UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

811-5514

(Investment Company Act File Number)

MTB Group of Funds

(Exact Name of Registrant as Specified in Charter)

MTB Investment Advisors, Inc.

100 East Pratt St., 15th Floor

Baltimore, MD 21202

(Address of Principal Executive Offices)

410.986.5600

(Registrant’s Telephone Number)

Thomas R. Rus

MTB Investment Advisors, Inc.

100 East Pratt St., 15th Floor

Baltimore, MD 21202

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

Date of Fiscal Year End: 12/31/08

Date of Reporting Period: Quarter ended 03/31/08

ITEM 1. SCHEDULE OF INVESTMENTS

Note: The categories of investments are shown as a percentage of total net assets at March 31, 2008.

INVESTMENT VALUATION

Market values of the Fund’s portfolio securities are determined as follows:

• for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over- the-counter market), if available;

• in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;

• futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the- counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (the “Trustees”) may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value;

• for investments in other open-ended regulated investment companies, based on net asset value (NAV);

• for fixed-income securities, according to prices as furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and

• for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Prices for fixed-income securities furnished by a pricing service may be based on a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. Such prices are generally intended to be indicative of the mean prices currently offered to institutional investors for the securities. The Trustees have approved the use of such pricing services. A number of pricing services are available, and the Fund may use various pricing services or discontinue the use of any pricing service.

Prices provided by independent pricing services may be determined without relying exclusively on quoted prices and may consider institutional trading in similar groups of securities, yield, quality, stability, risk, coupon rate, maturity, type of issue, trading characteristics, and other market data or factors. From time to time, when prices cannot be obtained from an independent pricing service, securities may be valued based on quotes from broker-dealers or other financial institutions that trade the securities.

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (NYSE). In computing its NAV, the Fund values foreign securities using the latest closing price on the exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate

prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Fund’s Trustees, although the actual calculation may be done by others. An event is considered significant if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.

MTB VA FUND FORM N-Q

LARGE CAP GROWTH FUND II FORM N-Q

as of 3/31/08

DESCRIPTION	SHARES	VALUE
COMMON STOCKS—99.0%
AEROSPACE & DEFENSE—1.9%
Boeing Co.	700	$	52,059
United Technologies Corp.	700		48,174
Total Aerospace & Defense			100,233
AIR FREIGHT & LOGISTICS—0.9%
FedEx Corp.	150		13,901
United Parcel Service, Inc.	500		36,510
Total Air Freight & Logistics			50,411
APPAREL—0.6%
Nike, Inc., Class B	450		30,600
BANKS—0.4%
Zions Bancorporation	450		20,498
BEVERAGES—4.3%
Anheuser-Busch Cos., Inc.	1,000		47,450
Coca-Cola Co.	1,000		60,870
PepsiCo, Inc.	1,650		119,130
Total Beverages			227,450
BIOTECHNOLOGY—1.6%
Amgen, Inc. *	900		37,602
Genentech, Inc. *	600		48,708
Total Biotechnology			86,310
CHEMICALS—0.3%
Monsanto Co.	150		16,725
COAL—0.8%
Consol Energy, Inc.	600		41,514
COMMERCIAL SERVICES—0.8%
Ritchie Bros. Auctioneers, Inc.	500		42,385
COMPUTERS—7.2%
Apple, Inc. *	950		136,325
Dell, Inc. *	2,100		41,832
EMC Corp. *	4,700		67,398
Hewlett-Packard Co.	1,000		45,660
International Business Machines Corp.	800		92,112
Total Computers			383,327
COSMETICS/PERSONAL CARE—3.7%
Avon Products, Inc.	1,000		39,540
Colgate-Palmolive Co.	400		31,164
Procter & Gamble Co.	1,800		126,126
Total Cosmetics/Personal Care			196,830
DIVERSIFIED FINANCIAL SERVICES—3.8%
Affiliated Managers Group, Inc. *	250		22,685
American Express Co.	900		39,348
CIT Group, Inc.	2,000		23,700
Goldman Sachs Group, Inc.	400		66,156
IntercontinentalExchange, Inc. *	400		52,200
Total Diversified Financial Services			204,089
ELECTRIC UTILITIES—0.9%
AES Corp. *	3,000		50,010
ELECTRICAL COMPONENTS & EQUIPMENT—1.0%
Emerson Electric Co.	1,000		51,460
ENGINEERING & CONSTRUCTION—1.3%
Foster Wheeler Ltd. *	600		33,972
McDermott International, Inc. *	600		32,892
Total Engineering & Construction			66,864
FOOD—1.3%
Kraft Foods, Inc. Class A	2,300		71,323

HEALTH CARE - PRODUCTS—7.7%
Hologic, Inc. *	1,100	61,160
Intuitive Surgical, Inc. *	100	32,435
Johnson & Johnson	2,300	149,201
Medtronic, Inc.	1,000	48,370
Zimmer Holdings, Inc. *	1,500	116,790
Total Health Care—Products		407,956
HEALTH CARE PROVIDERS & SERVICES—1.7%
Psychiatric Solutions, Inc. *	1,500	50,880
UnitedHealth Group, Inc.	1,100	37,796
Total Health Care Providers & Services		88,676
INSURANCE—2.1%
AMBAC Financial Group, Inc.	1,900	10,925
American International Group, Inc.	1,000	43,250
Lincoln National Corp.	1,064	55,328
Total Insurance		109,503
INTERNET—5.6%
eBay, Inc. *	1,000	29,840
F5 Networks, Inc. *	1,800	32,706
Google Inc. Class A *	375	165,176
Yahoo!, Inc. *	2,400	69,432
Total Internet		297,154
MACHINERY—2.0%
Caterpillar, Inc.	500	39,145
Joy Global, Inc.	1,000	65,160
Total Machinery		104,305
MEDIA—0.6%
Comcast Corp., Class A *	1,600	30,944
METALS & MINING—1.2%
Cia Vale do Rio Doce ADR	1,200	41,568
Freeport-McMoRan Copper & Gold, Inc.	225	21,650
Total Metals & Mining		63,218
MISCELLANEOUS MANUFACTURING—1.7%
3M Co.	400	31,660
General Electric Co.	700	25,907
ITT Corp.	600	31,086
Total Miscellaneous Manufacturing		88,653
OIL & GAS—13.6%
Chevron Corp.	750	64,020
ConocoPhillips	1,300	99,073
Devon Energy Corp.	675	70,423
Exxon Mobil Corp.	4,800	405,983
Marathon Oil Corp.	500	22,800
Southwestern Energy Co. *	1,200	40,428
XTO Energy, Inc.	312	19,300
Total Oil & Gas		722,027
OIL & GAS SERVICES—4.1%
Cameron International Corp. *	300	12,492
Schlumberger Ltd.	1,450	126,150
Transocean, Inc.	100	13,520
Weatherford International Ltd. *	950	68,847
Total Oil & Gas Services		221,009
PHARMACEUTICALS—3.2%
Abbott Laboratories	500	27,575
Express Scripts, Inc. *	575	36,984
Gilead Sciences, Inc. *	800	41,224
Merck & Co., Inc.	500	18,975
Schering-Plough Corp.	1,300	18,733
Wyeth	600	25,056
Total Pharmaceuticals		168,547
RETAIL—8.7%
Abercrombie & Fitch Co.	350	25,599
Coach, Inc. *	1,450	43,718
CVS Caremark Corp.	1,800	72,917
Home Depot, Inc.	1,300	36,361
Kohl’s Corp. *	600	25,734
Lowe’s Cos., Inc.	1,900	43,586

Macy’s, Inc.	2,500		57,650
McDonald’s Corp.	800		44,616
Nordstrom, Inc.	800		26,080
Target Corp.	600		30,408
Wal-Mart Stores, Inc.	1,100		57,948
Total Retail			464,617
SEMICONDUCTORS—1.2%
Intel Corp.	3,000		63,540
SOFTWARE—8.4%
Autodesk, Inc. *	1,700		53,516
Cerner Corp. *	1,250		46,600
Citrix Systems, Inc. *	1,600		46,928
Microsoft Corp.	8,000		227,040
Oracle Corp.*	3,700		72,372
Total Software			446,456
TELECOMMUNICATIONS—5.2%
Cisco Systems, Inc. *	7,400		178,266
Harris Corp.	900		43,677
Qualcomm, Inc.	1,300		53,300
Total Telecommunications			275,243
THRIFTS & MORTGAGE FINANCE—0.2%
Federal National Mortgage Association	400		10,528
TOBACCO—1.0%
Altria Group, Inc.	750		16,650
Philip Morris International, Inc. *	750		37,935
Total Tobacco			54,585
Total Common Stocks (Cost $5,152,696)			5,256,990
MUTUAL FUND—0.2% (1)(2)
MTB Prime Money Market Fund, Corporate Shares, 2.60% (Cost $10,277)	10,277		10,277
Total Investments—99.2% (Cost $5,162,973)			5,267,267
Other assets less liabilities—0.8%			42,733
Total Net Assets—100.0%		$	5,310,000

Note: The categories of investments are shown as a percentage of total net assets at March 31, 2008.

(1) 7-Day net yield.

(2) Affiliated companies.

* Non-income Producing security.

The cost of investments for tax purposes amounts to $5,162,973. The net unrealized appreciation of investments for federal tax purposes was $104,294. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $593,489 and net unrealized depreciation from investments for those securities having an excess of cost over value of $489,195.

The following acronym is used throughout this report:

ADR – American Depositary Receipt

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s assets carried at fair value:

VALUATION INPUTS	INVESTMENTS IN SECURITIES		OTHER FINANCIAL INSTRUMENTS (3)
Level 1 - Quoted Prices	$	5,267,267	$	—
Level 2 - Other Significant Observable Inputs		—		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	5,267,267	$	—

(3) Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

As of December 31, 2007 and March 31, 2008, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.

MTB VA FUNDS FORM N-Q

LARGE CAP VALUE FUND II FORM N-Q

as of 3/31/08

DESCRIPTION	SHARES	VALUE
COMMON STOCKS—95.4%
AEROSPACE & DEFENSE—4.6%
Lockheed Martin Corp.	1,800	$	178,740
Raytheon Co.	3,700		239,057
Total Aerospace & Defense			417,797
BANKS—4.3%
Wachovia Corp.	3,900		105,300
Wells Fargo & Co.	9,608		279,593
Total Banks			384,893
BIOTECHNOLOGY—2.1%
Amgen, Inc. *	4,600		192,188
DIVERSIFIED FINANCIAL SERVICES—3.9%
Citigroup, Inc.	5,735		122,844
JPMorgan Chase & Co.	5,200		223,340
Total Diversified Financial Services			346,184
ELECTRONICS—0.8%
Agilent Technologies, Inc. *	2,285		68,162
ELECTRIC UTILITIES—1.4%
NRG Energy, Inc. *	3,200		124,768
FOOD—2.0%
Kraft Foods, Inc. Class A	3,632		112,628
Tyson Foods, Inc. Class A	4,300		68,585
Total Food			181,213
FOREST PRODUCTS & PAPER—0.9%
International Paper Co.	3,000		81,600
HEALTH CARE PROVIDERS & SERVICES—0.9%
Aetna, Inc.	1,900		79,971
HOUSEHOLD PRODUCTS—2.7%
Kimberly-Clark Corp.	3,765		243,031
INSURANCE—12.2%
AON Corp.	4,700		188,940
Genworth Financial, Inc., Class A	11,900		269,416
Hartford Financial Services Group, Inc.	4,600		348,541
Loews Corp.	6,700		269,474
Radian Group, Inc.	3,300		21,681
Total Insurance			1,098,052
INTERNET—0.8%
Liberty Media Corp. - Interactive *	4,550		73,437
IRON / STEEL—1.3%
United States Steel Corp.	900		114,183
MEDIA—8.1%
CBS Corp.	4,790		105,763
Comcast Corp., Class A *	10,200		193,494
Viacom, Inc., Class B *	10,890		431,462
Total Media			730,719
METALS & MINING—5.2%
AngloGold Ashanti, Ltd. ADR	3,500		118,860
Barrick Gold Corp.	8,100		351,945
Total Metals & Mining			470,805
MISCELLANEOUS MANUFACTURING—3.5%
Illinois Tool Works, Inc.	2,200		106,106
Ingersoll-Rand Co., Ltd.	4,600		205,068
Total Miscellaneous Manufacturing			311,174

OFFICE/BUSINESS EQUIPMENT—3.6%
Pitney Bowes, Inc.	9,200		322,184
OIL & GAS—12.2%
Apache Corp.	4,100		495,362
ConocoPhillips	1,229		93,662
Hess Corp.	1,700		149,906
Noble Energy, Inc.	4,900		356,720
Total Oil & Gas			1,095,650
PHARMACEUTICALS—2.0%
Sanofi-Aventis SA ADR	4,700		176,438
ROAD & RAIL—2.5%
Union Pacific Corp.	1,800		225,684
SOFTWARE—7.1%
CA, Inc.	17,700		398,250
Microsoft Corp.	8,400		238,392
Total Software			636,642
TELECOMMUNICATIONS—7.0%
AT&T, Inc.	6,300		241,290
Motorola, Inc.	25,900		240,870
Sprint Nextel Corp.	7,300		48,837
Verizon Communications, Inc.	2,740		99,873
Total Telecommunications			630,870
THRIFTS & MORTGAGE FINANCE—3.2%
Federal Home Loan Mortgage Corp.	4,000		101,280
Federal National Mortgage Association	7,084		186,451
Total Thrifts & Mortgage Finance			287,731
TOBACCO—3.1%
Altria Group, Inc.	3,870		85,914
Philip Morris International, Inc. *	3,870		195,745
Total Tobacco			281,659
Total Common Stocks (Cost $8,604,110)			8,575,035
MUTUAL FUNDS—5.6%
Dreyfus Cash Management Fund, Institutional Shares, 3.32% (1)	12,617	$	12,617
MTB Prime Money Market Fund, Corporate Shares, 2.60% (1)(2)	494,362		494,362
Total Mutual Funds (Cost $506,979)			506,979
Total Investments—101.0% (Cost $9,111,089)			9,082,014
Other assets less liabilities—(1.0%)			(90,657	)
Total Net Assets—100.0%		$	8,991,357

Note: The categories of investments are shown as a percentage of total net assets at March 31, 2008.

(1) 7-Day net yield.

(2) Affiliated companies.

* Non-income Producing security.

The cost of investments for tax purposes amounts to $9,111,089. The net unrealized depreciation of investments for federal tax purposes was $29,075. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,389,768 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,418,843.

The following acronym is used throughout this report:

ADR – American Depositary Receipt

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s assets carried at fair value:

VALUATION INPUTS	INVESTMENTS IN SECURITIES		OTHER FINANCIAL INSTRUMENTS (3)
Level 1 - Quoted Prices	$	9,082,014	$	—
Level 2 - Other Significant Observable Inputs		—		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	9,082,014	$	—

(3) Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

As of December 31, 2007 and March 31, 2008, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.

MTB VA FUNDS FORM N-Q

MTB MANAGED ALLOCATION FUND - CONSERVATIVE GROWTH II FORM N-Q

as of 3/31/08

DESCRIPTION	SHARES	VALUE
MUTUAL FUNDS—99.3% (1)
Equity Funds—44.7% *
MTB International Equity, Institutional I Shares	13,485	$	154,268
MTB Large Cap Growth Fund, Institutional I Shares	13,989		115,272
MTB Large Cap Stock Fund, Institutional I Shares	6,395		48,087
MTB Large Cap Value Fund, Institutional I Shares	5,290		57,554
MTB Mid Cap Growth Fund, Institutional I Shares	1534		19,130
MTB Mid Cap Stock Fund, Institutional I Shares	1148		14,385
MTB Small Cap Growth Fund, Institutional I Shares	959		14,325
MTB Small Cap Stock Fund, Institutional I Shares	1,917		9,528
Total Equity Funds			432,549
Fixed Income Funds—44.7%
MTB Intermediate - Term Bond Fund, Institutional I Shares	7,700		77,159
MTB Short - Term Corporate Bond Fund, Institutional I Shares	14,600		144,244
MTB Short Duration Government Bond Fund, Institutional I Shares	14,659		144,098
MTB US Government Bond Fund, Institutional I Shares	7,048		67,523
Total Fixed Income Funds			433,024
Money Market Fund—9.9%
MTB Prime Money Market Fund, Corporate Shares 2.60% (2)	96,083		96,083
Total Investments - 99.3% (Cost $1,018,285)			961,656
Other Assets And Liabilities - Net—0.7%			6,665
Total Net Assets—100.0%		$	968,321

Note: The categories of investments are shown as a percentage of total net assets at March 31, 2008.

(1) Affiliated Companies.

(2) 7-Day net yield.

* Non-income producing security.

The cost of investments for federal tax purposes amounts to $1,018,285. The net unrealized depreciation of investments for federal tax purposes was $56,629. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $10,237 and net unrealized depreciation from investments for those securities having an excess of cost over value of $66,866.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s assets carried at fair value:

VALUATION INPUTS	INVESTMENTS IN SECURITIES		OTHER FINANCIAL INSTRUMENTS (3)
Level 1 - Quoted Prices	$	961,656	$	—
Level 2 - Other Significant Observable Inputs		—		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	961,656	$	—

(3) Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

As of December 31, 2007 and March 31, 2008, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.

MTB VA FUNDS FORM N-Q

MTB MANAGED ALLOCATION FUND - MODERATE GROWTH II FORM N-Q

as of 3/31/08

DESCRIPTION	SHARES	VALUE
MUTUAL FUNDS—99.9% (1)
Equity Funds—65.9% *
MTB International Equity, Institutional I Shares	918,689	$	10,509,798
MTB Large Cap Growth Fund, Institutional I Shares	741,151		6,107,086
MTB Large Cap Stock Fund, Institutional I Shares	813,069		6,114,277
MTB Large Cap Value Fund, Institutional I Shares	280,245		3,049,071
MTB Mid Cap Growth Fund, Institutional I Shares	104,493		1,303,032
MTB Mid Cap Stock Fund, Institutional I Shares	34,753		435,454
MTB Small Cap Growth Fund, Institutional I Shares	58,052		867,303
MTB Small Cap Stock Fund, Institutional I Shares	87,045		432,615
Total Equity Funds			28,818,636
Fixed Income Funds—26.0%
MTB Intermediate - Term Bond Fund, Institutional I Shares	480,905		4,818,663
MTB Short Duration Government Bond Fund, Institutional I Shares	221,919		2,181,467
MTB Short - Term Corporate Bond Fund, Institutional I Shares	397,843		3,930,685
MTB US Government Bond Fund, Institutional I Shares	45,733		438,120
Total Fixed Income Funds			11,368,935
Money Market Fund—8.0%
MTB Prime Money Market Fund, Corporate Shares 2.60% (2)	3,483,411		3,483,411
Total Investments—99.9% (Cost $45,707,272)			43,670,982
Other Assets And Liabilities - Net—0.1%			34,472
Total Net Assets—100.0%		$	43,705,454

Note: The categories of investments are shown as a percentage of total net assets at March 31, 2008.

(1) Affiliated Companies.

(2) 7-Day net yield.

* Non-income producing security.

The cost of investments for federal tax purposes amounts to $45,707,272. The net unrealized depreciation of investments for federal tax purposes was $2,036,290. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $123,202 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,159,492

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s assets carried at fair value:

VALUATION INPUTS	INVESTMENTS IN SECURITIES		OTHER FINANCIAL INSTRUMENTS (3)
Level 1 - Quoted Prices	$	43,670,982	$	—
Level 2 - Other Significant Observable Inputs		—		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	43,670,982	$	—

(3) Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

As of December 31, 2007 and March 31, 2008, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.

MTB VA FUNDS FORM N-Q

MTB MANAGED ALLOCATION FUND - AGGRESSIVE GROWTH II FORM N-Q

as of 3/31/08

DESCRIPTION	SHARES	VALUE
MUTUAL FUNDS—99.5% (1)
Equity Funds—95.5% *
MTB International Equity, Institutional I Shares	32,265	$	369,105
MTB Large Cap Growth Fund, Institutional I Shares	35,702		294,184
MTB Large Cap Stock Fund, Institutional I Shares	32,639		245,444
MTB Large Cap Value Fund, Institutional I Shares	13,500		146,882
MTB Mid Cap Growth Fund, Institutional I Shares	2,936		36,616
MTB Mid Cap Stock Fund, Institutional I Shares	1,953		24,473
MTB Small Cap Growth Fund, Institutional I Shares	2,447		36,559
MTB Small Cap Stock Fund, Institutional I Shares	4,893		24,317
Total Equity Funds			1,177,580
Fixed Income Funds - 2.0%
MTB Short Duration Government Bond Fund, Institutional I Shares	2,494		24,517
Money Market Fund—2.0%
MTB Prime Money Market Fund, Corporate Shares 2.60% (2)	24,450		24,450
Total Investments—99.5% (Cost $1,358,678)			1,226,547
Other Assets And Liabilities - Net—0.5%			6,540
Total Net Assets—100.0%		$	1,233,087

Note: The categories of investments are shown as a percentage of total net assets at March 31, 2008.

(1) Affiliated Companies.

(2) 7-Day net yield.

* Non-income producing security.

The cost of investments for federal tax purposes amounts to $1,358,678. The net unrealized depreciation of investments for federal tax purposes was $132,131. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $608 and net unrealized depreciation from investments for those securities having an excess of cost over value of $132,739.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s assets carried at fair value:

VALUATION INPUTS	INVESTMENTS IN SECURITIES		OTHER FINANCIAL INSTRUMENTS (3)
Level 1 - Quoted Prices	$	1,226,547	$	—
Level 2 - Other Significant Observable Inputs		—		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	1,226,547	$	—

(3) Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

As of December 31, 2007 and March 31, 2008, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of Investments.

Item 2. Controls and Procedures.

(a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Principal Executive Officer and Principal Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made know to them by others within those entities.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(i) Certification of each principal executive officer and principal financial officer the Registrant as required by Rule 30a-2 (a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) is attached hereto as a part of EX-99. CERT.

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. Berthy
	Richard J. Berthy
	Principal Executive Officer
Date:	May 21, 2008
By:	/s/ Guy Nordahl
	Guy Nordahl
	Principal Financial Officer
Date:	May 21, 2008

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/ Richard J. Berthy
	Richard J. Berthy
	Principal Executive Officer
Date:	May 21, 2008
By:	/s/ Guy Nordahl
	Guy Nordahl
	Principal Financial Officer
Date:	May 21, 2008