distributions declared	---		--		45		330
	Shares redeemed	(412	)	(3,366	)	(937	)	(6,627	)
	Net change resulting from Class B Share transactions	8,280		$65,140		979		$8,199
Institutional I Shares(a)
	Shares sold	8,569,282		$76,167,713		--		--
	Proceeds from shares issued in connection with tax-free transfer of assets from ARK International Equity Portfolio	1,720,935		14,282,972		--		--
	Shares redeemed	(145,553	)	(1,271,743	)	--		--
	Net change resulting from Institutional I Share transactions	10,144,664		$89,178,942		--		--
	Net change resulting from share transactions	3,799,695		$31,504,639		3,147,981		$23,002,307

(a) Reflects operations for the period from August 18, 2003 (date of initial public investment) to October 31, 2003.

(b) Reflects operations for the period from August 25, 2003 (date of initial public investment) to October 31, 2003.

4. FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due in part to differing treatments for foreign currency transactions, net operating losses, and discount accretion/premium amortization on debt securities.

All Funds have an October 31 tax year end, except U.S. Treasury Money Market Fund, Money Market Fund, New York Tax-Free Money Market Fund, Short Duration Government Bond Fund, Short-Term Corporate Bond Fund, U.S. Government Bond Fund, New York Municipal Bond Fund, Conservative Growth Fund, Moderate Growth Fund, Aggressive Growth Fund, Large Cap Value Fund, Large Cap Stock Fund, Large Cap Growth Fund, Mid Cap Stock Fund, Small Cap Stock Fund and International Equity Fund, each of which has an April 30 tax year end.

For the tax year ended October 31, 2003, permanent differences identified and reclassified among the components of net assets were as follows:

Fund	Paid-In Capital		Undistributed Net Investment Income (Loss)		Accumulated Net Realized Gains (Losses)
Tax-Free Money Market Fund	$(14	)	$14		$--
Pennsylvania Municipal Bond Fund	2,802,316		(100,721	)	2,701,595
Maryland Municipal Bond Fund	(54,444	)	(33,575	)	88,019
Intermediate-Term Bond Fund	17,303,844		526,905		(17,830,749	)
Income Fund	(1,122,496	)	(13,985	)	1,136,481
Balanced Fund	(204	)	(35,000	)	35,204
Social Balanced Fund	685,684		2		(685,686	)
Equity Income Fund	(9	)	8,517		(8,508	)
Equity Index Fund	317		(2,775	)	2,458
Multi Cap Growth Fund	(302,914	)	286,305		16,609
Mid Cap Growth Fund	(63,143	)	65,493		(2,350	)
Small Cap Growth Fund	(1,047,718	)	1,066,230		(18,512	)

Net investment income, net realized gains (losses), and net assets were not affected by this reclassification.

The tax character of distributions as reported on the Statements of Changes in Net Assets for the tax years ended April 30, 2003 and 2002, was:

	2003		2002
Fund	Ordinary Income*	Long-Term Capital Gains	Ordinary Income*	Long-Term Capital Gains
U.S. Treasury Money Market Fund	$ 6,640,467	$ --	$ 18,531,584	$ --
Money Market Fund	13,587,106	--	42,149,990	--
New York Tax-Free Money Market Fund	1,698,748 **	--	2,982,023 ***	--
Short Duration Government Bond Fund	4,596,450	--	3,861,000	--
Short-Term Corporate Bond Fund	2,299,201	--	3,376	--
U.S. Government Bond Fund	6,517,505	--	6,139,293	--
New York Municipal Bond Fund	3,211,133 **	85,625	3,142,739 ***	--
Conservative Growth Fund	96,199	9,010	51,899	527
Moderate Growth Fund	106,275	47,539	73,610	8,758
Aggressive Growth Fund	--	59,056	6,485	39,222
Large Cap Value Fund	312,233	--	808,500	--
Large Cap Stock Fund	1,276,364	3,416,475	1,022	20,826
Small Cap Stock Fund	2,059,319	18,845,459	--	3,697,711
International Equity Fund	633,216	--	814,823	--

* For tax purposes short-term capital gain distributions are considered ordinary income.

** Included in this amount is tax exempt income of $1,698,748 and $3,211,133 for New York Tax-Free Money Market Fund and New York Municipal Bond Fund, respectively.

*** Included in this amount is tax exempt income of $2,982,023 and $3,137,195 for New York Tax-Free Money Market Fund and New York Municipal Bond Fund, respectively.

The tax character of distributions as reported on the Statements of Changes in Net Assets for the tax years ended October 31, 2003 and 2002, was:

	2003			2002 (in thousands)
Fund		Ordinary Income*	Long-Term Capital Gains		Ordinary Income*	Long-Term Capital Gains
U.S. Government Money Market Fund		$ 14,316,350	$ --		$ 27,356	$ --
Tax-Free Money Market Fund		1,164,526 **	--		1,756 ***	--
Pennsylvania Tax-Free Money Market Fund		103,367 **	--		296 ***	--
Pennsylvania Municipal Bond Fund		6,813,422 **	--		6,739 ***	--
Maryland Municipal Bond Fund		4,989,234 **	--		5,200 ***	--
Intermediate-Term Bond Fund		5,980,405	--		6,109	64
Income Fund		9,490,312	--		13,747	596
Balanced Fund		2,419,696	--		5,309	--
Social Balanced Fund		86,564	--		111	--
Equity Income Fund		1,357,972	--		1,153	--
Equity Index Fund		1,471,477	--		1,189	--
Mid Cap Growth Fund		9,919	--		46	--
Small Cap Growth Fund		--	--		30	--

* For tax purposes short-term capital gain distributions are considered ordinary income.

** Included in this amount is tax exempt income of $1,164,526, $103,367, $6,803,376 and $4,989,234 for Tax-Free Money Market Fund, Pennsylvania Tax-Free Money Market Fund, Pennsylvania Municipal Bond Fund and Maryland Municipal Bond Fund, respectively.

*** Included in this amount (in thousands) is tax exempt income of $1,756, $296, $6,688 and $5,191 for Tax-Free Money Market Fund, Pennsylvania Tax-Free Money Market Fund, Pennsylvania Municipal Bond Fund and Maryland Municipal Bond Fund, respectively.

As of April 30, 2003, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income	Undistributed Long-Term Capital Gain	Unrealized Appreciation	Capital Loss Carryforward
U.S. Treasury Money Market Fund	$ 268,854	$ --	$ --	$ 424
Money Market Fund	372,418	--	--	13,758
New York Tax-Free Money Market Fund	49,868 *	--	--	9
Short Duration Government Bond Fund	207,172	--	660,389	1,283,987
Short-Term Corporate Bond Fund	2,209	--	1,435,539	1,746,195
U.S. Government Bond Fund	334,938	32,662	4,883,332	--
New York Municipal Bond Fund	118,256 *	397,828	3,983,839	--
Conservative Growth Fund	--	91,471	(161,368)	--
Moderate Growth Fund	--	314,471	(1,241,663)	--
Aggressive Growth Fund	--	258,640	(1,314,452)	--
Large Cap Value Fund	38,581	--	(3,165,513)	4,452,873
Large Cap Stock Fund	128,821	--	41,570	281,289
Large Cap Growth Fund	--	--	(223,354)	4,468,279
Mid Cap Stock Fund	--	--	4,296,831	9,623,617
Small Cap Stock Fund	--	5,604,498	(1,425,853)	--
International Equity Fund	972,736	--	(2,090,744)	7,562,097

* Included in this amount is tax exempt income of $49,868 and $117,981 for New York Tax-Free Money Market Fund and New York Municipal Bond Fund, respectively.

As of October 31, 2003, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income	Undistributed Long-Term Capital Gain	Unrealized Appreciation	Capital Loss Carryforward
U.S. Government Money Market Fund	$ 1,248,130	$ --	$ --	$ 11
Tax-Free Money Market Fund	80,235 *	--	--	1,559
Pennsylvania Tax-Free Money Market Fund	5,032 *	--	--	27
Pennsylvania Municipal Bond Fund	689,518 *	--	13,666,702	5,282,621
Maryland Municipal Bond Fund	387,116 *	--	6,289,185	263,895
Intermediate-Term Bond Fund	1,193,237	2,740,506	4,367,022	15,732,477
Income Fund	2,007,652	4,473,352	4,292,229	1,136,562
Balanced Fund	193,885	--	12,801,296	62,069,293
Social Balanced Fund	63,395	27,439	112,782	610,347
Equity Income Fund	19,293	--	10,801,533	962,559
Equity Index Fund	144,354	--	(15,814,616)	9,081,777
Multi Cap Growth Fund	--	--	22,795,487	70,470,459
Mid Cap Growth Fund	--	--	14,890,996	9,024,351
Small Cap Growth Fund	--	--	37,881,516	16,507,303

* Included in this amount is tax exempt income (in thousands) of $80,235, $5,032, $686,924 and $387,116 for Tax-Free Money Market Fund, Pennsylvania Tax-Free Money Market Fund, Pennsylvania Municipal Bond Fund and Maryland Municipal Bond Fund, respectively.

For federal income tax purposes, the following amounts apply as of October 31, 2003:

Fund	Cost of Investments	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation/ Depreciation
U.S. Treasury Money Market Fund	$ 1,087,653,771	$ --	$ --	$ --
U.S. Government Money Market Fund	2,406,548,493	--	--	--
Tax Free Money Market Fund	171,899,948	--	--	--
Money Market Fund	2,278,335,246	--	--	--
Prime Money Market Fund	283,468,265	--	--	--
New York Tax-Free Money Market Fund	190,610,994	--	--	--
Pennsylvania Tax-Free Money Market Fund	17,163,137	--	--	--
Short Duration Government Bond	168,040,138	70,112	--	70,112
Short-Term Corporate Bond Fund	61,163,883	892,519	13,076	879,443
U.S. Government Bond Fund	240,370,855	6,247,847	1,947,052	4,300,795
New York Municipal Bond Fund	84,026,281	3,574,995	417,045	3,157,950
Pennsylvania Municipal Bond Fund	223,082,407	14,253,937	566,505	13,687,432
Maryland Municipal Bond Fund	118,066,901	6,791,239	502,054	6,289,185
Intermediate-Term Bond Fund	265,863,461	5,952,834	1,585,812	4,367,022
Income Fund	259,537,829	5,314,413	1,022,184	4,292,229
Conservative Growth Fund	7,233,029	293,606	82,119	211,487
Moderate Growth Fund	24,198,798	1,473,605	288,846	1,184,759
Aggressive Growth Fund	11,197,106	806,907	516,383	290,524
Balanced Fund	167,621,278	19,843,408	7,042,112	12,801,296
Social Balanced Fund	3,739,803	182,182	69,400	112,782
Equity Income Fund	63,710,874	13,219,538	2,418,005	10,801,533
Large Cap Value Fund	61,802,903	9,278,711	3,074,556	6,204,155
Equity Index Fund	131,785,493	14,743,691	30,558,307	(15,814,616)
Large Cap Stock Fund	403,330,658	105,422,833	14,761,404	90,661,429
Large Cap Growth Fund	19,217,127	2,151,468	498,487	1,652,981
Multi Cap Growth Fund	135,459,226	25,286,709	2,491,222	22,795,487
Mid Cap Stock Fund	107,694,574	22,671,697	1,514,262	21,157,435
Mid Cap Growth Fund	68,003,170	16,257,279	1,366,283	14,890,996
Small Cap Stock Fund	110,250,954	44,629,413	4,416,312	40,213,101
Small Cap Growth Fund	150,721,565	40,136,724	2,255,208	37,881,516
International Equity Fund	92,933,836	13,999,624	2,660,747	11,338,877

The difference between book-basis and tax-basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains/losses on certain forward foreign currency contracts and on investments in passive foreign investment companies and the amortization/accretion tax elections on fixed income securities.

At April 30, 2003, the following Funds had capital loss carryforwards which will reduce each Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

	Capital Loss Carryforward to Expire in								Total Capital Loss
Fund Name		2004	2006	2007	2008	2009	2010	2011	Carry forwards
U.S. Treasury Money Market Fund		$ --	$ --	$424	$ --	$ --	$ --	$ --	$ 424
Money Market Fund		--	--	--	--	--	--	13,758	13,758
New York Tax-Free Money Market Fund		9	--	--	--	--	--	--	9
Short Duration Government Bond Fund		--	--	67,802	616,878	306,358	245,606	47,343	1,283,987
Short-Term Corporate Bond Fund		--	--	--	185,000	555,000	--	1,006,195	1,746,195
Large Cap Value Fund		--	--	--	--	--	60,485	4,392,388	4,452,873
Large Cap Stock Fund		--	--	--	--	--	--	281,289	281,289
Large Cap Growth Fund		--	--	--	--	725,317	1,368,709	2,374,253	4,468,279
Mid Cap Stock Fund		--	1,359,961	1,947,176	--	--	2,587,451	3,729,029	9,623,617
International Equity Fund			--	--	--	--	2,833,748	4,728,349	7,562,097

At October 31, 2003, the following Funds had capital loss carryforwards which will reduce each Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

	Capital Loss Carryforward to Expire in								Total Capital Loss
Fund Name		2005	2006	2007	2008	2009	2010	2011	Carryforwards
U.S. Government Money Market Fund		$ --	$ --	$ --	$ --	$ --	$ --	$ 11	$ 11
Tax-Free Money Market Fund		--	114	--	875	--	570	--	1,559
Pennsylvania Tax Free Money Market Fund		--	--	--	--	--	27	--	27
Pennsylvania Municipal Bond Fund		--	--	2,865,715	2,374,546	42,360	--	--	5,282,621
Maryland Municipal Bond Fund		--	--	--	263,895	--	--	--	263,895
Intermediate-Term Bond Fund		--	--	7,415,940	8,316,537	--	--	--	15,732,477
Income Fund		745,011	391,551	--	--	--	--	--	1,136,562
Balanced Fund		--	--	--	--	12,284,765	42,513,889	7,270,639	62,069,293
Social Balanced Fund		--	--	--	--	4,105	606,242	--	610,347
Equity Income Fund		--	--	--	--	--	117,574	844,985	962,559
Equity Index Fund		--	--	--	--	601,767	8,316,976	163,034	9,081,777
Multi Cap Growth Fund		--	--	--	--	16,702,661	53,549,164	218,634	70,470,459
Mid Cap Growth Fund		--	--	--	--	--	9,024,351	--	9,024,351
Small Cap Growth Fund		--	--	--	--	7,521,575	8,985,728	--	16,507,303

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee -- Effective August 22, 2003, MTB Investment Advisors, Inc. replaced M&T Asset Management as the Funds' investment adviser. MTB Investment Advisors, Inc. (the "Adviser"), receives for its services an annual investment adviser fee based on a percentage of each Fund's average daily net assets (see below). The Adviser may voluntarily choose to waive any portion of its fee or reimburse a Fund for certain operating expenses. The Adviser can modify or terminate this voluntary waiver or reimbursement at any time at its sole discretion.

Fund Name	Annual Rate
U.S. Treasury Money Market Fund	0.50 %
U.S. Government Money Market Fund	0.50 %
Tax-Free Money Market Fund	0.50 %
Money Market Fund	0.50 %
Prime Money Market Fund	0.50 %
New York Tax-Free Money Market Fund	0.50 %
Pennsylvania Tax-Free Money Market Fund	0.50 %
Short Duration Government Bond Fund	0.60 %
Short-Term Corporate Bond Fund	0.70 %
U.S. Government Bond Fund	0.70 %
New York Municipal Bond Fund	0.70 %
Pennsylvania Municipal Bond Fund	0.70 %
Maryland Municipal Bond Fund	0.70 %
Intermediate-Term Bond Fund	0.70 %
Income Fund	0.60 %
Conservative Growth Fund	0.25 %
Moderate Growth Fund	0.25 %
Aggressive Growth Fund	0.25 %
Balanced Fund	0.65 %
Social Balanced Fund	0.70 %
Equity Income Fund	0.70 %
Large Cap Value Fund	0.70 %
Equity Index Fund	0.20 %
Large Cap Stock Fund	0.85 %
Large Cap Growth Fund	0.85 %
Multi Cap Growth Fund	0.70 %
Mid Cap Stock Fund	0.85 %
Mid Cap Growth Fund	0.85 %
Small Cap Stock Fund	0.85 %
Small Cap Growth Fund	0.85 %
International Equity Fund	1.00 %

Sub-Adviser Fee -- Federated Investment Management Company ("FIMCO") is the sub-adviser to New York Tax-Free Money Market Fund, and receives for its services an allocable portion of the adviser fee that the Adviser receives from New York Tax-Free Money Market Fund. FIMCO is paid by the Adviser as follows: 0.20% on the first $100 million of average daily net assets; 0.18% on the next $100 million of average daily net assets and 0.15% on average daily net assets over $200 million. FIMCO ceased to be a subadviser on December 16, 2003.

Independence Investment LLC ("Independence") is the sub-adviser to the Mid Cap Stock Fund, and receives for its services an allocable portion of the adviser fee that the Adviser receives from Mid Cap Stock Fund. Independence's fee is paid by the Adviser and not the Fund. The sub-adviser is paid by the Adviser as follows: 0.40% on the first $500 million average daily net assets and 0.35% on average daily net assets over $500 million.

Montag & Caldwell, Inc. ("Montag & Caldwell") is the sub-adviser to the Large Cap Growth Fund, and receives for its services an allocable portion of the adviser fee that the Adviser receives from Large Cap Growth Fund. Montag & Caldwell's fee is paid by the Adviser and not the Fund. The sub-adviser is paid by the Adviser as follows: 0.50% on the first $50 million average daily net assets; 0.40% on the next $50 million average daily net assets; 0.30% on the next $100 million average daily net assets and 0.20% on average daily net assets over $200 million.

LSV Asset Management ("LSV") is the sub-adviser of the value component of Small Cap Stock Fund. For its services under the Sub-Advisory Agreement, LSV receives an allocable portion of the advisory fee the Adviser receives from Small Cap Stock Fund. The allocation is based on the amount of securities which LSV manages for the Fund. LSV's fee is paid by the Adviser and not the Fund. LSV is paid by the Adviser as follows: 0.65% on the first $50 million of average daily net assets and 0.55% on average daily net assets over $50 million.

Mazama Capital Management, Inc. ("Mazama") is the sub-adviser of the growth component of Small Cap Stock Fund. For its services under the Sub-Advisory Agreement, Mazama receives an allocable portion of the advisory fee that the Adviser receives from Small Cap Stock Fund. The allocation is based on the amount of securities which Mazama manages for the Fund. Mazama's fee is paid by the Adviser and not the fund. Mazama is paid by the Adviser as follows: 0.70% of average daily net assets.

UBS Global Asset Management (Americas), Inc. ("UBS Global") is the sub-adviser of International Equity Fund, and receives an allocable portion of the advisory fee the Adviser receives from International Equity Fund. The allocation is based on the amount of securities that UBS Global manages for the Fund. UBS Global's fee is paid by the Adviser and not the Fund. UBS Global is paid by the Adviser as follows: 0.40% on the first $50 million of average daily net assets; 0.35% on the next $150 million of average daily net assets and 0.30% on average daily net assets over $200 million.

Administrative Fee -- Federated Services Company ("FServ") and M&T Securities, Inc. ("M&T Securities") serve as co-administrators to the Trust and provide the Funds with certain administrative personnel and services necessary to operate the Funds. Administrative services were provided for an aggregate annual fee as specified below:

Fees Payable to FServ

Maximum Fee	Average Aggregate Daily Net Assets of the MTB Group of Funds
0.06%	on the first $2 billion
0.03%	on the next $3 billion
0.02%	on the next $2 billion
0.0125 %	on the next $3 billion
0.01%	on assets in excess of $10 billion

Fees Payable to M&T Securities

Maximum Fee	Average Aggregate Daily Net Assets of the MTB Group of Funds
0.04%	on the first $5 billion
0.03%	on the next $2 billion
0.0175 %	on the next $2 billion
0.15%	on assets in excess of $10 billion

FServ and M&T Securities may each voluntarily choose to waive any portion of its fee. FServ and M&T Securities can each modify or terminate its voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses -- FServ, through its subsidiary, Federated Shareholder Services Company ("FSSC"), serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Distribution Services Fee -- The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds will compensate Federated Securities Corporation ("FSC"), the principal distributor, from the net assets of the Funds to finance activities intended to result in the sale of the Fund's Class A Shares, Class B Shares, Class C Shares, Class S Shares, Institutional Shares and Institutional II Shares. The Plan provides that each Fund may incur distribution expenses and/or recordkeeping and administrative expenses of up to 0.25%, 0.75%, 0.75%, 0.25%, 0.25% and 0.25% of the average daily net assets of each Funds' Class A Shares, Class B Shares, Class C Shares, Class S Shares, Institutional Shares and Institutional II Shares, respectively, annually to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

A contingent deferred sales charge ("CDSC") is imposed on certain redemptions of Class B Shares. The CDSC varies depending on the number of years from the time of payment for the purchase of Class B Shares until the redemption of such shares. Following the seventh year, Class B Shares automatically convert to Class A Shares.

Sales Charges -- For the six months ended October 31, 2003, FSC retained the amounts listed in the chart below for sales charges from the sale of Class A Shares and retained CDSC relating to redemptions of Class C Shares.

Fund	Sales Charges from Class A Shares	Sales Charges from Institutional I Shares	CDSC from Class C Shares	CDSC from Institutional I Shares
Short Duration Government Bond	$ 443	--	--	--
Short-Term Corporate Bond Fund	$ 187	--	--	--
U.S. Government Bond Fund	$ 3,550	--	--	--
New York Municipal Bond Fund	$ 17,260	--	--	--
Pennsylvania Municipal Bond Fund	$ 457	--	--	--
Maryland Municipal Bond Fund	$ 212	--	--	--
Intermediate-Term Bond Fund	$ 144	--	--	--
Income Fund	$ 227	--	--	--
Conservative Growth Fund	$ 26	--	--	--
Aggressive Growth Fund	$ 29	--	--	--
Balanced Fund	$ 1,219	--	--	--
Equity Income Fund	$ 301	--	--	--
Large Cap Value Fund	$ 395	--	--	--
Equity Index Fund	$ 353	--	--	--
Large Cap Stock Fund	$ 1,079	--	--	--
Large Cap Growth Fund	$ 736	--	--	--
Multi Cap Growth Fund	$ 684	--	--	--
Mid Cap Stock Fund	$ 1,486	--	--	--
Mid Cap Growth Fund	$ 488	--	--	--
Small Cap Stock Fund	$ 1,545	--	--	--
Small Cap Growth Fund	$ 2,674	--	--	--
International Equity Fund	$ 260	--	$ 10,087	--

See "What Do Shares Cost?" in the Prospectus.

Shareholder Services Fee -- Under the terms of a Shareholder Services Agreement with FServ and M&T Securities, M&T Securities may receive from FServ up to 0.25% of average daily net assets of each Fund's Class A Shares, Class B Shares, Class C Shares, Class S Shares, Institutional Shares, Institutional I Shares and Institutional II Shares for the period. The fee paid to M&T Securities is used to finance certain services for shareholders and to maintain shareholder accounts. M&T Securities may voluntarily choose to waive any portion of its fee with respect to the Funds. M&T Securities can modify or terminate this voluntary waiver at any time at its sole discretion.

Other Affiliated Parties and Transactions -- Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds may invest in certain affiliated funds which are distributed by an affiliate of the Funds' distributor. Income distributions earned by the Fund are recorded as income in the accompanying financial statements as follows:

Fund	Affiliated Fund Name	Income from Affiliated Issuer
Pennsylvania Municipal Bond Fund	Pennsylvania Municipal Cash Trust	$ 6,391
Maryland Municipal Bond Fund	Maryland Municipal Cash Trust	$ 6,193
Conservative Growth Fund	MTB Prime Money Market Fund	$ 2,374
	MTB Short-Term Corporate Bond Fund	$ 2,103
	MTB Short Duration Government Bond Fund	$ 26,214
	MTB Large Cap Value Fund	$ 2,265
	MTB Large Cap Stock Fund	$ 2,121
	MTB Intermediate-Term Bond Fund	$ 14,872
	MTB U.S. Government Bond Fund	$ 39,144
	Total	$ 89,093
Moderate Growth Fund	MTB Prime Money Market Fund	$ 5,020
	MTB Short-Term Corporate Bond Fund	$ 3,721
	MTB Short Duration Government Bond Fund	$ 21,962
	MTB Large Cap Value Fund	$ 12,368
	MTB Large Cap Stock Fund	$ 8,490
	MTB Intermediate-Term Bond Fund	$ 35,428
	MTB U.S. Government Bond Fund	$ 74,682
	Total	$ 161,671
Aggressive Growth Fund	MTB Prime Money Market Fund	$ 1,317
	MTB Short-Term Corporate Bond Fund	$ 841
	MTB Large Cap Value Fund	$ 6,363
	MTB Large Cap Stock Fund	$ 7,325
	MTB U.S. Government Bond Fund	$ 12,534
	Total	$ 28,380

General -- Certain of the Officers of the Trust are Officers and Directors or Trustees of the above companies.

Interfund Transactions -- During the six months ended October 31, 2003, New York Tax-Free Money Market Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and or common officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $82,605,000 and $80,200,000, respectively.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for the six months ended October 31, 2003, were as follows:

Fund Name	Purchases	Sales
Short-Term Corporate Bond Fund	$ 12,588,213	$ 14,248,729
U.S. Government Bond Fund	57,022,913	45,232,400
New York Municipal Bond Fund	16,745,118	13,535,886
Pennsylvania Municipal Bond Fund	6,269,941	12,453,696
Maryland Municipal Bond Fund	11,240,723	13,244,975
Intermediate-Term Bond Fund	325,738,728	291,707,514
Income Fund	62,694,288	67,613,287
Conservative Growth Fund	1,765,119	719,332
Moderate Growth Fund	10,382,899	3,607,435
Aggressive Growth Fund	3,263,756	479,008
Balanced Fund	30,924,256	44,633,331
Social Balanced Fund	1,018,176	1,042,521
Equity Income Fund	14,385,466	10,814,728
Large Cap Value Fund	16,612,562	7,394,712
Equity Index Fund	25,826,834	23,358,946
Large Cap Stock Fund	328,965,082	99,377,556
Large Cap Growth Fund	7,472,193	6,257,488
Multi Cap Growth Fund	42,795,153	46,210,914
Mid Cap Stock Fund	62,228,383	59,817,688
Mid Cap Growth Fund	57,245,411	62,162,560
Small Cap Stock Fund	34,593,334	36,753,770
Small Cap Growth	247,543,080	233,325,169
International Equity Fund	32,527,954	28,801,557

7. CONCENTRATION OF CREDIT RISK

Since New York Tax-Free Money Market Fund, Pennsylvania Tax-Free Money Market Fund, New York Municipal Bond Fund, Pennsylvania Municipal Bond Fund and Maryland Municipal Bond Fund invest a substantial portion of their assets in issuers located in one state, they will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2003, 61.4% for New York Tax-Free Money Market Fund, 56.9% for Pennsylvania Tax-Free Money Market Fund, 35.3% for New York Municipal Bond Fund, 55.9% for Pennsylvania Municipal Bond Fund and 25.4% for Maryland Municipal Bond Fund of the total market value of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The value of investments insured by or supported (backed) by a letter of credit from any one i nstitution or agency did not exceed 9.2% for New York Tax-Free Money Market Fund, 7.4% for Pennsylvania Tax-Free Money Market Fund, 12.7% for New York Municipal Bond Fund, 21.3% for Pennsylvania Municipal Bond Fund and 8.2% for Maryland Municipal Bond Fund of total market value of investments.

International Equity Fund invests in securities of non-U.S. issuers. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

At October 31, 2003, the diversification of industries in International Equity Fund was as follows:

Industry	Percentage of Net Assets
Agriculture	2.0 %
Air Freight & Logistics	0.7 %
Automobiles	3.3 %
Banking	18.5 %
Building Materials & Components	1.7 %
Chemicals	1.8 %
Commercial Services & Supplies	2.2 %
Computers	0.8 %
Electric Utilities	2.0 %
Electrical & Electronics	2.3 %
Engineering & Construction	0.8 %
Financial Services	0.7 %
Food & Beverage & Tobacco	7.2 %
Forest Products & Paper	1.7 %
Health & Personal Care	1.3 %
Household Durables	1.9 %
Insurance	2.7 %
Manufacturing	2.2 %
Media	4.4 %
Metals & Mining	1.2 %
Multi-Utilities & Unregulated Power	0.5 %
Office Electronics	0.8 %
Oil & Gas	9.1 %
Pharmaceuticals	10.4 %
Real Estate	1.2 %
Retail	1.5 %
Semiconductor Equipment & Products	1.2 %
Telecommunications	9.1 %
Transportation	1.6 %
Utilities	0.8 %
Water	0.4 %

8. Line of Credit

The Funds (except Conservative Growth Fund, Moderate Growth Fund and Aggressive Growth Fund) entered into a $10,000,000 unsecured, committed revolving line of credit ("LOC") agreement with State Street Bank & Trust Company. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 0.50% per annum over the Federal Funds Rate. The LOC includes a commitment fee of 0.10% per annum on the daily unused portion. The Funds did not utilize the LOC during the six months ended October 31, 2003.

9. Federal Tax Information

For the tax year ended October 31, 2003 certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003 (the "Tax Relief Act"). The Funds will designate the amount allowable under the Tax Relief Act as subject to such maximum tax rate. Complete information will be reported in conjunction with your 2003 Form 1099-DIV.

At October 31, 2003, the following percentages represent the portion of distributions from net investment income, which are exempt from federal income tax, other than alternative minimum tax:

Fund Name
Tax-Free Money Market Fund	100%
Pennsylvania Tax-Free Money Market Fund	100%
Pennsylvania Municipal Bond Fund	100%
Maryland Municipal Bond Fund	100%

Shares of the MTB Group of Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds' prospectus which contains facts concerning their objectives and policies, management fees, expenses and other information.

[Logo of MTB Group of Funds]

INVESTMENT ADVISOR

MTB Investment Advisors, Inc.
100 E. Pratt Street
17th Floor
Baltimore, MD 21202

DISTRIBUTOR

Edgewood Services, Inc.
5800 Corporate Drive
Pittsburgh, PA 15237-5829

CO-ADMINISTRATOR

M&T Securities, Inc.
One M&T Plaza
Buffalo, NY 14203

CO-ADMINISTRATOR

Federated Services Company
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779

SUB-ADVISOR TO MTB
INTERNATIONAL EQUITY FUND

UBS Global Asset Management
(Americas) Inc.
(formerly, Brinson Partners, Inc.)
209 South LaSalle Street
Chicago, IL 60604

SUB-ADVISORS TO
MTB SMALL CAP STOCK FUND

LSV Asset Management
1 North Wacker Drive
Chicago, IL 60606

Mazama Capital Management, Inc.
One SW Columbia Street Suite 1860
Portland, OR 97258

SUB-ADVISOR TO MTB MID CAP STOCK FUND

Independence Investment LLC
53 State Street
Boston, MA 02100

SUB-ADVISOR TO
MTB LARGE CAP GROWTH FUND

Montag & Caldwell, Inc.
3455 Peachtree Road, N.E.
Suite 1200
Atlanta, GA 30326-3248

SUB-ADVISOR TO MTB NEW YORK TAX-FREE MONEY MARKET FUND

Federated Investment Management Company
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779

TRANSFER AGENT AND DIVIDEND
DISBURSING AGENT

Federated Shareholder Services Company
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779

CUSTODIAN AND FUND ACCOUNTANT

State Street Corporation
P.O. Box 8609
Boston, MA 02266-8609

INDEPENDENT AUDITORS

Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116-5072

We are pleased to send you this Semi-Annual Report of MTB Group of Funds. The Semi-Annual Report contains important information about your investments in MTB Group of Funds. Since we are required by law to send a Semi-Annual Report to each person listed as a shareholder, you (or your household) may receive more than one Semi-Annual Report.

29880 (12/03)

[Logo of MTB Group of Funds]

1-800-836-2211 / mtbfunds.com

MTB Funds
100 East Pratt Street, 15^th floor
Baltimore, MD 21202

MTB-AR-006-1203

Item 2.     Code of Ethics

            Not Applicable

Item 3.     Audit Committee Financial Expert

            Not Applicable

Item 4.     Principal Accountant Fees and Services

            Not Applicable

Item 5      Audit Committee of Listed Registrants

            Not Applicable

Item 6      [Reserved]

Item 7.     Disclosure of Proxy Voting Policies and Procedures for
            Closed-End Management Investment Companies

            Not Applicable

Item 8.     [Reserved]

Item 9.     Controls and Procedures

(a)  The   registrant's   President  and  Treasurer   have  concluded  that  the
     registrant's  disclosure  controls  and  procedures  (as  defined  in  rule
     30a-3(c)  under the Act) are  effective  in design  and  operation  and are
     sufficient to form the basis of the certifications required by Rule 30a-(2)
     under the Act, based on their evaluation of these  disclosure  controls and
     procedures within 90 days of the filing date of this report on Form N-CSR.

(b)  There were no changes in the  registrant's  internal control over financial
     reporting  (as defined in rule  30a-3(d)  under the Act),  or the  internal
     control over financial  reporting of its service  providers during the last
     fiscal  half  year  (the  registrant's  second  half year in the case of an
     annual report) that have materially  affected,  or are reasonably likely to
     materially  affect,  the  registrant's   internal  control  over  financial
     reporting.

Item 10.    Exhibits


                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant  MTB Group of Funds, Inc.

By          /S/ Richard J. Thomas, Principal Financial Officer
           (insert name and title)

Date        December 26, 2003


Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.


By          /S/ Charles L. Davis, Jr., Principal Executive Officer
Date        December 26, 2003


By          /S/ Richard J. Thomas, Principal Financial Officer
Date        December 26, 2003