N-CSR 1 mtbform.htm MTB GROUP OF FUNDS


                                  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
         _______________________________________________________________

               (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, Esquire
                            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: Fiscal year ended 4/30/04



Item 1.     Reports to Stockholders

[Logo of MTB Group of Funds]

Managed by MTB Investment Advisors, Inc.

ANNUAL REPORT: April 30, 2004

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

MTB SHORT DURATION GOVERNMENT BOND FUND

Management's Discussion of Fund Performance

For the twelve months ended April 30, 2004, the Fund outperformed its peers in the "Short Government" category due to the inclusion of higher-yielding mortgage-backed securities (MBS) and agency securities. Careful attention to the structure and average maturity of the Fund also contributed to the portfolio's relative performance. The portfolio had a shorter average maturity than many of its peers. This structure allowed the Fund to outperform in a period of generally rising interest rates. While the inclusion of MBS was a positive for the portfolio over the last twelve months, the rapid refinancing of home mortgages in the summer of 2003 did have a brief negative effect on the portfolio. However, the emphasis on risk control in the construction of the Fund's portfolio and active management of the Fund's average maturity contributed to the Fund's success.

MTB SHORT DURATION GOVERNMENT BOND FUND - CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Short Duration Government Bond Fund (Class A Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Lehman Brothers 1-3 Year Government Bond Index (LB1-3GB) and the Lipper Short U.S. Government Index.²

Cumulative Total Return for the Period Ended April 30, 20043

Start of Performance (8/18/2003)

(2.06 )%

Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 3.00% ($10,000 investment minus $300 sales charge = $9,700). The Fund's performance assumes the reinvestment of all dividends and distributions. The LB1-3GB and Lipper Short U.S. Government Index have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LB1-3GB and Lipper Short U.S. Government Index are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

MTB SHORT DURATION GOVERNMENT BOND FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Short Duration Government Bond Fund (Class B Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Lehman Brothers 1-3 Year Government Bond Index (LB1-3GB) and the Lipper Short U.S. Government Index.²

Cumulative Total Return for the Period Ended April 30, 2004³

Start of Performance (8/18/2003)

(5.03)%

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LB1-3GB, and Lipper Short U.S. Government Index have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LB1-3GB and Lipper Short U.S. Government Index are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB SHORT DURATION GOVERNMENT BOND FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Short Duration Government Bond Fund (Institutional I Shares) (the "Fund") from October 31, 1995 (start of performance) to April 30, 2004, compared to the Lehman Brothers 1-3 Year Government Bond Index (LB1-3GB) and the Lipper Short U.S. Government Index.²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	0.66 %
5 Years	4.50 %
Start of Performance (10/31/1995)	4.72 %

1 Th e Fund's performance assumes the reinvestment of all dividends and distributions. The LB1-3GB and Lipper Short U.S. Government Index have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LB1-3GB and the Lipper Short U.S. Government Index are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

† The MTB Short Duration Government Bond Fund is the successor to the Governor Limited Duration Government Securities Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Limited Duration U.S. Government Fund. The quoted performance of the Institutional Limited Duration U.S. Government Fund includes performance of certain predecessor collective trust fund ("commingled") accounts, for periods dating back to 10/31/95 and prior to the Institutional Limited Duration U.S. Government Fund's commencement of operations on 7/1/97, as adjusted to reflect the expenses associated with the Fund. The commingled accounts were not registered with the Securities and Exchange Commission and, therefore, were not subject to the investment restrictions imposed by law on registered mutual funds. If the commingled accounts had been registered, the commingled accounts' performance may have been adversely affected.

MTB SHORT-TERM CORPORATE BOND FUND

Management's Discussion of Fund Performance

The Fund underperformed its benchmark primarily because it lacked high yield and low BBB-rated corporate securities for most of last year. Generally, for all of calendar 2003 the more credit risk a portfolio took the higher its return. In 2003 high yield had its best 1-year relative outperformance ever. Since September 2003 high yield securities* became permissible investments for the Fund. We now have approximately 5% of our portfolio in lower-rated corporate securities, which we feel are improving credits.

Lately the Fund has reduced its amount of interest rate risk, which has contributed towards performance. A much improved labor market along with increasing inflationary expectations have resulted in higher interest rates and a greater expectation of the Federal Reserve Board to begin raising short-term interest rates sooner rather than later. Anticipating higher rates, we have also strategically created a portfolio structure that we feel can benefit from a flatter yield curve. We have increased our allocation to securities maturing within 1 year while reducing our exposure in the 2 to 5 year part of the yield curve, creating a "barbelled" portfolio structure. Typically, as monetary policy is tightened short-term rates rise at a faster pace than long-term rates. We have also reduced our exposure to securities that are highly correlated to swaps such as U.S. Government agencies, as well as banks and finance in the corporate sector. As the term structure of interest rates moves higher, swap rates move higher as well. Those debt issuers who rely on swaps in their business model generally underperform those companies that do not. In light of this we have added positions in the energy and utility sectors of the corporate bond market with credits such as First Energy, Centerpoint, Chesapeake Energy, and Gulfterra Partners. We have sold corporate positions in Goldman Sachs, Morgan Stanley, Sallie Mae, Credit Suisse, and Citibank.

Expecting inflationary expectations to continue to rise, we continue to hold Treasury Inflation Protection Securities. We have also added exposure to callable securities.

* High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

MTB SHORT-TERM CORPORATE BOND FUND - CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Short-Term Corporate Bond Fund (Class A Shares) (the "Fund") from August 25, 2003 (start of performance) to April 30, 2004, compared to the Lehman Brothers 1-3 Year Government Bond Index (LB-3GB) and the Lipper Short Investment Grade Debt Funds Average.²

Cumulative Total Return for the Period Ended April 30, 2004³

Start of Performance (8/25/2003)

(2.16)%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 3.00% ($10,000 investment minus $300 sales charge = $9,700). The Fund's performance assumes the reinvestment of all dividends and distributions. The LB1-3GB and Lipper Short Investment Grade Debt Funds Average have been adjusted to reflect reinvestment of dividends on securities in the index and average.

2 The LB1-3GB and Lipper Short Investment Grade Debt Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable sales charges.

MTB SHORT-TERM CORPORATE BOND FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Short-Term Corporate Bond Fund (Class B Shares) (the "Fund") from August 25, 2003 (start of performance) to April 30, 2004, compared to the Lehman Brothers 1-3 Year Government Bond Index (LB1-3GB) and the Lipper Short Investment Grade Debt Funds Average.²

Cumulative Total Return for the Period Ended April 30, 2004³

Start of Performance (8/25/2003)

(4.60)%

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LB1-3GB and Lipper Short Investment Grade Debt Funds Average have been adjusted to reflect reinvestment of dividends on securities in the index and average.

2 The LB1-3GB and Lipper Short Investment Grade Debt Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB SHORT-TERM CORPORATE BOND FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Short-Term Corporate Bond Fund (Institutional I Shares) (the "Fund") from April 1, 1996 (start of performance) to April 30, 2004, compared to the Lehman Brothers 1-3 Year Government Bond Index (LB1-3GB) and the Lipper Short Investment Grade Debt Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	1.31 %
5 Years	4.18 %
Start of Performance (4/1/1996)³	4.62 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The LB1-3GB and Lipper Short Investment Grade Debt Funds Average have been adjusted to reflect reinvestment of dividends on securities in the index and average.

3 The Fund's Institutional I Shares start of performance date was April 1, 1996. Performance presented prior to March 30, 1998 reflects the performance of the Marketvest Short-Term Bond Fund Shares, which were offered beginning April 1, 1996. The assets of the Marketvest fund were reorganized into the predecessor ARK Fund in 1998 following the acquisition by Allfirst Financial Inc. of Dauphin Deposit Corporation.

† The MTB Short-Term Corporate Bond Fund is the successor to the ARK Short-Term Bond Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Short-Term Bond Portfolio.

MTB U.S. GOVERNMENT BOND FUND

Management's Discussion of Fund Performance

The Fund outperformed the Lipper U.S. Government Funds Average* for the fiscal year ended April 30, 2004. The outperformance of the Fund was attributed to our active management of the duration** of the portfolio to minimize the dramatic rise of interest rates that occurred last summer. From mid-June of 2003, the 10-year U.S. Treasury yield rose from 3.1% to 4.6% in September 2003. During this time we maintained a shorter duration than our peers. Another example of our active duration management occurred earlier this year in response to the weaker than expected unemployment reports which resulted in a bond market rally during the first quarter of 2004. In response to this environment we extended the duration of the portfolio by purchasing 30-year U.S. Treasury bonds. We have since reduced the portfolio's duration as economic news has improved.

On a sector basis we have remained consistent with our allocation to Treasury and Government agency securities. We have slightly reduced our allocation to pass through mortgage-backed securities (MBS) given our expectations for higher interest rates and increased volatility, which is not a good environment for this sector. At the same time we have increased our allocation to well-structured collateralized mortgage obligations (CMOs), which we feel have the potential to outperform traditional pass through MBS.

* Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective categories indicated. These figures do not reflect sales charges.

** Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

MTB U.S. GOVERNMENT BOND FUND - CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB U.S. Government Bond Fund (Class A Shares) (the "Fund") from April 30, 1994 to April 30, 2004, compared to the Lehman Brothers Aggregate Bond Index (LBAB), Lehman Brothers U.S. Government Bond Index (LBUSGB) and Lipper U.S. Government Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³


1 Year	(3.71 )%
5 Years	4.79 %
10 Years	5.82 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB, LBUSGB and Lipper U.S. Government Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The LBAB, LBUSGB and Lipper U.S. Government Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

MTB U.S. GOVERNMENT BOND FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB U.S. Government Bond Fund (Class B Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Lehman Brothers Aggregate Bond Index (LBAB), Lehman Brothers U.S. Government Bond Index (LBUSGB) and Lipper U.S. Government Funds Average.²

Cumulative Total Return for the Period Ended April 30, 2004³

Start of Performance (8/18/2003)

(3.48)%

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB, LBUSGB and Lipper U.S. Government Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The LBAB, LBUSGB and Lipper U.S. Government Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB U.S. GOVERNMENT BOND FUND - INSTITUTIONAL I SHARES

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB U.S. Government Bond Fund (Institutional I Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Lehman Brothers Aggregate Bond Index (LBAB), Lehman Brothers U.S. Government Bond Index (LBUSGB) and Lipper U.S. Government Funds Average.²

Cumulative Total Return for the Period Ended April 30, 2004

Start of Performance (8/18/2003)

2.44 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB, LBUSGB and Lipper U.S. Government Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

MTB NEW YORK MUNICIPAL BOND FUND

Management's Discussion of Fund Performance

The yield curve flattened over the past year as the yield on ten-year municipal bonds increased from 3.54% on April 30, 2003 to 3.96% on April 30, 2004 and increased from 4.61% to 4.93% for 30-year municipal bonds. The increase in yields has been most pronounced over the past month due to the economy coming out of the slow growth of 2003 and the outlook for higher inflation.

The Fund slightly underperformed during the past year. This can be attributed to two factors, the underweighting of BBB-rated bonds* and the Fund's shorter duration.** The Fund's duration was shortened in 2002 in anticipation of increasing interest rates in 2003. During 2003 rates actually decreased, causing the Fund to underperform. Holdings that positively contributed to Fund performance were positions in high coupon bonds (coupons greater than 5.5%).

* Ratings pertain to the securities in the portfolio and do not protect fund shares against market risk.

Income generated by this Fund may be subject to the federal alternative minimum tax.

MTB NEW YORK MUNICIPAL BOND FUND - CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB New York Municipal Bond Fund (Class A Shares) (the "Fund") from April 30, 1994 to April 30, 2004, compared to the Lehman Brothers New York Tax-Exempt Index (LBNYTE) and the Lipper New York Municipal Debt Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	(2.76 )%
5 Years	3.40 %
10 Years	5.11 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund's performance assumes the reinvestment of all dividends and distributions. The LBNYTE and the Lipper New York Municipal Debt Funds Average have been adjusted to reflect reinvestment of dividends on securities in the index and average.

2 The LBNYTE and the Lipper New York Municipal Debt Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable sales charges.

MTB NEW YORK MUNICIPAL BOND FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB New York Municipal Bond Fund (Class B Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Lehman Brothers New York Tax-Exempt Index (LBNYTE) and the Lipper New York Municipal Debt Funds Average.²

Cumulative Total Return for the Period Ended April 30, 2004³

Start of Performance (8/18/2003)

(2.27 )%

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBNYTE and the Lipper New York Municipal Debt Funds Average have been adjusted to reflect reinvestment of dividends on securities in the index and average.

2 The LBNYTE and the Lipper New York Municipal Debt Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB NEW YORK MUNICIPAL BOND FUND - INSTITUTIONAL I SHARES

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB New York Municipal Bond Fund (Institutional I Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Lehman Brothers New York Tax-Exempt Index (LBNYTE) and the Lipper New York Municipal Debt Funds Average.²

Cumulative Total Return for the Period Ended April 30, 2004

Start of Performance (8/18/2003)

3.39 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The LBNYTE and the Lipper New York Municipal Debt Funds Average have been adjusted to reflect reinvestment of dividends on securities in the index and average.

MTB PENNSYLVANIA MUNICIPAL BOND FUND

Management's Discussion of Fund Performance

Municipal bond yields reached new lows in March 2004, before spiking higher in April 2004 in response to a significantly improved labor report. New bond issuance in Pennsylvania has slowed relative to comparable time periods in the prior year.

We have cautiously anticipated rising yields for some time now. Our duration* strategy has been to position the Fund's duration shorter than the benchmark. While this strategy did not take full advantage of the decline in yields over the past year, we are comfortable with this structure in the current environment.

The Fund's performance was below the Lipper Pennsylvania Municipal Debt Funds Average** for the one-year period ended April 30, 2004, and was attributable to the Fund's more conservative duration earlier in the period when rates fell dramatically. While our overall credit quality remains high, the Fund was positively impacted by the performance of several lower-rated investment grade issues that we held over this time period.***

* Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective categories indicated. These figures do not reflect sales charges.

*** High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

Income generated by this Fund may be subject to the federal alternative minimum tax.

MTB PENNSYLVANIA MUNICIPAL BOND FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Pennsylvania Municipal Bond Fund (Class A Shares) (the "Fund") from April 1, 1996 (start of performance) to April 30, 2004, compared to the Lehman Brothers 10 Year Municipal Bond Index (LB10MB), the Lehman Brothers 7 Year Municipal Bond Index (LB7MB) and the Lipper Pennsylvania Municipal Debt Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	(3.40 )%
5 Years	3.12 %
Start of Performance (4/1/1996)⁴	3.88 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund's performance assumes the reinvestment of all dividends and distributions. The LB10MB, LB7MB and Lipper Pennsylvania Municipal Debt Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The LB10MB, LB7MB and Lipper Pennsylvania Municipal Debt Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

4 The Fund's Class A and Class B Shares start of performance date was April 1, 1996. Performance presented prior to March 30, 1998 reflects the performance of the Marketvest Pennsylvania Intermediate Municipal Bond Fund, which was offered beginning April 1, 1996. The assets of the Marketvest fund were reorganized into the predecessor ARK Fund in 1998 following the acquisition by Allfirst Financial Inc. of Dauphin Deposit Corporation. The start of performance date was April 1, 1996. Class A Shares of the Fund were offered beginning March 23, 1998. Performance results shown before that date are for the Fund's Institutional I Shares and have been adjusted for the maximum sales charge and total annual operating expenses applicable to the Fund's Class A Shares.

† The MTB Pennsylvania Municipal Bond Fund is the successor to the ARK Pennsylvania Tax-Free Portfolio pursuant to a reorganization which took place on August 15, 2003. The information presented above, for the periods prior to August 15, 2003, is historical information for the ARK Pennsylvania Tax-Free Portfolio.

MTB PENNSYLVANIA MUNICIPAL BOND FUND - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Pennsylvania Municipal Bond Fund (Class B Shares) (the "Fund") from April 1, 1996 (start of performance) to April 30, 2004, compared to the Lehman Brothers 10 Year Municipal Bond Index (LB10MB), the Lehman Brothers 7 Year Municipal Bond Index (LB7MB) and the Lipper Pennsylvania Municipal Debt Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	(4.61 )%
5 Years	5.02 %
Start of Performance (4/1/1996)⁴	4.93 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund does not reflect a contingent deferred sales charge on any redemption over 7 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LB10MB, LB7MB and Lipper Pennsylvania Municipal Debt Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The LB10MB, LB7MB and Lipper Pennsylvania Municipal Debt Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

4 The Fund's Class A and Class B Shares start of performance date was April 1, 1996. Performance presented prior to March 30, 1998 reflects the performance of the Marketvest Pennsylvania Intermediate Municipal Bond Fund, which was offered beginning April 1, 1996. The assets of the Marketvest fund were reorganized into the predecessor ARK Fund in 1998 following the acquisition by Allfirst Financial Inc. of Dauphin Deposit Corporation. The start of performance date was April 1, 1996. Class B Shares of the Fund were offered beginning September 1, 1999. Performance results shown before that date are for the Fund's Institutional I Shares and have been adjusted for the maximum CDSC and total annual operating expenses applicable to the Fund's Class B Shares.

MTB PENNSYLVANIA MUNICIPAL BOND FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Pennsylvania Municipal Bond Fund (Institutional I Shares) (the "Fund") from April 1, 1996 (start of performance) to April 30, 2004, compared to the Lehman Brothers 10 Year Municipal Bond Index (LB10MB), the Lehman Brothers 7 Year Municipal Bond Index (LB7MB) and the Lipper Pennsylvania Municipal Debt Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	1.21 %
5 Years	4.22 %
Start of Performance (4/1/1996)³	4.66 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The LB10MB, LB7MB and the Lipper Pennsylvania Municipal Debt Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

3 The Fund's Institutional I Shares start of performance date was April 1, 1996. Performance presented prior to March 30, 1998 reflects the performance of the Marketvest Pennsylvania Intermediate Municipal Bond Fund, which was offered beginning April 1, 1996. The assets of the Marketvest fund were reorganized into the Fund in 1998 following the acquisition by Allfirst Financial Inc. of Dauphin Deposit Corporation.

MTB MARYLAND MUNICIPAL BOND FUND

Management's Discussion of Fund Performance

For the one-year period ended April 30, 2004, tax-exempt* municipal bonds have outperformed all taxable fixed income sectors with the exception of lower-quality corporate bonds. The Fund followed suit, outperforming comparable taxable funds as the ratio of municipals to Treasuries fell to 75-80% across the yield curve as compared to 85-90%. As U.S. Treasury yields dipped to historically low levels in June 2003, so did yields on municipal bonds. As positive economic news began to filter in throughout the latter part of 2003 and early in 2004, and as the commentary from representatives of the Federal Open Market Committee and the Federal Reserve Board (Fed) Chairman grew more hawkish, interest rates have risen as market participants anticipate an increase in the Fed Funds rate. Since that drop in rates, yields on U.S. Treasuries have begun to rise in expectation of a rate hike from the Fed later this year; however, municipal yields have been slightly slower to react. Municipal bond yields have risen roughly 75-100 basis points across the yield curve. Demand for securities, especially in shorter maturities, has remained strong.

Despite the drop in interest rates during the first few months of the Fund's fiscal year, we maintained our position in a shorter duration** stance. Our expectation remained that interest rates would revert to higher levels as the economic recovery became more evident. Although this negatively impacted performance early in the fiscal year, it has helped performance in the most recent months. Performance throughout the year was positively impacted by holdings in numerous lower-rated, investment grade revenue and hospital bonds, as well as securities with current call structures. As expected in a rising rate environment, performance in the Fund was restrained by holdings with longer dated maturities and securities with below market coupon rates. We have continued to maintain duration around the 6.25 to 6.5 year range. Our focus in recent trades has centered around the structure of the issues being purchased; favoring premium securities with coupons greater than 5% and avoiding securities with lower coupons which will be quickly discounted by the market as rates rise and de minimis issues take hold. The overall credit quality of the Fund remains high and we will consider opportunities to add yield to the Fund where appropriate.

* Income generated by this Fund may be subject to the federal alternative minimum tax.

MTB MARYLAND MUNICIPAL BOND FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Maryland Municipal Bond Fund (Class A Shares) (the "Fund") from November 18, 1996 (start of performance) to April 30, 2004 compared to the Lehman Brothers 10 Year Municipal Bond Index (LB10MB) and the Lehman Brothers 7 Year Municipal Bond Index (LB7MB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	(2.83 )%
5 Years	3.34 %
Start of Performance (11/18/1996)⁴	4.18 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund's performance assumes the reinvestment of all dividends and distributions. The LB10MB and LB7MB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LB10MB and LB7MB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

4 The start of performance date was November 18, 1996. Class A Shares of the Fund were offered beginning January 2, 1997. Performance results shown before that date are for the Fund's Institutional I Shares and have been adjusted for the maximum sales charge and total annual operating expenses applicable to the Fund's Class A Shares. The Fund's Institutional I Shares commenced operation on November 18, 1996. The Fund's Class A Shares annual returns would have been substantially similar to those of the Fund's Institutional I Shares because Shares of each class are invested in the same portfolio of securities.

† The MTB Maryland Municipal Bond Fund is the successor to the ARK Maryland Tax-Free Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Maryland Tax-Free Portfolio.

MTB MARYLAND MUNICIPAL BOND FUND - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Maryland Municipal Bond Fund (Class B Shares) (the "Fund") from November 18, 1996 (start of performance) to April 30, 2004 compared to the Lehman Brothers 10 Year Municipal Bond Index (LB10MB) and the Lehman Brothers 7 Year Municipal Bond Index (LB7MB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	(3.78 )%
5 Years	5.85 %
Start of Performance (11/18/1996)⁴	5.74 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund does not reflect a contingent deferred sales charge on any redemption over 7 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LB10MB and LB7MB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LB10MB and LB7MB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

4 The start of performance date was November 18, 1996. Class B Shares of the Fund were offered beginning September 1, 1999. Performance results shown before that date are for the Fund's Institutional I Shares and have been adjusted for the maximum CDSC and total annual operating expenses applicable to the Fund's Class B Shares. The Fund's Institutional I Shares commenced operations on November 18, 1996. The Fund's Class B annual returns would have been substantially similar to those of the Fund's Institutional I Shares because Shares of each class are invested in the same portfolio of securities.

MTB MARYLAND MUNICIPAL BOND FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Maryland Municipal Bond Fund (Institutional I Shares) (the "Fund") from November 18, 1996 (start of performance) to April 30, 2004 compared to the Lehman Brothers 10 Year Municipal Bond Index (LB10MB) and the Lehman Brothers 7 Year Municipal Bond Index (LB7MB).²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	1.92 %
5 Years	4.48 %
Start of Performance (11/18/1996)	4.99 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The LB10MB and LB7MB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LB10MB and LB7MB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

MTB INTERMEDIATE-TERM BOND FUND

Management's Discussion of Fund Performance

Lately the Fund has reduced its amount of interest rate risk, which has contributed towards performance. A much improved labor market along with increasing inflationary expectations have resulted in higher interest rates and a greater expectation of the Federal Reserve Board to begin raising short-term interest rates sooner rather than later. Anticipating higher rates we have also strategically created a portfolio structure that we feel can benefit from a flatter yield curve. We have increased our allocation to securities maturing within 2 years while reducing our exposure in the 3 to 7 year part of the yield curve, creating a "barbelled" portfolio structure. Typically, as monetary policy is tightened short-term rates rise at a faster pace than long-term rates. We have also reduced our exposure to securities that are highly correlated to swaps such as U.S. government agencies, as well as banks and finance in the corporate sector. As the term structure of interest rates moves higher, swap rates move higher as well. Those debt issuers who rely on swaps in their business model generally underperform those companies that do not. In light of this we have added positions in the energy and utility sectors of the corporate bond market with credits such as First Energy, Centerpoint, Chesapeake Energy, and Gulfterra Partners. We have sold corporate positions in Goldman Sachs, Morgan Stanley, Sallie Mae, Credit Suisse, and Citibank.

Expecting inflationary expectations to continue to rise the Fund has added to its exposure to Treasury Inflation Protection Securities. We have also added exposure to callable securities.

* High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

MTB INTERMEDIATE-TERM BOND FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Intermediate-Term Bond Fund (Class A Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Lipper Intermediate Investment Grade Debt Funds Average (LIIGDFA) and the Lehman Brothers Aggregate Bond Index (LBAB).²

Cumulative Total Return for the Period Ended April 30, 2004³

Start of Performance (8/18/2003)

(2.10 )%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund's performance assumes the reinvestment of all dividends and distributions. The LIIGDFA and LBAB have been adjusted to reflect reinvestment of dividends on securities in the index and average.

2 The LIIGDFA and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable sales charges.

† The MTB Intermediate-Term Bond Fund is the successor to the ARK Intermediate Fixed-Income Portfolio pursuant to a reorganization that took place on August 15, 2003. The information presented above, for the periods prior to August 15, 2003, is historical information for the ARK Intermediate Fixed-Income Portfolio.

MTB INTERMEDIATE-TERM BOND FUND - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Intermediate-Term Bond Fund (Class B Shares) (the "Fund") from August 18, 2003, (start of performance) to April 30, 2004, compared to the Lipper Intermediate Investment Grade Debt Funds Average (LIIGDFA) and the Lehman Brothers Aggregate Bond Index (LBAB).²

Cumulative Annual Total Return for the Period Ended April 30, 2004³

Start of Performance (8/18/2003)

(3.27 )%

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LIIGDFA and LBAB have been adjusted to reflect reinvestment of dividends on securities in the index and average.

2 The LIIGDFA and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB INTERMEDIATE-TERM BOND FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Intermediate-Term Bond Fund (Institutional I Shares) (the "Fund") from November 18, 1996 (start of performance) to April 30, 2004, compared to the Lipper Intermediate Investment Grade Debt Funds Average (LIIGDFA) and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	1.21 %
5 Years	5.63 %
Start of Performance (11/18/1996)	5.76 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The LIIGDFA and LBAB have been adjusted to reflect reinvestment of dividends on securities in the index and average.

2 The LIIGDFA and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

MTB INCOME FUND

Management's Discussion of Fund Performance

The Fund underperformed over the past year primarily because it lacked high yield and other lower-quality corporate bonds. For calendar year 2003 the high yield* sector recorded its best 1-year relative performance. Last year we saw "the tide lifts all boats" in the corporate bond market and especially the lower-quality securities. Over the past 6 months we have selectively added high yield and lower-quality securities of issuers that we believe have improving credit and earnings fundamentals.

Over the past fiscal year interest rates moved higher as economic growth and inflation expectations rose. During the past year we have reduced our exposure to mortgage-backed securities (MBS), given our expectation of higher interest rates and increased volatility. That is not a positive environment for the MBS sector. We have increased our use of high yield and currently have approximately 5% of the Fund invested in high yield issuers that we believe have improving credit fundamentals. Additionally, we have increased our allocation to lower-rated, higher-yielding investment grade corporate bonds to enhance the yield on the portfolio.

* High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

MTB INCOME FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Income Fund (Class A Shares) (the "Fund") from April 30, 1994 to April 30, 2004 compared to the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	(3.86 )%
5 Years	4.44 %
10 Years	5.73 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The LBAB is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable sales charges.

† The MTB Income Fund is the successor to the ARK Income Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Income Portfolio.

MTB INCOME FUND - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Income Fund (Class B Shares) (the "Fund") from April 30, 1994 to April 30, 2004 compared to the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	(4.81 )%
5 Years	4.32 %
10 Years⁴	5.46 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund does not reflect a contingent deferred sales charge on any redemption over 7 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The LBAB is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

4 The start of performance date was July 16, 1993. Class B Shares of the Fund were offered beginning September 14, 1998. Performance results shown before that date are for the Fund's Institutional I Shares and have been adjusted for the maximum CDSC and total annual operating expenses applicable to the Fund's Class B Shares. The Fund's Institutional I Shares commenced operation on July 16, 1993. The Fund's Class B Shares annual returns would have been substantially similar to those of the Fund's Institutional I Shares because Shares of each class are invested in the same portfolio of securities.

MTB INCOME FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Income Fund (Institutional I Shares) (the "Fund") from April 30, 1994 to April 30, 2004 compared to the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	0.81 %
5 Years	5.55 %
10 Years	6.42 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The LBAB is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

MTB MANAGED ALLOCATION FUND -- CONSERVATIVE GROWTH

Management's Discussion of Fund Performance

For the twelve months ended April 30, 2004 the Fund underperformed its benchmark largely due to the mid-year shift to shorter duration* bonds within its large fixed income component.

The most significant positive contributors to Fund performance were its allocations to the MTB International Stock Fund and the MTB Small Cap Stock Fund.** These assets within the Fund, though only a small portion of the allocation, produced returns that outperformed the Standard & Poor's 500 Index (S&P 500)*** by anywhere from approximately 8.00% to upwards of 23.00% for the period. In addition, the decision to maintain the Fund's equity market exposure at the 25% level positively affected performance.

Fund performance was negatively affected by management's determination to maintain a 75% exposure to fixed income and money markets during the period so as not to alter the investment characteristics of this conservative fund. Bonds in general significantly underperformed stocks over the period. The Fund's large exposure to this asset class was a drag on performance. In addition, the decision to shorten duration within the fixed income portion of the Fund created a slight drag on performance.

** International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

*** The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.

MTB MANAGED ALLOCATION FUND -- CONSERVATIVE GROWTH - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Managed Allocation Fund -- Conservative Growth (Class A Shares) (the "Fund") from February 3, 1999 (start of performance) to April 30, 2004 compared to the S&P 500 and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	1.90 %
5 Years	2.01 %
Start of Performance (2/3/1999)	2.21 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.00% ($10,000 investment minus $400 sales charge = $9,600). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

† The MTB Managed Allocation Fund -- Conservative Growth is the successor to the Governor Lifestyle Conservative Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Lifestyle Conservative Fund.

MTB MANAGED ALLOCATION FUND -- CONSERVATIVE GROWTH - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Managed Allocation Fund - Conservative Growth (Class B Shares) (the "Fund") from April 30, 2002 (start of performance) to April 30, 2004 compared to the S&P 500 Index (S&P 500) and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	0.50 %
Start of Performance (4/30/2002)	0.21 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 4.00% contingent deferred sales charge on any redemption less than 2 years from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

† The MTB Managed Allocation Fund - Conservative Growth is the successor to the Governor Lifestyle Conservative Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Lifestyle Conservative Fund.

MTB MANAGED ALLOCATION FUND -- MODERATE GROWTH

Management's Discussion of Fund Performance

For the twelve months ended April 30, 2004 the Fund underperformed its benchmark largely due to the mid-year shift to shorter duration* bonds within its fixed income component.

The most significant positive contributors to Fund performance were its allocations to the MTB Mid Cap Stock Fund, the MTB International Equity Fund, and the MTB Small Cap Stock Fund.** These assets within the Fund all produced returns that outperformed the Standard & Poor's 500 Index (S&P 500)*** by anywhere from approximately 3.00% to upwards of 23.00% for the period. In addition, the decision to maintain the Fund's equity market exposure at the 60% level positively affected performance.

Fund performance was negatively affected by the management's determination to maintain a 40% exposure to fixed income and money markets during the period so as not to alter the investment characteristics of this balanced fund. Bonds in general significantly underperformed stocks over the period. The exposure to this asset class was a drag on Fund performance. In addition, the decision to shorten duration within the fixed income portion of the Fund created a slight drag on performance.

MTB MANAGED ALLOCATION FUND -- MODERATE GROWTH - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Managed Allocation Fund -- Moderate Growth (Class A Shares) (the "Fund") from February 4, 1999 (start of performance) to April 30, 2004 compared to the S&P 500 and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	8.38 %
5 Years	0.44 %
Start of Performance (2/4/1999)	1.26 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

† The MTB Managed Allocation Fund -- Moderate Growth is the successor to the Governor Lifestyle Moderate Growth Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above for the periods prior to January 8, 2001, is historical information for the Governor Lifestyle Moderate Growth Fund.

MTB MANAGED ALLOCATION FUND -- MODERATE GROWTH - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Managed Allocation Fund -- Moderate Growth (Class B Shares) (the "Fund") from April 30, 2002 (start of performance) to April 30, 2004 compared to the Standard & Poor's 500 Index (S&P 500) and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	7.61 %
Start of Performance (4/30/2002)	(0.71 )%

2 The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB MANAGED ALLOCATION FUND -- AGGRESSIVE GROWTH

Management's Discussion of Fund Performance

For the twelve months ended April 30, 2004 the Fund outperformed its benchmark largely due to its hefty weighting in non-large cap domestic and international equities.

The most significant positive contributors to Fund performance were the allocations to the MTB Mid Cap Stock Fund, the MTB International Stock Fund, and the MTB Small Cap Stock Fund.* These assets within the Fund all produced returns that outperformed the Standard & Poor's 500 Index (S&P 500)** by anywhere from approximately 3.00% to upwards of 23.00% for the period. In addition, the decision to maintain the Fund's equity market exposure at the 90% level positively affected performance.

Fund performance was somewhat negatively affected by the Fund's deliberate and disciplined maintenance of a 10% exposure to fixed income and money markets during the period. Bonds in general significantly underperformed stocks over the period, but the small exposure to this asset class did not significantly affect Fund performance given the low percentage allocated. In addition, the decision to shorten duration*** within the fixed income portion of the Fund created a slight drag on performance.

* International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

** The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.

*** Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

MTB MANAGED ALLOCATION FUND -- AGGRESSIVE GROWTH - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Managed Allocation Fund -- Aggressive Growth Fund (Class A Shares) (the "Fund") from February 18, 1999 (start of performance) to April 30, 2004 compared to the S&P 500 and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	15.20 %
5 Years	(1.00 )%
Start of Performance (2/18/1999)	(0.07 )%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.00% ($10,000 investment minus $500 sales charge = $9,500). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

3 Total returns quoted reflect all applicable sales charges.

† The MTB Managed Allocation Fund -- Aggressive Growth is the successor to the Governor Lifestyle Growth Fund pursuant to a reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Lifestyle Growth Fund.

MTB MANAGED ALLOCATION FUND -- AGGRESSIVE GROWTH - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Managed Allocation Fund -- Aggressive Growth (Class B Shares) (the "Fund") from April 30, 2002 (start of performance) to April 30, 2004 compared to the Standard & Poor's 500 Index (S&P 500) and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	15.41%
Start of Performance (4/30/2002)	(1.17)%

Past performance is not guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

2 The S&P 500 and LBAB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB BALANCED FUND

Management's Discussion of Fund Performance

Finally, after three years of a down market, the investment winds have shifted from a negative gale to a gentle, more positive breeze. The economy gradually improved through the early part of 2003, then exploded in the third quarter as Gross Domestic Product rose over 8%. Overall the economy grew at a healthy 4% rate throughout 2003, and it appears to be growing at a similar rate in 2004. Equities responded to the improvement in the economy as the market appreciated over 18% in our fiscal year, which ended on April 30, 2004. The Fund had a superb year as it handsomely outpaced the Index. The last quarter was a bit unsteady for the markets as the fighting in Iraq intensified, and pundits began comparing the conflict to Vietnam. However, calendar first quarter earnings have been stronger than earlier forecasts and we feel this news should eventually move equities to a higher level.

The bond market had mediocre returns for the year as interest rates rose during the fiscal year as the aforementioned economic growth improved. During the past year high yield* and lower-quality corporate bonds provided the most excess return as investors sought higher-yielding securities to offset the move to higher interest rates.

The largest contributors to Fund performance in our fiscal year were Genentech (a biotechnology company), Corning, (a fiber-optic company), and Centex, (a home builder). Each of these equities appreciated over 60%, and as you can see there was little in the way of symmetry among our top performers other than absolute appreciation. The Fund's worst-performing equities were Kohl's (a department store), Solectron (a electronic components company), and Wyeth (a leading pharmaceutical company). Earnings shortfalls and litigation problems were the culprits that caused this group to fall over 10% over the past 12 months.

* High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

MTB BALANCED FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Balanced Fund (Class A Shares) (the "Fund") from April 30, 1994 to April 30, 2004 compared to the Standard & Poor's 500 Index (S&P 500) and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	7.67 %
5 Years	0.32 %
10 Years	7.68 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and the LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500 and the LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

† The MTB Balanced Fund is the successor to the ARK Balanced Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Balanced Portfolio.

MTB BALANCED FUND - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Balanced Fund (Class B Shares) (the "Fund") from April 30, 1994 to April 30, 2004 compared to the Standard & Poor's 500 Index (S&P 500) and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	8.06 %
5 Years	0.36 %
10 Years⁴	7.37 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund does not reflect a contingent deferred sales charge on any redemption over 7 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and the LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500 and the LBAB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

4 The start of performance date was July 16, 1993. Class B Shares of the Fund were offered beginning September 14, 1998. Performance results shown before that date are for the Fund's Institutional I Shares and have been adjusted for the maximum CDSC and total annual operating expenses applicable to Fund's Class B Shares. The Fund's Institutional I Shares commenced operations on July 16, 1993. The Fund's Class B Shares annual returns would have been substantially similar to those of the Fund's Institutional I Shares because Shares of each class are invested in the same portfolio of securities.

MTB BALANCED FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Balanced Fund (Institutional I Shares) (the "Fund") from April 30, 1994 to April 30, 2004 compared to the Standard & Poor's 500 Index (S&P 500) and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	14.11 %
5 Years	1.59 %
10 Years	8.52 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and the LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500 and the LBAB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

MTB SOCIAL BALANCED FUND

Management's Discussion of Fund Performance

Finally, after three years of a down market, the investment winds have shifted from a negative gale to a gentle, more positive breeze. The economy gradually improved through the early part of 2003, then exploded in the third quarter as Gross Domestic Product rose over 8%. Overall the economy grew at a healthy 4% rate throughout 2003 and it appears to be growing at a similar rate in 2004. Equities responded to the improvement in the economy as the market appreciated over 18% in our fiscal year, which ended on April 30, 2004. The Fund had a superb year as it handsomely outpaced the Index, appreciating over 22% in our fiscal year. The last quarter was a bit unsteady for the markets as the fighting in Iraq intensified, and pundits began comparing the conflict to Vietnam. However, calendar first quarter earnings have been stronger than earlier forecasts and we feel this news should eventually move equities to a higher level.

The largest contributors to Fund performance in our fiscal year were Cognizant Technologies (an IT services provider) Eon Labs (a generic pharmaceutical company), and Western Wireless (a rural wireless provider). Each of these equities appreciated over 100%, and as you can see there was little in the way of symmetry among our top performers other than absolute appreciation. The Fund's worst-performing equities were Amgen (a biotechnology company), Kohl's (a department store), and Medimunne (another biotech company). Earnings shortfalls and litigation problems were the culprits that caused this group to fall over 10% over the past 12 months.

* High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

MTB Social Balanced Fund commenced operation pursuant to a Reorganization Plan between the MTB Funds and the ARK Funds, whereupon it acquired the following ARK Portfolios: ARK Social Issues Intermediate Fixed Income Portfolio, ARK Social Issues Blue Chip Equity Portfolio, ARK Social Issues Capital Growth Portfolio and ARK Social Issues Small Cap Equity Portfolio (collectively, the "Acquired Funds"). In order to comply with comments made by the staff of the SEC, MTB Social Balanced Fund had to become an "accounting survivor" of one of the Acquired Funds, despite the differences in the investment objective, strategies, policies and expenses of the Acquired Funds. Accordingly, the following financial and performance information presented for MTB Social Balanced Fund in reality reflects the historical operations of ARK Social Issues Intermediate Fixed Income Portfolio for all periods prior to the date of the Reorganization. This past performance does not necessarily predict future performance of MTB Social Balanced Fund and should be evaluated in light of the Fund's organization and the differences noted above.

MTB SOCIAL BALANCED FUND -INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $50,000¹ in the MTB Social Balanced Fund (the "Fund") from May 29, 2001 (start of performance) to April 30, 2004, compared to the Standard & Poor's 500 Index (S&P 500) and the Lehman Brothers Aggregate Bond Index (LBAB).²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	3.50%
Start of Performance (5/29/2001)	5.04%

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and the LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500 and the LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The indexes are unmanaged.

† The MTB Social Balanced Fund is the successor to the ARK Social Issues Intermediate Fixed Income Portfolio pursuant to a reorganization which took place on August 15, 2003. The information presented above, for the periods prior to August 15, 2003, is historical information for the ARK Social Issues Intermediate Fixed Income Portfolio.

MTB EQUITY INCOME FUND

Management's Discussion of Fund Performance

During its fiscal year ended April 30, 2004, the Fund slightly underperformed the 23% return of the Standard & Poor's 500 Index (S&P 500).* The most significant reasons for this were the Fund's 3-4% average cash position during the year, which diluted returns; and, the Fund's relative underweight in Technology, where there are few attractive dividend-paying stocks.

The most significant positive contributors to Fund performance were in the Financial and Consumer Staples sectors, and were driven by stock selection, particularly FleetBoston, Chubb, Allstate, and several real estate investment trusts. Other big contributors to Fund performance were Motorola and Philips Electronics. Individual stocks which detracted from performance included Newell Rubbermaid, Wyeth, and Knightsbridge Tankers. The Fund also lost ground relative to its benchmark in the Health Care sector, where the S&P 500 Index's biggest contributors were medical device and services stocks rather than the larger-cap pharmaceutical stocks that the Fund owns. The period was challenging for the Fund because the low-yielding Technology sector was one of the two biggest contributors to the market's return. But the Fund did hold a larger investment in Technology stocks than it has historically--an average of about 9% rather than about 5%--and the Fund's performance was helped modestly by that decision.

* The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.

MTB EQUITY INCOME FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Equity Income Fund (Class A Shares) (the "Fund") from November 18, 1996 (start of performance) to April 30, 2004, compared to the Standard & Poor's 500 Index (S&P 500) and the Lipper Equity Income Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	13.70 %
5 Years	(1.22 )%
Start of Performance (11/18/1996)	4.63 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and Lipper Equity Income Funds Average have been adjusted to reflect reinvestment of dividends on securities in the index and average.

2 The S&P 500 and the Lipper Equity Income Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable sales charges.

† The MTB Equity Income Fund is the successor to the ARK Equity Income Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Equity Income Portfolio.

MTB EQUITY INCOME FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Equity Income Fund (Class B Shares) (the "Fund") from August 25, 2003 (start of performance) to April 30, 2004, compared to the Standard & Poor's 500 Index (S&P 500) and the Lipper Equity Income Funds Average.²

Cumulative Total Return for the Period Ended April 30, 2004³

Start of Performance (8/25/2003)

6.39 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and Lipper Equity Income Funds Classification have been adjusted to reflect reinvestment of dividends on securities in the index and average.

2 The S&P 500 and the Lipper Equity Income Funds Classification are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB EQUITY INCOME FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Equity Income Fund (Institutional I Shares) (the "Fund") from November 18, 1996 (start of performance) to April 30, 2004, compared to the Standard & Poor's 500 Index (S&P 500) and the Lipper Equity Income Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	20.49 %
5 Years	0.05 %
Start of Performance (11/18/1996)	5.58 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and Lipper Equity Income Funds Classification has been adjusted to reflect reinvestment of dividends on securities in the index and average.

2 The S&P 500 and the Lipper Equity Income Funds Classification (average) are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

MTB LARGE CAP VALUE FUND

Management's Discussion of Fund Performance

For the 12 months ended April 30, 2004, the Fund lagged the Standard & Poor's 500 Barra Value Index (S&P 500/BV).* It proved a tough benchmark to beat as all sectors returned strong performance versus a weaker year ago period. Superior security selection in the important Financial sector (37% of the Index and 30% of the Fund) was the major contributor to overall performance, as Countrywide Financial, Capital One, and Bank of America (Fleet Boston) all benefited from improving credit trends, high levels of refinancing, and consolidation. Returns in the beleaguered Technology sector came back with a vengeance in the period as operating trends gradually improved, returning over 44% during the period with International Rectifier up over 75%. Altria and Macromedia were also significant outperformers. Fund performance was most negatively impacted by returns in the Consumer Discretionary sector as Newell Rubbermaid and Mattel continued to struggle with their respective turnarounds, and increased competitive pressures in the cable industry has hurt results at Cox Communications. The Fund's high cash position also detracted from performance in the period.

* The S&P 500/BV is a market capitalization-weighted index of the stocks in the S&P 500 Index having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. This index is unmanaged and investments cannot be made in an index.

MTB LARGE CAP VALUE FUND - CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Large Cap Value Fund (Class A Shares) (the "Fund") from September 26, 1997 (start of performance) to April 30, 2004, compared to the Standard and Poor's 500/Barra Value Index (S&P 500/BV).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	17.38 %
5 Years	(2.18 )%
Start of Performance (9/26/1997)	1.78 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500/BV has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500/BV is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable sales charges.

MTB LARGE CAP VALUE FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Large Cap Value Fund (Class B Shares) (the "Fund") from December 10, 1999 (start of performance) to April 30, 2004, compared to the Standard & Poor's 500/Barra Value Index (S&P 500/BV).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	18.08 %
Start of Performance (12/10/1999)	(0.73 )%

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 2.00% contingent deferred sales charge on any redemption less than 5 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemption less than 1 year from purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500/BV has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500/BV is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB LARGE CAP VALUE FUND - INSTITUTIONAL I SHARES

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Large Cap Value Fund (Institutional I Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Standard and Poor's 500/Barra Value Index (S&P 500/BV).²

Cumulative Total Return For The Period Ended April 30, 2004

Start of Performance (8/18/2003)

12.71 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500/BV has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500/BV is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

MTB EQUITY INDEX FUND

Management's Discussion of Fund Performance

In terms of specific components of the Standard & Poor's 500 Index (S&P 500)* performance, the biggest contributors were formerly beaten-up technology companies and basic material producers. The gainers included Novell, who benefited from a switch by many large corporations to Linux-based networks and Motorola, which saw a dramatic upturn in sales to cell phone providers. Louisiana Pacific was the biggest gainer in the materials space, as the demand seen for building materials was unprecedented. The biggest losers included the airlines, which had tough going due to terrorism fears and higher oil costs, as well as company-specific problems hurting Qlogic and Winn Dixie.

In terms of performance, the Fund had a disappointing twelve months ended April 30, 2004. Several large redemptions as well as a slight cash drag in a strong upward market hurt our performance. We continue to vigilantly rebalance the Fund, attempting to closely replicate the holdings in the S&P 500 and therefore very closely track the performance of the Index.

MTB EQUITY INDEX FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Equity Index Fund (Class A Shares) (the "Fund") from November 3, 1997 (start of performance) to April 30, 2004 compared to the S&P 500 Index (S&P 500).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	14.99 %
5 Years	(3.62 )%
Start of Performance (11/3/1997)	2.97 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable sales charges.

† The MTB Equity Index Fund is the successor to the ARK Equity Index Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Equity Index Portfolio.

MTB EQUITY INDEX FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Equity Index Fund (Class B Shares) (the "Fund") from August 25, 2003 (start of performance) to April 30, 2004 compared to the Standard & Poor's 500 Index (S&P 500).²

Cumulative Total Returns for the Period Ended April 30, 2004³

Start of Performance (8/25/2003)

6.70 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB EQUITY INDEX FUND -INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Equity Index Fund (Institutional I Shares) (the "Fund") from October 1, 1997 (start of performance) to April 30, 2004 compared to the Standard & Poor's 500 Index (S&P 500).²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	22.06 %
5 Years	(2.26 )%
Start of Performance (10/1/1997)	3.75 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

MTB LARGE CAP STOCK FUND

Management's Discussion of Fund Performance

The Fund's Institutional I Class shares returned 22.35% based on net asset value (NAV); Class A shares returned 22.16% based on net asset value (NAV) or 15.51% adjusted for the Fund's 5.5% maximum sales charge; and Class B shares returned 21.16% based on NAV or 16.16% adjusted for the Fund's 5% maximum contingent deferred sales charge, for the twelve months ended April 30, 2004.* These returns compare with a 22.88% total return for the S&P 500 Index,** a commonly referenced unmanaged index of large capitalization stocks. During this same period the Lipper Large Cap Core Funds Average*** returned 20.96%.

The Fund was created on August 15, 2003 as a result of combining three distinct predecessor mutual funds. For the year ended April 30, 2004, the combined Fund slightly underperformed its benchmark primarily due to the underperformance of one of the three component funds, the ARK Value Equity Fund.

Using the combined weighted average holdings of the three component funds, Fund performance was most negatively affected by an overweight in Wyeth, CarMax, and Ball Corp. and underweight positions in Altria and Intel.

Using the combined weighted average holdings of the three component funds, Fund performance was most positively affected by an overweight in Corning, Agere, and Solectron and underweight positions in Merck and Johnson & Johnson.

* Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For most recent month-end performance, visit www.mtbfunds.com or call 1-800-836-2211.

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective categories indicated. These figures do not reflect sales charges.

MTB LARGE CAP STOCK FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Large Cap Stock Fund (Class A Shares) (the "Fund") from April 1, 1996 (start of performance) to April 30, 2004 compared to the Standard & Poor's 500 Index (S&P 500), the S&P 500/Barra Value Index (S&P 500/BV) and the Lipper Large Cap Core Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	15.51 %
5 Years	(2.57 )%
Start of Performance (4/1/1996)⁴	6.28 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, S&P 500/BV and Lipper Large Cap Core Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The S&P 500 and S&P 500/BV are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

4 The Fund's Class A and Class B Shares start of performance date was April 1, 1996. Performance presented prior to March 30, 1998 reflects the performance of the Marketvest Equity Fund Shares, which were offered beginning April 1, 1996. The assets of the Marketvest fund were reorganized into the predecessor ARK Fund in 1998 following the acquisition by Allfirst Financial Inc. of Dauphin Deposit Corporation. The start of performance date was April 1, 1998. Class A Shares of the Fund were offered beginning April 1, 1998. Performance results shown before that date are for the Fund's Institutional I Shares and have been adjusted for the maximum sales charge and total annual operating expenses applicable to the Fund's Class A Shares.

† The MTB Large Cap Stock Fund is the successor to the ARK Value Equity Portfolio pursuant to a reorganization which took place on August 15, 2003. The information presented above, for the periods prior to August 15, 2003, is historical information for the ARK Value Equity Portfolio.

MTB LARGE CAP STOCK FUND - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Large Cap Stock Fund (Class B Shares) (the "Fund") from April 1, 1996 (start of performance) to April 30, 2004 compared to the Standard & Poor's 500 Index (S&P 500), the S&P 500/Barra Value Index (S&P 500/BV) and the Lipper Large Cap Core Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	16.16 %
5 Years	(2.44 )%
Start of Performance (4/1/1996)⁴	5.88 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund does not reflect a contingent deferred sales charge on any redemption over 7 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, S&P 500/BV and Lipper Large Cap Core Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The S&P 500, S&P 500/BV and Lipper Large Cap Core Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

4 The Fund's Class A and Class B Shares start of performance date was April 1, 1996. Performance presented prior to March 30, 1998 reflects the performance of the Marketvest Equity Fund Shares, which were offered beginning April 1, 1996. The assets of the Marketvest fund were reorganized into the predecessor ARK Fund in 1998 following the acquisition by Allfirst Financial Inc. of Dauphin Deposit Corporation. The start of performance date was April 1, 1996. Class B Shares of the Fund were offered beginning September 14, 1998. Performance results shown before that date are for the Fund's Institutional I Shares and have been adjusted for the maximum CDSC and total annual operating expenses applicable to the Fund's Class B Shares.

MTB LARGE CAP STOCK FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Large Cap Stock Fund (Institutional I Shares) (the "Fund") from April 1, 1996 (start of performance) to April 30, 2004 compared to the Standard & Poor's 500 Index (S&P 500), the S&P 500/Barra Value Index (S&P 500/BV) and the Lipper Large Cap Core Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	22.35 %
5 Years	(1.34 )%
Start of Performance (4/1/1996)³	7.12 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, S&P 500/BV and Lipper Large Cap Core Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

3 The Fund's Institutional I Shares start of performance date was April 1, 1996. Performance presented prior to March 30, 1998 reflects the performance of the Marketvest Equity Fund Shares, which were offered beginning April 1, 1996. The assets of the Marketvest fund were reorganized into the Fund in 1998 following the acquisition by Allfirst Financial Inc. of Dauphin Deposit Corporation.

MTB LARGE CAP GROWTH FUND

Management's Discussion of Fund Performance

For the twelve months ended April 30, 2004, the Fund underperformed its large-cap growth benchmark. During the spring and summer of 2003, accommodative monetary and fiscal policy coincided with a relatively quick end to major hostilities in Iraq, convincing investors that a double-dip economic scenario was unlikely. As the level of optimism grew in the market, investors continued to rotate out of high-quality and large-cap stocks into low-quality and small-cap issues. While technology was a clear winner (up 49.5% during calendar 2003 for the Russell 1000 Growth Index* sector) among sectors during 2003, we maintained an underweight position in technology for most of 2003 in accordance with our valuation discipline. While we would like to own more of certain high-quality technology stocks, the industry remains subject to excess capacity and a very weak pricing environment. Our overweight position in Health Care (up 18.7% for the Russell 1000 Growth sector) and Consumer Staples (up 11.0% for the Russell 1000 Growth sector) also negatively affected relative Fund performance during calendar 2003 as investors rotated out of these more consistent earning companies and into those the market environment favored for the majority of 2003: more leverage and less predictable earnings growth.

A shift in investor preference began to emerge in late 2003. This shift in investors' attitude towards risk became more pronounced on January 28, 2004 with the shift in the Federal Reserve Board's ("Fed") risk assessment of the U.S. economy. The Board of Governors dropped their commitment to holding interest rates low for "a considerable period," but stated, "With inflation quite low and resource use slack, the Committee believes it can be patient in removing its policy accommodation." This Fed statement confirmed the shift in the market's focus and helped to support the trend toward validation of higher quality companies in the market. Accordingly, the Fund outperformed its benchmark and peers in the first calendar quarter of 2004 as well as in April 2004.

While we were not overweighted in Technology stocks during our fiscal year, the two best contributors to Fund performance during this period were technology stocks: Qualcomm and Electronic Arts. We continue to own both of these. Other holdings positively contributing to performance included cyclical growth company Caterpillar; energy service provider Schlumberger; and biotechnology company Genentech. We continue to own all of these stocks as well. The Fund's performance was negatively affected by Kohl's, Newell Rubbermaid, and Colgate. We have eliminated the Newell Rubbermaid position in its entirety. In the case of Kohl's, we have reduced the position, but believe that the long-term fundamental reasons for purchasing the stock remain intact: high quality balance sheet and management combined with ample geographical expansion opportunities. Unusual weather patterns during 2003 and the resulting slower retail traffic and inventory issues have taken longer to correct than we estimated. However, we believe management is taking the correct steps to position the company for attractive growth going forward. Colgate experienced what we believe to have been a temporary setback with its teeth-whitening product, but appears more recently to be back on track to produce solid double digit earnings growth.

* The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged and investments cannot be made in an index.

MTB LARGE CAP GROWTH FUND - CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Large Cap Growth Fund (Class A Shares) (the "Fund") from March 19, 2000 (start of performance) to April 30, 2004, compared to the Standard & Poor's 500 Index (S&P 500), the Russell 1000 Index (Russell 1000) and the Standard & Poor's 500/Barra Growth Index (S&P 500/BG).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	7.50 %
Start of Performance (3/19/2000)	(7.71)%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, Russell 1000 and the S&P 500/BG have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500, Russell 1000 and the S&P 500/BG are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

MTB LARGE CAP GROWTH FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Large Cap Growth Fund (Class B Shares) (the "Fund") from April 6, 2000 (start of performance) to April 30, 2004, compared to the Standard & Poor's 500 Index (S&P 500), the Russell 1000 Index (Russell 1000) and the Standard & Poor's 500/Barra Growth Index (S&P 500/BG).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	7.94%
Start of Performance (4/6/2000)	(8.48)%

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 2.00% contingent deferred sales charge on any redemption less than 5 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemptions less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, Russell 1000 and the S&P 500/BG have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 500, Russell 1000 and the S&P 500/BG are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB LARGE CAP GROWTH FUND - INSTITUTIONAL I SHARES

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Large Cap Growth Fund (Institutional I Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Standard & Poor's 500 Index (S&P 500), the Russell 1000 Index (Russell 1000) and the Standard & Poor's 500/Barra Growth Index (S&P 500/BG).²

Cumulative Total Return for the Period Ended April 30, 2004

Start of Performance (8/18/2003)

7.80%

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, Russell 1000 and the S&P 500/BG has been adjusted to reflect reinvestment of dividends on securities in the indexes.

MTB MULTI CAP GROWTH FUND

Management's Discussion of Fund Performance

During the last fiscal year, the Fund outperformed the Russell 1000 Growth Index* primarily as a result of overweighting the Consumer Discretionary sector and good stock selection within the Health Care sector. Strong stock performance within the Consumer Discretionary sector included homebuilders [D.R. Horton (up 84%), Lennar (up 74%), Toll Brothers (up 70%), and Centex (up 59%)] as well as auto parts supplier Lear (up 54%) and new media company XM Satellite Radio (up more than 100%). Good stock selection within Health Care included Caremark (up 70%), Biogen Idec (up 69%), and Genentech (up 52%). Fund performance was negatively affected by Ryanair Holding (down 16%), Freddie Mac (down 5%), and Calypte Biomedical (down 59%) as well as by not owning Altria (the "old" Philip Morris--up 90%).

Given the recent stock market reaction to better than expected employment numbers (i.e., as sell-off of interest-sensitive stocks), we believe that the Financial sector may represent the most attractive growth and value area of the stock market. Consequently, we have increased our exposure to Financials such as Citigroup, Mills Corporation and Developers Diversified Reality (both retail-based real estate investment trusts) and Countrywide Credit (residential mortgage portfolio and origination).

MTB MULTI CAP GROWTH FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Multi Cap Growth Fund (Class A Shares) (the "Fund") from April 30, 1994 to April 30, 2004, compared to the Standard & Poor's 500 Index (S&P 500), Russell 2000 Growth Index (Russell 2000 Growth) and Lipper Multi Cap Growth Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	14.59 %
5 Years	(3.60)%
10 Years	8.40 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, Russell 2000 Growth and Lipper Multi Cap Growth Funds Average has been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The S&P 500, Russell 2000 Growth and Lipper Multi Cap Growth Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

† The MTB Multi Cap Growth Fund is the successor to the ARK Capital Growth Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Capital Growth Portfolio.

MTB MULTI CAP GROWTH FUND - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Multi Cap Growth Fund (Class B Shares) (the "Fund") from April 30, 1994 to April 30, 2004, compared to the Standard & Poor's 500 Index (S&P 500), Russell 2000 Growth Index (Russell 2000 Growth) and Lipper Multi Cap Growth Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	15.40 %
5 Years	(3.53 )%
10 Years⁴	7.94 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund does not reflect a contingent deferred sales charge on any redemption over 7 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, Russell 2000 Growth and Lipper Multi Cap Growth Funds Average has been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The S & P 500 Index, Russell 2000 Growth and Lipper Multi Cap Growth Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

4 The start of performance date was July 16, 1993. Class B Shares of the Fund were offered beginning September 14, 1998. Performance results shown before that date are for the Fund's Institutional I Shares and have been adjusted for the maximum CDSC and total annual operating expenses applicable to the Fund's Class B Shares. The Fund's Institutional I Shares commenced operations on July 16, 1993. The Fund's Class B Shares annual returns would have been substantially similar to those of the Fund's Institutional I Shares because Shares of each class are invested in the same portfolio of securities.

MTB MULTI CAP GROWTH FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Multi Cap Growth Fund (Institutional I Shares) (the "Fund") from April 30, 1994 (start of performance) to April 30, 2004, compared to the Standard & Poor's 500 Index (S&P 500), Russell 2000 Growth Index (Russell 2000 Growth) and Lipper Multi Cap Growth Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	21.47 %
5 Years	(2.36 )%
10 Years	9.22 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, Russell 2000 Growth and Lipper Multi Cap Growth Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The S&P 500, Russell 2000 Growth and Lipper Multi Cap Growth Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

MTB MID CAP STOCK FUND

Management's Discussion of Fund Performance

Over the year ended April 30, 2004, it is safe to say that the equity markets had a strong performance run. There was a substantial range in returns across the capitalization spectrum. The S&P Midcap 400 Index* posted a gain of 34.44%, outperforming the S&P 500 Index** return of 22.88%. The style dominance was somewhat mixed as there was a distinct shift between the beginning and end of the period. During this time, the Fund was able to participate in this positive return environment, with the Fund's Class A, B and Institutional I Shares returning 26.03%, 24.94% and 14.31%, respectively.***

The period began in the midst of a speculative market environment in which many low-quality companies with relatively poor earning outlooks outperformed based on the belief that if they survived the latest recession, they would survive going forward and therefore seemed undervalued. Staying true to our investment philosophy of buying stocks that possess the right combination of attractive valuation and improving fundamentals, we tended to avoid these speculative stocks, which hurt relative Fund performance during the period.

While small capitalization stocks^† have had a strong run in the past year, up 42.01% as measured by the Russell 2000 Index,^†† these names have appeared overvalued comparatively. This led the portfolio to be more heavily weighted toward the larger cap spectrum which appeared to have more attractive valuations. This position detracted from the Fund's performance.

Although the effects of sector weights were relatively minor overall, the Fund benefited by underweighting the Transportation and Utility sectors as well as overweighting Retails given the resilience of the U.S. consumer. An overweight to the Energy sector was the lone significant sector-based detractor to returns driven by continued overseas turmoil and higher fuel prices.

The Fund benefited from strong stock selection in Industrials, as this group performed well due to a rebound in U.S. manufacturing driven by an increase in air traffic and widespread increases in Technology spending. Names of note include Rockwell Automation, Precision Castparts, and American Power Conversion. Holdings within Health Care were also strong with our focus on firms with differentiated products with positive earnings potential. Both Pacificare and Davita increased earnings projections for the remainder of the year and turned in strong results.

However, these results were not enough to offset misses in Financials and Technology. With an expectation of rising interest rates, the markets feared a slowdown in the housing market. For this reason, performance for mortgage-related companies such as First Tennessee and Old Republic was soft. Within the Technology sector, stocks like Novellus and Veritas detracted from performance as high-quality companies with consistent cash flow underperformed while investors bid up more speculative technology names.

* The S&P Mid Cap 400 Index is an unmanaged capitalization-weighted index of common stocks representing all major industries in the mid range of the U.S. stock market. Investments cannot be made in an index.

** The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.

*** Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return for Class A Shares was 19.13%, adjusted for the fund's sales charge, and the total return for Class B Shares was 19.94%, adjusted for the fund's contingent deferred sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For most recent month-end performance, visit www.mtbfunds.com or call 1-800-836-2211.

† Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

†† The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. The index is unmanaged and investments cannot be made in an index.

MTB Mid Cap Stock Fund commenced operations on October 15, 1999, when it acquired both VISION Growth and Income Fund and VISION Capital Appreciation Fund (the "Acquired Funds") in a reorganization. In order to comply with comments made by the staff of the SEC, Mid Cap Stock Fund had to become an "Accounting Survivor" of one of the Acquired Funds, despite the differences in the investment objective, strategies, policies and expenses of the Acquired Funds, and the fact that Mid Cap Stock Fund's sub-advisor never managed, or provided any investment advice to, the Acquired Funds. Accordingly, the following financial and performance information presented for Mid Cap Stock Fund in reality reflects the historical operations of VISION Growth and Income Fund for all periods prior to October 15, 1999. This past performance does not necessarily predict future performance of Mid Cap Stock Fund and should be evaluated in light of the Fund's organization and the differences noted above.

MTB MID CAP STOCK FUND - CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Mid Cap Stock Fund (Class A Shares) (the "Fund") from April 30, 1994 to April 30, 2004, compared to the Standard & Poor's Mid Cap 400 Index (S&P Mid Cap 400) and the Russell Mid Cap Index (RMC).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	19.13 %
5 Years	4.54 %
10 Years	9.37 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P Mid Cap 400 and the RMC have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P Mid Cap 400 and the RMC are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

MTB MID CAP STOCK FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Mid Cap Stock Fund (Class B Shares) (the "Fund") from March 16, 2000 (start of performance) to April 30, 2004, compared to the Standard & Poor's Mid Cap 400 Index (S&P Mid Cap 400) and the Russell Mid Cap Index (RMC).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	19.94 %
Start of Performance (3/16/2000)	3.12 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 2.00% contingent deferred sales charge on any redemption less than 5 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemptions less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P Mid Cap 400 and the RMC have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P Mid Cap 400 and the RMC are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB MID CAP STOCK FUND - INSTITUTIONAL I SHARES

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Mid Cap Stock Fund (Institutional I Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Standard & Poor's Mid Cap 400 Index (S&P Mid Cap 400) and the Russell Mid Cap Index (RMC).²

Cumulative Total Return for the Period Ended April 30, 2004

Start of Performance (8/18/2003)

14.31 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P Mid Cap 400 and RMC have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P Mid Cap 400 and the RMC are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

MTB MID CAP GROWTH FUND

Management's Discussion of Fund Performance

The Fund's Institutional I Class shares returned 33.17% based on net asset value (NAV) for the fiscal year ended April 30, 2004, while Class A shares returned 32.91% based on NAV or 25.61% adjusted for the Fund's 5.5% maximum sales charge and Class B Shares returned 14.31% based on NAV or 9.31% adjusted for the Fund's 5.00% contingent deferred sales charge over the same period.* This compares with a 29.20% total return over the same period for the S&P Mid-Cap 400/Barra Growth Index,** a commonly referenced unmanaged index of mid-capitalization growth stocks. During this same period the Lipper Mid-Cap Growth Fund Average returned 25.61%.***

The results reflect successful stock selection across many industries. Health Care was a notable contributor to Fund performance, with standout performance from Biotechnology companies (Biogen Idec Pharmaceuticals Inc. and Protein Design Labs Inc.) and Service providers (Cerner Corp. and AMERIGROUP Corp.) The next largest contributions came from Financials (Greater Bay Bancorp and Countrywide Financial Corp.) and Industrials (United Rentals Inc.). Information Technology also performed well with Semi-Conductors (Skyworks Solutions Inc.) and Software (Symantec Corp. and Novell Inc.) more than compensating for the negative impact of Sandisk Corp.

Overall, the Consumer Discretionary sector had a neutral impact on performance. Unfortunately weak choices in retail (Dollar Tree Stores Inc. and CarMax Inc.) and not owning Coach Inc. absorbed the positive contribution of many good selections in this sector. The largest negative contributions to Fund performance by sector came from our significant overweight in Energy and Utilities, as well as high cash balances carried through much of the early part of the year. The Energy and Utility positions reflected the fund's legacy as a mid-cap core fund. With the adjustment in the Fund's investment objective after the August 2003 merger of the ARK Funds and VISION Funds, these positions have been steadily redeployed to fund holdings of mid-cap companies offering superior long-term growth prospects.

** The S&P Mid-Cap 400/Barra Growth Index is an unmanaged market capitalization-weighted index of mid cap stocks having the highest price to book ratios.

MTB MID CAP GROWTH FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Mid Cap Growth Fund (Class A Shares) (the "Fund") from November 18, 1996 (start of performance) to April 30, 2004, compared to the Standard & Poor's Mid Cap 400 Index (S&P Mid Cap 400), Standard & Poor's Mid Cap 400/Barra Growth Index (S&P Mid Cap 400/BG), and the Lipper Mid Cap Growth Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	25.61 %
5 Years	4.45 %
Start of Performance (11/18/1996)	9.84 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P Mid Cap 400, S&P Mid Cap 400/BG and Lipper Mid Cap Growth Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The S&P Mid Cap 400, S&P Mid Cap 400/BG and Lipper Mid Cap Growth Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

† The MTB Mid Cap Growth Fund is the successor to the ARK Mid Cap Equity Portfolio pursuant to a reorganization which took place August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Mid Cap Equity Portfolio.

MTB MID CAP GROWTH FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Mid Cap Growth Fund (Class B Shares) (the "Fund") from August 25, 2003 (start of performance) to April 30, 2004, compared to the Standard & Poor's Mid Cap 400 Index (S&P Mid Cap 400), Standard & Poor's Mid Cap 400/Barra Growth Index (S&P Mid Cap 400/BG), and the Lipper Mid Cap Growth Funds Average.²

Cumulative Total Return for the Period Ended April 30, 2004³

Start of Performance (8/25/2003)

9.31%

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 5.00% contingent deferred sales charge on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P Mid Cap 400, S&P Mid Cap 400/BG and Lipper Mid Cap Growth Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The S&P Mid Cap 400, S&P Mid Cap 400/BG and Lipper Mid Cap Growth Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB MID CAP GROWTH FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Mid Cap Growth Fund (Institutional I Shares) (the "Fund") from November 18, 1996 (start of performance) to April 30, 2004, compared to the Standard & Poor's Mid Cap 400 Index (S&P Mid Cap 400), Standard & Poor's Mid Cap 400/Barra Growth Index (S&P Mid Cap 400/BG), and the Lipper Mid Cap Growth Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	33.17 %
5 Years	5.97 %
Start of Performance (11/18/1996)	11.01 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P Mid Cap 400, S&P Mid Cap 400/BG and Lipper Mid Cap Growth Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

† The MTB Mid Cap Growth Fund is the successor to the ARK Mid Cap Equity Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Mid Cap Equity Portfolio.

MTB SMALL CAP STOCK FUND

Management's Discussion of Fund Performance

LSV Asset Management

LSV Asset Management (LSV) serves as sub-advisor for the value portion of the Fund. Their management discussion and analysis follows:

LSV's portion of the Fund's assets performed well on an absolute and relative basis during the year ended April 30, 2004. LSV does not attempt to time the market and stayed fully invested throughout the year in small-cap equities.* The value portion of the Fund is well diversified within the asset class of small-cap value, holding more than 110 stocks, with controlled industry and sector exposures. We kept up in the rapidly rising market with most of our value added coming from individual stock selection. Early in the fiscal year, lower-quality stocks led the market, as stocks with negative earnings or no earnings performed very well. We typically have little, if any, exposure to stocks with no earnings. Later in the year, our deep value bias helped results as value was generally in favor from September through March.

Our strong stock selection was not limited to one or two sectors, as winners came from a variety of areas. In the Health Care sector, Valeant Pharmaceuticals (formerly ICN Pharmaceuticals) was up nearly 200% while US Oncology and Pacificare Health Systems doubled in the period. Several holdings of homebuilders and other consumer stocks (e.g. 7-Eleven, Landry's Steakhouse) also posted strong results. In addition, several financial names also made strong contributions to our outperformance.

Mazama Capital Management, Inc.

Mazama Capital Management, Inc. serves as sub-advisor for the growth portion of the Fund. Their management discussion and analysis follows:

The Fund's growth portion substantially outperformed its benchmark Russell 2000 Growth Index** for the 12-month period ended April 30, 2004. The Financial Services sector was the biggest contributor to the growth portion's performance over the period, adding over 690 basis points to our excess returns. Technology was a close second, contributing over 680 basis points to our excess returns. Detracting from performance for the period were the Consumer Discretionary and Producer Durables sectors. The Consumer Discretionary stocks detracted 219 basis points from performance and our Producer Durables stocks detracted an additional 39 basis points.

As always, security selection remains the dominant driver behind our excess returns, despite greater diversification in the portfolio. For the twelve months ended April 30, 2004, performance of the growth portion of the Fund was directly attributable to security selection.

* Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

** The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. This index is unmanaged and investments cannot be made in an index.

MTB SMALL CAP STOCK FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Small Cap Stock Fund (Class A Shares) (the "Fund") from July 1, 1994 (start of performance) to April 30, 2004, compared to the Russell 2000 Index ("Russell 2000").²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	39.14 %
5 Years	9.68 %
Start of Performance (7/1/1994)	11.87 %

¹ Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). Effective January 8, 2001, the maximum sales charge increased to 5.50%. The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 2000 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The Russell 2000 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The index is unmanaged.

³ Total returns quoted reflect all applicable sales charges.

† The MTB Small Cap Stock Fund is the successor to the Governor Aggressive Growth Fund pursuant to the reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor Aggressive Growth Fund. The quoted performance of MTB Small Cap Stock Fund includes performance of certain predecessor collective trust fund ("commingled") accounts for periods dating back to 7/1/94 and prior to the Small Cap Stock Fund's commencement of operations on 2/3/97, as adjusted to reflect the expenses associated with the Fund. The commingled accounts were not registered with the SEC and, therefore, were not subject to the investment restrictions imposed by law on registered mutual funds. If the commingled accounts had been registered, the commingled accounts' performance may have been adversely affected.

MTB SMALL CAP STOCK FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Small Cap Stock Fund (Class B Shares) (the "Fund") from January 10, 2001 (start of performance) to April 30, 2004, compared to the Russell 2000 Index ("Russell 2000").²

Average Annual Total Returns for the Periods Ended April 30, 2004³

1 Year	40.99 %
Start of Performance (1/10/01)	9.03 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 3.00% contingent deferred sales charge on any redemption less than 4 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemptions less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 2000 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The Russell 2000 is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB SMALL CAP STOCK FUND - INSTITUTIONAL I SHARES

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Small Cap Stock Fund (Institutional I Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Russell 2000 Index ("Russell 2000").²

Cumulative Total Return for the Periods Ended April 30, 2004

Start of Performance (8/18/03)

20.36%

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 2000 has been adjusted to reflect reinvestment of dividends on securities in the index.

² The Russell 2000 is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

MTB SMALL CAP GROWTH FUND

Management's Discussion of Fund Performance

Small cap stocks* woke up during the year ended April 30, 2004 with Financials, Information Technology and Telecommunication Services leading the charge. To the surprise of many during the fourth quarter, low quality stocks that were left for dead suddenly became performance positive darlings. Our higher weighting in the Information Technology sector was assisted by the selection of stocks like SanDisk Corp., Cognizant Technology Solutions, Given Imaging Ltd and Akamai Technologies Inc. Health Care, a normal staple, actually became a detractor with stocks like Possis Medical Inc. and Calypte Biomedical Corp.

* Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

MTB SMALL CAP GROWTH FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Small Cap Growth Fund (Class A Shares) (the "Fund") from July 13, 1995 (start of performance) to April 30, 2004, compared to the Russell 2000 Index ("Russell 2000"), Russell 2000 Growth Index ("Russell 2000 Growth") and Lipper Small Cap Core Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	38.14 %
5 Years	14.67 %
Start of Performance (7/13/1995)⁴	15.74 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 2000, Russell 2000 Growth and Lipper Small Cap Core Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

² The Russell 2000 Index, Russell 2000 Growth Index and Lipper Small Cap Core Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable sales charges.

4 The start of performance date was July 13, 1995. Class A Shares of the Fund were offered beginning May 16, 1996. Performance results shown before that date are for the Fund's Institutional I Shares and have been adjusted for the maximum sales charge and total annual operating expenses applicable to the Fund's Class A Shares. The Fund's Institutional I Shares commenced operations on July 13, 1995. The Fund's Class A Shares annual returns would have been substantially similar to those of the Fund's Institutional I Shares because Shares of each class are invested in the same portfolio of securities.

† The MTB Small Cap Growth Fund is the successor to the ARK Small Cap Equity Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Small Cap Equity Portfolio.

MTB SMALL CAP GROWTH FUND - CLASS B SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Small Cap Growth Fund (Class B Shares) (the "Fund") from July 13, 1995 (start of performance) to April 30, 2004, compared to the Russell 2000 Index ("Russell 2000"), Russell 2000 Growth Index ("Russell 2000 Growth") and Lipper Small Cap Core Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	40.12 %
5 Years	14.92 %
Start of Performance (7/13/1995)⁴	15.56 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund does not reflect a contingent deferred sales charge on any redemption over 7 years from purchase date. The maximum contingent deferred sales charge is 5.00% on any redemptions less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 2000, Russell 2000 Growth and Lipper Small Cap Core Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The Russell 2000, Russell 2000 Growth and Lipper Small Cap Core Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

4 The start of performance date was July 13, 1995. Performance results shown are for the Fund's Institutional I Shares and have been adjusted for the maximum CDSC and total annual operating expenses applicable to the Fund's Class B Shares. The Fund's Institutional I Shares commenced operations on July 13, 1995. The Fund's Class B Share annual returns would have been substantially similar to those of the Fund's Institutional I Shares because Shares of each class are invested in the same portfolio of securities.

MTB SMALL CAP GROWTH FUND - CLASS C SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB Small Cap Growth Fund (Class C Shares) (the "Fund") from July 13, 1995 (start of performance) to April 30, 2004, compared to the Russell 2000 Index ("Russell 2000"), Russell 2000 Growth Index ("Russell 2000 Growth") and Lipper Small Cap Core Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	44.22%
5 Years	14.86%
Start of Performance (7/13/1995)	15.30 %

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund does not reflect a contingent deferred sales charge on any redemption over one year from purchase date. The maximum contingent deferred sales charge is 1.00% on any redemptions less than 1 year from purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 2000, Russell 2000 Growth and Lipper Small Cap Core Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

3 Total returns quoted reflect all applicable sales charges.

MTB SMALL CAP GROWTH FUND - INSTITUTIONAL I SHARES^†

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB Small Cap Growth Fund (Institutional I Shares) (the "Fund") from July 13, 1995 (start of performance) to April 30, 2004, compared to the Russell 2000 Index ("Russell 2000"), Russell 2000 Growth Index ("Russell 2000 Growth") and Lipper Small Cap Core Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2004

1 Year	46.41 %
5 Years	16.10 %
Start of Performance (7/13/1995)	16.71 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 2000, Russell 2000 Growth and Lipper Small Cap Core Funds Average have been adjusted to reflect reinvestment of dividends on securities in the indexes and average.

2 The Russell 2000 Index, Russell 2000 Growth Index and Lipper Small Cap Core Funds Average are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged.

MTB INTERNATIONAL EQUITY FUND

Management's Discussion of Fund Performance

While the Fund generated solid absolute returns for the 12 months ended April 30, 2004, it lagged its benchmark. This was largely the result of the strong performance of more speculative stocks during the first nine months of the period.

Historically, low-cost, low-quality stocks tend to outperform during the early stages of an economic recovery. Investors are drawn to their depressed prices and their potential to produce immediate profits in a recovery period. Our analysis determined, however, that many of these higher-risk securities, such as those in the technology hardware and semiconductors areas, did not appear to have long-term investment merit and were deemed inappropriate for the Fund. Instead, our investment process guided us toward fundamentally sound companies in a variety of industries.

While this detracted from relative Fund performance for much of the reporting period, the end of the fiscal year saw investors shift their emphasis from more speculative to higher-quality companies. While interest rates were still low and easy credit was available, investors appeared to focus more on valuations, earnings and cash flow. This higher-quality bias served to enhance results toward the end of the period.

From a sector perspective, we held an overweight position in Health Care throughout much of the period. In particular, we identified opportunities in select pharmaceutical companies that we believed offered attractive valuations and the potential to deliver long-term sustainable growth. In contrast, based on our research, we opted to avoid most securities in the Insurance and Diversified Financial Services sectors. Within Consumer Staples, we found opportunities in European food, beverage and tobacco stocks.* These stocks initially lagged the market due to their defensive nature. However, given their steady cash flows they benefited when more speculative securities lost some of their luster as the period progressed.

Alternately, we underweighted some sectors whose valuations reflected the fact that they had a run of strong performance, including Technology Hardware. For example, Technology Hardware stocks benefited from the low quality trend in the market in 2003. As a result, our underweight to the sector ultimately proved to be a primary factor behind the Fund's relative underperformance over the period as a whole. Despite this area's retreat late in the period, we still find few stocks even neutrally valued. Furthermore, forecasts for Information Technology-related capital expenditures have continued to decline and valuations are not compelling.

Geographically, the Fund's weightings reflected our sector and regional views. Overweights to continental Europe and the UK were a result of both stock-specific views and the attractive valuations of those markets. We underweighted Germany, because many of the companies in this space are significantly leveraged (both financially and economically), and because we felt its deep cyclical structure was not attractively valued. While the outperformance of Germany in 2003 detracted from results, this positioning helped relative returns when, more recently, Germany's market began to lag due, in part, to its anemic economy. An underweight to Japan also hurt relative results, as its stock market surged on hopes of a sustained economic recovery. However, we increased the Fund's exposure over the period when we found some buying opportunities in the export sector.

* International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

MTB INTERNATIONAL EQUITY FUND - CLASS A SHARES^†

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB International Equity Fund (Class A Shares) (the "Fund") from February 9, 1999 (start of performance) to April 30, 2004, compared to the Morgan Stanley Capital International -- Europe, Australasia and Far East Index (MCSI-EAFE).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	23.69 %
5 Years	(0.36 )%
Start of Performance (2/9/1999)	1.00 %

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). Effective January 8, 2001, the maximum sales charge increased to 5.50%. The Fund's performance assumes the reinvestment of all dividends and distributions. The MSCI-EAFE has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The MCSI-EAFE is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable sales charges.

† The MTB International Equity Fund is the successor to the Governor International Equity Fund pursuant to the reorganization that took place on January 8, 2001. The information presented above, for the periods prior to January 8, 2001, is historical information for the Governor International Equity Fund.

MTB INTERNATIONAL EQUITY FUND - CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the MTB International Equity Fund (Class B Shares) (the "Fund") from January 10, 2001 (start of performance) to April 30, 2004, compared to the Morgan Stanley Capital International -- Europe, Australasia and Far East Index (MCSI-EAFE).²

Average Annual Total Returns for the Period Ended April 30, 2004³

1 Year	24.80 %
Start of Performance (1/10/2001)	(1.93)%

1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a maximum 3.00% contingent deferred sales charge on any redemption less than 4 years from the purchase date. The maximum contingent deferred sales charge is 5.00% on any redemptions less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. MSCI-EAFE has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The MCSI-EAFE is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

3 Total returns quoted reflect all applicable contingent deferred sales charges.

MTB INTERNATIONAL EQUITY FUND - INSTITUTIONAL I SHARES

The graph below illustrates the hypothetical investment of $100,000¹ in the MTB International Equity Fund (Institutional I Shares) (the "Fund") from August 18, 2003 (start of performance) to April 30, 2004, compared to the Morgan Stanley Capital International -- Europe, Australasia and Far East Index (MCSI-EAFE).²

Cumulative Total Return for the Period Ended April 30, 2004

Start of Performance (8/18/2003)

18.42 %

1 The Fund's performance assumes the reinvestment of all dividends and distributions. MSCI-EAFE has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The MCSI-EAFE is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged.

MTB Intermediate-Term Bond Fund

	Principal
Description	Amount			Value

ASSET-BACKED SECURITIES – 2.9%
Ford Credit Auto Owner Trust 2002-B,
Class A4, 4.750%, 8/15/2006		$	1,000,000	$	1,032,340

GMAC Mortgage Corp. Loan Trust 2002-HE2,
Class A4, 6.000%, 6/25/2027			815,161		826,222

Household Automotive Trust 2002-2, Class
A3, 2.850%, 3/19/2007			912,034		918,755

Residential Asset Securities Corp. 2002-KS6,
Class AI3, 3.580%, 12/25/2026			1,250,000		1,258,575

Residential Asset Securities Corp. 2002-KS8,
Class A3, 3.690%, 3/25/2027			1,500,000		1,517,925

The Money Store Home Equity Trust 1997-D,
Class AF5, 6.555%, 12/15/2038			166,252		166,296

Whole Auto Loan Trust 2002-1, Class A3,
2.600%, 8/15/2006			1,000,000		1,007,536

William Street Funding Corp., Class A,
1.468%, 4/23/2006			1,000,000		1,001,961


*TOTAL ASSET-BACKED SECURITIES*
*(IDENTIFIED COST $7,663,762)*				$	*7,729,610*


COLLATERALIZED MORTGAGE
OBLIGATIONS – 4.5%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 3.1%
(Series 2672), Class GM, 4.00%, 3/15/2017			1,000,000		1,021,740

(Series T045), Class A3, 4.105%, 10/27/2031			1,000,000		1,013,368

(Series 2643), Class LA, 4.500%, 1/15/2011			3,300,000		3,387,681

(Series 2672), Class NU, 5.00%, 8/15/2008			2,000,000		2,050,300

(Series 1614), Class J, 6.250%, 11/15/2022			720,030		735,885


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*8,208,974*

	Principal
Description	Amount			Value

FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 1.4%
(Series 1993-135), Class PG, 6.250%,
7/25/2008		$	763,026		$	796,736

(Series 1993-160), Class AJ, 6.500%,
4/25/2023			2,705,000			2,858,184


*TOTAL FEDERAL NATIONAL MORTGAGE*
*ASSOCIATION*					$	*3,654,920*


*TOTAL COLLATERALIZED MORTGAGE*
*OBLIGATIONS (IDENTIFIED COST $11,627,254)*					$	*11,863,894*


COMMERCIAL PAPER – 1.5%
Progress Energy, Inc. CP, 1.100%, 5/5/2004
*(AT AMORTIZED COST)*			4,000,000		$	*3,999,511*


CORPORATE BONDS – 50.2%

AUTO COMPONENTS – 1.0%
Dana Corp., Sr. Note, 6.500%, 3/1/2009			1,275,000			1,351,500

Lear Corp., Company Guarantee, 8.110%,
5/15/2009			1,250,000			1,439,063


*TOTAL AUTO COMPONENTS*					$	*2,790,563*


AUTOMOBILES – 1.9%
DaimlerChrysler North America Holding
Corp., 6.500%, 11/15/2013			1,500,000			1,545,735

DaimlerChrysler North America Holding
Corp., Company Guarantee, 6.900%,
9/1/2004			2,450,000			2,492,091

General Motors Corp., Note, 8.375%,
7/15/2033			1,000,000			1,083,480


*TOTAL AUTOMOBILES*					$	*5,121,306*

	Principal
Description	Amount			Value

BANKS – 1.7%
BankBoston Capital Trust III, Company
Guarantee, 1.860%, 6/15/2027		$	1,000,000	$	992,430

PNC Funding Corp., Sub. Note, 6.125%,
2/15/2009			1,330,000		1,431,306

Suntrust Capital III, Company Guarantee,
1.760%, 3/15/2028			1,000,000		981,210

U.S. Bank NA, Sub. Note, 6.300%, 7/15/2008			1,000,000		1,094,430


*TOTAL BANKS*				$	*4,499,376*


BANKS – FOREIGN – 0.8%
Merita Ltd., Sub. Note, 6.500%, 1/15/2006			2,060,000	$	*2,197,155*


BANKS – REGIONAL – 1.4%
Fleet National Bank, (Series BKNT), 5.750%,
1/15/2009			1,320,000		1,412,030

National City Bank, Indiana, Note, 2.375%,
8/15/2006			1,055,000		1,050,242

Wachovia Bank NA, 7.875%, 2/15/2010			1,000,000		1,174,180


*TOTAL BANKS – REGIONAL*				$	*3,636,452*


BEVERAGES – 0.4%
Coca-Cola Enterprises, Inc., Deb., 6.750%,
9/15/2028			1,000,000	$	*1,086,390*


CAPITAL MARKETS – 1.7%
Bear Stearns Cos., Inc., Sr. Note, 7.250%,
10/15/2006			835,000		917,974

Goldman Sachs Group, Inc., Sub. Note,
6.345%, 2/15/2034			1,300,000		1,249,638

Lehman Brothers Holdings, Inc., 6.250%,
5/15/2006			670,000		716,934

Morgan Stanley, Bond, 5.800%, 4/1/2007			500,000		533,975

Morgan Stanley Tracer, Note, 4.250%,
5/15/2010			1,000,000		981,720


*TOTAL CAPITAL MARKETS*				$	*4,400,241*


COMMERCIAL BANKS – 4.4%
Bank One Corp., Note, 7.600%, 5/1/2007			1,400,000		1,560,958

Bank of America Corp., Sub. Note, 6.625%,
10/15/2007			500,000		549,670

Bank of America Corp., Unsecd. Note,
7.800%, 2/15/2010			965,000		1,122,247

National City Corp., Sub. Note, 6.875%,
5/15/2019			1,000,000		1,122,280

SunTrust Banks, Inc., Sub. Note, 7.375%,
7/1/2006			1,000,000		1,094,640

Wachovia Corp., Note, 6.625%, 6/15/2004			970,000		976,460

Wachovia Corp., Sub. Note, 7.500%,
7/15/2006			3,000,000		3,287,820

Wells Fargo & Co., Sub. Note, 7.125%,
8/15/2006			1,920,000		2,088,538


*TOTAL COMMERCIAL BANKS*				$	*11,802,613*


COMMERCIAL SERVICES &
SUPPLIES – 0.3%
Pitney Bowes, Inc., Note, 4.750%, 5/15/2018			1,000,000	$	*935,770*

	Principal
Description	Amount			Value

CONSUMER FINANCE – 7.0%
American General Finance Corp., Note,
5.875%, 7/14/2006		$	2,000,000	$	2,125,300

American General Finance Corp., Note,
(Series G), 5.375%, 10/1/2012			1,160,000		1,183,838

Countrywide Home Loans, (Series MTNK),
1.670%, 5/20/2005			2,000,000		2,004,320

Countrywide Home Loans, Inc., Note,
(Series K), 3.500%, 12/19/2005			1,000,000		1,015,650

Ford Motor Credit Co., Bond, 6.700%,
7/16/2004			1,000,000		1,010,850

Ford Motor Credit Co., Note, 6.500%,
1/25/2007			2,000,000		2,119,120

Household Finance Corp., Note, 6.375%,
10/15/2011			1,000,000		1,086,510

Household Finance Corp., Note, 6.500%,
1/24/2006			1,295,000		1,380,418

Household Finance Corp., 8.250%, 2/15/2005			1,000,000		1,049,500

John Deere Capital Corp., 4.500%, 8/22/2007			1,000,000		1,029,460

John Deere Capital Corp., Bond, 5.100%,
1/15/2013			2,000,000		2,012,220

MBNA Corp., Note, 4.625%, 9/15/2008			1,400,000		1,423,786

MBNA Corp., Sr. Note, (Series F), 2.170%,
8/16/2004			1,000,000		1,001,230


*TOTAL CONSUMER FINANCE*				$	*18,442,202*


DIVERSIFIED FINANCIAL
SERVICES – 3.5%
CIT Group, Inc., (Series MTN), 1.330%,
6/19/2006			1,000,000		1,000,530

Citigroup, Inc., 5.750%, 5/10/2006			2,000,000		2,122,660

Commercial Credit Co., Unsecd. Note,
7.750%, 3/1/2005			1,285,000		1,347,772

National Rural Utilities Cooperative Finance
Corp., Collateral Trust, 6.000%, 5/15/2006			1,000,000		1,063,020

National Rural Utilities Cooperative Finance
Corp., Collateral Trust, 7.300%, 9/15/2006			1,000,000		1,091,690

National Rural Utilities Cooperative Finance
Corp., Note, (Series MTNC), 6.500%,
3/1/2007			1,000,000		1,081,530

Student Loan Marketing Association, Note,
(Series MTNA), 5.000%, 4/15/2015			1,500,000		1,457,385


*TOTAL DIVERSIFIED FINANCIAL SERVICES*				$	*9,164,587*


DIVERSIFIED
MANUFACTURING – 0.5%
Tyco International Group SA, Unsecd. Note,
(Series 144A), 6.000%, 11/15/2013			1,250,000	$	*1,272,188*


DIVERSIFIED TELECOMMUNICATION
SERVICES – 2.1%
Alltel Corp., Sr. Note, 7.500%, 3/1/2006			2,650,000		2,876,310

TCI Communications, Inc., Sr. Note, 8.650%,
9/15/2004			1,500,000		1,536,450

Verizon New York, Inc., Deb., (Series A),
6.875%, 4/1/2012			1,000,000		1,096,480


*TOTAL DIVERSIFIED*
*TELECOMMUNICATION SERVICES*				$	*5,509,240*

	Principal
Description	Amount		Value

ELECTRIC UTILITIES – 3.2%
CenterPoint Energy, Inc., Sr. Note, (Series B),
6.850%, 6/1/2015	$	1,250,000	$	1,274,050

Cinergy Corp., Deb., 6.250%, 9/1/2004		1,000,000		1,014,490

Columbus Southern Power, Note,
6.510%, 2/1/2008		1,250,000		1,365,812

Duke Capital Corp., Sr. Note,
6.250%, 2/15/2013		1,000,000		1,036,540

FirstEnergy Corp., 7.375%, 11/15/2031		1,250,000		1,317,137

Niagara Mohawk Power Corp., 1st Mtg. Bond,
7.750%, 5/15/2006		1,000,000		1,098,620

PP&L Capital Funding, Inc., Sr. Note,
(Series MTN), 7.750%, 4/15/2005		1,000,000		1,053,710

Xcel Energy, Inc., Sr. Note, 3.400%, 7/1/2008		400,000		386,700


*TOTAL ELECTRIC UTILTIES*			$	*8,547,059*


ENERGY EQUIPMENT &
SERVICES – 0.8%
Anderson Exploration Ltd.,
6.750%, 3/15/2011		1,000,000		1,087,950

National-Oilwell, Inc., Note, 5.650%, 11/15/2012		1,000,000		1,006,560


*TOTAL ENERGY EQUIPMENT & SERVICES*			$	*2,094,510*


ENERGY REFINER – 0.5%
Premcor Refining Group, Sr. Sub. Note,
7.750%, 2/1/2012		1,275,000	$	*1,345,125*


FOOD & STAPLES
RETAILING – 0.9%
Wal-Mart Stores, Inc., 5.450%, 8/1/2006		1,460,000		1,543,541

Wal-Mart Stores, Inc., Note,
4.550%, 5/1/2013		750,000		727,838


*TOTAL FOOD & STAPLES RETAILING*			$	*2,271,379*


FOOD PRODUCTS – 1.2%
ConAgra, Inc., Sr. Note, 9.875%, 11/15/2005		1,000,000		1,109,880

Kraft Foods, Inc., Note, 6.250%, 6/1/2012		2,000,000		2,144,960


*TOTAL FOOD PRODUCTS*			$	*3,254,840*


GAS UTILITIES – 2.1%
Consolidated Natural Gas Co., Deb.,
7.375%, 4/1/2005		1,000,000		1,047,580

Consolidated Natural Gas Co., Sr. Note,
6.850%, 4/15/2011		1,500,000		1,667,655

Consolidated Natural Gas Co., Sr. Note,
(Series B), 5.375%, 11/1/2006		730,000		767,361

K N Energy, Inc., Sr. Note, 6.650%, 3/1/2005		2,000,000		2,076,960


*TOTAL GAS UTILITIES*			$	*5,559,556*


HOTELS, RESTAURANTS &
LEISURE – 0.6%
Yum! Brands, Inc., Sr. Note,
7.700%, 7/1/2012		1,300,000	$	*1,504,828*


HOUSEHOLD DURABLES – 0.2%
Pulte Corp., Company Guarantee,
7.300%, 10/24/2005		500,000	$	*531,935*


IT SERVICES – 0.4%
Iron Mountain, Inc., Company Guarantee,
6.625%, 1/1/2016		1,250,000	$	*1,181,250*

	Principal
Description	Amount			Value

INDUSTRIAL
CONGLOMERATES – 0.4%
General Electric Co., Note, 5.000%, 2/1/2013		$	1,000,000	$	*996,410*


INSURANCE – 1.3%
Allstate Corp., Deb., 7.500%, 6/15/2013			2,000,000		2,348,460

Hartford Life, Inc., Sr. Note,
6.900%, 6/15/2004			1,000,000		1,006,910


*TOTAL INSURANCE*				$	*3,355,370*


MACHINERY – 0.4%
Ingersoll-Rand Co., Note, 6.510%, 12/1/2004			1,000,000	$	*1,025,570*


MEDIA – 1.1%
Clear Channel Communications, Inc.,
6.000%, 11/1/2006			480,000		510,331

Time Warner, Inc., Sr. Note,
9.125%, 1/15/2013			2,000,000		2,461,620


*TOTAL MEDIA*				$	*2,971,951*


MULTI-UTILITIES &
UNREGULATED POWER – 0.4%
Constellation Energy Group, Sr. Note,
6.125%, 9/1/2009			1,000,000	$	*1,079,050*


OIL & GAS – 4.0%
Anadarko Petroleum Corp., Note,
6.500%, 5/15/2005			620,000		647,224

BP PLC, Deb., 10.875%, 7/15/2005			962,000		1,061,692

Chesapeake Energy Corp., Sr. Note,
6.875%, 1/15/2016			1,200,000		1,240,500

ChevronTexaco Corp., Note,
3.500%, 9/17/2007			990,000		996,613

Devon Financing Corp., 6.875%, 9/30/2011			2,000,000		2,219,000

GulfTerra Energy Partners LP, Company
Guarantee, (Series B), 8.500%, 6/1/2010			1,080,000		1,220,400

Kaneb Pipeline Partners LP, Sr. Note, 5.875%,
6/1/2013			1,250,000		1,259,675

Oryx Energy Co., Sr. Note, 8.125%,
10/15/2005			580,000		626,934

XTO Energy, Inc., Note, 4.900%, 2/1/2014			1,350,000		1,299,875


*TOTAL OIL & GAS*				$	*10,571,913*


REAL ESTATE – 0.5%
iStar Financial, Inc., Sr. Note, (Series 144A),
4.875%, 1/15/2009			1,300,000	$	*1,280,500*


ROAD & RAIL – 0.4%
Union Pacific Corp., Note,
5.750%, 10/15/2007			1,000,000	$	*1,065,790*


SPECIALTY RETAIL – 0.6%
Gap (The), Inc., Note, 6.900%, 9/15/2007			1,500,000	$	*1,642,500*


TELECOMMUNICATIONS – 1.7%
New York Telephone Co., Deb.,
6.500%, 3/1/2005			1,500,000		1,556,220

TELUS Corp., Note, 8.000%, 6/1/2011			1,300,000		1,508,026

	Principal
Description	Amount			Value

Verizon Global Funding, Note, 4.375%,
6/1/2013		$	500,000	$	465,245

⁴Verizon Wireless, Inc., 1.190%, 5/23/2005			1,000,000		999,457


*TOTAL TELECOMMUNICATIONS*				$	*4,528,948*


THRIFTS & MORTGAGE
FINANCE – 1.0%
Washington Mutual Bank FA,
7.500%, 8/15/2006			1,000,000		1,102,470

Washington Mutual Finance Corp., Sr. Note,
8.250%, 6/15/2005			1,500,000		1,600,035


*TOTAL THRIFTS & MORTGAGE FINANCE*				$	*2,702,505*


UTILITIES – 0.4%
Pacific Gas & Electric Co., 6.050%, 3/1/2034			1,000,000	$	*946,710*


WIRELESS TELECOMMUNICATION
SERVICES – 1.5%
NEXTEL Communications, Inc., Sr. Note,
6.875%, 10/31/2013			1,275,000		1,303,688

Nextel Partners, Inc., Sr. Note, 8.125%,
7/1/2011			1,275,000		1,345,125

⁴Rogers Wireless, Inc., Sr. Secd. Note,
6.375%, 3/1/2014			1,250,000		1,209,375


*TOTAL WIRELESS*
*TELECOMMUNICATION SERVICES*				$	*3,858,188*


*TOTAL CORPORATE BONDS*
*(IDENTIFIED COST $133,580,995)*				$	*133,173,970*


GOVERNMENT AGENCIES – 14.4%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 3.6%
Discount Bond, 4.000%, 10/29/2007			2,000,000		2,021,180

Note, 3.250%, 3/14/2008			1,500,000		1,476,720

Note, 4.750%, 10/11/2012			2,500,000		2,451,075

Note, 5.375%, 8/16/2006			2,000,000		2,023,140

Note, (Series MTN), 2.850%, 6/3/2008			1,500,000		1,450,065


*TOTAL FEDERAL HOME LOAN MORTGAGE*
*CORPORATION*				$	*9,422,180*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 8.5%
5.350%, 3/18/2009			2,000,000		2,054,520

MTN, (Series B), 6.875%, 9/10/2012			6,000,000		6,543,420

Note, 1.620%, 12/8/2004			5,000,000		5,002,450

Note, 4.900%, 6/13/2007			2,000,000		2,059,540

Note, 6.000%, 5/15/2008			1,190,000		1,295,529

Sub. Note, 5.500%, 5/2/2006			1,500,000		1,583,490

Unsecd. Note, 2.375%, 2/15/2007			3,000,000		2,950,080

Unsecd. Note, 4.750%, 6/18/2007			1,000,000		1,004,550


*TOTAL FEDERAL NATIONAL*
*MORTGAGE ASSOCIATION*				$	*22,493,579*


PRIVATE EXPORT FUNDING
CORPORATION – 0.5%
Note, (Series UU), 7.950%, 11/1/2006			1,495,000	$	*1,541,061*


STUDENT LOAN MARKETING
ASSOCIATION – 1.0%
Note, 5.250%, 3/15/2006			1,500,000		1,576,530

	Principal
Description	Amount			Value

Note, (Series MTN), 4.000%, 1/15/2009		$	1,100,000	$	1,092,454


*TOTAL STUDENT LOAN MARKETING*
*ASSOCIATION*				$	*2,668,984*


TENNESSEE VALLEY
AUTHORITY– 0.8%
Note, 2.150%, 2/17/2006			2,050,000	$	*2,037,003*


*TOTAL GOVERNMENT AGENCIES (IDENTIFIED*
*COST $38,471,124)*				$	*38,162,807*


MORTGAGE BACKED
SECURITIES – 12.6%

FEDERAL HOME LOAN
MORTGAGE
CORPORATION – 4.9%
4.000%, 9/15/2010			1,822,213		1,830,814

Pool 2764-PH 4.000%, 9/15/2019			2,968,176		3,007,860

Pool G11311, 5.000%, 10/1/2017			1,949,493		1,965,323

Pool E92817, 5.000%, 12/1/2017			1,920,534		1,936,128

Pool E76204, 5.500%, 4/1/2014			10,245		10,584

Pool E83022, 6.000%, 4/1/2016			464,455		485,936

Pool A18401, 6.000%, 2/1/2034			478,246		489,155

Pool G10399, 6.500%, 7/1/2009			606,091		638,668

Pool C90504, 6.500%, 12/1/2021			802,625		840,749

Pool C90293, 7.500%, 9/1/2019			1,552,998		1,678,697


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*12,883,914*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 6.1%
5.000%, 6/1/2018			9,300,000		9,337,758

Pool 254227, 5.000%, 2/1/2009			911,281		926,663

Pool 254400, 5.500%, 7/1/2009			1,085,742		1,106,783

Pool 619054, 5.500%, 2/1/2017			1,476,488		1,516,176

Pool 303831, 6.000%, 4/1/2011			425,196		446,719

Pool 196701, 6.500%, 5/1/2008			135,208		142,603

Pool 50905, 6.500%, 10/1/2008			353,440		373,872

Pool 424286, 6.500%, 6/1/2013			170,347		180,941

Pool 561915, 6.500%, 11/1/2030			100,209		104,342

Pool 313224, 7.000%, 12/1/2011			424,442		455,477

Pool 254240, 7.000%, 3/1/2032			1,237,185		1,307,940

Pool 526062, 7.500%, 12/1/2029			269,867		288,590


*TOTAL FEDERAL NATIONAL MORTGAGE*
*ASSOCIATION*				$	*16,187,864*


GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION – 1.6%
Pool 780825, 6.500%, 7/15/2028			1,290,671		1,355,205

Pool 2701, 6.500%, 1/20/2029			1,244,670		1,301,851

Pool 2616, 7.000%, 7/20/2028			771,075		818,065

Pool 426727, 7.000%, 2/15/2029			127,319		135,476

Pool 781231, 7.000%, 12/15/2030			637,867		679,928

*TOTAL GOVERNMENT NATIONAL*
*MORTGAGE ASSOCIATION*				$	*4,290,525*

*TOTAL MORTGAGE BACKED SECURITIES*
*(IDENTIFIED COST $31,200,318)*				$	*33,362,303*

	Principal
Description	Amount			Value

²NOTES – VARIABLE – 1.3%
CIT Group, Inc., 1.200%, 6/1/2004		$	1,500,000	$	1,500,960

Liberty Media Corp., 2.610%, 6/15/2004			2,000,000		2,032,780


*TOTAL NOTES – VARIABLE*
*(IDENTIFIED COST $3,533,160)*				$	*3,533,740*


U.S. TREASURY – 13.3%

U.S. TREASURY BONDS – 1.4%
5.375%, 2/15/2031			2,330,000		2,360,220

10.625%, 8/15/2015			1,000,000		1,517,190


*TOTAL U.S. TREASURY BONDS*				$	*3,877,410*


U.S. TREASURY NOTES – 11.9%
2.000%, 5/15/2006			1,600,000		1,589,744

3.000%, 2/15/2009			2,000,000		1,949,680

4.000%, 2/15/2014			10,425,000		10,017,800

4.250%, 11/15/2013			2,000,000		1,962,820

4.625%, 5/15/2006			690,000		721,264

4.750%, 11/15/2008			80,000		84,238

5.625%, 2/15/2006			750,000		795,353

6.125%, 8/15/2007			320,000		351,251

6.500%, 10/15/2006			1,500,000		1,638,285

6.625%, 5/15/2007			175,000		193,949

U.S. Treasury Inflation Protected Note,
(Series A-2011), 3.500%, 1/15/2011			2,139,300		2,382,988

	Principal
	Amount
Description	or Shares			Value

U.S. Treasury Inflation Protected Note,
(Series A-2012), 3.375%, 1/15/2012		$	1,048,450		$	1,162,962

U.S. Treasury Inflation Protected Note,
(Series C-2012), 3.000%, 7/15/2012			600,538			648,959

U.S. Treasury Inflation Protected Note,
(Series A-2014), 2.000%, 1/15/2014			8,060,320			8,001,157


*TOTAL U.S. TREASURY NOTES*					$	*31,500,450*


*TOTAL U.S. TREASURY*
*(IDENTIFIED COST $35,527,249)*					$	*35,377,860*


MUTUAL FUND – 0.0%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*			49		$	49


REPURCHASE AGREEMENT – 1.7%
Repurchase agreement with Credit Suisse
First Boston Corp., dated 4/30/2004 due
5/3/2004 at 1.02%, collateralized by a U.S.
Treasury Obligation with maturity of
11/15/2007 (repurchase proceeds of
$4,439,635) (AT AMORTIZED COST)		$	4,439,258		$	*4,439,258*


*TOTAL INVESTMENTS – 102.4%*
*(IDENTIFIED COST $270,042,680)*					$	*271,643,002*


*OTHER ASSETS AND*
*LIABILITIES – NET – (2.4)%*					$	*(6,507,705)*


*TOTAL NET ASSETS – 100%*					$	*265,135,297*

See Notes to Portfolios of Investments

MTB Income Fund

	Principal
Description	Amount			Value

ASSET-BACKED SECURITIES – 3.8%
L.A. Arena Funding LLC, Class A, 7.656%,
12/15/2026		$	1,880,984	$	1,955,640

The Money Store Home Equity Trust 1997-D,
Class AF5, 6.555%, 12/15/2038			406,290		406,397

William Street Funding Corp., Class A, 1.62%,
4/23/2006			5,000,000		5,009,807


*TOTAL ASSET-BACKED SECURITIES*
*(IDENTIFIED COST $7,287,313)*				$	*7,371,844*


COLLATERALIZED MORTGAGE
OBLIGATIONS – 12.4%

FEDERAL HOME LOAN
MORTGAGE
CORPORATION – 9.2%
(Series 2631), Class LA, 4.00%, 6/15/2011			5,000,000		5,094,300

(Series 2707), Class PW, 4.00%, 7/15/2014			2,000,000		2,036,540

(Series 2672), Class GM, 4.00%, 3/15/2017			2,000,000		2,043,480

(Series 2672), Class NU, 5.00%, 8/15/2008			826,700		847,491

		Principal
Description		Amount			Value

	(Series 1614), Class J, 6.25%, 11/15/2022		$	720,030	$	735,885

	(Series 2292), Class QT, 6.50%, 5/15/2030			5,909,771		6,085,114

	(Series 2315), Class CK, 6.50%, 6/15/2030			900,890		912,178


	*TOTAL FEDERAL HOME LOAN MORTGAGE*
	*CORPORATION*				$	*17,754,988*


	FEDERAL NATIONAL MORTGAGE
	ASSOCIATION – 0.0%
	(Series 1998-23), Class C, 9.75%, 9/25/2018			52,938	$	*57,655*


	WHOLE LOAN – 3.2%
	Bank of America Mortgage Securities 2003-2,
	Class 2A1, 3.628%, 2/25/2034			3,241,583		3,204,629

	Washington Mutual Pass Through Certificates
	2003 AR12, Class A3, 3.356%, 12/22/2005			2,938,000		2,954,805


	*TOTAL WHOLE LAON*				$	*6,159,434*


*TOTAL COLLATERALIZED MORTGAGE*
*OBLIGATIONS (IDENTIFIED COST*
$	*23,898,058)*				$	*23,972,077*


¹	COMMERCIAL PAPER – 1.5%
	Progress Energy, Inc. CP, 1.10%, 5/5/2004
	*(AT AMORTIZED COST)*			3,000,000	$	*2,999,633*

	Principal
Description	Amount			Value

CORPORATE BONDS – 53.4%

AUTO COMPONENTS – 1.4
Dana Corp., Sr. Note, 6.50%, 3/1/2009		$	1,125,000	$	1,192,500

Lear Corp., Company Guarantee,
8.11%, 5/15/2009			1,250,000		1,439,063


*TOTAL AUTO COMPONENTS*				$	*2,631,563*


AUTOMOBILES – 2.5%
DaimlerChrysler North America Holding
Corp., 6.50%, 11/15/2013			1,500,000		1,545,735

DaimlerChrysler North America Holding
Corp., Company Guarantee, 6.90%, 9/1/2004			2,250,000		2,288,655

General Motors Corp., Note, 8.375%,
7/15/2033			1,000,000		1,083,480


*TOTAL AUTOMOBILES*				$	*4,917,870*


BANKS – 4.9%
Bank of New York Institutional Capital Trust,
Company Guarantee, 7.78%, 12/1/2026			1,500,000		1,607,940

BankBoston Capital Trust III, Company
Guarantee, 1.86%, 6/15/2027			900,000		893,187

Mellon Capital I, Company Guarantee,
(Series A), 7.72%, 12/1/2026			2,500,000		2,692,575

PNC Funding Corp., 5.75%, 8/1/2006			2,500,000		2,649,925

Suntrust Capital I, Company Guarantee,
(Series A), 1.79%, 5/15/2027			1,700,000		1,675,520


*TOTAL BANKS*				$	*9,519,147*


CAPITAL MARKETS – 3.1%
Goldman Sachs Group, Inc., Note, 5.25%,
10/15/2013			1,000,000		988,840

Goldman Sachs Group, Inc., Sub. Note,
6.345%, 2/15/2034			1,175,000		1,129,481

Lehman Brothers Holdings, Inc., Note,
7.00%, 2/1/2008			1,107,000		1,227,353

Lehman Brothers Holdings, Inc., Note,
8.25%, 6/15/2007			1,000,000		1,148,680

Merrill Lynch & Co., Inc., Note,
(Series MTNB), 3.70%, 4/21/2008			1,455,000		1,447,172


*TOTAL CAPITAL MARKETS*				$	*5,941,526*


CONSUMER FINANCE – 5.6%
Countrywide Home Loans, (Series MTNK),
1.67%, 5/20/2005			1,000,000		1,002,160

Ford Motor Credit Co., Bond, 6.70%, 7/16/2004			3,000,000		3,032,550

Ford Motor Credit Co., Note, 6.50%,
1/25/2007			2,000,000		2,119,120

General Motors Acceptance Corp., Medium Term
Note, (Series MTN), 4.375%, 12/10/2007			2,000,000		1,996,000

John Deere Capital Corp., 4.50%, 8/22/2007			1,300,000		1,338,298

MBNA Capital I, Company Guarantee,
(Series A), 8.278%, 12/1/2026			1,000,000		1,075,800

MBNA Corp., Sr. Note, (Series F), 2.17%,
8/16/2004			400,000		400,492


*TOTAL CONSUMER FINANCE*				$	*10,964,420*

	Principal
Description	Amount			Value

DIVERSIFIED FINANCIAL
SERVICES – 2.2%
CIT Group, Inc., (Series MTN),
1.33%, 6/19/2006		$	3,000,000	$	3,001,590

National Rural Utilities Cooperative Finance
Corp., Note, (Series MTNC), 6.50%, 3/1/2007			1,180,000		1,276,205


*TOTAL DIVERSIFIED FINANCIAL SERVICES*				$	*4,277,795*


DIVERSIFIED
MANUFACTURING – 0.7%
Tyco International Group SA, Unsecd. Note,
(Series 144A), 6.00%, 11/15/2013			1,250,000	$	*1,272,188*


ELECTRIC UTILITIES – 3.9%
CenterPoint Energy, Inc., Sr. Note, (Series B),
6.85%, 6/1/2015			1,250,000		1,274,050

DTE Energy Co., 6.00%, 6/1/2004			2,600,000		2,611,206

Duke Capital Corp., Sr. Note, 6.25%, 2/15/2013			1,000,000		1,036,540

FirstEnergy Corp., 7.375%, 11/15/2031			1,250,000		1,317,138

Xcel Energy, Inc., Sr. Note, 3.40%, 7/1/2008			1,300,000		1,256,775


*TOTAL ELECTRIC UTILTIES*				$	*7,495,709*


ENERGY EQUIPMENT &
SERVICES – 1.6%
Anderson Exploration Ltd., 6.75%, 3/15/2011			1,000,000		1,087,950

National-Oilwell, Inc., Note, 5.65%,
11/15/2012			2,000,000		2,013,120


*TOTAL ENERGY EQUIPMENT & SERVICES*				$	*3,101,070*


ENERGY REFINER – 0.6%
Premcor Refining Group, Sr. Sub. Note,
7.75%, 2/1/2012			1,125,000	$	*1,186,875*


FOOD PRODUCTS – 1.9%
Archer-Daniels-Midland Co., 5.935%,
10/1/2032			1,000,000		979,700

ConAgra, Inc., Sr. Note, 9.875%, 11/15/2005			1,000,000		1,109,880

Kraft Foods, Inc., Note, 6.25%, 6/1/2012			1,500,000		1,608,720


*TOTAL FOOD PRODUCTS*				$	*3,698,300*


FOREIGN BANKS–0.1%
Deutsche Ausgleichsbank, Bond,
7.00%, 6/23/2005			250,000	$	*264,022*


GAS UTILITIES – 2.6%
Consolidated Natural Gas Co., 6.25%,
11/1/2011			2,000,000		2,163,640

K N Energy, Inc., Sr. Note, 6.65%, 3/1/2005			2,750,000		2,855,820


*TOTAL GAS UTILITIES*				$	*5,019,460*


HOTELS, RESTAURANTS &
LEISURE – 0.6%
Yum! Brands, Inc., Sr. Note, 7.70%, 7/1/2012			1,000,000	$	*1,157,560*


HOUSEHOLD DURABLES – 1.1%
Pulte Corp., Company Guarantee,
7.30%, 10/24/2005			2,000,000	$	*2,127,740*

	Principal
Description	Amount			Value

HOUSEHOLD PRODUCTS – 0.2%
Procter & Gamble Co., Bond,
5.50%, 2/1/2034		$	500,000	$	*472,705*


IT SERVICES – 0.6%
Iron Mountain, Inc., Company Guarantee,
6.625%, 1/1/2016			1,250,000	$	*1,181,250*


INDUSTRIAL
CONGLOMERATES – 0.4%
Tyco International Group, Sr. Note,
6.375%, 6/15/2005			750,000	$	*779,933*


INSURANCE – 0.6%
⁴Asif Global Financing, (Series 144A),
4.90%, 1/17/2013			1,175,000	$	*1,158,562*


MEDIA – 2.7%
Clear Channel Communications, Inc.,
6.00%, 11/1/2006			1,250,000		1,328,987

Comcast Corp., Note, 8.125%, 5/1/2004			1,000,000		1,001,430

Liberty Media Group, Deb., 8.25%, 2/1/2030			925,000		1,073,435

Time Warner, Inc., Sr. Note,
9.125%, 1/15/2013			1,500,000		1,846,215


*TOTAL MEDIA*				$	*5,250,067*


OIL & GAS – 7.4%
Anadarko Petroleum Corp., Sr. Deb.,
7.20%, 3/15/2029			3,800,000		4,197,480

Chesapeake Energy Corp., Sr. Note, 6.875%,
1/15/2016			1,200,000		1,240,500

Conoco, Inc., 7.25%, 10/15/2031			1,290,000		1,471,774

Devon Financing Corp., 6.875%, 9/30/2011			1,900,000		2,108,050

GulfTerra Energy Partners LP, Company
Guarantee, (Series B), 8.50%, 6/1/2010			720,000		813,600

Husky Oil Ltd., Deb., 7.55%, 11/15/2016			2,100,000		2,427,978

Kaneb Pipeline Partners LP, Sr. Note,
5.875%, 6/1/2013			1,250,000		1,259,675

XTO Energy, Inc., Note, 4.90%, 2/1/2014			1,000,000		962,870


*TOTAL OIL & GAS*				$	*14,481,927*


PAPER & FOREST
PRODUCTS – 0.5%
Westvaco Corp., 6.85%, 11/15/2004			1,000,000	$	*1,025,290*


REAL ESTATE – 1.0%
Boston Properties, Inc., Sr. Note, 5.00%,
6/1/2015			650,000		611,409

iStar Financial, Inc., Sr. Note, (Series 144A),
4.875%, 1/15/2009			1,300,000		1,280,500


*TOTAL REAL ESTATE*				$	*1,891,909*


SPECIALTY RETAIL – 0.6%
Gap (The), Inc., Note, 6.90%, 9/15/2007			1,000,000	$	*1,095,000*


TELECOMMUNICATION
SERVICES – 3.3%
New York Telephone Co., Deb.,
6.50%, 3/1/2005			1,725,000		1,789,653

TELUS Corp., Note, 8.00%, 6/1/2011			1,150,000		1,334,023

Verizon Global Funding, Note,
4.375%, 6/1/2013			1,500,000		1,395,735

	Principal
Description	Amount			Value
⁴Verizon Wireless, Inc., 1.19%, 5/23/2005			1,865,000		1,863,987


*TOTAL TELECOMMUNICATION SERVICES*				$	*6,383,398*


THRIFTS & MORTGAGE
FINANCE – 0.5%
Washington Mutual Bank FA, Note,
4.00%, 1/15/2009			1,000,000	$	*985,590*


UTILITIES – 1.0%
Niagara Mohawk Power Corp., Sr. Note,
5.375%, 10/1/2004		$	1,000,000	$	1,012,890

Pacific Gas & Electric Co., 6.05%, 3/1/2034			1,000,000		946,710


*TOTAL UTILITIES*				$	*1,959,600*


WIRELESS TELECOMMUNICATION
SERVICES – 1.8%
NEXTEL Communications, Inc., Sr. Note,
6.875%, 10/31/2013			1,125,000		1,150,313

Nextel Partners, Inc., Sr. Note,
8.125%, 7/1/2011			1,125,000		1,186,875

⁴Rogers Wireless, Inc., Sr. Secd. Note,
6.375%, 3/1/2014			1,100,000		1,064,250


*TOTAL WIRELESS*
*TELECOMMUNICATION SERVICES*				$	*3,401,438*


*TOTAL CORPORATE BONDS*
*(IDENTIFIED COST $103,139,102)*				$	*103,641,914*


GOVERNMENT AGENCIES – 2.6%

DIVERSIFIED FINANCIAL
SERVICES – 1.3%
Student Loan Marketing Association, Note,
(Series MTN), 4.00%, 1/15/2009			2,650,000	$	*2,631,821*


FEDERAL HOME LOAN
MORTGAGE
CORPORATION – 1.3%
Note, (Series MTN), 2.85%, 6/3/2008			2,000,000		1,933,420

Sub. Note, 5.875%, 3/21/2011			500,000		531,645


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*2,465,065*


*TOTAL GOVERNMENT AGENCIES*
*(IDENTIFIED COST $5,130,455)*				$	*5,096,886*


MORTGAGE BACKED
SECURITIES – 30.4%

FEDERAL HOME LOAN
MORTGAGE
CORPORATION – 7.0%
⁶TBA 4.50%, 10/1/2033			495,422		465,543

⁶TBA 5.00%, 6/1/2034			6,000,000		5,795,640

Pool M80835, 3.50%, 7/1/2010			3,222,476		3,159,025

Pool M80843, 3.50%, 9/1/2010			3,337,894		3,272,171

Pool C79603, 6.00%, 2/1/2033			749,534		766,863

Pool 189269, 8.00%, 1/1/2008			230		232

Pool C00478, 8.50%, 9/1/2026			142,552		156,229

Pool 170027, 14.75%, 3/1/2010			5,289		5,866


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*13,621,569*

	Principal
Description	Amount			Value

FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 21.9%
⁶TBA 5.00%, 6/1/2018		$	14,075,000	$	14,132,144

⁶TBA 5.50%, 6/1/2033			11,600,000		11,534,808

Pool 357539, 5.50%, 4/15/2034			2,806,000		2,800,725

Pool 686398, 6.00%, 3/1/2033			4,453,483		4,556,447

Pool 688987, 6.00%, 5/1/2033			2,213,529		2,264,706

Pool 638023, 6.50%, 4/1/2032			1,010,340		1,051,703

Pool 642345, 6.50%, 5/1/2032			876,446		912,327

Pool 651292, 6.50%, 7/1/2032			2,066,025		2,150,608

Pool 653729, 6.50%, 8/1/2032			2,424,018		2,523,257

Pool 329794, 7.00%, 2/1/2026			365,056		387,645

Pool 487065, 7.00%, 3/1/2029			119,772		127,184


*TOTAL FEDERAL NATIONAL*
*MORTGAGE ASSOCIATION*				$	*42,441,554*


GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION – 1.5%
Pool 354765, 7.00%, 2/15/2024			580,789		620,352

Pool 385623, 7.00%, 5/15/2024			422,528		451,311

Pool 354827, 7.00%, 5/15/2024			422,958		451,770

Pool 002077, 7.00%, 9/20/2025			167,108		177,656

Pool 373335, 7.50%, 5/15/2022			99,470		107,427

Pool 354677, 7.50%, 10/15/2023			366,874		395,879

Pool 354713, 7.50%, 12/15/2023			163,991		176,956

Pool 360869, 7.50%, 5/15/2024			163,022		175,757

Pool 361843, 7.50%, 10/15/2024			288,103		310,609


*TOTAL GOVERNMENT NATIONAL*
*MORTGAGE ASSOCIATION*				$	*2,867,717*


*TOTAL MORTGAGE BACKED SECURITIES*
*(IDENTIFIED COST $59,228,347)*				$	*58,930,840*

	Principal
	Amount
Description	or Shares			Value

²NOTES – VARIABLE – 1.6%

CONSUMER FINANCE – 1.0%
American Honda Finance Corp., 1.25%,
7/6/2004		$	2,000,000		$	*2,003,420*


MEDIA – 0.6%
Liberty Media Corp., 2.610%, 6/15/2004			1,100,000		$	*1,118,029*


*TOTAL NOTES – VARIABLE*
*(IDENTIFIED COST $3,115,670)*					$	*3,121,449*


U.S. TREASURY – 8.2%

U.S. TREASURY NOTES – 8.2%
2.625%, 5/15/2008			600,000			584,628

3.375%, 11/15/2008			1,150,000			1,143,894

3.50%, 11/15/2006			470,000			479,988

4.00%, 2/15/2014			3,500,000			3,363,290

U.S. Treasury Inflation Protected Note,
(Series A-2012) 3.375%, 1/15/2012			7,339,150			8,140,732

U.S. Treasury Inflation Protected Note,
(Series C-2012) 3.00%, 7/15/2012			2,070,820			2,237,790


*TOTAL U.S. TREASURY*
*(IDENTIFIED COST $15,037,882)*					$	*15,950,322*


MUTUAL FUND – 0.0%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*			115		$	*115*


REPURCHASE AGREEMENT – 0.9%
Repurchase agreement with Credit Suisse
First Boston Corp., dated 4/30/2004 due
5/3/2004 at 1.02%, collateralized by a U.S.
Treasury Obligation with maturity of
11/15/2007 (repurchase proceeds
$1,641,760) (AT AMORTIZED COST)		$	1,641,620		$	*1,641,620*


*TOTAL INVESTMENTS – 114.8%*
*(IDENTIFIED COST $221,478,195)*					$	*222,726,700*


*OTHER ASSETS AND*
*LIABILITIES – NET – (14.8)%*					$	*(28,642,440)*


*TOTAL NET ASSETS – 100%*					$	*194,084,260*

See Notes to Portfolios of Investments

MTB Managed Allocation Fund – Conservative Growth

Description	Shares	Value

⁵MUTUAL FUNDS – 100.0%

EQUITY FUNDS – 24.6%
MTB International Equity Fund, Class A	37,741		$	367,600

MTB Large Cap Stock Fund, Class A	80,078			729,509

MTB Large Cap Value Fund, Class A	70,470			730,073

MTB Small Cap Stock Fund, Class A	47,795			444,493


*TOTAL EQUITY FUNDS*			$	*2,271,675*


FIXED INCOME FUNDS – 66.3%
MTB Intermediate-Term Bond Fund, Class A	91,994			926,384

Description	Shares	Value

MTB Short Duration Government Bond
Fund, Class IS	258,583		$	2,500,492

MTB Short-Term Corporate Bond Fund, Class IS	140,768			1,389,382

MTB U.S. Government Bond Fund, Class A	136,344			1,296,627


*TOTAL FIXED INCOME FUNDS*			$	*6,112,885*


MONEY MARKET FUND – 9.1%
MTB Prime Money Market Fund, Class IS	835,728		$	*835,728*


*TOTAL INVESTMENTS – 100.0%*
*(IDENTIFIED COST $9,027,819)*			$	*9,220,288*


*OTHER ASSETS AND LIABILITIES – NET – 0.0%*			$	*4,169*


*TOTAL NET ASSETS – 100%*			$	*9,224,457*

See Notes to Portfolios of Investments

MTB Managed Allocation Fund – Moderate Growth

Description	Shares	Value

⁵MUTUAL FUNDS – 99.7%

EQUITY FUNDS – 58.9%
MTB International Equity Fund, Class A	327,302	$	3,187,922

MTB Large Cap Growth Fund, Class A	474,399		3,605,430

MTB Large Cap Stock Fund, Class A	825,387		7,519,271

MTB Large Cap Value Fund, Class A	344,039		3,564,248

MTB Mid Cap Stock Fund, Class A	234,783		3,524,094

MTB Small Cap Stock Fund, Class A	247,226		2,299,203


*TOTAL EQUITY FUNDS*		$	*23,700,168*


FIXED INCOME FUNDS – 34.4%
MTB Intermediate-Term Bond Fund, Class A	323,572		3,258,373

Description	Shares	Value

MTB Short Duration Government Bond Fund,
Class IS	464,092	$	4,487,766

MTB Short-Term Corporate Bond Fund,
Class IS	330,407		3,261,114

MTB U.S. Government Bond Fund, Class A	299,691		2,850,064


*TOTAL FIXED INCOME FUNDS*		$	*13,857,317*


MONEY MARKET FUND – 6.4%
MTB Prime Money Market Fund, Class IS	2,575,358	$	*2,575,358*


*TOTAL INVESTMENTS – 99.7%*
*(IDENTIFIED COST $38,377,586)*		$	*40,132,843*


*OTHER ASSETS AND LIABILITIES – NET – 0.3%*		$	*101,899*


*TOTAL NET ASSETS – 100%*		$	*40,234,742*

See Notes to Portfolios of Investments

MTB Managed Allocation Fund – Aggressive Growth

Description	Shares	Value

⁵MUTUAL FUNDS – 99.4%

EQUITY FUNDS – 87.5%
MTB International Equity Fund, Class A	270,824	$	2,637,829

MTB Large Cap Growth Fund, Class A	400,984		3,047,481

MTB Large Cap Stock Fund, Class A	466,466		4,249,505

MTB Large Cap Value Fund, Class A	222,184		2,301,830

MTB Mid Cap Stock Fund, Class A	128,876		1,934,432

MTB Small Cap Stock Fund, Class A	185,118		1,721,600


*TOTAL EQUITY FUNDS*		$	*15,892,677*

Description	Shares	Value

FIXED INCOME FUNDS – 6.9%
MTB Short-Term Corporate Bond Fund, Class IS	72,925		$	719,766

MTB U.S. Government Bond Fund, Class A	56,694			539,162


*TOTAL FIXED INCOME FUNDS*			$	*1,258,928*


MONEY MARKET FUND – 5.0%
MTB Prime Money Market Fund, Class IS	905,307		$	*905,306*


*TOTAL INVESTMENTS – 99.4%*
*(IDENTIFIED COST $17,271,223)*			$	*18,056,911*


*OTHER ASSETS AND LIABILITIES – NET – 0.6%*			$	*109,894*


*TOTAL NET ASSETS – 100%*			$	*18,166,805*

See Notes to Portfolios of Investments

MTB Balanced Fund

	Principal
	Amount
Description	or Shares			Value

ASSET-BACKED SECURITIES – 0.2%
ContiMortgage Home Equity Loan Trust
1998-2, Class A6, 6.360%, 11/15/2019		$	15,191	$	15,472

Honda Auto Receivables Owner Trust 2002-1,
Class A3, 3.500%, 10/17/2005			319,418		320,730

The Money Store Home Equity Trust 1997-D,
Class AF5, 6.555%, 12/15/2038			37,360		37,370


*TOTAL ASSET-BACKED SECURITIES*
*(IDENTIFIED COST $371,420)*				$	*373,572*


COLLATERALIZED MORTGAGE
OBLIGATIONS – 0.9%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 0.5%
(Series 2617), Class GW, 3.500%, 6/15/2016			479,252		473,117

(Series 2347), Class PC, 6.500%, 5/15/2030			297,843		302,343


*TOTAL FEDERAL HOME LOAN MORTGAGE*
*CORPORATION*				$	*775,460*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 0.0%
(Series 1998-23), Class C, 9.750%, 9/25/2018			17,646	$	*19,218*


WHOLE LOAN – 0.4%
Bank of America Mortgage Securities 2003-2,
Class 2A1, 3.628%, 2/25/2034			652,981	$	*645,537*


*TOTAL COLLATERALIZED MORTGAGE*
*OBLIGATIONS (IDENTIFIED COST $1,470,219)*				$	*1,440,215*


COMMON STOCKS – 67.6%

AEROSPACE & DEFENSE – 1.4%
Northrop Grumman Corp.			25,000	$	*2,481,250*


AIR FREIGHT & LOGISTICS – 0.6%
United Parcel Service, Inc.			15,000	$	*1,052,250*


AIRLINES – 0.6%
Southwest Airlines Co.			75,000	$	*1,071,000*


AUTO COMPONENTS – 1.6%
Lear Corp.			45,000	$	*2,727,900*


BEVERAGES – 2.3%
PepsiCo, Inc.			70,000	$	*3,814,300*


BIOTECHNOLOGY – 3.5%
⁷Amgen, Inc.			50,000		2,813,500

⁷Biogen Idec, Inc.			20,000		1,180,000

⁷Gilead Sciences, Inc.			30,000		1,824,900


*TOTAL BIOTECHNOLOGY*				$	*5,818,400*


CAPITAL MARKETS – 3.1%
Bank of New York Co., Inc.			70,000		2,039,800

Morgan Stanley			60,000		3,083,400


*TOTAL CAPITAL MARKETS*				$	*5,123,200*

Description	Shares	Value

COMMUNICATIONS
EQUIPMENT – 4.3%
⁷Cisco Systems, Inc.	190,000	$	3,965,300

⁷Corning, Inc.	285,000		3,143,550


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*7,108,850*


COMPUTERS &
PERIPHERALS – 4.5%
⁷Dell, Inc.	55,000		1,909,050

EMC Corp. Mass	220,000		2,455,200

IBM Corp.	35,000		3,085,950


*TOTAL COMPUTERS & PERIPHERALS*		$	*7,450,200*


CONSUMER FINANCE – 1.4%
Capital One Financial Corp.	35,000	$	*2,293,550*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 2.5%
⁷Jabil Circuit, Inc.	115,000		3,034,850

⁷Solectron Corp.	240,000		1,176,000


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*4,210,850*


ENERGY EQUIPMENT &
SERVICES – 2.7%
⁷Nabors Industries Ltd.	50,000		2,218,000

⁷Weatherford International Ltd.	53,000		2,304,440


*TOTAL ENERGY EQUIPMENT & SERVICES*		$	*4,522,440*


FOOD & STAPLES
RETAILING – 1.5%
Sysco Corp.	30,000		1,147,500

Wal-Mart Stores, Inc.	25,000		1,425,000


*TOTAL FOOD & STAPLES RETAILING*		$	*2,572,500*


FOOD PRODUCTS – 1.0%
General Mills, Inc.	35,000	$	*1,706,250*


HEALTHCARE EQUIPMENT &
SUPPLIES – 2.7%
⁷Boston Scientific Corp.	55,000		2,265,450

Medtronic, Inc.	45,000		2,270,700


*TOTAL HEALTHCARE EQUIPMENT &*
*SUPPLIES*		$	*4,536,150*


HEALTHCARE PROVIDERS &
SERVICES – 1.2%
⁷Express Scripts, Inc., Class A	25,300	$	*1,956,702*


HOUSEHOLD PRODUCTS – 2.8%
Colgate-Palmolive Co.	25,000		1,447,000

Procter & Gamble Co.	30,000		3,172,500


*TOTAL HOUSEHOLD PRODUCTS*		$	*4,619,500*

Description	Shares	Value

IT SERVICES – 1.4%
⁷Accenture Ltd.	45,000	$	1,069,650

First Data Corp.	30,000		1,361,700


*TOTAL IT SERVICES*		$	*2,431,350*


INDUSTRIAL
CONGLOMERATES – 3.0%
General Electric Co.	170,000	$	*5,091,500*


INSURANCE – 1.3%
American International Group, Inc.	30,000	$	*2,149,500*


MEDIA – 1.9%
⁷Comcast Corp., Class A	60,000		1,806,000

Viacom, Inc., Class B	35,000		1,352,750


*TOTAL MEDIA*		$	*3,158,750*


MULTILINE RETAIL – 0.6%
Target Corp.	25,000	$	*1,084,250*


PERSONAL PRODUCTS – 1.0%
Gillette Co.	40,000	$	*1,636,800*


PHARMACEUTICALS – 9.6%
Abbott Laboratories	35,000		1,540,700

Johnson & Johnson	50,000		2,701,500

Lilly (Eli) & Co.	24,200		1,786,202

Merck & Co., Inc.	40,000		1,880,000

Pfizer, Inc.	158,000		5,650,080

Wyeth	65,000		2,474,550


*TOTAL PHARMACEUTICALS*		$	*16,033,032*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 3.9%
Intel Corp.	150,000		3,859,500

STMicroelectronics N.V.	60,000		1,306,200

⁷Taiwan Semiconductor Manufacturing
Co., ADR	135,000		1,286,550


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*		$	*6,452,250*


SOFTWARE – 4.9%
Microsoft Corp.	170,000		4,414,900

⁷Novell, Inc.	110,000		1,060,400

⁷Veritas Software Corp.	100,000		2,667,000


*TOTAL SOFTWARE*		$	*8,142,300*


SPECIALTY RETAIL – 1.7%
Home Depot, Inc.	50,000		1,759,500

Lowe’s Cos., Inc.	20,000		1,041,200


*TOTAL SPECIALTY RETAIL*		$	*2,800,700*


THRIFTS & MORTGAGE
FINANCE – 0.6%
Federal National Mortgage Association	13,965	$	*959,675*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $104,334,537)*		$	*113,005,399*

	Principal
Description	Amount			Value

CORPORATE BONDS – 11.5%

AUTO COMPONENTS – 0.3%
Dana Corp., Sr. Note, 6.500%, 3/1/2009		$	225,000	$	238,500

Lear Corp., Company Guarantee,
8.110%, 5/15/2009			250,000		287,812


*TOTAL AUTO COMPONENTS*				$	*526,312*


AUTOMOBILES – 0.3%
DaimlerChrysler North America Holding Corp.,
6.500%, 11/15/2013			300,000		309,147

General Motors Corp., Note, 8.375%, 7/15/2033			225,000		243,783


*TOTAL AUTOMOBILES*				$	*552,930*


BANKS – 1.2%
Bank of New York Institutional Capital Trust,
Company Guarantee, 7.780%, 12/1/2026			500,000		535,980

BankBoston Capital Trust III, Company
Guarantee, 1.860%, 6/15/2027			170,000		168,713

Mellon Capital I, Company Guarantee,
(Series A), 7.720%, 12/1/2026			600,000		646,218

Mellon Capital II, Company Guarantee,
(Series B), 7.995%, 1/15/2027			500,000		558,280

Suntrust Capital III, Company Guarantee,
1.760%, 3/15/2028			152,000		149,144


*TOTAL BANKS*				$	*2,058,335*


CAPITAL MARKETS – 0.1%
Goldman Sachs Group, Inc., Sub. Note,
6.345%, 2/15/2034			225,000	$	*216,283*


COMMERCIAL BANKS – 0.9%
Bank of America Corp., 5.250%, 2/1/2007			1,500,000	$	*1,580,325*


CONSUMER FINANCE – 0.7%
Household Finance Corp., Note, 6.375%,
10/15/2011			1,000,000	$	*1,086,510*


DIVERSIFIED FINANCIAL
SERVICES – 1.5%
Citicorp Capital I, Company Guarantee,
7.933%, 2/15/2027			250,000		275,142

Citigroup, Inc., 6.500%, 1/18/2011			1,300,000		1,442,662

Newcourt Credit Group, Inc., Company
Guarantee, 6.875%, 2/16/2005			500,000		519,860

Student Loan Marketing Association, Note,
(Series MTN), 4.000%, 1/15/2009			375,000		372,428


*TOTAL DIVERSIFIED FINANCIAL SERVICES*				$	*2,610,092*


ELECTRIC UTILITIES – 0.5%
Alabama Power Co., Sr. Note, (Series S),
5.875%, 12/1/2022			400,000		396,552

Duke Capital Corp., Sr. Note, 6.250%,
2/15/2013			230,000		238,404

FirstEnergy Corp., 7.375%, 11/15/2031			235,000		247,622


*TOTAL ELECTRIC UTILITIES*				$	*882,578*

ELECTRICAL EQUIPMENT – 0.5%
Hydro Quebec, Deb., 8.050%, 7/7/2024			575,000	$	*726,271*

	Principal
Description	Amount			Value

ENERGY REFINER – 0.2%
Premcor Refining Group, Sr. Sub. Note,
7.750%, 2/1/2012		$	225,000	$	*237,375*


FOOD PRODUCTS – 0.2%
Kraft Foods, Inc., Note, 6.250%, 6/1/2012			300,000	$	*321,744*


GAS UTILITIES – 0.7%
Consolidated Natural Gas Co.,
6.250%, 11/1/2011			635,000	$	686,956

K N Energy, Inc., Sr. Note, 6.650%, 3/1/2005			500,000		519,240


*TOTAL GAS UTILITIES*				$	*1,206,196*


HOTELS, RESTAURANTS &
LEISURE – 0.2%
Yum! Brands, Inc., Sr. Note, 7.700%, 7/1/2012			225,000	$	*260,451*


HOUSEHOLD DURABLES – 0.3%
Pulte Corp., Company Guarantee,
7.300%, 10/24/2005			500,000	$	*531,935*


IT SERVICES – 0.1%
Iron Mountain, Inc., Company Guarantee,
6.625%, 1/1/2016			250,000	$	*236,250*


MEDIA – 1.0%
Clear Channel Communications, Inc., 6.000%,
11/1/2006			750,000		797,392

Liberty Media Group, Deb., 8.250%, 2/1/2030			200,000		232,094

Time Warner, Inc., Sr. Note, 9.125%,
1/15/2013			500,000		615,405


*TOTAL MEDIA*				$	*1,644,891*


OIL & GAS – 1.1%
Anadarko Petroleum Corp., Sr. Deb.,
7.200%, 3/15/2029			500,000		552,300

Chesapeake Energy Corp., Sr. Note,
6.875%, 1/15/2016			225,000		232,594

Husky Oil Ltd., Deb., 7.550%, 11/15/2016			725,000		838,231

XTO Energy, Inc., Note, 4.900%, 2/1/2014			250,000		240,718


*TOTAL OIL & GAS*				$	*1,863,843*


REAL ESTATE – 0.2%
Rouse Co., 5.375%, 11/26/2013			400,000	$	*393,548*


ROAD & RAIL – 0.7%
Union Pacific Corp., 7.375%, 9/15/2009			1,000,000	$	*1,135,180*


UTILITY – 0.2%
Pacific Gas & Electric Co., 6.050%, 3/1/2034			250,000	$	*236,677*


WIRELESS TELECOMMUNICATION
SERVICES – 0.6%
NEXTEL Communications, Inc., Sr. Note,
6.875%, 10/31/2013			225,000		230,062

Nextel Partners, Inc., Sr. Note, 8.125%,
7/1/2011			225,000		237,375

Rogers Wireless, Inc., Sr. Secd. Note, 6.375%,
3/1/2014			250,000		241,875

	Principal
Description	Amount			Value

TELUS Corp., Note, 8.000%, 6/1/2011		$	250,000	$	290,005


*TOTAL WIRELESS*
*TELECOMMUNICATION SERVICES*				$	*999,317*


*TOTAL CORPORATE BONDS*
*(IDENTIFIED COST $18,335,335)*				$	*19,307,043*


GOVERNMENT AGENCIES – 6.7%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 4.0%
4.000%, 9/15/2019			1,642,390		1,664,349

Note, (Series), 5.250%, 1/15/2006			2,000,000		2,095,880

Note, (Series MTN), 2.200%, 12/30/2005			1,000,000		996,240

Sub. Note, 5.875%, 3/21/2011			1,775,000		1,887,340


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*6,643,809*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 2.7%
Note, 2.250%, 5/15/2006			2,000,000		1,989,100

Sub. Note, 5.250%, 8/1/2012			2,500,000		2,519,675


*TOTAL FEDERAL NATIONAL*
*MORTGAGE ASSOCIATION*				$	*4,508,775*


*TOTAL GOVERNMENT AGENCIES (IDENTIFIED*
*COST $10,978,077)*				$	*11,152,284*


MORTGAGE BACKED
SECURITIES – 7.1%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 2.3%
Pool A15865, 5.500%, 11/1/2033			2,750,341		2,747,756

Pool A19412, 5.000%, 3/1/2034			988,922		959,255

Pool E46188, 6.500%, 4/1/2008			124,643		131,343

Pool C00478, 8.500%, 9/1/2026			15,839		17,359


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*3,855,713*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 3.9%
⁶TBA, 5.000%, 6/1/2018			5,000,000		5,020,300

Pool 752660, 5.500%, 2/1/2034			578,154		577,067

Pool 124221, 7.000%, 2/1/2007			25,780		27,023

Pool 333854, 7.000%, 12/1/2025			48,021		50,993

Pool 329794, 7.000%, 2/1/2026			308,461		327,549

Pool 527006, 7.500%, 1/1/2030			87,931		94,031

Pool 253113, 7.500%, 3/1/2030			264,515		282,867

Pool 533246, 7.500%, 4/1/2030			117,402		125,583

Pool 8245, 8.000%, 12/1/2008			54,695		58,506


*TOTAL FEDERAL NATIONAL*
*MORTGAGE ASSOCIATION*				$	*6,563,919*

	Principal
Description	Amount			Value

GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION – 0.9%
Pool 354765, 7.000%, 2/15/2024		$	331,437	$	354,014

Pool 354827, 7.000%, 5/15/2024			253,775		271,062

Pool 385623, 7.000%, 5/15/2024			253,517		270,786

Pool 2077, 7.000%, 9/20/2025			125,331		133,242

Pool 354677, 7.500%, 10/15/2023			330,183		356,288

Pool 354713, 7.500%, 12/15/2023			109,178		117,809


*TOTAL GOVERNMENT NATIONAL*
*MORTGAGE ASSOCIATION*				$	*1,503,201*


*TOTAL MORTGAGE BACKED SECURITIES*
*(IDENTIFIED COST $11,779,388)*				$	*11,922,833*


²NOTES – VARIABLE – 0.4%

DIVERSIFIED FINANCIAL
SERVICES – 0.3%
CIT Group, Inc., 1.200%, 6/1/2004			500,000	$	*500,320*


MEDIA – 0.1%
Liberty Media Corp., 2.610%, 6/15/2004			220,000	$	*223,606*


*TOTAL NOTES – VARIABLE*
*(IDENTIFIED COST $723,134)*				$	*723,926*

		Principal
		Amount
Description		or Shares		Value

U.S. TREASURY – 3.3%

U.S. TREASURY NOTES – 3.3%
2.375%, 8/15/2006		$	2,000,000	$	1,994,680

4.00%, 2/15/2014			1,040,000		999,378

4.25%, 8/15/2013			90,000		88,538

U.S. Treasury Inflation Protected Note, (Series
A-2011), 3.50%, 1/15/2011			2,101,862		2,341,285


*TOTAL U.S. TREASURY*
*(IDENTIFIED COST $*	*5,238,975)*			$	*5,423,881*


MUTUAL FUNDS – 2.4%
SSGA Money Market Fund			3,957,691		3,957,691

SSGA U.S. Government Money Market Fund			700		700


*TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)*				$	*3,958,391*


*TOTAL INVESTMENTS – 100.1%*
*(IDENTIFIED COST $*	*157,189,476)*			$	*167,307,844*


*OTHER ASSETS AND*
*LIABILITIES – NET – (0.1)%*				$	*(188,529)*


*TOTAL NET ASSETS – 100%*				$	*167,119,315*

See Notes to Portfolios of Investments

MTB Social Balanced Fund

	Principal
	Amount
Description	or Shares			Value

ASSET-BACKED SECURITIES – 4.1%
ANRC Auto Owner Trust 2001-A, Class A4,
4.320%, 6/16/2008		$	92,416		$	93,734

Whole Auto Loan Trust 2002-1, Class A3, 2.600%,
8/15/2006			50,000			50,377


*TOTAL ASSET-BACKED SECURITIES*
*(IDENTIFIED COST $142,409)*					$	*144,111*


COLLATERALIZED MORTGAGE
OBLIGATIONS – 3.3%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 0.7%
(Series T045), Class A3, 4.105%, 10/27/2031			25,000		$	*25,334*


WHOLE LOAN – 2.6%
Bank of America Mortgage Securities 2003-2,
Class 2A1, 3.628%, 2/25/2034			93,283		$	*92,220*


*TOTAL COLLATERALIZED MORTGAGE*
*OBLIGATIONS (IDENTIFIED COST $118,282)*					$	*117,554*


COMMON STOCKS – 50.7%

AIR FREIGHT & LOGISTICS – 0.7%
United Parcel Service, Inc.			350		$	*24,552*


AIRLINES – 0.7%
Southwest Airlines Co.			1,700		$	*24,276*

Description	Shares	Value

AUTO COMPONENTS – 1.2%
Lear Corp.	700	$	*42,434*


BEVERAGES – 0.6%
PepsiCo, Inc.	400		*21,796*


BIOTECHNOLOGY – 3.1%
⁷Amgen, Inc.	1,000		56,270

⁷Biogen Idec, Inc.	400		23,600

⁷Gilead Sciences, Inc.	500		30,415


*TOTAL BIOTECHNOLOGY*		$	*110,285*


CAPITAL MARKETS – 2.6%
Bank of New York Co., Inc.	1,250		36,425

Morgan Stanley	1,100		56,529


*TOTAL CAPITAL MARKETS*		$	*92,954*


COMMUNICATIONS
EQUIPMENT – 3.7%
⁷Cisco Systems, Inc.	4,000		83,480

⁷Corning, Inc.	3,600		39,708

Nokia Oyj, Class A, ADR	500		7,005


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*130,193*

Description	Shares	Value

COMPUTERS &
PERIPHERALS – 3.4%
⁷Dell, Inc.	1,100	$	38,181

⁷EMC Corp. Mass	4,200		46,872

IBM Corp.	400		35,268


*TOTAL COMPUTERS & PERIPHERALS*		$	*120,321*


CONSUMER FINANCE – 1.4%
Capital One Financial Corp.	750	$	*49,147*


ELECTRICAL EQUIPMENT – 1.0%
Emerson Electric Co.	600	$	*36,132*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 2.1%
⁷Jabil Circuit, Inc.	2,000		52,780

⁷Solectron Corp.	4,500		22,050


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*74,830*


ENERGY EQUIPMENT &
SERVICES – 1.5%
⁷Nabors Industries Ltd.	500		22,180

⁷Weatherford International Ltd.	700		30,436


*TOTAL ENERGY EQUIPMENT & SERVICES*		$	*52,616*


FOOD & STAPLES RETAILING – 1.0%
Wal-Mart Stores, Inc.	600	$	*34,200*


FOOD PRODUCTS – 0.4%
General Mills, Inc.	300	$	*14,625*


HEALTHCARE EQUIPMENT &
SUPPLIES – 2.7%
⁷Boston Scientific Corp.	1,200		49,428

Medtronic, Inc.	950		47,937


*TOTAL HEALTHCARE EQUIPMENT & SUPPLIES*		$	*97,365*


HEALTHCARE PROVIDERS &
SERVICES – 1.5%
Cardinal Health, Inc.	200		14,650

⁷Express Scripts, Inc., Class A	500		38,670


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*53,320*


HOUSEHOLD DURABLES – 1.6%
Koninklijke (Royal) Philips Electronics NV, ADR	700		18,767

Newell Rubbermaid, Inc.	1,550		36,642


*TOTAL HOUSEHOLD DURABLES*		$	*55,409*


HOUSEHOLD PRODUCTS – 0.9%
Procter & Gamble Co.	300	$	*31,725*


IT SERVICES – 0.7%
⁷Accenture Ltd.	1,000	$	*23,770*


INSURANCE – 1.0%
American International Group, Inc.	500	$	*35,825*

Description	Shares	Value

MACHINERY – 2.0%
Danaher Corp.	400	$	37,008

Illinois Tool Works, Inc.	400		34,484


*TOTAL MACHINERY*		$	*71,492*


MEDIA – 1.8%
⁷Comcast Corp., Class A	1,200		36,120

Viacom, Inc., Class B	750		28,987


*TOTAL MEDIA*		$	*65,107*


MULTILINE RETAIL – 0.7%
Target Corp.	600	$	*26,022*


OIL & GAS – 0.8%
BP PLC, ADR	500	$	*26,450*


PERSONAL PRODUCTS – 1.0%
Gillette Co.	900	$	*36,828*


PHARMACEUTICALS – 2.7%
⁷Eon Labs, Inc.	400		26,300

Lilly (Eli) & Co.	500		36,905

Merck & Co., Inc.	500		23,500

⁷Taro Pharmaceutical Industries Ltd.	250		10,812


*TOTAL PHARMACEUTICALS*		$	*97,517*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 3.2%
Intel Corp.	3,000		77,190

⁷Taiwan Semiconductor Manufacturing Co., ADR	2,500		23,825

Texas Instruments, Inc.	500		12,550


*TOTAL SEMICONDUCTOR EQUIPMENT &*
*PRODUCTS*		$	*113,565*


SOFTWARE – 4.6%
Microsoft Corp.	3,700		96,089

⁷Novell, Inc.	2,400		23,136

⁷Veritas Software Corp.	1,700		45,339

*TOTAL SOFTWARE*		$	*164,564*

SPECIALTY RETAIL – 1.7%
Home Depot, Inc.	1,100		38,709
Lowe's Cos., Inc.	400		20,824

*TOTAL SPECIALTY RETAIL*		$	*59,533*

THRIFTS & MORTGAGE
FINANCE – 0.4%
Federal National Mortgage Association	200	$	*13,744*

*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $1,753,003)*		$	*1,800,597*

	Principal
Description	Amount			Value

CORPORATE BONDS – 17.6%

AUTOMOBILES – 1.3%
DaimlerChrysler North America Holding Corp.,
Company Guarantee, 6.900%, 9/1/2004		$	30,000	$	30,515

General Motors Corp., Note, 8.375%, 7/15/2033			15,000		16,252


*TOTAL AUTOMOBILES*				$	*46,767*


BANKS – REGIONAL – 0.6%
Fleet National Bank, (Series BKNT), 5.750%,
1/15/2009			20,000	$	*21,394*


BANKS – 1.6%
U.S. Bank NA, 6.375%, 8/1/2011			50,000	$	*54,925*


CAPITAL MARKETS – 1.9%
Bear Stearns Cos., Inc., Sr. Note, 7.250%,
10/15/2006			25,000		27,484

Goldman Sachs Group, Inc., 7.500%, 1/28/2005			25,000		26,083

Goldman Sachs Group, Inc., Sub. Note, 6.345%,
2/15/2034			15,000		14,419


*TOTAL CAPITAL MARKETS*				$	*67,986*


CONSUMER FINANCE – 2.7%
American General Finance Corp., Note, (Series G),
5.375%, 10/1/2012			30,000		30,617

John Deere Capital Corp., Bond, 5.100%,
1/15/2013			40,000		40,244

MBNA Corp., Note, 4.625%, 9/15/2008			25,000		25,425


*TOTAL CONSUMER FINANCE*				$	*96,286*


DIVERSIFIED FINANCIAL
SERVICES – 3.0%
Heller Financial, Inc., Note, 6.375%, 3/15/2006			25,000		26,735

National Rural Utilities Cooperative Finance Corp.,
Note, (Series MTNC), 6.500%, 3/1/2007			25,000		27,038

Wells Fargo Financial, Inc., Note, (Series
7373761), 6.125%, 4/18/2012			50,000		53,786


*TOTAL DIVERSIFIED FINANCIAL SERVICES*				$	*107,559*


ELECTRIC UTILITIES – 1.2%
Duke Capital Corp., Sr. Note, 6.250%, 2/15/2013			15,000		15,548

FirstEnergy Corp., 7.375%, 11/15/2031			15,000		15,806

Xcel Energy, Inc., Sr. Note, 3.400%, 7/1/2008			10,000		9,668


*TOTAL ELECTRIC UTILITIES*				$	*41,022*


FOOD & STAPLES RETAILING – 0.4%
Wal-Mart Stores, Inc., Note, 4.550%, 5/1/2013			15,000	$	*14,557*


FOOD PRODUCTS – 0.8%
Kraft Foods, Inc., Note, 6.250%, 6/1/2012			25,000	$	*26,812*


GAS UTILITIES – 0.7%
K N Energy, Inc., Sr. Note, 6.650%, 3/1/2005			25,000	$	*25,962*


HOTELS RESTAURANTS &
LEISURE – 0.5%
Yum! Brands, Inc., Sr. Note, 7.700%, 7/1/2012			15,000	$	*17,363*

	Principal
Description	Amount			Value

MEDIA – 1.3%
Clear Channel Communications, Inc., 6.000%,
11/1/2006		$	15,000	$	15,948

Time Warner, Inc., Sr. Note, 9.125%, 1/15/2013			25,000		30,770


*TOTAL MEDIA*				$	*46,718*


OIL & GAS – 0.8%
Devon Financing Corp., 6.875%, 9/30/2011			25,000	$	*27,738*


TELECOMMUNICATIONS – 0.8%
⁴Verizon Wireless, Inc., 1.190%, 5/23/2005			30,000	$	*29,984*


*TOTAL CORPORATE BONDS*
*(IDENTIFIED COST $615,262)*				$	*625,073*


GOVERNMENT AGENCIES – 7.8%

FEDERAL HOME LOAN BANK – 2.4%
Bond, 6.875%, 8/15/2005			80,000	$	*84,926*


FEDERAL HOME LOAN MORTGAGE
CORPORATION – 2.4%
Discount Bond, 4.000%, 10/29/2007			75,000		75,794

Note, (Series MTN), 2.850%, 6/3/2008			10,000		9,667


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*85,461*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 3.0%
Sub. Note, 5.500%, 5/2/2006			100,000	$	*105,566*

*TOTAL GOVERNMENT AGENCIES*
*(IDENTIFIED COST $268,261)*				$	*275,953*


MORTGAGE BACKED SECURITIES – 5.6%

FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 5.6%
⁶Pool TBA 5.000%, 6/1/2018
*(IDENTIFIED COST $199,000)*			200,000	$	*200,812*


^1,2NOTES – VARIABLE – 0.4%

MEDIA – 0.4%
Liberty Media Corp., 2.610%, 6/15/2004
*(IDENTIFIED COST $15,214)*			15,000	$	*15,246*


U.S. TREASURY – 8.7%

U.S. TREASURY BONDS – 2.5%
5.375%, 2/15/2031			88,000	$	*89,141*


U.S. TREASURY NOTES – 6.2%
3.625%, 5/15/2013			30,000		28,336

4.000%, 2/15/2014			35,000		33,633

4.250%, 8/15/2013			10,000		9,838

4.250%, 11/15/2013			10,000		9,814

U.S. Treasury Inflation Protected Note, (Series A-
2011), 3.50%, 1/15/2011			21,393		23,830

	Principal
	Amount
Description	or Shares			Value

U.S. Treasury Inflation Protected Note,
(Series A-2012), 3.375%, 1/15/2012		$	52,422	$	58,148

U.S. Treasury Inflation Protected Note,
(Series C-2012), 3.00%, 7/15/2012			51,771		55,945


*TOTAL U.S. TREASURY NOTES*				$	*219,544*


*TOTAL U.S. TREASURY*
*(IDENTIFIED COST $307,089)*				$	*308,685*


MUTUAL FUND – 0.0%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*			3	$	3

	Principal
Description	Amount			Value

REPURCHASE AGREEMENT – 6.8%
Repurchase agreement with Credit Suisse First
Boston Corp., dated 4/30/2004, due 5/3/2004 at
1.02%, collateralized by a U. S. Treasury
Obligation with maturity of 11/15/2007
(repurchase proceeds $242,360)
*(AT AMORTIZED COST)*		$	242,339		$	*242,339*


*TOTAL INVESTMENTS – 105.0%*
*(IDENTIFIED COST $3,660,862)*					$	*3,730,373*


*OTHER ASSETS AND*
*LIABILITIES – NET – (5.0)%*					$	*(176,477)*


*TOTAL NET ASSETS – 100%*					$	*3,553,896*

See Notes to Portfolios of Investments

MTB Equity Income Fund

Description	Shares	Value

COMMON STOCKS – 95.8%

AEROSPACE & DEFENSE – 2.8%
United Technologies Corp.	25,000	$	*2,156,500*


BEVERAGES – 2.4%
PepsiCo, Inc.	35,000	$	*1,907,150*


BUILDING PRODUCTS – 2.1%
Masco Corp.	60,000	$	*1,680,600*


CAPITAL MARKETS – 2.3%
Waddell & Reed Financial, Inc., Class A	80,000	$	*1,778,400*


CHEMICALS – 1.6%
Eastman Chemical Co.	30,000	$	*1,277,100*


COMMERCIAL BANKS – 6.7%
Bank of America Corp.	12,244		985,520

KeyCorp	41,425		1,230,322

U.S. Bancorp	42,500		1,089,700

Wells Fargo & Co.	34,900		1,970,454


*TOTAL COMMERCIAL BANKS*		$	*5,275,996*


COMMUNICATIONS
EQUIPMENT – 3.0%
Motorola, Inc.	80,000		1,460,000

Nokia Oyj, Class A, ADR	65,400		916,254


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*2,376,254*


COMPUTERS &
PERIPHERALS – 2.3%
IBM Corp.	20,000	$	*1,763,400*


DIVERSIFIED FINANCIAL
SERVICES – 2.8%
Citigroup, Inc.	45,000	$	*2,164,050*

Description	Shares	Value

DIVERSIFIED TELECOMMUNICATION
SERVICES – 2.8%
BellSouth Corp.	45,000	$	1,161,450

Verizon Communications	27,000		1,018,980


*TOTAL DIVERSIFIED*
*TELECOMMUNICATION SERVICES*		$	*2,180,430*


ELECTRIC UTILITIES – 2.9%
Exelon Corp.	20,000		1,338,800

Pepco Holdings, Inc.	50,000		947,000


*TOTAL ELECTRIC UTILITIES*		$	*2,285,800*


ELECTRICAL EQUIPMENT – 1.5%
Cooper Industries, LTD., Class A	20,825	$	*1,143,501*


ENERGY EQUIPMENT &
SERVICES – 2.6%
Schlumberger Ltd.	35,000	$	*2,048,550*


FOOD PRODUCTS – 5.0%
General Mills, Inc.	21,000		1,023,750

Kellogg Co.	40,000		1,716,000

Kraft Foods, Inc., Class A	35,000		1,151,850


*TOTAL FOOD PRODUCTS*		$	*3,891,600*


HOUSEHOLD DURABLES – 3.6%
Koninklijke (Royal) Philips Electronics NV, ADR	60,000		1,608,600

Newell Rubbermaid, Inc.	50,000		1,182,000


*TOTAL HOUSEHOLD DURABLES*		$	*2,790,600*


HOUSEHOLD PRODUCTS – 1.8%
Procter & Gamble Co.	13,000	$	*1,374,750*


INDUSTRIAL
CONGLOMERATES – 3.0%
General Electric Co.	78,000	$	*2,336,100*

Description	Shares	Value

INSURANCE – 4.5%
Ace Ltd.	28,000	$	1,227,520

Allstate Corp.	31,775		1,458,472

Lincoln National Corp.	19,075		856,086


*TOTAL INSURANCE*		$	*3,542,078*


MACHINERY – 2.7%
Harsco Corp.	18,450		803,129

Illinois Tool Works, Inc.	15,000		1,293,150


*TOTAL MACHINERY*		$	*2,096,279*


MEDIA – 2.2%
Clear Channel Communications, Inc.	23,000		954,270

Walt Disney Co.	35,000		806,050


*TOTAL MEDIA*		$	*1,760,320*


METALS & MINING – 1.6%
Alcoa, Inc.	40,000	$	*1,230,000*


MULTI-UTILITIES &
UNREGULATED POWER – 2.1%
Constellation Energy Group	42,000	$	*1,616,160*


MULTILINE RETAIL – 2.2%
Target Corp.	40,000	$	*1,734,800*


OIL & GAS – 6.0%
BP PLC, ADR	25,000		1,322,500

ChevronTexaco Corp.	15,000		1,372,500

ExxonMobil Corp.	48,000		2,042,400


*TOTAL OIL & GAS*		$	*4,737,400*


PHARMACEUTICALS – 9.5%
Abbott Laboratories	35,000		1,540,700

Lilly (Eli) & Co.	11,000		811,910

Merck & Co., Inc.	34,000		1,598,000

Pfizer, Inc.	55,000		1,966,800

Wyeth	40,000		1,522,800


*TOTAL PHARMACEUTICALS*		$	*7,440,210*


REAL ESTATE – 5.7%
Boston Properties, Inc.	20,000		940,000

New Plan Excel Realty Trust	40,000		897,600

Simon Property Group, Inc.	22,000		1,060,620

St. Joe Co.	20,300		795,760

Thornburg Mortgage Asset Co.	31,300		810,044


*TOTAL REAL ESTATE*		$	*4,504,024*

Description	Shares	Value

ROAD & RAIL – 1.0%
Werner Enterprises, Inc.	40,000		$	*799,600*


SEMICONDUCTOR EQUIPMENT & PRODUCTS – 3.3%
Intel Corp.	51,600			1,327,668

Texas Instruments, Inc.	50,000			1,255,000


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*			$	*2,582,668*


SOFTWARE – 3.4%
Computer Associates International, Inc.	25,000			670,250

Microsoft Corp.	76,000			1,973,720


*TOTAL SOFTWARE*			$	*2,643,970*


SPECIALTY RETAIL – 1.0%
Pier 1 Imports, Inc.	38,000		$	*785,080*


TOBACCO – 1.4%
Altria Group, Inc.	20,000		$	*1,107,600*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $61,583,729)*			$	*75,010,970*


PREFERRED STOCK – 2.0%

AEROSPACE & DEFENSE – 2.0%
Northrop Grumman Corp., Conv. Pfd., $7.25,
Annual Dividend
*(IDENTIFIED COST $1,578,835)*	15,000		$	*1,569,450*


MUTUAL FUNDS – 2.1%
SSGA Money Market Fund	1,627,966			1,627,966

SSGA US Government Money Market Fund	9			9


*TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)*			$	*1,627,975*


*TOTAL INVESTMENTS – 99.9%*
*(IDENTIFIED COST $64,790,539)*			$	*78,208,395*


*OTHER ASSETS AND LIABILITIES – NET – 0.1%*			$	*66,635*


*TOTAL NET ASSETS – 100%*			$	*78,275,030*

See Notes to Portfolios of Investments

MTB Large Cap Value Fund

Description	Shares	Value

COMMON STOCKS – 94.9%

AEROSPACE & DEFENSE – 2.9%
Honeywell International, Inc.	23,800	$	823,004

Lockheed Martin Corp.	18,805		896,998

Raytheon Co.	26,020		839,405


*TOTAL AEROSPACE & DEFENSE*		$	*2,559,407*


AUTO COMPONENTS – 1.1%
Lear Corp.	16,005	$	*970,223*


CAPITAL MARKETS – 3.1%
Bank of New York Co., Inc.	33,500		976,190

Morgan Stanley	34,220		1,758,566


*TOTAL CAPITAL MARKETS*		$	*2,734,756*


CHEMICALS – 1.1%
Du Pont (E.I.) de Nemours & Co.	23,800	$	*1,022,210*


COMMERCIAL BANKS – 7.6%
Bank of America Corp.	34,079		2,743,019

KeyCorp	30,600		908,820

U.S. Bancorp	32,292		827,967

Wachovia Corp.	23,800		1,088,850

Wells Fargo & Co.	22,754		1,284,691


*TOTAL COMMERCIAL BANKS*		$	*6,853,347*


COMMERCIAL SERVICES &
SUPPLIES – 1.5%
Cendant Corp.	57,100	$	*1,352,128*


COMMUNICATIONS
EQUIPMENT – 4.1%
⁷Lucent Technologies, Inc.	263,550		888,163

Motorola, Inc.	50,000		912,500

Nokia Oyj, Class A, ADR	93,000		1,302,930

⁷Nortel Networks Corp.	161,325		603,356


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*3,706,949*


COMPUTERS & PERIPHERALS – 1.0%
⁷Electronics for Imaging, Inc.	36,200	$	*918,756*


CONSUMER FINANCE – 1.8%
Capital One Financial Corp.	25,090	$	*1,644,148*


DIVERSIFIED FINANCIAL
SERVICES – 4.3%
Citigroup, Inc.	80,233	$	*3,858,405*


DIVERSIFIED TELECOMMUNICATION
SERVICES – 3.1%
BellSouth Corp.	27,600		712,356

SBC Communications, Inc.	31,790		791,571

Verizon Communications	34,825		1,314,296


*TOTAL DIVERSIFIED*
*TELECOMMUNICATION SERVICES*		$	*2,818,223*

Description	Shares	Value

ELECTRIC UTILITIES – 2.6%
DTE Energy Co.	26,106	$	1,018,656

FPL Group, Inc.	13,100		833,422

Pepco Holdings, Inc.	27,063		512,573


*TOTAL ELECTRIC UTILITIES*		$	*2,364,651*


ELECTRICAL EQUIPMENT – 1.4%
Cooper Industries, LTD., Class A	23,400	$	*1,284,894*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 1.5%
⁷Solectron Corp.	154,600		757,540

Symbol Technologies, Inc.	50,370		604,440


*TOTAL ELECTRONIC*
*EQUIPMENT & INSTRUMENTS*		$	*1,361,980*


ENERGY EQUIPMENT &
SERVICES – 2.4%
Schlumberger Ltd.	17,175		1,005,253

⁷Transocean Sedco Forex, Inc.	39,590		1,099,414


*TOTAL ENERGY EQUIPMENT & SERVICES*		$	*2,104,667*


HEALTHCARE PROVIDERS &
SERVICES – 4.1%
⁷Caremark Rx, Inc.	37,000		1,252,450

HCA - The Healthcare Corp.	21,540		875,170

Health Management Association, Class A	65,311		1,510,643


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*3,638,263*


HOTELS, RESTAURANTS &
LEISURE – 0.8%
Carnival Corp.	16,805	$	*717,069*


HOUSEHOLD DURABLES – 1.2%
Newell Rubbermaid, Inc.	46,285	$	*1,094,177*


HOUSEHOLD PRODUCTS – 1.2%
Kimberly-Clark Corp.	15,900	$	*1,040,655*


IT SERVICES – 1.1%
First Data Corp., Class	22,200	$	*1,007,658*


INDUSTRIAL
CONGLOMERATES – 1.6%
General Electric Co.	48,255	$	*1,445,237*


INSURANCE – 9.4%
Allstate Corp.	28,900		1,326,510

American International Group, Inc.	41,650		2,984,223

Hartford Financial Services Group, Inc.	28,850		1,762,158

Lincoln National Corp.	34,200		1,534,896

The St. Paul Travelers Cos., Inc.	20,900		850,003


*TOTAL INSURANCE*		$	*8,457,790*

LEISURE EQUIPMENT &
PRODUCTS – 1.1%
Mattel, Inc.	59,062	$	*1,001,692*

Description	Shares	Value

MEDIA – 7.7%
Clear Channel Communications, Inc.	21,727	$	901,453

⁷Comcast Corp., Class A	48,635		1,463,914

⁷Liberty Media Corp., Class A	99,144		1,084,635

⁷Time Warner, Inc.	77,692		1,306,779

Viacom, Inc., Class B	35,700		1,379,805

Walt Disney Co.	34,409		792,439


*TOTAL MEDIA*		$	*6,929,025*


METALS & MINING – 1.3%
Alcoa, Inc.	36,868	$	*1,133,691*


MULTILINE RETAIL – 1.0%
Target Corp.	21,000	$	*910,770*


OIL & GAS – 9.4%
Burlington Resources, Inc.	18,185		1,223,305

ChevronTexaco Corp.	29,450		2,694,675

ConocoPhillips	13,822		985,509

ExxonMobil Corp.	83,814		3,566,286


*TOTAL OIL & GAS*		$	*8,469,775*


PHARMACEUTICALS – 2.4%
Merck & Co., Inc.	18,400		864,800

Pfizer, Inc.	35,715		1,277,168


*TOTAL PHARMACEUTICALS*		$	*2,141,968*


REAL ESTATE – 2.8%
Archstone-Smith Trust	24,000		658,320

Equity Office Properties Trust	38,367		965,697

St. Joe Co.	23,200		909,440


*TOTAL REAL ESTATE*		$	*2,533,457*


ROAD & RAIL – 0.9%
CSX Corp.	26,760	$	*823,138*

Description	Shares	Value

SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 2.3%
⁷Applied Materials, Inc.	41,000	$	747,430

⁷International Rectifier Corp.	14,750		584,690

Texas Instruments, Inc.	30,500		765,550


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*		$	*2,097,670*


SPECIALTY RETAIL – 3.1%
Home Depot, Inc.	44,115		1,552,407

Staples, Inc.	46,600		1,200,416


*TOTAL SPECIALTY RETAIL*		$	*2,752,823*


THRIFTS & MORTGAGE
FINANCE – 3.1%
Countrywide Financial Corp.	24,599		1,458,721

Federal National Mortgage Association	19,625		1,348,630


*TOTAL THRIFTS & MORTGAGE FINANCE*		$	*2,807,351*


TOBACCO – 0.9%
Altria Group, Inc.	13,649	$	*755,882*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $77,588,590)*		$	*85,312,835*


MUTUAL FUNDS – 4.9%
SSGA Money Market Fund	3,509,287		3,509,287

SSGA US Government Money Market Fund	892,856		892,856


*TOTAL MUTUAL FUNDS*
*(AT NET ASSET VALUE)*		$	*4,402,143*


*TOTAL INVESTMENTS – 99.8%*
*(IDENTIFIED COST $81,990,733)*		$	*89,714,978*


*OTHER ASSETS AND LIABILITIES – NET – 0.2%*		$	*214,225*


*TOTAL NET ASSETS –100%*		$	*89,929,203*

See Notes to Portfolios of Investments

MTB Equity Index Fund

Description	Shares	Value

COMMON STOCKS – 98.4%

AEROSPACE & DEFENSE – 1.9%
Boeing Co.	7,480	$	319,321

General Dynamics Corp.	1,900		177,878

Goodrich (B.F.) Co.	1,385		39,874

Honeywell International, Inc.	7,541		260,768

Lockheed Martin Corp.	3,550		169,335

Northrop Grumman Corp.	1,560		154,830

Raytheon Co.	4,180		134,847

Description	Shares	Value

Rockwell Collins	1,890	$	60,953

United Technologies Corp.	4,560		393,346


*TOTAL AEROSPACE & DEFENSE*		$	*1,711,152*


AIR FREIGHT & LOGISTICS – 0.9%
FedEx Corp.	2,517		180,997

Ryder Systems, Inc.	770		28,328

United Parcel Service, Inc.	8,825		619,074


*TOTAL AIR FREIGHT & LOGISTICS*		$	*828,399*

Description	Shares	Value

AIRLINES – 0.1%
⁷Delta Air Lines, Inc.	1,200	$	7,464

Southwest Airlines Co.	7,959		113,655


*TOTAL AIRLINES*		$	*121,119*


AUTO COMPONENTS – 0.3%
Cooper Tire & Rubber Co.	855		18,288

Dana Corp.	1,681		33,889

Delphi Auto Systems Corp.	6,543		66,739

⁷Goodyear Tire & Rubber Co.	1,545		13,457

Johnson Controls, Inc.	2,000		109,720

Visteon Corp.	1,300		14,118


*TOTAL AUTO COMPONENTS*		$	*256,211*


AUTOMOBILES – 0.7%
Ford Motor Co.	16,000		245,760

General Motors Corp.	4,895		232,121

Harley Davidson, Inc.	2,525		142,208


*TOTAL AUTOMOBILES*		$	*620,089*


BEVERAGES – 2.7%
Anheuser-Busch Cos., Inc.	7,225		370,209

Brown-Forman Corp., Class B	1,060		49,672

Coca-Cola Co.	20,700		1,046,799

Coca-Cola Enterprises, Inc.	4,550		122,850

Coors Adolph Co., Class B	485		31,869

PepsiCo, Inc.	14,125		769,671

The Pepsi Bottling Group, Inc.	2,600		76,102


*TOTAL BEVERAGES*		$	*2,467,172*


BIOTECHNOLOGY – 1.1%
⁷Amgen, Inc.	10,972		617,394

Applera Corp.	2,040		37,883

⁷Biogen Idec, Inc.	2,812		165,908

⁷Chiron Corp.	1,600		74,240

⁷Genzyme Corp.	1,925		83,853

⁷Medimmune, Inc.	2,150		52,116


*TOTAL BIOTECHNOLOGY*		$	*1,031,394*


BUILDING PRODUCTS – 0.2%
⁷American Standard Cos.	800		84,152

Masco Corp.	4,555		127,586


*TOTAL BUILDING PRODUCTS*		$	*211,738*


CAPITAL MARKETS – 3.4%
Bank of New York Co., Inc.	6,735		196,258

Bear Stearns Cos., Inc.	900		72,126

Federated Investors, Inc.	1,200		35,280

Franklin Resources, Inc.	2,100		115,143

Goldman Sachs Group, Inc.	4,050		390,825

J.P. Morgan Chase & Co.	17,468		656,797

Janus Capital Group, Inc.	2,400		36,480

Description	Shares	Value
Lehman Brothers Holdings, Inc.	2,360	$	173,224

Mellon Financial Corp.	4,260		126,266

Merrill Lynch & Co., Inc.	8,220		445,771

Morgan Stanley	9,275		476,642

Northern Trust Corp.	1,970		83,292

Schwab (Charles) Corp.	11,728		120,681

State Street Corp.	2,800		136,640

T. Rowe Price Group, Inc.	1,300		66,664


*TOTAL CAPITAL MARKETS*		$	*3,132,089*


CHEMICALS – 1.5%
Air Products & Chemicals, Inc.	1,925		95,884

Dow Chemical Co.	8,182		324,744

Du Pont (E.I.) de Nemours & Co.	8,800		377,960

Eastman Chemical Co.	900		38,313

Ecolab, Inc.	2,890		86,122

Engelhard Corp.	1,530		44,431

Great Lakes Chemical Corp.	600		15,072

⁷Hercules, Inc.	800		8,888

International Flavors & Fragrances, Inc.	1,085		39,331

Monsanto Co.	2,240		77,482

PPG Industries, Inc.	1,490		88,372

Praxair, Inc.	2,610		95,396

Rohm & Haas Co.	1,950		75,621

Sigma-Aldrich Corp.	750		42,480


*TOTAL CHEMICALS*		$	*1,410,096*


COMMERCIAL BANKS – 6.0%
Amsouth Bancorporation	3,500		77,070

BB&T Corp.	4,485		154,688

Bank One Corp.	9,500		469,015

Bank of America Corp.	17,182		1,382,979

Charter One Financial, Inc.	2,171		72,446

Comerica, Inc.	1,732		89,423

Fifth Third Bancorp	5,000		268,300

First Horizon National Corp.	1,500		65,940

Huntington Bancshares, Inc.	2,542		54,399

KeyCorp	4,245		126,076

⁵M&T Bank Corp.	1,200		102,000

Marshall & Ilsley Corp.	1,900		69,863

National City Corp.	5,110		177,164

North Fork Bancorp, Inc.	1,700		63,104

PNC Financial Services Group	2,365		125,582

Regions Financial Corp.	1,920		66,643

SouthTrust Corp.	2,900		90,132

SunTrust Banks, Inc.	2,345		159,577

Synovus Financial Corp.	2,592		61,871

U.S. Bancorp	16,375		419,855

Union Planters Corp.	2,175		60,465

Description	Shares	Value

Wachovia Corp.	11,100	$	507,825

Wells Fargo & Co.	14,430		814,718

Zions Bancorp	1,000		56,520


*TOTAL COMMERCIAL BANKS*		$	*5,535,655*


COMMERCIAL SERVICES &
SUPPLIES – 1.1%
⁷Allied Waste Industries, Inc.	3,200		40,288

⁷Apollo Group, Inc., Class A	1,550		140,864

Avery Dennison Corp.	1,240		79,645

Block (H&R), Inc.	1,800		81,198

Cendant Corp.	8,850		209,568

Cintas Corp.	1,400		62,944

Deluxe Corp.	640		26,438

Donnelley (R.R.) & Sons Co.	2,105		61,929

Equifax, Inc.	1,625		39,829

⁷Monster Worldwide, Inc.	1,300		33,293

Pitney Bowes, Inc.	1,980		86,625

Robert Half International, Inc.	1,700		46,359

Waste Management, Inc.	4,850		137,740


*TOTAL COMMERCIAL SERVICES & SUPPLIES*		$	*1,046,720*


COMMUNICATIONS
EQUIPMENT – 2.9%
⁷ADC Telecommunications, Inc.	7,700		19,250

⁷Andrew Corp.	1,145		19,408

⁷Avaya, Inc.	4,425		60,534

⁷CIENA Corp.	4,800		19,872

⁷Cisco Systems, Inc.	61,075		1,274,635

⁷Comverse Technology, Inc.	2,200		35,992

⁷Corning, Inc.	12,970		143,059

⁷JDS Uniphase Corp.	16,900		51,376

⁷Lucent Technologies, Inc.	36,211		122,031

Motorola, Inc.	20,726		378,250

⁷Qlogic Corp.	1,000		26,990

Qualcomm, Inc.	7,100		443,466

Scientific-Atlanta, Inc.	1,600		51,824

⁷Tellabs, Inc.	3,985		34,789


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*2,681,476*


COMPUTERS & PERIPHERALS – 3.5%
⁷Apple Computer, Inc.	3,165		81,435

⁷Dell, Inc.	22,325		774,901

⁷EMC Corp. Mass	21,086		235,320

⁷Gateway, Inc.	3,550		17,111

Hewlett-Packard Co.	25,950		511,215

IBM Corp.	14,200		1,252,014

⁷Lexmark International Group, Class A	1,250		113,075

⁷NCR Corp.	1,100		49,159

Description	Shares	Value

⁷Network Appliance, Inc.	2,950	$	54,929

⁷Seagate Technology, Inc., Rights	2,330		0

⁷Sun Microsystems, Inc.	28,000		109,200


*TOTAL COMPUTERS & PERIPHERALS*		$	*3,198,359*


CONSTRUCTION &
ENGINEERING – 0.0%
Fluor Corp.	955	$	*36,443*


CONSTRUCTION MATERIALS – 0.1%
Vulcan Materials Co.	1,200	$	*55,488*


CONSUMER FINANCE – 1.2%
American Express Co.	10,975		537,226

Capital One Financial Corp.	1,985		130,077

MBNA Corp.	11,395		277,810

⁷Providian Financial Corp.	2,900		35,177

SLM Corp.	3,845		147,302


*TOTAL CONSUMER FINANCE*		$	*1,127,592*


CONTAINERS & PACKAGING – 0.2%
Ball Corp.	580		38,280

Bemis Co., Inc.	1,120		30,251

⁷Pactiv Corp.	1,765		40,507

⁷Sealed Air Corp.	882		43,289

Temple-Inland, Inc.	650		40,151


*TOTAL CONTAINERS & PACKAGING*		$	*192,478*


DISTRIBUTORS – 0.1%
Genuine Parts Co.	2,060	$	*73,748*


DIVERSIFIED FINANCIAL
SERVICES – 2.6%
Citigroup, Inc.	43,730		2,102,976

Loews Corp.	1,875		108,769

Moody’s Corp.	1,535		99,023

Principal Financial Group	3,250		114,725


*TOTAL DIVERSIFIED FINANCIAL SERVICES*		$	*2,425,493*


DIVERSIFIED TELECOMMUNICATION
SERVICES – 2.9%
AT&T Corp.	7,680		131,712

Alltel Corp.	3,060		154,040

BellSouth Corp.	15,525		400,700

CenturyTel, Inc.	1,500		43,320

⁷Citizens Communications Co., Class B	3,300		43,032

⁷Qwest Communications International, Inc.	18,654		74,989

SBC Communications, Inc.	28,100		699,690

Sprint Corp.	12,142		217,220

Verizon Communications	23,300		879,342

*TOTAL DIVERSIFIED*
*TELECOMMUNICATION SERVICES*		$	*2,644,045*

Description	Shares	Value

ELECTRIC UTILITIES – 2.1%
⁷Allegheny Energy, Inc.	1,000	$	13,780

Ameren Corp.	1,860		81,319

American Electric Power Co., Inc.	4,002		121,821

⁷CMS Energy Corp.	1,000		8,310

CenterPoint Energy, Inc.	2,960		31,938

Cinergy Corp.	1,460		55,392

Consolidated Edison Co.	1,860		76,651

DTE Energy Co.	1,845		71,992

Dominion Resources, Inc.	2,300		146,763

Edison International	3,465		81,081

Entergy Corp.	2,280		124,488

Exelon Corp.	2,316		155,033

FPL Group, Inc.	1,885		119,924

FirstEnergy Corp.	3,288		128,561

⁷P G & E Corp.	4,130		113,658

PPL Corp.	1,515		64,918

Pinnacle West Capital Corp.	900		35,154

⁷Progress Energy, Inc.	825		272

Progress Energy, Inc.	2,427		103,803

Southern Co.	6,210		178,600

TECO Energy, Inc.	1,900		24,187

TXU Corp.	2,800		95,592

Xcel Energy, Inc.	4,428		74,080


*TOTAL ELECTRIC UTILITIES*		$	*1,907,317*


ELECTRICAL EQUIPMENT – 0.4%
American Power Conversion Corp.	2,500		46,650

Cooper Industries, LTD., Class A	910		49,968

Emerson Electric Co.	3,660		220,405

⁷Power-One, Inc.	700		6,020

Rockwell Automation, Inc.	1,590		51,977

⁷Thomas & Betts Corp.	565		13,583


*TOTAL ELECTRICAL EQUIPMENT*		$	*388,603*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 0.6%
⁷Agilent Technologies, Inc.	4,580		123,706

⁷Jabil Circuit, Inc.	2,300		60,697

Molex, Inc.	2,250		67,005

PerkinElmer, Inc.	1,030		19,828

⁷Sanmina-SCI Corp.	6,000		60,120

⁷Solectron Corp.	9,800		48,020

Symbol Technologies, Inc.	2,700		32,400

Tektronix, Inc.	1,100		32,560

⁷Thermo Electron Corp.	1,580		46,136

⁷Waters Corp.	1,050		45,308


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*535,780*

Description	Shares	Value

ENERGY EQUIPMENT &
SERVICES – 0.9%
⁷BJ Services Co.	1,375	$	61,187

Baker Hughes, Inc.	3,320		121,778

Halliburton Co.	3,790		112,942

⁷Nabors Industries Ltd.	1,700		75,412

⁷Noble Corp.	1,575		58,527

⁷Rowan Companies, Inc.	1,060		23,638

Schlumberger Ltd.	5,215		305,234

⁷Transocean Sedco Forex, Inc.	3,449		95,779


*TOTAL ENERGY EQUIPMENT & SERVICES*		$	*854,497*


FOOD & STAPLES RETAILING – 3.6%
Albertsons, Inc.	3,117		72,813

CVS Corp.	3,840		148,339

Costco Wholesale Corp.	3,930		147,178

⁷Kroger Co.	7,265		127,137

SUPERVALU, Inc.	1,580		48,648

⁷Safeway Inc.	4,455		102,242

Sysco Corp.	5,655		216,304

Wal-Mart Stores, Inc.	36,750		2,094,750

Walgreen Co.	8,975		309,458

Winn-Dixie Stores, Inc.	1,450		11,049


*TOTAL FOOD & STAPLES RETAILING*		$	*3,277,918*


FOOD PRODUCTS – 1.4%
Archer-Daniels-Midland Co.	6,451		113,279

Campbell Soup Co.	4,115		113,697

ConAgra, Inc.	4,500		130,005

General Mills, Inc.	3,625		176,719

Heinz (H.J.) Co.	3,450		131,755

Hershey Foods Corp.	1,235		109,779

Kellogg Co.	4,000		171,600

McCormick & Co., Inc.	1,600		54,656

Sara Lee Corp.	6,720		155,098

Wrigley (Wm.), Jr. Co.	2,210		136,357


*TOTAL FOOD PRODUCTS*		$	*1,292,945*


GAS UTILITIES – 0.3%
KeySpan Corp.	1,700		61,455

Kinder Morgan, Inc.	1,000		60,210

NICOR, Inc.	540		18,355

NiSource, Inc.	2,692		54,271

Peoples Energy Corp.	400		16,720

Sempra Energy	2,376		75,438


*TOTAL GAS UTILITIES*		$	*286,449*

Description	Shares	Value

HEALTHCARE EQUIPMENT &
SUPPLIES – 2.2%
Bard (C.R.), Inc.	645	$	68,544

Bausch & Lomb, Inc.	640		40,211

Baxter International, Inc.	5,240		165,846

Becton, Dickinson & Co.	2,255		113,990

Biomet, Inc.	2,200		86,900

⁷Boston Scientific Corp.	7,220		297,392

Guidant Corp.	2,650		166,976

Medtronic, Inc.	10,675		538,661

⁷Millipore Corp.	530		27,788

St. Jude Medical, Inc.	1,680		128,117

Stryker Corp.	1,750		173,128

⁷Zimmer Holdings, Inc.	2,027		161,856


*TOTAL HEALTHCARE EQUIPMENT & SUPPLIES*		$	*1,969,409*


HEALTHCARE PROVIDERS &
SERVICES – 2.2%
Aetna, Inc.	1,360		112,540

AmerisourceBergen Corp.	1,200		69,468

⁷Anthem, Inc.	1,200		106,296

CIGNA Corp.	1,425		91,927

Cardinal Health, Inc.	3,180		232,935

⁷Caremark Rx, Inc.	4,000		135,400

⁷Express Scripts, Inc., Class A	700		54,138

HCA - The Healthcare Corp.	4,030		163,739

Health Management Association, Class A	2,825		65,342

⁷Humana, Inc.	1,790		29,159

IMS Health, Inc.	2,350		59,337

Manor Care, Inc.	790		25,628

McKesson HBOC, Inc.	2,931		96,313

⁷Medco Health Solutions, Inc.	2,268		80,287

Quest Diagnostic, Inc.	1,050		88,568

⁷Tenet Healthcare Corp.	5,137		60,411

UnitedHealth Group, Inc.	5,500		338,140

⁷Wellpoint Health Networks, Inc.	1,500		167,535


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*1,977,163*


HOTELS, RESTAURANTS &
LEISURE – 1.5%
Carnival Corp.	5,500		234,685

Darden Restaurants, Inc.	2,050		46,453

Harrah’s Entertainment, Inc.	1,300		69,134

Hilton Hotels Corp.	4,120		72,059

International Game Technology	3,000		113,220

Marriott International, Inc., Class A	2,330		109,883

McDonald’s Corp.	11,310		307,971

⁷Starbucks Corp.	3,850		149,611

Starwood Hotels & Resorts Worldwide, Inc.	1,700		67,643

Description	Shares	Value

Wendy’s International, Inc.	1,235	$	48,165

⁷Yum! Brands, Inc.	2,964		114,974


*TOTAL HOTELS, RESTAURANTS & LEISURE*		$	*1,333,798*


HOUSEHOLD DURABLES – 0.6%
⁷American Greetings Corp., Class A	355		7,277

Black & Decker Corp.	950		54,957

Centex Corp.	1,360		65,212

Fortune Brands, Inc.	1,250		95,312

KB HOME	520		35,844

Leggett and Platt, Inc.	2,100		47,460

Maytag Corp.	720		20,088

Newell Rubbermaid, Inc.	3,150		74,466

Pulte Corp.	1,240		60,971

Snap-On Tools Corp.	680		22,970

Stanley Works	1,000		42,510

Whirlpool Corp.	800		52,408


*TOTAL HOUSEHOLD DURABLES*		$	*579,475*


HOUSEHOLD PRODUCTS – 2.0%
Clorox Co.	1,850		95,793

Colgate-Palmolive Co.	4,730		273,772

Kimberly-Clark Corp.	4,430		289,943

Procter & Gamble Co.	10,950		1,157,963


*TOTAL HOUSEHOLD PRODUCTS*		$	*1,817,471*


IT SERVICES – 1.3%
⁷Affiliated Computer Services, Inc., Class A	1,200		58,200

Automatic Data Processing, Inc.	5,140		225,183

⁷Computer Sciences Corp.	1,600		65,456

⁷Convergys Corp.	1,700		24,684

Electronic Data Systems Corp.	4,025		73,617

First Data Corp., Class	7,914		359,216

⁷Fiserv, Inc.	2,150		78,604

Paychex, Inc.	3,325		123,956

Sabre Group Holdings, Inc.	1,656		39,065

⁷Sungard Data Systems, Inc.	2,400		62,568

⁷Unisys Corp.	3,270		42,608


*TOTAL IT SERVICES*		$	*1,153,157*


INDUSTRIAL
CONGLOMERATES – 4.1%
3M Co.	6,920		598,442

General Electric Co.	86,700		2,596,665

Textron, Inc.	1,160		64,009

Tyco International Ltd.	17,741		486,990

*TOTAL INDUSTRIAL CONGLOMERATES*		$	*3,746,106*

Description	Shares	Value

INSURANCE – 4.7%
AON Corp.	2,630	$	68,538

Ace Ltd.	2,800		122,752

Aflac, Inc.	4,150		175,254

Allstate Corp.	6,185		283,891

Ambac Financial Group, Inc.	950		65,550

American International Group, Inc.	22,221		1,592,135

Chubb Corp.	1,875		129,375

Cincinnati Financial Corp.	1,465		60,040

Hartford Financial Services Group, Inc.	2,520		153,922

Jefferson-Pilot Corp.	1,200		59,508

Lincoln National Corp.	1,480		66,422

MBIA Insurance Corp.	1,250		73,613

Manulife Financial Corp.	3,378		124,213

Marsh & McLennan Cos., Inc.	4,639		209,219

MetLife, Inc.	6,625		228,563

Progressive Corp., OH	1,885		164,975

Prudential Financial, Inc.	4,700		206,518

SAFECO Corp.	1,525		66,780

The St. Paul Travelers Cos., Inc.	5,655		229,989

Torchmark Corp.	1,200		62,448

UNUMProvident Corp.	3,395		52,792

XL Capital Ltd.	1,325		101,164


*TOTAL INSURANCE*		$	*4,297,661*


INTERNET & CATALOG RETAIL – 0.5%
⁷eBay, Inc.	5,700	$	*454,974*


INTERNET SOFTWARE &
SERVICES – 0.3%
⁷Yahoo, Inc.	5,700	$	*287,622*


LEISURE EQUIPMENT &
PRODUCTS – 0.2%
Brunswick Corp.	900		36,999

Eastman Kodak Co.	3,260		84,075

Hasbro, Inc.	2,000		37,780

Mattel, Inc.	3,640		61,734


*TOTAL LEISURE EQUIPMENT & PRODUCTS*		$	*220,588*


MACHINERY – 1.5%
Caterpillar, Inc.	3,060		237,854

Crane Co.	760		23,416

Cummins, Inc.	410		24,522

Danaher Corp.	1,515		140,168

Deere & Co.	2,355		160,234

Dover Corp.	1,710		68,451

Eaton Corp.	1,290		76,600

ITT Industries, Inc.	1,045		82,858

Illinois Tool Works, Inc.	2,625		226,301

Ingersoll-Rand Co., Class A	1,500		96,825

Description	Shares	Value
⁷Navistar International Corp.	845	$	38,152

PACCAR, Inc.	1,495		84,408

Pall Corp.	1,480		35,194

Parker-Hannifin Corp.	990		54,737


*TOTAL MACHINERY*		$	*1,349,720*


MEDIA – 3.8%
Clear Channel Communications, Inc.	5,385		223,424

⁷Comcast Corp., Class A	19,216		578,402

Dow Jones & Co.	1,025		47,241

Gannett Co., Inc.	2,340		202,831

⁷Interpublic Group Cos., Inc.	3,500		54,915

Knight-Ridder, Inc.	900		69,696

McGraw-Hill Cos., Inc.	1,625		128,148

Meredith Corp.	560		28,526

New York Times Co., Class A	1,270		58,179

Omnicom Group, Inc.	1,875		149,081

⁷Time Warner, Inc.	40,000		672,800

Tribune Co.	2,877		137,751

⁷Univision Communications, Inc., Class A	3,200		108,320

Viacom, Inc., Class B	14,875		574,919

Walt Disney Co.	18,155		418,110


*TOTAL MEDIA*		$	*3,452,343*


METALS & MINING – 0.6%
Alcoa, Inc.	7,513		231,025

Allegheny Technologies, Inc.	765		7,818

Freeport-McMoRan Copper & Gold, Inc., Class B	1,830		55,815

Newmont Mining Corp.	3,365		125,851

Nucor Corp.	975		57,915

⁷Phelps Dodge Corp.	908		59,774

United States Steel Corp.	915		26,196

Worthington Industries, Inc.	940		16,967


*TOTAL METALS & MINING*		$	*581,361*


MULTI-UTILITIES &
UNREGULATED POWER – 0.6%
⁷AES Corp.	6,400		55,488

⁷Calpine Corp.	4,500		19,530

Constellation Energy Group	1,455		55,988

Duke Energy Corp.	7,675		161,636

⁷Dynegy, Inc.	4,400		17,424

El Paso Corp.	6,483		45,446

⁷Mirant Corp.	4,169		1,251

Public Service Enterprises Group, Inc.	2,010		86,229

Williams Cos., Inc.	6,125		63,088


*TOTAL MULTI-UTILITIES &*
*UNREGULATED POWER*		$	*506,080*

Description	Shares	Value

MULTILINE RETAIL – 1.1%
⁷Big Lots, Inc.	1,290	$	18,266

Dillards, Inc., Class A	1,080		18,176

Dollar General Corp.	3,950		74,102

Family Dollar Stores, Inc.	2,050		65,887

Federated Department Stores, Inc.	1,800		88,200

⁷Kohl’s Corp.	3,250		135,817

May Department Stores Co.	2,435		74,998

Nordstrom, Inc.	1,575		56,117

Penney (J.C.) Co., Inc.	2,300		77,878

Sears, Roebuck & Co.	1,850		74,093

Target Corp.	8,020		347,827


*TOTAL MULTILINE RETAIL*		$	*1,031,361*


OFFICE ELECTRONICS – 0.1%
⁷Xerox Corp.	6,800	$	*91,324*


OIL & GAS – 5.0%
Amerada-Hess Corp.	970		68,996

Anadarko Petroleum Corp.	2,500		133,950

Apache Corp.	3,196		133,816

Ashland, Inc.	610		29,219

Burlington Resources, Inc.	1,917		128,956

ChevronTexaco Corp.	9,000		823,500

ConocoPhillips	6,068		432,648

Devon Energy Corp.	1,950		119,340

EOG Resources, Inc.	1,350		66,487

Exxon Mobil Corp.	51,575		2,194,516

Kerr-McGee Corp.	1,200		58,716

Marathon Oil Corp.	3,080		103,365

Occidental Petroleum Corp.	3,325		156,940

Sunoco, Inc.	735		46,232

Unocal Corp.	2,205		79,468


*TOTAL OIL & GAS*		$	*4,576,149*


PAPER & FOREST PRODUCTS – 0.5%
Georgia-Pacific Corp.	2,201		77,255

International Paper Co.	3,890		156,845

Louisiana-Pacific Corp.	870		20,523

MeadWestvaco Corp.	2,365		61,845

Weyerhaeuser Co.	2,150		127,280


*TOTAL PAPER & FOREST PRODUCTS*		$	*443,748*


PERSONAL PRODUCTS – 0.6%
Alberto-Culver Co., Class B	930		43,859

Avon Products, Inc.	1,900		159,600

Gillette Co.	8,990		367,871


*TOTAL PERSONAL PRODUCTS*		$	*571,330*

Description	Shares	Value

PHARMACEUTICALS – 8.1%
Abbott Laboratories	13,790	$	607,036

Allergan, Inc.	1,080		95,094

Bristol-Myers Squibb Co.	17,175		431,092

⁷Forest Laboratories, Inc., Class A	3,200		206,336

Johnson & Johnson	25,193		1,361,178

⁷King Pharmaceuticals, Inc.	2,733		47,144

Lilly (Eli) & Co.	9,800		723,338

Merck & Co., Inc.	19,345		909,215

Mylan Laboratories, Inc.	2,400		54,984

Pfizer, Inc.	64,805		2,317,427

Schering Plough Corp.	12,875		215,399

⁷Watson Pharmaceuticals, Inc.	1,200		42,732

Wyeth	11,790		448,845


*TOTAL PHARMACEUTICALS*		$	*7,459,820*


REAL ESTATE – 0.5%
Apartment Investment &
Management Co., Class A	1,000		28,170

Equity Office Properties Trust	4,000		100,680

Equity Residential Properties Trust	3,050		83,753

Plum Creek Timber Co., Inc.	1,550		45,818

Prologis Trust	2,000		58,840

Simon Property Group, Inc.	2,200		106,062


*TOTAL REAL ESTATE*		$	*423,323*


ROAD & RAIL – 0.4%
Burlington Northern Santa Fe	3,700		120,990

CSX Corp.	1,870		57,521

Norfolk Southern Corp.	3,275		78,011

Union Pacific Corp.	2,495		147,030


*TOTAL ROAD & RAIL*		$	*403,552*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 3.1%
⁷Advanced Micro Devices, Inc.	3,400		48,348

⁷Altera Corp.	3,200		64,032

Analog Devices, Inc.	3,200		136,320

⁷Applied Materials, Inc.	14,750		268,892

⁷Applied Micro Circuits Corp.	3,000		13,230

⁷Broadcom Corp.	2,600		98,176

Intel Corp.	42,800		1,101,244

⁷KLA-Tencor Corp.	1,700		70,839

⁷LSI Logic Corp.	4,360		32,438

Linear Technology Corp.	2,750		97,982

Maxim Integrated Products, Inc.	3,200		147,168

⁷Micron Technology, Inc.	6,100		83,082

⁷NVIDIA Corp.	1,825		37,486

⁷National Semiconductor Corp.	1,185		48,336

⁷Novellus Systems, Inc.	1,800		52,128

Description	Shares	Value
⁷PMC-Sierra, Inc.	2,000	$	24,300

⁷Teradyne, Inc.	2,100		42,798

Texas Instruments, Inc.	15,330		384,783

Xilinx, Inc.	3,300		110,979


*TOTAL SEMICONDUCTOR EQUIPMENT &*
*PRODUCTS*		$	*2,862,561*


SOFTWARE – 3.8%
Adobe System, Inc.	2,000		82,680

Autodesk, Inc.	1,380		46,230

⁷BMC Software, Inc.	2,650		45,845

⁷Citrix Systems, Inc.	2,000		38,100

Computer Associates International, Inc.	4,925		132,039

⁷Compuware Corp.	3,500		26,775

⁷Electronic Arts, Inc.	2,600		131,612

⁷Intuit, Inc.	1,725		73,261

⁷Mercury Interactive Corp.	900		38,295

Microsoft Corp.	75,950		1,972,422

⁷Novell, Inc.	3,325		32,053

⁷Oracle Corp.	44,588		500,277

⁷Parametric Technology Corp.	2,670		12,229

⁷Peoplesoft, Inc.	3,250		54,860

⁷Siebel Systems, Inc.	5,700		58,596

⁷Symantec Corp.	2,700		121,635

⁷Veritas Software Corp.	3,715		99,079


*TOTAL SOFTWARE*		$	*3,465,988*


SPECIALTY RETAIL – 2.4%
⁷AutoNation, Inc.	3,450		58,719

⁷AutoZone, Inc.	740		64,802

⁷Bed Bath & Beyond, Inc.	2,600		96,512

Best Buy Co., Inc.	2,750		149,187

Boise Cascade Corp.	1,075		36,260

Circuit City Stores, Inc.	2,350		27,448

Gap (The), Inc.	7,495		164,965

Home Depot, Inc.	19,292		678,885

Limited, Inc.	3,984		82,230

Lowe’s Cos., Inc.	6,950		361,817

⁷Office Depot, Inc.	3,300		57,783

Radioshack Corp.	1,800		55,368

Sherwin-Williams Co.	1,410		53,651

Staples, Inc.	4,300		110,768

TJX Cos., Inc.	5,040		123,833

Tiffany & Co.	1,600		62,400

⁷Toys ‘R’ Us, Inc.	2,090		32,291


*TOTAL SPECIALTY RETAIL*		$	*2,216,919*

Description	Shares	Value

TEXTILES, APPAREL &
LUXURY GOODS – 0.4%
Jones Apparel Group, Inc.	1,450	$	53,070

Liz Claiborne, Inc.	1,340		47,034

Nike, Inc., Class B	2,165		155,772

Reebok International Ltd.	670		24,375

V.F. Corp.	1,075		49,622


*TOTAL TEXTILES, APPAREL & LUXURY GOODS*		$	*329,873*


THRIFTS & MORTGAGE
FINANCE – 1.7%
Countrywide Financial Corp.	2,679		158,865

Federal Home Loan Mortgage Corp.	6,125		357,700

Federal National Mortgage Association	8,175		561,786

Golden West Financial Corp.	1,300		136,643

MGIC Investment Corp.	800		58,896

Washington Mutual Bank FA	7,934		312,520


*TOTAL THRIFTS & MORTGAGE FINANCE*		$	*1,586,410*


TOBACCO – 1.2%
Altria Group, Inc.	17,400		963,612

R.J. Reynolds Tobacco Holdings, Inc.	1,000		64,770

UST, Inc.	1,865		69,397


*TOTAL TOBACCO*		$	*1,097,779*


TRADING COMPANIES &
DISTRIBUTORS – 0.1%
Grainger (W.W.), Inc.	1,105	$	*57,902*


WIRELESS TELECOMMUNICATION
SERVICES – 0.6%
⁷AT&T Wireless Services, Inc.	24,122		333,125

⁷NEXTEL Communications, Inc., Class A	9,590		228,817


*TOTAL WIRELESS*
*TELECOMMUNICATION SERVICES*		$	*561,942*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $86,097,392)*		$	*90,257,374*


POOLED INVESTMENT
VEHICLES – 1.4%
S&P Depositary Receipts Trust, ADR
*(IDENTIFIED COST $1,292,957*)	11,500	$	*1,276,040*


MUTUAL FUND – 1.4%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*	1,321,896	$	*1,321,896*


*TOTAL INVESTMENTS – 101.2%*
*(IDENTIFIED COST $88,712,245)*		$	*92,855,310*


*OTHER ASSETS AND LIABILITIES – NET – (1.2)%*		$	*(1,119,863)*


*TOTAL NET ASSETS – 100%*		$	*91,735,447*

See Notes to Portfolios of Investments

MTB Intermediate-Term Bond Fund

	Principal
Description	Amount			Value

ASSET-BACKED SECURITIES – 2.9%
Ford Credit Auto Owner Trust 2002-B,
Class A4, 4.750%, 8/15/2006		$	1,000,000	$	1,032,340

GMAC Mortgage Corp. Loan Trust 2002-HE2,
Class A4, 6.000%, 6/25/2027			815,161		826,222

Household Automotive Trust 2002-2, Class
A3, 2.850%, 3/19/2007			912,034		918,755

Residential Asset Securities Corp. 2002-KS6,
Class AI3, 3.580%, 12/25/2026			1,250,000		1,258,575

Residential Asset Securities Corp. 2002-KS8,
Class A3, 3.690%, 3/25/2027			1,500,000		1,517,925

The Money Store Home Equity Trust 1997-D,
Class AF5, 6.555%, 12/15/2038			166,252		166,296

Whole Auto Loan Trust 2002-1, Class A3,
2.600%, 8/15/2006			1,000,000		1,007,536

William Street Funding Corp., Class A,
1.468%, 4/23/2006			1,000,000		1,001,961


*TOTAL ASSET-BACKED SECURITIES*
*(IDENTIFIED COST $7,663,762)*				$	*7,729,610*


COLLATERALIZED MORTGAGE
OBLIGATIONS – 4.5%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 3.1%
(Series 2672), Class GM, 4.00%, 3/15/2017			1,000,000		1,021,740

(Series T045), Class A3, 4.105%, 10/27/2031			1,000,000		1,013,368

(Series 2643), Class LA, 4.500%, 1/15/2011			3,300,000		3,387,681

(Series 2672), Class NU, 5.00%, 8/15/2008			2,000,000		2,050,300

(Series 1614), Class J, 6.250%, 11/15/2022			720,030		735,885


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*8,208,974*

	Principal
Description	Amount			Value

FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 1.4%
(Series 1993-135), Class PG, 6.250%,
7/25/2008		$	763,026		$	796,736

(Series 1993-160), Class AJ, 6.500%,
4/25/2023			2,705,000			2,858,184


*TOTAL FEDERAL NATIONAL MORTGAGE*
*ASSOCIATION*					$	*3,654,920*


*TOTAL COLLATERALIZED MORTGAGE*
*OBLIGATIONS (IDENTIFIED COST $11,627,254)*					$	*11,863,894*


COMMERCIAL PAPER – 1.5%
Progress Energy, Inc. CP, 1.100%, 5/5/2004
*(AT AMORTIZED COST)*			4,000,000		$	*3,999,511*


CORPORATE BONDS – 50.2%

AUTO COMPONENTS – 1.0%
Dana Corp., Sr. Note, 6.500%, 3/1/2009			1,275,000			1,351,500

Lear Corp., Company Guarantee, 8.110%,
5/15/2009			1,250,000			1,439,063


*TOTAL AUTO COMPONENTS*					$	*2,790,563*


AUTOMOBILES – 1.9%
DaimlerChrysler North America Holding
Corp., 6.500%, 11/15/2013			1,500,000			1,545,735

DaimlerChrysler North America Holding
Corp., Company Guarantee, 6.900%,
9/1/2004			2,450,000			2,492,091

General Motors Corp., Note, 8.375%,
7/15/2033			1,000,000			1,083,480


*TOTAL AUTOMOBILES*					$	*5,121,306*

	Principal
Description	Amount			Value

BANKS – 1.7%
BankBoston Capital Trust III, Company
Guarantee, 1.860%, 6/15/2027		$	1,000,000	$	992,430

PNC Funding Corp., Sub. Note, 6.125%,
2/15/2009			1,330,000		1,431,306

Suntrust Capital III, Company Guarantee,
1.760%, 3/15/2028			1,000,000		981,210

U.S. Bank NA, Sub. Note, 6.300%, 7/15/2008			1,000,000		1,094,430


*TOTAL BANKS*				$	*4,499,376*


BANKS – FOREIGN – 0.8%
Merita Ltd., Sub. Note, 6.500%, 1/15/2006			2,060,000	$	*2,197,155*


BANKS – REGIONAL – 1.4%
Fleet National Bank, (Series BKNT), 5.750%,
1/15/2009			1,320,000		1,412,030

National City Bank, Indiana, Note, 2.375%,
8/15/2006			1,055,000		1,050,242

Wachovia Bank NA, 7.875%, 2/15/2010			1,000,000		1,174,180


*TOTAL BANKS – REGIONAL*				$	*3,636,452*


BEVERAGES – 0.4%
Coca-Cola Enterprises, Inc., Deb., 6.750%,
9/15/2028			1,000,000	$	*1,086,390*


CAPITAL MARKETS – 1.7%
Bear Stearns Cos., Inc., Sr. Note, 7.250%,
10/15/2006			835,000		917,974

Goldman Sachs Group, Inc., Sub. Note,
6.345%, 2/15/2034			1,300,000		1,249,638

Lehman Brothers Holdings, Inc., 6.250%,
5/15/2006			670,000		716,934

Morgan Stanley, Bond, 5.800%, 4/1/2007			500,000		533,975

Morgan Stanley Tracer, Note, 4.250%,
5/15/2010			1,000,000		981,720


*TOTAL CAPITAL MARKETS*				$	*4,400,241*


COMMERCIAL BANKS – 4.4%
Bank One Corp., Note, 7.600%, 5/1/2007			1,400,000		1,560,958

Bank of America Corp., Sub. Note, 6.625%,
10/15/2007			500,000		549,670

Bank of America Corp., Unsecd. Note,
7.800%, 2/15/2010			965,000		1,122,247

National City Corp., Sub. Note, 6.875%,
5/15/2019			1,000,000		1,122,280

SunTrust Banks, Inc., Sub. Note, 7.375%,
7/1/2006			1,000,000		1,094,640

Wachovia Corp., Note, 6.625%, 6/15/2004			970,000		976,460

Wachovia Corp., Sub. Note, 7.500%,
7/15/2006			3,000,000		3,287,820

Wells Fargo & Co., Sub. Note, 7.125%,
8/15/2006			1,920,000		2,088,538


*TOTAL COMMERCIAL BANKS*				$	*11,802,613*


COMMERCIAL SERVICES &
SUPPLIES – 0.3%
Pitney Bowes, Inc., Note, 4.750%, 5/15/2018			1,000,000	$	*935,770*

	Principal
Description	Amount			Value

CONSUMER FINANCE – 7.0%
American General Finance Corp., Note,
5.875%, 7/14/2006		$	2,000,000	$	2,125,300

American General Finance Corp., Note,
(Series G), 5.375%, 10/1/2012			1,160,000		1,183,838

Countrywide Home Loans, (Series MTNK),
1.670%, 5/20/2005			2,000,000		2,004,320

Countrywide Home Loans, Inc., Note,
(Series K), 3.500%, 12/19/2005			1,000,000		1,015,650

Ford Motor Credit Co., Bond, 6.700%,
7/16/2004			1,000,000		1,010,850

Ford Motor Credit Co., Note, 6.500%,
1/25/2007			2,000,000		2,119,120

Household Finance Corp., Note, 6.375%,
10/15/2011			1,000,000		1,086,510

Household Finance Corp., Note, 6.500%,
1/24/2006			1,295,000		1,380,418

Household Finance Corp., 8.250%, 2/15/2005			1,000,000		1,049,500

John Deere Capital Corp., 4.500%, 8/22/2007			1,000,000		1,029,460

John Deere Capital Corp., Bond, 5.100%,
1/15/2013			2,000,000		2,012,220

MBNA Corp., Note, 4.625%, 9/15/2008			1,400,000		1,423,786

MBNA Corp., Sr. Note, (Series F), 2.170%,
8/16/2004			1,000,000		1,001,230


*TOTAL CONSUMER FINANCE*				$	*18,442,202*


DIVERSIFIED FINANCIAL
SERVICES – 3.5%
CIT Group, Inc., (Series MTN), 1.330%,
6/19/2006			1,000,000		1,000,530

Citigroup, Inc., 5.750%, 5/10/2006			2,000,000		2,122,660

Commercial Credit Co., Unsecd. Note,
7.750%, 3/1/2005			1,285,000		1,347,772

National Rural Utilities Cooperative Finance
Corp., Collateral Trust, 6.000%, 5/15/2006			1,000,000		1,063,020

National Rural Utilities Cooperative Finance
Corp., Collateral Trust, 7.300%, 9/15/2006			1,000,000		1,091,690

National Rural Utilities Cooperative Finance
Corp., Note, (Series MTNC), 6.500%,
3/1/2007			1,000,000		1,081,530

Student Loan Marketing Association, Note,
(Series MTNA), 5.000%, 4/15/2015			1,500,000		1,457,385


*TOTAL DIVERSIFIED FINANCIAL SERVICES*				$	*9,164,587*


DIVERSIFIED
MANUFACTURING – 0.5%
Tyco International Group SA, Unsecd. Note,
(Series 144A), 6.000%, 11/15/2013			1,250,000	$	*1,272,188*


DIVERSIFIED TELECOMMUNICATION
SERVICES – 2.1%
Alltel Corp., Sr. Note, 7.500%, 3/1/2006			2,650,000		2,876,310

TCI Communications, Inc., Sr. Note, 8.650%,
9/15/2004			1,500,000		1,536,450

Verizon New York, Inc., Deb., (Series A),
6.875%, 4/1/2012			1,000,000		1,096,480


*TOTAL DIVERSIFIED*
*TELECOMMUNICATION SERVICES*				$	*5,509,240*

	Principal
Description	Amount		Value

ELECTRIC UTILITIES – 3.2%
CenterPoint Energy, Inc., Sr. Note, (Series B),
6.850%, 6/1/2015	$	1,250,000	$	1,274,050

Cinergy Corp., Deb., 6.250%, 9/1/2004		1,000,000		1,014,490

Columbus Southern Power, Note,
6.510%, 2/1/2008		1,250,000		1,365,812

Duke Capital Corp., Sr. Note,
6.250%, 2/15/2013		1,000,000		1,036,540

FirstEnergy Corp., 7.375%, 11/15/2031		1,250,000		1,317,137

Niagara Mohawk Power Corp., 1st Mtg. Bond,
7.750%, 5/15/2006		1,000,000		1,098,620

PP&L Capital Funding, Inc., Sr. Note,
(Series MTN), 7.750%, 4/15/2005		1,000,000		1,053,710

Xcel Energy, Inc., Sr. Note, 3.400%, 7/1/2008		400,000		386,700


*TOTAL ELECTRIC UTILTIES*			$	*8,547,059*


ENERGY EQUIPMENT &
SERVICES – 0.8%
Anderson Exploration Ltd.,
6.750%, 3/15/2011		1,000,000		1,087,950

National-Oilwell, Inc., Note, 5.650%, 11/15/2012		1,000,000		1,006,560


*TOTAL ENERGY EQUIPMENT & SERVICES*			$	*2,094,510*


ENERGY REFINER – 0.5%
Premcor Refining Group, Sr. Sub. Note,
7.750%, 2/1/2012		1,275,000	$	*1,345,125*


FOOD & STAPLES
RETAILING – 0.9%
Wal-Mart Stores, Inc., 5.450%, 8/1/2006		1,460,000		1,543,541

Wal-Mart Stores, Inc., Note,
4.550%, 5/1/2013		750,000		727,838


*TOTAL FOOD & STAPLES RETAILING*			$	*2,271,379*


FOOD PRODUCTS – 1.2%
ConAgra, Inc., Sr. Note, 9.875%, 11/15/2005		1,000,000		1,109,880

Kraft Foods, Inc., Note, 6.250%, 6/1/2012		2,000,000		2,144,960


*TOTAL FOOD PRODUCTS*			$	*3,254,840*


GAS UTILITIES – 2.1%
Consolidated Natural Gas Co., Deb.,
7.375%, 4/1/2005		1,000,000		1,047,580

Consolidated Natural Gas Co., Sr. Note,
6.850%, 4/15/2011		1,500,000		1,667,655

Consolidated Natural Gas Co., Sr. Note,
(Series B), 5.375%, 11/1/2006		730,000		767,361

K N Energy, Inc., Sr. Note, 6.650%, 3/1/2005		2,000,000		2,076,960


*TOTAL GAS UTILITIES*			$	*5,559,556*


HOTELS, RESTAURANTS &
LEISURE – 0.6%
Yum! Brands, Inc., Sr. Note,
7.700%, 7/1/2012		1,300,000	$	*1,504,828*


HOUSEHOLD DURABLES – 0.2%
Pulte Corp., Company Guarantee,
7.300%, 10/24/2005		500,000	$	*531,935*


IT SERVICES – 0.4%
Iron Mountain, Inc., Company Guarantee,
6.625%, 1/1/2016		1,250,000	$	*1,181,250*

	Principal
Description	Amount			Value

INDUSTRIAL
CONGLOMERATES – 0.4%
General Electric Co., Note, 5.000%, 2/1/2013		$	1,000,000	$	*996,410*


INSURANCE – 1.3%
Allstate Corp., Deb., 7.500%, 6/15/2013			2,000,000		2,348,460

Hartford Life, Inc., Sr. Note,
6.900%, 6/15/2004			1,000,000		1,006,910


*TOTAL INSURANCE*				$	*3,355,370*


MACHINERY – 0.4%
Ingersoll-Rand Co., Note, 6.510%, 12/1/2004			1,000,000	$	*1,025,570*


MEDIA – 1.1%
Clear Channel Communications, Inc.,
6.000%, 11/1/2006			480,000		510,331

Time Warner, Inc., Sr. Note,
9.125%, 1/15/2013			2,000,000		2,461,620


*TOTAL MEDIA*				$	*2,971,951*


MULTI-UTILITIES &
UNREGULATED POWER – 0.4%
Constellation Energy Group, Sr. Note,
6.125%, 9/1/2009			1,000,000	$	*1,079,050*


OIL & GAS – 4.0%
Anadarko Petroleum Corp., Note,
6.500%, 5/15/2005			620,000		647,224

BP PLC, Deb., 10.875%, 7/15/2005			962,000		1,061,692

Chesapeake Energy Corp., Sr. Note,
6.875%, 1/15/2016			1,200,000		1,240,500

ChevronTexaco Corp., Note,
3.500%, 9/17/2007			990,000		996,613

Devon Financing Corp., 6.875%, 9/30/2011			2,000,000		2,219,000

GulfTerra Energy Partners LP, Company
Guarantee, (Series B), 8.500%, 6/1/2010			1,080,000		1,220,400

Kaneb Pipeline Partners LP, Sr. Note, 5.875%,
6/1/2013			1,250,000		1,259,675

Oryx Energy Co., Sr. Note, 8.125%,
10/15/2005			580,000		626,934

XTO Energy, Inc., Note, 4.900%, 2/1/2014			1,350,000		1,299,875


*TOTAL OIL & GAS*				$	*10,571,913*


REAL ESTATE – 0.5%
iStar Financial, Inc., Sr. Note, (Series 144A),
4.875%, 1/15/2009			1,300,000	$	*1,280,500*


ROAD & RAIL – 0.4%
Union Pacific Corp., Note,
5.750%, 10/15/2007			1,000,000	$	*1,065,790*


SPECIALTY RETAIL – 0.6%
Gap (The), Inc., Note, 6.900%, 9/15/2007			1,500,000	$	*1,642,500*


TELECOMMUNICATIONS – 1.7%
New York Telephone Co., Deb.,
6.500%, 3/1/2005			1,500,000		1,556,220

TELUS Corp., Note, 8.000%, 6/1/2011			1,300,000		1,508,026

	Principal
Description	Amount			Value

Verizon Global Funding, Note, 4.375%,
6/1/2013		$	500,000	$	465,245

⁴Verizon Wireless, Inc., 1.190%, 5/23/2005			1,000,000		999,457


*TOTAL TELECOMMUNICATIONS*				$	*4,528,948*


THRIFTS & MORTGAGE
FINANCE – 1.0%
Washington Mutual Bank FA,
7.500%, 8/15/2006			1,000,000		1,102,470

Washington Mutual Finance Corp., Sr. Note,
8.250%, 6/15/2005			1,500,000		1,600,035


*TOTAL THRIFTS & MORTGAGE FINANCE*				$	*2,702,505*


UTILITIES – 0.4%
Pacific Gas & Electric Co., 6.050%, 3/1/2034			1,000,000	$	*946,710*


WIRELESS TELECOMMUNICATION
SERVICES – 1.5%
NEXTEL Communications, Inc., Sr. Note,
6.875%, 10/31/2013			1,275,000		1,303,688

Nextel Partners, Inc., Sr. Note, 8.125%,
7/1/2011			1,275,000		1,345,125

⁴Rogers Wireless, Inc., Sr. Secd. Note,
6.375%, 3/1/2014			1,250,000		1,209,375


*TOTAL WIRELESS*
*TELECOMMUNICATION SERVICES*				$	*3,858,188*


*TOTAL CORPORATE BONDS*
*(IDENTIFIED COST $133,580,995)*				$	*133,173,970*


GOVERNMENT AGENCIES – 14.4%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 3.6%
Discount Bond, 4.000%, 10/29/2007			2,000,000		2,021,180

Note, 3.250%, 3/14/2008			1,500,000		1,476,720

Note, 4.750%, 10/11/2012			2,500,000		2,451,075

Note, 5.375%, 8/16/2006			2,000,000		2,023,140

Note, (Series MTN), 2.850%, 6/3/2008			1,500,000		1,450,065


*TOTAL FEDERAL HOME LOAN MORTGAGE*
*CORPORATION*				$	*9,422,180*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 8.5%
5.350%, 3/18/2009			2,000,000		2,054,520

MTN, (Series B), 6.875%, 9/10/2012			6,000,000		6,543,420

Note, 1.620%, 12/8/2004			5,000,000		5,002,450

Note, 4.900%, 6/13/2007			2,000,000		2,059,540

Note, 6.000%, 5/15/2008			1,190,000		1,295,529

Sub. Note, 5.500%, 5/2/2006			1,500,000		1,583,490

Unsecd. Note, 2.375%, 2/15/2007			3,000,000		2,950,080

Unsecd. Note, 4.750%, 6/18/2007			1,000,000		1,004,550


*TOTAL FEDERAL NATIONAL*
*MORTGAGE ASSOCIATION*				$	*22,493,579*


PRIVATE EXPORT FUNDING
CORPORATION – 0.5%
Note, (Series UU), 7.950%, 11/1/2006			1,495,000	$	*1,541,061*


STUDENT LOAN MARKETING
ASSOCIATION – 1.0%
Note, 5.250%, 3/15/2006			1,500,000		1,576,530

	Principal
Description	Amount			Value

Note, (Series MTN), 4.000%, 1/15/2009		$	1,100,000	$	1,092,454


*TOTAL STUDENT LOAN MARKETING*
*ASSOCIATION*				$	*2,668,984*


TENNESSEE VALLEY
AUTHORITY– 0.8%
Note, 2.150%, 2/17/2006			2,050,000	$	*2,037,003*


*TOTAL GOVERNMENT AGENCIES (IDENTIFIED*
*COST $38,471,124)*				$	*38,162,807*


MORTGAGE BACKED
SECURITIES – 12.6%

FEDERAL HOME LOAN
MORTGAGE
CORPORATION – 4.9%
4.000%, 9/15/2010			1,822,213		1,830,814

Pool 2764-PH 4.000%, 9/15/2019			2,968,176		3,007,860

Pool G11311, 5.000%, 10/1/2017			1,949,493		1,965,323

Pool E92817, 5.000%, 12/1/2017			1,920,534		1,936,128

Pool E76204, 5.500%, 4/1/2014			10,245		10,584

Pool E83022, 6.000%, 4/1/2016			464,455		485,936

Pool A18401, 6.000%, 2/1/2034			478,246		489,155

Pool G10399, 6.500%, 7/1/2009			606,091		638,668

Pool C90504, 6.500%, 12/1/2021			802,625		840,749

Pool C90293, 7.500%, 9/1/2019			1,552,998		1,678,697


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*12,883,914*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 6.1%
5.000%, 6/1/2018			9,300,000		9,337,758

Pool 254227, 5.000%, 2/1/2009			911,281		926,663

Pool 254400, 5.500%, 7/1/2009			1,085,742		1,106,783

Pool 619054, 5.500%, 2/1/2017			1,476,488		1,516,176

Pool 303831, 6.000%, 4/1/2011			425,196		446,719

Pool 196701, 6.500%, 5/1/2008			135,208		142,603

Pool 50905, 6.500%, 10/1/2008			353,440		373,872

Pool 424286, 6.500%, 6/1/2013			170,347		180,941

Pool 561915, 6.500%, 11/1/2030			100,209		104,342

Pool 313224, 7.000%, 12/1/2011			424,442		455,477

Pool 254240, 7.000%, 3/1/2032			1,237,185		1,307,940

Pool 526062, 7.500%, 12/1/2029			269,867		288,590


*TOTAL FEDERAL NATIONAL MORTGAGE*
*ASSOCIATION*				$	*16,187,864*


GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION – 1.6%
Pool 780825, 6.500%, 7/15/2028			1,290,671		1,355,205

Pool 2701, 6.500%, 1/20/2029			1,244,670		1,301,851

Pool 2616, 7.000%, 7/20/2028			771,075		818,065

Pool 426727, 7.000%, 2/15/2029			127,319		135,476

Pool 781231, 7.000%, 12/15/2030			637,867		679,928

*TOTAL GOVERNMENT NATIONAL*
*MORTGAGE ASSOCIATION*				$	*4,290,525*

*TOTAL MORTGAGE BACKED SECURITIES*
*(IDENTIFIED COST $31,200,318)*				$	*33,362,303*

	Principal
Description	Amount			Value

²NOTES – VARIABLE – 1.3%
CIT Group, Inc., 1.200%, 6/1/2004		$	1,500,000	$	1,500,960

Liberty Media Corp., 2.610%, 6/15/2004			2,000,000		2,032,780


*TOTAL NOTES – VARIABLE*
*(IDENTIFIED COST $3,533,160)*				$	*3,533,740*


U.S. TREASURY – 13.3%

U.S. TREASURY BONDS – 1.4%
5.375%, 2/15/2031			2,330,000		2,360,220

10.625%, 8/15/2015			1,000,000		1,517,190


*TOTAL U.S. TREASURY BONDS*				$	*3,877,410*


U.S. TREASURY NOTES – 11.9%
2.000%, 5/15/2006			1,600,000		1,589,744

3.000%, 2/15/2009			2,000,000		1,949,680

4.000%, 2/15/2014			10,425,000		10,017,800

4.250%, 11/15/2013			2,000,000		1,962,820

4.625%, 5/15/2006			690,000		721,264

4.750%, 11/15/2008			80,000		84,238

5.625%, 2/15/2006			750,000		795,353

6.125%, 8/15/2007			320,000		351,251

6.500%, 10/15/2006			1,500,000		1,638,285

6.625%, 5/15/2007			175,000		193,949

U.S. Treasury Inflation Protected Note,
(Series A-2011), 3.500%, 1/15/2011			2,139,300		2,382,988

	Principal
	Amount
Description	or Shares			Value

U.S. Treasury Inflation Protected Note,
(Series A-2012), 3.375%, 1/15/2012		$	1,048,450		$	1,162,962

U.S. Treasury Inflation Protected Note,
(Series C-2012), 3.000%, 7/15/2012			600,538			648,959

U.S. Treasury Inflation Protected Note,
(Series A-2014), 2.000%, 1/15/2014			8,060,320			8,001,157


*TOTAL U.S. TREASURY NOTES*					$	*31,500,450*


*TOTAL U.S. TREASURY*
*(IDENTIFIED COST $35,527,249)*					$	*35,377,860*


MUTUAL FUND – 0.0%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*			49		$	49


REPURCHASE AGREEMENT – 1.7%
Repurchase agreement with Credit Suisse
First Boston Corp., dated 4/30/2004 due
5/3/2004 at 1.02%, collateralized by a U.S.
Treasury Obligation with maturity of
11/15/2007 (repurchase proceeds of
$4,439,635) (AT AMORTIZED COST)		$	4,439,258		$	*4,439,258*


*TOTAL INVESTMENTS – 102.4%*
*(IDENTIFIED COST $270,042,680)*					$	*271,643,002*


*OTHER ASSETS AND*
*LIABILITIES – NET – (2.4)%*					$	*(6,507,705)*


*TOTAL NET ASSETS – 100%*					$	*265,135,297*

See Notes to Portfolios of Investments

MTB Income Fund

	Principal
Description	Amount			Value

ASSET-BACKED SECURITIES – 3.8%
L.A. Arena Funding LLC, Class A, 7.656%,
12/15/2026		$	1,880,984	$	1,955,640

The Money Store Home Equity Trust 1997-D,
Class AF5, 6.555%, 12/15/2038			406,290		406,397

William Street Funding Corp., Class A, 1.62%,
4/23/2006			5,000,000		5,009,807


*TOTAL ASSET-BACKED SECURITIES*
*(IDENTIFIED COST $7,287,313)*				$	*7,371,844*


COLLATERALIZED MORTGAGE
OBLIGATIONS – 12.4%

FEDERAL HOME LOAN
MORTGAGE
CORPORATION – 9.2%
(Series 2631), Class LA, 4.00%, 6/15/2011			5,000,000		5,094,300

(Series 2707), Class PW, 4.00%, 7/15/2014			2,000,000		2,036,540

(Series 2672), Class GM, 4.00%, 3/15/2017			2,000,000		2,043,480

(Series 2672), Class NU, 5.00%, 8/15/2008			826,700		847,491

		Principal
Description		Amount			Value

	(Series 1614), Class J, 6.25%, 11/15/2022		$	720,030	$	735,885

	(Series 2292), Class QT, 6.50%, 5/15/2030			5,909,771		6,085,114

	(Series 2315), Class CK, 6.50%, 6/15/2030			900,890		912,178


	*TOTAL FEDERAL HOME LOAN MORTGAGE*
	*CORPORATION*				$	*17,754,988*


	FEDERAL NATIONAL MORTGAGE
	ASSOCIATION – 0.0%
	(Series 1998-23), Class C, 9.75%, 9/25/2018			52,938	$	*57,655*


	WHOLE LOAN – 3.2%
	Bank of America Mortgage Securities 2003-2,
	Class 2A1, 3.628%, 2/25/2034			3,241,583		3,204,629

	Washington Mutual Pass Through Certificates
	2003 AR12, Class A3, 3.356%, 12/22/2005			2,938,000		2,954,805


	*TOTAL WHOLE LAON*				$	*6,159,434*


*TOTAL COLLATERALIZED MORTGAGE*
*OBLIGATIONS (IDENTIFIED COST*
$	*23,898,058)*				$	*23,972,077*


¹	COMMERCIAL PAPER – 1.5%
	Progress Energy, Inc. CP, 1.10%, 5/5/2004
	*(AT AMORTIZED COST)*			3,000,000	$	*2,999,633*

	Principal
Description	Amount			Value

CORPORATE BONDS – 53.4%

AUTO COMPONENTS – 1.4
Dana Corp., Sr. Note, 6.50%, 3/1/2009		$	1,125,000	$	1,192,500

Lear Corp., Company Guarantee,
8.11%, 5/15/2009			1,250,000		1,439,063


*TOTAL AUTO COMPONENTS*				$	*2,631,563*


AUTOMOBILES – 2.5%
DaimlerChrysler North America Holding
Corp., 6.50%, 11/15/2013			1,500,000		1,545,735

DaimlerChrysler North America Holding
Corp., Company Guarantee, 6.90%, 9/1/2004			2,250,000		2,288,655

General Motors Corp., Note, 8.375%,
7/15/2033			1,000,000		1,083,480


*TOTAL AUTOMOBILES*				$	*4,917,870*


BANKS – 4.9%
Bank of New York Institutional Capital Trust,
Company Guarantee, 7.78%, 12/1/2026			1,500,000		1,607,940

BankBoston Capital Trust III, Company
Guarantee, 1.86%, 6/15/2027			900,000		893,187

Mellon Capital I, Company Guarantee,
(Series A), 7.72%, 12/1/2026			2,500,000		2,692,575

PNC Funding Corp., 5.75%, 8/1/2006			2,500,000		2,649,925

Suntrust Capital I, Company Guarantee,
(Series A), 1.79%, 5/15/2027			1,700,000		1,675,520


*TOTAL BANKS*				$	*9,519,147*


CAPITAL MARKETS – 3.1%
Goldman Sachs Group, Inc., Note, 5.25%,
10/15/2013			1,000,000		988,840

Goldman Sachs Group, Inc., Sub. Note,
6.345%, 2/15/2034			1,175,000		1,129,481

Lehman Brothers Holdings, Inc., Note,
7.00%, 2/1/2008			1,107,000		1,227,353

Lehman Brothers Holdings, Inc., Note,
8.25%, 6/15/2007			1,000,000		1,148,680

Merrill Lynch & Co., Inc., Note,
(Series MTNB), 3.70%, 4/21/2008			1,455,000		1,447,172


*TOTAL CAPITAL MARKETS*				$	*5,941,526*


CONSUMER FINANCE – 5.6%
Countrywide Home Loans, (Series MTNK),
1.67%, 5/20/2005			1,000,000		1,002,160

Ford Motor Credit Co., Bond, 6.70%, 7/16/2004			3,000,000		3,032,550

Ford Motor Credit Co., Note, 6.50%,
1/25/2007			2,000,000		2,119,120

General Motors Acceptance Corp., Medium Term
Note, (Series MTN), 4.375%, 12/10/2007			2,000,000		1,996,000

John Deere Capital Corp., 4.50%, 8/22/2007			1,300,000		1,338,298

MBNA Capital I, Company Guarantee,
(Series A), 8.278%, 12/1/2026			1,000,000		1,075,800

MBNA Corp., Sr. Note, (Series F), 2.17%,
8/16/2004			400,000		400,492


*TOTAL CONSUMER FINANCE*				$	*10,964,420*

	Principal
Description	Amount			Value

DIVERSIFIED FINANCIAL
SERVICES – 2.2%
CIT Group, Inc., (Series MTN),
1.33%, 6/19/2006		$	3,000,000	$	3,001,590

National Rural Utilities Cooperative Finance
Corp., Note, (Series MTNC), 6.50%, 3/1/2007			1,180,000		1,276,205


*TOTAL DIVERSIFIED FINANCIAL SERVICES*				$	*4,277,795*


DIVERSIFIED
MANUFACTURING – 0.7%
Tyco International Group SA, Unsecd. Note,
(Series 144A), 6.00%, 11/15/2013			1,250,000	$	*1,272,188*


ELECTRIC UTILITIES – 3.9%
CenterPoint Energy, Inc., Sr. Note, (Series B),
6.85%, 6/1/2015			1,250,000		1,274,050

DTE Energy Co., 6.00%, 6/1/2004			2,600,000		2,611,206

Duke Capital Corp., Sr. Note, 6.25%, 2/15/2013			1,000,000		1,036,540

FirstEnergy Corp., 7.375%, 11/15/2031			1,250,000		1,317,138

Xcel Energy, Inc., Sr. Note, 3.40%, 7/1/2008			1,300,000		1,256,775


*TOTAL ELECTRIC UTILTIES*				$	*7,495,709*


ENERGY EQUIPMENT &
SERVICES – 1.6%
Anderson Exploration Ltd., 6.75%, 3/15/2011			1,000,000		1,087,950

National-Oilwell, Inc., Note, 5.65%,
11/15/2012			2,000,000		2,013,120


*TOTAL ENERGY EQUIPMENT & SERVICES*				$	*3,101,070*


ENERGY REFINER – 0.6%
Premcor Refining Group, Sr. Sub. Note,
7.75%, 2/1/2012			1,125,000	$	*1,186,875*


FOOD PRODUCTS – 1.9%
Archer-Daniels-Midland Co., 5.935%,
10/1/2032			1,000,000		979,700

ConAgra, Inc., Sr. Note, 9.875%, 11/15/2005			1,000,000		1,109,880

Kraft Foods, Inc., Note, 6.25%, 6/1/2012			1,500,000		1,608,720


*TOTAL FOOD PRODUCTS*				$	*3,698,300*


FOREIGN BANKS–0.1%
Deutsche Ausgleichsbank, Bond,
7.00%, 6/23/2005			250,000	$	*264,022*


GAS UTILITIES – 2.6%
Consolidated Natural Gas Co., 6.25%,
11/1/2011			2,000,000		2,163,640

K N Energy, Inc., Sr. Note, 6.65%, 3/1/2005			2,750,000		2,855,820


*TOTAL GAS UTILITIES*				$	*5,019,460*


HOTELS, RESTAURANTS &
LEISURE – 0.6%
Yum! Brands, Inc., Sr. Note, 7.70%, 7/1/2012			1,000,000	$	*1,157,560*


HOUSEHOLD DURABLES – 1.1%
Pulte Corp., Company Guarantee,
7.30%, 10/24/2005			2,000,000	$	*2,127,740*

	Principal
Description	Amount			Value

HOUSEHOLD PRODUCTS – 0.2%
Procter & Gamble Co., Bond,
5.50%, 2/1/2034		$	500,000	$	*472,705*


IT SERVICES – 0.6%
Iron Mountain, Inc., Company Guarantee,
6.625%, 1/1/2016			1,250,000	$	*1,181,250*


INDUSTRIAL
CONGLOMERATES – 0.4%
Tyco International Group, Sr. Note,
6.375%, 6/15/2005			750,000	$	*779,933*


INSURANCE – 0.6%
⁴Asif Global Financing, (Series 144A),
4.90%, 1/17/2013			1,175,000	$	*1,158,562*


MEDIA – 2.7%
Clear Channel Communications, Inc.,
6.00%, 11/1/2006			1,250,000		1,328,987

Comcast Corp., Note, 8.125%, 5/1/2004			1,000,000		1,001,430

Liberty Media Group, Deb., 8.25%, 2/1/2030			925,000		1,073,435

Time Warner, Inc., Sr. Note,
9.125%, 1/15/2013			1,500,000		1,846,215


*TOTAL MEDIA*				$	*5,250,067*


OIL & GAS – 7.4%
Anadarko Petroleum Corp., Sr. Deb.,
7.20%, 3/15/2029			3,800,000		4,197,480

Chesapeake Energy Corp., Sr. Note, 6.875%,
1/15/2016			1,200,000		1,240,500

Conoco, Inc., 7.25%, 10/15/2031			1,290,000		1,471,774

Devon Financing Corp., 6.875%, 9/30/2011			1,900,000		2,108,050

GulfTerra Energy Partners LP, Company
Guarantee, (Series B), 8.50%, 6/1/2010			720,000		813,600

Husky Oil Ltd., Deb., 7.55%, 11/15/2016			2,100,000		2,427,978

Kaneb Pipeline Partners LP, Sr. Note,
5.875%, 6/1/2013			1,250,000		1,259,675

XTO Energy, Inc., Note, 4.90%, 2/1/2014			1,000,000		962,870


*TOTAL OIL & GAS*				$	*14,481,927*


PAPER & FOREST
PRODUCTS – 0.5%
Westvaco Corp., 6.85%, 11/15/2004			1,000,000	$	*1,025,290*


REAL ESTATE – 1.0%
Boston Properties, Inc., Sr. Note, 5.00%,
6/1/2015			650,000		611,409

iStar Financial, Inc., Sr. Note, (Series 144A),
4.875%, 1/15/2009			1,300,000		1,280,500


*TOTAL REAL ESTATE*				$	*1,891,909*


SPECIALTY RETAIL – 0.6%
Gap (The), Inc., Note, 6.90%, 9/15/2007			1,000,000	$	*1,095,000*


TELECOMMUNICATION
SERVICES – 3.3%
New York Telephone Co., Deb.,
6.50%, 3/1/2005			1,725,000		1,789,653

TELUS Corp., Note, 8.00%, 6/1/2011			1,150,000		1,334,023

Verizon Global Funding, Note,
4.375%, 6/1/2013			1,500,000		1,395,735

	Principal
Description	Amount			Value
⁴Verizon Wireless, Inc., 1.19%, 5/23/2005			1,865,000		1,863,987


*TOTAL TELECOMMUNICATION SERVICES*				$	*6,383,398*


THRIFTS & MORTGAGE
FINANCE – 0.5%
Washington Mutual Bank FA, Note,
4.00%, 1/15/2009			1,000,000	$	*985,590*


UTILITIES – 1.0%
Niagara Mohawk Power Corp., Sr. Note,
5.375%, 10/1/2004		$	1,000,000	$	1,012,890

Pacific Gas & Electric Co., 6.05%, 3/1/2034			1,000,000		946,710


*TOTAL UTILITIES*				$	*1,959,600*


WIRELESS TELECOMMUNICATION
SERVICES – 1.8%
NEXTEL Communications, Inc., Sr. Note,
6.875%, 10/31/2013			1,125,000		1,150,313

Nextel Partners, Inc., Sr. Note,
8.125%, 7/1/2011			1,125,000		1,186,875

⁴Rogers Wireless, Inc., Sr. Secd. Note,
6.375%, 3/1/2014			1,100,000		1,064,250


*TOTAL WIRELESS*
*TELECOMMUNICATION SERVICES*				$	*3,401,438*


*TOTAL CORPORATE BONDS*
*(IDENTIFIED COST $103,139,102)*				$	*103,641,914*


GOVERNMENT AGENCIES – 2.6%

DIVERSIFIED FINANCIAL
SERVICES – 1.3%
Student Loan Marketing Association, Note,
(Series MTN), 4.00%, 1/15/2009			2,650,000	$	*2,631,821*


FEDERAL HOME LOAN
MORTGAGE
CORPORATION – 1.3%
Note, (Series MTN), 2.85%, 6/3/2008			2,000,000		1,933,420

Sub. Note, 5.875%, 3/21/2011			500,000		531,645


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*2,465,065*


*TOTAL GOVERNMENT AGENCIES*
*(IDENTIFIED COST $5,130,455)*				$	*5,096,886*


MORTGAGE BACKED
SECURITIES – 30.4%

FEDERAL HOME LOAN
MORTGAGE
CORPORATION – 7.0%
⁶TBA 4.50%, 10/1/2033			495,422		465,543

⁶TBA 5.00%, 6/1/2034			6,000,000		5,795,640

Pool M80835, 3.50%, 7/1/2010			3,222,476		3,159,025

Pool M80843, 3.50%, 9/1/2010			3,337,894		3,272,171

Pool C79603, 6.00%, 2/1/2033			749,534		766,863

Pool 189269, 8.00%, 1/1/2008			230		232

Pool C00478, 8.50%, 9/1/2026			142,552		156,229

Pool 170027, 14.75%, 3/1/2010			5,289		5,866


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*13,621,569*

	Principal
Description	Amount			Value

FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 21.9%
⁶TBA 5.00%, 6/1/2018		$	14,075,000	$	14,132,144

⁶TBA 5.50%, 6/1/2033			11,600,000		11,534,808

Pool 357539, 5.50%, 4/15/2034			2,806,000		2,800,725

Pool 686398, 6.00%, 3/1/2033			4,453,483		4,556,447

Pool 688987, 6.00%, 5/1/2033			2,213,529		2,264,706

Pool 638023, 6.50%, 4/1/2032			1,010,340		1,051,703

Pool 642345, 6.50%, 5/1/2032			876,446		912,327

Pool 651292, 6.50%, 7/1/2032			2,066,025		2,150,608

Pool 653729, 6.50%, 8/1/2032			2,424,018		2,523,257

Pool 329794, 7.00%, 2/1/2026			365,056		387,645

Pool 487065, 7.00%, 3/1/2029			119,772		127,184


*TOTAL FEDERAL NATIONAL*
*MORTGAGE ASSOCIATION*				$	*42,441,554*


GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION – 1.5%
Pool 354765, 7.00%, 2/15/2024			580,789		620,352

Pool 385623, 7.00%, 5/15/2024			422,528		451,311

Pool 354827, 7.00%, 5/15/2024			422,958		451,770

Pool 002077, 7.00%, 9/20/2025			167,108		177,656

Pool 373335, 7.50%, 5/15/2022			99,470		107,427

Pool 354677, 7.50%, 10/15/2023			366,874		395,879

Pool 354713, 7.50%, 12/15/2023			163,991		176,956

Pool 360869, 7.50%, 5/15/2024			163,022		175,757

Pool 361843, 7.50%, 10/15/2024			288,103		310,609


*TOTAL GOVERNMENT NATIONAL*
*MORTGAGE ASSOCIATION*				$	*2,867,717*


*TOTAL MORTGAGE BACKED SECURITIES*
*(IDENTIFIED COST $59,228,347)*				$	*58,930,840*

	Principal
	Amount
Description	or Shares			Value

²NOTES – VARIABLE – 1.6%

CONSUMER FINANCE – 1.0%
American Honda Finance Corp., 1.25%,
7/6/2004		$	2,000,000		$	*2,003,420*


MEDIA – 0.6%
Liberty Media Corp., 2.610%, 6/15/2004			1,100,000		$	*1,118,029*


*TOTAL NOTES – VARIABLE*
*(IDENTIFIED COST $3,115,670)*					$	*3,121,449*


U.S. TREASURY – 8.2%

U.S. TREASURY NOTES – 8.2%
2.625%, 5/15/2008			600,000			584,628

3.375%, 11/15/2008			1,150,000			1,143,894

3.50%, 11/15/2006			470,000			479,988

4.00%, 2/15/2014			3,500,000			3,363,290

U.S. Treasury Inflation Protected Note,
(Series A-2012) 3.375%, 1/15/2012			7,339,150			8,140,732

U.S. Treasury Inflation Protected Note,
(Series C-2012) 3.00%, 7/15/2012			2,070,820			2,237,790


*TOTAL U.S. TREASURY*
*(IDENTIFIED COST $15,037,882)*					$	*15,950,322*


MUTUAL FUND – 0.0%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*			115		$	*115*


REPURCHASE AGREEMENT – 0.9%
Repurchase agreement with Credit Suisse
First Boston Corp., dated 4/30/2004 due
5/3/2004 at 1.02%, collateralized by a U.S.
Treasury Obligation with maturity of
11/15/2007 (repurchase proceeds
$1,641,760) (AT AMORTIZED COST)		$	1,641,620		$	*1,641,620*


*TOTAL INVESTMENTS – 114.8%*
*(IDENTIFIED COST $221,478,195)*					$	*222,726,700*


*OTHER ASSETS AND*
*LIABILITIES – NET – (14.8)%*					$	*(28,642,440)*


*TOTAL NET ASSETS – 100%*					$	*194,084,260*

See Notes to Portfolios of Investments

MTB Managed Allocation Fund – Conservative Growth

Description	Shares	Value

⁵MUTUAL FUNDS – 100.0%

EQUITY FUNDS – 24.6%
MTB International Equity Fund, Class A	37,741		$	367,600

MTB Large Cap Stock Fund, Class A	80,078			729,509

MTB Large Cap Value Fund, Class A	70,470			730,073

MTB Small Cap Stock Fund, Class A	47,795			444,493


*TOTAL EQUITY FUNDS*			$	*2,271,675*


FIXED INCOME FUNDS – 66.3%
MTB Intermediate-Term Bond Fund, Class A	91,994			926,384

Description	Shares	Value

MTB Short Duration Government Bond
Fund, Class IS	258,583		$	2,500,492

MTB Short-Term Corporate Bond Fund, Class IS	140,768			1,389,382

MTB U.S. Government Bond Fund, Class A	136,344			1,296,627


*TOTAL FIXED INCOME FUNDS*			$	*6,112,885*


MONEY MARKET FUND – 9.1%
MTB Prime Money Market Fund, Class IS	835,728		$	*835,728*


*TOTAL INVESTMENTS – 100.0%*
*(IDENTIFIED COST $9,027,819)*			$	*9,220,288*


*OTHER ASSETS AND LIABILITIES – NET – 0.0%*			$	*4,169*


*TOTAL NET ASSETS – 100%*			$	*9,224,457*

See Notes to Portfolios of Investments

MTB Managed Allocation Fund – Moderate Growth

Description	Shares	Value

⁵MUTUAL FUNDS – 99.7%

EQUITY FUNDS – 58.9%
MTB International Equity Fund, Class A	327,302	$	3,187,922

MTB Large Cap Growth Fund, Class A	474,399		3,605,430

MTB Large Cap Stock Fund, Class A	825,387		7,519,271

MTB Large Cap Value Fund, Class A	344,039		3,564,248

MTB Mid Cap Stock Fund, Class A	234,783		3,524,094

MTB Small Cap Stock Fund, Class A	247,226		2,299,203


*TOTAL EQUITY FUNDS*		$	*23,700,168*


FIXED INCOME FUNDS – 34.4%
MTB Intermediate-Term Bond Fund, Class A	323,572		3,258,373

Description	Shares	Value

MTB Short Duration Government Bond Fund,
Class IS	464,092	$	4,487,766

MTB Short-Term Corporate Bond Fund,
Class IS	330,407		3,261,114

MTB U.S. Government Bond Fund, Class A	299,691		2,850,064


*TOTAL FIXED INCOME FUNDS*		$	*13,857,317*


MONEY MARKET FUND – 6.4%
MTB Prime Money Market Fund, Class IS	2,575,358	$	*2,575,358*


*TOTAL INVESTMENTS – 99.7%*
*(IDENTIFIED COST $38,377,586)*		$	*40,132,843*


*OTHER ASSETS AND LIABILITIES – NET – 0.3%*		$	*101,899*


*TOTAL NET ASSETS – 100%*		$	*40,234,742*

See Notes to Portfolios of Investments

MTB Managed Allocation Fund – Aggressive Growth

Description	Shares	Value

⁵MUTUAL FUNDS – 99.4%

EQUITY FUNDS – 87.5%
MTB International Equity Fund, Class A	270,824	$	2,637,829

MTB Large Cap Growth Fund, Class A	400,984		3,047,481

MTB Large Cap Stock Fund, Class A	466,466		4,249,505

MTB Large Cap Value Fund, Class A	222,184		2,301,830

MTB Mid Cap Stock Fund, Class A	128,876		1,934,432

MTB Small Cap Stock Fund, Class A	185,118		1,721,600


*TOTAL EQUITY FUNDS*		$	*15,892,677*

Description	Shares	Value

FIXED INCOME FUNDS – 6.9%
MTB Short-Term Corporate Bond Fund, Class IS	72,925		$	719,766

MTB U.S. Government Bond Fund, Class A	56,694			539,162


*TOTAL FIXED INCOME FUNDS*			$	*1,258,928*


MONEY MARKET FUND – 5.0%
MTB Prime Money Market Fund, Class IS	905,307		$	*905,306*


*TOTAL INVESTMENTS – 99.4%*
*(IDENTIFIED COST $17,271,223)*			$	*18,056,911*


*OTHER ASSETS AND LIABILITIES – NET – 0.6%*			$	*109,894*


*TOTAL NET ASSETS – 100%*			$	*18,166,805*

See Notes to Portfolios of Investments

MTB Balanced Fund

	Principal
	Amount
Description	or Shares			Value

ASSET-BACKED SECURITIES – 0.2%
ContiMortgage Home Equity Loan Trust
1998-2, Class A6, 6.360%, 11/15/2019		$	15,191	$	15,472

Honda Auto Receivables Owner Trust 2002-1,
Class A3, 3.500%, 10/17/2005			319,418		320,730

The Money Store Home Equity Trust 1997-D,
Class AF5, 6.555%, 12/15/2038			37,360		37,370


*TOTAL ASSET-BACKED SECURITIES*
*(IDENTIFIED COST $371,420)*				$	*373,572*


COLLATERALIZED MORTGAGE
OBLIGATIONS – 0.9%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 0.5%
(Series 2617), Class GW, 3.500%, 6/15/2016			479,252		473,117

(Series 2347), Class PC, 6.500%, 5/15/2030			297,843		302,343


*TOTAL FEDERAL HOME LOAN MORTGAGE*
*CORPORATION*				$	*775,460*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 0.0%
(Series 1998-23), Class C, 9.750%, 9/25/2018			17,646	$	*19,218*


WHOLE LOAN – 0.4%
Bank of America Mortgage Securities 2003-2,
Class 2A1, 3.628%, 2/25/2034			652,981	$	*645,537*


*TOTAL COLLATERALIZED MORTGAGE*
*OBLIGATIONS (IDENTIFIED COST $1,470,219)*				$	*1,440,215*


COMMON STOCKS – 67.6%

AEROSPACE & DEFENSE – 1.4%
Northrop Grumman Corp.			25,000	$	*2,481,250*


AIR FREIGHT & LOGISTICS – 0.6%
United Parcel Service, Inc.			15,000	$	*1,052,250*


AIRLINES – 0.6%
Southwest Airlines Co.			75,000	$	*1,071,000*


AUTO COMPONENTS – 1.6%
Lear Corp.			45,000	$	*2,727,900*


BEVERAGES – 2.3%
PepsiCo, Inc.			70,000	$	*3,814,300*


BIOTECHNOLOGY – 3.5%
⁷Amgen, Inc.			50,000		2,813,500

⁷Biogen Idec, Inc.			20,000		1,180,000

⁷Gilead Sciences, Inc.			30,000		1,824,900


*TOTAL BIOTECHNOLOGY*				$	*5,818,400*


CAPITAL MARKETS – 3.1%
Bank of New York Co., Inc.			70,000		2,039,800

Morgan Stanley			60,000		3,083,400


*TOTAL CAPITAL MARKETS*				$	*5,123,200*

Description	Shares	Value

COMMUNICATIONS
EQUIPMENT – 4.3%
⁷Cisco Systems, Inc.	190,000	$	3,965,300

⁷Corning, Inc.	285,000		3,143,550


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*7,108,850*


COMPUTERS &
PERIPHERALS – 4.5%
⁷Dell, Inc.	55,000		1,909,050

EMC Corp. Mass	220,000		2,455,200

IBM Corp.	35,000		3,085,950


*TOTAL COMPUTERS & PERIPHERALS*		$	*7,450,200*


CONSUMER FINANCE – 1.4%
Capital One Financial Corp.	35,000	$	*2,293,550*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 2.5%
⁷Jabil Circuit, Inc.	115,000		3,034,850

⁷Solectron Corp.	240,000		1,176,000


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*4,210,850*


ENERGY EQUIPMENT &
SERVICES – 2.7%
⁷Nabors Industries Ltd.	50,000		2,218,000

⁷Weatherford International Ltd.	53,000		2,304,440


*TOTAL ENERGY EQUIPMENT & SERVICES*		$	*4,522,440*


FOOD & STAPLES
RETAILING – 1.5%
Sysco Corp.	30,000		1,147,500

Wal-Mart Stores, Inc.	25,000		1,425,000


*TOTAL FOOD & STAPLES RETAILING*		$	*2,572,500*


FOOD PRODUCTS – 1.0%
General Mills, Inc.	35,000	$	*1,706,250*


HEALTHCARE EQUIPMENT &
SUPPLIES – 2.7%
⁷Boston Scientific Corp.	55,000		2,265,450

Medtronic, Inc.	45,000		2,270,700


*TOTAL HEALTHCARE EQUIPMENT &*
*SUPPLIES*		$	*4,536,150*


HEALTHCARE PROVIDERS &
SERVICES – 1.2%
⁷Express Scripts, Inc., Class A	25,300	$	*1,956,702*


HOUSEHOLD PRODUCTS – 2.8%
Colgate-Palmolive Co.	25,000		1,447,000

Procter & Gamble Co.	30,000		3,172,500


*TOTAL HOUSEHOLD PRODUCTS*		$	*4,619,500*

Description	Shares	Value

IT SERVICES – 1.4%
⁷Accenture Ltd.	45,000	$	1,069,650

First Data Corp.	30,000		1,361,700


*TOTAL IT SERVICES*		$	*2,431,350*


INDUSTRIAL
CONGLOMERATES – 3.0%
General Electric Co.	170,000	$	*5,091,500*


INSURANCE – 1.3%
American International Group, Inc.	30,000	$	*2,149,500*


MEDIA – 1.9%
⁷Comcast Corp., Class A	60,000		1,806,000

Viacom, Inc., Class B	35,000		1,352,750


*TOTAL MEDIA*		$	*3,158,750*


MULTILINE RETAIL – 0.6%
Target Corp.	25,000	$	*1,084,250*


PERSONAL PRODUCTS – 1.0%
Gillette Co.	40,000	$	*1,636,800*


PHARMACEUTICALS – 9.6%
Abbott Laboratories	35,000		1,540,700

Johnson & Johnson	50,000		2,701,500

Lilly (Eli) & Co.	24,200		1,786,202

Merck & Co., Inc.	40,000		1,880,000

Pfizer, Inc.	158,000		5,650,080

Wyeth	65,000		2,474,550


*TOTAL PHARMACEUTICALS*		$	*16,033,032*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 3.9%
Intel Corp.	150,000		3,859,500

STMicroelectronics N.V.	60,000		1,306,200

⁷Taiwan Semiconductor Manufacturing
Co., ADR	135,000		1,286,550


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*		$	*6,452,250*


SOFTWARE – 4.9%
Microsoft Corp.	170,000		4,414,900

⁷Novell, Inc.	110,000		1,060,400

⁷Veritas Software Corp.	100,000		2,667,000


*TOTAL SOFTWARE*		$	*8,142,300*


SPECIALTY RETAIL – 1.7%
Home Depot, Inc.	50,000		1,759,500

Lowe’s Cos., Inc.	20,000		1,041,200


*TOTAL SPECIALTY RETAIL*		$	*2,800,700*


THRIFTS & MORTGAGE
FINANCE – 0.6%
Federal National Mortgage Association	13,965	$	*959,675*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $104,334,537)*		$	*113,005,399*

	Principal
Description	Amount			Value

CORPORATE BONDS – 11.5%

AUTO COMPONENTS – 0.3%
Dana Corp., Sr. Note, 6.500%, 3/1/2009		$	225,000	$	238,500

Lear Corp., Company Guarantee,
8.110%, 5/15/2009			250,000		287,812


*TOTAL AUTO COMPONENTS*				$	*526,312*


AUTOMOBILES – 0.3%
DaimlerChrysler North America Holding Corp.,
6.500%, 11/15/2013			300,000		309,147

General Motors Corp., Note, 8.375%, 7/15/2033			225,000		243,783


*TOTAL AUTOMOBILES*				$	*552,930*


BANKS – 1.2%
Bank of New York Institutional Capital Trust,
Company Guarantee, 7.780%, 12/1/2026			500,000		535,980

BankBoston Capital Trust III, Company
Guarantee, 1.860%, 6/15/2027			170,000		168,713

Mellon Capital I, Company Guarantee,
(Series A), 7.720%, 12/1/2026			600,000		646,218

Mellon Capital II, Company Guarantee,
(Series B), 7.995%, 1/15/2027			500,000		558,280

Suntrust Capital III, Company Guarantee,
1.760%, 3/15/2028			152,000		149,144


*TOTAL BANKS*				$	*2,058,335*


CAPITAL MARKETS – 0.1%
Goldman Sachs Group, Inc., Sub. Note,
6.345%, 2/15/2034			225,000	$	*216,283*


COMMERCIAL BANKS – 0.9%
Bank of America Corp., 5.250%, 2/1/2007			1,500,000	$	*1,580,325*


CONSUMER FINANCE – 0.7%
Household Finance Corp., Note, 6.375%,
10/15/2011			1,000,000	$	*1,086,510*


DIVERSIFIED FINANCIAL
SERVICES – 1.5%
Citicorp Capital I, Company Guarantee,
7.933%, 2/15/2027			250,000		275,142

Citigroup, Inc., 6.500%, 1/18/2011			1,300,000		1,442,662

Newcourt Credit Group, Inc., Company
Guarantee, 6.875%, 2/16/2005			500,000		519,860

Student Loan Marketing Association, Note,
(Series MTN), 4.000%, 1/15/2009			375,000		372,428


*TOTAL DIVERSIFIED FINANCIAL SERVICES*				$	*2,610,092*


ELECTRIC UTILITIES – 0.5%
Alabama Power Co., Sr. Note, (Series S),
5.875%, 12/1/2022			400,000		396,552

Duke Capital Corp., Sr. Note, 6.250%,
2/15/2013			230,000		238,404

FirstEnergy Corp., 7.375%, 11/15/2031			235,000		247,622


*TOTAL ELECTRIC UTILITIES*				$	*882,578*

ELECTRICAL EQUIPMENT – 0.5%
Hydro Quebec, Deb., 8.050%, 7/7/2024			575,000	$	*726,271*

	Principal
Description	Amount			Value

ENERGY REFINER – 0.2%
Premcor Refining Group, Sr. Sub. Note,
7.750%, 2/1/2012		$	225,000	$	*237,375*


FOOD PRODUCTS – 0.2%
Kraft Foods, Inc., Note, 6.250%, 6/1/2012			300,000	$	*321,744*


GAS UTILITIES – 0.7%
Consolidated Natural Gas Co.,
6.250%, 11/1/2011			635,000	$	686,956

K N Energy, Inc., Sr. Note, 6.650%, 3/1/2005			500,000		519,240


*TOTAL GAS UTILITIES*				$	*1,206,196*


HOTELS, RESTAURANTS &
LEISURE – 0.2%
Yum! Brands, Inc., Sr. Note, 7.700%, 7/1/2012			225,000	$	*260,451*


HOUSEHOLD DURABLES – 0.3%
Pulte Corp., Company Guarantee,
7.300%, 10/24/2005			500,000	$	*531,935*


IT SERVICES – 0.1%
Iron Mountain, Inc., Company Guarantee,
6.625%, 1/1/2016			250,000	$	*236,250*


MEDIA – 1.0%
Clear Channel Communications, Inc., 6.000%,
11/1/2006			750,000		797,392

Liberty Media Group, Deb., 8.250%, 2/1/2030			200,000		232,094

Time Warner, Inc., Sr. Note, 9.125%,
1/15/2013			500,000		615,405


*TOTAL MEDIA*				$	*1,644,891*


OIL & GAS – 1.1%
Anadarko Petroleum Corp., Sr. Deb.,
7.200%, 3/15/2029			500,000		552,300

Chesapeake Energy Corp., Sr. Note,
6.875%, 1/15/2016			225,000		232,594

Husky Oil Ltd., Deb., 7.550%, 11/15/2016			725,000		838,231

XTO Energy, Inc., Note, 4.900%, 2/1/2014			250,000		240,718


*TOTAL OIL & GAS*				$	*1,863,843*


REAL ESTATE – 0.2%
Rouse Co., 5.375%, 11/26/2013			400,000	$	*393,548*


ROAD & RAIL – 0.7%
Union Pacific Corp., 7.375%, 9/15/2009			1,000,000	$	*1,135,180*


UTILITY – 0.2%
Pacific Gas & Electric Co., 6.050%, 3/1/2034			250,000	$	*236,677*


WIRELESS TELECOMMUNICATION
SERVICES – 0.6%
NEXTEL Communications, Inc., Sr. Note,
6.875%, 10/31/2013			225,000		230,062

Nextel Partners, Inc., Sr. Note, 8.125%,
7/1/2011			225,000		237,375

Rogers Wireless, Inc., Sr. Secd. Note, 6.375%,
3/1/2014			250,000		241,875

	Principal
Description	Amount			Value

TELUS Corp., Note, 8.000%, 6/1/2011		$	250,000	$	290,005


*TOTAL WIRELESS*
*TELECOMMUNICATION SERVICES*				$	*999,317*


*TOTAL CORPORATE BONDS*
*(IDENTIFIED COST $18,335,335)*				$	*19,307,043*


GOVERNMENT AGENCIES – 6.7%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 4.0%
4.000%, 9/15/2019			1,642,390		1,664,349

Note, (Series), 5.250%, 1/15/2006			2,000,000		2,095,880

Note, (Series MTN), 2.200%, 12/30/2005			1,000,000		996,240

Sub. Note, 5.875%, 3/21/2011			1,775,000		1,887,340


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*6,643,809*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 2.7%
Note, 2.250%, 5/15/2006			2,000,000		1,989,100

Sub. Note, 5.250%, 8/1/2012			2,500,000		2,519,675


*TOTAL FEDERAL NATIONAL*
*MORTGAGE ASSOCIATION*				$	*4,508,775*


*TOTAL GOVERNMENT AGENCIES (IDENTIFIED*
*COST $10,978,077)*				$	*11,152,284*


MORTGAGE BACKED
SECURITIES – 7.1%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 2.3%
Pool A15865, 5.500%, 11/1/2033			2,750,341		2,747,756

Pool A19412, 5.000%, 3/1/2034			988,922		959,255

Pool E46188, 6.500%, 4/1/2008			124,643		131,343

Pool C00478, 8.500%, 9/1/2026			15,839		17,359


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*3,855,713*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 3.9%
⁶TBA, 5.000%, 6/1/2018			5,000,000		5,020,300

Pool 752660, 5.500%, 2/1/2034			578,154		577,067

Pool 124221, 7.000%, 2/1/2007			25,780		27,023

Pool 333854, 7.000%, 12/1/2025			48,021		50,993

Pool 329794, 7.000%, 2/1/2026			308,461		327,549

Pool 527006, 7.500%, 1/1/2030			87,931		94,031

Pool 253113, 7.500%, 3/1/2030			264,515		282,867

Pool 533246, 7.500%, 4/1/2030			117,402		125,583

Pool 8245, 8.000%, 12/1/2008			54,695		58,506


*TOTAL FEDERAL NATIONAL*
*MORTGAGE ASSOCIATION*				$	*6,563,919*

	Principal
Description	Amount			Value

GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION – 0.9%
Pool 354765, 7.000%, 2/15/2024		$	331,437	$	354,014

Pool 354827, 7.000%, 5/15/2024			253,775		271,062

Pool 385623, 7.000%, 5/15/2024			253,517		270,786

Pool 2077, 7.000%, 9/20/2025			125,331		133,242

Pool 354677, 7.500%, 10/15/2023			330,183		356,288

Pool 354713, 7.500%, 12/15/2023			109,178		117,809


*TOTAL GOVERNMENT NATIONAL*
*MORTGAGE ASSOCIATION*				$	*1,503,201*


*TOTAL MORTGAGE BACKED SECURITIES*
*(IDENTIFIED COST $11,779,388)*				$	*11,922,833*


²NOTES – VARIABLE – 0.4%

DIVERSIFIED FINANCIAL
SERVICES – 0.3%
CIT Group, Inc., 1.200%, 6/1/2004			500,000	$	*500,320*


MEDIA – 0.1%
Liberty Media Corp., 2.610%, 6/15/2004			220,000	$	*223,606*


*TOTAL NOTES – VARIABLE*
*(IDENTIFIED COST $723,134)*				$	*723,926*

	Principal
	Amount
Description	or Shares		Value

U.S. TREASURY – 3.3%

U.S. TREASURY NOTES – 3.3%
2.375%, 8/15/2006	$	2,000,000	$	1,994,680

4.00%, 2/15/2014		1,040,000		999,378

4.25%, 8/15/2013		90,000		88,538

U.S. Treasury Inflation Protected Note, (Series
A-2011), 3.50%, 1/15/2011		2,101,862		2,341,285


*TOTAL U.S. TREASURY*
*(IDENTIFIED COST $5,238,975)***			$	*5,423,881*

MUTUAL FUNDS – 2.4%
SSGA Money Market Fund		3,957,691		3,957,691

SSGA U.S. Government Money Market Fund		700		700


*TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)*			$	*3,958,391*


*TOTAL INVESTMENTS – 100.1%*
*(IDENTIFIED COST $157,189,476)***			$	*167,307,844*


*OTHER ASSETS AND*
*LIABILITIES – NET – (0.1)%*			$	*(188,529)*


*TOTAL NET ASSETS – 100%*			$	*167,119,315*

See Notes to Portfolios of Investments

MTB Social Balanced Fund

	Principal
	Amount
Description	or Shares			Value

ASSET-BACKED SECURITIES – 4.1%
ANRC Auto Owner Trust 2001-A, Class A4,
4.320%, 6/16/2008		$	92,416		$	93,734

Whole Auto Loan Trust 2002-1, Class A3, 2.600%,
8/15/2006			50,000			50,377


*TOTAL ASSET-BACKED SECURITIES*
*(IDENTIFIED COST $142,409)*					$	*144,111*


COLLATERALIZED MORTGAGE
OBLIGATIONS – 3.3%

FEDERAL HOME LOAN MORTGAGE
CORPORATION – 0.7%
(Series T045), Class A3, 4.105%, 10/27/2031			25,000		$	*25,334*


WHOLE LOAN – 2.6%
Bank of America Mortgage Securities 2003-2,
Class 2A1, 3.628%, 2/25/2034			93,283		$	*92,220*


*TOTAL COLLATERALIZED MORTGAGE*
*OBLIGATIONS (IDENTIFIED COST $118,282)*					$	*117,554*


COMMON STOCKS – 50.7%

AIR FREIGHT & LOGISTICS – 0.7%
United Parcel Service, Inc.			350		$	*24,552*


AIRLINES – 0.7%
Southwest Airlines Co.			1,700		$	*24,276*

Description	Shares	Value

AUTO COMPONENTS – 1.2%
Lear Corp.	700	$	*42,434*


BEVERAGES – 0.6%
PepsiCo, Inc.	400		*21,796*


BIOTECHNOLOGY – 3.1%
⁷Amgen, Inc.	1,000		56,270

⁷Biogen Idec, Inc.	400		23,600

⁷Gilead Sciences, Inc.	500		30,415


*TOTAL BIOTECHNOLOGY*		$	*110,285*


CAPITAL MARKETS – 2.6%
Bank of New York Co., Inc.	1,250		36,425

Morgan Stanley	1,100		56,529


*TOTAL CAPITAL MARKETS*		$	*92,954*


COMMUNICATIONS
EQUIPMENT – 3.7%
⁷Cisco Systems, Inc.	4,000		83,480

⁷Corning, Inc.	3,600		39,708

Nokia Oyj, Class A, ADR	500		7,005


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*130,193*

Description	Shares	Value

COMPUTERS &
PERIPHERALS – 3.4%
⁷Dell, Inc.	1,100	$	38,181

⁷EMC Corp. Mass	4,200		46,872

IBM Corp.	400		35,268


*TOTAL COMPUTERS & PERIPHERALS*		$	*120,321*


CONSUMER FINANCE – 1.4%
Capital One Financial Corp.	750	$	*49,147*


ELECTRICAL EQUIPMENT – 1.0%
Emerson Electric Co.	600	$	*36,132*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 2.1%
⁷Jabil Circuit, Inc.	2,000		52,780

⁷Solectron Corp.	4,500		22,050


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*74,830*


ENERGY EQUIPMENT &
SERVICES – 1.5%
⁷Nabors Industries Ltd.	500		22,180

⁷Weatherford International Ltd.	700		30,436


*TOTAL ENERGY EQUIPMENT & SERVICES*		$	*52,616*


FOOD & STAPLES RETAILING – 1.0%
Wal-Mart Stores, Inc.	600	$	*34,200*


FOOD PRODUCTS – 0.4%
General Mills, Inc.	300	$	*14,625*


HEALTHCARE EQUIPMENT &
SUPPLIES – 2.7%
⁷Boston Scientific Corp.	1,200		49,428

Medtronic, Inc.	950		47,937


*TOTAL HEALTHCARE EQUIPMENT & SUPPLIES*		$	*97,365*


HEALTHCARE PROVIDERS &
SERVICES – 1.5%
Cardinal Health, Inc.	200		14,650

⁷Express Scripts, Inc., Class A	500		38,670


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*53,320*


HOUSEHOLD DURABLES – 1.6%
Koninklijke (Royal) Philips Electronics NV, ADR	700		18,767

Newell Rubbermaid, Inc.	1,550		36,642


*TOTAL HOUSEHOLD DURABLES*		$	*55,409*


HOUSEHOLD PRODUCTS – 0.9%
Procter & Gamble Co.	300	$	*31,725*


IT SERVICES – 0.7%
⁷Accenture Ltd.	1,000	$	*23,770*


INSURANCE – 1.0%
American International Group, Inc.	500	$	*35,825*

Description	Shares	Value

MACHINERY – 2.0%
Danaher Corp.	400	$	37,008

Illinois Tool Works, Inc.	400		34,484


*TOTAL MACHINERY*		$	*71,492*


MEDIA – 1.8%
⁷Comcast Corp., Class A	1,200		36,120

Viacom, Inc., Class B	750		28,987


*TOTAL MEDIA*		$	*65,107*


MULTILINE RETAIL – 0.7%
Target Corp.	600	$	*26,022*


OIL & GAS – 0.8%
BP PLC, ADR	500	$	*26,450*


PERSONAL PRODUCTS – 1.0%
Gillette Co.	900	$	*36,828*


PHARMACEUTICALS – 2.7%
⁷Eon Labs, Inc.	400		26,300

Lilly (Eli) & Co.	500		36,905

Merck & Co., Inc.	500		23,500

⁷Taro Pharmaceutical Industries Ltd.	250		10,812


*TOTAL PHARMACEUTICALS*		$	*97,517*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 3.2%
Intel Corp.	3,000		77,190

⁷Taiwan Semiconductor Manufacturing Co., ADR	2,500		23,825

Texas Instruments, Inc.	500		12,550


*TOTAL SEMICONDUCTOR EQUIPMENT &*
*PRODUCTS*		$	*113,565*


SOFTWARE – 4.6%
Microsoft Corp.	3,700		96,089

⁷Novell, Inc.	2,400		23,136

⁷Veritas Software Corp.	1,700		45,339

*TOTAL SOFTWARE*		$	*164,564*

SPECIALTY RETAIL – 1.7%
Home Depot, Inc.	1,100		38,709
Lowe's Cos., Inc.	400		20,824

*TOTAL SPECIALTY RETAIL*		$	*59,533*

THRIFTS & MORTGAGE
FINANCE – 0.4%
Federal National Mortgage Association	200	$	*13,744*

*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $1,753,003)*		$	*1,800,597*

	Principal
Description	Amount			Value

CORPORATE BONDS – 17.6%

AUTOMOBILES – 1.3%
DaimlerChrysler North America Holding Corp.,
Company Guarantee, 6.900%, 9/1/2004		$	30,000	$	30,515

General Motors Corp., Note, 8.375%, 7/15/2033			15,000		16,252


*TOTAL AUTOMOBILES*				$	*46,767*


BANKS – REGIONAL – 0.6%
Fleet National Bank, (Series BKNT), 5.750%,
1/15/2009			20,000	$	*21,394*


BANKS – 1.6%
U.S. Bank NA, 6.375%, 8/1/2011			50,000	$	*54,925*


CAPITAL MARKETS – 1.9%
Bear Stearns Cos., Inc., Sr. Note, 7.250%,
10/15/2006			25,000		27,484

Goldman Sachs Group, Inc., 7.500%, 1/28/2005			25,000		26,083

Goldman Sachs Group, Inc., Sub. Note, 6.345%,
2/15/2034			15,000		14,419


*TOTAL CAPITAL MARKETS*				$	*67,986*


CONSUMER FINANCE – 2.7%
American General Finance Corp., Note, (Series G),
5.375%, 10/1/2012			30,000		30,617

John Deere Capital Corp., Bond, 5.100%,
1/15/2013			40,000		40,244

MBNA Corp., Note, 4.625%, 9/15/2008			25,000		25,425


*TOTAL CONSUMER FINANCE*				$	*96,286*


DIVERSIFIED FINANCIAL
SERVICES – 3.0%
Heller Financial, Inc., Note, 6.375%, 3/15/2006			25,000		26,735

National Rural Utilities Cooperative Finance Corp.,
Note, (Series MTNC), 6.500%, 3/1/2007			25,000		27,038

Wells Fargo Financial, Inc., Note, (Series
7373761), 6.125%, 4/18/2012			50,000		53,786


*TOTAL DIVERSIFIED FINANCIAL SERVICES*				$	*107,559*


ELECTRIC UTILITIES – 1.2%
Duke Capital Corp., Sr. Note, 6.250%, 2/15/2013			15,000		15,548

FirstEnergy Corp., 7.375%, 11/15/2031			15,000		15,806

Xcel Energy, Inc., Sr. Note, 3.400%, 7/1/2008			10,000		9,668


*TOTAL ELECTRIC UTILITIES*				$	*41,022*


FOOD & STAPLES RETAILING – 0.4%
Wal-Mart Stores, Inc., Note, 4.550%, 5/1/2013			15,000	$	*14,557*


FOOD PRODUCTS – 0.8%
Kraft Foods, Inc., Note, 6.250%, 6/1/2012			25,000	$	*26,812*


GAS UTILITIES – 0.7%
K N Energy, Inc., Sr. Note, 6.650%, 3/1/2005			25,000	$	*25,962*


HOTELS RESTAURANTS &
LEISURE – 0.5%
Yum! Brands, Inc., Sr. Note, 7.700%, 7/1/2012			15,000	$	*17,363*

	Principal
Description	Amount			Value

MEDIA – 1.3%
Clear Channel Communications, Inc., 6.000%,
11/1/2006		$	15,000	$	15,948

Time Warner, Inc., Sr. Note, 9.125%, 1/15/2013			25,000		30,770


*TOTAL MEDIA*				$	*46,718*


OIL & GAS – 0.8%
Devon Financing Corp., 6.875%, 9/30/2011			25,000	$	*27,738*


TELECOMMUNICATIONS – 0.8%
⁴Verizon Wireless, Inc., 1.190%, 5/23/2005			30,000	$	*29,984*


*TOTAL CORPORATE BONDS*
*(IDENTIFIED COST $615,262)*				$	*625,073*


GOVERNMENT AGENCIES – 7.8%

FEDERAL HOME LOAN BANK – 2.4%
Bond, 6.875%, 8/15/2005			80,000	$	*84,926*


FEDERAL HOME LOAN MORTGAGE
CORPORATION – 2.4%
Discount Bond, 4.000%, 10/29/2007			75,000		75,794

Note, (Series MTN), 2.850%, 6/3/2008			10,000		9,667


*TOTAL FEDERAL HOME LOAN*
*MORTGAGE CORPORATION*				$	*85,461*


FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 3.0%
Sub. Note, 5.500%, 5/2/2006			100,000	$	*105,566*

*TOTAL GOVERNMENT AGENCIES*
*(IDENTIFIED COST $268,261)*				$	*275,953*


MORTGAGE BACKED SECURITIES – 5.6%

FEDERAL NATIONAL MORTGAGE
ASSOCIATION – 5.6%
⁶Pool TBA 5.000%, 6/1/2018
*(IDENTIFIED COST $199,000)*			200,000	$	*200,812*


^1,2NOTES – VARIABLE – 0.4%

MEDIA – 0.4%
Liberty Media Corp., 2.610%, 6/15/2004
*(IDENTIFIED COST $15,214)*			15,000	$	*15,246*


U.S. TREASURY – 8.7%

U.S. TREASURY BONDS – 2.5%
5.375%, 2/15/2031			88,000	$	*89,141*


U.S. TREASURY NOTES – 6.2%
3.625%, 5/15/2013			30,000		28,336

4.000%, 2/15/2014			35,000		33,633

4.250%, 8/15/2013			10,000		9,838

4.250%, 11/15/2013			10,000		9,814

U.S. Treasury Inflation Protected Note, (Series A-
2011), 3.50%, 1/15/2011			21,393		23,830

	Principal
	Amount
Description	or Shares			Value

U.S. Treasury Inflation Protected Note,
(Series A-2012), 3.375%, 1/15/2012		$	52,422	$	58,148

U.S. Treasury Inflation Protected Note,
(Series C-2012), 3.00%, 7/15/2012			51,771		55,945


*TOTAL U.S. TREASURY NOTES*				$	*219,544*


*TOTAL U.S. TREASURY*
*(IDENTIFIED COST $307,089)*				$	*308,685*


MUTUAL FUND – 0.0%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*			3	$	3

	Principal
Description	Amount			Value

REPURCHASE AGREEMENT – 6.8%
Repurchase agreement with Credit Suisse First
Boston Corp., dated 4/30/2004, due 5/3/2004 at
1.02%, collateralized by a U. S. Treasury
Obligation with maturity of 11/15/2007
(repurchase proceeds $242,360)
*(AT AMORTIZED COST)*		$	242,339		$	*242,339*


*TOTAL INVESTMENTS – 105.0%*
*(IDENTIFIED COST $3,660,862)*					$	*3,730,373*


*OTHER ASSETS AND*
*LIABILITIES – NET – (5.0)%*					$	*(176,477)*


*TOTAL NET ASSETS – 100%*					$	*3,553,896*

See Notes to Portfolios of Investments

MTB Equity Income Fund

Description	Shares	Value

COMMON STOCKS – 95.8%

AEROSPACE & DEFENSE – 2.8%
United Technologies Corp.	25,000	$	*2,156,500*


BEVERAGES – 2.4%
PepsiCo, Inc.	35,000	$	*1,907,150*


BUILDING PRODUCTS – 2.1%
Masco Corp.	60,000	$	*1,680,600*


CAPITAL MARKETS – 2.3%
Waddell & Reed Financial, Inc., Class A	80,000	$	*1,778,400*


CHEMICALS – 1.6%
Eastman Chemical Co.	30,000	$	*1,277,100*


COMMERCIAL BANKS – 6.7%
Bank of America Corp.	12,244		985,520

KeyCorp	41,425		1,230,322

U.S. Bancorp	42,500		1,089,700

Wells Fargo & Co.	34,900		1,970,454


*TOTAL COMMERCIAL BANKS*		$	*5,275,996*


COMMUNICATIONS
EQUIPMENT – 3.0%
Motorola, Inc.	80,000		1,460,000

Nokia Oyj, Class A, ADR	65,400		916,254


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*2,376,254*


COMPUTERS &
PERIPHERALS – 2.3%
IBM Corp.	20,000	$	*1,763,400*


DIVERSIFIED FINANCIAL
SERVICES – 2.8%
Citigroup, Inc.	45,000	$	*2,164,050*

Description	Shares	Value

DIVERSIFIED TELECOMMUNICATION
SERVICES – 2.8%
BellSouth Corp.	45,000	$	1,161,450

Verizon Communications	27,000		1,018,980


*TOTAL DIVERSIFIED*
*TELECOMMUNICATION SERVICES*		$	*2,180,430*


ELECTRIC UTILITIES – 2.9%
Exelon Corp.	20,000		1,338,800

Pepco Holdings, Inc.	50,000		947,000


*TOTAL ELECTRIC UTILITIES*		$	*2,285,800*


ELECTRICAL EQUIPMENT – 1.5%
Cooper Industries, LTD., Class A	20,825	$	*1,143,501*


ENERGY EQUIPMENT &
SERVICES – 2.6%
Schlumberger Ltd.	35,000	$	*2,048,550*


FOOD PRODUCTS – 5.0%
General Mills, Inc.	21,000		1,023,750

Kellogg Co.	40,000		1,716,000

Kraft Foods, Inc., Class A	35,000		1,151,850


*TOTAL FOOD PRODUCTS*		$	*3,891,600*


HOUSEHOLD DURABLES – 3.6%
Koninklijke (Royal) Philips Electronics NV, ADR	60,000		1,608,600

Newell Rubbermaid, Inc.	50,000		1,182,000


*TOTAL HOUSEHOLD DURABLES*		$	*2,790,600*


HOUSEHOLD PRODUCTS – 1.8%
Procter & Gamble Co.	13,000	$	*1,374,750*


INDUSTRIAL
CONGLOMERATES – 3.0%
General Electric Co.	78,000	$	*2,336,100*

Description	Shares	Value

INSURANCE – 4.5%
Ace Ltd.	28,000	$	1,227,520

Allstate Corp.	31,775		1,458,472

Lincoln National Corp.	19,075		856,086


*TOTAL INSURANCE*		$	*3,542,078*


MACHINERY – 2.7%
Harsco Corp.	18,450		803,129

Illinois Tool Works, Inc.	15,000		1,293,150


*TOTAL MACHINERY*		$	*2,096,279*


MEDIA – 2.2%
Clear Channel Communications, Inc.	23,000		954,270

Walt Disney Co.	35,000		806,050


*TOTAL MEDIA*		$	*1,760,320*


METALS & MINING – 1.6%
Alcoa, Inc.	40,000	$	*1,230,000*


MULTI-UTILITIES &
UNREGULATED POWER – 2.1%
Constellation Energy Group	42,000	$	*1,616,160*


MULTILINE RETAIL – 2.2%
Target Corp.	40,000	$	*1,734,800*


OIL & GAS – 6.0%
BP PLC, ADR	25,000		1,322,500

ChevronTexaco Corp.	15,000		1,372,500

ExxonMobil Corp.	48,000		2,042,400


*TOTAL OIL & GAS*		$	*4,737,400*


PHARMACEUTICALS – 9.5%
Abbott Laboratories	35,000		1,540,700

Lilly (Eli) & Co.	11,000		811,910

Merck & Co., Inc.	34,000		1,598,000

Pfizer, Inc.	55,000		1,966,800

Wyeth	40,000		1,522,800


*TOTAL PHARMACEUTICALS*		$	*7,440,210*


REAL ESTATE – 5.7%
Boston Properties, Inc.	20,000		940,000

New Plan Excel Realty Trust	40,000		897,600

Simon Property Group, Inc.	22,000		1,060,620

St. Joe Co.	20,300		795,760

Thornburg Mortgage Asset Co.	31,300		810,044


*TOTAL REAL ESTATE*		$	*4,504,024*

Description	Shares	Value

ROAD & RAIL – 1.0%
Werner Enterprises, Inc.	40,000		$	*799,600*


SEMICONDUCTOR EQUIPMENT & PRODUCTS – 3.3%
Intel Corp.	51,600			1,327,668

Texas Instruments, Inc.	50,000			1,255,000


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*			$	*2,582,668*


SOFTWARE – 3.4%
Computer Associates International, Inc.	25,000			670,250

Microsoft Corp.	76,000			1,973,720


*TOTAL SOFTWARE*			$	*2,643,970*


SPECIALTY RETAIL – 1.0%
Pier 1 Imports, Inc.	38,000		$	*785,080*


TOBACCO – 1.4%
Altria Group, Inc.	20,000		$	*1,107,600*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $61,583,729)*			$	*75,010,970*


PREFERRED STOCK – 2.0%

AEROSPACE & DEFENSE – 2.0%
Northrop Grumman Corp., Conv. Pfd., $7.25,
Annual Dividend
*(IDENTIFIED COST $1,578,835)*	15,000		$	*1,569,450*


MUTUAL FUNDS – 2.1%
SSGA Money Market Fund	1,627,966			1,627,966

SSGA US Government Money Market Fund	9			9


*TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)*			$	*1,627,975*


*TOTAL INVESTMENTS – 99.9%*
*(IDENTIFIED COST $64,790,539)*			$	*78,208,395*


*OTHER ASSETS AND LIABILITIES – NET – 0.1%*			$	*66,635*


*TOTAL NET ASSETS – 100%*			$	*78,275,030*

See Notes to Portfolios of Investments

MTB Large Cap Value Fund

Description	Shares	Value

COMMON STOCKS – 94.9%

AEROSPACE & DEFENSE – 2.9%
Honeywell International, Inc.	23,800	$	823,004

Lockheed Martin Corp.	18,805		896,998

Raytheon Co.	26,020		839,405


*TOTAL AEROSPACE & DEFENSE*		$	*2,559,407*


AUTO COMPONENTS – 1.1%
Lear Corp.	16,005	$	*970,223*


CAPITAL MARKETS – 3.1%
Bank of New York Co., Inc.	33,500		976,190

Morgan Stanley	34,220		1,758,566


*TOTAL CAPITAL MARKETS*		$	*2,734,756*


CHEMICALS – 1.1%
Du Pont (E.I.) de Nemours & Co.	23,800	$	*1,022,210*


COMMERCIAL BANKS – 7.6%
Bank of America Corp.	34,079		2,743,019

KeyCorp	30,600		908,820

U.S. Bancorp	32,292		827,967

Wachovia Corp.	23,800		1,088,850

Wells Fargo & Co.	22,754		1,284,691


*TOTAL COMMERCIAL BANKS*		$	*6,853,347*


COMMERCIAL SERVICES &
SUPPLIES – 1.5%
Cendant Corp.	57,100	$	*1,352,128*


COMMUNICATIONS
EQUIPMENT – 4.1%
⁷Lucent Technologies, Inc.	263,550		888,163

Motorola, Inc.	50,000		912,500

Nokia Oyj, Class A, ADR	93,000		1,302,930

⁷Nortel Networks Corp.	161,325		603,356


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*3,706,949*


COMPUTERS & PERIPHERALS – 1.0%
⁷Electronics for Imaging, Inc.	36,200	$	*918,756*


CONSUMER FINANCE – 1.8%
Capital One Financial Corp.	25,090	$	*1,644,148*


DIVERSIFIED FINANCIAL
SERVICES – 4.3%
Citigroup, Inc.	80,233	$	*3,858,405*


DIVERSIFIED TELECOMMUNICATION
SERVICES – 3.1%
BellSouth Corp.	27,600		712,356

SBC Communications, Inc.	31,790		791,571

Verizon Communications	34,825		1,314,296


*TOTAL DIVERSIFIED*
*TELECOMMUNICATION SERVICES*		$	*2,818,223*

Description	Shares	Value

ELECTRIC UTILITIES – 2.6%
DTE Energy Co.	26,106	$	1,018,656

FPL Group, Inc.	13,100		833,422

Pepco Holdings, Inc.	27,063		512,573


*TOTAL ELECTRIC UTILITIES*		$	*2,364,651*


ELECTRICAL EQUIPMENT – 1.4%
Cooper Industries, LTD., Class A	23,400	$	*1,284,894*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 1.5%
⁷Solectron Corp.	154,600		757,540

Symbol Technologies, Inc.	50,370		604,440


*TOTAL ELECTRONIC*
*EQUIPMENT & INSTRUMENTS*		$	*1,361,980*


ENERGY EQUIPMENT &
SERVICES – 2.4%
Schlumberger Ltd.	17,175		1,005,253

⁷Transocean Sedco Forex, Inc.	39,590		1,099,414


*TOTAL ENERGY EQUIPMENT & SERVICES*		$	*2,104,667*


HEALTHCARE PROVIDERS &
SERVICES – 4.1%
⁷Caremark Rx, Inc.	37,000		1,252,450

HCA - The Healthcare Corp.	21,540		875,170

Health Management Association, Class A	65,311		1,510,643


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*3,638,263*


HOTELS, RESTAURANTS &
LEISURE – 0.8%
Carnival Corp.	16,805	$	*717,069*


HOUSEHOLD DURABLES – 1.2%
Newell Rubbermaid, Inc.	46,285	$	*1,094,177*


HOUSEHOLD PRODUCTS – 1.2%
Kimberly-Clark Corp.	15,900	$	*1,040,655*


IT SERVICES – 1.1%
First Data Corp., Class	22,200	$	*1,007,658*


INDUSTRIAL
CONGLOMERATES – 1.6%
General Electric Co.	48,255	$	*1,445,237*


INSURANCE – 9.4%
Allstate Corp.	28,900		1,326,510

American International Group, Inc.	41,650		2,984,223

Hartford Financial Services Group, Inc.	28,850		1,762,158

Lincoln National Corp.	34,200		1,534,896

The St. Paul Travelers Cos., Inc.	20,900		850,003


*TOTAL INSURANCE*		$	*8,457,790*

LEISURE EQUIPMENT &
PRODUCTS – 1.1%
Mattel, Inc.	59,062	$	*1,001,692*

Description	Shares	Value

MEDIA – 7.7%
Clear Channel Communications, Inc.	21,727	$	901,453

⁷Comcast Corp., Class A	48,635		1,463,914

⁷Liberty Media Corp., Class A	99,144		1,084,635

⁷Time Warner, Inc.	77,692		1,306,779

Viacom, Inc., Class B	35,700		1,379,805

Walt Disney Co.	34,409		792,439


*TOTAL MEDIA*		$	*6,929,025*


METALS & MINING – 1.3%
Alcoa, Inc.	36,868	$	*1,133,691*


MULTILINE RETAIL – 1.0%
Target Corp.	21,000	$	*910,770*


OIL & GAS – 9.4%
Burlington Resources, Inc.	18,185		1,223,305

ChevronTexaco Corp.	29,450		2,694,675

ConocoPhillips	13,822		985,509

ExxonMobil Corp.	83,814		3,566,286


*TOTAL OIL & GAS*		$	*8,469,775*


PHARMACEUTICALS – 2.4%
Merck & Co., Inc.	18,400		864,800

Pfizer, Inc.	35,715		1,277,168


*TOTAL PHARMACEUTICALS*		$	*2,141,968*


REAL ESTATE – 2.8%
Archstone-Smith Trust	24,000		658,320

Equity Office Properties Trust	38,367		965,697

St. Joe Co.	23,200		909,440


*TOTAL REAL ESTATE*		$	*2,533,457*


ROAD & RAIL – 0.9%
CSX Corp.	26,760	$	*823,138*

Description	Shares	Value

SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 2.3%
⁷Applied Materials, Inc.	41,000	$	747,430

⁷International Rectifier Corp.	14,750		584,690

Texas Instruments, Inc.	30,500		765,550


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*		$	*2,097,670*


SPECIALTY RETAIL – 3.1%
Home Depot, Inc.	44,115		1,552,407

Staples, Inc.	46,600		1,200,416


*TOTAL SPECIALTY RETAIL*		$	*2,752,823*


THRIFTS & MORTGAGE
FINANCE – 3.1%
Countrywide Financial Corp.	24,599		1,458,721

Federal National Mortgage Association	19,625		1,348,630


*TOTAL THRIFTS & MORTGAGE FINANCE*		$	*2,807,351*


TOBACCO – 0.9%
Altria Group, Inc.	13,649	$	*755,882*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $77,588,590)*		$	*85,312,835*


MUTUAL FUNDS – 4.9%
SSGA Money Market Fund	3,509,287		3,509,287

SSGA US Government Money Market Fund	892,856		892,856


*TOTAL MUTUAL FUNDS*
*(AT NET ASSET VALUE)*		$	*4,402,143*


*TOTAL INVESTMENTS – 99.8%*
*(IDENTIFIED COST $81,990,733)*		$	*89,714,978*


*OTHER ASSETS AND LIABILITIES – NET – 0.2%*		$	*214,225*


*TOTAL NET ASSETS –100%*		$	*89,929,203*

See Notes to Portfolios of Investments

MTB Equity Index Fund

Description	Shares	Value

COMMON STOCKS – 98.4%

AEROSPACE & DEFENSE – 1.9%
Boeing Co.	7,480	$	319,321

General Dynamics Corp.	1,900		177,878

Goodrich (B.F.) Co.	1,385		39,874

Honeywell International, Inc.	7,541		260,768

Lockheed Martin Corp.	3,550		169,335

Northrop Grumman Corp.	1,560		154,830

Raytheon Co.	4,180		134,847

Description	Shares	Value

Rockwell Collins	1,890	$	60,953

United Technologies Corp.	4,560		393,346


*TOTAL AEROSPACE & DEFENSE*		$	*1,711,152*


AIR FREIGHT & LOGISTICS – 0.9%
FedEx Corp.	2,517		180,997

Ryder Systems, Inc.	770		28,328

United Parcel Service, Inc.	8,825		619,074


*TOTAL AIR FREIGHT & LOGISTICS*		$	*828,399*

Description	Shares	Value

AIRLINES – 0.1%
⁷Delta Air Lines, Inc.	1,200	$	7,464

Southwest Airlines Co.	7,959		113,655


*TOTAL AIRLINES*		$	*121,119*


AUTO COMPONENTS – 0.3%
Cooper Tire & Rubber Co.	855		18,288

Dana Corp.	1,681		33,889

Delphi Auto Systems Corp.	6,543		66,739

⁷Goodyear Tire & Rubber Co.	1,545		13,457

Johnson Controls, Inc.	2,000		109,720

Visteon Corp.	1,300		14,118


*TOTAL AUTO COMPONENTS*		$	*256,211*


AUTOMOBILES – 0.7%
Ford Motor Co.	16,000		245,760

General Motors Corp.	4,895		232,121

Harley Davidson, Inc.	2,525		142,208


*TOTAL AUTOMOBILES*		$	*620,089*


BEVERAGES – 2.7%
Anheuser-Busch Cos., Inc.	7,225		370,209

Brown-Forman Corp., Class B	1,060		49,672

Coca-Cola Co.	20,700		1,046,799

Coca-Cola Enterprises, Inc.	4,550		122,850

Coors Adolph Co., Class B	485		31,869

PepsiCo, Inc.	14,125		769,671

The Pepsi Bottling Group, Inc.	2,600		76,102


*TOTAL BEVERAGES*		$	*2,467,172*


BIOTECHNOLOGY – 1.1%
⁷Amgen, Inc.	10,972		617,394

Applera Corp.	2,040		37,883

⁷Biogen Idec, Inc.	2,812		165,908

⁷Chiron Corp.	1,600		74,240

⁷Genzyme Corp.	1,925		83,853

⁷Medimmune, Inc.	2,150		52,116


*TOTAL BIOTECHNOLOGY*		$	*1,031,394*


BUILDING PRODUCTS – 0.2%
⁷American Standard Cos.	800		84,152

Masco Corp.	4,555		127,586


*TOTAL BUILDING PRODUCTS*		$	*211,738*


CAPITAL MARKETS – 3.4%
Bank of New York Co., Inc.	6,735		196,258

Bear Stearns Cos., Inc.	900		72,126

Federated Investors, Inc.	1,200		35,280

Franklin Resources, Inc.	2,100		115,143

Goldman Sachs Group, Inc.	4,050		390,825

J.P. Morgan Chase & Co.	17,468		656,797

Janus Capital Group, Inc.	2,400		36,480

Description	Shares	Value
Lehman Brothers Holdings, Inc.	2,360	$	173,224

Mellon Financial Corp.	4,260		126,266

Merrill Lynch & Co., Inc.	8,220		445,771

Morgan Stanley	9,275		476,642

Northern Trust Corp.	1,970		83,292

Schwab (Charles) Corp.	11,728		120,681

State Street Corp.	2,800		136,640

T. Rowe Price Group, Inc.	1,300		66,664


*TOTAL CAPITAL MARKETS*		$	*3,132,089*


CHEMICALS – 1.5%
Air Products & Chemicals, Inc.	1,925		95,884

Dow Chemical Co.	8,182		324,744

Du Pont (E.I.) de Nemours & Co.	8,800		377,960

Eastman Chemical Co.	900		38,313

Ecolab, Inc.	2,890		86,122

Engelhard Corp.	1,530		44,431

Great Lakes Chemical Corp.	600		15,072

⁷Hercules, Inc.	800		8,888

International Flavors & Fragrances, Inc.	1,085		39,331

Monsanto Co.	2,240		77,482

PPG Industries, Inc.	1,490		88,372

Praxair, Inc.	2,610		95,396

Rohm & Haas Co.	1,950		75,621

Sigma-Aldrich Corp.	750		42,480


*TOTAL CHEMICALS*		$	*1,410,096*


COMMERCIAL BANKS – 6.0%
Amsouth Bancorporation	3,500		77,070

BB&T Corp.	4,485		154,688

Bank One Corp.	9,500		469,015

Bank of America Corp.	17,182		1,382,979

Charter One Financial, Inc.	2,171		72,446

Comerica, Inc.	1,732		89,423

Fifth Third Bancorp	5,000		268,300

First Horizon National Corp.	1,500		65,940

Huntington Bancshares, Inc.	2,542		54,399

KeyCorp	4,245		126,076

⁵M&T Bank Corp.	1,200		102,000

Marshall & Ilsley Corp.	1,900		69,863

National City Corp.	5,110		177,164

North Fork Bancorp, Inc.	1,700		63,104

PNC Financial Services Group	2,365		125,582

Regions Financial Corp.	1,920		66,643

SouthTrust Corp.	2,900		90,132

SunTrust Banks, Inc.	2,345		159,577

Synovus Financial Corp.	2,592		61,871

U.S. Bancorp	16,375		419,855

Union Planters Corp.	2,175		60,465

Description	Shares	Value

Wachovia Corp.	11,100	$	507,825

Wells Fargo & Co.	14,430		814,718

Zions Bancorp	1,000		56,520


*TOTAL COMMERCIAL BANKS*		$	*5,535,655*


COMMERCIAL SERVICES &
SUPPLIES – 1.1%
⁷Allied Waste Industries, Inc.	3,200		40,288

⁷Apollo Group, Inc., Class A	1,550		140,864

Avery Dennison Corp.	1,240		79,645

Block (H&R), Inc.	1,800		81,198

Cendant Corp.	8,850		209,568

Cintas Corp.	1,400		62,944

Deluxe Corp.	640		26,438

Donnelley (R.R.) & Sons Co.	2,105		61,929

Equifax, Inc.	1,625		39,829

⁷Monster Worldwide, Inc.	1,300		33,293

Pitney Bowes, Inc.	1,980		86,625

Robert Half International, Inc.	1,700		46,359

Waste Management, Inc.	4,850		137,740


*TOTAL COMMERCIAL SERVICES & SUPPLIES*		$	*1,046,720*


COMMUNICATIONS
EQUIPMENT – 2.9%
⁷ADC Telecommunications, Inc.	7,700		19,250

⁷Andrew Corp.	1,145		19,408

⁷Avaya, Inc.	4,425		60,534

⁷CIENA Corp.	4,800		19,872

⁷Cisco Systems, Inc.	61,075		1,274,635

⁷Comverse Technology, Inc.	2,200		35,992

⁷Corning, Inc.	12,970		143,059

⁷JDS Uniphase Corp.	16,900		51,376

⁷Lucent Technologies, Inc.	36,211		122,031

Motorola, Inc.	20,726		378,250

⁷Qlogic Corp.	1,000		26,990

Qualcomm, Inc.	7,100		443,466

Scientific-Atlanta, Inc.	1,600		51,824

⁷Tellabs, Inc.	3,985		34,789


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*2,681,476*


COMPUTERS & PERIPHERALS – 3.5%
⁷Apple Computer, Inc.	3,165		81,435

⁷Dell, Inc.	22,325		774,901

⁷EMC Corp. Mass	21,086		235,320

⁷Gateway, Inc.	3,550		17,111

Hewlett-Packard Co.	25,950		511,215

IBM Corp.	14,200		1,252,014

⁷Lexmark International Group, Class A	1,250		113,075

⁷NCR Corp.	1,100		49,159

Description	Shares	Value

⁷Network Appliance, Inc.	2,950	$	54,929

⁷Seagate Technology, Inc., Rights	2,330		0

⁷Sun Microsystems, Inc.	28,000		109,200


*TOTAL COMPUTERS & PERIPHERALS*		$	*3,198,359*


CONSTRUCTION &
ENGINEERING – 0.0%
Fluor Corp.	955	$	*36,443*


CONSTRUCTION MATERIALS – 0.1%
Vulcan Materials Co.	1,200	$	*55,488*


CONSUMER FINANCE – 1.2%
American Express Co.	10,975		537,226

Capital One Financial Corp.	1,985		130,077

MBNA Corp.	11,395		277,810

⁷Providian Financial Corp.	2,900		35,177

SLM Corp.	3,845		147,302


*TOTAL CONSUMER FINANCE*		$	*1,127,592*


CONTAINERS & PACKAGING – 0.2%
Ball Corp.	580		38,280

Bemis Co., Inc.	1,120		30,251

⁷Pactiv Corp.	1,765		40,507

⁷Sealed Air Corp.	882		43,289

Temple-Inland, Inc.	650		40,151


*TOTAL CONTAINERS & PACKAGING*		$	*192,478*


DISTRIBUTORS – 0.1%
Genuine Parts Co.	2,060	$	*73,748*


DIVERSIFIED FINANCIAL
SERVICES – 2.6%
Citigroup, Inc.	43,730		2,102,976

Loews Corp.	1,875		108,769

Moody’s Corp.	1,535		99,023

Principal Financial Group	3,250		114,725


*TOTAL DIVERSIFIED FINANCIAL SERVICES*		$	*2,425,493*


DIVERSIFIED TELECOMMUNICATION
SERVICES – 2.9%
AT&T Corp.	7,680		131,712

Alltel Corp.	3,060		154,040

BellSouth Corp.	15,525		400,700

CenturyTel, Inc.	1,500		43,320

⁷Citizens Communications Co., Class B	3,300		43,032

⁷Qwest Communications International, Inc.	18,654		74,989

SBC Communications, Inc.	28,100		699,690

Sprint Corp.	12,142		217,220

Verizon Communications	23,300		879,342

*TOTAL DIVERSIFIED*
*TELECOMMUNICATION SERVICES*		$	*2,644,045*

Description	Shares	Value

ELECTRIC UTILITIES – 2.1%
⁷Allegheny Energy, Inc.	1,000	$	13,780

Ameren Corp.	1,860		81,319

American Electric Power Co., Inc.	4,002		121,821

⁷CMS Energy Corp.	1,000		8,310

CenterPoint Energy, Inc.	2,960		31,938

Cinergy Corp.	1,460		55,392

Consolidated Edison Co.	1,860		76,651

DTE Energy Co.	1,845		71,992

Dominion Resources, Inc.	2,300		146,763

Edison International	3,465		81,081

Entergy Corp.	2,280		124,488

Exelon Corp.	2,316		155,033

FPL Group, Inc.	1,885		119,924

FirstEnergy Corp.	3,288		128,561

⁷P G & E Corp.	4,130		113,658

PPL Corp.	1,515		64,918

Pinnacle West Capital Corp.	900		35,154

⁷Progress Energy, Inc.	825		272

Progress Energy, Inc.	2,427		103,803

Southern Co.	6,210		178,600

TECO Energy, Inc.	1,900		24,187

TXU Corp.	2,800		95,592

Xcel Energy, Inc.	4,428		74,080


*TOTAL ELECTRIC UTILITIES*		$	*1,907,317*


ELECTRICAL EQUIPMENT – 0.4%
American Power Conversion Corp.	2,500		46,650

Cooper Industries, LTD., Class A	910		49,968

Emerson Electric Co.	3,660		220,405

⁷Power-One, Inc.	700		6,020

Rockwell Automation, Inc.	1,590		51,977

⁷Thomas & Betts Corp.	565		13,583


*TOTAL ELECTRICAL EQUIPMENT*		$	*388,603*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 0.6%
⁷Agilent Technologies, Inc.	4,580		123,706

⁷Jabil Circuit, Inc.	2,300		60,697

Molex, Inc.	2,250		67,005

PerkinElmer, Inc.	1,030		19,828

⁷Sanmina-SCI Corp.	6,000		60,120

⁷Solectron Corp.	9,800		48,020

Symbol Technologies, Inc.	2,700		32,400

Tektronix, Inc.	1,100		32,560

⁷Thermo Electron Corp.	1,580		46,136

⁷Waters Corp.	1,050		45,308


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*535,780*

Description	Shares	Value

ENERGY EQUIPMENT &
SERVICES – 0.9%
⁷BJ Services Co.	1,375	$	61,187

Baker Hughes, Inc.	3,320		121,778

Halliburton Co.	3,790		112,942

⁷Nabors Industries Ltd.	1,700		75,412

⁷Noble Corp.	1,575		58,527

⁷Rowan Companies, Inc.	1,060		23,638

Schlumberger Ltd.	5,215		305,234

⁷Transocean Sedco Forex, Inc.	3,449		95,779


*TOTAL ENERGY EQUIPMENT & SERVICES*		$	*854,497*


FOOD & STAPLES RETAILING – 3.6%
Albertsons, Inc.	3,117		72,813

CVS Corp.	3,840		148,339

Costco Wholesale Corp.	3,930		147,178

⁷Kroger Co.	7,265		127,137

SUPERVALU, Inc.	1,580		48,648

⁷Safeway Inc.	4,455		102,242

Sysco Corp.	5,655		216,304

Wal-Mart Stores, Inc.	36,750		2,094,750

Walgreen Co.	8,975		309,458

Winn-Dixie Stores, Inc.	1,450		11,049


*TOTAL FOOD & STAPLES RETAILING*		$	*3,277,918*


FOOD PRODUCTS – 1.4%
Archer-Daniels-Midland Co.	6,451		113,279

Campbell Soup Co.	4,115		113,697

ConAgra, Inc.	4,500		130,005

General Mills, Inc.	3,625		176,719

Heinz (H.J.) Co.	3,450		131,755

Hershey Foods Corp.	1,235		109,779

Kellogg Co.	4,000		171,600

McCormick & Co., Inc.	1,600		54,656

Sara Lee Corp.	6,720		155,098

Wrigley (Wm.), Jr. Co.	2,210		136,357


*TOTAL FOOD PRODUCTS*		$	*1,292,945*


GAS UTILITIES – 0.3%
KeySpan Corp.	1,700		61,455

Kinder Morgan, Inc.	1,000		60,210

NICOR, Inc.	540		18,355

NiSource, Inc.	2,692		54,271

Peoples Energy Corp.	400		16,720

Sempra Energy	2,376		75,438


*TOTAL GAS UTILITIES*		$	*286,449*

Description	Shares	Value

HEALTHCARE EQUIPMENT &
SUPPLIES – 2.2%
Bard (C.R.), Inc.	645	$	68,544

Bausch & Lomb, Inc.	640		40,211

Baxter International, Inc.	5,240		165,846

Becton, Dickinson & Co.	2,255		113,990

Biomet, Inc.	2,200		86,900

⁷Boston Scientific Corp.	7,220		297,392

Guidant Corp.	2,650		166,976

Medtronic, Inc.	10,675		538,661

⁷Millipore Corp.	530		27,788

St. Jude Medical, Inc.	1,680		128,117

Stryker Corp.	1,750		173,128

⁷Zimmer Holdings, Inc.	2,027		161,856


*TOTAL HEALTHCARE EQUIPMENT & SUPPLIES*		$	*1,969,409*


HEALTHCARE PROVIDERS &
SERVICES – 2.2%
Aetna, Inc.	1,360		112,540

AmerisourceBergen Corp.	1,200		69,468

⁷Anthem, Inc.	1,200		106,296

CIGNA Corp.	1,425		91,927

Cardinal Health, Inc.	3,180		232,935

⁷Caremark Rx, Inc.	4,000		135,400

⁷Express Scripts, Inc., Class A	700		54,138

HCA - The Healthcare Corp.	4,030		163,739

Health Management Association, Class A	2,825		65,342

⁷Humana, Inc.	1,790		29,159

IMS Health, Inc.	2,350		59,337

Manor Care, Inc.	790		25,628

McKesson HBOC, Inc.	2,931		96,313

⁷Medco Health Solutions, Inc.	2,268		80,287

Quest Diagnostic, Inc.	1,050		88,568

⁷Tenet Healthcare Corp.	5,137		60,411

UnitedHealth Group, Inc.	5,500		338,140

⁷Wellpoint Health Networks, Inc.	1,500		167,535


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*1,977,163*


HOTELS, RESTAURANTS &
LEISURE – 1.5%
Carnival Corp.	5,500		234,685

Darden Restaurants, Inc.	2,050		46,453

Harrah’s Entertainment, Inc.	1,300		69,134

Hilton Hotels Corp.	4,120		72,059

International Game Technology	3,000		113,220

Marriott International, Inc., Class A	2,330		109,883

McDonald’s Corp.	11,310		307,971

⁷Starbucks Corp.	3,850		149,611

Starwood Hotels & Resorts Worldwide, Inc.	1,700		67,643

Description	Shares	Value

Wendy’s International, Inc.	1,235	$	48,165

⁷Yum! Brands, Inc.	2,964		114,974


*TOTAL HOTELS, RESTAURANTS & LEISURE*		$	*1,333,798*


HOUSEHOLD DURABLES – 0.6%
⁷American Greetings Corp., Class A	355		7,277

Black & Decker Corp.	950		54,957

Centex Corp.	1,360		65,212

Fortune Brands, Inc.	1,250		95,312

KB HOME	520		35,844

Leggett and Platt, Inc.	2,100		47,460

Maytag Corp.	720		20,088

Newell Rubbermaid, Inc.	3,150		74,466

Pulte Corp.	1,240		60,971

Snap-On Tools Corp.	680		22,970

Stanley Works	1,000		42,510

Whirlpool Corp.	800		52,408


*TOTAL HOUSEHOLD DURABLES*		$	*579,475*


HOUSEHOLD PRODUCTS – 2.0%
Clorox Co.	1,850		95,793

Colgate-Palmolive Co.	4,730		273,772

Kimberly-Clark Corp.	4,430		289,943

Procter & Gamble Co.	10,950		1,157,963


*TOTAL HOUSEHOLD PRODUCTS*		$	*1,817,471*


IT SERVICES – 1.3%
⁷Affiliated Computer Services, Inc., Class A	1,200		58,200

Automatic Data Processing, Inc.	5,140		225,183

⁷Computer Sciences Corp.	1,600		65,456

⁷Convergys Corp.	1,700		24,684

Electronic Data Systems Corp.	4,025		73,617

First Data Corp., Class	7,914		359,216

⁷Fiserv, Inc.	2,150		78,604

Paychex, Inc.	3,325		123,956

Sabre Group Holdings, Inc.	1,656		39,065

⁷Sungard Data Systems, Inc.	2,400		62,568

⁷Unisys Corp.	3,270		42,608


*TOTAL IT SERVICES*		$	*1,153,157*


INDUSTRIAL
CONGLOMERATES – 4.1%
3M Co.	6,920		598,442

General Electric Co.	86,700		2,596,665

Textron, Inc.	1,160		64,009

Tyco International Ltd.	17,741		486,990

*TOTAL INDUSTRIAL CONGLOMERATES*		$	*3,746,106*

Description	Shares	Value

INSURANCE – 4.7%
AON Corp.	2,630	$	68,538

Ace Ltd.	2,800		122,752

Aflac, Inc.	4,150		175,254

Allstate Corp.	6,185		283,891

Ambac Financial Group, Inc.	950		65,550

American International Group, Inc.	22,221		1,592,135

Chubb Corp.	1,875		129,375

Cincinnati Financial Corp.	1,465		60,040

Hartford Financial Services Group, Inc.	2,520		153,922

Jefferson-Pilot Corp.	1,200		59,508

Lincoln National Corp.	1,480		66,422

MBIA Insurance Corp.	1,250		73,613

Manulife Financial Corp.	3,378		124,213

Marsh & McLennan Cos., Inc.	4,639		209,219

MetLife, Inc.	6,625		228,563

Progressive Corp., OH	1,885		164,975

Prudential Financial, Inc.	4,700		206,518

SAFECO Corp.	1,525		66,780

The St. Paul Travelers Cos., Inc.	5,655		229,989

Torchmark Corp.	1,200		62,448

UNUMProvident Corp.	3,395		52,792

XL Capital Ltd.	1,325		101,164


*TOTAL INSURANCE*		$	*4,297,661*


INTERNET & CATALOG RETAIL – 0.5%
⁷eBay, Inc.	5,700	$	*454,974*


INTERNET SOFTWARE &
SERVICES – 0.3%
⁷Yahoo, Inc.	5,700	$	*287,622*


LEISURE EQUIPMENT &
PRODUCTS – 0.2%
Brunswick Corp.	900		36,999

Eastman Kodak Co.	3,260		84,075

Hasbro, Inc.	2,000		37,780

Mattel, Inc.	3,640		61,734


*TOTAL LEISURE EQUIPMENT & PRODUCTS*		$	*220,588*


MACHINERY – 1.5%
Caterpillar, Inc.	3,060		237,854

Crane Co.	760		23,416

Cummins, Inc.	410		24,522

Danaher Corp.	1,515		140,168

Deere & Co.	2,355		160,234

Dover Corp.	1,710		68,451

Eaton Corp.	1,290		76,600

ITT Industries, Inc.	1,045		82,858

Illinois Tool Works, Inc.	2,625		226,301

Ingersoll-Rand Co., Class A	1,500		96,825

Description	Shares	Value
⁷Navistar International Corp.	845	$	38,152

PACCAR, Inc.	1,495		84,408

Pall Corp.	1,480		35,194

Parker-Hannifin Corp.	990		54,737


*TOTAL MACHINERY*		$	*1,349,720*


MEDIA – 3.8%
Clear Channel Communications, Inc.	5,385		223,424

⁷Comcast Corp., Class A	19,216		578,402

Dow Jones & Co.	1,025		47,241

Gannett Co., Inc.	2,340		202,831

⁷Interpublic Group Cos., Inc.	3,500		54,915

Knight-Ridder, Inc.	900		69,696

McGraw-Hill Cos., Inc.	1,625		128,148

Meredith Corp.	560		28,526

New York Times Co., Class A	1,270		58,179

Omnicom Group, Inc.	1,875		149,081

⁷Time Warner, Inc.	40,000		672,800

Tribune Co.	2,877		137,751

⁷Univision Communications, Inc., Class A	3,200		108,320

Viacom, Inc., Class B	14,875		574,919

Walt Disney Co.	18,155		418,110


*TOTAL MEDIA*		$	*3,452,343*


METALS & MINING – 0.6%
Alcoa, Inc.	7,513		231,025

Allegheny Technologies, Inc.	765		7,818

Freeport-McMoRan Copper & Gold, Inc., Class B	1,830		55,815

Newmont Mining Corp.	3,365		125,851

Nucor Corp.	975		57,915

⁷Phelps Dodge Corp.	908		59,774

United States Steel Corp.	915		26,196

Worthington Industries, Inc.	940		16,967


*TOTAL METALS & MINING*		$	*581,361*


MULTI-UTILITIES &
UNREGULATED POWER – 0.6%
⁷AES Corp.	6,400		55,488

⁷Calpine Corp.	4,500		19,530

Constellation Energy Group	1,455		55,988

Duke Energy Corp.	7,675		161,636

⁷Dynegy, Inc.	4,400		17,424

El Paso Corp.	6,483		45,446

⁷Mirant Corp.	4,169		1,251

Public Service Enterprises Group, Inc.	2,010		86,229

Williams Cos., Inc.	6,125		63,088


*TOTAL MULTI-UTILITIES &*
*UNREGULATED POWER*		$	*506,080*

Description	Shares	Value

MULTILINE RETAIL – 1.1%
⁷Big Lots, Inc.	1,290	$	18,266

Dillards, Inc., Class A	1,080		18,176

Dollar General Corp.	3,950		74,102

Family Dollar Stores, Inc.	2,050		65,887

Federated Department Stores, Inc.	1,800		88,200

⁷Kohl’s Corp.	3,250		135,817

May Department Stores Co.	2,435		74,998

Nordstrom, Inc.	1,575		56,117

Penney (J.C.) Co., Inc.	2,300		77,878

Sears, Roebuck & Co.	1,850		74,093

Target Corp.	8,020		347,827


*TOTAL MULTILINE RETAIL*		$	*1,031,361*


OFFICE ELECTRONICS – 0.1%
⁷Xerox Corp.	6,800	$	*91,324*


OIL & GAS – 5.0%
Amerada-Hess Corp.	970		68,996

Anadarko Petroleum Corp.	2,500		133,950

Apache Corp.	3,196		133,816

Ashland, Inc.	610		29,219

Burlington Resources, Inc.	1,917		128,956

ChevronTexaco Corp.	9,000		823,500

ConocoPhillips	6,068		432,648

Devon Energy Corp.	1,950		119,340

EOG Resources, Inc.	1,350		66,487

Exxon Mobil Corp.	51,575		2,194,516

Kerr-McGee Corp.	1,200		58,716

Marathon Oil Corp.	3,080		103,365

Occidental Petroleum Corp.	3,325		156,940

Sunoco, Inc.	735		46,232

Unocal Corp.	2,205		79,468


*TOTAL OIL & GAS*		$	*4,576,149*


PAPER & FOREST PRODUCTS – 0.5%
Georgia-Pacific Corp.	2,201		77,255

International Paper Co.	3,890		156,845

Louisiana-Pacific Corp.	870		20,523

MeadWestvaco Corp.	2,365		61,845

Weyerhaeuser Co.	2,150		127,280


*TOTAL PAPER & FOREST PRODUCTS*		$	*443,748*


PERSONAL PRODUCTS – 0.6%
Alberto-Culver Co., Class B	930		43,859

Avon Products, Inc.	1,900		159,600

Gillette Co.	8,990		367,871


*TOTAL PERSONAL PRODUCTS*		$	*571,330*

Description	Shares	Value

PHARMACEUTICALS – 8.1%
Abbott Laboratories	13,790	$	607,036

Allergan, Inc.	1,080		95,094

Bristol-Myers Squibb Co.	17,175		431,092

⁷Forest Laboratories, Inc., Class A	3,200		206,336

Johnson & Johnson	25,193		1,361,178

⁷King Pharmaceuticals, Inc.	2,733		47,144

Lilly (Eli) & Co.	9,800		723,338

Merck & Co., Inc.	19,345		909,215

Mylan Laboratories, Inc.	2,400		54,984

Pfizer, Inc.	64,805		2,317,427

Schering Plough Corp.	12,875		215,399

⁷Watson Pharmaceuticals, Inc.	1,200		42,732

Wyeth	11,790		448,845


*TOTAL PHARMACEUTICALS*		$	*7,459,820*


REAL ESTATE – 0.5%
Apartment Investment &
Management Co., Class A	1,000		28,170

Equity Office Properties Trust	4,000		100,680

Equity Residential Properties Trust	3,050		83,753

Plum Creek Timber Co., Inc.	1,550		45,818

Prologis Trust	2,000		58,840

Simon Property Group, Inc.	2,200		106,062


*TOTAL REAL ESTATE*		$	*423,323*


ROAD & RAIL – 0.4%
Burlington Northern Santa Fe	3,700		120,990

CSX Corp.	1,870		57,521

Norfolk Southern Corp.	3,275		78,011

Union Pacific Corp.	2,495		147,030


*TOTAL ROAD & RAIL*		$	*403,552*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 3.1%
⁷Advanced Micro Devices, Inc.	3,400		48,348

⁷Altera Corp.	3,200		64,032

Analog Devices, Inc.	3,200		136,320

⁷Applied Materials, Inc.	14,750		268,892

⁷Applied Micro Circuits Corp.	3,000		13,230

⁷Broadcom Corp.	2,600		98,176

Intel Corp.	42,800		1,101,244

⁷KLA-Tencor Corp.	1,700		70,839

⁷LSI Logic Corp.	4,360		32,438

Linear Technology Corp.	2,750		97,982

Maxim Integrated Products, Inc.	3,200		147,168

⁷Micron Technology, Inc.	6,100		83,082

⁷NVIDIA Corp.	1,825		37,486

⁷National Semiconductor Corp.	1,185		48,336

⁷Novellus Systems, Inc.	1,800		52,128

Description	Shares	Value
⁷PMC-Sierra, Inc.	2,000	$	24,300

⁷Teradyne, Inc.	2,100		42,798

Texas Instruments, Inc.	15,330		384,783

Xilinx, Inc.	3,300		110,979


*TOTAL SEMICONDUCTOR EQUIPMENT &*
*PRODUCTS*		$	*2,862,561*


SOFTWARE – 3.8%
Adobe System, Inc.	2,000		82,680

Autodesk, Inc.	1,380		46,230

⁷BMC Software, Inc.	2,650		45,845

⁷Citrix Systems, Inc.	2,000		38,100

Computer Associates International, Inc.	4,925		132,039

⁷Compuware Corp.	3,500		26,775

⁷Electronic Arts, Inc.	2,600		131,612

⁷Intuit, Inc.	1,725		73,261

⁷Mercury Interactive Corp.	900		38,295

Microsoft Corp.	75,950		1,972,422

⁷Novell, Inc.	3,325		32,053

⁷Oracle Corp.	44,588		500,277

⁷Parametric Technology Corp.	2,670		12,229

⁷Peoplesoft, Inc.	3,250		54,860

⁷Siebel Systems, Inc.	5,700		58,596

⁷Symantec Corp.	2,700		121,635

⁷Veritas Software Corp.	3,715		99,079


*TOTAL SOFTWARE*		$	*3,465,988*


SPECIALTY RETAIL – 2.4%
⁷AutoNation, Inc.	3,450		58,719

⁷AutoZone, Inc.	740		64,802

⁷Bed Bath & Beyond, Inc.	2,600		96,512

Best Buy Co., Inc.	2,750		149,187

Boise Cascade Corp.	1,075		36,260

Circuit City Stores, Inc.	2,350		27,448

Gap (The), Inc.	7,495		164,965

Home Depot, Inc.	19,292		678,885

Limited, Inc.	3,984		82,230

Lowe’s Cos., Inc.	6,950		361,817

⁷Office Depot, Inc.	3,300		57,783

Radioshack Corp.	1,800		55,368

Sherwin-Williams Co.	1,410		53,651

Staples, Inc.	4,300		110,768

TJX Cos., Inc.	5,040		123,833

Tiffany & Co.	1,600		62,400

⁷Toys ‘R’ Us, Inc.	2,090		32,291


*TOTAL SPECIALTY RETAIL*		$	*2,216,919*

Description	Shares	Value

TEXTILES, APPAREL &
LUXURY GOODS – 0.4%
Jones Apparel Group, Inc.	1,450	$	53,070

Liz Claiborne, Inc.	1,340		47,034

Nike, Inc., Class B	2,165		155,772

Reebok International Ltd.	670		24,375

V.F. Corp.	1,075		49,622


*TOTAL TEXTILES, APPAREL & LUXURY GOODS*		$	*329,873*


THRIFTS & MORTGAGE
FINANCE – 1.7%
Countrywide Financial Corp.	2,679		158,865

Federal Home Loan Mortgage Corp.	6,125		357,700

Federal National Mortgage Association	8,175		561,786

Golden West Financial Corp.	1,300		136,643

MGIC Investment Corp.	800		58,896

Washington Mutual Bank FA	7,934		312,520


*TOTAL THRIFTS & MORTGAGE FINANCE*		$	*1,586,410*


TOBACCO – 1.2%
Altria Group, Inc.	17,400		963,612

R.J. Reynolds Tobacco Holdings, Inc.	1,000		64,770

UST, Inc.	1,865		69,397


*TOTAL TOBACCO*		$	*1,097,779*


TRADING COMPANIES &
DISTRIBUTORS – 0.1%
Grainger (W.W.), Inc.	1,105	$	*57,902*


WIRELESS TELECOMMUNICATION
SERVICES – 0.6%
⁷AT&T Wireless Services, Inc.	24,122		333,125

⁷NEXTEL Communications, Inc., Class A	9,590		228,817


*TOTAL WIRELESS*
*TELECOMMUNICATION SERVICES*		$	*561,942*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $86,097,392)*		$	*90,257,374*


POOLED INVESTMENT
VEHICLES – 1.4%
S&P Depositary Receipts Trust, ADR
*(IDENTIFIED COST $1,292,957*)	11,500	$	*1,276,040*


MUTUAL FUND – 1.4%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*	1,321,896	$	*1,321,896*


*TOTAL INVESTMENTS – 101.2%*
*(IDENTIFIED COST $88,712,245)*		$	*92,855,310*


*OTHER ASSETS AND LIABILITIES – NET – (1.2)%*		$	*(1,119,863)*


*TOTAL NET ASSETS – 100%*		$	*91,735,447*

See Notes to Portfolios of Investments

MTB Large Cap Stock Fund

Description	Shares	Value

COMMON STOCKS – 99.0%

AEROSPACE & DEFENSE – 2.1%
Lockheed Martin Corp.	117,925	$	5,625,022

Raytheon Co.	140,904		4,545,563


*TOTAL AEROSPACE & DEFENSE*		$	*10,170,585*


AUTO COMPONENTS – 0.8%
Lear Corp.	63,665	$	*3,859,372*


BEVERAGES – 1.1%
PepsiCo, Inc.	98,000	$	*5,340,020*


BIOTECHNOLOGY – 1.7%
⁷Amgen, Inc.	146,311	$	*8,232,920*


CAPITAL MARKETS – 2.5%
Bank of New York Co., Inc.	150,435		4,383,676

Morgan Stanley	152,352		7,829,369


*TOTAL CAPITAL MARKETS*		$	*12,213,045*


COMMERCIAL BANKS – 2.8%
Bank of America Corp.	104,400		8,403,156

Wachovia Corp.	110,500		5,055,375


*TOTAL COMMERCIAL BANKS*		$	*13,458,531*


COMMERCIAL SERVICES &
SUPPLIES – 2.3%
Cendant Corp.	464,164	$	*10,991,404*


COMMUNICATIONS
EQUIPMENT – 2.5%
⁷Cisco Systems, Inc.	576,981	$	*12,041,593*


COMPUTERS &
PERIPHERALS – 4.0%
⁷Dell, Inc.	249,275		8,652,335

IBM Corp.	122,231		10,777,107


*TOTAL COMPUTERS & PERIPHERALS*		$	*19,429,442*


CONSUMER FINANCE – 1.5%
Capital One Financial Corp.	113,507	$	*7,438,114*


DIVERSIFIED FINANCIAL
SERVICES – 4.5%
CIT Group, Inc.	144,000		4,949,280

Citigroup, Inc.	351,496		16,903,443


*TOTAL DIVERSIFIED FINANCIAL SERVICES*		$	*21,852,723*


DIVERSIFIED TELECOMMUNICATION
SERVICES – 0.5%
Verizon Communications	68,306	$	*2,577,868*


ELECTRIC UTILITIES – 1.3%
DTE Energy Co.	155,672	$	*6,074,321*

Description	Shares	Value

ELECTRONIC EQUIPMENT &
INSTRUMENTS – 1.6%
⁷Solectron Corp.	530,182	$	2,597,892

Symbol Technologies, Inc.	439,738		5,276,856


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*7,874,748*


ENERGY EQUIPMENT &
SERVICES – 1.2%
⁷Nabors Industries Ltd.	135,700	$	*6,019,652*


FOOD & STAPLES RETAILING – 3.0%
⁷Performance Food Group Co.	280,200		9,843,426

Wal-Mart Stores, Inc.	81,482		4,644,474


*TOTAL FOOD & STAPLES RETAILING*		$	*14,487,900*


FOOD PRODUCTS – 1.0%
General Mills, Inc.	103,900	$	*5,065,125*


HEALTHCARE EQUIPMENT &
SUPPLIES – 1.8%
Medtronic, Inc.	175,461	$	*8,853,762*


HEALTHCARE PROVIDERS &
SERVICES – 7.6%
Cardinal Health, Inc.	59,600		4,365,700

⁷Caremark Rx, Inc.	234,205		7,927,839

⁷Cerner Corp.	121,000		5,181,220

⁷Express Scripts, Inc.	97,295		7,524,795

HCA - The Healthcare Corp.	141,694		5,757,027

Health Management Association, Class A	267,981		6,198,401


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*36,954,982*


HOTELS, RESTAURANTS &
LEISURE – 0.6%
Carnival Corp.	66,700	$	*2,846,089*


HOUSEHOLD DURABLES – 2.5%
Newell Rubbermaid, Inc.	142,435		3,367,163

⁷Toll Brothers, Inc.	221,400		8,760,798


*TOTAL HOUSEHOLD DURABLES*		$	*12,127,961*


HOUSEHOLD PRODUCTS – 1.2%
Colgate-Palmolive Co.	103,200	$	*5,973,216*


IT SERVICES – 3.9%
⁷Accenture Ltd.	391,275		9,300,607

First Data Corp.	217,122		9,855,168


*TOTAL IT SERVICES*		$	*19,155,775*


INDUSTRIAL
CONGLOMERATES – 3.2%
General Electric Co.	523,908	$	*15,691,045*

Description	Shares	Value

INSURANCE – 6.3%
Allstate Corp.	118,900	$	5,457,510

American International Group, Inc.	128,615		9,215,265

Hartford Financial Services Group, Inc.	63,425		3,873,999

Lincoln National Corp.	143,700		6,449,256

The St. Paul Travelers Cos., Inc.	140,682		5,721,537


*TOTAL INSURANCE*		$	*30,717,567*


LEISURE EQUIPMENT &
PRODUCTS – 1.0%
Mattel, Inc.	297,035	$	*5,037,714*


MEDIA – 6.4%
Clear Channel Communications, Inc.	137,440		5,702,386

⁷Comcast Corp., Class A	347,700		10,465,770

⁷Liberty Media Corp., Class A	688,800		7,535,472

Viacom, Inc., Class B	193,430		7,476,069


*TOTAL MEDIA*		$	*31,179,697*


METALS & MINING – 1.6%
Alcoa, Inc.	252,250	$	*7,756,687*


OIL & GAS – 2.9%
ChevronTexaco Corp.	61,100		5,590,650

Exxon Mobil Corp.	202,552		8,618,588


*TOTAL OIL & GAS*		$	*14,209,238*


PERSONAL PRODUCTS – 2.8%
Estee Lauder Cos., Inc., Class A	191,000		8,730,610

Gillette Co.	123,256		5,043,636


*TOTAL PERSONAL PRODUCTS*		$	*13,774,246*


PHARMACEUTICALS – 7.3%
Johnson & Johnson	142,575		7,703,327

Merck & Co., Inc.	95,864		4,505,608

Pfizer, Inc.	460,326		16,461,258

Wyeth	180,405		6,868,018


*TOTAL PHARMACEUTICALS*		$	*35,538,211*

Description	Shares	Value

REAL ESTATE – 1.1%
St. Joe Co.	131,200	$	*5,143,040*


ROAD & RAIL – 1.4%
Werner Enterprises, Inc.	342,700	$	*6,850,573*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 2.8%
Intel Corp.	323,700		8,328,801

⁷International Rectifier Corp.	137,123		5,435,556


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*		$	*13,764,357*


SOFTWARE – 4.3%
Microsoft Corp.	500,373		12,994,687

⁷Novell, Inc.	805,500		7,765,020


*TOTAL SOFTWARE*		$	*20,759,707*


SPECIALTY RETAIL – 4.4%
⁷CarMax, Inc.	332,500		8,618,400

Home Depot, Inc.	194,194		6,833,687

Staples, Inc.	233,707		6,020,292


*TOTAL SPECIALTY RETAIL*		$	*21,472,379*


THRIFTS & MORTGAGE
FINANCE – 1.5%
Federal National Mortgage Association	103,144	$	*7,088,056*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $418,594,330)*		$	*482,021,665*


MUTUAL FUND – 1.0%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*	4,900,974	$	*4,900,974*


*TOTAL INVESTMENTS – 100%*
*(IDENTIFIED COST $423,495,304)*		$	*486,922,639*


*OTHER ASSETS AND LIABILITIES NET – 0.0%*		$	*(136,602)*


*TOTAL NET ASSETS – 100%*		$	*486,786,037*

See Notes to Portfolios of Investments

MTB Large Cap Growth Fund

Description	Shares	Value

COMMON STOCKS – 98.7%

AIR FREIGHT & LOGISTICS – 4.0%
United Parcel Service, Inc.	27,300	$	*1,915,095*


BEVERAGES – 7.4%
Coca-Cola Co.	37,700		1,906,489

PepsiCo, Inc.	30,100		1,640,149


*TOTAL BEVERAGES*		$	*3,546,638*

Description	Shares	Value

BIOTECHNOLOGY – 5.6%
⁷Amgen, Inc.	27,300	$	1,536,171

⁷Genentech, Inc.	9,200		1,129,760


*TOTAL BIOTECHNOLOGY*		$	*2,665,931*


COMMERCIAL SERVICES &
SUPPLIES – 1.0%
⁷Apollo Group, Inc., Class A	5,500	$	*499,840*

Description	Shares	Value

COMMUNICATIONS EQUIPMENT – 6.3%
⁷Cisco Systems, Inc.	35,300	$	736,711

Qualcomm, Inc.	36,000		2,248,560


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*2,985,271*


CONSUMER FINANCE – 2.0%
American Express Co.	19,900	$	*974,105*


DIVERSIFIED FINANCIAL
SERVICES – 3.9%
Citigroup, Inc.	38,600	$	*1,856,274*


ENERGY EQUIPMENT &
SERVICES – 3.8%
Schlumberger Ltd.	30,600	$	*1,791,018*


HEALTHCARE EQUIPMENT &
SUPPLIES – 6.0%
⁷Boston Scientific Corp.	23,200		955,608

Medtronic, Inc.	38,000		1,917,480


*TOTAL HEALTHCARE EQUIPMENT & SUPPLIES*		$	*2,873,088*


HOTELS, RESTAURANTS &
LEISURE – 2.1%
Marriott International, Inc., Class A	21,700	$	*1,023,372*


HOUSEHOLD PRODUCTS – 7.2%
Colgate-Palmolive Co.	19,400		1,122,872

Procter & Gamble Co.	21,900		2,315,925


*TOTAL HOUSEHOLD PRODUCTS*		$	*3,438,797*


IT SERVICES – 2.4%
Paychex, Inc.	30,500	$	*1,137,040*


INDUSTRIAL CONGLOMERATES – 5.0%
3M Co.	16,600		1,435,568

General Electric Co.	32,000		958,400


*TOTAL INDUSTRIAL CONGLOMERATES*		$	*2,393,968*


INSURANCE – 4.3%
American International Group, Inc.	28,450	$	*2,038,442*


INTERNET & CATALOG RETAIL – 2.4%
⁷eBay, Inc.	14,200	$	*1,133,444*

Description	Shares	Value

MACHINERY – 2.4%
Caterpillar, Inc.	13,100	$	1,018,263

Illinois Tool Works, Inc.	1,500		129,315


*TOTAL MACHINERY*		$	*1,147,578*


MEDIA – 7.0%
Gannett Co., Inc.	13,000		1,126,840

Omnicom Group, Inc.	15,600		1,240,356

Walt Disney Co.	41,800		962,654


*TOTAL MEDIA*		$	*3,329,850*


MULTILINE RETAIL – 1.9%
⁷Kohl’s Corp.	22,000	$	*919,380*


PERSONAL PRODUCTS – 4.5%
Gillette Co.	52,100	$	*2,131,932*


PHARMACEUTICALS – 11.6%
Johnson & Johnson	33,000		1,782,990

Lilly (Eli) & Co.	25,300		1,867,393

Pfizer, Inc.	52,000		1,859,520


*TOTAL PHARMACEUTICALS*		$	*5,509,903*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 3.0%
Maxim Integrated Products, Inc.	31,200	$	*1,434,888*


SOFTWARE – 2.8%
⁷Electronic Arts, Inc.	26,100	$	*1,321,182*


SPECIALTY RETAIL – 2.1%
⁷Bed Bath & Beyond, Inc.	26,700	$	*991,104*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $44,404,862)*		$	*47,058,140*


MUTUAL FUND – 0.1%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*	45,720	$	*45,720*


*TOTAL INVESTMENTS – 98.8%*
*(IDENTIFIED COST $44,450,582)*		$	*47,103,860*


*OTHER ASSETS AND LIABILITIES – NET – 1.2%*		$	*572,660*


*TOTAL NET ASSETS – 100%*		$	*47,676,520*

See Notes to Portfolios of Investments

MTB Multi Cap Growth Fund

Description	Shares	Value

COMMON STOCKS – 96.9%

AIRLINES – 1.7%
⁷Ryanair Holdings PLC, ADR	60,000		$	*1,999,200*

Description	Shares	Value

AUTO COMPONENTS – 3.2%
BorgWarner, Inc.	22,000	$	1,802,680

Lear Corp.	30,000		1,818,600


*TOTAL AUTO COMPONENTS*		$	*3,621,280*

Description	Shares	Value

BIOTECHNOLOGY – 4.5%
⁷Amgen, Inc.	40,000	$	2,250,800

⁷Biogen Idec, Inc.	15,000		885,000

⁷Calypte Biomedical Corp.	2,500,000		1,425,000

⁷Genentech, Inc.	5,000		614,000


*TOTAL BIOTECHNOLOGY*		$	*5,174,800*


BUILDING PRODUCTS – 1.6%
Masco Corp.	65,000	$	*1,820,650*


COMMERCIAL SERVICES &
SUPPLIES – 1.0%
Cendant Corp.	50,000	$	*1,184,000*


COMMUNICATIONS
EQUIPMENT – 1.4%
⁷Corning, Inc.	150,000	$	*1,654,500*


COMPUTERS &
PERIPHERALS – 1.4%
⁷Electronics for Imaging, Inc.	65,000	$	*1,649,700*


CONSUMER FINANCE – 2.6%
Capital One Financial Corp.	45,000	$	*2,948,850*


DIVERSIFIED FINANCIAL
SERVICES – 2.5%
CIT Group, Inc.	50,000		1,718,500

Citigroup, Inc.	25,000		1,202,250


*TOTAL DIVERSIFIED FINANCIAL SERVICES*		$	*2,920,750*


ELECTRICAL EQUIPMENT – 1.0%
⁷Electric City Corp.	650,000	$	*1,170,000*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 0.8%
CDW Corp.	15,000	$	*937,350*


FOOD & STAPLES RETAILING – 1.5%
Wal-Mart Stores, Inc.	30,000	$	*1,710,000*


HEALTHCARE EQUIPMENT &
SUPPLIES – 3.5%
⁷Boston Scientific Corp.	25,000		1,029,750

Medtronic, Inc.	60,000		3,027,600


*TOTAL HEALTHCARE EQUIPMENT & SUPPLIES*		$	*4,057,350*


HEALTHCARE PROVIDERS &
SERVICES – 8.8%
⁷Amsurg Corp.	55,000		1,329,350

⁷Caremark Rx, Inc.	55,000		1,861,750

⁷Cerner Corp.	30,000		1,284,600

⁷Express Scripts, Inc., Class A	25,000		1,933,500

Health Management Association, Class A	77,000		1,781,010

Medical Properties Trust, Inc.	50,000		525,000

⁷United Surgical Partners International, Inc.	37,000		1,340,140


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*10,055,350*

Description	Shares	Value

HOTELS, RESTAURANTS &
LEISURE – 0.9%
Ruby Tuesday, Inc.	35,000	$	*1,047,200*


HOUSEHOLD DURABLES – 5.7%
D. R. Horton, Inc.	50,000		1,440,000

Harman International Industries, Inc.	25,000		1,896,250

Lennar Corp., Class A	35,000		1,639,750

⁷Toll Brothers, Inc.	40,000		1,582,800


*TOTAL HOUSEHOLD DURABLES*		$	*6,558,800*


IT SERVICES – 6.7%
⁷Accenture Ltd.	60,000		1,426,200

⁷Anteon International Corp.	70,000		2,184,000

⁷CACI International, Inc., Class A	40,000		1,820,000

⁷ManTech International Corp., Class A	90,000		2,259,000


*TOTAL IT SERVICES*		$	*7,689,200*


INDUSTRIAL
CONGLOMERATES – 3.1%
General Electric Co.	120,000	$	*3,594,000*


INSURANCE – 1.3%
American International Group, Inc.	20,000	$	*1,433,000*


INTERNET SOFTWARE &
SERVICES – 1.3%
⁷Opsware, Inc.	200,000	$	*1,464,000*


MEDIA – 1.1%
⁷Comcast Corp., Class A	40,000	$	*1,204,000*


PERSONAL PRODUCTS – 1.2%
Estee Lauder Cos., Inc., Class A	30,000	$	*1,371,300*


PHARMACEUTICALS – 8.4%
Johnson & Johnson	40,000		2,161,200

Lilly (Eli) & Co.	15,000		1,107,150

Pfizer, Inc.	150,000		5,364,000

Wyeth	25,000		951,750


*TOTAL PHARMACEUTICALS*		$	*9,584,100*


REAL ESTATE – 6.4%
Developers Diversified Realty Corp.	45,000		1,473,750

Mills Corp.	45,000		1,827,000

Redwood Trust, Inc.	7,500		325,875

St. Joe Co.	45,000		1,764,000

Thornburg Mortgage , Inc.	75,000		1,941,000


*TOTAL REAL ESTATE*		$	*7,331,625*


ROAD & RAIL – 1.6%
Werner Enterprises, Inc.	90,000	$	*1,799,100*

Description	Shares	Value

SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 11.9%
⁷Applied Materials, Inc.	80,000	$	1,458,400

Intel Corp.	200,000		5,146,000

⁷International Rectifier Corp.	35,000		1,387,400

⁷Silicon Image, Inc.	185,000		1,885,150

⁷Spatialight, Inc.	425,000		1,721,250

⁷Teradyne, Inc.	40,000		815,200

⁷Ultratech Stepper, Inc.	80,000		1,288,800


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*		$	*13,702,200*


SOFTWARE – 5.9%
⁷Cadence Design Systems, Inc.	50,000		641,000

Computer Associates International, Inc.	85,000		2,278,850

Microsoft Corp.	100,000		2,597,000

⁷Novell, Inc.	125,000		1,205,000


*TOTAL SOFTWARE*		$	*6,721,850*


SPECIALTY RETAIL – 3.2%
⁷GameStop Corp.	100,000		1,761,000

Staples, Inc.	75,000		1,932,000


*TOTAL SPECIALTY RETAIL*		$	*3,693,000*

Description	Shares	Value

THRIFTS & MORTGAGE
FINANCE – 2.7%
Countrywide Financial Corp.	30,000		$	1,779,000

Fannie Mae	20,000			1,374,400


*TOTAL THRIFTS & MORTGAGE FINANCE*			$	*3,153,400*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $104,019,687)*			$	*111,250,555*


MUTUAL FUND – 4.4%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*	4,992,771		$	*4,992,771*


*TOTAL INVESTMENTS – 101.3%*
*(IDENTIFIED COST $109,012,458)*			$	*116,243,326*


*OTHER ASSETS AND LIABILITIES-NET – (1.3)%*			$	*(1,435,160)*


*TOTAL NET ASSETS – 100%*			$	*114,808,166*

See Notes to Portfolios of Investments

MTB Mid Cap Stock Fund

Description	Shares	Value

COMMON STOCKS – 99.2%

AIR FREIGHT & LOGISTICS – 0.7%
C.H. Robinson Worldwide, Inc.	25,000	$	*1,026,000*


AIRLINES – 0.2%
⁷Northwest Airlines Corp., Class A	36,000	$	*338,400*


AUTO COMPONENTS – 3.0%
BorgWarner, Inc.	29,500		2,417,230

Magna International, Inc., Class A	22,800		1,798,920


*TOTAL AUTO COMPONENTS*		$	*4,216,150*


BIOTECHNOLOGY – 1.7%
⁷Biogen Idec, Inc.	25,800		1,522,200

⁷Nabi Biopharmaceuticals	51,400		840,390


*TOTAL BIOTECHNOLOGY*		$	*2,362,590*


BUILDING PRODUCTS – 0.4%
⁷American Standard Cos., Inc.	5,000	$	*525,950*


CAPITAL MARKETS – 3.6%
⁷E*Trade Group, Inc.	158,900		1,805,104

Edwards (AG), Inc.	31,200		1,141,608

Description	Shares	Value

Northern Trust Corp.	14,700	$	621,516

State Street Corp.	30,400		1,483,520


*TOTAL CAPITAL MARKETS*		$	*5,051,748*


CHEMICALS – 1.3%
Georgia Gulf Corp.	21,200		675,432

Rohm & Haas Co.	29,600		1,147,888


*TOTAL CHEMICALS*		$	*1,823,320*


COMMERCIAL BANKS – 2.4%
Boston Private Financial Holdings, Inc.	28,600		666,380

First Community Bancorp, Inc.	16,500		563,475

First Horizon National Corp.	15,800		694,568

SouthTrust Corp.	45,600		1,417,248


*TOTAL COMMERCIAL BANKS*		$	*3,341,671*


COMMERCIAL SERVICES &
SUPPLIES – 2.2%
⁷Apollo Group, Inc.	3,400		296,004

⁷Career Education Corp.	15,100		966,400

⁷Kroll, Inc.	47,600		1,410,864

⁷Waste Connections, Inc.	10,000		402,700


*TOTAL COMMERCIAL SERVICES & SUPPLIES*		$	*3,075,968*

Description	Shares	Value

COMMUNICATIONS
EQUIPMENT – 1.0%
⁷Juniper Networks, Inc.	29,400	$	643,272

⁷QLogic Corp.	28,600		771,914


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*1,415,186*


CONSTRUCTION &
ENGINEERING – 0.7%
⁷Jacobs Engineering Group, Inc.	22,200	$	*925,962*


CONSUMER FINANCE – 1.4%
Capital One Financial Corp.	30,700	$	*2,011,771*


CONTAINERS & PACKAGING – 0.7%
⁷Smurfit-Stone Container Corp.	58,600	$	*1,007,334*


DIVERSIFIED FINANCIAL
SERVICES – 1.3%
CIT Group, Inc.	21,900		752,703

Principal Financial Group	32,800		1,157,840


*TOTAL DIVERSIFIED FINANCIAL SERVICES*		$	*1,910,543*


ELECTRIC UTILITIES – 1.6%
Edison International	32,900		769,860

Entergy Corp.	18,900		1,031,940

⁷PG&E Corp.	15,700		432,064


*TOTAL ELECTRIC UTILITIES*		$	*2,233,864*


ELECTRICAL EQUIPMENT – 0.8%
Rockwell Automation, Inc.	33,200	$	*1,085,308*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 6.1%
CDW Corp.	50,500		3,155,745

⁷Sanmina-SCI Corp.	227,800		2,282,556

⁷Solectron Corp.	156,700		767,830

⁷Trimble Navigation Ltd.	23,000		576,150

⁷Vishay Intertechnology, Inc.	103,200		1,795,680


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*8,577,961*


ENERGY EQUIPMENT &
SERVICES – 1.3%
⁷Grant Prideco, Inc.	123,500	$	*1,883,375*


FOOD & STAPLES RETAILING – 1.5%
⁷BJ’s Wholesale Club, Inc.	41,200		998,276

Whole Foods Market, Inc.	14,900		1,191,851


*TOTAL FOOD & STAPLES RETAILING*		$	*2,190,127*


FOOD PRODUCTS – 0.6%
Archer-Daniels-Midland Co.	45,100	$	*791,956*


GAS UTILITIES – 1.0%
Sempra Energy	44,900	$	*1,425,575*

Description	Shares	Value

HEALTHCARE EQUIPMENT &
SUPPLIES – 2.6%
Guidant Corp.	16,400	$	1,033,364

St. Jude Medical, Inc.	22,200		1,692,972

⁷Zimmer Holdings, Inc.	12,000		958,200


*TOTAL HEALTHCARE EQUIPMENT & SUPPLIES*		$	*3,684,536*


HEALTHCARE PROVIDERS &
SERVICES – 5.7%
Aetna, Inc.	15,000		1,241,250

⁷Anthem, Inc.	18,200		1,612,156

⁷Community Health Systems, Inc.	50,600		1,304,974

⁷DaVita, Inc.	28,900		1,476,790

⁷PacifiCare Health Systems, Inc.	47,800		1,709,328

⁷Triad Hospitals, Inc.	21,700		738,017


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*8,082,515*


HOTELS, RESTAURANTS &
LEISURE – 3.2%
⁷Brinker International, Inc.	31,500		1,211,490

Hilton Hotels Corp.	112,000		1,958,880

International Game Technology	9,700		366,078

International Speedway Corp., Class A	24,000		1,011,120


*TOTAL HOTELS, RESTAURANTS & LEISURE*		$	*4,547,568*


HOUSEHOLD DURABLES – 1.3%
Maytag Corp.	65,200	$	*1,819,080*


HOUSEHOLD PRODUCTS – 1.3%
Clorox Co.	34,800	$	*1,801,944*


IT SERVICES – 2.5%
⁷Accenture Ltd.	60,600		1,440,462

⁷Computer Sciences Corp.	16,300		666,833

⁷DST Systems, Inc.	12,500		551,875

⁷eFunds Corp.	54,500		875,270


*TOTAL IT SERVICES*		$	*3,534,440*


INSURANCE – 7.1%
Chubb Corp.	19,900		1,373,100

Everest Re Group Ltd.	31,400		2,674,652

Hartford Financial Services Group, Inc.	23,000		1,404,840

Lincoln National Corp.	17,100		767,448

Old Republic International Corp.	85,050		1,974,861

PartnerRe Ltd.	12,500		716,250

Protective Life Corp.	29,800		1,071,608


*TOTAL INSURANCE*		$	*9,982,759*


INTERNET & CATALOG RETAIL – 1.4%
⁷InterActiveCorp	62,900	$	*2,004,623*

Description	Shares	Value

LEISURE EQUIPMENT &
PRODUCTS – 0.3%
Eastman Kodak Co.	14,900	$	*384,271*


MACHINERY – 5.1%
Danaher Corp.	8,400		777,168

Eaton Corp.	51,800		3,075,884

ITT Industries, Inc.	12,300		975,267

Pall Corp.	99,700		2,370,866


*TOTAL MACHINERY*		$	*7,199,185*


MEDIA – 5.1%
⁷Entercom Communication Corp.	23,000		1,048,800

McGraw-Hill Cos., Inc.	19,600		1,545,656

Meredith Corp.	17,300		881,262

Omnicom Group, Inc.	18,100		1,439,131

⁷Univision Communications, Inc., Class A	43,400		1,469,090

WPP Group PLC, ADR	15,600		768,924


*TOTAL MEDIA*		$	*7,152,863*


METALS & MINING – 0.9%
United States Steel Corp.	42,500	$	*1,216,775*


MULTI-UTILITIES &
UNREGULATED POWER – 1.6%
Constellation Energy Group, Inc.	59,500	$	*2,289,560*


MULTILINE RETAIL – 1.4%
Family Dollar Stores, Inc.	23,600		758,504

Federated Department Stores, Inc.	10,800		529,200

Nordstrom, Inc.	20,800		741,104


*TOTAL MULTILINE RETAIL*		$	*2,028,808*


OIL & GAS – 5.4%
Devon Energy Corp.	14,200		869,040

⁷Forest Oil Corp.	31,600		829,500

Murphy Oil Corp.	36,100		2,472,850

⁷Newfield Exploration Co.	28,200		1,485,576

Unocal Corp.	55,000		1,982,200


*TOTAL OIL & GAS*		$	*7,639,166*


PAPER & FOREST PRODUCTS – 0.4%
Georgia-Pacific Corp.	16,800	$	*589,680*


PERSONAL PRODUCTS – 0.8%
Avon Products, Inc.	4,600		386,400

Estee Lauder Cos., Inc., Class A	17,300		790,783


*TOTAL PERSONAL PRODUCTS*		$	*1,177,183*


PHARMACEUTICALS – 2.0%
⁷Barr Laboratories, Inc.	26,700		1,105,914

⁷Medicines Co.	23,200		758,872

⁷Watson Pharmaceuticals, Inc.	26,300		936,543


*TOTAL PHARMACEUTICALS*		$	*2,801,329*

Description	Shares	Value

ROAD & RAIL – 0.7%
⁷Genesee & Wyoming, Inc., Class A	22,500	$	518,625

Norfolk Southern Corp.	17,300		412,086


*TOTAL ROAD & RAIL*		$	*930,711*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 4.1%
⁷Altera Corp.	65,000		1,300,650

Analog Devices, Inc.	33,000		1,405,800

⁷Applied Micro Circuits Corp.	139,400		614,754

⁷Novellus Systems, Inc.	62,400		1,807,104

⁷RF Micro Devices, Inc.	85,200		627,072


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*		$	*5,755,380*


SOFTWARE – 5.1%
Adobe System, Inc.	49,700		2,054,598

⁷Check Point Software Technologies Ltd.	30,300		709,929

⁷Electronic Arts, Inc.	31,000		1,569,220

Jack Henry & Associates, Inc.	38,700		703,953

⁷Symantec Corp.	25,800		1,162,290

⁷Veritas Software Corp.	38,600		1,029,462


*TOTAL SOFTWARE*		$	*7,229,452*


SPECIALTY RETAIL – 1.8%
Staples, Inc.	29,200		752,192

Tiffany & Co.	12,600		491,400

⁷Williams-Sonoma, Inc.	41,100		1,334,928


*TOTAL SPECIALTY RETAIL*		$	*2,578,520*


TEXTILES APPAREL &
LUXURY GOODS – 3.1%
⁷Coach, Inc.	39,500		1,682,700

Nike, Inc., Class B	38,200		2,748,490


*TOTAL TEXTILES APPAREL & LUXURY GOODS*		$	*4,431,190*


THRIFTS & MORTGAGE
FINANCE – 2.8%
Golden West Financial Corp.	19,500		2,049,645

PMI Group, Inc.	21,200		912,236

W Holding Co., Inc.	62,000		1,056,480


*TOTAL THRIFTS & MORTGAGE FINANCE*		$	*4,018,361*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $125,580,898)*		$	*140,100,658*


MUTUAL FUND – 0.3%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*	440,907	$	*440,907*


*TOTAL INVESTMENTS – 99.5%*
*(IDENTIFIED COST $126,021,805)*		$	*140,541,565*


*OTHER ASSETS AND LIABILITIES – NET – 0.5%*		$	*657,622*

*TOTAL NET ASSETS – 100%*		$	*141,199,187*

MTB Mid Cap Growth Fund

Description	Shares	Value

COMMON STOCKS – 97.3%

AUTO COMPONENTS – 1.2%
Lear Corp.	17,000	$	*1,030,540*


BIOTECHNOLOGY – 6.8%
⁷Affymetrix, Inc.	30,000		916,800

⁷Biogen Idec, Inc.	17,215		1,015,685

⁷Gilead Sciences, Inc.	49,700		3,023,251

⁷Protein Design Laboratories, Inc.	39,100		957,168


*TOTAL BIOTECHNOLOGY*		$	*5,912,904*


CAPITAL MARKETS – 1.8%
Northern Trust Corp.	36,600	$	*1,547,448*


COMMERCIAL BANKS – 3.2%
⁷Dime Bancorp, Inc., Warrants	9,500		1,425

Greater Bay Bancorp	56,600		1,605,742

UCBH Holdings, Inc.	31,000		1,147,620


*TOTAL COMMERCIAL BANKS*		$	*2,754,787*


COMMERCIAL SERVICES &
SUPPLIES – 4.7%
⁷Arbitron, Inc.	26,900		1,002,025

⁷Career Education Corp.	24,900		1,593,600

⁷United Rentals, Inc.	84,200		1,448,240


*TOTAL COMMERCIAL SERVICES & SUPPLIES*		$	*4,043,865*


COMPUTERS & PERIPHERALS – 2.8%
⁷Electronics for Imaging, Inc.	54,350		1,379,403

⁷SanDisk Corp.	44,200		1,021,462


*TOTAL COMPUTERS & PERIPHERALS*		$	*2,400,865*


CONSUMER FINANCE – 1.3%

Capital One Financial Corp.	17,700	$	*1,159,881*


CONTAINERS & PACKAGING – 1.6%
⁷Pactiv Corp.	60,300	$	*1,383,885*


DIVERSIFIED FINANCIAL
SERVICES – 1.4%
CIT Group, Inc.	36,400	$	*1,251,068*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 4.7%
CDW Corp.	32,000		1,999,680

Symbol Technologies, Inc.	73,600		883,200

⁷Vishay Intertechnology, Inc.	70,500		1,226,700


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*4,109,580*


ENERGY EQUIPMENT &
SERVICES – 2.9%
⁷Nabors Industries Ltd.	32,800		1,455,008

⁷Weatherford International Ltd.	24,000		1,043,520


*TOTAL ENERGY EQUIPMENT & SERVICES*		$	*2,498,528*

Description	Shares	Value

FOOD & STAPLES RETAILING – 1.7%
⁷Performance Food Group Co.	42,600	$	*1,496,538*


HEALTHCARE EQUIPMENT &
SUPPLIES – 1.8%
⁷Cytyc Corp.	71,000	$	*1,519,400*


HEALTHCARE PROVIDERS &
SERVICES – 13.3%
⁷Amerigroup Corp.	39,000		1,618,890

⁷Amsurg Corp.	55,800		1,348,686

⁷Caremark Rx, Inc.	32,000		1,083,200

⁷Cerner Corp.	35,900		1,537,238

⁷Express Scripts, Inc., Class A	20,000		1,546,800

Health Management Association, Class A	60,000		1,387,800

Quest Diagnostic, Inc.	8,100		683,235

⁷United Surgical Partners International, Inc.	39,400		1,427,068

Universal Health Services, Inc., Class B	20,400		895,560


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*11,528,477*


HOTELS, RESTAURANTS &
LEISURE – 2.8%
Outback Steakhouse, Inc.	30,000		1,317,900

Royal Caribbean Cruises Ltd.	27,600		1,118,628


*TOTAL HOTELS, RESTAURANTS & LEISURE*		$	*2,436,528*


HOUSEHOLD DURABLES – 5.8%
Harman International Industries, Inc.	17,600		1,334,960

Lennar Corp., Class A	20,000		937,000

Newell Rubbermaid, Inc.	33,500		791,940

⁷Toll Brothers, Inc.	49,800		1,970,586


*TOTAL HOUSEHOLD DURABLES*		$	*5,034,486*


HOUSEHOLD PRODUCTS – 0.8%
⁷Energizer Holdings, Inc.	16,100	$	*697,130*


IT SERVICES – 1.0%
⁷ManTech International Corp., Class A	35,000	$	*878,500*


INSURANCE – 1.8%
Radian Group, Inc.	33,100	$	*1,539,481*


INTERNET SOFTWARE &
SERVICES – 2.6%
⁷Opsware, Inc.	182,500		1,335,900

⁷VeriSign, Inc.	55,200		890,376


*TOTAL INTERNET SOFTWARE & SERVICES*		$	*2,226,276*


MACHINERY – 1.6%
Harsco Corp.	31,200	$	*1,358,136*

Description	Shares	Value

MEDIA – 2.7%
⁷Cumulus Media, Inc., Class A	55,600	$	1,168,712

Washington Post Co., Class B	700		644,000

⁷XM Satellite Radio Holdings, Inc., Class A	23,400		560,664


*TOTAL MEDIA*		$	*2,373,376*


METALS & MINING – 1.0%
Peabody Energy Corp.	19,300	$	*904,977*


MULTILINE RETAIL – 2.0%
⁷Dollar Tree Stores, Inc.	65,100	$	*1,754,445*


OIL & GAS – 2.3%
XTO Energy, Inc.	75,207	$	*2,008,027*


PERSONAL PRODUCTS – 1.8%
Estee Lauder Cos., Inc., Class A	33,700	$	*1,540,427*


REAL ESTATE – 1.5%
St. Joe Co.	33,600	$	*1,317,120*


ROAD & RAIL – 1.6%
Werner Enterprises, Inc.	67,300	$	*1,345,327*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 4.1%
⁷Cree, Inc.	45,000		834,750

⁷International Rectifier Corp.	39,800		1,577,672

⁷NVIDIA Corp.	53,300		1,094,782


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*		$	*3,507,204*


SOFTWARE – 5.7%
⁷Cadence Design Systems, Inc.	90,000		1,153,800

⁷Citrix Systems, Inc.	26,000		495,300

⁷Novell, Inc.	112,000		1,079,680

⁷Symantec Corp.	20,600		928,030

⁷THQ, Inc.	68,900		1,277,406


*TOTAL SOFTWARE*		$	*4,934,216*

Description	Shares	Value

SPECIALTY RETAIL – 7.1%
⁷CarMax, Inc.	56,800	$	1,472,256

⁷GameStop Corp.	48,500		854,085

Michaels Stores, Inc.	31,000		1,550,930

Pier 1 Imports, Inc.	68,300		1,411,078

Staples, Inc.	33,200		855,232


*TOTAL SPECIALTY RETAIL*		$	*6,143,581*


THRIFTS & MORTGAGE
FINANCE – 1.9%
Countrywide Financial Corp.	27,349		*1,621,796*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $70,582,140)*		$	*84,258,799*


MUTUAL FUNDS – 2.2%
SSGA Money Market Fund	1,921,263		1,921,263

SSGA US Government Money Market Fund	3		3


*TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)*		$	*1,921,266*


*TOTAL INVESTMENTS – 99.5%*
*(IDENTIFIED COST $72,503,407)*		$	*86,180,065*


*OTHER ASSETS AND LIABILITIES – NET – 0.5%*		$	*395,309*


*TOTAL NET ASSETS – 100%*		$	*86,575,374*

See Notes to Portfolios of Investments

MTB Small Cap Stock Fund

Description	Shares	Value

COMMON STOCKS – 97.1%

AIR FREIGHT & LOGISTICS – 0.6%
Ryder Systems, Inc.	25,100	$	*923,429*


AUTO COMPONENTS – 2.3%
American Axle & Manufacturing Holdings, Inc.	24,300		934,821

ArvinMeritor, Inc.	29,000		600,010

BorgWarner, Inc.	12,100		991,474

Cooper Tire & Rubber Co.	44,700		956,133


*TOTAL AUTO COMPONENTS*		$	*3,482,438*

Description	Shares	Value

BIOTECHNOLOGY – 6.7%
⁷AVI BioPharma, Inc.	12,000	$	34,440

⁷Alkermes, Inc.	31,600		484,428

⁷ArQule, Inc.	10,500		69,720

⁷Cell Genesys, Inc.	95,429		1,054,490

⁷Corixa Corp.	92,500		541,125

⁷Cubist Pharmaceuticals, Inc.	98,100		975,114

⁷Dendreon Corp.	81,500		1,059,500

⁷Exact Sciences Corp.	14,200		96,560

Description	Shares	Value
⁷Genta, Inc.	114,600	$	983,268

⁷Isis Pharmaceuticals, Inc.	111,800		812,786

⁷Kosan Biosciences, Inc.	14,000		193,480

⁷La Jolla Pharmaceutical Co.	111,700		373,078

⁷Lexicon Genetics, Inc.	29,800		210,388

⁷Medarex, Inc.	93,700		892,961

⁷Nuvelo, Inc.	8,701		94,058

⁷OraSure Technologies, Inc.	20,900		175,769

⁷Paradigm Genetics, Inc.	220,800		256,128

⁷Savient Pharmaceuticals, Inc.	82,800		310,500

⁷Telik, Inc.	28,600		671,242

⁷Third Wave Technologies, Inc.	107,200		519,920

⁷Transgenomic, Inc.	50,000		76,450

⁷Vasogen, Inc.	11,700		64,935

⁷ViroPharma, Inc.	24,400		53,680


*TOTAL BIOTECHNOLOGY*		$	*10,004,020*


BUILDING PRODUCTS – 1.4%
⁷Griffon Corp.	34,300		752,885

Universal Forest Products, Inc.	24,800		671,832

York International Corp.	18,700		733,040


*TOTAL BUILDING PRODUCTS*		$	*2,157,757*


CAPITAL MARKETS – 1.9%
⁷Apollo Investment Corp.	7,500		103,125

⁷E*Trade Group, Inc.	165,900		1,884,624

⁷Knight Trading Group, Inc.	37,200		432,264

⁷Piper Jaffray Cos., Inc.	2,600		125,892

⁷Tradestation Group, Inc.	46,900		301,567


*TOTAL CAPITAL MARKETS*		$	*2,847,472*


CHEMICALS – 2.0%
Albemarle Corp.	24,000		702,000

Fuller (H.B.) Co.	14,800		405,520

⁷Headwaters, Inc.	23,700		544,863

Lubrizol Corp.	19,200		610,560

⁷Symyx Technologies, Inc.	29,700		760,320


*TOTAL CHEMICALS*		$	*3,023,263*


COMMERCIAL BANKS – 5.2%
Cascade Bancorp	12,500		209,625

Colonial BancGroup, Inc.	52,400		902,852

East West Bancorp, Inc.	8,500		478,805

First Charter Corp.	25,800		532,770

Greater Bay Bancorp	38,400		1,089,408


Independent Bank Corp.- Michigan	27,979		700,314

NBT Bancorp, Inc.	31,900		667,348

Provident Bankshares Corp.	10,700		301,419

Provident Financial Group, Inc.	24,572		967,645

Republic Bancorp, Inc.	62,823		817,327

⁷Silicon Valley Bancshares	24,000		824,640

Umpqua Holdings Corp.	9,500		180,025


*TOTAL COMMERCIAL BANKS*		$	*7,672,178*

Description	Shares	Value

COMMERCIAL SERVICES &
SUPPLIES – 4.4%
Banta Corp.	23,800	$	1,058,624

Ikon Office Solutions, Inc.	63,400		705,642

⁷Labor Ready, Inc.	26,900		340,016

⁷MemberWorks, Inc.	25,100		740,701

⁷Navigant Consulting, Inc.	3,600		63,108

New England Business Service, Inc.	17,400		603,954

⁷Princeton Review (The), Inc.	40,500		339,795

⁷SITEL Corp.	121,800		347,130

⁷SOURCECORP, Inc.	30,200		775,838

Strayer Education, Inc.	7,800		974,766

⁷United Rentals, Inc.	36,600		629,520


*TOTAL COMMERCIAL SERVICES & SUPPLIES*		$	*6,579,094*


COMMUNICATIONS
EQUIPMENT – 2.1%
Black Box Corp.	11,100		565,545

⁷Digi International, Inc.	40,128		390,044

⁷Harmonic Lightwaves, Inc.	27,900		184,419

⁷Polycom, Inc.	107,500		2,051,100


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*3,191,108*


COMPUTERS &
PERIPHERALS – 2.4%
⁷Immersion Corp.	131,400		593,928

⁷Komag, Inc.	30,400		386,384

⁷Maxtor Corp.	109,300		711,543

⁷Pinnacle Systems, Inc.	169,400		1,333,178

⁷Storage Technology Corp.	21,800		572,686


*TOTAL COMPUTERS & PERIPHERALS*		$	*3,597,719*


CONSTRUCTION &
ENGINEERING – 1.0%
Chicago Bridge & Iron Co., N.V.	5,000		143,750

⁷Integrated Electrical Services	78,000		760,500

⁷Mastec, Inc.	85,600		627,448


*TOTAL CONSTRUCTION & ENGINEERING*		$	*1,531,698*


CONSTRUCTION MATERIALS – 0.3%
Ameron, Inc.	15,400	$	*461,230*


CONSUMER FINANCE – 0.6%
Advanta Corp., Class B	37,500		600,750

⁷United PanAm Financial Corp.	21,900		315,141

*TOTAL CONSUMER FINANCE*		$	*915,891*


DIVERSIFIED FINANCIAL
SERVICES – 0.3%
⁷Encore Capital Group, Inc.	9,000		143,820

GATX Corp.	12,100		284,350


*TOTAL DIVERSIFIED FINANCIAL SERVICES*		$	*428,170*

Description	Shares	Value

DIVERSIFIED TELECOMMUNICATION
SERVICES – 0.4%
⁷TALK America Holdings, Inc.	66,600	$	*594,072*


ELECTRIC UTILITIES – 1.6%
Duquesne Light Holdings, Inc.	48,500		910,345

UIL Holdings Corp.	9,400		424,598

UniSource Energy Corp.	42,500		1,038,275


*TOTAL ELECTRIC UTILITIES*		$	*2,373,218*


ELECTRICAL EQUIPMENT – 1.0%
⁷Active Power, Inc.	27,900		88,164

⁷Artesyn Technologies, Inc.	7,300		67,233

⁷Genlyte Group, Inc.	7,900		452,828

Woodward Governor Co.	13,100		816,654


*TOTAL ELECTRICAL EQUIPMENT*		$	*1,424,879*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 2.7%
⁷Brightpoint, Inc.	22,000		239,580

⁷Checkpoint Systems, Inc.	35,700		573,699

Cognex Corp.	18,900		600,642

⁷Identix, Inc.	47,599		302,730

Methode Electronics, Inc., Class A	60,200		682,668

PerkinElmer, Inc.	51,000		981,750

⁷RadiSys Corp.	27,400		511,558

⁷Universal Display Corp.	10,300		130,295


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*4,022,922*


ENERGY EQUIPMENT &
SERVICES – 1.0%
⁷Cal Dive International, Inc.	9,000		243,360

⁷Key Energy Group, Inc.	6,600		70,356

⁷Lone Star Technologies, Inc.	2,900		59,450

⁷Offshore Logistics, Inc.	13,600		298,520

⁷Veritas DGC, Inc.	38,800		792,684


*TOTAL ENERGY EQUIPMENT & SERVICES*		$	*1,464,370*


FOOD & STAPLES RETAILING – 1.3%
⁷7-Eleven, Inc.	52,600		846,860

⁷BJ’s Wholesale Club, Inc.	20,700		501,561

Ruddick Corp.	26,000		530,400


*TOTAL FOOD & STAPLES RETAILING*		$	*1,878,821*


FOOD PRODUCTS – 0.2%
⁷Interstate Bakeries Corp.	31,900	$	*360,470*


GAS UTILITIES – 0.9%
NICOR, Inc.	10,500		356,895

UGI Corp.	30,900		973,350


*TOTAL GAS UTILITIES*		$	*1,330,245*

Description	Shares	Value

HEALTHCARE EQUIPMENT &
SUPPLIES – 1.1%
⁷Align Technology, Inc.	7,200	$	124,704

Analogic Corp.	2,700		127,845

⁷Bioject Medical Technologies, Inc.	30,400		82,688

⁷CardioDynamics International Corp.	22,200		129,870

PolyMedica Industries, Inc.	20,800		579,072

West Pharmaceutical Services, Inc.	15,000		582,000


*TOTAL HEALTHCARE EQUIPMENT & SUPPLIES*		$	*1,626,179*


HEALTHCARE PROVIDERS &
SERVICES – 2.6%
⁷Alliance Imaging, Inc.	22,200		84,804

⁷LifePoint Hospitals, Inc.	5,400		193,104

⁷MIM Corp.	16,000		120,800

⁷Orthodontic Centers of America, Inc.	21,200		152,004

⁷PDI, Inc.	6,200		158,472

⁷PacifiCare Health Systems, Inc.	19,600		700,896

⁷Service Corp. International	79,400		586,766

⁷Sunrise Senior Living, Inc.	11,200		353,920

⁷TriZetto Group, Inc.	27,700		188,083

⁷US Oncology, Inc.	81,700		1,217,330

⁷Vital Images, Inc.	5,500		61,050


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*3,817,229*


HOTELS, RESTAURANTS &
LEISURE – 2.9%
⁷Aztar Corp.	46,200		1,196,580

⁷Chicago Pizza & Brewery, Inc.	14,700		194,334

Landrys Seafood Restaurants, Inc.	26,900		900,612

Lone Star Steakhouse & Saloon	37,900		1,165,425

⁷Red Robin Gourmet Burgers	11,800		339,250

⁷Ryan's Family Steak Houses, Inc.	33,150		601,341


*TOTAL HOTELS, RESTAURANTS & LEISURE*		$	*4,397,542*


HOUSEHOLD DURABLES – 3.3%
⁷American Greetings Corp., Class A	22,100		453,050

M.D.C. Holdings, Inc.	14,641		904,667

M/I Homes	23,400		998,010

⁷Meritage Corp.	8,200		556,370

Ryland Group, Inc.	13,600		1,073,720

⁷Salton, Inc.	27,000		244,350

⁷Toll Brothers, Inc.	6,600		261,162

⁷WCI Communities, Inc.	16,500		401,115


*TOTAL HOUSEHOLD DURABLES*		$	*4,892,444*


IT SERVICES – 0.4%
⁷Euronet Worldwide, Inc.	7,200		139,896

⁷Lionbridge Technologies, Inc.	42,900		386,958


*TOTAL IT SERVICES*		$	*526,854*

Description	Shares	Value

INDUSTRIAL
CONGLOMERATES – 0.6%
⁷Gerber Scientific, Inc.	49,700	$	298,200

Walter Industries, Inc.	44,200		551,616


*TOTAL INDUSTRIAL CONGLOMERATES*		$	*849,816*


INSURANCE – 3.1%
AmerUs Group Co.	28,900		1,115,540

⁷Ceres Group, Inc.	86,300		591,155

Commerce Group, Inc.	22,400		1,033,760

LandAmerica Financial Group, Inc.	16,500		679,965

Presidential Life Corp.	11,000		176,990

Selective Insurance Group, Inc.	5,800		207,408

StanCorp Financial Group, Inc.	14,200		878,554


*TOTAL INSURANCE*		$	*4,683,372*


INTERNET & CATALOG
RETAIL – 0.0%
⁷Insight Enterprises, Inc.	3,200	$	*53,568*


INTERNET SOFTWARE &
SERVICES – 4.2%
⁷Ask Jeeves, Inc.	23,200		822,904

⁷Autobytel.com, Inc.	15,000		140,400

⁷Broadvision, Inc.	45,900		160,191

⁷Corillian Corp.	153,290		662,213

⁷Digital Insight Corp.	46,350		894,555

⁷DoubleClick, Inc.	187,100		1,509,897

⁷Homestore.com, Inc.	135,500		650,400

⁷LivePerson, Inc.	42,900		190,433

⁷NIC, Inc.	8,600		44,806

⁷Websense, Inc.	12,200		359,900

⁷aQuantive, Inc.	82,100		825,105


*TOTAL INTERNET SOFTWARE & SERVICES*		$	*6,260,804*


LEISURE EQUIPMENT &
PRODUCTS – 1.2%
Action Performance Cos., Inc.	13,600		213,248

⁷Marvel Enterprises, Inc.	32,200		611,478

Polaris Industries, Inc., Class A	21,600		926,640


*TOTAL LEISURE EQUIPMENT & PRODUCTS*		$	*1,751,366*


MACHINERY – 2.5%
Albany International Corp., Class A	32,700		997,350

Briggs & Stratton Corp.	15,800		1,106,000

Harsco Corp.	20,800		905,424

Timken Co.	35,300		778,718


*TOTAL MACHINERY*		$	*3,787,492*


MEDIA – 0.1%
Journal Communications, Inc., Class A	7,100	$	*125,386*

Description	Shares	Value

METALS & MINING – 1.6%
Quanex Corp.	19,000	$	775,200

⁷Steel Dynamics, Inc.	43,800		1,054,266

Steel Technologies, Inc.	29,700		572,913


*TOTAL METALS & MINING*		$	*2,402,379*


MULTI-UTILITIES &
UNREGULATED POWER – 0.6%
Avista Corp.	25,400		429,260

ONEOK, Inc.	18,800		393,860


*TOTAL MULTI-UTILITIES &*
*UNREGULATED POWER*		$	*823,120*


MULTILINE RETAIL – 0.4%
⁷Shopko Stores, Inc.	42,400	$	*562,224*


OIL & GAS – 2.6%
⁷Evergreen Resources, Inc.	6,500		260,845

Holly Corp.	16,200		544,158

⁷Quicksilver Resources, Inc.	1,700		73,865

⁷Remington Oil & Gas Corp.	1,000		21,900

⁷Stone Energy Corp.	19,400		954,480

⁷Swift Energy Co.	24,700		535,743

⁷Tesoro Petroleum Corp.	65,300		1,326,243

⁷Ultra Petroleum Corp.	6,500		213,460


*TOTAL OIL & GAS*		$	*3,930,694*


PHARMACEUTICALS – 0.8%
Alpharma, Inc., Class A	40,400		877,892

⁷AtheroGenics, Inc.	3,000		70,860

⁷Columbia Laboratories, Inc.	21,900		109,040

Valeant Pharmaceuticals International	3,200		73,920


*TOTAL PHARMACEUTICALS*		$	*1,131,712*


REAL ESTATE – 3.2%
Bedford Property Investors, Inc.	14,100		381,969

Boykin Lodging Co.	55,000		433,950

Friedman, Billings, Ramsey Group, Inc., Class A	48,000		888,000

HRPT Properties Trust	58,100		554,855

⁷Levitt Corp.	13,425		306,090

Mission West Properties, Inc.	32,400		382,644

Novastar Financial, Inc.	21,200		688,152

Omega Healthcare Investors	76,500		707,625

RAIT Investment Trust	12,600		303,156

Redwood Trust, Inc.	4,000		173,800


*TOTAL REAL ESTATE*		$	*4,820,241*


ROAD & RAIL – 0.6%
⁷Dollar Thrifty Automotive Group	27,700		729,895

⁷SCS Transportation, Inc.	4,700		107,536

*TOTAL ROAD & RAIL*		$	*837,431*

Description	Shares	Value

SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 9.8%
⁷August Technology Corp.	31,900	$	420,442

⁷Brooks Automation, Inc.	69,700		1,159,808

⁷Cabot Microelectronics Corp.	6,000		177,180

⁷ChipPAC, Inc.	63,600		389,868

⁷Credence Systems Corp.	58,800		655,032

⁷Cymer, Inc.	15,100		482,898

⁷Dupont Photomasks, Inc.	17,700		366,036

⁷Electroglas, Inc.	17,700		69,738

⁷FEI Co.	61,100		1,220,778

⁷Genesis Microchip, Inc.	64,500		969,435

⁷Integrated Circuit System, Inc.	8,000		189,520

⁷Kulicke & Soffa Industries	22,700		225,411

⁷Lattice Semiconductor Corp.	320,500		2,281,960

⁷Mykrolis Corp.	49,200		715,860

⁷NPTest Holding Corp.	29,200		425,152

⁷PLX Technology, Inc.	32,500		421,850

⁷Pixelworks, Inc.	153,900		2,751,732

⁷Rudolph Technologies, Inc.	30,900		496,563

⁷Skyworks Solutions, Inc.	60,500		517,880

⁷Trident Microsystems, Inc.	3,500		48,545

⁷Triquint Semiconductor, Inc.	64,200		352,458

⁷Ultra Clean Holdings, Inc.	35,700		265,965


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*		$	*14,604,111*


SOFTWARE – 4.1%
⁷Advent Software, Inc.	22,300		416,564

⁷Aspen Technology, Inc.	56,900		369,850

⁷Digimarc Corp.	113,400		1,279,152

Henry Jack & Associates, Inc.	42,600		774,894

⁷Macrovision Corp.	38,900		655,076

⁷Mentor Graphics Corp.	13,000		215,670

⁷ONYX Software Corp.	31,150		112,140

⁷Open Solutions, Inc.	18,000		445,140

⁷Quest Software, Inc.	9,000		101,250

⁷Roxio, Inc.	16,700		65,130

⁷Secure Computing Corp.	31,700		303,052

⁷Sybase, Inc.	40,100		685,710

⁷Transaction Systems Architects, Inc., Class A	34,000		721,820


*TOTAL SOFTWARE*		$	*6,145,448*


SPECIALTY RETAIL – 4.2%
⁷Barnes & Noble, Inc.	14,700		439,089

⁷Bombay Co., Inc.	66,600		372,960

Description		Shares	Value

	Christopher & Banks Corp.	36,850	$	659,247

	⁷Cost Plus, Inc.	14,700		532,140

	^{7Electronics Boutique Holdings Corp.}	28,800		779,040

	⁷Hot Topic, Inc.	55,700		1,239,882

	⁷Rex Stores Corp.	32,800		469,040

	Sonic Automotive, Inc.	13,400		333,660

	⁷Stage Stores, Inc.	12,200		478,972

	⁷Zale Corp.	17,200		961,824


	*TOTAL SPECIALTY RETAIL*		$	*6,265,854*


	TEXTILES APPAREL & LUXURY
	GOODS – 2.0%
	Kenneth Cole Productions, Inc., Class A	25,300		875,127

	Phillips Van Heusen Corp.	35,400		639,678

	⁷Quiksilver, Inc.	47,600		1,029,588

	Unifirst Corp.	13,000		383,500


	*TOTAL TEXTILES APPAREL & LUXURY GOODS*		$	*2,927,893*


	THRIFTS & MORTGAGE
	FINANCE – 4.2%
	^{7Commercial Capital Bancorp, Inc.}	57,066		1,007,786

	Commercial Federal Corp.	28,600		733,876

	Corus Bankshares, Inc.	10,000		377,500

	Flagstar Bancorp, Inc.	44,000		898,920

	⁷Franklin Bank Corp.	3,000		50,730

	Hudson River Bancorp, Inc.	1,900		34,219

	⁷ITLA Capital Corp.	8,000		344,000

	Independence Community Bank	25,400		925,322

	IndyMac Bancorp, Inc.	31,400		1,009,824

	Net.B@nk, Inc.	20,600		222,274

	New Century Financial Corp.	3,800		161,234

	⁷Saxon Capital, Inc.	15,200		330,600

	Sovereign Bancorp, Inc.	0		6

	^{7Sterling Financial Corp.}	7,450		245,925


	*TOTAL THRIFTS & MORTGAGE FINANCE*		$	*6,342,216*


	TOBACCO – 0.7%
	Standard Commercial Corp.	20,400		377,604

	Universal Corp.	12,500		628,000


	*TOTAL TOBACCO*		$	*1,005,604*


*TOTAL COMMON STOCKS (IDENTIFIED COST*
$	*115,232,669)*		$	*144,835,443*


MUTUAL FUND – 3.3%
	SSGA Money Market Fund
	*(AT NET ASSET VALUE)*	4,956,605	$	*4,956,605*


*TOTAL INVESTMENTS – 100.4%*
*(IDENTIFIED COST $120,189,274)*			$	*149,792,048*


*OTHER ASSETS AND*
*LIABILTIES – NET – (0.4)%*			$	*(594,514)*


*TOTAL NET ASSETS – 100%*			$	*149,197,534*

See Notes to Portfolios of Investments

MTB Small Cap Growth Fund

Description	Shares	Value

COMMON STOCKS – 99.1%

AEROSPACE & DEFENSE – 1.3%
⁷MTC Technologies, Inc.	90,000	$	*2,358,900*


AUTO COMPONENTS – 1.2%
⁷China Yuchai International Ltd.	140,000	$	*2,307,200*


BIOTECHNOLOGY—9.9%
⁷Calypte Biomedical Corp.	3,347,000		1,907,790

⁷Gen-Probe, Inc.	49,800		1,660,332

⁷Ligand Pharmaceuticals, Inc., Class B	100,000		2,141,000

⁷Medarex, Inc.	198,200		1,888,846

⁷NPS Pharmaceuticals, Inc.	125,000		3,131,250

⁷Nuvelo, Inc.	170,000		1,837,702

⁷Serologicals Corp.	120,000		2,222,400

⁷Tanox, Inc.	100,000		1,705,000

⁷United Therapeutics Corp.	75,500		1,858,810


*TOTAL BIOTECHNOLOGY*		$	*18,353,130*


COMMERCIAL BANKS – 2.2%
Columbia Bancorp	80,000		2,320,000

UCBH Holdings, Inc.	45,000		1,665,900


*TOTAL COMMERCIAL BANKS*		$	*3,985,900*


COMMERCIAL SERVICES &
SUPPLIES – 2.1%
Collegiate Pacific, Inc.	72,500		696,000

Gevity HR, Inc.	144,353		3,180,097


*TOTAL COMMERCIAL SERVICES & SUPPLIES*		$	*3,876,097*


COMMUNICATIONS
EQUIPMENT – 10.3%
⁷Arris Group, Inc.	184,200		1,101,516

⁷F5 Networks, Inc.	100,000		2,540,000

⁷Ixia	295,750		2,641,048

⁷Network Engines, Inc.	737,300		2,462,582

⁷REMEC, Inc.	262,000		1,647,980

⁷Verso Technologies, Inc.	1,935,600		2,884,044

⁷Westell Technologies, Inc., Class A	450,000		3,293,100

⁷YDI Wireless, Inc., Class B	27,500		125,078

^7,8YDI Wireless, Inc., Class B	500,000		2,046,735


*TOTAL COMMUNICATIONS EQUIPMENT*		$	*18,742,083*


COMPUTERS &
PERIPHERALS – 1.9%
⁷Avid Technology, Inc.	40,000		1,918,800

⁷Sigma Designs, Inc.	265,300		1,538,740


*TOTAL COMPUTERS & PERIPHERALS*		$	*3,457,540*


CONSUMER DISCRETIONARY– 0.5%
⁷LJ International, Inc.	270,000	$	*915,300*


DIVERSIFIED TELECOMMUNICATION
SERVICES – 0.9%
⁷General Communications, Inc., Class A	194,000	$	*1,726,600*

Description	Shares	Value

ELECTRICAL EQUIPMENT – 1.0%
⁷Electric City Corp.	700,000	$	1,260,000

Technology Research Corp.	46,000		540,500


*TOTAL ELECTRICAL EQUIPMENT*		$	*1,800,500*


ELECTRONIC EQUIPMENT &
INSTRUMENTS – 3.3%
⁷Dionex Corp.	51,244		2,614,981

Nam Tai Electronics, Inc.	35,000		626,500

⁷Spatialight, Inc.	715,000		2,895,750


*TOTAL ELECTRONIC EQUIPMENT &*
*INSTRUMENTS*		$	*6,137,231*


ENERGY EQUIPMENT &
SERVICES – 0.7%
⁷Superior Energy Services, Inc.	120,000	$	*1,246,800*


FOOD & STAPLES RETAILING – 0.3%
⁷Performance Food Group Co.	16,500	$	*579,645*


HEALTHCARE – 1.5%
⁷Given Imaging Ltd.	78,500	$	*2,845,625*


HEALTHCARE EQUIPMENT &
SUPPLIES – 4.1%
⁷Align Technology, Inc.	187,000		3,238,840

⁷CTI Molecular Imaging, Inc.	167,100		2,511,513

⁷Microtek Medical Holdings, Inc.	302,000		1,398,260

⁷Zoll Medical Corp.	13,300		400,596


*TOTAL HEALTHCARE EQUIPMENT & SUPPLIES*		$	*7,549,209*


HEALTHCARE PROVIDERS &
SERVICES – 2.7%
⁷Covance, Inc.	80,000		2,699,200

⁷Psychiatric Solutions, Inc.	95,000		2,208,750


*TOTAL HEALTHCARE PROVIDERS & SERVICES*		$	*4,907,950*


HOUSEHOLD DURABLES – 3.5%
Brookfield Homes Corp.	75,000		2,424,750

⁷Emerson Radio Corp.	307,500		1,251,525

⁷WCI Communities, Inc.	115,000		2,795,650


*TOTAL HOUSEHOLD DURABLES*		$	*6,471,925*


IT SERVICES – 5.2%
⁷Anteon International Corp.	120,000		3,744,000

⁷Carreker-Antinori, Inc.	255,300		1,858,584

⁷Inforte Corp.	178,100		1,932,563

⁷MPS Group, Inc.	180,000		1,969,200

*TOTAL IT SERVICES*		$	*9,504,347*


INFORMATION TECHNOLOGY– 1.8%
⁷On Track Innovations Ltd.	182,900	$	1,898,136

^7,8On Track Innovations Ltd.	145,000		1,354,329

*TOTAL INFORMATION TECHNOLOGY*		$	*3,252,465*

INSURANCE – 1.9%
Infinity Property & Casualty	111,400	$	*3,464,540*

Description	Shares	Value

INTERNET SOFTWARE &
SERVICES – 8.0%
⁷Ask Jeeves, Inc.	52,500	$	1,862,175

⁷Corillian Corp.	266,500		1,151,280

⁷FindWhat.com	31,000		624,929

⁷Internap Network Services Corp.	728,500		1,223,880

⁷Modem Media . Poppe Tyson, Inc.	432,600		2,240,868

⁷Opsware, Inc.	582,500		4,263,900

⁷RADWARE Ltd.	59,800		1,263,574

⁷Radvision Ltd.	200,000		2,108,000


*TOTAL INTERNET SOFTWARE & SERVICES*		$	*14,738,606*


MACHINERY – 1.1%
Briggs & Stratton Corp.	28,000	$	*1,960,000*


METALS & MINING – 1.9%
⁷Century Aluminium Co.	85,000		1,683,000

Massey Energy Co.	80,000		1,873,600


*TOTAL METALS & MINING*		$	*3,556,600*


OIL & GAS – 4.3%
⁷Evergreen Resources, Inc.	40,000		1,605,200

⁷General Maritime Corp.	107,200		2,153,648

OMI Corp.	250,000		2,517,500

Overseas Shipholding Group, Inc.	48,800		1,599,176


*TOTAL OIL & GAS*		$	*7,875,524*


PERSONAL PRODUCTS – 1.5%
⁷USANA, Inc.	103,300	$	*2,783,935*


PHARMACEUTICALS – 2.6%
⁷Bradley Pharmaceuticals, Inc.	90,000		2,359,800

⁷Eon Labs, Inc.	21,000		1,380,750

⁷MGI PHARMA, Inc.	16,000		989,120


*TOTAL PHARMACEUTICALS*		$	*4,729,670*


REAL ESTATE – 1.3%
Redwood Trust, Inc.	56,000	$	*2,433,200*


ROAD & RAIL – 1.5%
⁷Yellow Roadway Corp.	80,000	$	*2,724,000*


SEMICONDUCTOR EQUIPMENT &
PRODUCTS – 12.2%
⁷Ade Corp.	100,000		1,788,000

⁷Axcelis Technologies, Inc.	250,000		2,627,500

Description	Shares	Value

⁷Ceva, Inc.	315,000	$	2,542,050

⁷Cirrus Logic, Inc.	250,000		1,557,500

⁷Credence Systems Corp.	130,000		1,448,200

⁷Exar Corp.	46,000		701,960

⁷Genesis Microchip, Inc.	103,500		1,555,605

⁷Kulicke & Soffa Industries	185,000		1,837,050

⁷Micrel, Inc.	450,000		5,499,000

⁷Rambus, Inc.	35,000		652,050

⁷Silicon Image, Inc.	225,000		2,292,750


*TOTAL SEMICONDUCTOR*
*EQUIPMENT & PRODUCTS*		$	*22,501,665*


SOFTWARE – 3.2%
⁷Digimarc Corp.	150,000		1,692,000

⁷Sonic Solutions	110,000		1,981,100

⁷Tibco Software, Inc.	293,000		2,197,500


*TOTAL SOFTWARE*		$	*5,870,600*


SPECIALTY RETAIL – 1.8%
⁷CarMax, Inc.	40,000		1,036,800

⁷GameStop Corp.	130,000		2,289,300


*TOTAL SPECIALTY RETAIL*		$	*3,326,100*


THRIFTS & MORTGAGE
FINANCE – 3.4%
BankAtlantic Bancorp, Inc., Class A	74,100		1,159,665

⁷Commercial Capital Bancorp, Inc.	148,500		2,622,504

W Holding Co., Inc.	149,000		2,538,960


*TOTAL THRIFTS & MORTGAGE FINANCE*		$	*6,321,129*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $185,677,865)*		$	*182,681,912*


MUTUAL FUNDS – 3.9%
SSGA Money Market Fund	5,537,229		5,537,229

SSGA US Government Money Market Fund	1,682,056		1,682,056


*TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)*		$	*7,219,285*


WARRANTS – 0.0%
⁷On Track Innovations Ltd., exp. 5/2009
*(IDENTIFIED COST $0)*	87,000		0


*TOTAL INVESTMENTS – 103.0%*
*(IDENTIFIED COST $192,897,150)*		$	*189,523,301*


*OTHER ASSETS AND LIABILITIES –*
*NET – (3.0)%*		$	*(5,554,412)*


*TOTAL NET ASSETS – 100%*		$	*183,968,889*

See Notes to Portfolios of Investments

MTB International Equity Fund

		Value in
Description	Shares	U.S. Dollars

COMMON STOCKS – 95.9%

AUSTRALIA – 3.9%
Australia & New Zealand Banking Group,
Melbourne	61,098	$	818,436

Australian Gas Light Co.	41,558		349,242

QBE Insurance Group Ltd.	122,189		1,026,840

Rio Tinto Ltd.	9,958		233,670

Westpac Banking Corp. Ltd., Sydney	147,469		1,858,401

Woolworth’s Ltd.	37,299		317,486


*TOTAL AUSTRALIA*		$	*4,604,075*


BELGIUM – 1.3%
Fortis	4,218		91,840

Fortis	65,106		1,416,012


*TOTAL BELGIUM*		$	*1,507,852*


BRAZIL – 0.0%
Tele Norte Leste Participacoes SA	851	$	9


FINLAND – 2.0%
Nokia Oyj	112,126		1,576,539

UPM - Kymmene Oyj	47,000		865,734


*TOTAL FINLAND*		$	*2,442,273*


FRANCE – 7.2%
Aventis SA	14,366		1,093,406

BNP Paribas SA	20,691		1,241,508

Cap Gemini SA	17,667		624,611

France Telecom SA	40,716		981,610

Sanofi Synthelabo SA	2,210		140,281

Suez SA	34,477		690,392

Total SA, Class B	16,611		3,069,671

Unibail (Union du Credit-Bail Immobilier)	7,192		678,744


*TOTAL FRANCE*		$	*8,520,223*


GERMANY, FEDERAL
REPUBLIC OF – 0.3%
Allianz AG Holding	2,941	$	*311,758*


HONG KONG – 0.5%
Cheung Kong	76,000	$	*584,638*


IRELAND – 2.7%
Bank of Ireland	151,881		1,839,013

Bank of Ireland	10,261		124,243

CRH PLC	53,088		1,126,653

CRH PLC	7,724		163,737


*TOTAL IRELAND*		$	*3,253,646*

		Value in
Description	Shares	U.S. Dollars

ITALY – 3.3%
Assicurazioni Generali Spa	23,331	$	614,733

ENI SpA	89,847		1,824,986

Unicredito Italiano Spa	312,537		1,456,066


*TOTAL ITALY*		$	*3,895,785*


JAPAN – 18.8%
Canon, Inc.	31,000		1,626,331

Fuji Photo Film Co.	22,000		707,652

Funai Electric Co., Ltd.	4,600		684,384

Honda Motor Co., Ltd.	61,400		2,464,568

Hoya Corp.	5,400		584,207

Kao Corp.	68,000		1,623,522

Keyence Corp.	300		72,034

Mitsubishi Corp.	74,000		705,369

Mitsubishi Tokyo Financial Group, Inc.	62		551,660

NTT DoCoMo, Inc.	747		1,482,291

Nintendo Corp., Ltd.	13,800		1,302,913

Nippon Telegraph & Telephone Corp.	34		178,680

Nippon Unipac Holding	143		711,340

Rohm Co.	10,100		1,260,155

Sekisui House Ltd.	64,000		678,476

Sompo Japan Insurance, Inc.	112,000		1,009,740

Sumitomo Mitsui Financial Group, Inc.	180		1,360,214

Takeda Chemical Industries	40,100		1,616,862

Toyoda Automatic Loom Works	33,300		724,143

Toyota Motor Corp.	50,200		1,814,869

Vodafone Holdings K.K.	197		464,096

West Japan Railway Co.	177		688,017


*TOTAL JAPAN*		$	*22,311,523*


MEXICO – 0.2%
Wal-Mart de Mexico SA de CV	82,550	$	*240,388*


NETHERLANDS – 7.3%
ABN AMRO Holdings NV	43,225		939,080

⁷Koninklijke (Royal) Philips Electronics NV	41,320		1,124,343

Koninklijke KPN NV	126,230		908,589

Reed Elsevier NV	140,216		1,968,137

TPG NV	68,901		1,484,523

VNU - Verenigde Nederlandse
Uitgeversbedrijven	55,407		1,548,801

Wolters Kluwer NV	41,447		697,428


*TOTAL NETHERLANDS*		$	*8,670,901*

		Value in
Description	Shares	U.S. Dollars

PORTUGAL – 0.8%
Electricidade de Portugal SA	73,298	$	200,151

Portugal Telecom SGPS SA	72,728		788,280


*TOTAL PORTUGAL*		$	*988,431*


SPAIN – 2.4%
⁷Antena 3 de Television SA	0		12

Banco Bilbao Vizcaya Argentaria SA	112,516		1,483,651

Banco Santander Central Hispano, SA	67,447		723,771

⁷Telefonica SA	44,491		661,263


*TOTAL SPAIN*		$	*2,868,697*


SWEDEN – 3.7%
Electrolux AB, Class B	29,600		585,225

Electrolux AB, Rights	29,600		9,495

Hennes & Mauritz AB, Class B	28,950		708,834

Nordea AB	57,057		384,743

Svenska Cellulosa AB, Class B	31,370		1,230,172

Svenska Handelsbanken AB, Class A	32,390		625,543

Swedish Match AB	90,720		914,636


*TOTAL SWEDEN*		$	*4,458,648*


SWITZERLAND – 7.9%
Adecco SA	14,434		644,340

⁷Credit Suisse Group	36,039		1,268,715

Givaudan SA	1,073		533,132

Holcim Ltd.	13,388		690,465

Nestle SA	11,240		2,839,980

Novartis AG	17,235		767,387

Roche Holding AG	20,427		2,140,024

Swiss Re	6,830		448,792


*TOTAL SWITZERLAND*		$	*9,332,835*


UNITED KINGDOM – 33.6%
Abbey National Bank PLC, London	57,304		460,051

Alliance Unichem PLC	36,928		390,815

AstraZeneca PLC	40,574		1,898,282

BP PLC	425,111		3,676,882

BT Group PLC	249,536		790,268

Balfour Beatty PLC	53,365		238,121

Barclays PLC	266,801		2,407,028

Boc Group PLC	32,822		527,881

Cadbury Schweppes PLC	163,543		1,301,359

		Value in
Description	Shares	U.S. Dollars
Centrica PLC	213,744	$	828,606

Compass Group PLC	99,700		627,952

Diageo PLC	215,937		2,898,270

Electrocomponents PLC	96,828		612,440

Gallaher Group PLC	103,138		1,232,421

GlaxoSmithKline PLC	130,938		2,711,061

HSBC Holdings PLC	104,277		1,494,867

⁷ITV PLC	0		1

Invensys PLC	698,061		241,507

Kesa Electricals PLC.	95,012		475,368

Kingfisher PLC	280,853		1,411,405

National Grid Transco PLC	180,369		1,368,847

Rentokil Initial PLC	272,814		909,970

Rio Tinto PLC	38,178		837,887

Royal Bank of Scotland PLC, Edinburgh	97,098		2,916,554

Scottish & Southern Energy PLC	101,177		1,225,144

Shell Transport & Trading Co.	337,731		2,330,898

Tesco PLC	393,717		1,737,601

Vodafone Group PLC	1,683,477		4,091,952

Wolseley PLC	21,222		311,195


*TOTAL UNITED KINGDOM*		$	*39,954,633*


*TOTAL COMMON STOCKS*
*(IDENTIFIED COST $95,769,034)*		$	*113,946,315*


PREFERRED STOCK – 0.8%

AUSTRALIA – 0.8%
News Corp. Ltd., Pfd. $0.05, Annual Dividend
*(IDENTIFIED COST $772,700)*	110,037	$	*940,597*


MUTUAL FUND – 0.2%
SSGA Money Market Fund
*(AT NET ASSET VALUE)*	197,531	$	*197,531*


*TOTAL INVESTMENTS – 96.9%*
*(IDENTIFIED COST $96,739,265)*		$	*115,084,443*


*OTHER ASSETS AND*
*LIABILITIES – NET – 3.1%*		$	*3,790,133*


*TOTAL NET ASSETS – 100%*		$	*118,874,576*

See Notes to Portfolios of Investments

The categories of investments are shown as a percentage of total net assets at April 30, 2004.
(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 April 30, 2004, 0.4%, 2.5%, 9.2% and 4.7% of the total investments at market value were subject to alternative minimum tax for Tax-Free Money Market Fund, 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 April 30, 2004, these securities amounted to $3,520,441, $1,142,040, $2,208,832, $4,086,799 and $29,984 which represent 4.3%, 0.6%, 0.8%, 2.1% and 0.8% of total net assets for the Short-Term Corporate Bond Fund, U.S. Government Bond Fund, Intermediate-Term Bond Fund, Income Fund and Social Balanced Fund, respectively.
(5)		Affiliated company.
(6)		All or a portion of these securities may be subject to dollar roll transactions.
(7)		Non-income producing security.
(8)		Denotes a restricted security which is subject to restrictions on resale under federal securities laws. At April 30, 2004, these securities amounted to $3,401,064 which represent 1.8% of total net assets for the Small Cap Growth Fund.
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		IDB – Industrial Development Bond
ARM – Adjustable Rate Mortgage		IDC – Industrial Development Corporation
BANs – Bond Anticipation Notes		IDFA – Industrial Development Finance Authority
COL – Collateralized		IDRB – Industrial Development Revenue Bond
COPs – Certificates of Participation		INS – Insured
CP – Commercial Paper		IO – Interest Only
CSD – Central School District		LIQ – Liquidity Agreement
EDA – Economic Development Authority		LOC(s) – Letter(s) of Credit
EDFA – Economic Development Financing Authority		MERLOTS – Municipal Exempt Receipts – Liquidity Optional Tender Series
EDRB – Economic Development Revenue Bond		MHF–Maryland Housing Fund
FGIC – Financial Guaranty Insurance Corporation		MTN – Medium Term Note
FHA – Federal Housing Administration		PCA – Pollution Control Authority
FHA/VA – Federal Housing Administration/Veterans Administration		PC – Participation Certificate
FHLMC – Federal Home Loan Mortgage Corporation		PCRBs – Pollution Control Revenue Bonds
FNMA – Federal National Mortgage Association		RANs – Revenue Anticipation Notes
FSA – Financial Security Assurance		REMIC – Real Estate Mortgage Investment Conduit
GDR – Global Depositary Receipt		SWP – Swap Agreement
GNMA – Government National Mortgage Association		TANs – Tax Anticipation Notes
GO – General Obligation		TOBs – Tender Option Bonds
GTD – Guaranteed		TRANs – Tax and Revenue Anticipation Notes
HDA – Hospital Development Authority		UT – Unlimited Tax
HEFA – Health and Education Facilities Authority		VHA – Veterans Housing Administration
		VRDNs – Variable Rate Demand Notes

	Cost of
	Investments for
	Federal Tax
MTB Fund	Purposes

U.S. Treasury Money Market Fund	$	806,521,080^*
U.S. Government Money Market Fund		2,691,357,245^*
Tax-Free Money Market Fund		145,294,578^*
Money Market Fund		2,039,294,726^*
Prime Money Market Fund		250,064,449^*
New York Tax-Free Money Market Fund		160,987,143^*
Pennsylvania Tax-Free Money Market Fund		16,182,041^*
Short Duration Government Bond Fund		207,540,041
Short-Term Corporate Bond Fund		80,484,971
U.S. Government Bond Fund		202,297,698
New York Municipal Bond Fund		80,807,351
Pennsylvania Municipal Bond Fund		193,177,084
Maryland Municipal Bond Fund		116,973,833
Intermediate-Term Bond Fund		271,119,771
Income Fund		221,498,667
Managed Allocation Fund – Conservative Growth		9,139,173
Managed Allocation Fund – Moderate Growth		38,889,285
Managed Allocation Fund – Aggressive Growth		17,564,300
Balanced Fund		158,785,101
Social Balanced Fund		3,686,857
Equity Income Fund		64,777,248
Large Cap Value Fund		82,264,975
Equity Index Fund		94,280,921
Large Cap Stock Fund		423,872,850
Large Cap Growth Fund		44,671,542
Multi Cap Growth Fund		109,721,376
Mid Cap Stock Fund		126,058,446
Mid Cap Growth Fund		72,591,502
Small Cap Stock Fund		124,032,894
Small Cap Growth Fund		193,636,339
International Equity Fund		98,305,322

*at amortized cost

See Notes which are an integral part of the Financial Statements

Statements of Assets and Liabilities

April 30, 2004	U.S. Treasury Money Market Fund	U.S. Government Money Market Fund
ASSETS:
Investments in repurchase agreements	$--	$662,488,000
Investments in securities	806,521,047	2,028,869,245

TOTAL INVESTMENTS IN SECURITIES, AT AMORTIZED COST AND VALUE	806,521,047	2,691,357,245

Cash	261	821
Income receivable	--	758,191
Receivable for shares sold	3,484	--
Receivable for investments sold	--	--
Prepaid expenses	17,572	12,279

TOTAL ASSETS	806,542,364	2,692,128,536

LIABILITIES:
Payable for investments purchased	--	--
Income distribution payable	251,940	1,218,424
Payable for shares redeemed	48,595	--
Payable to bank	--	--
Payable for transfer and dividend disbursing agent fees and expenses (Note 5)	17,739	39,172
Payable for audit fees	--	94,203
Payable for portfolio accounting fees	57,688	79,955
Payable for distribution services fee (Note 5)	27,532	21,997
Payable for shareholder services fee (Note 5)	33,851	29,267
Payable for share registration costs	22,613	59,419
Payable for printing and postage	1,028	34,344
Accrued expenses	--	--

TOTAL LIABILITIES	460,986	1,576,781

NET ASSETS	$806,081,378	$2,690,551,755

NET ASSETS CONSIST OF:
Paid in capital	$806,083,346	$2,690,551,380
Net unrealized appreciation (depreciation) of investments	--	--
Accumulated net realized gain (loss) on investments	43,135	2,390
Undistributed (distributions in excess of) net investment income	(45,103)	(2,015)

TOTAL NET ASSETS	$806,081,378	$2,690,551,755

Class A Shares	$148,182,340	$648,796
Class B Shares	$--	$--
Class S Shares	$16,013,169	$--
Institutional Shares	$--	$--
Institutional I Shares	$288,113,013	$1,255,603,246
Institutional II Shares	$353,772,856	$1,434,299,713
SHARES OUTSTANDING:
Class A Shares	148,189,853	648,789
Class B Shares	--	--
Class S Shares	16,013,073	--
Institutional Shares	--	--
Institutional I Shares	288,049,273	1,255,689,386
Institutional II Shares	353,870,708	1,434,320,156

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

$--	$291,922,000	$23,420,000	$--	$--	$--	$1,101,681
145,294,578	1,747,372,726	226,644,449	160,987,143	16,182,041	206,152,539	79,641,861

145,294,578	2,039,294,726	250,064,449	160,987,143	16,182,041	206,152,539	80,743,542

27,789	445	28	5,256	--	--	--
475,977	1,092,998	69,908	463,060	75,429	1,471,746	1,062,393
--	430,487	8,707	28,850	--	1,514,762	1,225,405
7,162,387	--	--	2,001,142	--	--	931,736
7,345	--	--	10,461	12,418	--	5,908

152,968,076	2,040,818,656	250,143,092	163,495,912	16,269,888	209,139,047	83,968,984


--	--	--	--	--	--	1,513,662
48,204	597,172	70,264	23,182	9,037	178,823	85,715
--	504,022	219,942	115,557	--	452,375	32,788
--	--	--	--	3,659	--	--
3,296	118,299	17,013	9,492	204	11,499	5,445
8,763	920	15,156	--	725	9,032	3,422
2,892	91,796	9,547	8,252	785	5,448	3,033
3,103	65,539	--	--	13	785	35
14,123	198,890	8,348	22,805	82	26	5,682
2,086	76,942	8,611	--	151	1,007	--
3,364	69,772	1,718	--	693	341	2,723
--	856	21,700	--	--	15,872	--

85,831	1,724,208	372,299	179,288	15,349	675,208	1,652,505

$152,882,245	$2,039,094,448	$249,770,793	$163,316,624	$16,254,539	$208,463,839	$82,316,479


$152,883,786	$2,039,108,680	$249,773,534	$163,310,383	$16,254,530	$211,232,666	$83,480,790
--	--	--	--	--	(1,038,507)	258,571
(1,558)	(13,704)	(2,750)	6,346	(27)	(1,727,484)	(1,417,666)
17	(528)	9	(105)	36	(2,836)	(5,216)

$152,882,245	$2,039,094,448	$249,770,793	$163,316,624	$16,254,539	$208,463,839	$82,316,479

$51,777,582	$924,016,418	$--	$127,463,273	$222,152	$8,549,357	$136,397

$--	$226,381	$--	$--	$--	$122,410	$26,305
$--	$53,238,105	$--	$--	$--	$--	$--
$--	$3,242,443	$249,770,793	$--	$--	$--	$--
$49,490,834	$698,791,818	$--	$35,853,351	$15,360,965	$199,792,072	$82,153,777
$51,613,829	$359,579,283	$--	$--	$671,422	$--	$--

51,787,574	924,270,561	--	127,458,574	222,152	884,564	13,824
--	225,915	--	--	--	12,665	2,666
--	53,040,964	--	--	--	--	--
--	3,242,736	249,776,092	--	--	--	--
49,503,225	698,767,001	--	35,851,579	15,360,956	20,671,381	8,326,246
51,604,874	359,588,998	--	--	671,422	--	--

April 30, 2004	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	$806,521,047	$2,691,357,245

* 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	$1.00	$9.67	$9.87
$--	$1.00	$--	$--	$--	$9.67	$9.87
$--	$1.00	$--	$--	$--	$--	$--
$--	$1.00	$1.00	$--	$--	$--	$--
$1.00	$1.00	$--	$1.00	$1.00	$9.67	$9.87
$1.00	$1.00	$--	$--	$1.00	$--	$--

$1.00	$1.00	$--	$1.00	$1.00	$9.97**	$10.18**
$--	$1.00	$--	$--	$--	$9.67	$9.87
$--	$1.00	$--	$--	$--	$--	$--
$--	$1.00	$1.00	$--	$--	$--	$--
$1.00	$1.00	$--	$1.00	$1.00	$9.67	$9.87
$1.00	$1.00	$--	$--	$1.00	$--	$--

$1.00	$1.00	$--	$1.00	$1.00	$9.67	$9.87
$--	$1.00	$--	$--	$--	$9.19***	$9.38***
$--	$1.00	$--	$--	$--	$--	$--
$--	$1.00	$1.00	$--	$--	$--	$--
$1.00	$1.00	$--	$1.00	$1.00	$9.67	$9.87
$1.00	$1.00	$--	$--	$1.00	$--	$--
$145,294,578	$2,039,294,726	$250,064,449	$160,987,143	$16,182,041	$207,191,046	$80,484,971

Statements of Assets and Liabilities

April 30, 2004	U.S. Government Bond Fund	New York Municipal Bond Fund
ASSETS:
Investments in repurchase agreements	$6,781,504	$--
Investments in securities	197,759,076	82,733,697

Total Investments in securities, at amortized cost and value	204,540,580	82,733,697

Cash	--	367,385
Income receivable	2,383,171	1,311,887
Receivable for shares sold	281,751	45,757
Receivable for investments sold	--	--
Prepaid expenses	5,013	3,882

TOTAL ASSETS	207,210,515	84,462,608

LIABILITIES:
Payable for investments purchased	1,426,049	--
Income distribution payable	429,542	114,110
Payable for dollar roll transactions	--	--
Payable for shares redeemed	1,074,634	10,228
Payable for transfer and dividend disbursing agent fees and expenses (Note 5)	17,067	7,493
Payable for audit fees	--	--
Payable for portfolio accounting fees	12,924	3,648
Payable for distribution services fee (Note 5)	3,251	222
Payable for shareholder services fee (Note 5)	6,409	65
Payable for share registration costs	--	--
Payable for printing and postage	698	4,999
Accrued expenses	--	--

TOTAL LIABILITIES	2,970,574	140,765

NET ASSETS	$204,239,941	$84,321,843

NET ASSETS CONSIST OF:
Paid in capital	$210,668,193	$82,206,722
Net unrealized appreciation of investments	3,107,755	1,909,559
Accumulated net realized gain (loss) on investments	(9,589,290)	205,550
Undistributed (distributions in excess of) net investment income	53,283	12

TOTAL NET ASSETS	$204,239,941	$84,321,843

Class A Shares	$54,387,651	$56,671,543
Class B Shares	$107,944	$357,415
Institutional I Shares	$149,744,346	$27,292,885
SHARES OUTSTANDING:
Class A Shares	5,718,217	5,416,317
Class B Shares	11,349	34,160
Institutional I Shares	15,743,879	2,608,507
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Net Asset Value Per Share
Class A Shares	$9.51	$10.46
Class B Shares	$9.51	$10.46
Institutional I Shares	$9.51	$10.46
Offering Price Per Share*
Class A Shares	$9.96**	$10.95**
Class B Shares	$9.51	$10.46
Institutional I Shares	$9.51	$10.46
Redemption Proceeds Per Share*
Class A Shares	$9.51	$10.46
Class B Shares	$9.03****	$9.94****
Institutional I Shares	$9.51	$10.46
Investments, at identified cost	$201,432,825	$80,824,138
Investments in affiliated issuers (Note 5)	$--	$--

* 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

$--	$--	$4,439,258	$1,641,620	$--	$--
200,683,391	121,334,903	267,203,744	221,085,080	9,220,288	40,132,843

200,683,391	121,334,903	271,643,002	222,726,700	9,220,288	40,132,843
--	--	965,788	482,795	--	--
3,110,480	1,814,829	3,090,668	2,373,608	498	1,487
332,504	669	2,866	26,326	34,361	146,097
--	--	6,427,402	5,248,395	--	--
--	13,977	855	14,247	--	90

204,126,375	123,164,378	282,130,581	230,872,071	9,255,147	40,280,517


--	--	4,884,375	21,769,558	--	--
582,556	313,686	803,352	343,525	--	--
--	--	9,550,426	14,454,182	--	--
375	439,105	1,692,353	166,485	18,176	18,268
11,443	5,695	14,235	9,712	7,187	8,241
9,375	7,089	10,284	12,140	387	998
8,851	4,989	8,433	8,454	267	978
2,882	4,117	56	3,643	1,495	9,828
17,823	586	10,373	15,920	--	3,158
16,164	--	15,946	--	2,165	3,981
4,367	2,446	5,451	4,192	35	323
4,239	--	--	--	978	--

658,075	777,713	16,995,284	37,787,811	30,690	45,775

$203,468,300	$122,386,665	$265,135,297	$194,084,260	$9,224,457	$40,234,742


$198,716,678	$117,782,631	$279,980,806	$191,465,110	$9,106,999	$39,018,105
7,492,044	4,320,711	1,600,322	1,248,505	192,469	1,755,257
(2,753,122)	283,768	(16,451,304)	1,400,494	(80,171)	(538,620)
12,700	(445)	5,473	(29,849)	5,160	--

$203,468,300	$122,386,665	$265,135,297	$194,084,260	$9,224,457	$40,234,742

$11,965,290	$20,948,208	$10,168,950	$10,431,316	$5,602,363	$24,435,878
$697,841	$2,167,340	$91,207	$2,155,368	$3,622,094	$15,798,864
$190,805,169	$99,271,117	$254,875,140	$181,497,576	$--	$--

1,172,709	2,052,000	1,009,428	1,029,435	571,287	2,492,358
68,400	211,910	9,054	215,451	370,419	1,619,566
18,700,498	9,714,643	25,300,214	18,142,537	--	--


$10.20	$10.21	$10.07	$10.13	$9.81	$9.80
$10.20	$10.23	$10.07	$10.00	$9.78	$9.75
$10.20	$10.22	$10.07	$10.00	$--	$--

$10.68**	$10.69**	$10.54**	$10.61**	$10.22***	$10.26**
$10.20	$10.23	$10.07	$10.00	$9.78	$9.75
$10.20	$10.22	$10.07	$10.00	$--	$--

$10.20	$10.21	$10.07	$10.13	$9.81	$9.80
$9.69****	$9.72****	$9.57****	$9.50****	$9.29****	$9.26****
$10.20	$10.22	$10.07	$10.00	$--	$--
$193,191,347	$117,014,192	$270,042,680	$221,478,195	$9,027,819	$38,377,586

$1,082,577	$1,148,033	$--	$--	$9,220,288	$40,132,843

Statements of Assets and Liabilities

April 30, 2004	Managed Allocation Fund--Aggressive Growth	Balanced Fund
Assets:
Investments in repurchase agreements	$--	$--
Investments in securities	18,056,911	167,307,844

Total Investments in securities, at Amortized cost and Value	18,056,911	167,307,844

Cash	--	524,569
Income receivable	443	641,914
Receivable for shares sold	134,264	125,833
Receivable for investments sold	--	1,453,533
Prepaid expenses	--	9,550

Total assets	18,191,618	170,063,243

Liabilities:
Payable for investments purchased	--	2,186,293
Payable for dollar roll transactions	--	5,133,915
Payable for shares redeemed	5,046	563,417
Payable for transfer and dividend disbursing agent fees and expenses (Note 5)	13,181	8,909
Payable for audit fees	536	7,740
Payable for portfolio accounting fees	525	7,029
Payable for distribution services fee (Note 5)	2,579	15,804
Payable for shareholder services fee (Note 5)	--	14,500
Payable for share registration costs	1,343	1,271
Payable for printing and postage	1,545	5,050
Accrued expenses	58	--

Total liabilities	24,813	7,943,928

Net Assets	$18,166,805	$162,119,315

Net Assets Consist of:
Paid in capital	$17,649,020	$209,143,586
Net unrealized appreciation of investments	785,688	10,118,368
Accumulated net realized gain (loss) on investments	(267,903)	(57,320,902)
Undistributed (distributions in excess of) net investment income	--	178,263

Total Net Assets	$18,166,805	$162,119,315

Class A Shares	$12,124,219	$30,493,242
Class B Shares	$6,042,586	$12,811,011
Institutional I Shares	$--	$118,815,062
Shares Outstanding:
Class A Shares	1,277,534	2,338,127
Class B Shares	646,710	982,068
Institutional I Shares	--	9,083,281
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Net Asset Value Per Share
Class A Shares	$9.49	$13.04
Class B Shares	$9.34	$13.04
Institutional I Shares	$--	$13.08
Offering Price Per Share*
Class A Shares	$9.99**	$13.80***
Class B Shares	$9.34	$13.04
Institutional I Shares	$--	$13.08
Redemption Proceeds Per Share*
Class A Shares	$9.49	$13.04
Class B Shares	$8.87****	$12.39****
Institutional I Shares	$--	$13.08
Investments, at identified cost	$17,271,223	$157,189,476

Investments in affiliated issuers (Note 5)	$18,056,911	$--

* 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.

**** Computatiion 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

$242,339	$--	$--	$--	$--	$--	$--
3,488,034	78,208,395	89,714,978	92,855,310	486,922,639	47,103,860	116,243,326

3,730,373	78,208,395	89,714,978	92,855,310	486,922,639	47,103,860	116,243,326

1	--	--	3	--	--	1,532,281
17,615	99,585	113,348	104,778	525,328	51,023	64,217
--	12,498	174,977	39,361	161,615	12,218	53,649
48,819	--	--	1,151,026	--	1,365,852	5,127,565
1,811	12,650	2,711	60,613	9,040	1,736	24,878

3,798,619	78,333,128	90,006,014	94,211,091	487,618,622	48,534,689	123,045,916


35,953	--	--	2,259,130	--	834,345	6,690,971
205,419	--	--	--	--	--	--
--	35,762	47,622	193,139	673,203	1,748	1,496,490
1,278	11,087	16,214	8,686	34,080	3,116	2,713
168	4,218	118	5,763	19,217	178	8,049
428	3,280	2,695	5,076	18,978	1,767	7,266
--	390	4,928	1,290	22,320	1,738	12,630
1,003	3,045	4,505	385	34,653	3,555	11,582
443	--	405	--	30,134	8,551	8,049
31	316	324	2,175	--	3,171	--
--	--	--	--	--	--	--

244,723	58,098	76,811	2,475,644	832,585	858,169	8,237,750

$3,553,896	$78,275,030	$89,929,203	$91,735,447	$486,786,037	$47,676,520	$114,808,166


$3,740,175	$64,383,319	$86,824,088	$108,954,698	$436,615,658	$50,315,541	$160,049,530
69,511	13,417,856	7,724,245	4,143,065	63,427,335	2,653,278	7,230,868
(267,855)	452,924	(4,663,005)	(21,595,849)	(13,445,117)	(5,292,299)	(52,472,232)
12,065	20,931	43,875	233,533	188,161	--	--

$3,553,896	$78,275,030	$89,929,203	$91,735,447	$486,786,037	$47,676,520	$114,808,166

$--	$5,244,719	$46,107,324	$6,386,241	$64,754,726	$11,210,907	$24,195,647
$--	$143,480	$682,757	$319,138	$12,115,694	$1,260,932	$10,150,239
$3,553,896	$72,886,831	$43,139,122	$85,030,068	$409,915,617	$35,204,681	$80,462,280

--	540,980	4,448,758	689,117	7,109,435	1,475,164	1,750,209
--	14,863	66,660	34,512	1,383,528	172,040	760,977
343,373	7,548,145	4,159,848	9,179,172	45,208,492	4,629,616	5,734,886


$--	$9.69	$10.36	$9.27	$9.11	$7.60	$13.82
$--	$9.65	$10.24	$9.25	$8.76	$7.33	$13.34
$10.35	$9.66	$10.37	$9.26	$9.07	$7.60	$14.03

$--	$10.25***	$10.96***	$9.81***	$9.64***	$8.04***	$14.62***
$--	$9.65	$10.24	$9.25	$8.76	$7.33	$13.34
$10.35	$9.66	$10.37	$9.26	$9.07	$7.60	$14.03

$--	$9.69	$10.36	$9.27	$9.11	$7.60	$13.82
$--	$9.17****	$9.73****	$8.79****	$8.32****	$6.96****	$12.67****
$10.35	$9.66	$10.37	$9.26	$9.07	$7.60	$14.03
$3,660,862	$64,790,539	$81,990,733	$88,712,245	$423,495,304	$44,450,582	$109,012,458

$--	$--	$--	$102,000	$--	$--	$--

April 30, 2004	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	$140,541,565	$86,180,065	$149,792,048	$189,523,301	$115,084,443
Cash	--	--	--	1,589,751	--
Cash denominated in foreign currencies (identified cost $2,333,681)	--	--	--	--	2,338,390
Income receivable	64,716	20,420	72,080	10,131	654,069
Net receivable for foreign exchange contracts	--	--	--	--	168,488
Receivable for shares sold	210,934	828,587	56,989	93,393	19,560
Receivable for investments sold	1,288,296	--	1,576,503	4,585,671	908,788
Prepaid expenses	3,898	5,348	7,980	12,203	1,245

Total assets	142,109,409	87,034,420	151,505,600	195,814,450	119,174,983

Liabilities:
Payable for investments purchased	748,465	434,399	2,240,454	11,620,424	225,250
Payable for shares redeemed	112,087	8,274	4,171	112,888	5,014
Payable for transfer and dividend disbursing agent fees and expenses (Note 5)	24,457	6,086	16,294	63,945	35,542
Payable for audit fees	84	3,536	7,330	5,732	4,712
Payable for portfolio accounting fees	5,066	3,466	6,590	9,553	7,468
Payable for distribution services fee (Note 5)	10,016	1,091	694	19,038	4,088
Payable for shareholder services fee (Note 5)	8,998	1,675	32,533	11,083	17,474
Payable for share registration costs	--	--	--	2,898	859
Payable for printing and postage	1,049	519	--	--	--

Total liabilities	910,222	459,046	2,308,066	11,845,561	300,407

Net Assets	$141,199,187	$86,575,374	$149,197,534	$183,968,889	$118,874,576

Net Assets Consist of:
Paid in capital	$123,311,547	$74,460,991	$106,505,521	$170,407,042	$113,820,700
Net unrealized appreciation (depreciation) of investments and translation of assets & liabilities in foreign currency	14,519,760	13,676,658	29,602,774	(3,373,849)	18,516,057
Accumulated net realized gain (loss) on investments and foreign currency transactions	3,367,880	(1,562,275)	13,089,239	16,935,696	(13,496,129)
Undistributed (distributions in excess of) net investment income	--	--	--	--	33,948

Total Net Assets	$141,199,187	$86,575,374	$149,197,534	$183,968,889	$118,874,576

Class A Shares	$68,326,591	$6,635,324	$11,217,424	$72,164,440	$19,123,957
Class B Shares	$2,333,210	$125,457	$1,118,568	$2,853,417	$223,163
Class C Shares	$--	$--	$--	$676,909	$--
Institutional I Shares	$70,539,386	$79,814,593	$136,861,542	$108,274,123	$99,527,456
Shares Outstanding:
Class A Shares	4,551,349	491,769	1,206,185	4,117,638	1,961,203
Class B Shares	161,094	9,295	124,257	166,756	23,243
Class C Shares	--	--	--	39,480	--
Institutional I Shares	4,696,802	5,880,766	14,748,532	6,096,600	10,263,864
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Net Asset Value Per Share
Class A Shares	$15.01	$13.49	$9.30	$17.53	$9.75
Class B Shares	$14.48	$13.50	$9.00	$17.11	$9.60
Class C Shares	$--	$--	$--	$17.15	$--
Institutional I Shares	$15.02	$13.57	$9.28	$17.76	$9.70
Offering Price Per Share*
Class A Shares	$15.88**	$14.28**	$9.84**	$18.55**	$10.32**
Class B Shares	$14.48	$13.50	$9.00	$17.11	$9.60
Class C Shares	$--	$--	$--	$17.15	$--
Institutional I Shares	$15.02	$13.57	$9.28	$17.76	$9.70
Redemption Proceeds Per Share*
Class A Shares	$15.01	$13.49	$9.30	$17.53	$9.75
Class B Shares	$13.76***	$12.83***	$8.55***	$16.25***	$9.12***
Class C Shares	$--	$--	$--	$16.98****	$--
Institutional I Shares	$15.02	$13.57	$9.28	$17.76	$9.70

Investments, at identified cost	$126,021,805	$72,503,407	$120,189,274	$192,897,150	$96,739,265

* 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

Year Ended April 30, 2004	U.S. Treasury Money Market Fund	U.S. Government Money Market Fund
Investment Income:
Interest	$8,905,232	$23,761,298

Total investment income	8,905,232	23,761,298

Expenses:
Investment advisory fee (Note 5)	4,572,131	9,650,560
Administrative personnel and services fee (Note 5)	612,703	1,463,874
Custodian fees	31,091	116,754
Transfer and dividend disbursing agent fees and expenses (Note 5)	213,892	364,286
Trustees' fees	21,061	37,973
Auditing fees	46,707	76,168
Legal fees	12,745	8,969
Portfolio accounting fees	383,771	638,054
Distribution services fee--Class A Shares (Note 5)	512,859	64,541
Distribution services fee--Class B Shares (Note 5)	--	--
Distribution services fee--Class S Shares (Note 5)	48,173	--
Distribution services fee--Institutional Shares (Note 5)	--	--
Distribution services fee--Institutional II Shares (Note 5)	705,308	2,004,674
Shareholder services fee--Class A Shares (Note 5)	512,859	46,463
Shareholder services fee--Class B Shares (Note 5)	--	--
Shareholder services fee--Class S Shares (Note 5)	34,626	--
Shareholder services fee--Institutional Shares (Note 5)	--	--
Shareholder services fee--Institutional I Shares (Note 5)	529,354	2,896,620
Shareholder services fee--Institutional II Shares (Note 5)	--	--
Share registration costs	97,553	179,610
Printing and postage	18,430	17,116
Insurance premiums	34,645	116,076
Miscellaneous	30,271	76,112

Total expenses	8,418,179	17,757,850

Waivers and Reimbursements:
Waiver of investment advisory fee (Note 5)	(1,593,288)	(4,082,561)
Waiver of administrative personnel and services fee (Note 5)	--	--
Waiver of portfolio accounting fees	(17,579)	(49,858)
Waiver of distribution services fee--Class A Shares (Note 5)	(512,859)	(18,422)
Waiver of distribution services fee--Class B Shares (Note 5)	--	--
Waiver of distribution services fee--Class S Shares (Note 5)	(30,285)	--
Waiver of distribution services fee--Institutional Shares (Note 5)	--	--
Waiver of distribution services fee--Institutional II Shares (Note 5)	(451,397)	(1,362,167)
Waiver of shareholder services fee--Class A Shares (Note 5)	(197,275)	(18,683)
Waiver of shareholder services fee--Class B Shares (Note 5)	--	--
Waiver of shareholder services fee--Class S Shares (Note 5)	--	--
Waiver of shareholder services fee--Institutional Shares (Note 5)	--	--
Waiver of shareholder services fee--Institutional I Shares (Note 5)	(487,005)	(2,579,587)
Waiver of shareholder services fee--Institutional II Shares (Note 5)	--	--
Reimbursement of other operating expenses (Note 5)	--	--

Total waivers and reimbursements	(3,289,688)	(8,111,278)

Net expenses	5,128,491	9,646,572

Net investment income	3,776,741	14,114,726

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments	--	--
Net change in unrealized appreciation (depreciation) of investments	--	--

Net realized and unrealized gain (loss) on investments	--	--

Change in net assets resulting from operations	$3,776,741	$14,114,726

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

$1,781,406	$21,601,387	$2,943,897	$2,043,187	$188,443	$4,406,755	$2,324,327

1,781,406	21,601,387	2,943,897	2,043,187	188,443	4,406,755	2,324,327


742,099	9,740,590	1,354,482	959,610	77,327	960,213	487,224
128,632	1,293,971	186,258	132,703	17,809	107,381	54,574
11,033	60,172	13,186	9,596	1,775	8,002	5,411
38,077	736,419	70,146	65,791	12,970	51,042	32,839
3,488	43,924	7,332	3,888	237	3,722	983
8,770	93,186	23,806	15,462	747	12,155	3,533
2,592	26,467	7,457	5,405	354	3,244	1,780
55,975	766,206	103,705	76,246	15,177	59,220	29,454
122,611	1,938,387	--	278,355	216	16,467	93
--	1,193	--	--	--	271	61
--	169,139	--	--	--	--	--
--	6,347	482,164	--	--	--	--
115,365	704,375	--	--	3,539	--	--
106,158	2,838,467	--	277,835	216	16,467	96
--	393	--	--	--	90	20
--	171,954	--	--	--	--	--
--	8,828	482,164	--	--	--	--
162,083	1,142,290	--	56,038	41,083	384,127	151,928
--	--	--	--	1,664	--	--
63,101	182,323	24,931	32,214	44,494	47,714	52,334
6,413	168,267	8,574	9,387	3,585	4,142	5,652
8,853	87,872	13,544	7,040	4,923	11,907	3,024
7,974	50,839	70,673	2,758	1,658	62,142	3,712

1,583,224	20,231,609	2,848,422	1,932,328	227,774	1,748,306	832,718


(418,318)	(4,799,233)	(808,347)	(316,926)	(77,327)	(204,311)	(14,128)
--	--	--	--	(1,560)	(4,329)	--
(3,429)	(43,668)	(5,515)	(3,744)	(416)	--	(1,705)
(90,899)	(1,628,245)	--	(278,355)	(216)	(9,880)	(29)
--	(529)	--	--	--	--	--
--	(537)	--	--	--	--	--
--	(6,347)	(482,164)	--	--	--	--
(66,610)	(507,150)	--	--	(2,174)	--	--
(18,688)	(189,522)	--	(99,693)	(61)	(16,467)	--
--	(127)	--	--	--	--	--
--	--	--	--	--	--	--
--	(3,012)	(405,018)	--	--	--	--
(141,217)	(1,142,290)	--	(20,174)	(30,303)	(366,529)	(104,454)
--	--	--	--	(1,309)	--	--
--	--	--	--	(7,700)	--	--

(739,161)	(8,320,660)	(1,701,044)	(718,892)	(121,066)	(601,516)	(120,316)

844,063	11,910,949	1,147,378	1,213,436	106,708	1,146,790	712,402

937,343	9,690,438	1,796,519	829,751	81,735	3,259,965	1,611,925


--	--	--	6,346	--	690,464	326,888
--	--	--	--	--	(2,800,012)	(1,176,968)

--	--	--	6,346	--	(2,109,548)	(850,080)

$937,343	$9,690,438	$1,796,519	$836,097	$81,735	$1,150,417	$761,845

Year Ended April 30, 2004	U.S. Government Bond Fund	New York Municipal Bond Fund
Investment Income:
Dividends	$--	$--
Interest	8,948,020	4,014,395

Total investment income	8,948,020	4,014,395

Expenses:
Investment advisory fee (Note 5)	1,466,043	617,754
Administrative personnel and services fee (Note 5)	140,635	60,876
Custodian fees	10,472	4,413
Transfer and dividend disbursing agent fees and expenses (Note 5)	100,359	44,389
Trustees' fees	4,218	2,074
Auditing fees	10,030	7,419
Legal fees	3,230	2,401
Portfolio accounting fees	86,955	34,533
Distribution services fee--Class A Shares (Note 5)	149,461	117,246
Distribution services fee--Class B Shares (Note 5)	475	709
Shareholder services fee--Class A Shares (Note 5)	148,443	117,246
Shareholder services fee--Class B Shares (Note 5)	158	236
Shareholder services fee--Institutional I Shares (Note 5)	263,587	37,916
Share registration costs	45,496	44,196
Printing and postage	7,241	14,690
Insurance premiums	13,495	4,830
Miscellaneous	5,288	2,526

Total expenses	2,455,586	1,113,454

Waivers and Reimbursements:
Waiver of investment advisory fee (Note 5)	--	(65,546)
Waiver of portfolio accounting fees	(4,501)	(1,839)
Waiver of distribution services fee--Class A Shares (Note 5)	(123,829)	(117,246)
Waiver of distribution services fee--Class B Shares (Note 5)	--	--
Waiver of shareholder services fee--Class A Shares (Note 5)	(148,443)	(117,246)
Waiver of shareholder services fee--Class B Shares (Note 5)	--	(29)
Waiver of shareholder services fee--Institutional I Shares (Note 5)	(218,735)	(37,916)
Reimbursement of other operating expenses (Note 5)	--	--

Total waivers and reimbursements	(495,508)	(339,822)

Net expenses	1,960,078	773,632

Net investment income	6,987,942	3,240,763

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments	875,447	520,837
Net realized gain on capital gain distributions from other investment companies	--	--
Net change in unrealized appreciation (depreciation) of investments	(4,105,815)	(2,061,486)

Net realized and unrealized gain (loss) on investments	(3,230,368)	(1,540,649)

Change in net assets resulting from operations	$3,757,574	$1,700,114

(a) Including $13,416, $8,039, $187,096 and $428,505 received from affiliated issuers, respectively (Note 5).

(b) Net of dollar roll expense of $71,201 and including dollar roll income of $288,041.

(d) Including realized loss of $(20,704) and $(278,539) on sales of investments in affiliated issuers, respectively (Note 5).

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

$13,416 (a)	$8,039 (a)	$--	$--	$187,096 (a)	$428,505 (a)
9,934,238	6,108,115	9,927,651 (b)	10,564,082 (c)	--	--

9,947,654	6,116,154	9,927,651	10,564,082	187,096	428,505


1,440,936	863,280	1,508,960	1,375,233	18,623	67,049
147,835	95,557	152,735	167,868	5,087	17,926
12,955	8,147	14,815	17,076	373	1,341
57,884	43,159	49,090	74,039	25,845	63,553
3,665	2,118	3,570	4,199	531	410
9,129	7,258	10,297	12,409	515	1,181
3,483	2,237	4,729	3,200	174	544
76,843	48,254	80,205	76,485	2,776	9,634
61,016	62,033	70,080	30,629	8,532	33,267
3,877	14,719	283	16,343	20,803	74,112
59,745	50,054	70,080	24,735	8,532	33,267
1,294	4,906	94	5,448	6,934	24,704
414,241	216,348	444,319	464,410	--	--
60,739	48,127	57,545	51,361	26,782	28,809
6,594	6,468	8,465	7,899	5,458	10,210
14,729	6,297	7,833	12,114	5,764	6,686
7,933	4,917	6,274	8,510	3,400	3,776

2,382,898	1,483,879	2,489,374	2,351,958	140,129	376,469


(22,353)	(127,811)	(223,708)	(48,482)	(18,623)	(1,512)
(4,468)	(2,644)	(5,750)	(4,258)	(185)	(806)
(423)	(14,654)	(70,080)	(1,965)	(8,532)	(17,299)
--	--	--	(16)	(4,016)	(10,324)
(54,863)	(50,054)	(70,080)	(23,625)	(8,532)	(33,267)
(220)	(1,642)	(34)	(565)	(5,284)	--
(202,874)	(177,810)	(324,724)	(255,886)	--	--
--	--	--	--	(2,028)	--

(285,201)	(374,615)	(694,376)	(334,797)	(47,200)	(63,208)

2,097,697	1,109,264	1,794,998	2,017,161	92,929	313,261

7,849,957	5,006,890	8,132,653	8,546,921	94,167	115,244


3,599,810	856,565	1,799,251	4,359,497	(20,704) (d)	(278,539) (d)
--	--	--	--	27,392	102,221
(6,776,220)	(3,521,590)	(4,529,008)	(10,373,346)	266,984	2,634,618

(3,176,410)	(2,665,025)	(2,729,757)	(6,013,849)	273,672	2,458,300

$4,673,547	$2,341,865	$5,402,896	$2,533,072	$367,839	$2,573,544

Year Ended April 30, 2004	Managed Allocation Fund-- Aggressive Growth	Balanced Fund
Investment Income:
Dividends	$107,425(a)	$1,158,264
Interest	--	2,365,404(b)

Total investment income	107,425	3,523,668

Expenses:
Investment advisory fee (Note 5)	30,206	1,138,099
Administrative personnel and services fee (Note 5)	8,081	129,098
Custodian fees	604	13,488
Transfer and dividend disbursing agent fees and expenses (Note 5)	45,235	107,565
Trustees' fees	601	3,036
Auditing fees	828	8,283
Legal fees	296	2,749
Portfolio accounting fees	4,434	61,635
Distribution services fee--Class A Shares (Note 5)	16,459	95,558
Distribution services fee--Class B Shares (Note 5)	27,263	93,457
Shareholder services fee--Class A Shares (Note 5)	16,459	70,401
Shareholder services fee--Class B Shares (Note 5)	9,088	31,152
Shareholder services fee--Institutional I Shares (Note 5)	--	285,292
Share registration costs	26,427	58,731
Printing and postage	9,425	16,501
Insurance premiums	5,952	8,179
Miscellaneous	3,671	7,115

Total expenses	205,029	2,130,339

Waivers and Reimbursements:
Waiver of investment advisory fee (Note 5)	(14,577)	(31,083)
Waiver of portfolio accounting fees	(360)	(3,646)
Waiver of distribution services fee--Class A Shares (Note 5)	(16,459)	(15,094)
Waiver of distribution services fee--Class B Shares (Note 5)	(5,337)	--
Waiver of shareholder services fee--Class A Shares (Note 5)	(16,459)	(69,874)
Waiver of shareholder services fee--Class B Shares (Note 5)	(7,412)	(4,128)
Waiver of shareholder services fee--Institutional I Shares (Note 5)	--	(141,271)
Reimbursement of other operating expenses (Note 5)	--	(32,940)

Total waivers and reimbursements	(60,604)	(298,036)

Net expenses	144,425	1,832,303

Net investment income (loss)	(37,000)	1,691,365

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments	(110,060)(e)	7,156,219
Net realized gain on capital gain distributions from other investment companies	60,491	--
Net change in unrealized appreciation (depreciation) of investments	1,882,032	14,020,753

Net realized and unrealized gain on investments	1,832,463	21,176,972

Change in net assets resulting from operations	$1,795,463	$22,868,337

(a) Including $107,425 and $1,844 received from affiliated issuers, respectively (Note 5).

(b) Net of dollar roll expense of $38,190 and including dollar roll income of $154,861.

(d) Net of dollar roll expense of $1,536 and including dollar roll income of $7,139.

(e) Including realized loss of $(110,060) on sales of investments in affiliated issuers (Note 5).

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

7,693 (c)	$1,925,964 (c)	$1,303,080	$1,922,833 (a)	$5,944,507 (c)	$294,462	$972,700 (c)
109,574 (d)	26,015	26,103	10,441	51,268	11,067	10,298

117,267	1,951,979	1,329,183	1,933,274	5,995,775	305,529	982,998


23,935	529,550	488,650	225,086	3,537,059	216,183	1,044,612
9,921	60,358	47,126	85,727	274,510	17,128	111,632
1,745	5,651	3,490	9,623	20,174	1,272	12,138
6,599	39,953	51,528	47,110	156,095	14,849	121,507
66	985	1,194	1,409	6,657	395	2,251
147	4,487	4,345	6,080	13,001	1,618	8,540
210	1,334	1,780	1,717	3,196	424	2,787
10,645	31,305	26,287	43,984	149,996	9,555	55,121
--	14,898	76,597	17,904	149,386	20,675	76,943
--	379	4,299	635	65,943	8,551	77,234
--	11,055	76,597	13,635	146,097	34,053	56,429
--	128	1,433	212	21,981	2,850	25,745
7,454	154,518	55,807	233,880	794,640	26,680	246,841
829	48,440	44,186	48,049	70,462	50,515	48,573
1,568	4,736	6,819	5,059	7,589	8,192	11,431
2,227	3,330	4,054	4,834	20,415	7,100	6,391
849	3,774	3,904	8,623	9,013	3,806	9,169

66,195	914,881	898,096	753,567	5,446,214	423,846	1,917,344


(10,913)	(19,289)	--	(185,279)	(61,646)	(44,438)	(70,661)
(77)	(1,706)	(1,881)	(2,129)	(10,704)	(1,012)	(2,660)
--	(3,944)	(42,161)	(2,561)	(11,270)	(11,578)	(11,732)
--	--	--	--	--	--	--
--	(11,117)	(76,597)	(12,306)	(146,097)	(28,167)	(50,640)
--	(3)	--	--	(62)	--	(1,275)
(1,229)	(102,876)	(30,516)	(230,688)	(528,950)	(14,941)	(99,557)
(13,234)	(6,038)	--	--	(10,573)	--	--

(25,453)	(144,973)	(151,155)	(432,963)	(769,302)	(100,136)	(236,525)

40,742	769,908	746,941	320,604	4,676,912	323,710	1,680,819

76,525	1,182,071	582,242	1,612,670	1,318,863	(18,181)	(697,821)


277,381	1,083,766	1,493,806	(8,828,652)	57,373,143	(247,993)	29,177,866
--	--	--	--	--	--	--
(201,216)	11,269,729	10,657,703	30,536,645	12,343,821	2,745,027	2,637,324

76,165	12,353,495	12,151,509	21,707,993	69,716,964	2,497,034	31,815,190

$152,690	$13,535,566	$12,733,751	$23,320,663	$71,035,827	$2,478,853	$31,117,369

Year Ended April 30, 2004	Mid Cap Stock Fund	Mid Cap Growth Fund
Investment Income:
Dividends	$1,213,022(a)	$563,571(b)
Interest	14,949	26,326

Total investment income	1,227,971	589,897

Expenses:
Investment advisory fee (Note 5)	1,093,452	700,410
Administrative personnel and services fee (Note 5)	87,549	65,875
Custodian fees	6,432	7,345
Transfer and dividend disbursing agent fees and expenses (Note 5)	119,842	40,822
Trustees' fees	2,116	1,365
Auditing fees	9,119	3,813
Legal fees	3,510	1,508
Portfolio accounting fees	48,700	33,513
Distribution services fee--Class A Shares (Note 5)	131,839	17,534
Distribution services fee--Class B Shares (Note 5)	16,364	240
Distribution services fee--Class C Shares (Note 5)	--	--
Shareholder services fee--Class A Shares (Note 5)	213,373	13,305
Shareholder services fee--Class B Shares (Note 5)	5,455	80
Shareholder services fee--Class C Shares (Note 5)	--	--
Shareholder services fee--Institutional I Shares (Note 5)	102,774	171,624
Share registration costs	44,175	53,899
Printing and postage	18,929	3,722
Insurance premiums	5,158	3,766
Miscellaneous	3,439	4,863

Total expenses	1,912,226	1,123,684

Waivers and Reimbursements:
Waiver of investment advisory fee (Note 5)	--	(53,296)
Waiver of portfolio accounting fees	(3,171)	(1,917)
Waiver of distribution services fee--Class A Shares (Note 5)	(71,567)	(5,552)
Waiver of shareholder services fee--Class A Shares (Note 5)	(197,066)	(13,305)
Waiver of shareholder services fee--Institutional I Shares (Note 5)	(54,900)	(126,262)
Reimbursement of other operating expenses (Note 5)	--	--

Total waivers and reimbursements	(326,704)	(200,332)

Net expenses	1,585,522	923,352

Net investment income (loss)	(357,551)	(333,455)

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized gain on investments and foreign currency transactions	17,134,912	13,055,983
Net change in unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currency	10,175,167	10,109,189

Net realized and unrealized gain on investments and foreign currency transactions	27,310,079	23,165,172

Change in net assets resulting from operations	$26,952,528	$22,831,717

(a) Net of foreign taxes withheld of $8,958, $209, $1,506 and $270,100, respectively.

(b) Including $8,092 and $6,167 received from affiliated issuers, respectively (Note 5).

See Notes which are an integral part of the Financial Statements

Small Cap Stock Fund	Small Cap Growth Fund	International Equity Fund

$1,371,869 (a)	$615,815 (a)(b)	$2,388,918 (a)
28	2,470	15,860

1,371,897	618,285	2,404,778


1,230,604	1,431,341	1,009,822
98,334	124,177	67,317
7,260	14,140	190,957
60,100	256,358	113,531
2,498	2,039	1,764
8,937	6,469	6,401
3,618	2,249	1,747
55,774	64,763	41,236
73,657	212,162	62,059
6,583	19,249	1,076
--	3,070	--
164,872	163,088	113,374
2,195	6,417	359
--	1,028	--
194,876	214,301	138,723
38,311	68,275	32,505
6,286	13,724	6,150
4,822	2,562	3,951
3,236	7,408	3,091

1,961,963	2,612,820	1,794,063


--	(7,049)	(20,549)
(3,319)	(4,298)	(2,566)
(73,657)	(29,185)	--
(36,486)	(151,341)	(82,600)
--	(99,925)	(31,596)
--	(131,243)	--

(113,462)	(423,041)	(137,311)

1,848,501	2,189,779	1,656,752

(476,604)	(1,571,494)	748,026


26,190,921	61,823,399	7,257,475
25,184,048	(8,792,247)	17,284,238

51,374,969	53,031,152	24,541,713

$50,898,365	$51,459,658	$25,289,739

Statements of Changes in Net Assets

	U.S. Treasury Money Market Fund
	Year Ended April 30,
	2004	2003
Increase (Decrease) in Net Assets:
Operations:
Net investment income	$3,776,741	$6,637,934
Net realized loss on investments	--	--

Change in net assets resulting from operations	3,776,741	6,637,934

Distributions to Shareholders:
Distributions from net investment income
Class A Shares	(1,624,606)	(6,590,665)
Class B Shares	--	(49,802)
Class S Shares	(42,212)	--
Institutional Shares	--	--
Institutional I Shares	(985,048)	--
Institutional II Shares	(1,121,836)	--
Distributions from net realized gain on investments
Class A Shares	--	--
Class S Shares	--	--
Institutional Shares	--	--

Change in net assets resulting from distributions to shareholders	(3,773,702)	(6,640,467)

Share Transactions:
Proceeds from sale of shares	4,884,676,615	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	284,908	682,530
Cost of shares redeemed	(5,171,599,869)	(20,276,343,242)

Change in net assets resulting from share transactions	165,981,358	(127,396,111)

Change in net assets	165,984,397	(127,398,644)
Net Assets:
Beginning of period	640,096,981	767,495,625

End of period	$806,081,378	$640,096,981

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$(45,103)	$(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
Year Ended April 30,		Year Ended April 30,			Year Ended April 30,			Year Ended April 30,
2004	2003		2004	2003		2004	2003		2004	2003


$14,114,726	$19,865,670		$937,343	$1,554,161		$9,690,438	$13,626,470		$1,796,519	$3,140,059
--	(10)		--	(570)		--	--		--	--

14,114,726	19,865,660		937,343	1,553,591		9,690,438	13,626,470		1,796,519	3,140,059



(128,272)	(797,967)		(197,712)	(318,174)		(4,684,093)	(13,134,406)		--	--
--	--		--	--		(178)	--		--	--
--	--		--	--		(121,346)	(408,829)		--	--
--	--		--	--		(17,900)	(29,065)		(1,830,953)	(3,099,195)
(9,028,980)	(15,731,093)		(470,868)	(795,698)		(3,156,416)	--		--	--
(4,959,231)	(3,336,608)		(268,786)	(440,270)		(1,738,764)	--		--	--

--	--		--	--		--	(13,835)		--	--
--	--		--	--		--	(943)		--	--
--	--		--	--		--	(28)		--	(32,174)

(14,116,483)	(19,865,668)		(937,366)	(1,554,142)		(9,718,697)	(13,587,106)		(1,830,953)	(3,131,369)


4,676,020,526	3,876,147,207		313,287,302	229,407,794		8,163,415,103	59,207,069,915		778,833,498	1,160,952,298
--	--		--	--		--	--		--	--
--	--		--	--		--	--		--	--
856,436,291	--		--	--		--	--		--	--
--	--		11,848,522	--		--	--		--	--
--	--		--	--		1,028,939,384	--		--	--
--	--		--	--		61,893,805	--		--	--
313,597	45,187		215,601	318,164		3,036,354	6,507,298		582,947	693,566
(4,404,307,573)	(3,983,743,337)		(358,122,327)	(194,937,654)		(8,542,591,890)	(59,516,580,412)		(778,422,745)	(1,131,661,846)

1,128,462,841	(107,550,943)		(32,770,902)	34,788,304		714,692,756	(303,003,199)		993,700	29,984,018

1,128,461,084	(107,550,951)		(32,770,925)	34,787,753		714,664,497	(302,963,835)		959,266	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

$2,690,551,755	$1,562,090,671		$152,882,245	$185,653,170		$2,039,094,448	$1,324,429,951		$249,770,793	$248,811,527

$(2,015)	$2,232		$17	$41		$(528)	$27,785		$9	$34,443

Statements of Changes in Net Assets

	New York Tax-Free Money Market Fund
	Year Ended April 30,
		2004	2003
Increase (Decrease) in Net Assets:
Operations:
Net investment income		$829,751	$1,698,818
Net realized gain (loss) on investments		6,346	--
Net change in unrealized appreciation (depreciation) of investments		--	--

Change in net assets resulting from operations		836,097	1,698,818

Distributions to Shareholders:
Distributions from net investment income
Class A Shares		(738,522)	(1,698,748)
Class B Shares		--	--
Class S Shares		--	--
Institutional I Shares		(91,404)	--
Institutional II Shares		--	--

Change in net assets resulting from distributions to shareholders		(829,926)	(1,698,748)

Share Transactions:
Proceeds from sale of shares		11,860,721,436	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		497,227	995,420
Cost of shares redeemed		(11,889,767,149)	(1,176,425,629)

Change in net assets resulting from share transactions		(28,548,486)	4,816,119

Change in net assets		(28,542,315)	4,816,189
Net Assets:
Beginning of period		191,858,939	187,042,750

End of period		$163,316,624	$191,858,939

Undistributed (distributions in excess of) net investment income included in net assets at end of period		$(105)	$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
Year Ended April 30,		Year Ended April 30,			Year Ended April 30,
2004	2003		2004	2003		2004	2003


$81,735	$178,495		$3,259,965	$3,464,908		$1,611,925	$2,267,463
--	(27)		690,464	1,246,757		326,888	743,635
--	--		(2,800,012)	229,535		(1,176,968)	557,359

81,735	178,468		1,150,417	4,941,200		761,845	3,568,457



(329)	--		(151,301)	--		(775)	--
--	--		(339)	--		(95)	--
--	--		--	--		--	--
(73,095)	(155,483)		(3,694,029)	(4,596,450)		(1,616,839)	(2,299,201)
(8,274)	(23,014)		--	--		--	--

(81,698)	(178,497)		(3,845,669)	(4,596,450)		(1,617,709)	(2,299,201)


74,801,868	50,481,282		112,935,555	55,313,480		43,198,627	15,285,313
--	--		60,731,410	--		--	--
278	--		1,430,903	1,859,833		721,116	1,083,533
(75,439,563)	(59,708,212)		(81,271,279)	(29,199,086)		(20,512,082)	(29,066,192)

(637,417)	(9,226,930)		93,826,589	27,974,227		23,407,661	(12,697,346)

(637,380)	(9,226,959)		91,131,337	28,318,977		22,551,797	(11,428,090)

16,891,919	26,118,878		117,332,502	89,013,525		59,764,682	71,192,772

$16,254,539	$16,891,919		$208,463,839	$117,332,502		$82,316,479	$59,764,682

$36	$--		$(2,836)	$(4,192)		$(5,216)	$2,209

Statements of Changes in Net Assets


	2004	2003
Increase (Decrease) in Net Assets:
Operations:
Net investment income	$6,987,942	$5,646,098
Net realized gain on investments	875,447	2,251,264
Net change in unrealized appreciation (depreciation) of investments	(4,105,815)	3,315,077

Change in net assets resulting from operations	3,757,574	11,212,439

Distributions to Shareholders:
Distributions from net investment income
Class A Shares	(4,490,375)	(6,517,505)
Class B Shares	(1,978)	--
Institutional I Shares	(4,393,097)	--
Distributions from net realized gain on investments
Class A Shares	(8,828)	--
Class B Shares	(14)	--
Institutional I Shares	(23,820)	--

Change in net assets resulting from distributions to shareholders	(8,918,112)	(6,517,505)

Share Transactions:
Proceeds from sale of shares	173,044,417	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	4,294,624	3,543,395
Cost of shares redeemed	(206,542,793)	(32,482,150)

Change in net assets resulting from share transactions	65,190,738	23,164,465

Change in net assets	60,030,200	27,859,399
Net Assets:
Beginning of period	144,209,741	116,350,342

End of period	$204,239,941	$144,209,741

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$53,283	$88,116

See Notes which are an integral part of the Financial Statements

New York Municipal Bond Fund Year Ended April 30,
2004	2003	2004	2003	2004	2003


$3,240,763	$3,231,123	$7,849,957	$6,455,745	$5,006,890	$5,111,047
520,837	596,600	3,599,810	582,668	856,565	495,470
(2,061,486)	2,004,389	(6,776,220)	5,524,473	(3,521,590)	3,739,129

1,700,114	5,832,112	4,673,547	12,562,886	2,341,865	9,345,646



(2,675,120)	(3,211,133)	(809,710)	(87,455)	(871,766)	(996,680)
(2,518)	--	(14,743)	(9,748)	(59,741)	(48,975)
(557,819)	--	(6,875,857)	(6,358,541)	(3,972,015)	(4,074,964)

(495,157)	(85,625)	--	--	--	--
(407)	--	--	--	--	--
(235,921)	--	--	--	--	--

(3,966,942)	(3,296,758)	(7,700,310)	(6,455,744)	(4,903,522)	(5,120,619)


52,165,630	17,618,682	87,602,035	9,010,974	17,448,873	12,289,509
--	--	--	--	--	--
--	--	85,690,214	--	--	--
2,409,901	1,861,128	503,493	304,742	1,066,297	1,246,757
(53,874,291)	(16,580,118)	(129,249,521)	(16,160,092)	(21,371,809)	(15,647,767)

701,240	2,899,692	44,546,221	(6,844,376)	(2,856,639)	(2,111,501)

(1,565,588)	5,435,046	41,519,458	(737,234)	(5,418,296)	2,113,526

85,887,431	80,452,385	161,948,842	162,686,076	127,804,961	125,691,435

$84,321,843	$85,887,431	$203,468,300	$161,948,842	$122,386,665	$127,804,961

$12	$282	$12,700	$20,200	$(445)	$--

Statements of Changes in Net Assets

	Intermediate-Term Bond Fund
	Year Ended April 30,
		2004	2003
Increase (Decrease) in Net Assets:
Operations:
Net investment income		$8,132,653	$5,339,336
Net realized gain (loss) on investments		1,799,251	4,820,946
Net realized gain on capital gain distributions from other investment companies		--	--
Net change in unrealized appreciation (depreciation) of investments		(4,529,008)	3,626,022

Change in net assets resulting from operations		5,402,896	13,786,304

Distributions to Shareholders:
Distributions from net investment income
Class A Shares		(1,196,954)	--
Class B Shares		(1,415)	--
Institutional I Shares		(8,406,084)	(5,348,770)
Distributions from net realized gain on investments
Class A Shares		(95,999)	--
Class B Shares		(780)	--
Institutional Shares		--	--
Institutional I Shares		(2,939,052)	--

Change in net assets resulting from distributions to shareholders		(12,640,284)	(5,348,770)

Share Transactions:
Proceeds from sale of shares		194,513,120	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		4,330,820	1,015,406
Cost of shares redeemed		(186,977,965)	(25,895,409)

Change in net assets resulting from share transactions		144,109,347	(10,409,513)

Change in net assets		136,871,959	(1,971,979)
Net Assets:
Beginning of period		128,263,338	130,235,317

End of period		$265,135,297	$128,263,338

Undistributed (distributions in excess of) net investment income included in net assets at end of period		$5,473	$--

See Notes which are an integral part of the Financial Statements

Income Fund		Managed Allocation Fund-- Conservative Growth			Managed Allocation Fund-- Moderate Growth
Year Ended April 30,		Year Ended April 30,			Year Ended April 30,
2004	2003		2004	2003		2004	2003


$8,546,921	$11,300,910		$94,167	$96,199		$115,244	$105,985
4,359,497	6,723,978		(20,704)	(77,799)		(278,539)	(315,112)
--	--		27,392	91,118		102,221	313,915
(10,373,346)	7,580,938		266,984	(46,651)		2,634,618	(730,035)

2,533,072	25,605,826		367,839	62,867		2,573,544	(625,247)



(407,161)	(501,475)		(67,575)	(80,146)		(104,633)	(99,924)
(62,790)	(59,105)		(21,432)	(16,053)		(11,528)	(6,351)
(8,092,401)	(10,782,790)		--	--		--	--

(281,650)	--		(55,230)	(6,893)		(200,003)	(37,351)
(55,450)	--		(36,246)	(2,117)		(114,468)	(10,188)
(5,395,351)	--		--	--		--	--
--	--		--	--		--	--

(14,294,803)	(11,343,370)		(180,483)	(105,209)		(430,632)	(153,814)


23,083,526	42,736,056		4,262,046	4,020,838		24,088,306	10,866,345
--	--		--	--		--	--
9,768,280	6,281,317		177,899	103,430		427,150	153,396
(88,160,376)	(78,807,535)		(1,523,375)	(749,467)		(2,790,929)	(2,039,764)

(55,308,570)	(29,790,162)		2,916,570	3,374,801		21,724,527	8,979,977

(67,070,301)	(15,527,706)		3,103,926	3,332,459		23,867,439	8,200,916

261,154,561	276,682,267		6,120,531	2,788,072		16,367,303	8,166,387

$194,084,260	$261,154,561		$9,224,457	$6,120,531		$40,234,742	$16,367,303

$(29,850)	$--		$5,160	$--		$--	$--

Statements of Changes in Net Assets

	Managed Allocation Fund-- Aggressive Growth
	Year Ended April 30,
		2004	2003
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)		$(37,000)	$(8,232)
Net realized gain (loss) on investments		(110,060)	(191,705)
Net realized gain on capital gain distributions from other investment companies		60,491	273,128
Net change in unrealized appreciation (depreciation) of investments		1,882,032	(798,772)

Change in net assets resulting from operations		1,795,463	(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		(177,748)	(49,084)
Class B Shares		(81,118)	(9,972)
Institutional I Shares		--	--

Change in net assets resulting from distributions to shareholders		(258,866)	(59,056)

Share Transactions:
Proceeds from sale of shares		10,165,954	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		258,526	58,856
Cost of shares redeemed		(1,028,069)	(1,340,264)

Change in net assets resulting from share transactions		9,396,411	3,146,813

Change in net assets		10,933,008	2,362,176
Net Assets:
Beginning of period		7,233,797	4,871,621

End of period		$18,166,805	$7,233,797

Undistributed (distributions in excess of) net investment income included in net assets at end of period		$--	$--

See Notes which are an integral part of the Financial Statements

Balanced Fund		Social Balanced Fund			Equity Income Fund			Large Cap Value Fund
Year Ended April 30,		Year Ended April 30,			Year Ended April 30,			Year Ended April 30,
2004	2003		2004	2003		2004	2003		2004	2003


$1,691,365	$3,952,280		$76,525	$87,427		$1,182,071	$1,402,253		$582,242	$349,346
7,156,219	(35,836,061)		277,381	14,475		1,083,766	(3,249,959)		1,493,806	(6,083,380)
--	--		--	--		--	--		--	--
14,020,753	1,970,609		(201,216)	136,910		11,269,729	(12,928,852)		10,657,703	(1,170,649)

22,868,337	(29,913,172)		152,690	238,812		13,535,566	(14,776,558)		12,733,751	(6,904,683)



(286,804)	(511,208)		--	--		(63,258)	(73,054)		(404,148)	(312,233)
(17,263)	(93,421)		--	--		(249)	--		--	--
(1,327,043)	(3,584,065)		(64,443)	(87,426)		(1,066,524)	(1,329,264)		(172,800)	--

--	--		--	--		--	--		--	--
--	--		--	--		--	--		--	--
--	--		(91,930)	--		--	--		--	--

(1,631,110)	(4,188,694)		(156,373)	(87,426)		(1,130,031)	(1,402,318)		(576,948)	(312,233)


8,280,103	14,467,491		33,661	1,073,007		10,278,475	13,330,365		82,583,342	24,188,497
--	--		777,071	--		--	--		--	--
--	--		793,521	--		--	--		--	--
--	--		178,629	--		--	--		--	--
1,609,004	4,151,725		114,202	39,721		134,009	133,871		364,272	207,963
(32,499,331)	(122,982,640)		(1,606,227)	(56,511)		(10,358,184)	(8,611,209)		(54,291,834)	(11,376,874)

(22,610,224)	(104,363,424)		290,857	1,056,217		54,300	4,853,027		28,655,780	13,019,586

(1,372,997)	(138,465,290)		287,174	1,207,603		12,459,835	(11,325,849)		40,812,583	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

$162,119,315	$163,492,312		$3,553,896	$3,266,722		$78,275,030	$65,815,195		$89,929,203	$49,116,620

$178,263	$153,210		$12,065	$(19)		$20,931	$--		$43,875	$38,581

Statements of Changes in Net Assets

	Equity Index Fund
	Year Ended April 30,
		2004	2003
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)		$1,612,670	$1,387,337
Net realized gain (loss) on investments		(8,828,652)	(5,730,755)
Net realized gain (loss) on options		--	--
Net realized gain on capital gain distributions from other investment companies		--	--
Net change in unrealized appreciation (depreciation) of investments		30,536,645	(9,046,790)

Change in net assets resulting from operations		23,320,663	(13,390,208)

Distributions to Shareholders:
Distributions from net investment income
Class A Shares		(67,686)	(47,288)
Class B Shares		(449)	--
Institutional I Shares		(1,400,905)	(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		(1,469,040)	(1,356,006)

Share Transactions:
Proceeds from sale of shares		40,362,296	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		968,395	942,196
Cost of shares redeemed		(71,039,462)	(22,696,852)

Change in net assets resulting from share transactions		(29,708,771)	11,142,699

Change in net assets		(7,857,148)	(3,603,515)
Net Assets:
Beginning of period		99,592,595	103,196,110

End of period		$91,735,447	$99,592,595

Undistributed (distributions in excess of) net investment income included in net assets at end of period		$233,533	$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
Year Ended April 30,		Year Ended April 30,			Year Ended April 30,
2004	2003		2004	2003		2004	2003


$1,318,863	$1,399,248		$(18,181)	$(3,635)		$(697,821)	$(168,211)
57,373,143	(385,067)		(247,993)	(2,437,193)		29,177,866	(36,357,014)
--	103,778		--	--		--	(279,219)
--	--		--	--		--	--
12,343,821	(49,517,148)		2,745,027	(102,064)		2,637,324	3,888,601

71,035,827	(48,399,189)		2,478,853	(2,542,892)		31,117,369	(32,915,843)



(53,918)	(9,564)		--	--		--	--
--	--		--	--		--	--
(1,205,605)	(1,266,800)		--	--		--	--

--	(76,132)		--	--		--	--
--	(16,601)		--	--		--	--
--	(3,323,742)		--	--		--	--

(1,259,523)	(4,692,839)		--	--		--	--


326,158,208	18,578,323		48,315,228	6,664,113		13,966,401	19,198,442
201,685,917	--		--	--		--	--
90,189,708	--		--	--		--	--
438,797	3,005,167		--	--		--	--
(376,178,233)	(46,579,497)		(20,506,163)	(3,263,017)		(65,407,010)	(35,299,624)

242,294,397	(24,996,007)		27,809,065	3,401,096		(51,440,609)	(16,101,182)

312,070,701	(78,088,035)		30,287,918	858,204		(20,323,240)	(49,017,025)

174,715,336	252,803,371		17,388,602	16,530,398		135,131,406	184,148,431

$486,786,037	$174,715,336		$47,676,520	$17,388,602		$114,808,166	$135,131,406

$188,161	$128,821		$--	$--		$--	$98,290

Statements of Changes in Net Assets

	Mid Cap Stock Fund
	Year Ended April 30,
		2004	2003
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)		$(357,551)	$(27,910)
Net realized gain (loss) on investments and foreign currency transactions		17,134,912	(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		10,175,167	(13,467,468)

Change in net assets resulting from operations		26,952,528	(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		--	--
Institutional I Shares		--	--

Change in net assets resulting from distributions to shareholders		--	--

Share Transactions:
Proceeds from sale of shares		108,900,622	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		(98,630,244)	(20,022,984)

Change in net assets resulting from share transactions		10,270,378	3,838,131

Change in net assets		37,222,906	(17,481,904)
Net Assets:
Beginning of period		103,976,281	121,458,185

End of period		$141,199,187	$103,976,281

Undistributed (distributions in excess of) net investment income included in net assets at end of period		$--	$--

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
Year Ended April 30,		Year Ended April 30,			Year Ended April 30,			Year Ended April 30,
2004	2003		2004	2003		2004	2003		2004	2003


$(333,455)	$26,845		$(476,604)	$(62,425)		$(1,571,494)	$(721,590)		$748,026	$514,095
13,055,983	(9,010,723)		26,190,921	3,114,944		61,823,399	(36,188,144)		7,257,475	(3,324,564)
--	--		--	--		--	326,674		--	--
10,109,189	(9,897,667)		25,184,048	(19,010,486)		(8,792,247)	(16,377,544)		17,284,238	(3,255,305)

22,831,717	(18,881,545)		50,898,365	(15,957,967)		51,459,658	(52,960,604)		25,289,739	(6,065,774)



--	--		--	--		--	--		(152,681)	(632,886)
--	--		--	--		--	--		(1,548)	(330)
--	(55,557)		--	--		--	--		(1,316,007)	--

--	--		(755,851)	(20,803,787)		--	--		--	--
--	--		(74,680)	(100,991)		--	--		--	--
--	--		(11,415,870)	--		--	--		--	--

--	(55,557)		(12,246,401)	(20,904,778)		--	--		(1,470,236)	(633,216)


12,381,950	7,048,000		172,516,633	32,397,024		111,788,720	39,979,254		107,175,169	29,813,778
--	--		--	--		--	--		5,474,675	--
--	--		--	--		--	--		19,700,015	--
--	21,772		11,829,055	19,044,483		--	--		795,265	281,788
(18,896,214)	(14,019,400)		(180,721,446)	(23,055,650)		(90,200,540)	(34,424,180)		(100,204,137)	(7,093,259)

(6,514,264)	(6,949,628)		3,624,242	28,385,857		21,588,180	5,555,074		32,940,987	23,002,307

16,317,453	(25,886,730)		42,276,206	(8,476,888)		73,047,838	(47,405,530)		56,760,490	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

$86,575,374	$70,257,921		$149,197,534	$106,921,328		$183,968,889	$110,921,051		$118,874,576	$62,114,086

$--	$8,012		$--	$--		$--	$--		$33,948	$928,067

MTB Group of Funds
Financial Highlights

(For a share outstanding throughout each period)
						Ratios to Average Net Assets
Year Ended April 30,	Net Asset Value, beginning of period	Net Investment Income	Distributions from Net Investment Income	Net Asset Value, end of period	Total Return(a)		Expenses	Net Investment Income	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)
U.S. Treasury Money Market Fund Class A Shares
2000	$ 1.00	0.05	(0.05)	$ 1.00	4.71 %		0.58 %	4.62 %	0.08 %	$ 423,685
2001	$ 1.00	0.05	(0.05)	$ 1.00	5.60 %		0.59 %	5.45 %	0.09 %	$ 790,307
2002	$ 1.00	0.02	(0.02)	$ 1.00	2.38 %		0.59 %	2.27 %	0.09 %	$ 741,357
2003	$ 1.00	0.01	(0.01)	$ 1.00	0.93 %		0.61 %	0.93 %	0.09 %	$ 622,086
2004	$ 1.00	0.004(c)	(0.004)	$ 1.00	0.39 %		0.61 %	0.40 %	0.32 %	$ 148,182
U.S. Treasury Money Market Fund Class S Shares
2000	$ 1.00	0.04	(0.04)	$ 1.00	4.45 %		0.83 %	4.36 %	0.08 %	$ 20,704
2001	$ 1.00	0.05	(0.05)	$ 1.00	5.34 %		0.84 %	5.26 %	0.09 %	$ 21,070
2002	$ 1.00	0.02	(0.02)	$ 1.00	2.12 %		0.84 %	2.03 %	0.09 %	$ 26,138
2003	$ 1.00	0.01	(0.01)	$ 1.00	0.68 %		0.86 %	0.70 %	0.09 %	$ 18,011
2004	$ 1.00	0.002(c)	(0.002)	$ 1.00	0.22 %		0.77 %	0.22 %	0.32 %	$ 16,013
U.S. Treasury Money Market Fund Institutional I Shares
2004(d)	$ 1.00	0.003(c)	(0.003)	$ 1.00	0.33 %		0.47 %(e)	0.47 %(e)	0.43 %(e)	$ 288,113
U.S. Treasury Money Market Fund Institutional II Shares
2004(d)	$ 1.00	0.003(c)	(0.003)	$ 1.00	0.28 %		0.54 %(e)	0.40 %(e)	0.36 %(e)	$ 353,773
U.S. Government Money Market Fund Class A Shares
2000	$ 1.00	0.05	(0.05)	$ 1.00	4.92 %		0.64 %	4.85 %	0.84 %	$ 120,578
2001	$ 1.00	0.06	(0.06)	$ 1.00	5.75 %		0.63 %	5.62 %	0.83 %	$ 119,725
2002	$ 1.00	0.02	(0.02)	$ 1.00	2.39 %		0.65 %	2.46 %	0.85 %	$ 79,396
2003	$ 1.00	0.01	(0.01)	$ 1.00	1.02 %		0.66 %	1.03 %	0.83 %	$ 70,506
2004	$ 1.00	0.005(c)	(0.005)	$ 1.00	0.46 %		0.65 %	0.54 %	0.26 %	$ 649
U.S. Government Money Market Fund Institutional I Shares
2000	$ 1.00	0.05	(0.05)	$ 1.00	5.16 %		0.41 %	5.05 %	0.59 %	$ 1,414,772
2001	$ 1.00	0.06	(0.06)	$ 1.00	6.00 %		0.40 %	5.82 %	0.58 %	$ 1,243,512
2002	$ 1.00	0.03	(0.03)	$ 1.00	2.63 %		0.42 %	2.56 %	0.60 %	$ 1,327,751
2003	$ 1.00	0.01	(0.01)	$ 1.00	1.25 %		0.43 %	1.26 %	0.56 %	$ 1,232,568
2004	$ 1.00	0.007(c)	(0.007)	$ 1.00	0.69 %		0.42 %	0.69 %	0.37 %	$ 1,255,603
U.S. Government Money Market Fund Institutional II Shares
2000	$ 1.00	0.05	(0.05)	$ 1.00	5.08 %		0.48 %	4.91 %	0.59 %	$ 84,503
2001	$ 1.00	0.06	(0.06)	$ 1.00	5.92 %		0.47 %	5.69 %	0.58 %	$ 166,335
2002	$ 1.00	0.02	(0.02)	$ 1.00	2.55 %		0.49 %	2.35 %	0.60 %	$ 262,495
2003	$ 1.00	0.01	(0.01)	$ 1.00	1.18 %		0.50 %	1.17 %	0.56 %	$ 259,017
2004	$ 1.00	0.006(c)	(0.006)	$ 1.00	0.62 %		0.48 %	0.59 %	0.38 %	$ 1,434,300

(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.

(d) Reflects operations for the period from August 18, 2003 (date of initial public investment) to April 30, 2004.

(e) Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

(For a share outstanding throughout each period)
								Ratios to Average Net Assets
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	Net Asset Value, end of period	Total Return(a)		Expenses	Net Investment Income	Expense Waiver/ Reimbursement(b)	Net Assets, end of period (000 omitted)
Tax-Free Money Market Fund Class A Shares
2000	$ 1.00	0.03	(0.03)	--	(0.03)	$ 1.00	2.94 %		0.60 %	2.90 %	0.85 %	$ 45,970
2001	$ 1.00	0.03	(0.03)	--	(0.03)	$ 1.00	3.50 %		0.59 %	3.46 %	0.84 %	$ 38,358
2002	$ 1.00	0.02	(0.02)	--	(0.02)	$ 1.00	1.54 %		0.60 %	1.49 %	0.86 %	$ 49,232
2003	$ 1.00	0.01	(0.01)	--	(0.01)	$ 1.00	0.77 %		0.62 %	0.77 %	0.92 %	$ 40,706
2004	$ 1.00	0.004	(0.004)	--	(0.004)	$ 1.00	0.40 %		0.62 %	0.40 %	0.48 %	$ 51,778
Tax-Free Money Market Fund Institutional I Shares
2000	$ 1.00	0.03	(0.03)	--	(0.03)	$ 1.00	3.17 %		0.37 %	3.12 %	0.60 %	$ 63,666
2001	$ 1.00	0.04	(0.04)	--	(0.04)	$ 1.00	3.73 %		0.36 %	3.67 %	0.59 %	$ 62,052
2002	$ 1.00	0.02	(0.02)	--	(0.02)	$ 1.00	1.77 %		0.37 %	1.73 %	0.61 %	$ 69,275
2003	$ 1.00	0.01	(0.01)	--	(0.01)	$ 1.00	1.00 %		0.39 %	0.99 %	0.60 %	$ 96,729
2004	$ 1.00	0.006	(0.006)	--	( 0.006)	$ 1.00	0.62 %		0.40 %	0.62 %	0.42 %	$ 49,491
Tax-Free Money Market Fund Institutional II Shares
2000	$ 1.00	0.03	(0.03)	--	(0.03)	$ 1.00	3.10 %		0.44 %	3.04 %	0.60 %	$ 35,256
2001	$ 1.00	0.04	(0.04)	--	(0.04)	$ 1.00	3.66 %		0.43 %	3.53 %	0.59 %	$ 43,993
2002	$ 1.00	0.02	(0.02)	--	(0.02)	$ 1.00	1.70 %		0.44 %	1.74 %	0.61 %	$ 32,358
2003	$ 1.00	0.01	(0.01)	--	(0.01)	$ 1.00	0.93 %		0.46 %	0.92 %	0.61 %	$ 48,218
2004	$ 1.00	0.005	(0.005)	--	(0.005)	$ 1.00	0.55 %		0.47 %	0.54 %	0.36 %	$ 51,614
Money Market Fund Class A Shares
2000	$ 1.00	0.05	(0.05)	--	(0.05)	$ 1.00	4.95 %		0.63 %	4.87 %	0.05 %	$ 1,095,128
2001	$ 1.00	0.06	(0.06)	--	(0.06)	$ 1.00	5.85 %		0.64 %	5.67 %	0.05 %	$ 1,598,305
2002	$ 1.00	0.02	(0.02)	--	(0.02)	$ 1.00	2.41 %		0.71 %	2.39 %	0.18 %	$ 1,512,433
2003	$ 1.00	0.01	(0.01)	(0.00)(c)	(0.01)	$ 1.00	0.92 %		0.70 %	0.92 %	0.25 %	$ 1,240,670
2004	$ 1.00	0.00 4	(0.004)	--	(0.004)	$ 1.00	0.41 %		0.70 %	0.41 %	0.40 %	$ 924,016
Money Market Fund Class B Shares
2004(d)	$ 1.00	0.001	(0.001)	--	(0.001)	$ 1.00	0.07 %		1.19 %(e)	1.17 %(e)	0.79 %(e)	$ 226
Money Market Fund Class S Shares
2000	$ 1.00	0.05	(0.05)	--	(0.05)	$ 1.00	4.69 %		0.88 %	4.71 %	0.05 %	$ 48,760
2001	$ 1.00	0.05	(0.05)	--	(0.05)	$ 1.00	5.59 %		0.89 %	5.48 %	0.05 %	$ 61,450
2002	$ 1.00	0.02	(0.02)	--	(0.02)	$ 1.00	2.13 %		0.98 %	1.96 %	0.17 %	$ 112,156
2003	$ 1.00	0.01	(0.01)	(0.00 )(c)	(0.01)	$ 1.00	0.61 %		1.00 %	0.63 %	0.20 %	$ 81,002
2004	$ 1.00	0.002	(0.002)	--	(0.002)	$ 1.00	0.18 %		0.94 %	0.18 %	0.24 %	$ 53,238
Money Market Fund Institutional Shares
2002(f)	$ 1.00	0.01	(0.01)	--	(0.01)	$ 1.00	1.19 %		0.61 %(e)	1.55 %(e)	0.36 %(e)	$ 2,805
2003	$ 1.00	0.01	(0.01)	(0.00 )(c)	(0.01)	$ 1.00	1.02 %		0.60 %	0.99 %	0.35 %	$ 2,757
2004	$ 1.00	0.005	(0.005)	--	(0.005)	$ 1.00	0.51 %		0.61 %	0.50 %	0.51 %	$ 3,242
Money Market Fund Institutional I Shares
2004(d)	$ 1.00	0.006	(0.006)	--	(0.006)	$ 1.00	0.48 %		0.42 %(e)	0.69 %(e)	0.51%(e)	$ 698,792
Money Market Fund Institutional II Shares
2004(d)	$ 1.00	0.004	(0.004)	--	(0.004)	$ 1.00	0.43 %		0.49 %(e)	0.62 %(e)	0.44 %(e)	$ 359,579

(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.

(d) Reflects operations for the period from August 18, 2003 (date of initial public investment) to April 30, 2004.

(e) Computed on an annualized basis.

(f) 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

(For a share outstanding throughout each period)
										Ratios to Average Net Assets
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	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
Prime Money Market Fund Institutional Shares
1999(c)	$ 1.00	0.05	(0.00)(d)	0.05	(0.05)	--	(0.05)	$ 1.00	4.80%		0.49 %	4.68 %	0.80 %	$ 261,561	--
2000(c)	$ 1.00	0.05	(0.00)(d)	0.05	(0.05)	--	(0.05)	$ 1.00	5.46%		0.47 %	5.34 %	0.70 %	$ 282,014	--
2001(e)(f)	$ 1.00	0.05	--	0.05	(0.05)	--	(0.05)	$ 1.00	4.81%		0.53 %(g)	5.76 %(g)	0.21 %(g)	$ 186,013	--
2002	$ 1.00	0.03	--	0.03	(0.03)	--	(0.03)	$ 1.00	2.63%		0.41 %	2.54 %	0.30 %	$ 218,819	--
2003	$ 1.00	0.01	--	0.01	(0.01)	(0.00)(d)	(0.01)	$ 1.00	1.21%		0.40 %	1.20 %	0.30 %	$ 248,812	--
2004	$ 1.00	0.007	--	0.007	(0.007)	--	(0.007)	$ 1.00	0.68%		0.42 %	0.66 %	0.63 %	$ 249,771	--
New York Tax-Free Money Market Fund Class A Shares
2000	$ 1.00	0.03	--	0.03	(0.03)	--	(0.03)	$ 1.00	2.97%		0.60 %	3.00 %	0.09 %	$ 172,791	--
2001	$ 1.00	0.03	--	0.03	(0.03)	--	(0.03)	$ 1.00	3.52%		0.62 %	3.44 %	0.09 %	$ 158,359	--
2002	$ 1.00	0.02	--	0.02	(0.02)	--	(0.02)	$ 1.00	1.62%		0.63 %	1.59 %	0.09 %	$ 187,043	--
2003	$ 1.00	0.01	--	0.01	(0.01)	--	(0.01)	$ 1.00	0.86%		0.61 %	0.86 %	0.09 %	$ 191,859	--
2004	$ 1.00	0.00 4	0.000(h)	0.004	(0.004)	--	(0.004)	$ 1.00	0.43%		0.63 %	0.44%	0.39%	$ 127,463	--
New York Tax-Free Money Market Fund Institutional I Shares
2004(i)	$ 1.00	0.00 2	0.000(h)	0.002	(0.002)	--	(0.002)	$ 1.00	0.23%		0.64 %(g)	0.41%(g)	0.26 %(g)	$ 35,853	--
Pennsylvania Tax-Free Money Market Fund Class A Shares
2004(j)	$ 1.00	0.00 1	--	0.001	(0.001)	--	(0.001)	$ 1.00	0.13%		0.82 %(g)	0.26 %(g)	0.93%(g)	$ 222	--
Pennsylvania Tax-Free Money Market Fund Institutional I Shares
2002(k)	$ 1.00	0.02	--	0.02	(0.02)	--	(0.02)	$ 1.00	1.54%		0.57 %	1.51 %	0.19 %	$ 24,051	--
2003	$ 1.00	0.01	--	0.01	(0.01)	--	(0.01)	$ 1.00	0.86%		0.58 %	0.88 %	0.43 %	$ 13,453	--
2004	$ 1.00	0.004	--	0.004	(0.004)	--	(0.004)	$ 1.00	0.45%		0.59 %	0.44 %	0.65 %	$ 15,361	--
Pennsylvania Tax-Free Money Market Fund Institutional II Shares
2002(l)	$ 1.00	0.01	--	0.01	(0.01)	--	(0.01)	$ 1.00	1.46%		0.57 %(g)	1.45 %(g)	0.29 %	$ 2,068	--
2003	$ 1.00	0.01	--	0.01	(0.01)	--	(0.01)	$ 1.00	0.86%		0.58 %	0.83 %	0.73 %	$ 3,439	--
2004	$ 1.00	0.004	--	0.004	(0.004)	--	(0.004)	$ 1.00	0.44%		0.53 %	0.54 %	0.72 %	$ 671	--
Short Duration Government Bond Fund Class A Shares
2004(i)	$ 9.72	0.13	(0.04)	0.09	(0.14)	--	(0.14)	$ 9.67	0.96%		0.81 %(g)	1.61 %(g)	0.51 %(g)	$ 8,549	125 %
Short Duration Government Bond Fund Class B Shares
2004(i)	$ 9.72	0.05	(0.05)	0.00	(0.05)	--	(0.05)	$ 9.67	(0.05%)		1.71 %(g)	0.66 %(g)	0.11 %(g)	$ 122	125 %
Short Duration Government Bond Fund Institutional I Shares
1999(c)	$ 9.96	0.54	(0.13)	0.41	(0.54)	(0.00 )(d)	(0.54)	$ 9.83	4.25 %		0.59 %	5.51 %	1.03 %	$ 52,041	519 %
2000(c)	$ 9.83	0.55	(0.14)	0.41	(0.55)	--	(0.55)	$ 9.69	4.31 %		0.61 %	5.77 %	0.94 %	$ 73,140	237 %
2001(e)(f)	$ 9.69	0.50	0.11	0.61	(0.49)	--	(0.49)	$ 9.81	6.47 %		0.71 %(g)	6.05 %(g)	0.21 %(g)	$ 56,282	158 %
2002	$ 9.81	0.62 (n)	(0.06)(n)	0.56	(0.57)	--	(0.57)	$ 9.80	5.87 %		0.63 %	4.55 %(n)	0.27 %	$ 89,014	89 %
2003	$ 9.80	0.33 (m)	0.16	0.49	(0.44)	--	(0.44)	$ 9.85	5.05 %		0.69 %	3.33 %	0.40 %	$ 117,333	96 %
2004	$ 9.85	0.25	(0.19)	0.06	(0.24)	--	(0.24)	$ 9.67	0.66 %		0.71 %	2.06 %	0.37 %	$ 199,792	125 %

(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.

(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) Represents less than $0.001.

(i) Reflects operations for the period from August 18, 2003 (date of initial public investment) to April 30, 2004.

(j) Reflects operations for the period from August 25, 2003 (date of initial public investment) to April 30, 2004.

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

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

(m) Based on average shares outstanding.

(n) 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

(For a share outstanding throughout each period)
										Ratios to Average Net Assets
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	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
Short-Term Corporate Bond Fund Class A Shares
2004(c)	$ 9.91	0.13	(0.04)	0.09	(0.13)	--	(0.13)	$ 9.87	0.90 %		1.16 %(d)	2.06 %(d)	0.33 %(d)	$ 136	99 %
Short-Term Corporate Bond Fund Class B Shares
2004(c)	$ 9.91	0.08	(0.04)	0.04	(0.08)	--	(0.08)	$ 9.87	0.38 %		1.99 %(d)	1.25 %(d)	0.01 %(d)	$ 26	99%
Short-Term Corporate Bond Fund Institutional I Shares
2000	$ 9.94	0.50	(0.30)	0.20	(0.50)	(0.01)	(0.51)	$ 9.63	2.01 %		0.97 %	5.09 %	0.14 %	$ 92,185	66 %
2001	$ 9.63	0.55	0.36	0.91	(0.55)	--	(0.55)	$ 9.99	9.70 %		0.97 %	5.52 %	0.14 %	$ 76,090	107 %
2002	$ 9.99	0.45	(0.19)	0.26	(0.45)	--	(0.45)	$ 9.80	2.65 %		0.97 %	4.54 %	0.16 %	$ 71,193	79 %
2003	$ 9.80	0.34	0.19	0.53	(0.35)	--	(0.35)	$ 9.98	5.44 %		1.00 %	3.49 %	0.16 %	$ 59,765	170 %
2004	$ 9.98	0.24	(0.11)	0.13	(0.24)	--	(0.24)	$ 9.87	1.31 %		1.04 %	2.36 %	0.18 %	$ 82,154	99%
U.S. Government Bond Fund Class A Shares
2000	$ 9.51	0.59	(0.49)	0.10	(0.59)	--	(0.59)	$ 9.02	1.11 %		0.93 %	6.36 %	0.05 %	$ 60,165	46 %
2001	$ 9.02	0.59	0.41	1.00	(0.58)	--	(0.58)	$ 9.44	11.43 %		0.95 %	6.27 %	0.03 %	$ 88,980	47 %
2002	$ 9.44	0.59(e)	0.03(e)	0.62	(0.57)	--	(0.57)	$ 9.49	6.72 %		0.96 %	4.84 %(e)	--	$ 116,350	41 %
2003	$ 9.49	0.43(f)	0.43	0.86	(0.50)	--	(0.50)	$ 9.85	9.20 %		0.95 %	4.41 %	--	$ 144,210	68 %
2004	$ 9.85	0.41	(0.33)	0.08	(0.42)	(0.00)(g)	(0.42)	$ 9.51	0.79 %		0.93 %	3.51 %	0.26 %	$ 54,388	64 %
U.S. Government Bond Fund Class B Shares
2004(h)	$ 9.56	0.20	(0.06)	0.14	(0.19)	(0.00)(g)	(0.19)	$ 9.51	1.49%		1.90 %(d)	2.26 %(d)	0.00 %(d)(i)	$ 108	64 %
U.S. Government Bond Fund Institutional I Shares
2004(h)	$ 9.56	0.29(f)	(0.06)	0.23	(0.28)	(0.00)(g)	(0.28)	$ 9.51	2.44 %		0.94 %(d)	3.17 %(d)	0.21 %(d)	$ 149,744	64 %
New York Municipal Bond Fund Class A Shares
2000	$ 10.52	0.46	(0.75)	(0.29)	(0.46)	(0.05)	(0.51)	$ 9.72	(2.71 )%		0.85 %	4.60 %	0.20 %	$ 48,081	34 %
2001	$ 9.72	0.45	0.52	0.97	(0.45)	--	(0.45)	$ 10.24	10.11 %		0.88 %	4.36 %	0.14 %	$ 74,851	50 %
2002	$ 10.24	0.41(j)	0.17(j)	0.58	(0.41)	--	(0.41)	$ 10.41	5.74 %		0.83 %	3.98 %(j)	0.09 %	$ 80,452	46 %
2003	$ 10.41	0.41	0.34	0.75	(0.41)	(0.01)	(0.42)	$ 10.74	7.29 %		0.86 %	3.85 %	0.09 %	$ 85,887	50 %
2004	$ 10.74	0.39	(0.19)	0.20	(0.39)	(0.09)	(0.48)	$ 10.46	1.86 %		0.87 %	3.67 %	0.40 %	$ 56,672	40 %
New York Municipal Bond Fund Class B Shares
2004(g)	$ 10.45	0.19	0.10	0.29	(0.19)	(0.09)	(0.28)	$ 10.46	2.73 %		1.87 %(d)	2.77 %(d)	0.10 %(d)	$ 357	40 %
New York Municipal Bond Fund Institutional I Shares
2004(g)	$ 10.45	0.26	0.10	0.36	(0.26)	(0.09)	(0.35)	$ 10.46	3.39 %		0.87 %(d)	3.68 %(d)	0.33 %(d)	$ 27,293	40 %

(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.

(d) Computed on an annualized basis.

(e) 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.

(f) Based on average shares outstanding.

(g) Represents less than $0.01.

(h) Reflects operations for the period from August 18, 2003 (date of initial public investment) to April 30, 2004.

(i) Represents less than 0.01%.

(j) Effective May 1, 2001, the New York Municipal 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 six months ended October 31, 2003, 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

(For a share outstanding throughout each period)
										Ratios to Average Net Assets
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	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
Pennsylvania Municipal Bond Fund Class A Shares
2000	$ 10.22	0.40	(0.80)	(0.40)	(0.40)	(0.04)	(0.44)	$ 9.38	(3.95)%		1.09 %	4.23 %	0.20 %	$3,036	31 %
2001	$ 9.38	0.41	0.42	0.83	(0.41)	--	(0.41)	$ 9.80	8.99 %		1.09 %	4.24 %	0.20 %	$2,603	26 %
2002	$ 9.80	0.41	0.27	0.68	(0.41)	--	(0.41)	$ 10.07	7.03 %		1.09 %	4.08 %	0.21 %	$2,177	16 %
2003	$ 10.07	0.39	0.38	0.77	(0.39)	--	(0.39)	$ 10.45	7.77 %		1.17 %	3.79 %	0.82 %	$2,880	12 %
2004	$ 10.45	0.37	(0.25)	0.12	(0.37)	--	(0.37)	$ 10.20	1.13 %		1.19 %	3.49 %	0.23 %	$11,965	11 %
Pennsylvania Municipal Bond Fund Class B Shares
2000(c)	$ 9.71	1.20	(0.28)	0.92	(1.20)	(0.04)	(1.24)	$ 9.39	9.37 %		1.84 %(d)	3.63 %(d)	--	$188	31 %
2001	$ 9.39	0.34	0.43	0.77	(0.34)	--	(0.34)	$ 9.82	8.30 %		1.84 %	3.52 %	--	$76	26 %
2002	$ 9.82	0.34	0.27	0.61	(0.34)	--	(0.34)	$ 10.09	6.26 %		1.84 %	3.33 %	0.01 %	$176	16 %
2003	$ 10.09	0.32	0.38	0.70	(0.32)	--	(0.32)	$ 10.47	7.03 %		1.82 %	3.08 %	4.88 %	$421	12 %
2004	$ 10.47	0.30	(0.27)	0.03	(0.30)	--	(0.30)	$ 10.20	0.26 %		1.83 %	2.94 %	0.06 %	$698	11 %
Pennsylvania Municipal Bond Fund Institutional I Shares
2000	$ 10.23	0.42	(0.81)	(0.39)	(0.42)	(0.04)	(0.46)	$ 9.38	(3.88)%		0.96 %	4.32 %	0.04 %	$ 160,664	31 %
2001	$ 9.38	0.42	0.43	0.85	(0.42)	--	(0.42)	$ 9.81	9.25 %		0.96 %	4.38 %	0.04 %	$ 160,833	26 %
2002	$ 9.81	0.42	0.27	0.69	(0.42)	--	(0.42)	$ 10.08	7.18 %		0.95 %	4.22 %	0.05 %	$ 160,333	16 %
2003	$ 10.08	0.41	0.38	0.79	(0.41)	--	(0.41)	$ 10.46	7.96 %		0.99 %	3.97 %	--	$ 158,648	12 %
2004	$ 10.46	0.39	(0.26)	0.13	(0.39)	--	(0.39)	$ 10.20	1.21 %		0.98 %	3.79 %	0.12 %	$ 190,805	11 %
Maryland Municipal Bond Fund Class A Shares
2000	$ 10.21	0.43	(0.69)	(0.26)	(0.43)	(0.04)	(0.47)	$ 9.48	(2.50 )%		0.94 %	4.43 %	0.36 %	$25,924	24 %
2001	$ 9.48	0.43	0.42	0.85	(0.43)	--	(0.43)	$ 9.90	9.09 %		0.94 %	4.38 %	0.36 %	$24,671	29 %
2002	$ 9.90	0.42	0.18	0.60	(0.42)	--	(0.42)	$ 10.08	6.13 %		0.94 %	4.16 %	0.37 %	$26,666	9 %
2003	$ 10.08	0.40	0.34	0.74	(0.40)	--	(0.40)	$ 10.42	7.47 %		1.02 %	3.89 %	0.36 %	$25,233	18 %
2004	$ 10.42	0.39	(0.21)	0.18	(0.39)	--	(0.39)	$ 10.21	1.74 %		1.01 %	3.84 %	0.39 %	$20,948	17 %
Maryland Municipal Bond Fund Class B Shares
2000(c)	$ 9.75	1.51	(0.23)	1.28	(1.51)	(0.04)	(1.55)	$ 9.48	13.17 %		1.68 %(d)	3.82 %(d)	0.17 %(d)	$50	24 %
2001	$ 9.48	0.36	0.43	0.79	(0.36)	--	(0.36)	$ 9.91	8.47 %		1.69 %	3.57 %	0.16 %	$745	29 %
2002	$ 9.91	0.35	0.18	0.53	(0.35)	--	(0.35)	$ 10.09	5.37 %		1.69 %	3.40 %	0.17 %	$1,266	9 %
2003	$ 10.09	0.33	0.34	0.67	(0.33)	--	(0.33)	$ 10.43	6.72 %		1.72 %	3.18 %	1.17 %	$1,775	18 %
2004	$ 10.43	0.33	(0.21)	0.12	(0.32)	--	(0.32)	$ 10.23	1.12 %		1.71 %	3.14 %	0.19 %	$2,167	17 %
Maryland Municipal Bond Fund Institutional I Shares
2000	$ 10.21	0.44	(0.69)	(0.25)	(0.44)	(0.04)	(0.48)	$ 9.48	(2.37)%		0.81 %	4.57 %	0.19 %	$87,845	24 %
2001	$ 9.48	0.44	0.43	0.87	(0.44)	--	(0.44)	$ 9.91	9.34 %		0.81 %	4.50 %	0.19 %	$90,210	29 %
2002	$ 9.91	0.43	0.18	0.61	(0.43)	--	(0.43)	$ 10.09	6.27 %		0.81 %	4.29 %	0.20 %	$97,759	9 %
2003	$ 10.09	0.42	0.34	0.76	(0.42)	--	(0.42)	$ 10.43	7.66 %		0.84 %	4.07 %	0.17 %	$ 100,797	18 %
2004	$ 10.43	0.42	(0.22)	0.20	(0.41)	--	(0.41)	$ 10.22	1.92%		0.83 %	4.02 %	0.28 %	$ 99,271	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 above.

(d) Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

(For a share outstanding throughout each period)
										Ratios to Average Net Assets
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	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
Intermediate-Term Bond Fund Class A Shares
2004(c)	$ 10.27	0.23(d)	0.02	0.25	(0.33)	(0.12)	(0.45)	$ 10.07	2.47 %		0.82 %(e)	3.15 %(e)	0.61 %(e)	$10,169	154 %
Intermediate-Term Bond Fund Class B Shares
2004(c)	$ 10.27	0.21(d)	(0.04)	0.17	(0.25)	(0.12)	(0.37)	$ 10.07	1.64 %		1.69 %(e)	2.95 %(e)	0.20 %(e)	$91	154%
Intermediate-Term Bond Fund Institutional I Shares
2000	$ 9.93	0.53	(0.50)	0.03	(0.53)	(0.01)	(0.54)	$ 9.42	0.32 %		0.81 %	5.52 %	0.15 %	$ 114,554	29 %
2001	$ 9.42	0.55	0.43	0.98	(0.55)	--	(0.55)	$ 9.85	10.72 %		0.80 %	5.75 %	0.15 %	$ 129,531	36 %
2002	$ 9.85	0.51	(0.01)	0.50	(0.51)	--	(0.51)	$ 9.84	5.18 %		0.82 %	5.11 %	0.15 %	$ 130,235	83 %
2003	$ 9.84	0.42	0.66	1.08	(0.42)	--	(0.42)	$ 10.50	11.20 %		0.84 %	4.14 %	0.12 %	$ 128,263	259 %
2004	$ 10.50	0.39 (d)	(0.27)	0.12	(0.43)	(0.12)	(0.55)	$ 10.07	1.21 %		0.81 %	3.76 %	0.27 %	$ 254,875	154%
Income Fund Class A Shares
2000	$ 10.20	0.56	(0.58)	(0.02)	(0.56)	--	(0.56)	$ 9.62	(0.18)%		0.95 %	5.67 %	0.29 %	$5,830	328 %
2001	$ 9.62	0.58	0.47	1.05	(0.59)	--	(0.59)	$ 10.08	11.19 %		0.95 %	5.97 %	0.29 %	$8,991	340 %
2002	$ 10.08	0.54	0.09	0.63	(0.53)	(0.02)	(0.55)	$ 10.16	6.30 %		0.96 %	5.13 %	0.30 %	$11,459	143 %
2003	$ 10.16	0.42	0.54	0.96	(0.42)	--	(0.42)	$ 10.70	9.59 %		1.03 %	3.97 %	0.42 %	$12,430	276 %
2004	$ 10.70	0.37	(0.31)	0.06	(0.37)	(0.26)	(0.63)	$ 10.13	0.64 %		1.03 %	3.58 %	0.25 %	$10,431	177 %
Income Fund Class B Shares
2000	$ 10.08	0.48	(0.57)	(0.09)	(0.48)	--	(0.48)	$ 9.51	(0.85)%		1.71 %	4.97 %	0.09 %	$429	328 %
2001	$ 9.51	0.51	0.45	0.96	(0.51)	--	(0.51)	$ 9.96	10.35 %		1.70 %	5.19 %	0.09 %	$705	340 %
2002	$ 9.96	0.45	0.09	0.54	(0.45)	(0.02)	(0.47)	$ 10.03	5.44 %		1.71 %	4.35 %	0.09 %	$1,421	143 %
2003	$ 10.03	0.34	0.54	0.88	(0.34)	--	(0.34)	$ 10.57	8.90 %		1.73 %	3.25 %	0.99 %	$2,086	276 %
2004	$ 10.57	0.30	(0.31)	(0.01)	(0.30)	(0.26)	(0.56)	$10.00	(0.08)%		1.74 %	2.89 %	0.05 %	$2,155	177 %
Income Fund Institutional I Shares
2000	$ 10.08	0.56	(0.57)	(0.01)	(0.56)	--	(0.56)	$ 9.51	(0.01)%		0.82 %	5.82 %	0.12 %	$ 343,260	328 %
2001	$ 9.51	0.60	0.45	1.05	(0.60)	--	(0.60)	$ 9.96	11.28 %		0.82 %	6.09 %	0.12 %	$ 372,036	340 %
2002	$ 9.96	0.54	0.08	0.62	(0.53)	(0.02)	(0.55)	$ 10.03	6.33 %		0.83 %	5.32 %	0.13 %	$ 263,802	143 %
2003	$ 10.03	0.43	0.54	0.97	(0.43)	--	(0.43)	$ 10.57	9.86 %		0.85 %	4.17 %	0.08 %	$ 246,639	276 %
2004	$ 10.57	0.39	(0.31)	0.08	(0.39)	(0.26)	(0.65)	$ 10.00	0.81 %		0.85 %	3.75 %	0.14 %	$ 181,498	177 %

(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.

(d) Based on average shares outstanding.

(e) Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

(For a share outstanding throughout each period)
											Ratios to Average Net Assets
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	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
Managed Allocation Fund--Conservative Growth Class A Shares
1999 (c)	$ 10.00	0.07	0.15	0.22	(0.07)	--	--	(0.07)	$ 10.15	2.21 %		1.79 %(d)	2.57 %(d)	92.41 %(d)	$ 150	2 %
2000 (e)	$ 10.15	0.25	0.24	0.49	(0.25)	--	(0.00)(f)	(0.25)	$ 10.39	4.94 %		1.65 %	2.19 %	25.56 %	$ 311	28 %
2001(g)(h)	$ 10.39	0.19(i)	(0.10)	0.09	(0.20)	--	(0.39)	(0.59)	$ 9.89	0.94 %		1.38 %(d)	2.71 %(d)	17.68 %(d)	$ 448	91 %
2002	$ 9.89	0.32(i)	(0.17)	0.15	(0.30)	--	--	(0.30)	$ 9.74	1.60 %		1.00 %	3.28 %	1.75 %	$ 2,788	19 %
2003	$ 9.74	0.23	(0.23)	0.00(f)	(0.23)	--	(0.02)	(0.25)	$ 9.49	0.03 %		1.00 %	2.49 %	1.11 %	$ 4,120	11 %
2004	$ 9.49	0.15(i)	0.43	0.58	(0.14)	--	(0.12)	(0.26)	$ 9.81	6.20 %		1.00 %	1.52 %	0.65 %	$ 5,602	14 %
Managed Allocation Fund--Conservative Growth Class B Shares
2003	$ 9.74	0.15	(0.25)	(0.10)	(0.16)	--	(0.02)	(0.18)	$ 9.46	(1.02)%		2.00 %	1.43 %	1.11 %	$ 2,000	11 %
2004	$ 9.46	0.08(i)	0.44	0.52	(0.08)	--	(0.12)	(0.20)	$ 9.78	5.50 %		1.67 %	0.84 %	0.61 %	$ 3,622	14 %
Managed Allocation Fund--Moderate Growth Class A Shares
1999 (j)	$ 10.00	0.04	0.56	0.60	(0.04)	--	--	(0.04)	$ 10.56	6.02 %		1.76 %(d)	1.17 %(d)	36.79 %(d)	$ 285	6 %
2000 (e)	$ 10.56	0.18	0.54	0.72	(0.18)	--	(0.01)	(0.19)	$ 11.09	6.81 %		1.64 %	1.09 %	7.85 %	$ 1,214	32 %
2001 (g)(h)	$ 11.09	0.14	(0.48)	(0.34)	(0.14)	--	(0.49)	(0.63)	$ 10.12	(3.18)%		1.39 %(d)	1.70 %(d)	3.73 %(d)	$ 1,920	76 %
2002	$ 10.12	0.15	(0.39)	(0.24)	(0.16)	--	(0.02)	(0.18)	$ 9.70	(2.39)%		1.00 %	1.63 %	0.67 %	$ 8,166	2 %
2003	$ 9.70	0.10	(0.87)	(0.77)	(0.10)	--	(0.03)	(0.13)	$ 8.80	(7.89)%		1.00 %	1.14 %	0.38 %	$ 10,922	10 %
2004	$ 8.80	0.07	1.10	1.17	(0.06)	--	(0.11)	(0.17)	$ 9.80	13.43 %		0.88 %	0.73 %	0.31 %	$ 24,436	15 %
Managed Allocation Fund--Moderate Growth Class B Shares
2003	$ 9.70	0.03	(0.90)	(0.87)	(0.03)	--	(0.03)	(0.06)	$ 8.77	(8.91)%		2.00 %	0.11 %	0.38 %	$ 5,445	10 %
2004	$ 8.77	0.00(f)	1.10	1.10	(0.01)	--	(0.11)	(0.12)	$ 9.75	12.61 %		1.67 %	(0.08 )%	0.11 %	$ 15,799	15 %
Managed Allocation Fund--Aggressive Growth Class A Shares
1999 (k)	$ 10.00	0.02	0.77	0.79	(0.02)	--	--	(0.02)	$ 10.77	7.87 %		1.81 %(d)	0.07 %(d)	51.10 %(d)	$ 218	0 %
2000 (e)	$ 10.77	0.11	0.75	0.86	(0.11)	(0.03)	(0.00)(f)	(0.14)	$ 11.49	8.00 %		1.64 %	0.26 %	9.53 %	$ 1,352	28 %
2001 (g)(h)	$ 11.49	0.07	(0.89)	(0.82)	(0.07)	--	(0.34)	(0.41)	$ 10.26	(7.35)%		1.40 %(d)	0.76 %(d)	3.43 %(d)	$ 1,634	72 %
2002	$ 10.26	0.02	(0.63)	(0.61)	(0.02)	--	(0.14)	(0.16)	$ 9.49	(5.92)%		1.00 %	0.23 %	1.22 %	$ 4,872	4 %
2003	$ 9.49	0.00(f)	(1.41)	(1.41)	--	--	(0.08)	(0.08)	$ 8.00	(14.78)%		1.00 %	0.03 %	1.16 %	$ 5,421	11 %
2004	$ 8.00	(0.01)(i)	1.70	1.69	--	--	(0.20)	(0.20)	$ 9.49	21.25 %		1.00 %	(0.11 )%	0.52 %	$ 12,124	5 %
Managed Allocation Fund--Aggressive Growth Class B Shares
2003	$ 9.49	(0.04)	(1.44)	(1.48)	--	--	(0.08)	(0.08)	$ 7.93	(15.62)%		2.00 %	(1.07 )%	1.16 %	$ 1,813	11 %
2004	$ 7.93	(0.07)(i)	1.68	1.61	--	--	(0.20)	(0.20)	$ 9.34	20.41 %		1.65 %	(0.76 )%	0.47 %	$ 6,043	5 %
Balanced Fund Class A Shares
2000	$ 14.59	0.28	2.88	3.16	(0.25)	--	(0.66)	(0.91)	$ 16.84	22.26 %		1.01 %	1.84 %	0.39 %	$ 43,098	54 %
2001	$ 16.84	0.32	(1.48)	(1.16)	(0.33)	--	(0.95)	(1.28)	$ 14.40	(7.06)%		1.02 %	2.08 %	0.39 %	$ 43,644	36 %
2002	$ 14.40	0.24	(1.52)	(1.28)	(0.26)	--	--	(0.26)	$ 12.86	(8.97)%		1.01 %	1.78 %	0.40 %	$ 39,276	50 %
2003	$ 12.86	0.19	(1.32)	(1.13)	(0.18)	--	--	(0.18)	$ 11.55	(8.71)%		1.10 %	1.61 %	0.54 %	$ 30,238	84 %
2004	$ 11.55	0.12	1.49	1.61	(0.12)	--	--	(0.12)	$ 13.04	13.92 %		1.12 %	0.90 %	0.34 %	$ 30,493	66 %
Balanced Fund Class B Shares
2000	$ 14.60	0.16	2.87	3.03	(0.15)	--	(0.66)	(0.81)	$ 16.82	21.32 %		1.77 %	1.10 %	0.09 %	$ 10,991	54 %
2001	$ 16.82	0.20	(1.47)	(1.27)	(0.22)	--	(0.95)	(1.17)	$ 14.38	(7.78)%		1.77 %	1.35 %	0.09 %	$ 14,827	36 %
2002	$ 14.38	0.14	(1.52)	(1.38)	(0.16)	--	--	(0.16)	$ 12.84	(9.66)%		1.76 %	1.03 %	0.10 %	$ 13,956	50 %
2003	$ 12.84	0.10	(1.30)	(1.20)	(0.09)	--	--	(0.09)	$ 11.55	(9.31)%		1.80 %	0.91 %	0.42 %	$ 11,203	84 %
2004	$ 11.55	0.02	1.49	1.51	(0.02)	--	--	(0.02)	$ 13.04	13.06 %		1.82 %	0.20 %	0.16 %	$ 12,811	66 %

(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.

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

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

See Notes which are an integral part of the Financial Statements

(For a share outstanding throughout each period)
										Ratios to Average Net Assets
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	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
Balanced Fund Institutional I Shares
2000	$ 14.64	0.28	2.90	3.18	(0.26)	(0.66)	(0.92)	$ 16.90	22.39 %		0.90 %	1.95 %	0.10 %	$ 348,332	54 %
2001	$ 16.90	0.35	(1.48)	(1.13)	(0.35)	(0.95)	(1.30)	$ 14.47	(6.93)%		0.91 %	2.18 %	0.10 %	$ 300,818	36 %
2002	$ 14.47	0.26	(1.55)	(1.29)	(0.27)	--	(0.27)	$ 12.91	(8.98)%		0.91 %	1.88 %	0.10 %	$ 248,726	50 %
2003	$ 12.91	0.21	(1.32)	(1.11)	(0.22)	--	(0.22)	$ 11.58	(8.52)%		0.94 %	1.80 %	0.04 %	$ 122,051	84 %
2004	$ 11.58	0.13	1.50	1.63	(0.13)	--	(0.13)	$ 13.08	14.11 %		0.96 %	1.06 %	0.13 %	$ 118,815	66 %
Social Balanced Fund Institutional I Shares
2002(c)	$ 10.00	0.33	(0.21)	0.12	(0.33)	--	(0.33)	$ 9.79	1.18 %		0.83 %(d)	3.53 %(d)	0.56 %(d)	$2,059	260 %
2003	$ 9.79	0.34	0.65	0.99	(0.34)	(0.00)(e)	(0.34)	$ 10.44	10.25 %		0.87 %	3.28 %	2.64 %	$3,267	82 %
2004	$ 10.44	0.23(f)	0.13	0.36	(0.19)	(0.26)	(0.45)	$ 10.35	3.50 %		1.14 %	2.14 %	0.71 %	$3,554	87 %
Equity Income Fund Class A Shares
2000	$ 12.04	0.22	0.38	0.60	(0.22)	(0.43)	(0.65)	$ 11.99	5.29 %		1.09 %	1.72 %	0.36 %	$3,353	41 %
2001	$ 11.99	0.19	0.42	0.61	(0.19)	(1.08)	(1.27)	$ 11.33	5.33 %		1.10 %	1.62 %	0.36 %	$4,193	21 %
2002	$ 11.33	0.15	(0.99)	(0.84)	(0.15)	(0.05)	(0.20)	$ 10.29	(7.43)%		1.10 %	1.41 %	0.38 %	$5,136	43 %
2003	$ 10.29	0.17	(2.16)	(1.99)	(0.14)	--	(0.14)	$ 8.16	(19.38)%		1.18 %	1.99 %	0.81 %	$4,388	28 %
2004	$ 8.16	0.14	1.51	1.65	(0.12)	--	(0.12)	$ 9.69	20.25 %		1.17 %	1.41 %	0.45 %	$5,245	30 %
Equity Income Fund Class B Shares
2004(g)	$ 8.71	0.04	0.95	0.99	(0.05)	--	(0.05)	$ 9.65	11.39 %		1.97 %(d)	0.30 %(d)	0.01 %(d)	$143	30 %
Equity Income Fund Institutional I Shares
2000	$ 12.05	0.20	0.38	0.58	(0.20)	(0.43)	(0.63)	$ 12.00	5.40 %		0.98 %	1.83 %	0.07 %	$83,473	41 %
2001	$ 12.00	0.20	0.42	0.62	(0.20)	(1.08)	(1.28)	$ 11.34	5.42 %		0.99 %	1.70 %	0.07 %	$78,666	21 %
2002	$ 11.34	0.16	(0.99)	(0.83)	(0.16)	(0.05)	(0.21)	$ 10.30	(7.34)%		1.00 %	1.52 %	0.08 %	$72,005	43 %
2003	$ 10.30	0.18	(2.16)	(1.98)	(0.18)	--	(0.18)	$ 8.14	(19.21)%		1.02 %	2.16 %	0.09 %	$61,427	28 %
2004	$ 8.14	0.15	1.51	1.66	(0.14)	--	(0.14)	$ 9.66	20.49 %		1.01 %	1.58 %	0.17 %	$72,887	30 %
Large Cap Value Fund Class A Shares
2000	$ 12.24	0.18	(0.94)	(0.76)	(0.18)	(0.16)	(0.34)	$ 11.14	(6.15)%		0.99 %	1.53 %	--	$30,721	88 %
2001	$ 11.14	0.09(f)	1.24	1.33	(0.09)	(0.42)	(0.51)	$ 11.96	12.36 %		1.15 %	0.77 %	--	$37,847	80 %
2002	$ 11.96	0.06	(1.49)	(1.43)	(0.06)	(0.16)	(0.22)	$ 10.31	(11.99)%		1.13 %	0.56 %	--	$42,697	63 %
2003	$ 10.31	0.07	(1.91)	(1.84)	(0.06)	--	(0.06)	$ 8.41	(17.80)%		1.12 %	0.86 %	--	$48,665	32 %
2004	$ 8.41	0.08(f)	1.95	2.03	(0.08)	--	(0.08)	$ 10.36	24.22 %		1.06 %	0.83 %	0.25 %	$46,107	27 %
Large Cap Value Fund Class B Shares
2000(h)	$ 11.18	0.05	0.12	0.17	(0.06)	(0.16)	(0.22)	$ 11.13	1.62 %		1.99 %(d)	0.17 %(d)	--	$10	88 %
2001	$ 11.13	(0.04)(f)	1.24	1.20	(0.01)	(0.42)	(0.43)	$ 11.90	11.11 %		2.15 %	(0.38 )%	--	$229	80 %
2002	$ 11.90	(0.01)	(1.52)	(1.53)	--	(0.16)	(0.16)	$ 10.21	(12.88)%		2.13 %	(0.47) %	--	$617	63 %
2003	$ 10.21	(0.02)	(1.87)	(1.89)	--	--	--	$ 8.32	(18.51)%		2.12 %	(0.14 )%	--	$451	32 %
2004	$ 8.32	(0.01)(f)	1.93	1.92	--	--	--	$ 10.24	23.08 %		1.98 %	(0.07 )%	0.00%(i)	$683	27 %
Large Cap Value Fund Institutional I Shares
2004(j)	$ 9.26	0.06(f)	1.12	1.18	(0.07)	--	(0.07)	$ 10.37	12.71 %		1.06 %(d)	0.86 %(d)	0.14 %(d)	$43,139	27 %

(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.

(d) Computed on an annualized basis.

(e) Represent less than $0.01.

(f) Based on average shares outstanding.

(g) Reflects operations for the period from August 25, 2003 (date of initial public investment) to April 30, 2004.

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

(i) Represents less than 0.01%.

(j) Reflects operations for the period from August 18, 2003 (date of initial public investment) to April 30, 2004.

See Notes which are an integral part of the Financial Statements

(For a share outstanding throughout each period)
										Ratios to Average Net Assets
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	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
Equity Index Fund Class A Shares
2000	$ 13.84	0.11	1.25	1.36	(0.11)	(0.30)	(0.41)	$ 14.79	9.95 %		0.50 %	0.78 %	0.49 %	$ 7,453	59 %
2001	$ 14.79	0.09	(1.77)	(1.68)	(0.09)	(2.60)	(2.69)	$ 10.42	(12.51)%		0.50 %	0.70 %	0.46 %	$ 9,260	44 %
2002	$ 10.42	0.08	(1.42)	(1.34)	(0.08)	--	(0.08)	$ 9.00	(12.85)%		0.50 %	0.87 %	0.49 %	$ 7,709	31 %
2003	$ 9.00	0.10	(1.34)	(1.24)	(0.06)	--	(0.06)	$ 7.70	(13.70)%		0.58 %	1.21 %	0.86 %	$ 4,646	87 %
2004	$ 7.70	0.10	1.57	1.67	(0.10)	--	(0.10)	$ 9.27	21.71 %		0.57 %	1.14 %	0.41 %	$ 6,386	76 %
Equity Index Fund Class B Shares
2004(c)	$ 8.33	0.05	0.92	0.97	(0.05)	--	(0.05)	$ 9.25	11.70 %		1.29 %(d)	0.31 %(d)	0.19 %(d)	$ 319	76 %
Equity Index Fund Institutional I Shares
2000	$ 13.87	0.14	1.26	1.40	(0.14)	(0.30)	(0.44)	$ 14.83	10.25 %		0.25 %	1.03 %	0.34 %	$ 151,157	59 %
2001	$ 14.83	0.12	(1.77)	(1.65)	(0.13)	(2.60)	(2.73)	$ 10.45	(12.34)%		0.25 %	0.94 %	0.31 %	$ 100,495	44 %
2002	$ 10.45	0.11	(1.42)	(1.31)	(0.11)	--	(0.11)	$ 9.03	(12.59)%		0.25 %	1.12 %	0.34 %	$ 95,487	31 %
2003	$ 9.03	0.12	(1.34)	(1.22)	(0.12)	--	(0.12)	$ 7.69	(13.50)%		0.25 %	1.54 %	0.34 %	$ 94,947	87 %
2004	$ 7.69	0.14	1.55	1.69	(0.12)	--	(0.12)	$ 9.26	22.06 %		0.27 %	1.45 %	0.38 %	$ 85,030	76 %
Large Cap Stock Fund Class A Shares
2000	$ 15.22	0.14	1.40	1.54	(0.15)	(2.51)	(2.66)	$ 14.10	10.72 %		1.32 %	(0.01)%	0.43 %	$ 7,516	25 %
2001	$ 14.10	0.01	(0.87)	(0.86)	(0.01)	(1.95)	(1.96)	$ 11.28	(6.10)%		1.30 %	0.06 %	0.43 %	$ 6,890	10 %
2002	$ 11.28	0.02	(1.07)	(1.05)	(0.03)	(0.77)	(0.80)	$ 9.43	(9.53)%		1.31 %	0.24 %	0.44 %	$ 5,935	22 %
2003	$ 9.43	0.04	(1.84)	(1.80)	(0.02)	(0.14)	(0.16)	$ 7.47	(19.12)%		1.38 %	0.58 %	0.79 %	$ 4,232	36 %
2004	$ 7.47	0.01(e)	1.64	1.65	(0.01)	--	(0.01)	$ 9.11	22.16 %		1.26 %	0.07 %	0.28 %	$ 64,755	84 %
Large Cap Stock Fund Class B Shares
2000	$ 15.16	(0.07)	1.36	1.29	--	(2.51 )	(2.51)	$ 13.94	9.93 %		2.07 %	(0.77)%	0.13 %	$ 583	25 %
2001	$ 13.94	(0.02)	(0.92)	(0.94)	--	(1.95 )	(1.95)	$ 11.05	(6.79)%		2.05 %	(0.69)%	0.13 %	$ 858	10 %
2002	$ 11.05	(0.01)	(1.10)	(1.11)	--	(0.77 )	(0.77)	$ 9.17	(10.26)%		2.06 %	(0.53)%	0.14 %	$ 1,141	22 %
2003	$ 9.17	(0.01)	(1.79)	(1.80)	--	(0.14 )	(0.14)	$ 7.23	(19.64)%		2.08 %	(0.13)%	2.02 %	$ 867	36 %
2004	$ 7.23	(0.05)(e)	1.58	1.53	--	--	--	$ 8.76	21.16 %		2.02 %	(0.63)%	0.07 %	$ 12,116	84 %
Large Cap Stock Fund Institutional I Shares
2000	$ 15.22	0.26	1.40	1.66	(0.26)	(2.51 )	(2.77)	$ 14.11	10.87 %		1.20 %	0.16 %	0.14 %	$ 428,675	25 %
2001	$ 14.11	0.02	(0.86)	(0.84)	(0.02)	(1.95 )	(1.97)	$ 11.30	(5.96)%		1.20 %	0.17 %	0.13 %	$ 310,803	10 %
2002	$ 11.30	0.04	(1.09)	(1.05)	(0.04)	(0.77 )	(0.81)	$ 9.44	(9.52)%		1.21 %	0.34 %	0.14 %	$ 245,727	22 %
2003	$ 9.44	0.06	(1.86)	(1.80)	(0.05)	(0.14 )	(0.19)	$ 7.45	(19.03)%		1.23 %	0.73 %	0.11 %	$ 169,616	36 %
2004	$ 7.45	0.03(e)	1.63	1.66	(0.04)	--	(0.04)	$ 9.07	22.35 %		1.11 %	0.39 %	0.18 %	$ 409,916	84 %
Large Cap Growth Fund Class A Shares
2000(f)	$ 10.00	0.01	0.03	0.04	--	---	--	$ 10.04	0.40 %		0.00 %(d)(g)	1.23 %(d)	4.50 %(d)	$ 6,617	1 %
2001	$ 10.04	(0.02)(e)	(1.47)	(1.49)	(0.01)	--	(0.01)	$ 8.54	(14.87)%		1.51 %	(0.23)%	0.14 %	$ 12,128	52 %
2002	$ 8.54	0.00(e)	(0.63)	(0.63)	--	--	--	$ 7.91	(7.38)%		1.18 %	0.04 %	0.29 %	$ 15,368	45 %
2003	$ 7.91	0.00(e)	(1.23)	(1.23)	--	--	--	$ 6.68	(15.55)%		1.30 %	0.04 %	0.38 %	$ 16,312	37 %
2004	$ 6.68	0.00(e)(h)	0.92	0.92	--	--	--	$ 7.60	13.77 %		1.27 %	(0.05)%	0.48 %	$ 11,211	68 %
Large Cap Growth Fund Class B Shares
2000(i)	$ 10.31	0.00(h)	(0.27)	(0.27)	--	--	--	$ 10.04	(2.62)%		0.00 %(d)(f)	0.99 %(d)	5.50 %(d)	$ 42	1 %
2001	$ 10.04	(0.10)(e)	(1.47)	(1.57)	(0.01)	--	(0.01)	$ 8.46	2.51 %		(15.66)%	(1.16)%	0.14 %	$ 442	52 %
2002	$ 8.46	(0.02)	(0.68)	(0.70)	--	--	--	$ 7.76	(8.27)%		2.15 %	(0.91)%	0.24 %	$ 1,162	45 %
2003	$ 7.76	(0.05)	(1.22)	(1.27)	--	--	--	$ 6.49	(16.37)%		2.19 %	(0.86)%	0.24 %	$ 1,077	37 %
2004	$ 6.49	(0.06)(e)	0.90	0.84	--	--	--	$ 7.33	12.94 %		2.14 %	(0.90)%	0.18 %	$ 1,261	68 %
Large Cap Growth Fund Institutional I Shares
2004(j)	$ 7.05	0.00(e)(h)	0.55	0.55	---	---	---	$ 7.60	7.80 %		1.19 %(d)	(0.02 )%(d)	0.30 %(d)	$ 35,205	68 %

(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.

(d) Computed on an annualized basis.

(e) Based on average shares outstanding.

(f) Reflects operations for the period from March 19, 2000 (date of initial public investment) to April 30, 2000.

(g) Represents less than 0.01%.

(h) Represents less than $0.01.

(i) Reflects operations for the period from April 6, 2000 (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 April 30, 2004.

See Notes which are an integral part of the Financial Statements

(For a share outstanding throughout each period)
										Ratios to Average Net Assets
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	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
Multi Cap Growth Fund Class A Shares
2000	$ 18.58	(0.05)	9.22	9.17	--	(1.86)	(1.86)	$ 25.89	51.12 %		1.11 %	(0.29)%	0.35 %	$52,445	114 %
2001	$ 25.89	0.03	(5.15)	(5.12)	--	(1.89)	(1.89)	$ 18.88	(20.37)%		1.11 %	0.11 %	0.35 %	$44,988	90 %
2002	$ 18.88	(0.04)	(4.99)	(5.03)	--	--	--	$ 13.85	(26.64)%		1.10 %	(0.24)%	0.35 %	$33,621	202 %
2003	$ 13.85	(0.03)	(2.42)	(2.45)	--	--	--	$ 11.40	(17.69)%		1.19 %	(0.20)%	0.82 %	$22,820	194 %
2004	$ 11.40	(0.08)(c)	2.50	2.42	--	--	--	$ 13.82	21.23 %		1.20 %	(0.56)%	0.30 %	$24,196	186%
Multi Cap Growth Fund Class B Shares
2000	$ 18.61	(0.13)	9.12	8.99	--	(1.86)	(1.86)	$ 25.74	50.03 %		1.86 %	(1.04)%	0.05 %	$14,129	114 %
2001	$ 25.74	(0.08)	(5.16)	(5.24)	--	(1.89)	(1.89)	$ 18.61	(20.98)%		1.86 %	(0.66)%	0.05 %	$16,231	90 %
2002	$ 18.61	(0.15)	(4.91)	(5.06)	--	--	--	$ 13.55	(27.19)%		1.85 %	(0.99)%	0.05 %	$12,196	202 %
2003	$ 13.55	(0.14)	(2.33)	(2.47)	--	--	--	$ 11.08	(18.23)%		1.89 %	(0.90)%	0.80 %	$8,870	194 %
2004	$ 11.08	(0.17)(c)	2.43	2.26	--	--	--	$ 13.34	20.40 %		1.92 %	(1.27)%	0.07 %	$10,150	186 %
Multi Cap Growth Fund Institutional I Shares
2000	$ 18.71	(0.03)	9.31	9.28	--	(1.86)	(1.86)	$ 26.13	51.36 %		1.00 %	(0.18)%	0.06 %	$ 193,827	114 %
2001	$ 26.13	0.04	(5.19)	(5.15)	(0.02)	(1.89)	(1.91)	$ 19.07	(20.32)%		1.00 %	0.20 %	0.06 %	$ 175,559	90 %
2002	$ 19.07	(0.02)	(5.05)	(5.07)	--	--	--	$ 14.00	(26.59)%		1.00 %	(0.14)%	0.05 %	$ 138,331	202 %
2003	$ 14.00	--	(2.45)	(2.45)	--	--	--	$ 11.55	(17.50)%		1.03 %	(0.03)%	0.04 %	$ 103,441	194 %
2004	$ 11.55	(0.05)(c)	2.53	2.48	--	--	--	$ 14.03	21.47 %		1.04 %	(0.38)%	0.13 %	$80,462	186 %
Mid Cap Stock Fund Class A Shares
2000	$ 13.45	(0.01)	2.54	2.53	(0.02)	(0.45)	(0.47)	$ 15.51	19.88 %		1.54 %	(0.13)%	--	$ 110,651	163 %
2001	$ 15.51	(0.03)(c)	1.00	0.97	--	(1.97)	(1.97)	$ 14.51	6.51 %		1.39 %	(0.17)%	--	$ 119,409	112 %
2002	$ 14.51	0.00(d)	(0.12)	(0.12)	--	--	--	$ 14.39	(0.83)%		1.39 %	(0.26)%	0.06 %	$ 119,407	91 %
2003	$ 14.39	(0.00)(d)	(2.48)	(2.48)	--	--	--	$ 11.91	(17.23)%		1.26 %	(0.01)%	0.20 %	$ 102,263	80 %
2004	$ 11.91	(0.05)	3.15	3.10	--	--	--	$ 15.01	26.03 %		1.22 %	(0.25)%	0.32 %	$68,327	99 %
Mid Cap Stock Fund Class B Shares
2000(e)	$ 14.28	(0.03)	1.25	1.22	--	--	--	$ 15.50	8.54 %		2.45 %(f)	(1.82)%(f)	--	$53	163 %
2001	$ 15.50	(0.15)(c)	1.00	0.85	--	(1.97)	(1.97)	$ 14.38	5.69 %		2.14 %	(1.06)%	--	$1,364	112 %
2002	$ 14.38	(0.07)	(0.17)	(0.24)	--	--	--	$ 14.14	(1.67)%		2.20 %	(1.09)%	--	$2,051	91 %
2003	$ 14.14	(0.11)	(2.44)	(2.55)	--	--	--	$ 11.59	(18.03)%		2.21 %	(0.96)%	--	$1,713	80 %
2004	$ 11.59	(0.14)	3.03	2.89	--	--	--	$ 14.48	24.94 %		2.12 %	(1.16)%	0.00 %(g)	$2,333	99 %
Mid Cap Stock Fund Institutional I Shares
2004(h)	$ 13.14	(0.02 )	1.90	1.88	--	--	--	$ 15.02	14.31 %		1.21 %(d)	(0.28 )%(d)	0.14 %(d)	$70,539	99 %

(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.

(d) Represents less than $0.01.

(e) Reflects operations for the period from March 16, 2000 (date of initial public investment) to April 30, 2000.

(f) Computed on an annualized basis.

(g) Represents less than 0.01%.

(h) Reflects operations for the period from August 25, 2003 (date of initial public investment) to April 30, 2004.

See Notes which are an integral part of the Financial Statements

(For a share outstanding throughout each period)
											Ratios to Average Net Assets
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	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
Mid Cap Growth Fund Class A Shares
2000(c)	$ 15.22	(0.02)	4.74	4.72	--	--	(2.04)	(2.04)	$ 17.90	34.04 %		1.23 %(d)	(0.31)%(d)	0.36 %(d)	$1,161	56 %
2001	$ 17.90	(0.01)	(1.13)	(1.14)	--	--	(3.60)	(3.60)	$ 13.16	(6.62)%		1.21 %	(0.27)%	0.36 %	$4,489	96 %
2002	$ 13.16	(0.03)	(0.55)	(0.58)	--	--	--	--	$ 12.58	(4.41)%		1.21 %	(0.25)%	0.37 %	$5,965	106 %
2003	$ 12.58	(0.01)	(2.42)	(2.43)	--	--	--	--	$ 10.15	(19.32)%		1.29 %	(0.12)%	0.82 %	$4,841	238 %
2004	$ 10.15	(0.07)	3.41	3.34	--	--	--	--	$ 13.49	32.91 %		1.25 %	(0.56)%	0.49%	$6,635	99 %
Mid Cap Growth Fund Class B Shares
2004(e)	$ 11.81	(0.06)	1.75	1.69	--	--	--	--	$ 13.50	14.31 %		2.08 %(d)	(1.70)%(d)	0.05 %(d)	$125	99 %
Mid Cap Growth Fund Institutional I Shares
2000	$ 14.70	(0.04)	5.30	5.26	--	--	(2.04)	(2.04)	$ 17.92	38.90 %		1.11 %	(0.26)%	0.07 %	$92,253	56 %
2001	$ 17.92	(0.02)	(1.11)	(1.13)	--	--	(3.60)	(3.60)	$ 13.19	(6.55)%		1.10 %	(0.20)%	0.07 %	$95,317	96 %
2002	$ 13.19	(0.02)	(0.54)	(0.56)	--	--	--	--	$ 12.63	(4.25)%		1.11 %	(0.13)%	0.07 %	$90,179	106 %
2003	$ 12.63	--	(2.43)	(2.43)	(0.01)	--	--	(0.01)	$ 10.19	(19.25)%		1.13 %	0.05 %	0.08 %	$65,417	238 %
2004	$ 10.19	(0.05)	3.43	3.38	--	--	--	--	$ 13.57	33.17 %		1.09 %	(0.39)%	0.22 %	$79,815	99%
Small Cap Stock Fund Class A Shares
1999(g)	$ 11.41	(0.01)	1.00	0.99	--	(0.01)	(0.37)	(0.38)	$ 12.02	9.24 %		1.04 %	(0.05)%	1.47 %	$ 139,512	18 %
2000(g)	$ 12.02	(0.03)	1.60	1.57	--	--	(1.71)	(1.71)	$ 11.88	16.31 %		1.06 %	(0.25)%	1.40 %	$ 148,926	43 %
2001(h)(i)	$ 11.88	(0.08)(j)	(0.64)	(0.72)	--	--	(1.14)	(1.14)	$ 10.02	(6.57)%		1.30 %(d)	(0.83)%(d)	0.17 %(d)	$ 113,499	21 %
2002	$ 10.02	0.00(f)	0.77	0.77	--	--	(0.34)	(0.34)	$ 10.45	8.03 %		1.23 %	(0.57)%	0.07 %	$ 115,011	136 %
2003	$ 10.45	0.00(f)(j)	(1.63)	(1.63)	--	--	(1.93)	(1.93)	$ 6.89	(14.66)%		1.27 %	(0.06)%	0.10 %	$ 106,415	68 %
2004	$ 6.89	(0.03)(j)	3.24	3.21	--	--	(0.80)	(0.80)	$ 9.30	47.22 %		1.25 %	(0.30) %	0.17 %	$11,217	55 %
Small Cap Stock Fund Class B Shares
2001(k)	$ 9.75	(0.05)(j)	0.31	0.26	--	--	--	--	$ 10.01	2.67 %		0.89 %(d)	(0.72)%(d)	--	$35	21 %
2002	$ 10.01	(0.06)	0.75	0.69	--	--	(0.34)	(0.34)	$ 10.36	7.22 %		2.05 %	(1.35)%	--	$387	136 %
2003	$ 10.36	(0.05)(j)	(1.64)	(1.69)	--	--	(1.93)	(1.93)	$ 6.74	(15.46)%		2.12 %	(0.89)%	--	$506	68 %
2004	$ 6.74	(0.10)(j)	3.16	3.06	--	--	(0.80)	(0.80)	$ 9.00	45.99 %		2.05 %	(1.10) %	0.00(m)	$1,119	55 %
Small Cap Stock Fund Institutional I Shares
2004(l)	$ 8.41	(0.02 )(j)	1.69	1.67	--	--	(0.80)	(0.80)	$ 9.28	20.36 %		1.30 %(d)	(0.35)%(d)	0.00 %(d)(m)	$ 136,862	55 %

(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.

(d) Computed on an annualized basis.

(e) Reflects operations for the period from August 25, 2003 (date of initial public investment) to April 30, 2004.

(f) Represents less than $0.01.

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

(h) 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.

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

(j) Based on average shares outstanding.

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

(l) Reflects operations for the period from August 18, 2003 (date of initial public investment) to April 30, 2004.

(m) Represents less than 0.01%.

See Notes which are an integral part of the Financial Statements

(For a share outstanding throughout each period)
											Ratios to Average Net Assets
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	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
Small Cap Growth Fund Class A Shares
2000	$ 12.59	(0.05)	15.25	15.20	--	(4.72)	--	(4.72)	$ 23.07	126.13 %		1.30 %	(0.49)%	0.31 %	$11,292	753 %
2001	$ 23.07	(0.02)	(2.01)	(2.03)	--	(4.03)	(0.02)	(4.05)	$ 16.99	(10.09)%		1.25 %	(0.11)%	0.31 %	$65,062	360 %
2002	$ 16.99	(0.05)	0.82	0.77	--	--	--	--	$ 17.76	4.53 %		1.27 %	(0.38)%	0.31 %	$74,576	267 %
2003	$ 17.76	(0.08)	(5.69)	(5.77)	--	--	--	--	$ 11.99	(32.49)%		1.33 %	(0.67)%	1.05 %	$52,397	246 %
2004	$ 11.99	(0.17)(j)	5.71	5.54	--	--	--	--	$ 17.53	46.21 %		1.36 %	(0.99)%	0.42 %	$72,164	256 %
Small Cap Growth Fund Class B Shares
2001(c)	$ 16.80	(0.01)	0.18	0.17	--	--	--	--	$ 16.97	1.01 %		2.07 %(d)	(0.61)%(d)	0.01 %(d)	$125	360 %
2002	$ 16.97	(0.14)	0.77	0.63	--	--	--	--	$ 17.60	3.71 %		2.01 %	(1.20)%	0.02 %	$829	267 %
2003	$ 17.60	(0.19)	(5.62)	(5.81)	--	--	--	--	$ 11.79	(33.01)%		2.08 %	(1.44)%	1.39 %	$1,611	246 %
2004	$ 11.79	(0.29)(j)	5.61	5.32	--	--	--	--	$ 17.11	45.12 %		2.09 %	(1.73)%	0.24 %	$2,853	256 %
Small Cap Growth Fund Class C Shares
2003(e)	$ 12.27	(0.03)	(0.43)	(0.46)	--	--	--	--	$ 11.81	(3.75)%		2.09 %(d)	(1.42)%(d)	9.19 %(d)	$147	246 %
2004	$ 11.81	(0.30)(j)	5.64	5.34	--	--	--	--	$ 17.15	45.22 %		2.12 %	(1.76)%	0.43 %	$677	256 %
Small Cap Growth Fund Institutional I Shares
2000	$ 12.65	(0.08)	15.39	15.31	--	(4.72)	--	(4.72)	$ 23.24	126.42 %		1.19 %	(0.49)%	0.02 %	$81,375	753 %
2001	$ 23.24	(0.01)	(2.03)	(2.04)	--	(4.03)	(0.02)	(4.05)	$ 17.15	(10.05)%		1.15 %	(0.14)%	0.02 %	$85,286	360 %
2002	$ 17.15	(0.04)	0.83	0.79	(0.01)	--	--	(0.01)	$ 17.93	4.58 %		1.17 %	(0.27)%	0.01 %	$82,922	267 %
2003	$ 17.93	(0.07)	(5.73)	(5.80)	--	--	--	--	$ 12.13	(32.35)%		1.17 %	(0.51)%	0.02 %	$56,766	246 %
2004	$ 12.13	(0.15)(j)	5.78	5.63	--	--	--	--	$ 17.76	46.41 %		1.20 %	(0.84)%	0.11 %	$ 108,274	256 %
International Equity Fund Class A Shares
1999(f)	$ 10.00	0.11	0.48	0.59	--	--	--	--	$ 10.59	5.90 %		0.98 %(d)	2.80 %(d)	1.86 %(d)	$39,506	17 %
2000(g)	$ 10.59	0.08	1.28	1.36	(0.14)	(0.14)	--	(0.28)	$ 11.67	12.87 %		0.97 %	0.72 %	1.85 %	$44,697	56 %
2001(h)(i)	$ 11.67	0.01(j)	(1.31)	(1.30)	--	(0.71)	--	(0.71)	$ 9.66	(11.41)%		1.46 %(d)	0.07 %(d)	0.42 %(d)	$34,916	73 %
2002	$ 9.66	0.16	(0.71)	(0.55)	(0.16)	--	--	(0.16)	$ 8.95	(5.60)%		1.64 %	0.61 %	0.15 %	$45,754	61 %
2003	$ 8.95	0.09(j)	(1.42)	(1.33)	(0.11)	--	--	(0.11)	$ 7.51	(14.84)%		1.57 %	1.12 %	0.25 %	$62,059	42 %
2004	$ 7.51	0.07(j)	2.25	2.32	(0.08)	--	--	(0.08)	$ 9.75	30.94 %		1.60 %	0.81 %	0.23 %	$19,124	53 %
International Equity Fund Class B Shares
2001(k)	$ 10.25	(0.05)(j)	(0.55)	(0.60)	--	--	--	--	$ 9.65	(5.85)%		4.04 %(d)	(0.50 )%(d)	0.00 %(d)(l)	$5	73 %
2002	$ 9.65	0.20	(0.83)	(0.63)	(0.13)	--	--	(0.13)	$ 8.89	(6.42)%		2.44 %	0.04 %	0.10 %	$57	61 %
2003	$ 8.89	0.00(j)(m)	(1.38)	(1.38)	(0.05)	--	--	(0.05)	$ 7.46	(15.56)%		2.47 %	0.06 %	0.10 %	$55	42 %
2004	$ 7.46	0.00(j)(m)	2.22	2.22	(0.08)	--	--	(0.08)	$ 9.60	29.80 %		2.47 %	0.03 %	0.02 %	$223	53 %
International Equity Fund Institutional I Shares
2004(n)	$ 8.30	0.05(j)	1.48	1.53	(0.13)	--	--	(0.13)	$ 9.70	18.42 %		1.68 %(d)	0.70 %(d)	0.06 %(d)	$99,527	53 %

(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.

(d) Computed on an annualized basis.

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

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

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

(h) 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.

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

(j) Based on average shares outstanding.

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

(l) Represents less than 0.01%.

(m) Represents less than $0.01.

(n) Reflects operations for the period from August 18, 2003 (date of initial public investment) to April 30, 2004.

See Notes which are an integral part of the Financial Statements

MTB Group of Funds

(Formerly VISION Group of Funds)

April 30, 2004

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 and are presented in separate reports. 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

* The Fund invests solely in the shares of other funds within the MTB Group of Funds.

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	268,437,355	268,495,651	--	--	268,495,651	--	268,495,651
Institutional II	163,442,047	125,680,842	37,662,151	--	125,680,842	37,662,151	163,342,993

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	856,436,291	267,979,202	856,436,291	1,124,415,493

TOTAL	856,436,112	$856,436,291	$1,707,257,240	$856,436,291	$2,563,693,531

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	11,848,522	11,848,522	50,344,326	11,848,522	62,192,848

TOTAL	11,848,522	$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

¹ Unrealized 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 Fund 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)⁶

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 Appreciation⁷

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, domestic and foreign equity securities are valued at the last sale price or official closing price reported in the market in which they are primarily traded (either on a national securities exchange or the over-the-counter market), if available. If unavailable, the security is generally valued at the mean between the last closing bid and asked prices. With respect to valuation of foreign securities, trading in foreign cities may be completed at times which vary from the closing of the New York Stock Exchange ("NYSE"). Therefore, foreign securities are valued at the latest closing price on the exchange on which they are traded immediately prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated in U.S. dollars at the foreign exchange rate in effect at 12:00 p.m., Eastern Time, on the day the value of the foreign security is determined. 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.

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 statement 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, dividends and capital gains have been provided for in accordance with the applicable country's rules 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.

The Funds may transact in To Be Announced Securities (TBAs). As with other delayed delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Funds agree to accept any security that meets specified terms such as issuer, interest rate and terms of underlying mortgages. The Funds record TBA securities on the trade date utilizing information associated with the specified terms of the transaction as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest on the settlement date. Losses may occur due to the fact that the actual underlying mortgages received may be less favorable than those anticipated by the Funds.

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 April 30, 2004, the International Equity Fund had outstanding foreign currency exchange contracts as set forth below:

Settlement Date	Contracts to Deliver/Receive	In Exchange for	Contracts at Value	Net Unrealized Appreciation (Depreciation)

CONTRACTS PURCHASED:
April 7, 2004	2,700,000 Swiss Franc	$ 2,119,992	$ 2,089,153	$ (30,839	)
April 7, 2004	5,600,000 Danish Krone	911,295	897,675	(13,620	)
April 7, 2004	4,800,000 Euro Dollar	5,816,640	5,728,197	(88,443	)
April 7, 2004	11,100,000 Hong Kong Dollar	1,430,670	1,427,175	(3,495	)
April 7, 2004	520,000,000 Japanese Yen	4,979,126	4,741,435	(237,691	)
April 7, 2004	4,500,000 Norwegian Krone	652,098	653,373	1,275
April 7, 2004	3,300,000 Singapore Dollar	1,977,528	1,944,585	(32,943	)

CONTRACTS SOLD:
April 7, 2004	1,350,000 Australian Dollar	$ 1,011,960	$ 954,757	$ 57,203
April 29, 2004	1,100,000 Swiss Franc	852,700	851,136	1,564
April 7, 2004	7,870,000 Pound Sterling	14,250,209	13,760,161	490,048
April 21, 2004	300,000 Pound Sterling	523,950	524,530	(580	)
April 7, 2004	16,400,000 Swedish Krona	2,165,903	2,139,065	26,838
April 29, 2004	2,920,000 Swedish Krona	381,500	382,329	(829	)

	Net Unrealized Appreciation on Foreign Exchange Contracts: $168,488

Foreign Currency Translation -- The International Equity Fund translates foreign currencies ("FCs") into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchase and sale 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.

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.

Additional information on each restricted illiquid security held by Small Cap Growth Fund at April 30, 2004 was as follows:

Security		Acquistion Date		Acquisition Cost
YDI Wireless, Inc., Class B		12/8/2003		$	2,050,000
On Track Innovations Ltd.		4/29/2004		$	1,687,800

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 TBAs 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.

Information regarding dollar roll transactions for Intermediate-Term Bond Fund for the year ended April 30, 2004 was as follows:

Maximum amount outstanding during the period	$	9,603,506
Average amount outstanding during the period1	$	5,835,283
Average shares outstanding during the period		22,507,503
Average debt per share outstanding during the period		0.26

Information regarding dollar roll transactions for Income Fund for the year ended April 30, 2004 was as follows:

Maximum amount outstanding during the period	$	38,198,319
Average amount outstanding during the period1	$	22,190,121
Average shares outstanding during the period		22,112,053
Average debt per share outstanding during the period		1.00

Information regarding dollar roll transactions for Balanced Fund for the year ended April 30, 2004 was as follows:

Maximum amount outstanding during the period	$	5,161,139
Average amount outstanding during the period1	$	3,135,880
Average shares outstanding during the period		13,538,780
Average debt per share outstanding during the period		0.23

Information regarding dollar roll transactions for Social Balanced Fund for the year ended April 30, 2004 was as follows:

Maximum amount outstanding during the period	$	206,508
Average amount outstanding during the period¹	$	125,220
Average shares outstanding during the period		336,949
Average debt per share outstanding during the period		0.37

¹ The average amount outstanding during the period was calculated by adding the borrowings at the end of the day and dividing the sum by the number of days in the year ended April 30, 2004.

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
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	2,427,759,313		$2,427,789,717		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	270,907		270,907		682,530		682,530
	Shares redeemed	(2,922,783,228	)	(2,922,783,228	)	(17,433,552,783	)	(17,433,552,783	)

	Net change resulting from Class A Share transactions	(473,970,476	)	$(473,941,544	)	(119,197,275	)	$(119,197,080	)


Class S Shares
	Shares sold	163,062,519		$162,989,645		2,834,591,428		$2,834,591,428
	Shares redeemed	( 164,988,436	)	( 164,988,436	)	( 2,842,790,459	)	( 2,842,790,459	)

	Net change resulting from Class S Share transactions	(1,925,917	)	$(1,998,791	)	(8,199,031	)	$(8,199,031	)


Institutional I Shares(a)
	Shares sold	658,253,558		$658,195,262		--		--
	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		--		--
	Shares issued to shareholders in payment of distributions declared	7,773		7,773		--		--
	Shares redeemed	(638,649,413	)	(638,649,413	)	--		--

	Net change resulting from Institutional I Share transactions	288,049,273		$288,049,273		--		--


Institutional II Shares(a)
	Shares sold	1,635,601,225		$1,635,701,991		--		--
	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		--		--
	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	6,228		6,228		--		--
	Shares redeemed	(1,445,178,792	)	(1,445,178,792	)	--		--

	Net change resulting from Institutional II Share transactions	353,870,708		$353,872,420		--		--

	Net change resulting from share transactions	166,023,588		$165,981,358		(127,396,306	)	$(127,396,111	)


		U.S. Government Money Market Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	40,866,173		$40,866,173		169,779,677		$169,779,676
	Shares issued to shareholders in payment of distributions declared	617		617		--		--
	Shares redeemed	(110,737,406	)	(110,737,406	)	(178,669,582	)	(178,669,582	)

	Net change resulting from Class A Share transactions	(69,870,616	)	$(69,870,616	)	(8,889,905	)	$(8,889,906	)


Institutional I Shares
	Shares sold	2,556,107,963		$2,556,107,963		2,455,362,093		$2,455,362,093
	Shares issued to shareholders in payment of distributions declared	312,980		312,980		45,184		45,187
	Shares redeemed	(2,533,380,904	)	(2,533,380,904	)	(2,550,590,892	)	(2,550,590,892	)

	Net change resulting from Institutional I Share transactions	23,040,039		$23,040,039		(95,183,615	)	$(95,183,612	)


Institutional II Shares
	Shares sold	2,079,046,390		$2,079,046,390		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		856,436,291		--		--
	Shares redeemed	(1,760,189,263	)	(1,760,189,263	)	(1,254,482,863	)	(1,254,482,863	)

	Net change resulting from Institutional II Share transactions	1,175,293,239		$1,175,293,418		(3,477,425	)	$(3,477,425	)

	Net change resulting from share transactions	1,128,462,662		1,128,462,841		(107,550,945	)	$(107,550,943	)


		Tax-Free Money Market Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	71,380,158		$ 71,398,254		19,709,513		$19,709,513
	Shares issued to shareholders in payment of distributions declared	215,324		215,324		318,164		318,164
	Shares redeemed	(60,520,808	)	(60,520,808	)	(28,553,581	)	(28,553,581	)

	Net change resulting from Class A Share transactions	11,074,674		$11,092,770		(8,525,904	)	$ (8,525,904	)


Institutional I Shares
	Shares sold	172,728,209		$172,712,983		121,416,014		$121,415,984
	Shares redeemed	(219,955,377	)	(219,955,377	)	(93,961,592	)	(93,961,592	)

	Net change resulting from Institutional I Share transactions	(47,227,168	)	$(47,242,394	)	27,454,422		$27,454,392


		Tax-Free Money Market Fund (continued)
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Institutional II Shares
	Shares sold	69,179,154		$ 69,176,065		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	11,848,522		11,848,522		--		--
	Shares issued to shareholders in payment of distributions declared	277		277		--		--
	Shares redeemed	(77,646,142	)	(77,646,142	)	(72,422,481	)	(72,422,481	)

	Net change resulting from Institutional II Share transactions	3,381,811		$3,378,722		15,859,816		$15,859,816

	Net change resulting from share transactions	(32,770,683	)	$(32,770,902	)	34,788,334		$34,788,304


		Money Market Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	5,758,154,045		$5,758,154,064		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	2,660,501		2,660,501		6,478,702		6,478,702
	Shares redeemed	(6,272,432,446	)	(6,272,432,446	)	(48,040,248,948	)	(48,040,248,948	)

	Net change resulting from Class A Share transactions	(316,583,343	)	$(316,641,548	)	(271,602,901	)	$(271,602,901	)


Class B Shares(a)
	Shares sold	38,750		$37,555		--		--
	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	177		177		--		--
	Shares redeemed	(41,445	)	(41,445	)	--		--

	Net change resulting from Class B Share transactions	225,915		$224,710		--		--


Class S Shares
	Shares sold	765,107,363		$765,107,363		11,428,135,792		$11,428,135,792
	Shares issued to shareholders in payment of distributions declared	4		4		--		--
	Shares redeemed	(792,870,912	)	(792,870,912	)	(11,459,488,844	)	(11,459,488,844	)

	Net change resulting from Class S Share transactions	(27,763,545	)	$(27,763,545	)	(31,353,052	)	$(31,353,052	)


Institutional Shares
	Shares sold	12,373,793		$12,373,793		16,766,778		$16,766,778
	Shares issued to shareholders in payment of distributions declared	17,520		17,520		28,596		28,596
	Shares redeemed	(11,906,088	)	(11,906,088	)	(16,842,620	)	(16,842,620	)

	Net change resulting from Institutional Share Transactions	485,225		$485,225		(47,246	)	$(47,246	)

		Money Market Fund (continued)
		Period Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Institutional I Shares(a)
	Shares sold	987,838,485		$987,839,680		--		--
	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 Prime Cash Management Portfolio	14,902,060		14,900,587		--		--
	Shares issued to shareholders in payment of distributions declared	357,969		357,969		--		--
	Shares redeemed	(872,490,148	)	(872,490,148	)	--		--

	Net change resulting from Institutional I Share Transactions	698,767,001		$698,804,168		--		--


Institutional II Shares(a)
	Shares sold	639,902,648		$639,902,648		--		--
	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 Prime Cash Management Portfolio	46,991,747		46,993,218
	Shares issued to shareholders in payment of distributions declared	183		183		--		--
	Shares redeemed	(592,850,851	)	(592,850,851	)	--		--

	Net change resulting from Institutional II Share Transactions	359,588,998		$359,583,746		--		--

	Net change resulting from share transactions	714,720,251		$714,692,756		(303,003,199	)	$(303,003,199	)


		Prime Money Market Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Institutional Shares
	Shares sold	778,833,498		$778,833,498		1,160,929,274		$1,160,952,298
	Shares issued to shareholders in payment of distributions declared	582,947		582,947		693,566		693,566
	Shares redeemed	(778,422,745	)	(778,422,745	)	(1,131,661,846	)	(1,131,661,846	)

	Net change resulting from share transactions	993,700		$993,700		29,960,994		$29,984,018


		New York Tax-Free Money Market Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	11,780,710,058		$11,780,710,058		1,180,246,098		$1,180,246,328
	Shares issued to shareholders in payment of distributions declared	497,227		497,227		995,420		995,420
	Shares redeemed	(11,845,607,350	)	(11,845,607,350	)	(1,176,425,629	)	(1,176,425,629	)

	Net change resulting from Class A Share transactions	(64,400,065	)	$(64,400,065	)	4,815,889		$4,816,119


		New York Tax-Free Money Market Fund (continued)
		Period Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Institutional I Shares(a)
	Shares sold	80,011,378		$80,011,378		--		--
	Shares redeemed	(44,159,799	)	(44,159,799	)	--		--

	Net change resulting from Institutional I Share transactions	35,851,579		$ 35,851,579		--		--

	Net change resulting from share transactions	(28,548,486	)	$(28,548,486	)	4,815,889		$4,816,119


		Pennsylvania Tax-Free Money Market Fund
		Period Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares(b)
	Shares sold	1,073,981		$1,073,981		--		--
	Shares issued to shareholders in payment of distributions declared	278		278
	Shares redeemed	(852,107	)	(852,107	)	--		--

	Net change resulting from Class A Share transactions	222,152		$222,152		--		--


Institutional I Shares
	Shares sold	65,878,143		$65,878,143		41,730,429		$41,730,429
	Shares redeemed	(63,970,232	)	(63,970,232	)	(52,328,035	)	(52,328,035	)

	Net change resulting from Institutional I Share transactions	1,907,911		$1,907,911		(10,597,606	)	$(10,597,606	)


Institutional II Shares
	Shares sold	7,849,744		$7,849,744		8,750,853		$8,750,853
	Shares redeemed	(10,617,224	)	(10,617,224	)	(7,380,177	)	(7,380,177	)

	Net change resulting from Institutional II Share transactions	(2,767,480	)	$(2,767,480	)	1,370,676		$1,370,676

	Net change resulting from share transactions	(637,417	)	$(637,417	)	(9,226,930	)	$(9,226,930	)


		Short Duration Government Bond Fund
		Period Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares(a)
	Shares sold	177,624		$1,728,199		--		--
	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	13,997		136,208		--		--
	Shares redeemed	(418,885	)	(4,083,084	)	--		--

	Net change resulting from Class A Share transactions	884,564		$8,584,229		--		--

		Short Duration Government Bond Fund (continued)
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class B Shares(a)
	Shares sold	13,084		$127,433		--		--
	Shares issued to shareholders in payment of distributions declared	15		142
	Shares redeemed	(434	)	(4,210	)	--		--

	Net change resulting from Class B Share transactions	12,665		$123,365		--		--


Institutional I Shares
	Shares sold	11,390,394		$111,079,923		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	132,594		1,294,553		187,982		1,859,833
	Shares redeemed	(7,903,108	)	(77,183,985	)	(2,954,869	)	(29,199,086	)

	Net change resulting from Institutional I Share transactions	8,758,872		$85,118,995		2,832,205		$27,974,227

	Net change resulting from share transactions	9,656,101		$93,826,589		2,832,205		$27,974,227


		Short-Term Corporate Bond Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares(b)
	Shares sold	14,730		$146,748		--		--
	Shares issued to shareholders in payment of distributions declared	75		748		--		--
	Shares redeemed	(981	)	(9,775	)

	Net change resulting from Class A Share transactions	13,824		$137,721		--		--


Class B Shares(b)
	Shares sold	2,660		$26,442		--		--
	Shares issued to shareholders in payment of distributions declared	6		58
	Shares redeemed	--		--		--		--

	Net change resulting from Class B Share transactions	2,666		$26,500		--		--


Institutional I Shares
	Shares sold	4,327,413		$43,025,437		1,538,039		$15,285,313
	Shares issued to shareholders in payment of distributions declared	72,438		720,310		109,021		1,083,533
	Shares redeemed	(2,059,941	)	(20,502,307	)	(2,927,848	)	(29,066,192	)

	Net change resulting from Institutional I Share transactions	2,339,910		$23,243,440		(1,280,788	)	$(12,697,346	)

	Net change resulting from share transactions	2,356,400		$23,407,661		(1,280,788	)	$(12,697,346	)


		U.S. Government Bond Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	6,324,740		$61,454,708		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	309,425		3,003,613		362,757		3,543,395
	Shares redeemed	(16,097,644	)	$(155,132,431	)	(3,331,328	)	$(32,482,150	)

	Net change resulting from Class A Share transactions	(8,916,225	)	$(85,441,633	)	2,378,591		$23,164,465



Class B Shares(a)
	Shares sold	11,366		$109,909		--		--
	Shares issued to shareholders in payment of distributions declared	19		184		--		--
	Shares redeemed	(36	)	(348	)	--		--

	Net change resulting from Class B Share transactions	11,349		$109,745		--		--


Institutional I Shares(a)
	Shares sold	11,602,496		$111,479,800		--		--
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK U.S. Government Bond Portfolio	9,325,690		89,162,013		--		--
	Shares issued to shareholders in payment of distributions declared	133,588		1,290,827		--		--
	Shares redeemed	(5,317,895	)	(51,410,014	)	--		--

	Net change resulting from Institutional I Share transactions	15,743,879		$150,522,626		--		--

	Net change resulting from share transactions	6,839,003		$65,190,738		2,378,591		$23,164,465


		New York Municipal Bond Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,973,767		$21,136,997		1,655,735		$17,618,682
	Shares issued to shareholders in payment of distributions declared	209,450		2,240,517		174,546		1,861,128
	Shares redeemed	(4,763,079	)	(50,697,260	)	(1,559,173	)	(16,580,118	)

	Net change resulting from Class A Share transactions	(2,579,862	)	$(27,319,746	)	271,108		$2,899,692


Class B Shares(a)
	Shares sold	33,953		$365,597		--		--
	Shares issued to shareholders in payment of distributions declared	207		2,211		--		--

	Net change resulting from Class B Share transactions	34,160		$367,808		--		--


Institutional I Shares(a)
	Shares sold	2,887,627		$30,663,036		--		--
	Shares issued to shareholders in payment of distributions declared	15,638		167,173		--		--
	Shares redeemed	(294,758	)	(3,177,031	)	--		--

	Net change resulting from Institutional I Share transactions	2,608,507		$27,653,178		--		--

	Net change resulting from share transactions	62,805		$701,240		271,108		$2,899,692


		Pennsylvania Municipal Bond Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	274,772		$2,845,605		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	22,442		234,383		6,537		67,508
	Shares redeemed	(7,777,675	)	(80,538,740	)	(63,950	)	(658,886	)

	Net change resulting from Class A Share transactions	897,232		$8,231,462		59,245		$622,152


Class B Shares
	Shares sold	36,082		$376,617		29,873		$306,916
	Shares issued to shareholders in payment of distributions declared	460		4,797		456		4,714
	Shares redeemed	(8,327	)	(87,068	)	(7,574	)	(78,185	)

	Net change resulting from Class B Share transactions	28,215		$294,346		22,755		$233,445


Institutional I Shares
	Shares sold	8,141,241		$84,379,813		726,627		$7,490,528
	Shares issued to shareholders in payment of distributions declared	25,300		264,313		22,506		232,520
	Shares redeemed	(4,627,148	)	(48,623,713	)	(1,493,938	)	(15,423,021	)

	Net change resulting from Institutional I Share transactions	3,539,393		$36,020,413		(744,805	)	$(7,699,973	)

	Net change resulting from share transactions	4,464,840		$44,546,221		(662,805	)	$(6,844,376	)


		Maryland Municipal Bond Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	120,865		$1,265,710		330,136		$3,415,208
	Shares issued to shareholders in payment of distributions declared	55,710		579,538		67,482		696,423
	Shares redeemed	(545,923	)	(5,658,599	)	(620,855	)	(6,454,523	)

	Net change resulting from Class A Share transactions	(369,348	)	$(3,813,351	)	(223,237	)	$(2,342,892	)


Class B Shares
	Shares sold	54,308		$567,411		50,666		$522,747
	Shares issued to shareholders in payment of distributions declared	3,536		36,833		3,049		31,537
	Shares redeemed	(16,093	)	(166,256	)	(9,015	)	(93,568	)

	Net change resulting from Class B Share transactions	41,751		$437,988		44,700		$460,716


Institutional I Shares
	Shares sold	1,502,471		$15,615,752		809,331		$8,351,554
	Shares issued to shareholders in payment of distributions declared	43,219		449,926		50,666		518,797
	Shares redeemed	(1,496,649	)	(15,546,954	)	(882,845	)	(9,099,676	)

	Net change resulting from Institutional I Share transactions	49,041		$518,724		(22,848	)	$(229,325	)

	Net change resulting from share transactions	(278,556	)	$(2,856,639	)	(201,385	)	$(2,111,501	)


		Intermediate-Term Bond Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares(a)
	Shares sold	669,663		$6,901,659		--		--
	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	53,022		547,001		--		--
	Shares redeemed	(12,585,599	)	(129,902,820	)	--		--

	Net change resulting from Class A Share transactions	1,009,428		$9,789,212		--		--


Class B Shares(a)
	Shares sold	8,930		$92,057		--		--
	Shares issued to shareholders in payment of distributions declared	124		1,267		--		--
	Shares redeemed	--		--		--		--

	Net change resulting from Class B Share transactions	9,054		$93,324		--		--


Institutional I Shares
	Shares sold	18,247,889		$187,519,404		1,412,921		$14,470,490
	Shares issued to shareholders in payment of distributions declared	367,883		3,782,552		98,995		1,015,406
	Shares redeemed	(5,532,190	)	(57,075,145	)	(2,530,640	)	(25,895,409	)

	Net change resulting from Institutional I Share transactions	13,083,582		$134,226,811		(1,018,724	)	$(10,409,513	)

	Net change resulting from share transactions	14,102,064		$144,109,347		(1,018,724	)	$(10,409,513	)


		Income Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	494,810		$5,244,483		624,946		$6,500,671
	Shares issued to shareholders in payment of distributions declared	57,360		594,136		40,289		422,359
	Shares redeemed	(684,455	)	(7,217,921	)	(631,931	)	(6,611,346	)

	Net change resulting from Class A Share transactions	(132,285	)	$(1,379,302	)	33,304		$311,684


Class B Shares
	Shares sold	51,765		$536,750		68,247		$700,897
	Shares issued to shareholders in payment of distributions declared	10,919		111,615		5,352		55,483
	Shares redeemed	(44,530	)	(456,495	)	(17,972	)	(185,374	)

	Net change resulting from Class B Share transactions	18,154		$191,870		55,627		$571,006


Institutional I Shares
	Shares sold	1,670,905		$17,302,293		3,451,627		$35,534,488
	Shares issued to shareholders in payment of distributions declared	886,877		9,062,529		560,672		5,803,475
	Shares redeemed	(7,744,045	)	(80,485,960	)	(6,974,435	)	(72,010,815	)

	Net change resulting from Institutional I Share transactions	(5,186,263	)	$(54,121,138	)	(2,962,136	)	$(30,672,852	)

	Net change resulting from share transactions	(5,300,394	)	$(55,308,570	)	(2,873,205	)	$(29,790,162	)

		Conservative Growth Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	251,417		$2,477,378		200,143		$1,882,774
	Shares issued to shareholders in payment of distributions declared	12,391		121,042		9,137		85,632
	Shares redeemed	(126,778	)	(1,241,166	)	(61,215	)	(574,556	)

	Net change resulting from Class A Share transactions	137,030		$1,357,254		148,065		$1,393,850


Class B Shares
	Shares sold	181,751		$1,784,668		228,194		$2,138,064
	Shares issued to shareholders in payment of distributions declared	5,846		56,857		1,910		17,798
	Shares redeemed	(28,608	)	(282,209	)	(18,674	)	(174,911	)

	Net change resulting from Class B Share transactions	158,989		$1,559,316		211,430		$1,980,951

	Net change resulting from share transactions	296,019		$2,916,570		359,495		$3,374,801


		Moderate Growth Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,428,284		$13,814,132		601,809		$5,288,569
	Shares issued to shareholders in payment of distributions declared	31,978		303,357		15,714		136,792
	Shares redeemed	(209,628	)	(2,023,070	)	(217,701	)	(1,886,303	)

	Net change resulting from Class A Share transactions	1,250,634		$12,094,419		399,822		$3,539,058


Class B Shares
	Shares sold	1,064,995		$10,274,174		636,459		$5,577,776
	Shares issued to shareholders in payment of distributions declared	13,117		123,793		1,910		16,604
	Shares redeemed	(79,087	)	(767,859	)	(17,828	)	(153,461	)

	Net change resulting from Class B Share transactions	999,025		$9,630,108		620,541		$5,440,919

	Net change resulting from share transactions	2,249,659		$21,724,527		1,020,363		$8,979,977


		Aggressive Growth Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	670,285		$6,223,448		308,474		$2,482,509
	Shares issued to shareholders in payment of distributions declared	19,853		177,483		6,240		49,003
	Shares redeemed	(90,168	)	(830,328	)	(150,638	)	(1,212,762	)

	Net change resulting from Class A Share transactions	599,970		$5,570,603		164,076		$1,318,750


		Aggressive Growth Fund (continued)
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class B Shares
	Shares sold	430,876		$3,942,506		243,995		$1,945,712
	Shares issued to shareholders in payment of distributions declared	9,178		81,043		1,258		9,853
	Shares redeemed	(21,851	)	(197,741	)	(16,746	)	(127,502	)

	Net change resulting from Class B Share transactions	418,203		$3,825,808		228,507		$1,828,063

	Net change resulting from share transactions	1,018,173		$9,396,411		392,583		$3,146,813


		Balanced Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	203,320		$2,646,929		171,637		$1,984,166
	Shares issued to shareholders in payment of distributions declared	21,610		279,287		44,883		499,609
	Shares redeemed	(504,330	)	(6,560,214	)	(654,069	)	(7,402,972	)

	Net change resulting from Class A Share transactions	(279,400	)	$(3,633,998	)	(437,549	)	$(4,919,197	)


Class B Shares
	Shares sold	102,347		$1,344,850		76,976		$892,146
	Shares issued to shareholders in payment of distributions declared	1,316		17,016		8,267		92,383
	Shares redeemed	(91,767	)	(1,190,079	)	(202,349	)	(2,279,037	)

	Net change resulting from Class B Share transactions	11,896		$171,787		(117,106	)	$(1,294,508	)


Institutional I Shares
	Shares sold	332,291		$4,288,324		999,229		$11,591,179
	Shares issued to shareholders in payment of distributions declared	101,800		1,312,701		318,500		3,559,733
	Shares redeemed	(1,888,430	)	(24,749,038	)	(10,043,119	)	(113,300,631	)

	Net change resulting from Institutional I Share transactions	(1,454,339	)	$(19,148,013	)	(8,725,390	)	$(98,149,719	)

	Net change resulting from share transactions	(1,721,843	)	$(22,610,224	)	(9,280,045	)	$(104,363,424	)


		Social Balanced Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Institutional I Shares
	Shares sold	3,202		$33,661		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	10,953		114,202		3,866		39,721
	Shares redeemed	(154,641	)	(1,606,227	)	(5,511	)	(56,511	)

	Net change resulting from share transactions	30,403		$290,857		102,567		$1,056,217


		Equity Income Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	97,376		$889,961		188,626		$1,653,116
	Shares issued to shareholders in payment of distributions declared	6,422		59,650		8,060		67,394
	Shares redeemed	(100,261	)	(930,434	)	(158,354	)	(1,332,522	)

	Net change resulting from Class A Share transactions	3,537		$19,177		38,332		$387,988


Class B Shares(b)
	Shares sold	14,898		$142,285		--		--
	Shares issued to shareholders in payment of distributions declared	25		247		--		--
	Shares redeemed	(60	)	(577	)	--		--

	Net change resulting from Class B Share transactions	14,863		$141,955		--		--


Institutional I Shares
	Shares sold	1,001,545		$9,246,229		1,407,260		$11,677,249
	Shares issued to shareholders in payment of distributions declared	8,048		74,112		8,096		66,477
	Shares redeemed	(1,006,606	)	(9,427,173	)	(859,901	)	(7,278,687	)

	Net change resulting from Institutional I Share transactions	2,987		$(106,832	)	555,455		$4,465,039

	Net change resulting from share transactions	21,387		$54,300		593,787		$4,853,027


		Large Cap Value Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	3,512,092		$34,856,878		3,009,159		$24,138,196
	Shares issued to shareholders in payment of distributions declared	31,232		307,125		25,616		207,963
	Shares redeemed	(4,878,185	)	$(47,078,805	)	(1,393,775	)	(11,280,908	)

	Net change resulting from Class A Share transactions	(1,334,861	)	$(11,914,802	)	1,641,000		$13,065,251


Class B Shares
	Shares sold	15,818		$158,584		5,995		$50,301
	Shares issued to shareholders in payment of distributions declared	--		--		--		--
	Shares redeemed	(3,416	)	(32,791	)	(12,188	)	(95,966	)

	Net change resulting from Class B Share transactions	12,402		$125,793		(6,193	)	$(45,665	)


Institutional I Shares(a)
	Shares sold	4,838,956		$47,567,880		--		--
	Shares issued to shareholders in payment of distributions declared	5,507		57,147		--		--
	Shares redeemed	(684,615	)	(7,180,238	)	--		--

	Net change resulting from Institutional I Share transactions	4,159,848		$40,444,789		--		--

	Net change resulting from share transactions	2,837,389		$28,655,780		1,634,807		$13,019,586

		Equity Index Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	285,305		$2,599,956		152,376		$31,763,266
	Shares issued to shareholders in payment of distributions declared	7,483		66,361		5,079		904,533
	Shares redeemed	(207,243	)	(1,964,013	)	(410,240	)	(19,536,740	)

	Net change resulting from Class A Share transactions	85,545		$702,304		(252,785	)	$13,131,059


Class B Shares(b)
	Shares sold	35,337		$327,448		--		--
	Shares issued to shareholders in payment of distributions declared	47		433		--		--
	Shares redeemed	(872	)	(8,313	)	--		--

	Net change resulting from Class B Share transactions	34,512		$319,568		--		--


Institutional I Shares
	Shares sold	4,123,330		$37,434,892		4,218,254		$1,134,089
	Shares issued to shareholders in payment of distributions declared	103,548		901,601		122,677		37,663
	Shares redeemed	(7,389,983	)	(69,067,136	)	(2,577,074	)	(3,160,112	)

	Net change resulting from Institutional I Share transactions	(3,163,105	)	$(30,730,643	)	1,763,857		$(1,988,360	)

	Net change resulting from share transactions	(3,043,048	)	$(29,708,771	)	1,511,072		$11,142,699


		Large Cap Stock Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,916,270		$16,462,881		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	(11,054,066	)	(94,387,966	)	(257,053	)	(1,900,742	)

	Net change resulting from Class A Share transactions	6,542,834		$50,133,629		(63,060	)	$(452,415	)


Class B Shares
	Shares sold	183,639		$1,491,057		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	(215,715	)	(1,777,813	)	(28,571	)	(208,733	)

	Net change resulting from Class B Share transactions	1,263,616		$9,943,959		(4,574	)	$(27,730	)


		Large Cap Stock Fund (continued)
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Institutional I Shares
	Shares sold	36,835,854		$308,204,270		2,242,842		$17,044,804
	Proceeds from shares issued in connection with the tax-free transfer of assets from ARK Blue Chip Equity Portfolio	18,885,722		153,618,560		--		--
	Shares issued to shareholders in payment of distributions declared	48,337		406,433		397,198		2,909,356
	Shares redeemed	(33,316,002	)	(280,012,454	)	(5,921,077	)	(44,470,022	)

	Net change resulting from Institutional I Share transactions	22,453,911		$182,216,809		(3,281,037	)	$(24,515,862	)

	Net change resulting from share transactions	30,260,361		$242,294,397		(3,348,671	)	$(24,996,007	)


		Large Cap Growth Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,060,898		$7,638,913		954,664		$6,347,393
	Shares redeemed	(2,028,451	)	(14,355,758	)	(455,113	)	(3,060,488	)

	Net change resulting from Class A Share transactions	(967,553	)	$(6,716,845	)	499,551		$3,286,905


Class B Shares
	Shares sold	43,703		$303,830		48,040		$316,720
	Shares redeemed	(37,441	)	(257,319	)	(32,055	)	(202,529	)

	Net change resulting from Class B Share transactions	6,262		$46,511		15,985		$114,191


Institutional I Shares(a)
	Shares sold	5,410,127		$40,372,485		--		--
	Shares redeemed	(780,511	)	(5,893,086	)	--		--

	Net change resulting from Institutional I Share transactions	4,629,616		$34,479,399		--		--

	Net change resulting from share transactions	3,668,325		$27,809,065		515,536		$3,401,096


		Multi Cap Growth Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	82,383		$1,308,136		111,959		$1,260,552
	Shares redeemed	(333,405	)	(4,774,152	)	(538,529	)	(6,059,791	)

	Net change resulting from Class A Share transactions	(251,022	)	$(3,466,016	)	(426,570	)	$(4,799,239	)


Class B Shares
	Shares sold	32,441		$433,494		33,570		$372,783
	Shares redeemed	(72,336	)	(964,951	)	(132,999	)	(1,442,937	)

	Net change resulting from Class B Share transactions	(39,895	)	$(531,457	)	(99,429	)	$(1,070,154	)


Institutional I Shares
	Shares sold	890,156		$12,224,771		1,533,920		$17,565,107
	Shares redeemed	(4,111,967	)	(59,667,907	)	(2,455,734	)	(27,796,896	)

	Net change resulting from Institutional I Share transactions	(3,221,811	)	$(47,443,136	)	(921,814	)	$(10,231,789	)

	Net change resulting from share transactions	(3,512,728	)	$(51,440,609	)	(1,447,813	)	$(16,101,182	)


		Mid Cap Stock Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,817,336		$26,379,569		1,919,001		$23,583,058
	Shares redeemed	(5,855,036	)	(82,626,300	)	(1,626,404	)	(19,790,257	)

	Net change resulting from Class A Share transactions	(4,037,700	)	$(56,246,731	)	292,597		$3,792,801


Class B Shares
	Shares sold	29,914		$413,954		22,884		$278,057
	Shares redeemed	(16,677	)	(242,033	)	(20,032	)	(232,727	)

	Net change resulting from Class B Share transactions	13,237		$171,921		2,852		$45,330

Institutional I Shares(a)
	Shares sold	5,737,496		$82,107,099		--		--
	Shares redeemed	(1,040,694	)	(15,761,911	)	--		--

	Net change resulting from Institutional I Share transactions	4,696,802		$66,345,188		--		--

	Net change resulting from share transactions	672,339		$10,270,378		295,449		$3,838,131


		Mid Cap Growth Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	89,023		$1,170,224		132,054		$1,413,474
	Shares redeemed	(74,342	)	(953,077	)	(128,997	)	(1,300,575	)

	Net change resulting from Class A Share transactions	14,681		$217,147		3,057		$112,899


Class B Shares(a)
	Shares sold	9,295		$125,971		--		--

	Net change resulting from Class B Share transactions	9,295		$125,971		--		--


Institutional I Shares
	Shares sold	870,121		$11,085,755		533,371		$5,634,526
	Shares issued to shareholders in payment of distributions declared	--		--		2,253		21,772
	Shares redeemed	(1,408,839	)	(17,943,137	)	(1,256,367	)	(12,718,825	)

	Net change resulting from Institutional I Share transactions	(538,718	)	$(6,857,382	)	(720,743	)	$(7,062,527	)

	Net change resulting from share transactions	(514,742	)	$(6,514,264	)	(717,686	)	$(6,949,628	)


		Small Cap Stock Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,358,596		$11,301,252		4,693,779		$32,173,346
	Shares issued to shareholders in payment of distributions declared	81,517		716,535		2,892,267		18,944,352
	Shares redeemed	(15,689,694	)	(147,374,753	)	(3,135,991	)	(23,014,962	)

	Net change resulting from Class A Share transactions	(14,249,581	)	$(135,356,966	)	4,450,055		$28,102,736


Class B Shares
	Shares sold	47,591		$421,570		28,380		$223,678
	Shares issued to shareholders in payment of distributions declared	8,703		74,324		15,548		100,131
	Shares redeemed	(7,120	)	(64,398	)	(6,175	)	(40,688	)

	Net change resulting from Class B Share transactions	49,174		$431,496		37,753		$283,121


Institutional I Shares(a)
	Shares sold	16,889,633		$160,793,811		--		--
	Shares issued to shareholders in payment of distributions declared	1,257,198		11,038,196		--		--
	Shares redeemed	(3,398,299	)	(33,282,295	)	--		--

	Net change resulting from Institutional I Share transactions	14,748,532		$138,549,712		--		--

	Net change resulting from share transactions	548,125		$3,624,242		4,487,808		$28,385,857


		Small Cap Growth Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,134,762		$18,644,546		1,270,512		$17,146,250
	Shares redeemed	(1,388,048	)	(23,494,851	)	(1,099,316	)	(14,318,848	)

	Net change resulting from Class A Share transactions	(253,286	)	$(4,850,305	)	171,196		$2,827,402


Class B Shares
	Shares sold	45,299		$756,797		99,284		$1,369,101
	Shares redeemed	(15,223	)	(267,661	)	(9,722	)	(127,046	)

	Net change resulting from Class B Share transactions	30,076		$489,136		89,562		$1,242,055


Class C Shares
	Shares sold	42,315		$748,556		12,443		$139,384
	Shares redeemed	(15,270	)	(261,600	)	(8	)	(92	)

	Net change resulting from Class C Share transactions	27,045		$486,956		12,435		$139,292


Institutional I Shares
	Shares sold	5,183,003		$91,638,821		1,580,333		$21,324,519
	Shares redeemed	(3,767,721	)	(66,176,428	)	(1,523,500	)	(19,978,194	)

	Net change resulting from Institutional I Share transactions	1,415,282		$25,462,393		56,833		$1,346,325

	Net change resulting from share transactions	1,219,117		$21,588,180		330,026		$5,555,074


		International Equity Fund
		Year Ended 4/30/2004				Year Ended 4/30/2003
		Shares		Amount		Shares		Amount
Class A Shares
	Shares sold	1,713,287		$14,432,630		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	15,521		146,982		38,189		281,458
	Shares redeemed	(9,340,913	)	(83,084,954	)	(933,559	)	(7,086,632	)

	Net change resulting from Class A Share transactions	(6,299,812	)	$(57,613,624	)	3,147,002		$22,994,108


Class B Shares
	Shares sold	16,861		$145,584		1,871		$14,496
	Shares issued to shareholders in payment of distributions declared	165		1,548		45		330
	Shares redeemed	(1,151	)	(10,361	)	(937	)	(6,627	)

	Net change resulting from Class B Share transactions	15,875		$136,771		979		$8,199


Institutional I Shares(a)
	Shares sold	10,242,710		$92,596,955		--		--
	Proceeds from shares issued in connection with tax-free transfer of assets from ARK International Equity Portfolio	1,720,935		14,282,972		--		--
	Shares issued to shareholders in payment of distributions declared	68,729		646,735		--		--
	Shares redeemed	(1,768,510	)	(17,108,822	)	--		--

	Net change resulting from Institutional I Share transactions	10,263,864		$90,417,840		--		--

	Net change resulting from share transactions	3,979,927		$32,940,987		3,147,981		$23,002,307

(a) Reflects operations for the period from August 18, 2003 (date of initial public investment) to April 30, 2004.

(b) Reflects operations for the period from August 25, 2003 (date of initial public investment) to April 30, 2004.

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 due in part to differing treatments for foreign currency transactions, net operating losses, and discount accretion/premium amortization on debt securities.

For the year ended April 30, 2004, permanent differences identified and reclassified among the components of net assets were as follows:

Fund
	Paid-In Capital	Undistributed (Distributions in Excess of) Net Investment Income	Accumulated Net Realized Gain (Loss)
	Paid-In Capital		Accumulated Net Realized Gain (Loss)	U.S. Treasury Money Market Fund	$ 2,050	$ (45,609)	$ 43,559
U.S. Government Money Market Fund	--	(2,400)	2,400
Tax-Free Money Market Fund	(14)	14	--
Money Market Fund	--	(54)	54
New York Tax-Free Money Market Fund	(9)	--	9
Short Duration Government Bond Fund	--	587,060	(587,060)
Short-Term Corporate Bond Fund	--	(1,641)	1,641
U.S. Government Bond Fund	7,850,628	1,862,675	(9,713,303)
New York Municipal Bond Fund	--	(5,576)	5,576
Pennsylvania Municipal Bond Fund	2,804,396	(95,831)	(2,708,565)
Maryland Municipal Bond Fund	(54,444)	(39,850)	94,294
Intermediate-Term Bond Fund	16,623,235	1,477,352	(18,100,587)
Income Fund	(1,865,932)	(13,985)	1,879,917
Moderate Growth Fund	(917)	917	--
Aggressive Growth Fund	(37,000)	37,000	--
Balanced Fund	(204)	(35,000)	35,204
Social Balanced Fund	355,444	2	(355,446)
Equity Income Fund	(9)	5,952	(5,943)
Equity Index Fund	317	(3,065)	2,748
Large Cap Stock Fund	70,375,836	--	(70,375,836)
Large Cap Growth Fund	(18,181)	18,181	--
Multi Cap Growth Fund	(672,310)	655,701	16,609
Mid Cap Stock Fund	(357,250)	357,551	(301)
Mid Cap Growth Fund	(360,568)	362,918	(2,350)
Small Cap Stock Fund	138,597	476,604	(615,201)
Small Cap Growth Fund	(1,059,192)	1,953,429	(894,237)
International Equity Fund	10,428,574	(171,909)	(10,256,665)

The tax character of distributions as reported on the Statement of Changes in Net Assets for the tax years ended April 30, 2004, October 31, 2003 and April 30, 2003 was:


Fund	Ordinary Income*	Long-Term Capital Gains	Ordinary Income*	Long-Term Capital Gains
U.S. Treasury Money Market Fund	$ 3,773,702	$ --	$ 6,640,467	$ --
U.S. Government Money Market Fund****	7,432,392	--	14,316,350	--
Tax-Free Money Market Fund****	445,718**	--	1,164,526***	--
Money Market Fund	9,718,697	--	13,587,106	--
Prime Money Market Fund	1,830,953	--	3,099,195	32,174
New York Tax-Free Money Market Fund	829,926**	--	1,698,748***	--
Pennsylvania Tax-Free Money Market Fund****	43,021**	--	103,367***	--
Short Duration Government Bond Fund	3,845,669	--	4,596,450	--
Short-Term Corporate Bond Fund	1,617,709	--	2,299,201	--
U.S. Government Bond Fund	8,885,450	32,662	6,517,505	--
New York Municipal Bond Fund	3,409,299**	557,643	3,211,133***	86,625
Pennsylvania Municipal Bond Fund****	4,054,610**	--	6,813,422***	--
Maryland Municipal Bond Fund****	2,425,841**	--	4,989,234***	--
Intermediate-Term Bond Fund****	6,372,719	2,740,506	5,980,405	--
Income Fund****	$ 5,501,261	$ 4,473,352	$ 9,490,312	$ --
Conservative Growth Fund	89,007	91,476	96,199	9,010
Moderate Growth Fund	116,161	314,471	106,275	47,539
Aggressive Growth Fund	--	258,866	--	59,056
Balanced Fund****	853,292	--	2,419,696	--
Social Balanced Fund****	90,327	27,439	86,564	--
Equity Income Fund****	568,730	--	1,357,972	--
Large Cap Value Fund	576,948		312,233	--
Equity Index Fund****	716,220	--	1,471,477	--
Large Cap Stock Fund	1,259,523		1,276,364	3,416,475
Large Cap Growth Fund	--	--	--	--
Multi Cap Growth Fund	--	--	--	--
Mid Cap Stock Fund	--	--	--	--
Mid Cap Growth Fund****	--	--	9,919	--
Small Cap Stock Fund	4,666,540	7,579,861	2,059,319	18,845,459
Small Cap Growth Fund	--	--	--	--
International Equity Fund	1,470,236	--	633,216	--

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

** Included in this amount is tax exempt income of $445,718, $829,926, $43,021, $3,235,290, $4,054,039 and $2,425,841 for Tax-Free Money Market Fund, 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, respectively.

*** Included in this amount is tax exempt income of $1,164,526, $1,698,748, $103,367, $3,211,133, $6,800,183 and $4,989,234 for Tax-Free Money Market Fund, 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, respectively.

**** For these funds, 2003 amounts are for the tax year ended October 31, 2003. The 2004 amounts for these funds are for the six-month period ended April 30, 2004 as their tax year end changed from October 31 to April 30.

As of April 30, 2004, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income	Undistributed Long-Term Capital Gain	Unrealized Appreciation (Depreciation)	Capital Loss Carryforward
U.S. Treasury Money Market Fund	$ 250,005	$ --	$ (33)	$ --
U.S. Government Money Market Fund	1,218,798	--	--	--
Tax-Free Money Market Fund	48,221	--	--	1,559
Money Market Fund	596,644	--	--	13,704
Prime Money Market Fund	70,273	--	--	2,750
New York Tax-Free Money Market Fund	29,423	--	--	--
Pennsylvania Tax-Free Money Market Fund	9,077	--	--	27
Short Duration Government Bond Fund	175,987	--	(1,387,502)	1,363,654
Short-Term Corporate Bond Fund	80,499	--	258,571	1,417,666
U.S. Government Bond Fund	482,825	--	2,242,882	8,446,362
New York Municipal Bond Fund	125,984	176,901	1,926,346	--
Pennsylvania Municipal Bond Fund	595,256	--	7,506,307	2,767,385
Maryland Municipal Bond Fund	313,241	243,409	4,361,070	--
Intermediate-Term Bond Fund	808,821	--	523,231	15,374,214
Income Fund	491,666	1,439,540	1,228,033	196,563
Conservative Growth Fund	5,160	31,183	81,115	--
Moderate Growth Fund	--	--	1,243,558	26,922
Aggressive Growth Fund	--	25,173	492,611	--
Balanced Fund	$ 178,263	$ --	$ 8,522,743	$ 55,725,277
Social Balanced Fund	12,066	--	43,516	241,865
Equity Income Fund	7,640	452,923	13,417,856	--
Large Cap Value Fund	43,875	--	7,450,003	4,388,763
Equity Index Fund	232,617	--	(1,426,529)	9,081,777
Large Cap Stock Fund	8,665,263	39,122,858	63,049,789	60,667,534
Large Cap Growth Fund	--	--	2,432,318	5,071,337
Multi Cap Growth Fund	--	--	6,521,950	51,759,655
Mid Cap Stock Fund	--	3,404,521	14,483,119	--
Mid Cap Growth Fund	--	--	13,588,564	1,474,179
Small Cap Stock Fund	3,111,678	13,821,181	25,759,154	--
Small Cap Growth Fund	10,961,043	6,713,844	(3,735,142)	--
International Equity Fund	969,569	--	16,730,624	11,996,146

* Included in this amount is tax exempt income (in thousands) of $48,221, $23,077, $9,077, $114,122, $590,182 and $313,241 for Tax-Free Money Market Fund, 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, respectively.

For federal income tax purposes, the following amounts apply as of April 30, 2004:

Fund	Cost of Investments	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation/ Depreciation
U.S. Treasury Money Market Fund	$ 806,521,080	$ --	$ 33	$ (33)
U.S. Government Money Market Fund	2,691,357,245	--	--	--
Tax Free Money Market Fund	145,294,578	--	--	--
Money Market Fund	2,039,294,726	--	--	--
Prime Money Market Fund	250,064,449	--	--	--
New York Tax-Free Money Market Fund	160,987,143	--	--	--
Pennsylvania Tax-Free Money Market Fund	16,182,041	--	--	--
Short Duration Government Bond	207,540,041	564,071	1,951,573	(1,387,502)
Short-Term Corporate Bond Fund	80,484,971	641,868	383,297	258,571
U.S. Government Bond Fund	202,297,698	3,649,496	1,406,614	2,242,882
New York Municipal Bond Fund	80,807,351	2,686,407	760,061	1,926,346
Pennsylvania Municipal Bond Fund	193,177,084	9,409,663	1,903,356	7,506,307
Maryland Municipal Bond Fund	116,973,833	4,957,319	596,249	4,361,070
Intermediate-Term Bond Fund	271,119,771	2,384,865	1,861,634	523,231
Income Fund	221,498,667	3,356,608	2,128,575	1,228,033
Conservative Growth Fund	9,139,173	203,319	122,204	81,115
Moderate Growth Fund	38,889,285	1,477,118	233,560	1,243,558
Aggressive Growth Fund	17,564,300	546,500	53,889	492,611
Balanced Fund	158,785,101	14,394,163	5,871,420	8,522,743
Social Balanced Fund	3,686,857	122,612	79,096	43,516
Equity Income Fund	64,777,248	14,974,806	1,543,659	13,431,147
Large Cap Value Fund	82,264,975	9,840,835	2,390,832	7,450,003
Equity Index Fund	94,280,921	8,646,290	10,071,901	(1,425,611)
Large Cap Stock Fund	423,872,850	70,057,830	7,008,041	63,049,789
Large Cap Growth Fund	44,671,542	3,236,703	804,385	2,432,318
Multi Cap Growth Fund	109,721,376	10,779,099	4,257,149	6,521,950
Mid Cap Stock Fund	126,058,446	18,660,441	4,177,322	14,483,119
Mid Cap Growth Fund	72,591,502	15,630,274	2,041,711	13,588,563
Small Cap Stock Fund	124,032,894	31,269,138	5,509,984	25,759,154
Small Cap Growth Fund	193,636,339	16,330,884	20,066,026	(3,735,142)
International Equity Fund	98,305,322	17,831,208	1,052,087	16,779,121

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

At April 30, 2004, 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 carryforwards will expire as follows:

										Total Capital Loss Carryforwards
Fund Name	2004	2005	2006	2007	2008	2009	2010	2011	2012	Total Capital Loss Carryforwards
Tax-Free Money Market Fund	$ --	$ 114	$ --	$ --	$ 875	$ --	$ 570	$ --	$ --	$ 1,559
Money Market Fund	--	--	--	--	--	--	--	13,704	--	13,704
Prime Money Market Fund	--	--	--	--	--	--	--	2,750	--	2,750
Pennsylvania Tax-Free Money Market Fund	--	--	--	--	--	--	27	--	--	27
Short Duration Government Bond Fund	--	--	--	67,802	616,878	306,358	245,606	47,343	79,667	1,363,654
Short-Term Corporate Bond Fund	--	--	--	--	--	411,548	--	1,006,118	--	1,417,666
U.S. Government Bond Fund	--	--	618,082	1,280,058	4,506,397	--	1,446,091	--	595,734	8,446,362
Pennsylvania Municipal Bond Fund	--	--	--	62,877	2,662,148	42,360	--	--	--	2,767,385
Intermediate-Term Bond Fund	--	--	--	--	7,057,677	8,316,537	--	--	--	15,374,214
Income Fund	--	196,563	--	--	--	--	--	--	--	196,563
Moderate Growth Fund	--	--	--	--	--	--	--	--	26,922	26,922
Balanced Fund	--	--	--	--	--	5,940,749	42,513,889	7,270,639	--	55,725,277
Social Balanced Fund	--	--	--	--	--	208,286	33,579	--	--	241,865
Large Cap Value Fund	--	--	--	--	--	--	--	4,388,763	--	4,388,763
Equity Index Fund	--	--	--	--	--	601,767	8,316,976	163,034	--	9,081,777
Large Cap Stock Fund	--	--	--	--	--	--	37,509,043	23,158,491	--	60,667,534
Large Cap Growth Fund	--	--	--	--	--	725,317	1,368,709	2,374,253	603,058	5,071,337
Multi Cap Growth Fund	--	--	--	--	--	--	51,541,021	218,634	--	51,759,655
Mid Cap Growth Fund	--	--	--	--	--	--	1,474,179	--	--	1,474,179
International Equity Fund	--	--	--	--	--	1,667,232	1,636,485	8,692,429	--	11,996,146

As a result of the tax-free transfer of assets from acquired funds, certain capital loss carryforwards listed previously may be limited.

Under current tax regulations, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Post October and currency losses deferred to May 1, 2004 are as follows:

	Post October Losses	Currency Losses
Equity Index Fund	$ 6,944,479	$ --
Short Duration Government Bond Fund	14,835	--
U.S. Government Bond Fund	278,055	--
International Equity Fund	--	650,170

5. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fee -- Effective August 22, 2003, MTB Investment Advisors, Inc. replaced M&T Asset Management as the Funds' investment advisor. MTB Investment Advisors, Inc. (the "Advisor"), receives for its services an annual investment advisor fee based on a percentage of each Fund's average daily net assets (see below). The Advisor may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Funds. The Advisor can modify or terminate this voluntary waiver and/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-Advisory Fee -- Federated Investment Management Company ("FIMCO") was the sub-advisor to New York Tax-Free Money Market Fund, and received for its services an allocable portion of the advisor fee that the Advisor receives from New York Tax-Free Money Market Fund. FIMCO was paid by the Advisor 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 sub-advisor on December 16, 2003.

Independent Investment LLC ("Independence") is the sub-advisor to the Mid Cap Stock Fund, and receives for its services an allocable portion of the advisor fee that the Advisor receives from Mid Cap Stock Fund. Independence's fee is paid by the Advisor and not the Fund. The sub-advisor is paid by the Advisor 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-advisor to the Large Cap Growth Fund, and receives for its services an allocable portion of the advisor fee that the Advisor receives from Large Cap Growth Fund. Montag & Caldwell's fee is paid by the Advisor and not the Fund. The sub-advisor is paid by the Advisor 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-advisor 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 Advisor 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 Advisor and not the Fund. LSV is paid by the Advisor 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-advisor 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 Advisor receives from Small Cap Stock Fund. The allocation is based on the amount of securities which Mazama manages for the Fund. The fee is paid by the Advisor out of the fees it receives and is not a Fund expense. Mazama is paid by the Advisor as follows: 0.70% of average daily net assets.

UBS Global Asset Management (Americas), Inc. ("UBS Global") is the sub-advisor of International Equity Fund, and receives an allocable portion of the advisory fee the Advisor receives from International Equity Fund. The allocation is based on the amount of securities that UBS Global manages for the Fund. The fee is paid by the Advisor out of the fees it receives and is not a Fund expense. UBS Global is paid by the Advisor 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, Inc.

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 $3 billion
0.015%		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 Edgewood Services, Inc. ("Edgewood"), the principal distributor, from the daily net assets of the Fund's Class A Shares, Class B Shares, Class C Shares, Class S Shares, Institutional Shares and Institutional II Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Funds may incur distribution expenses according to the following schedule annually, to compensate Edgewood:

Share Class Name		Percentage of Average Daily Net Assets of Class
Class A Shares		0.25%
Class B Shares		0.75%
Class C Shares		0.75%
Class S Shares		0.25%
Institutional Shares		0.25%
Institutional II Shares		0.25%

Edgewood may voluntarily choose to waive any portion of its fee. Edgewood can modify or terminate this voluntary waiver at any time at its sole discretion.

Prior to August 15, 2003, Federated Securities Corporation ("FSC") served as the distributor. Both Edgewood and FSC are wholly-owned subsidiaries of Federated Investors, Inc.

For the year ended April 30, 2004, the fees paid to Edgewood and FSC, after voluntary waiver, if applicable, were as follows:

Fund Name	Edgewood	FSC
U.S. Treasury Money Market Fund	$ 259,350	$ 12,449
U.S. Government Money Market Fund	472,001	N/A*
Tax-Free Money Market Fund	25,905	N/A*
Money Market Fund	624,779	51,854
Prime Money Market Fund	--	--
New York Tax-Free Money Market Fund	--	--
Pennsylvania Tax-Free Money Market Fund	91	N/A*
Short Duration Government Bond Fund	6,858	--
Short-Term Corporate Bond Fund	125	N/A*
U.S. Government Bond Fund	26,107	--
New York Municipal Bond Fund	709	--
Pennsylvania Municipal Bond Fund	61,365	N/A*
Maryland Municipal Bond Fund	37,678	N/A*
Intermediate-Term Bond Fund	283	N/A*
Income Fund	29,899	N/A*
Conservative Growth Fund	11,983	4,804
Moderate Growth Fund	65,666	14,090
Aggressive Growth Fund	17,065	4,861
Balanced Fund	120,510	N/A*
Social Balanced Fund	--	N/A*
Equity Income Fund	7,544	N/A*
Large Cap Value	37,676	1,059
Equity Index Fund	11,710	N/A*
Large Cap Stock Fund	5,446	N/A*
Large Cap Growth Fund	15,271	2,377
Multi Cap Growth Fund	100,044	N/A*
Mid Cap Stock Fund	72,596	4,040
Mid Cap Growth Fund	7,993	N/A*
Small Cap Stock Fund	5,212	1,371
Small Cap Growth Fund	150,788	N/A*
International Equity Fund	62,973	162

* These funds are accounting survivors to ARK Funds, which were not distributed by FSC, but by an unaffiliated distributor.

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 year ended April 30, 2004, the Distributor retained the amounts listed in the chart below for sales charges from the sale of Class A Shares.

Fund		Sales Charges from Class A Shares
Short Duration Government Bond		$ 1,434
Short-Term Corporate Bond Fund		$ 194
U.S. Government Bond Fund		$ 5,500
New York Municipal Bond Fund		$ 29,761
Pennsylvania Municipal Bond Fund		$ 1,347
Maryland Municipal Bond Fund		$ 2,628
Intermediate-Term Bond Fund		$ 611
Income Fund		$ 1,226
Conservative Growth Fund		$ 184
Aggressive Growth Fund		$ 148
Balanced Fund		$ 7,117
Equity Income Fund		$ 1,653
Large Cap Value Fund		$ 1,646
Equity Index Fund		$ 2,753
Large Cap Stock Fund		$ 4,126
Large Cap Growth Fund		$ 3,042
Multi Cap Growth Fund		$ 1,774
Mid Cap Stock Fund		$ 4,763
Mid Cap Growth Fund		$ 2,738
Small Cap Stock Fund		$ 3,216
Small Cap Growth Fund		$ 17,289
International Equity Fund		$ 881

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. M&T Securities can modify or terminate this voluntary waiver at any time at its sole discretion.

Other Affiliated Parties and Transactions -- The Funds may invest in certain affiliated funds which are distributed by an affiliate of the Funds' distributor or have a common advisor. Income distributions earned by the Funds 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	$ 13,416
Maryland Municipal Bond Fund	Maryland Municipal Cash Trust	$ 4,063
	MTB Tax-Free Money Market Fund	$ 3,976

	Total	$ 8,039

Conservative Growth Fund	MTB Prime Money Market Fund	$ 4,902
	MTB Short-Term Corporate Bond Fund	$ 14,327
	MTB Short Duration Government Bond Fund	$ 48,369
	MTB Large Cap Value Fund	$ 4,927
	MTB Large Cap Stock Fund	$ 2,121
	MTB Small Cap Stock Fund	$ 11,854
	MTB International Equity Fund	$ 2,626
	MTB Intermediate-Term Fund	$ 35,172
	MTB U.S. Government Bond Fund	$ 62,798

	Total	$ 187,096

Moderate Growth Fund	MTB Prime Money Market Fund	$ 12,570
	MTB Short-Term Corporate Bond Fund	$ 30,594
	MTB Short Duration Government Bond Fund	$ 58,567
	MTB Large Cap Value Fund	$ 24,589
	MTB Large Cap Stock Fund	$ 8,490
	MTB Small Cap Stock Fund	$ 48,768
	MTB International Equity Fund	$ 20,277
	MTB Intermediate-Term Fund	$ 101,392
	MTB U.S. Government Bond Fund	$ 123,258

	Total	$ 428,505

Aggressive Growth Fund	MTB Prime Money Market Fund	$ 3,354
	MTB Short-Term Corporate Bond Fund	$ 6,843
	MTB Large Cap Value Fund	$ 14,159
	MTB Large Cap Stock Fund	$ 7,325
	MTB Small Cap Stock Fund	$ 37,212
	MTB International Equity Fund	$ 16,713
	MTB U.S. Government Bond Fund	$ 21,819

	Total	$ 107,425

Equity Index Fund	MTB Money Market Fund	$ 1,844
Mid Cap Growth Fund	MTB Money Market Fund	$ 8,092
Small Cap Growth Fund	MTB Money Market Fund	$ 6,167

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

Interfund Transactions -- During the year ended April 30, 2004, New York Tax-Free Money Market Fund and Pennsylvania 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 were as follows.

Fund		Purchases		Sales
New York Tax-Free Money Market Fund		$ 127,105,000		$ 109,265,000
Pennsylvania Tax-Free Money Market Fund		8,985,000		12,210,000

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 year ended April 30, 2004, were as follows:

Fund Name	Purchases	Sales
Short Duration Government Bond Fund	$ 2,573,489	$ 2,559,122
Short-Term Corporate Bond Fund	61,275,964	39,948,071
U.S. Government Bond Fund	37,616,901	32,044,678
New York Municipal Bond Fund	34,635,106	34,236,337
Pennsylvania Municipal Bond Fund	23,066,031	66,711,801
Maryland Municipal Bond Fund	20,382,431	22,473,478
Intermediate-Term Bond Fund	115,678,541	93,763,578
Income Fund	120,891,034	135,749,421
Conservative Growth Fund	3,577,455	956,074
Moderate Growth Fund	23,739,411	3,771,233
Aggressive Growth Fund	9,039,757	583,245
Balanced Fund	75,354,208	98,240,567
Social Balanced Fund	2,433,404	3,301,600
Equity Income Fund	25,396,838	21,773,395
Large Cap Value Fund	44,667,003	18,042,739
Equity Index Fund	83,463,089	112,152,840
Large Cap Stock Fund	330,371,059	372,540,500
Large Cap Growth Fund	44,303,635	16,469,058
Multi Cap Growth Fund	272,742,749	327,022,578
Mid Cap Stock Fund	135,154,486	124,494,024
Mid Cap Growth Fund	89,248,169	79,818,555
Small Cap Stock Fund	76,181,300	87,030,446
Small Cap Growth	444,336,753	425,230,678
International Equity Fund	62,409,582	55,532,507

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 April 30, 2004, 71.0% for New York Tax-Free Money Market Fund, 60.3% for Pennsylvania Tax-Free Money Market Fund, 34.5% for New York Muncipal Bond Fund, 59.1% for Pennsylvania Municipal Bond Fund and 22.1% 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 institution or agency did not exceed 10.5% for New York Tax-Free Money Market Fund, 8.6% for Pennsylvania Tax-Free Money Market Fund, 8.6% for New York Municipal Bond Fund, 22.2% for Pennsylvania Municipal Bond Fund and 6.8% 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 April 30, 2004, the diversification of industries in International Equity Fund was as follows:

Industry		Percentage of Net Assets
Air Freight & Logistics		1.3%
Automobiles		3.6%
Banking		19.4%
Building Materials & Components		2.4%
Chemicals		0.5%
Commercial Services & Supplies		4.4%
Communications Equipment		1.3%
Diversified Telecommunication Services		2.9%
Electric Utilities		1.2%
Electrical & Electronics		2.2%
Financial Services		0.6%
Food & Beverage & Tobacco		10.7%
Household Durables		2.9%
Insurance		2.8%
IT Services		0.5%
Leisure Equipment & Products		1.7%
Manufacturing		1.3%
Media		2.1%
Metals & Mining		0.9%
Multi-Utilities & Unregulated Power		1.7%
Office Electronics		1.4%
Oil & Gas		9.9%
Paper & Forest Products		2.3%
Pharmaceuticals		8.7%
Real Estate		1.1%
Retail		2.7%
Transportation		0.6%
Utilities		0.7%
Wireless Telecommunications Services		5.1%

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 year ended April 30, 2004.

9. Federal Tax Information (Unaudited)

For the year ended April 30, 2004, the amount of long-term capital gain designated by the Funds was as follows:

Fund Name
U.S. Government Bond Fund		$ 32,662
New York Municipal Bond Fund		$ 557,643
Intermediate-Term Bond Fund		$ 2,740,506
Income Fund		$ 4,473,352
Conservative Growth Fund		$ 91,476
Moderate Growth Fund		$ 314,471
Aggressive Growth Fund		$ 258,866
Small Cap Stock Fund		$ 7,579,861

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the period ended April 30, 2004, the following percentages qualify for the dividend received deduction available to corporate shareholders:

Fund Name
Conservative Growth Fund		6.70%
Moderate Growth Fund		8.42%
Balanced Fund		28.22%
Social Balanced Fund		3.93%
Equity Income Fund		80.71%
Large Cap Value Fund		88.91%
Equity Index Fund		96.05%
Large Cap Stock Fund		91.16%

For the period ended April 30, 2004, the following percentages of total ordinary dividends paid by the Funds are qualifying dividends which may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV. The percentages were as follows:

Fund Name
Conservative Growth Fund		10.67%
Moderate Growth Fund		45.41%
Balanced Fund		61.95%
Social Balanced Fund		16.18%
Equity Income Fund		100.00%
Large Cap Value Fund		100.00%
Equity Index Fund		100.00%
Large Cap Stock Fund		76.66%
Small Cap Stock Fund		15.06%
International Equity Fund		100.00%

If the Funds meet the requirements of Section 853 of the Internal Revenue Code of 1986, as amended, the Funds will pass through to their shareholders credits of foreign taxes paid.

For the fiscal year ended April 30, 2004, International Equity Fund derived $3,141,643 of gross income from foreign sources and paid foreign taxes of $281,919.

At April 30, 2004, 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		100.00%
New York Tax-Free Money Market Fund		100.00%
Pennsylvania Tax-Free Money Market Fund		100.00%
New York Municipal Bond Fund		99.99%
Pennsylvania Municipal Bond Fund		99.86%
Maryland Municipal Bond Fund		100.00%

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS

TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
MTB GROUP OF FUNDS

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of MTB U.S. Treasury Money Market Fund, MTB Money Market Fund, MTB Prime Money Market Fund, MTB New York Tax-Free Money Market Fund, MTB Short Duration Government Bond Fund, MTB U.S. Government Bond Fund, MTB New York Municipal Bond Fund, MTB Managed Allocation Fund -- Conservative Growth, MTB Managed Allocation Fund -- Moderate Growth, MTB Managed Allocation Fund -- Aggressive Growth, MTB Large Cap Value Fund, MTB Large Cap Growth Fund, MTB Mid Cap Stock Fund, MTB Small Cap Stock Fund, MTB International Equity Fund (collectively the "Former VISION Funds"), and MTB U.S. Government Money Market Fund, MTB Tax-Free Money Market Fund, MTB Pennsylvania Tax-Free Money Market Fund, MTB Short-Term Corporate Bond Fund, MTB Pennsylvania Municipal Bond Fund, MTB Maryland Municipal Bond Fund, MTB Intermediate-Term Bond Fund, MTB Income Fund, MTB Balanced Fund, MTB Social Balanced Fund, MTB Equity Income Fund, MTB Equity Index Fund, MTB Large Cap Stock Fund, MTB Multi Cap Growth Fund, MTB Mid Cap Growth Fund, MTB Small Cap Growth Fund (collectively the "Former ARK Funds") (collectively, the "MTB Group of Funds" or the "Funds") as of April 30, 2004, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended for the Former VISION Funds, the statements of changes in net assets for the year then ended for the Former ARK Funds, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial statements and financial highlights for each of the periods presented through the period ended April 30, 2003 for the Former ARK Funds were audited by other auditors whose report, dated June 16, 2003, expressed an unqualified opinion on those statements of changes and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2004, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of MTB Group of Funds as of April 30, 2004, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended for the Former VISION Funds, the changes in their net assets for the year then ended for the Former ARK Funds, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP

Boston, Massachusetts
June 10, 2004

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Board member and the senior officers of the Trust. The tables separately list Board members who are "interested persons" of the Trust (i.e., "Interested" Board members) and those who are not (i.e., "Independent" Board members). The Trust is composed of 34 funds and is the only investment company in the Fund Complex. Unless otherwise noted, each Board member oversees all portfolios of the Trust and serves for an indefinite term. The Trust's Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge and upon request, by calling 1-800-836-2211.

INTERESTED TRUSTEE BACKGROUND

Name
Birth Date
Address
Positions Held with Trust
Length of Time Served

Principal Occupation(s), Previous Positions and Other Directorships Held

Mark J. Czarnecki†
Manufacturers and Traders Trust Company
One M&T Plaza
Buffalo, NY 14203
Birthdate: November 3, 1955
TRUSTEE
Began serving: August 2000

Principal Occupations: Executive Vice President, Manufacturers and Traders Trust Company ("M&T Bank"), division head for M&T Bank's investment group.

Other Directorships Held: None

†Mark J. Czarnecki is "interested" due to positions he holds with M&T Bank, the parent of the Funds' advisor.

INDEPENDENT TRUSTEES BACKGROUND

Name Birth Date Address Positions Held with Trust Length of Time Served		Principal Occupation(s), Previous Positions and Other Directorships Held

Joseph J. Castiglia Roycroft Campus 21 South Grove Street, Suite 291 East Aurora, NY 14052 Birth date: July 20, 1934 TRUSTEE Began serving: February 1988		Principal Occupations: Chairman of the Board, HealthNow New York, Inc. (health care company); and former President, Chief Executive Officer and Vice Chairman, Pratt & Lambert United, Inc. (manufacturer of paints and chemical specialties). Other Directorships Held: The Energy East Corp.

John S. Cramer 4216 Jonathan Lane Harrisburg, PA 17110 Birth date: February 22, 1942 TRUSTEE Began serving: December 2000		Principal Occupations: Retired President and Chief Executive Officer, Pinnacle Health System (health care); President Emeritus, Highmark Blue Cross Blue Shield.Other Directorships Held: Highmark Blue Cross Blue Shield; Chek-Med Corporation.

Daniel R. Gernatt, Jr. Richardson & Taylor Hollow Roads Collins, NY Birth date: July 14, 1940 TRUSTEE Began serving: February 1988		Principal Occupations: President and CFO, Gernatt Asphalt Products, Inc.; Executive Vice President, Dan Gernatt Gravel Products, Inc.; Vice President, Country Side Sand & Gravel, Inc. Other Directorships Held: None

George K. Hambleton, Jr.* 1003 Admiral's Walk Buffalo, NY Birth Date: February 8, 1933 TRUSTEE Began serving: February 1998		Principal Occupations: Retired President, Brand Name Sales, Inc. (catalog showroom operator); retired President, Hambleton & Carr, Inc. (catalog showroom operator). Other Directorships Held: None

William H. Cowie, Jr.†† 1408 Ruxton Road Baltimore, MD Birth date: January 24, 1931 TRUSTEE Began serving: September 2003		Principal Occupations: Retired Chief Financial Officer, Pencor, Inc. (environmental project development company) since 1995. Other Directorships Held: None

Richard B. Seidel†† 770 Hedges Lane Strafford, PA Birth date: April 20, 1941 TRUSTEE Began serving: September 2003		Principal Occupations: Director and President (since 1995) of Girard Partners, a registered broker-dealer. Other Directorships Held: None

* Mr. Hambleton resigned as a Trustee of the Funds on May 17, 2004.

†† Mr. Cowie and Mr. Seidel became members of the Board of Trustees on September 1, 2003.

OFFICERS

Name Birth Date Address Positions Held with Trust		Principal Occupation(s) and Previous Positions

Edward C. Gonzales Federated Investors Tower Pittsburgh, PA Birth date: October 22, 1930 CHAIRMAN Began serving: May 2001		Principal Occupations: Employee, Federated Investors, Inc.; formerly, President and Executive Vice President of other funds distributed by Federated Securities Corp.; Vice Chairman, Federated Investors, Inc.; Trustee, Federated Administrative Services. Previous Positions: Trustee or Director of other funds distributed by Federated Securities Corp.; CEO and Chairman, Federated Administrative Services; Vice President, Federated Investment Management Company, Federated Investment Counseling, Federated Global Investment Management Corp. and Passport Research, Ltd.; Director and Executive Vice President, Federated Securities Corp.; Director, Federated Services Company; Trustee, Federated Shareholder Services Company.

Charles L. Davis Federated Investors Tower Pittsburgh, PA Birth date: March 23, 1960 CHIEF EXECUTIVE OFFICER Began serving: December 2002		Principal Occupations: Vice President, Managing Director of Mutual Fund Services, Federated Services Company; and President, Edgewood Services, Inc. Previous Positions: President, Federated Clearing Services; and Director, Business Development Mutual Fund Services, Federated Services Company.

Carl W. Jordan One M&T Plaza Buffalo, NY Birth date: January 2, 1955 PRESIDENT Began serving: May 2001		Principal Occupations: Senior Vice President, M&T Bank, 2001-Present; Administrative Vice President, M&T Bank, 1995-2001.

Kenneth G. Thompson 100 East Pratt Street Baltimore, MD Birth date: September 4, 1964 VICE PRESIDENT Began serving: May 2001		Principal Occupations: Administrative Vice President, M&T Bank, 2002-Present; Vice President, M&T Bank, 1999-2002; Regional Sales Manager, M&T Securities, Inc., 1995-1999.

Philip R. Carbone 100 East Pratt Street, 15^th floor Baltimore, MD Birth date: July 27, 1954 VICE PRESIDENT Began serving: September 2003		Principal Occupations: Vice President, Director of Distribution for Proprietary Products, M&T Securities, since 2003; Manager, Vision Shareholder Services and Discount Brokerage, 1998-2002. Previous Positions: Regional Sales Manager, M&T Securities, Inc., 1995-1998.

Scot A. Millen 100 East Pratt Street, 15th floor Baltimore, MD Birth date: February 22, 1969 VICE PRESIDENT Began serving: September 2003		Principal Occupations: Vice President, Product Manager, M&T Securities, since 2002; Executive Associate, M&T Investment Group, 2001-2002; Summer Associate, M&T Investment Group, 2000.

Beth S. Broderick Federated Investors Tower Pittsburgh, PA Birth date: August 2, 1965 VICE PRESIDENT AND ASSISTANT TREASURER Began serving: February 1998		Principal Occupations: Vice President, Mutual Fund Services Division, Federated Services Company.

Richard J. Thomas Federated Investors Tower Pittsburgh, PA Birth date: June 17, 1954 TREASURER Began serving: December 2002		Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services. Previous Positions: Vice President, Federated Administrative Services; held various management positions within Funds Financial Services Division of Federated Investors, Inc.

C. Grant Anderson Federated Investors Tower Pittsburgh, PA Birth date: November 6, 1940 SECRETARY Began serving: December 2000		Principal Occupation: Counsel, Reed Smith LLP (since October 2002). Previous Positions: Corporate Counsel, Federated Investors, Inc.; Vice President, Federated Services Company.

Victor R. Siclari Federated Investors Tower Pittsburgh, PA Birth date: November 17, 1961 ASSISTANT SECRETARY Began serving: May 2000; Secretary from August 11, 1995 to May 11, 2000; Assistant Secretary from May 11, 2000 to present.		Principal Occupation: Partner, Reed Smith LLP (since October 2002). Previous Positions: Sr. Corporate Counsel and Vice President, Federated Services Company (prior to October 2002).

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.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds' portfolios is available, without charge and upon request, by calling 1-800-836-2211. This information is also available from the Edgar database on the SEC's Internet site at http://www.sec.gov.

[Logo of MTB]

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.
  1 North Wacker Drive
  Chicago, IL 60606

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

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 Registered
Public Accounting Firm
  Ernst & Young, LLP
  200 Clarendon Street
  Boston, MA 02116-5072

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

30615 (6/04)

[Logo of MTB]

1-800-836-2211 / mtbfunds.com

MTB FUNDS
100 EAST PRATT STREET, 15^th FLOOR
BALTIMORE, MD 21202

MTB-AR-010-0604

Item 2.     Code of Ethics

(a) As of the end of the period covered by this report, the registrant has
adopted a code of ethics (the "Section 406 Standards for Investment
Companies - Ethical Standards for Principal Executive and Financial
Officers") that applies to the registrant's Principal Executive Officer
and Principal Financial Officer; the registrant's Principal Financial
Officer also serves as the Principal Accounting Officer.

(c) Not Applicable

(d) Not Applicable

(e) Not Applicable

(f)(3) The registrant hereby undertakes to provide any person, without
charge, upon request, a copy of the code of ethics.  To request a copy of
the code of ethics, contact the registrant at 1-800-341-7400, and ask for
a copy of the Section 406 Standards for Investment Companies - Ethical
Standards for Principal Executive and Financial Officers.

Item 3.     Audit Committee Financial Expert

The registrant's Board has determined that each member of the Board's
Audit Committee is an "audit committee financial expert," and that each
such member is "independent," for purposes of this Item.  The Audit
Committee consists of the following Board members:  Joseph J. Castiglia,
William H. Cowie, Jr., John S. Cramer and Richard B. Seidel.

Item 4.     Principal Accountant Fees and Services

(a)  Audit Fees billed to the registrant for the two most recent fiscal
years:
                  Fiscal year ended 2004 - $433,500
                  Fiscal year ended 2003 - $303,855

(b)  Audit-Related Fees billed to the registrant for the two most recent
fiscal years:
                  Fiscal year ended 2004 - $0
                  Fiscal year ended 2003 - $0
      Amount requiring approval of the registrant's audit committee
      pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X,
      $11,000 and $0 respectively.  Issuance of audit consents for N-1A
      and N-14 filings.

(c)  Tax Fees billed to the registrant for the two most recent fiscal
years:
                  Fiscal year ended 2004 - $0
                  Fiscal year ended 2003 - $0
      Amount requiring approval of the registrant's audit committee
      pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0
      and $0 respectively.

(d)  All Other Fees billed to the registrant for the two most recent
fiscal years:
                  Fiscal year ended 2004 - $0
                  Fiscal year ended 2003 - $0
      Amount requiring approval of the registrant's audit committee
      pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0
      and $0 respectively.

(e)(1)      Audit Committee Policies regarding Pre-approval of Services.
            The Audit Committee is required to pre-approve audit and
      non-audit services performed by the independent auditor in order to
      assure that the provision of such services do not impair the
      auditor's independence.  Unless a type of service to be provided by
      the independent auditor has received general pre-approval, it will
      require specific pre-approval by the Audit Committee.  Any proposed
      services exceeding pre-approved cost levels will require specific
      pre-approval by the Audit Committee.
            Certain services have the general pre-approval of the Audit
      Committee.  The term of the general pre-approval is 12 months from
      the date of pre-approval, unless the Audit Committee specifically
      provides for a different period.  The Audit Committee will annually
      review the services that may be provided by the independent auditor
      without obtaining specific pre-approval from the Audit Committee and
      may grant general pre-approval for such services.  The Audit
      Committee will revise the list of general pre-approved services from
      time to time, based on subsequent determinations.  The Audit
      Committee will not delegate its responsibilities to pre-approve
      services performed by the independent auditor to management.
            The Audit Committee has delegated pre-approval authority to
      its Chairman.  The Chairman will report any pre-approval decisions
      to the Audit Committee at its next scheduled meeting.  The Committee
      will designate another member with such pre-approval authority when
      the Chairman is unavailable.

AUDIT SERVICES
      The annual Audit services engagement terms and fees will be subject
to the specific pre-approval of the Audit Committee.  The Audit Committee
must approve any changes in terms, conditions and fees resulting from
changes in audit scope, registered investment company (RIC) structure or
other matters.
      In addition to the annual Audit services engagement specifically
approved by the Audit Committee, the Audit Committee may grant general
pre-approval for other Audit Services, which are those services that only
the independent auditor reasonably can provide.  The Audit Committee has
pre-approved certain Audit services, all other Audit services must be
specifically pre-approved by the Audit Committee.

AUDIT-RELATED SERVICES
      Audit-related services are assurance and related services that are
reasonably related to the performance of the audit or review of the
Company's financial statements or that are traditionally performed by the
independent auditor.  The Audit Committee believes that the provision of
Audit-related services does not impair the independence of the auditor,
and has pre-approved certain Audit-related services, all other
Audit-related services must be specifically pre-approved by the Audit
Committee.

TAX SERVICES
      The Audit Committee believes that the independent auditor can
provide Tax services to the Company such as tax compliance, tax planning
and tax advice without impairing the auditor's independence.  However, the
Audit Committee will not permit the retention of the independent auditor
in connection with a transaction initially recommended by the independent
auditor, the purpose of which may be tax avoidance and the tax treatment
of which may not be supported in the Internal Revenue Code and related
regulations.  The Audit Committee has pre-approved certain Tax services,
all Tax services involving large and complex transactions must be
specifically pre-approved by the Audit Committee.

ALL OTHER SERVICES
      With respect to the provision of services other than audit, review
or attest services the pre-approval requirement is waived if:

(1)   The aggregate amount of all such services provided constitutes no
                  more than five percent of the total amount of revenues
                  paid by the registrant, the registrant's adviser (not
                  including any sub-adviser whose role is primarily
                  portfolio management and is subcontracted with or
                  overseen by another investment adviser), and any entity
                  controlling, controlled by, or under common control with
                  the investment adviser that provides ongoing services to
                  the registrant to its accountant during the fiscal year
                  in which the services are provided;
(2)   Such services were not recognized by the registrant, the
                  registrant's adviser (not including any sub-adviser
                  whose role is primarily portfolio management and is
                  subcontracted with or overseen by another investment
                  adviser), and any entity controlling, controlled by, or
                  under common control with the investment adviser that
                  provides ongoing services to the registrant  at the time
                  of the engagement to be non-audit services; and
(3)   Such services are promptly brought to the attention of the Audit
                  Committee of the issuer and approved prior to the
                  completion of the audit by the Audit Committee or by one
                  or more members of the Audit Committee who are members
                  of the board of directors to whom authority to grant
                  such approvals has been delegated by the Audit Committee.

      The Audit Committee may grant general pre-approval to those
permissible non-audit services classified as All Other services that it
believes are routine and recurring services, and would not impair the
independence of the auditor.

      The SEC's rules and relevant guidance should be consulted to
determine the precise definitions of prohibited non-audit services and the
applicability of exceptions to certain of the prohibitions.

PRE-APPROVAL FEE LEVELS
      Pre-approval fee levels for all services to be provided by the
independent auditor will be established annually by the Audit Committee.
Any proposed services exceeding these levels will require specific
pre-approval by the Audit Committee.

PROCEDURES
      Requests or applications to provide services that require specific
approval by the Audit Committee will be submitted to the Audit Committee
by both the independent auditor and the Principal Accounting Officer
and/or Internal Auditor, and must include a joint statement as to whether,
in their view, the request or application is consistent with the SEC's
rules on auditor independence.


(e)(2)      Percentage of services identified in items 4(b) through 4(d)
that were approved by the registrants audit committee pursuant to
paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
            4(b)
                  Fiscal year ended 2004 - 0%
                  Fiscal year ended 2003 - 0%
            Percentage of services provided to the registrants investment
            adviser and any entity controlling, controlled by, or under
            common control with the investment adviser that provides
            ongoing services to the registrant that were approved by the
            registrants audit committee pursuant to paragraph (c)(7)(i)(C)
            of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

            4(c)
                  Fiscal year ended 2004 - 0%
                  Fiscal year ended 2003 - 0%
            Percentage of services provided to the registrants investment
            adviser and any entity controlling, controlled by, or under
            common control with the investment adviser that provides
            ongoing services to the registrant that were approved by the
            registrants audit committee pursuant to paragraph (c)(7)(i)(C)
            of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

            4(d)
                  Fiscal year ended 2004 - 0%
                  Fiscal year ended 2003 - 0%
            Percentage of services provided to the registrants investment
            adviser and any entity controlling, controlled by, or under
            common control with the investment adviser that provides
            ongoing services to the registrant that were approved by the
            registrants audit committee pursuant to paragraph (c)(7)(i)(C)
            of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

(f)   NA

(g)   Non-Audit Fees billed to the registrant, the registrant's investment
      adviser, and certain entities controlling, controlled by or under
      common control with the investment adviser:
                  Fiscal year ended 2004 - $11,000
                  Fiscal year ended 2003 - $0

(h)   The registrant's Audit Committee has considered that the provision
      of non-audit services that were rendered to the registrant's adviser
      (not including any sub-adviser whose role is primarily portfolio
      management and is subcontracted with or overseen by another
      investment adviser), and any entity controlling, controlled by, or
      under common control with the investment adviser that provides
      ongoing services to the registrant that were not pre-approved
      pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
      compatible with maintaining the principal accountant's
      independence.

Item 5      Audit Committee of Listed Registrants

            Not Applicable

Item 6      Schedule of Investments

            Not Applicable

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

            Not Applicable

Item 8.     Purchases of Equity Securities by Closed-End Management
            Investment Company and Affiliated Purchasers

            Not Applicable

Item 9.     Submission of Matters to a Vote of Security Holders

            Not Applicable

Item 10.    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) 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 11.    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

By          /S/ Richard J. Thomas, Principal Financial Officer
Date        June 25, 2004


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        June 25, 2004


By          /S/ Richard J. Thomas, Principal Financial Officer
Date        June 25, 2004