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., 17th Floor

Baltimore, MD 21202

(Address of Principal Executive Offices)

410.986.5600

(Registrant’s Telephone Number)

Gregory B. McShea

MTB Investment Advisors, Inc.

100 East Pratt St., 17th 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: December 31

Date of Reporting Period: Quarter ended September 30, 2010

ITEM 1. SCHEDULE OF INVESTMENTS

MTB MANAGED ALLOCATION FUND-MODERATE GROWTH II

PORTFOLIO OF INVESTMENTS

September 30, 2010 (unaudited)

Description	Number of Shares		Value
MUTUAL FUNDS—97.1% (1)
EQUITY FUNDS—64.1%
MTB International Equity Fund, Institutional I Shares		584,413	$	5,061,013
MTB Large Cap Growth Fund, Institutional I Shares		751,350		5,785,395
MTB Large Cap Value Fund, Institutional I Shares		228,361		2,178,559
MTB Mid Cap Growth Fund, Institutional I Shares		116,896		1,453,018
MTB Small Cap Growth Fund, Institutional I Shares		70,575		969,704
Total Equity Funds			$	15,447,689
FIXED INCOME FUNDS—33.0%
MTB Income Fund, Institutional I Shares		258,789		2,647,410
MTB Intermediate-Term Bond Fund, Institutional I Shares		265,694		2,890,751
MTB Short Duration Government Bond Fund, Institutional I Shares		24,164		240,672
MTB Short-Term Corporate Bond Fund, Institutional I Shares		210,912		2,168,171
Total Fixed Income Funds			$	7,947,004
Total Mutual Funds (Cost $20,207,968)			$	23,394,693
MONEY MARKET FUND—3.0%
MTB Prime Money Market Fund, Corporate Shares, 0.06% (1)(2) (Cost $718,763)		718,763	$	718,763
Total Investments—100.1% (Cost $20,926,731)			$	24,113,456
Other Assets Less Liabilities—(0.1)%				(10,805	)
Total Net Assets—100.0%			$	24,102,651

The categories of investments are shown as a percentage of total net assets at September 30, 2010.

(1) Affiliated companies. See Note 1.

(2) 7-Day net yield.

Cost of investments for Federal income tax purposes is substantially the same as for financial statement purposes. The net unrealized appreciation of investments was $3,186,725. This consists of unrealized appreciation from investment for those securities having an excess of value over cost of $3,186,725 and unrealized depreciation from investments for those securities having an excess of cost over value of $0.

Various inputs are used in determining the value of the Fund’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 Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Mutual Funds	$	23,394,693	$	—	$	—	$	23,394,693
Money Market Fund		718,763		—		—		718,763
Total	$	24,113,456	$	—	$	—	$	24,113,456

NOTES TO PORTFOLIO OF INVESTMENTS

September 30, 2010

NOTE 1 - Other Affiliated Parties and Transactions

Affiliated holdings are mutual funds which are managed by MTB Investment Advisors, Inc. (the “Advisor”) or an affiliate of the Advisor or which are distributed by an affiliate of the Fund’s distributor. Transactions with affiliated companies during the period ended September 30, 2010 are as follows:

Affiliated Fund Name	Balance of Shares Held 12/31/2009		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 9/30/2010		Value at 9/30/2010		Dividend Income
MTB International Equity Fund		668,217		47,577		131,381		584,413	$	5,061,013	$	—
MTB Large Cap Growth Fund		836,350		71,327		156,327		751,350		5,785,395		—
MTB Large Cap Value Fund		260,356		2,741		34,736		228,361		2,178,559		9,981
MTB Mid Cap Growth Fund		141,764		6,584		31,452		116,896		1,453,018		—
MTB Small Cap Growth Fund		81,540		8,724		19,689		70,575		969,704		—
MTB Income Fund		307,884		27,290		76,385		258,789		2,647,410		85,786
MTB Intermediate-Term Bond Fund		311,876		29,011		75,193		265,694		2,890,751		87,769
MTB Short Duration Government Bond Fund		27,396		3,131		6,363		24,164		240,672		5,611
MTB Short-Term Corporate Bond Fund		240,554		24,534		54,176		210,912		2,168,171		36,713
MTB Prime Money Market Fund		821,408		5,878,554		5,981,199		718,763		718,763		217
TOTAL		3,697,345		6,099,473		6,566,901		3,229,917	$	24,113,456	$	226,077

NOTE 2 - Investment Valuation

Fair value of the Fund’s portfolio securities are determined as follows:

• investments in other open-end regulated investment companies are valued at net asset value (“NAV”);

• for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trust’s Board of Trustees (the “Trustees”).

The Trust follows the authoritive guidance for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of the Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

In January 2010, the Financial Accounting Standard Board issued Accounting Standards Update No. 2010-06, “Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”). ASU 2010-06 requires new disclosure regarding transfers in and out of Levels 1 and 2 effective for interim and annual periods beginning after December 15, 2009. The Fund discloses significant transfers between levels based on valuations at the end of the reporting period. For the period ended September 30, 2010, there were no transfers between Levels 1 and 2. ASU 2010-06 will also require additional details regarding Level 3 transaction activity effective for interim and annual periods beginning after December 15, 2010. Management is currently evaluating the effect that this additional requirement will have on the Fund’s financial statements.

NOTE 3 - Subsequent Events

Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the report was issued. Management has determined that there were no material events that would require disclosure in this report through this date.

Item 2. Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) 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 of the registrant as required by Rule 30a-2 (a) under the 1940 Act (17 CFR 270.30a-2(a)) 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:	October 29, 2010
By:	/s/ Guy Nordahl
	Guy Nordahl
	Principal Financial Officer
Date:	October 29, 2010

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:	October 29, 2010
By:	/s/ Guy Nordahl
	Guy Nordahl
	Principal Financial Officer
Date:	October 29, 2010