-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FCp3mecDPyFjfImF6OTpXp4m7PA1EAs81SboXYPxfZwf1wc8JvEGmHP1SaLkzGOt jj2y2ok6aEXR5667yNAL7g== 0001318148-07-001434.txt : 20070911 0001318148-07-001434.hdr.sgml : 20070911 20070911134615 ACCESSION NUMBER: 0001318148-07-001434 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070731 FILED AS OF DATE: 20070911 DATE AS OF CHANGE: 20070911 EFFECTIVENESS DATE: 20070911 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MTB GROUP OF FUNDS CENTRAL INDEX KEY: 0000830744 IRS NUMBER: 232515567 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05514 FILM NUMBER: 071110703 BUSINESS ADDRESS: STREET 1: 5800 CORPORATE DRIVE CITY: PITTSBURGH STATE: PA ZIP: 15237-7010 BUSINESS PHONE: 8008362211 MAIL ADDRESS: STREET 1: 5800 CORPORATE DRIVE CITY: PITTSBURGH STATE: PA ZIP: 15237-7010 FORMER COMPANY: FORMER CONFORMED NAME: VISION GROUP OF FUNDS DATE OF NAME CHANGE: 20001113 FORMER COMPANY: FORMER CONFORMED NAME: VISION GROUP OF FUNDS INC DATE OF NAME CHANGE: 19920703 0000830744 S000005530 MTB Balanced Fund C000015042 Class A Shares ARBAX C000015043 Class B Shares ABLDX C000015044 Institutional I Shares ARGIX 0000830744 S000005531 MTB Equity Income Fund C000015045 Class A Shares ARERX C000015046 Class B Shares AEIBX C000015047 Institutional I Shares AREIX 0000830744 S000005532 MTB Equity Index Fund C000015048 Class A Shares ARKAX C000015049 Class B Shares ARKBX C000015050 Institutional I Shares ARKEX 0000830744 S000005533 MTB Income Fund C000015051 Class A Shares AKIRX C000015052 Class B Shares ARIBX C000015053 Institutional I Shares ARKIX 0000830744 S000005534 MTB Intermediate-Term Bond Fund C000015054 Class A Shares GVITX C000015055 Class B Shares IFIBX C000015056 Institutional I Shares ARIFX 0000830744 S000005535 MTB International Equity Fund C000015057 Class A Shares GVIEX C000015058 Class B Shares VIEFX C000015059 Institutional I Shares MVIEX 0000830744 S000005536 MTB Large Cap Growth Fund C000015060 Class A Shares VLCPX C000015061 Class B Shares VLGRX C000015062 Institutional I Shares MLGIX 0000830744 S000005537 MTB Large Cap Stock Fund C000015063 Class A Shares AVERX C000015064 Class B Shares AVEBX C000015065 Institutional I Shares MVEFX 0000830744 S000005538 MTB Large Cap Value Fund C000015066 Class A Shares VEINX C000015067 Class B Shares VLCVX C000015068 Institutional I Shares MLCVX 0000830744 S000005582 MTB Managed Allocation Fund - Aggressive Growth C000015225 Class A Shares VMAGX C000015226 Class B Shares VMABX 0000830744 S000005583 MTB Managed Allocation Fund - Conservative Growth C000015228 Class A Shares VMCGX C000015229 Class B Shares VMCBX 0000830744 S000005584 MTB Managed Allocation Fund - Moderate Growth C000015231 Class A Shares VMMGX C000015232 Class B Shares VMMBX 0000830744 S000005585 MTB Maryland Muncipal Bond Fund C000015233 Class A Shares ARMRX C000015234 Class B Shares AMTBX C000015235 Institutional I Shares ARMTX 0000830744 S000005586 MTB Mid Cap Growth Fund C000015236 Class A Shares AMCRX C000015237 Class B Shares MCEBX C000015238 Institutional I Shares ARMEX 0000830744 S000005587 MTB Mid Cap Stock Fund C000015239 Class A Shares VMCSX C000015240 Class B Shares VMCPX C000015241 Institutional I Shares MMCIX 0000830744 S000005588 MTB Money Market Fund C000015242 Class A Shares VSMXX C000015243 Class B Shares ARBXX C000015244 Class S Shares VNSXX C000015245 Class A2 Shares VSIXX C000015246 Institutional I Shares AKMXX C000015247 Institutional II Shares AKIXX 0000830744 S000005598 MTB Multi Cap Growth Fund C000015270 Class A Shares ARGAX C000015271 Class B Shares ACPLX C000015272 Institutional I Shares ARCGX 0000830744 S000005599 MTB New York Municipal Bond Fund C000015273 Class A Shares VNYFX C000015274 Class B Shares VNYBX C000015275 Institutional I Shares VNYIX 0000830744 S000005600 MTB New York Tax-Free Money Market Fund C000015276 Class A Shares VNTXX C000015277 Institutional I Shares VNIXX 0000830744 S000005601 MTB Pennsylvania Tax-Free Money Market Fund C000015278 Class A Shares MPAXX C000015279 Institutional I Shares ARPXX C000015280 Institutional II Shares ARAXX 0000830744 S000005602 MTB Pennsylvania Municipal Bond Fund C000015281 Class A Shares APARX C000015282 Class B Shares APTBX C000015283 Institutional I Shares MVPMX 0000830744 S000005603 MTB Prime Money Market Fund C000015284 Corporate Shares GVPXX 0000830744 S000005612 MTB Short Duration Government Bond Fund C000015294 Class A Shares ASTTX C000015295 Class B Shares MSDGX C000015296 Institutional I Shares GVLDX 0000830744 S000005613 MTB Short Term Corporate Bond Fund C000015297 Class A Shares MVSAX C000015298 Class B Shares MVSBX C000015299 Institutional I Shares MVSTX 0000830744 S000005614 MTB Small Cap Growth Fund C000015300 Class A Shares ARPAX C000015301 Class B Shares ASEBX C000015302 Class C Shares ARPCX C000015303 Institutional I Shares ARPEX 0000830744 S000005615 MTB Small Cap Stock Fund C000015304 Class A Shares GVAGX C000015305 Class B Shares VSCSX C000015306 Institutional I Shares MSCIX 0000830744 S000005616 MTB Tax-Free Money Market Fund C000015307 Class A Shares ATFXX C000015308 Institutional I Shares AKXXX C000015309 Institutional II Shares AFIXX 0000830744 S000005648 MTB U.S. Government Bond Fund C000015421 Class A Shares VUGVX C000015422 Class B Shares AUSBX C000015423 Institutional I Shares MVIGX 0000830744 S000005649 MTB U.S. Treasury Money Market Fund C000015424 Class A Shares VSTXX C000015425 Class S Shares VTSXX C000015426 Institutional I Shares AKTXX C000015427 Institutional II Shares ARMXX 0000830744 S000005650 MTB U.S. Government Money Market Fund C000015428 Class A Shares AGAXX C000015429 Institutional I Shares AKGXX C000015430 Institutional II Shares AIIXX 0000830744 S000011234 MTB Virginia Municipal Bond Fund C000030944 Class A Shares N-Q 1 form.txt 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) 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: 4/30/08 Date of Reporting Period: Quarter ended 7/31/07 ITEM 1. SCHEDULE OF INVESTMENTS MTB BALANCED FUND PORTFOLIO OF INVESTMENTS July 31, 2006 (unaudited)
SHARES OR VALUE PRINCIPAL AMOUNT COMMON STOCKS-61.1% AEROSPACE & DEFENSE-0.4% 500 Boeing Co. $ 51,715 1,100 United Technologies Corp. 80,267 TOTAL AEROSPACE & DEFENSE 131,982 AIR FREIGHT & LOGISTICS - 0.9% 3,600 United Parcel Service, Inc. 272,592 BEVERAGES-2.1% 4,800 Coca-Cola Co. 250,128 6,000 PepsiCo, Inc. 393,720 TOTAL BEVERAGES $ 643,848 BIOTECHNOLOGY -- 0.7% 1,700 1 Amgen, Inc. 91,358 900 1 Genentech Inc. 66,942 1,400 1 Gilead Sciences, Inc. 52,122 TOTAL BIOTECHNOLOGY $ 210,422 BUILDING PRODUCTS - 0.4% 4,300 Masco Corp. 117,003 CAPITAL MARKETS -- 1.3% 2,700 Federated Investors, Inc. 97,227 1,100 Morgan Stanley 70,257 3,300 Northern Trust Corp. 206,118 TOTAL CAPITAL MARKETS $ 373,602 CHEMICALS - 2.3% 2,400 Ashland, Inc. 146,544 4,800 Chemtura Corp. 50,064 500 Lyondell Chemical Co. 22,450 1,300 PPG Inds. Inc. 99,151 4,500 RPM, Inc. 105,795 3,300 Rohm & Haas Co. 186,516 3,400 Valspar Corp. 93,806 TOTAL CHEMICALS $ 704,326 COMMERCIAL BANKS - 3.5% 4,400 Colonial BancGroup Inc. 95,964 1,800 Cullen Frost Bankers Inc. 89,406 2,200 First Horizon National Corp. 69,784 3,800 Marshall & Ilsley Corp. 156,598 4,200 South Financial Group Inc. 90,552 2,000 SunTrust Bank Inc. 156,600 2,600 TCF Financial Corp. 63,934 2,000 Wachovia Corp. 94,420 3,400 Wilmington Trust Corp. 132,396 1,200 Zions Bancorp 89,460 TOTAL COMMERCIAL BANKS $ 1,039,114 COMMERCIAL SERVICES & SUPPLIES - 1.2% 1,200 Avery Dennison Corp. 73,608 2,700 Donnelley (RR) & Sons Co. 114,102 4,500 Waste Management Inc. 171,135 TOTAL COMMERCIAL SERVICES & SUPPLIES $ 358,845 COMMUNICATIONS EQUIPMENT - 2.5% 1,500 1 Broadcom Corp. 49,215 11,000 1 Cisco Systems, Inc. 318,010 4,700 1 Corning, Inc. 112,048 1,500 Harris Corp. 82,320 4,500 Qualcomm, Inc. 187,425 TOTAL COMMUNICATIONS EQUIPMENT $ 749,018 COMPUTERS & PERIPHERALS - 2.4% 600 1 Apple Computer, Inc. 79,056 1,800 1 Dell Inc. 50,346 3,800 1 EMC Corp. Mass 70,338 900 Hewlett Packard Co. 41,427 2,000 IBM Corp. 221,300 3,200 1 Network Appliance, Inc. 90,688 7,000 Seagate Technology 164,570 TOTAL COMPUTERS & PERIPHERALS $ 717,725 CONSTRUCTION & ENGINEERING - 0.5% 800 1 Foster Wheeler Ltd. 89,912 600 1 McDermott International, Inc. 49,764 TOTAL CONSTRUCTIONS & ENGINEERING $ 139,676 CONSUMER FINANCE - 0.4% 1,500 American Express Co. 87,810 600 Capital One Financial Corp. 42,456 TOTAL CONSUMER FINANCE $ 130,266 CONTAINERS & PACKAGING - 0.6% 2,900 Bemis Co., Inc. 85,463 3,700 Packaging Corp. America 94,424 TOTAL CONTAINERS & PACKAGING $ 179,887 DIVERSIFIED CONSUMER SERVICES - 0.3% 4,100 Block H & R Inc. 81,795 DIVERSIFIED FINANCIAL SERVICES - 1.0 % 3,900 Citigroup Inc. 181,623 600 1 InterContinentalExchange, Inc. 90,678 800 Moody's Corp. 43,040 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 315,341 ELECTRICAL EQUIPMENT - 0.3% 1,200 Rockwell Automation, Inc. 83,988 ENERGY EQUIPMENT & SERVICES - 0.9% 1,000 ENSCO International, Inc. 61,070 1,100 Schlumberger Ltd. 104,192 1,800 1 Weatherford International Ltd. 99,594 TOTAL ENERGY EQUIPMENT & SERVICES $ 264,856 FOOD PRODUCTS - 1.8% 3,500 ConAgra Inc. 88,725 4,900 Hershey Foods Corp. 225,890 7,299 KRAFT Foods Inc. 239,042 TOTAL FOOD PRODUCTS $ 553,657 FOOD & STAPLES RETAILING - 1.1% 7,500 Wal-Mart Stores, Inc. 344,625 HEALTH CARE EQUIPMENT & SUPPLIES - 1.0% 2,300 1 Cytyc Corp. 96,830 300 1 Intuitive Surgical Inc. 63,783 1,400 1 Thermo Fisher Scientific Inc. 73,094 1,100 1 Zimmer Holdings, Inc. 85,536 TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 319,243 HEALTH CARE PROVIDERS & SERVICES - 1.6% 4,400 1 Allscripts Healthcare solution 100,100 1,300 1 Cerner Corp. 68,731 1,400 1 Express Scripts, Inc., Class A 70,182 3,400 1 Psyschiatric Solutions Inc. 115,906 2,700 UnitedHealth Group, Inc. 130,761 TOTAL HEALTH CARE PROVIDERS & SERVICES $ 485,680 HOTELS, RESTAURANTS & LEISURE - 0.1% 1,200 1 Starbucks Corp. 32,016 HOUSEHOLD DURABLES -- 0.6% 1,300 Black & Decker Corp. 112,541 2,200 KB HOME 69,982 TOTAL HOUSEHOLD DURABLES $ 182,523 HOUSEHOLD PRODUCTS - 2.9% 3,000 Clorox Co. 181,380 600 Colgate-Palmolive Co. 39,600 1,500 Kimberly Clark Corp. 100,905 9,000 Procter & Gamble Co. 556,740 TOTAL HOUSEHOLD PRODUCTS $ 878,625 INDUSTRIAL CONGLOMERATES - 2.2% 2,000 3M Co. 177,840 12,300 General Electric Co. 476,748 TOTAL INDUSTRIAL CONGLOMERATES $ 654,588 INSURANCE - 2.2% 600 Ambac Financial Group, Inc. 40,290 3,900 American International Group, Inc. 250,302 3,000 MBIA Inc. 168,300 2,100 Mercury General Corp 108,738 2,300 Protective Life Corp. 98,946 TOTAL INSURANCE $ 666,576 INTERNET SOFTWARE & SERVICES - 1.2% 1,000 1 Akamai Technologies, Inc. 33,960 400 1 Google Inc. 204,000 2,500 Walt Disney Co. 82,500 1,800 1 Yahoo, Inc. 41,850 TOTAL INTERNET SOFTWARE & SERVICES $ 362,310 INTERNET & CATALOG RETAIL - 0.2% 1,700 1 eBay, Inc. 55,080 IT SERVICES - 0.8% 3,100 Automatic Data Processing Inc. 143,902 2,300 Paychex, Inc. 95,174 TOTAL IT SERVICES $ 239,076 LEISURE, EQUIPMENT & PRODUCTS - 0.6% 3,400 Brunswick Corp. 95,064 1,700 Polaris Industries Inc. 83,912 TOTAL LEISURE, EQUIPMENT & PRODUCTS $ 178,976 MACHINERY - 1.2% 2,500 Graco, Inc. 102,600 700 Joy Global, Inc. 34,643 3,400 Pentair Inc. 123,080 2,700 Timken Co. 90,180 TOTAL MACHINERY $ 350,503 MEDIA - 0.5% 4,800 1 Cinemark Holdings Inc. 78,480 2,700 1 Comcast Corp., Class A 70,929 TOTAL MEDIA $ 149,409 MEDICAL APPLIANCES & EQUIPMENT - 0.2% 1,300 1 Sirona Dental Systems, Inc. 45,968 METALS & MINING - 0.3% 1,700 Companhia Vale Do Rio Doce, ADR 83,317 MULTILINE RETAIL - 1.1% 1,200 1 Kohl's Corp. 72,960 2,500 Macy's, Inc. 90,175 1,300 Penney (J.C.) Inc. 88,452 1,500 Target Corp. 90,855 TOTAL MULTILINE RETAIL $ 342,442 MULTI - UTILITIES - 0.5% 3,300 NiSource Inc. 62,931 1,300 SCANA Corp. 48,594 3,400 TECO Energy Inc. 54,876 TOTAL MULTI - UTILITIES 166,401 OIL, GAS & CONSUMABLE FUELS - 4.7% 1,200 Chevron Corp. 102,312 2,200 ConocoPhillips 177,848 1,400 Devon Energy Corp. 104,454 7,500 ExxonMobil Corp. 638,475 1,000 Marathon Oil Corp. 55,200 2,900 Occidental PETE Corp. 164,488 1,500 Peabody Energy Corp. 63,390 500 1 Southwestern Energy Co. 20,315 1,000 Sunoco Inc. 66,720 450 XTO Energy, Inc. 24,539 TOTAL OIL, GAS & CONSUMABLE FUELS $ 1,417,741 PAPER FOREST PRODUCTS - 0.5% 3,900 International Paper Co. 144,573 PERSONAL PRODUCTS-0.2% 1,300 Estee Lauder Cos., Inc., Class A 58,526 PHARMACEUTICALS - 4.5% 900 Abbott Laboratories 45,621 5,700 Bristol Myers Squibb Co. 161,937 3,700 Eli Lilly & Co. 200,133 7,100 Johnson & Johnson 429,550 8,300 Pfizer, Inc. 195,133 1,300 Pharmaceutical Product Dev Inc. 43,550 2,500 Sanofi Aventis 104,375 3,900 Wyeth 189,228 TOTAL PHARMACEUTICALS $ 1,369,527 REAL ESTATE INVESTMENT TRUSTS - 0.3% 5,800 Annaly Mortgage Management Inc. 83,810 ROAD & RAIL--0.3% 2,000 CSX Corp. 94,820 SEMICONDUCTOR EQUIPMENT & PRODUCTS-1.7% 2,400 Analog Devices Inc. 85,080 3,300 1 Advanced Micro Devices, Inc. 44,682 6,700 Intel Corp. 158,254 800 1 MEMC Electronic Materials, Inc. 49,056 15,782 Taiwan Semiconductor Co. 160,187 900 Texas Instruments, Inc. 31,671 TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS $ 528,930 SOFTWARE - 1.2% 1,800 1 Citrix System Inc. 65,106 6,800 Microsoft Corp. 197,132 5,300 1 Oracle Corp. 101,336 TOTAL SOFTWARE $ 363,574 SPECIALTY RETAIL - 2.7% 1,000 Abercrombie & Fitch Co., Class A 69,900 7,800 Foot Locker Inc. 144,768 8,200 GAP Inc. 141,040 7,600 Home Depot, Inc. 282,492 4,800 Limited Brands Inc. 115,920 2,200 Lowe's Cos., Inc. 61,622 TOTAL SPECIALTY RETAIL $ 815,742 TEXTILES, APPAREL & LUXURY GOODS -- 0.6% 700 1 Coach, Inc. 31,822 4,100 Jones Apparel Group, Inc. 102,336 1,000 Nike, Inc., Class B 56,450 TOTAL TEXTILES, APPAREL & LUXURY GOODS $ 190,608 THRIFTS & MORTGAGE FINANCE - 1.6% 3,000 Astoria Financial Corp. 70,650 2,500 MGIC Investment Corp. 96,650 8,900 New York Community Bancorp. Inc 144,447 4,500 Washington Mutual Bank, Inc. 168,885 TOTAL THRIIFTS & MORTGAGE FINANCE $ 480,632 TOBACCO - 0.6% 2,800 Altria Group, Inc. 186,116 WATER UTILITIES - 0.4% 5,100 Aqua America Inc. 111,588 TOTAL COMMON STOCKS $ 18,451,488 (IDENTIFIED COST $17,082,041) COLLATERALIZED MORTGAGE OBLIGATIONS - 3.6% FEDERAL HOME LOAN MORTGAGE CORPORATION -- 0.7% 209,552 (Series 2617), Class GW, 3.50%, 6/15/2016 205,780 FEDERAL NATIONAL MORTGAGE ASSOCIATION- -- 1.6% 475,322 REMIC, Class DH, 5.000%, 9/25/2033 472,067 6,559 REMIC, Class T-3, 9.750%, 9/25/2018 7,059 TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION $ 479,126 WHOLE LOAN - 1.3% 288,617 Bank of America Mortgage Securities 2004-A, Class 2A1, 3.552%, 286,511 2/25/2034 116,572 Indymac INDA Mortgage Loan Trust 2005-AR1, Class 2A1, 5.095%, 115,198 11/25/2035 TOTAL WHOLE LOAN $ 401,709 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS $ 1,086,615 (IDENTIFIED COST $1,099,125) CORPORATE BONDS - 13.7% AUTOMOBILES - 1.3% 200,000 DaimlerChrysler North America Holding Corp., (Series MTND), 5.75%, 199,468 9/8/2011 200,000 GMAC LLC, Floating Rate Note, 6.610%, 5/19/2009 193,502 TOTAL AUTOMOBILES $ 392,970 BANKS - 1.7% 170,000 BankBoston Capital Trust III, Company Guarantee, 6.110%, 6/15/2027 170,091 152,000 Suntrust Capital III, Company Guarantee, (Series A), 6.004%, 150,120 3/15/2028 200,000 U.S Bank National Association, 5.920&, 5/25/2012 200,453 TOTAL BANKS $ 520,664 DIVERSIFIED FINANCIAL SERVICES - 1.5% 200,000 Goldman Sachs, (Series 2007), Class A2, 5.770%, 8/10/2047 202,811 245,700 Morgan Stanley Cap I, Inc, (Series 2004), Class 1A8, 4.750%, 240,830 11/25/2018 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 443,641 ELECTRIC UTILITIES - 0.8% 200,000 Progress Energy, Inc., Sr. Note, 7.75%, 3/1/2031 232,353 FOOD & STAPLES RETAILING - 0.9% 300,000 Sysco Corp., Sr. Note, 5.375%, 9/21/2035 266,365 FOOD PRODUCTS - 0.6% 200,000 Archer-Daniels-Midland Co., Sr. Note, 5.935%, 10/1/2032 195,593 IT SERVICES - 0.7% 250,000 Iron Mountain, Inc., Company Guarantee, 6.625%, 1/1/2016 218,125 MULTI-MEDIA - 0.7% 200,000 2,3 Cox Enterprises Inc., Note, 7.875%, 9/30/2031 212,932 MULTI-UTILITIES-0.7% 200,000 CenterPoint Energy, Inc., Sr. Note, 6.85%, 6/1/2015 211,431 OIL, GAS & CONSUMABLE FUELS - 2.1% 200,000 Chesapeake Energy Corp., Sr. Note, 6.875%, 1/15/2016 191,500 150,000 Devon Financing Corp., 7.875%, 9/30/2031 173,136 100,000 Enterprise Products Partners LP 93,033 200,000 Pioneer Natural Res Co., Sr. Note, 6.875%, 5/1/2018 182,531 TOTAL OIL, GAS & CONSUMABLE FUELS $ 640,200 UTILITIES - 0.4% 125,000 Pacific Gas & Electric Co., 6.05%, 3/1/2034 121,362 WIRELESS TELECOMMUNICATION SERVICES - 2.3% 500,000 American Tower Systems Corp., Sr. Note, 7.125%, 10/15/2012 492,500 200,000 Sprint Nextel Corp., Note, 5.760%, 6/28/2010 199,851 TOTAL WIRELESS TELECOMMUNICATION SERVICES $ 692,351 TOTAL CORPORATE BONDS $ 4,147,987 (IDENTIFIED COST $4,304,991) MORTGAGE-BACKED SECURITIES -11.2% FEDERAL HOME LOAN MORTGAGE CORPORATION - 6.0% 318,378 Pool A15865, 5.50%, 11/1/2033 308,770 441,478 Pool A19412, 5.00%, 3/1/2034 415,877 676,545 Pool A26407, 6.00%, 9/1/2034 673,557 408,515 Pool A46082, 5.00%, 7/1/2035 384,315 6,052 Pool C00478, 8.50%, 9/1/2026 6,433 18,230 Pool E46188, 6.50%, 4/1/2008 18,285 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION $ 1,807,237 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 4.2% 5,180 Pool 008245, 8.000%, 12/1/2008 5,189 50,977 Pool 533246, 7.50%, 4/1/2030 52,894 617,672 Pool 797152, 5.00%, 11/1/2019 600,577 648,414 Pool 868574, 5.50%, 4/1/2036 627,226 TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION $ 1,285,886 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.0% 72,806 Pool 354677, 7.50%, 10/15/2023 76,469 123,634 Pool 354765, 7.00%, 2/15/2024 129,026 90,216 Pool 354827, 7.00%, 5/15/2024 94,150 TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION $ 299,645 TOTAL MORTGAGE-BACKED SECURITIES $ 3,392,768 (IDENTIFIED COST $3,476,429) U.S. TREASURY - 3.1% U.S. TREASURY BOND - 1.4% 460,000 4.50%, 2/15/2036 431,681 U.S. TREASURY NOTES - 1.7% 40,000 4.00%, 2/15/2014 38,538 200,000 4.50%, 5/15/2017 196,281 100,000 4.50%, 11/15/2015 98,391 170,000 4.875%, 6/30/2012 172,205 TOTAL U.S. TREASURY NOTES $ 505,415 TOTAL U.S. TREASURY $ 937,096 (IDENTIFIED COST $926,784) MUTUAL FUNDS -6.9% 1,543,316 4 MTB Prime Money Market Fund, Corporate Shares, 4.94%5 1,543,316 69,349 NorthEast Investment Trust 540,224 542 SSgA Money Market Fund, 4.97%5 542 TOTAL MUTUAL FUNDS $ 2,084,082 (IDENTIFIED COST $2,075,066) TOTAL INVESTMENTS --- 99.6% $ 30,100,036 (IDENTIFIED COST $28,964,436)6 OTHER ASSETS AND LIABILITIES --- NET --- 0.4% $ 108,657 TOTAL NET ASSETS --- 100% $ 30,208,693 1 Non-income producing security. 2 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2006, this restricted security amounted to $212,932, which represented 0.7% of total net assets. 3 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the "Trustees"). At July 31, 2006, this liquid restricted security amounted to $212,932, which represented 0.7% of total net assets. 4 Affiliated company. 5 7-Day net yield. 6 At July 31, 2006, the cost of investments for federal tax purposes was $28,964,436. The net unrealized appreciation of investments for federal tax purposes was $1,135,600. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $2,230,349 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,094,749.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2006. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle}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 Trustees may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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 {circle}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 Trustees, although the actual calculation may be done by others under the direction of Fund management. An event is considered material 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. The following acronyms are used throughout this portfolio: ADR --American Depositary Receipt REMIC --Real Estate Mortgage Investment Conduit MTB EQUITY INCOME FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE
COMMON STOCKS -- 97.7% AIR FREIGHT & LOGISTICS--1.6% 10,700 United Parcel Service, Inc. $ 810,204 BEVERAGES--3.2% 15,300 Coca-Cola Co. 797,283 12,400 PepsiCo, Inc. 813,688 TOTAL BEVERAGES $ 1,610,971 BUILDING PRODUCTS--1.2% 22,600 Masco Corp. 614,946 CAPITAL MARKETS--3.2% 14,700 Federated Investors, Inc. 529,347 17,700 Northern Trust Corp. 1,105,542 TOTAL CAPITAL MARKETS $ 1,634,889 CHEMICALS--7.3% 13,200 Ashland, Inc. 805,992 25,650 Chemtura Corp. 267,530 2,900 Lyondell Chemical Co. 130,210 6,800 PPG Industries, Inc. 518,636 24,100 RPM, Inc. 566,591 17,300 Rohm & Haas Co. 977,796 17,700 Valspar Corp. 488,343 TOTAL CHEMICALS $ 3,755,098 COMMERCIAL BANKS--9.2% 25,900 Colonial BancGroup, Inc. 564,879 8,700 Cullen Frost Bankers, Inc. 432,129 12,100 First Horizon National Corp. 383,812 20,400 Marshall & Ilsley Corp. 840,684 22,156 South Financial Group, Inc. 477,683 10,300 SunTrust Banks, Inc. 806,490 17,200 TCF Financial Corp. 422,948 19,400 Wilmington Trust Corp. 755,436 TOTAL COMMERCIAL BANKS $ 4,684,061 COMMERCIAL SERVICES & SUPPLIES--3.7% 5,900 Avery Dennison Corp. 361,906 14,600 Donnelley (R.R.) & Sons Co. 616,996 24,600 Waste Management, Inc. 935,538 TOTAL COMMERCIAL SERVICES & SUPPLIES $ 1,914,440 COMPUTERS & PERIPHERALS--1.7% 38,100 Seagate Technology Holdings 895,731 CONTAINERS & PACKAGING--1.9% 15,200 Bemis Co., Inc. 447,944 19,700 Packaging Corp. of America 502,744 TOTAL CONTAINERS & PACKAGING $ 950,688 DIVERSIFIED CONSUMER SERVICES--0.8% 20,700 Block (H&R), Inc. 412,965 DIVERSIFIED FINANCIAL SERVICES--1.9% 20,800 Citigroup, Inc. 968,656 FOOD & STAPLES RETAILING--2.0% 21,900 Wal-Mart Stores, Inc. 1,006,305 FOOD PRODUCTS--4.6% 18,300 ConAgra, Inc. 463,905 19,500 Hershey Foods Corp. 898,950 29,400 Kraft Foods, Inc., Class A 962,850 TOTAL FOOD PRODUCTS $ 2,325,705 HOUSEHOLD DURABLES--2.0% 7,200 Black & Decker Corp. 623,304 12,000 KB HOME 381,720 TOTAL HOUSEHOLD DURABLES $ 1,005,024 HOUSEHOLD PRODUCTS--5.2% 17,500 Clorox Co. 1,058,050 7,800 Kimberly-Clark Corp. 524,706 17,400 Procter & Gamble Co. 1,076,364 TOTAL HOUSEHOLD PRODUCTS $ 2,659,120 IT SERVICES--2.6% 17,200 Automatic Data Processing, Inc. 798,424 12,400 Paychex, Inc. 513,112 TOTAL IT SERVICES $ 1,311,536 INDUSTRIAL CONGLOMERATES--3.2% 6,000 3M Co. 533,520 28,300 General Electric Co. 1,096,908 TOTAL INDUSTRIAL CONGLOMERATES $ 1,630,428 INSURANCE--3.9% 16,000 MBIA Insurance Corp. 897,600 11,100 Mercury General Corp. 574,758 12,300 Protective Life Corp. 529,146 TOTAL INSURANCE $ 2,001,504 LEISURE EQUIPMENT & PRODUCTS--1.9% 19,100 Brunswick Corp. 534,036 9,200 Polaris Industries, Inc., Class A 454,112 TOTAL LEISURE EQUIPMENT & PRODUCTS $ 988,148 MACHINERY--3.4% 13,800 Graco, Inc. 566,352 18,500 Pentair, Inc. 669,700 15,100 Timken Co. 504,340 TOTAL MACHINERY $ 1,740,392 MEDIA--0.8% 25,600 1 Cinemark Holdings, Inc. 418,560 MULTI-UTILITIES--1.7% 16,600 NiSource, Inc. 316,562 7,000 SCANA Corp. 261,660 18,600 TECO Energy, Inc. 300,204 TOTAL MULTI-UTILITIES $ 878,426 OIL, GAS & CONSUMABLE FUELS--4.2% 6,800 ConocoPhillips 549,712 5,600 Marathon Oil Corp. 309,120 15,400 Occidental Petroleum Corp. 873,488 5,800 Sunoco, Inc. 386,976 TOTAL OIL, GAS & CONSUMABLE FUELS $ 2,119,296 PAPER & FOREST PRODUCTS--1.5% 20,600 International Paper Co. 763,642 PHARMACEUTICALS--7.4% 30,200 Bristol-Myers Squibb Co. 857,982 9,000 Eli Lilly & Co. 486,810 15,900 Johnson & Johnson 961,950 17,000 Pfizer, Inc. 399,670 13,600 Sanofi-Aventis, ADR 567,800 10,600 Wyeth 514,312 TOTAL PHARMACEUTICALS $ 3,788,524 REAL ESTATE INVESTMENT TRUSTS--0.9% 31,100 Annaly Mortgage Management, Inc. 449,395 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.3% 12,100 Analog Devices, Inc. 428,945 15,600 Intel Corp. 368,472 87,842 1 Taiwan Semiconductor Manufacturing Co., ADR 891,596 TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT $ 1,689,013 SPECIALTY RETAIL--5.9% 42,200 Foot Locker, Inc. 783,232 44,200 Gap (The), Inc. 760,240 23,700 Home Depot, Inc. 880,929 24,200 Limited Brands, Inc. 584,430 TOTAL SPECIALTY RETAIL $ 3,008,831 TEXTILES, APPAREL & LUXURY GOODS--1.1% 21,900 Jones Apparel Group, Inc. 546,624 THRIFTS & MORTGAGE FINANCE--5.2% 17,900 Astoria Financial Corp. 421,545 12,800 MGIC Investment Corp. 494,848 49,300 New York Community Bancorp, Inc. 800,139 24,300 Washington Mutual Bank 911,979 TOTAL THRIFTS & MORTGAGE FINANCE $ 2,628,511 WATER UTILITIES--1.2% 27,400 Aqua America, Inc. 599,512 TOTAL COMMON STOCKS (IDENTIFIED COST $49,846,525) $ 49,811,145 2 MUTUAL FUND--2.3% 1,174,385 MTB Prime Money Market Fund, Corporate Shares, 4.94%3 (AT NET ASSET VALUE) $ 1,174,385 TOTAL INVESTMENTS - 100.0% $ 50,985,530 (IDENTIFIED COST $51,020,910)4 OTHER ASSETS AND LIABILTIES - NET - 0.0% $ 21,518 TOTAL NET ASSETS - 100% $ 51,007,048 1 Non-income producing security. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $51,020,910. The net unrealized depreciation of investments for federal tax purposes was $35,380. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $2,600,354 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,635,734.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 Trustees, although the actual calculation is done by others under the direction of Fund management. An event is considered material 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. The following acronym is used throughout this portfolio: ADR --American Depositary Receipt MTB EQUITY INDEX FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited)
SHARES DESCRIPTION VALUE COMMON STOCKS--99.9% AEROSPACE & DEFENSE--2.8% 6,400 Boeing Co. $ 661,952 3,400 General Dynamics Corp. 267,104 1,085 Goodrich (B.F.) Co. 68,257 6,400 Honeywell International, Inc. 368,064 1,050 L-3 Communications Holdings, Inc. 102,438 2,900 Lockheed Martin Corp. 285,592 2,900 Northrop Grumman Corp. 220,690 1,150 Precision Castparts Corp. 157,619 3,700 Raytheon Co. 204,832 1,400 Rockwell Collins 96,180 8,000 United Technologies Corp. 583,760 TOTAL AEROSPACE & DEFENSE $ 3,016,488 AIR FREIGHT & LOGISTICS--0.9% 1,400 C.H. Robinson Worldwide, Inc. 68,110 2,525 FedEx Corp. 279,618 8,700 United Parcel Service, Inc. 658,764 TOTAL AIR FREIGHT & LOGISTICS $ 1,006,492 AIRLINES--0.1% 6,659 Southwest Airlines Co. 104,280 AUTO COMPONENTS--0.2% 1,700 1 Goodyear Tire & Rubber Co. 48,824 1,640 Johnson Controls, Inc. 185,566 TOTAL AUTO COMPONENTS $ 234,390 AUTOMOBILES--0.4% 15,700 1 Ford Motor Co. 133,607 4,700 General Motors Corp. 152,280 2,100 Harley Davidson, Inc. 120,372 TOTAL AUTOMOBILES $ 406,259 BEVERAGES--2.1% 6,300 Anheuser-Busch Cos., Inc. 307,251 700 Brown-Forman Corp., Class B 46,508 16,300 Coca-Cola Co. 849,393 2,300 Coca-Cola Enterprises, Inc. 52,118 1,700 1 Constellation Brands, Inc., Class A 37,281 400 Molson Coors Brewing Co., Class B 35,576 13,300 PepsiCo, Inc. 872,746 1,100 The Pepsi Bottling Group, Inc. 36,806 TOTAL BEVERAGES $ 2,237,679 BIOTECHNOLOGY--1.2% 9,600 1 Amgen, Inc. 515,904 1,800 1 Biogen Idec, Inc. 101,772 3,200 1 Celgene Corp. 193,792 2,200 1 Genzyme Corp. 138,754 7,600 1 Gilead Sciences, Inc. 282,948 TOTAL BIOTECHNOLOGY $ 1,233,170 BUILDING PRODUCTS--0.2% 1,500 American Standard Cos., Inc. 81,075 3,100 Masco Corp. 84,351 TOTAL BUILDING PRODUCTS $ 165,426 CAPITAL MARKETS--2.8% 1,600 American Capital Strategies Ltd. 60,752 2,000 Ameriprise Financial, Inc. 120,540 9,200 Bank of New York Mellon Co., Inc. 391,460 975 Bear Stearns Cos., Inc. 118,189 3,600 1 E*Trade Group, Inc. 66,672 800 Federated Investors, Inc. 28,808 1,300 Franklin Resources, Inc. 165,581 1,600 Janus Capital Group, Inc. 48,096 1,100 Legg Mason, Inc. 99,000 4,400 Lehman Brothers Holdings, Inc. 272,800 7,100 Merrill Lynch & Co., Inc. 526,820 8,600 Morgan Stanley 549,282 1,570 Northern Trust Corp. 98,062 8,500 Schwab (Charles) Corp. 171,105 3,100 State Street Corp. 207,793 2,100 T. Rowe Price Group, Inc. 109,473 TOTAL CAPITAL MARKETS $ 3,034,433 CHEMICALS--1.6% 1,800 Air Products & Chemicals, Inc. 155,466 500 Ashland, Inc. 30,530 7,700 Dow Chemical Co. 334,796 7,600 Du Pont (E.I.) de Nemours & Co. 355,148 700 Eastman Chemical Co. 48,174 1,500 Ecolab, Inc. 63,165 1,000 1 Hercules, Inc. 20,760 585 International Flavors & Fragrances, Inc. 29,314 4,500 Monsanto Co. 290,025 1,390 PPG Industries, Inc. 106,015 2,550 Praxair, Inc. 195,381 1,175 Rohm & Haas Co. 66,411 1,100 Sigma-Aldrich Corp. 49,852 TOTAL CHEMICALS $ 1,745,037 COMMERCIAL BANKS--3.6% 4,500 BB&T Corp. 168,390 1,300 Comerica, Inc. 68,458 1,600 Commerce Bancorp, Inc. 53,520 1,000 Compass Bancshares, Inc. 69,280 4,400 Fifth Third Bancorp 162,316 1,100 First Horizon National Corp. 34,892 3,100 Huntington Bancshares, Inc. 59,520 3,145 KeyCorp 109,100 650 M & T Bank Corp. 69,088 2,200 Marshall & Ilsley Corp. 90,662 4,600 National City Corp. 135,194 2,800 PNC Financial Services Group 186,620 5,700 Regions Financial Corp. 171,399 3,000 SunTrust Banks, Inc. 234,900 2,792 Synovus Financial Corp. 78,064 14,300 U.S. Bancorp 428,285 15,800 Wachovia Corp. 745,918 27,500 Wells Fargo & Co. 928,675 950 Zions Bancorp 70,822 TOTAL COMMERCIAL BANKS $ 3,865,103 COMMERCIAL SERVICES & SUPPLIES--0.5% 2,000 1 Allied Waste Industries, Inc. 25,740 800 Avery Dennison Corp. 49,072 1,100 Cintas Corp. 40,216 1,900 Donnelley (R.R.) & Sons Co. 80,294 1,025 Equifax, Inc. 41,471 1,100 1 Monster Worldwide, Inc. 42,779 1,880 Pitney Bowes, Inc. 86,668 1,450 Robert Half International, Inc. 49,285 4,300 Waste Management, Inc. 163,529 TOTAL COMMERCIAL SERVICES & SUPPLIES $ 579,054 COMMUNICATIONS EQUIPMENT--2.8% 3,825 1 Avaya, Inc. 63,265 685 1 CIENA Corp. 25,023 50,000 1 Cisco Systems, Inc. 1,445,500 13,100 1 Corning, Inc. 312,304 1,800 1 JDS Uniphase Corp. 25,794 4,800 1 Juniper Networks, Inc. 143,808 19,050 Motorola, Inc. 323,659 13,600 Qualcomm, Inc. 566,440 3,500 1 Tellabs, Inc. 39,725 TOTAL COMMUNICATIONS EQUIPMENT $ 2,945,518 COMPUTERS & PERIPHERALS--4.2% 7,100 1 Apple Computer, Inc. 935,496 18,600 1 Dell, Inc. 520,242 17,000 1 EMC Corp. Mass 314,670 21,500 Hewlett-Packard Co. 989,645 11,200 IBM Corp. 1,239,280 800 1 Lexmark International Group, Class A 31,632 1,500 1 NCR Corp. 78,330 3,100 1 Network Appliance, Inc. 87,854 1,400 1 Qlogic Corp. 18,606 1,800 1 Sandisk Corp. 96,534 2,330 1 Seagate Technology, Inc., Rights 0 29,900 1 Sun Microsystems, Inc. 152,490 TOTAL COMPUTERS & PERIPHERALS $ 4,464,779 CONSTRUCTION & ENGINEERING--0.1% 750 Fluor Corp. 86,632 CONSTRUCTION MATERIALS--0.1% 800 Vulcan Materials Co. 76,576 CONSUMER FINANCE--1.0% 9,600 American Express Co. 561,984 3,400 Capital One Financial Corp. 240,584 4,300 1 Discover Financial Services 99,115 3,300 SLM Corp. 162,261 TOTAL CONSUMER FINANCE $ 1,063,944 CONTAINERS & PACKAGING--0.2% 860 Ball Corp. 44,092 820 Bemis Co., Inc. 24,165 1,050 1 Pactiv Corp. 33,190 1,364 Sealed Air Corp. 37,169 900 Temple-Inland, Inc. 52,317 TOTAL CONTAINERS & PACKAGING $ 190,933 DISTRIBUTORS--0.1% 1,360 Genuine Parts Co. 64,709 DIVERSIFIED CONSUMER SERVICES--0.1% 1,100 1 Apollo Group, Inc., Class A 65,021 2,600 Block (H&R), Inc. 51,870 TOTAL DIVERSIFIED CONSUMER SERVICES $ 116,891 DIVERSIFIED FINANCIAL SERVICES--5.5% 36,400 Bank of America Corp. 1,726,088 1,600 CIT Group, Inc. 65,888 440 Chicago Mercantile Exchange Holdings, Inc. 243,100 40,500 Citigroup, Inc. 1,886,085 3,300 Goldman Sachs Group, Inc. 621,522 27,700 J.P. Morgan Chase & Co. 1,219,077 2,000 Moody's Corp. 107,600 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 5,869,360 DIVERSIFIED TELECOMMUNICATION SERVICES--3.1% 50,600 AT&T, Inc. 1,981,496 1,000 CenturyTel, Inc. 45,870 2,600 Citizens Communications Co., Class B 37,518 1,200 Embarq Corp. 74,148 13,400 1 Qwest Communications International, Inc. 114,302 23,500 Verizon Communications 1,001,570 3,853 Windstream Corp. 53,017 TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES $ 3,307,921 ELECTRIC UTILITIES--1.8% 1,400 1 Allegheny Energy, Inc. 73,122 3,402 American Electric Power Co., Inc. 147,953 10,508 Duke Energy Corp. 178,951 2,765 Edison International 146,241 1,600 Entergy Corp. 159,936 5,550 Exelon Corp. 389,332 3,300 FPL Group, Inc. 190,509 2,500 FirstEnergy Corp. 151,875 3,230 PPL Corp. 152,262 900 Pinnacle West Capital Corp. 33,732 825 1 Progress Energy, Inc. 293 2,127 Progress Energy, Inc. 92,865 6,200 Southern Co. 208,568 TOTAL ELECTRIC UTILITIES $ 1,925,639 ELECTRICAL EQUIPMENT--0.4% 1,500 Cooper Industries Ltd., Class A 79,380 6,400 Emerson Electric Co. 301,248 1,350 Rockwell Automation, Inc. 94,486 TOTAL ELECTRICAL EQUIPMENT $ 475,114 ELECTRONIC EQUIPMENT & INSTRUMENTS--0.4% 3,400 1 Agilent Technologies, Inc. 129,710 1,100 Jabil Circuit, Inc. 24,783 1,150 Molex, Inc. 32,591 7,500 1 Solectron Corp. 28,200 600 Tektronix, Inc. 19,710 4,175 1 Tyco Electronics Ltd. 149,548 TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS $ 384,542 ENERGY EQUIPMENT & SERVICES--2.3% 2,450 BJ Services Co. 64,067 2,700 Baker Hughes, Inc. 213,435 1,300 ENSCO International, Inc. 79,391 7,600 Halliburton Co. 273,752 2,300 1 Nabors Industries Ltd. 67,252 1,500 1 National-Oilwell, Inc. 180,165 1,125 Noble Corp. 115,267 900 Rowan Cos., Inc. 37,971 9,500 Schlumberger Ltd. 899,840 1,700 Smith International, Inc. 104,397 2,400 1 Transocean Sedco Forex, Inc. 257,880 2,800 1 Weatherford International Ltd. 154,924 TOTAL ENERGY EQUIPMENT & SERVICES $ 2,448,341 FOOD & STAPLES RETAILING--2.3% 12,500 CVS Corp. 439,875 3,600 Costco Wholesale Corp. 215,280 6,000 Kroger Co. 155,760 1,800 SUPERVALU, Inc. 75,006 3,900 Safeway Inc. 124,293 4,800 Sysco Corp. 153,024 19,925 Wal-Mart Stores, Inc. 915,554 8,100 Walgreen Co. 357,858 1,300 Whole Foods Market, Inc. 48,152 TOTAL FOOD & STAPLES RETAILING $ 2,484,802 FOOD PRODUCTS--1.5% 5,300 Archer-Daniels-Midland Co. 178,080 1,800 Campbell Soup Co. 66,294 4,300 ConAgra, Inc. 109,005 1,200 1 Dean Foods Co. 34,524 2,900 General Mills, Inc. 161,298 2,800 Heinz (H.J.) Co. 122,528 1,470 Hershey Foods Corp. 67,767 2,100 Kellogg Co. 108,801 13,100 Kraft Foods, Inc., Class A 429,025 1,000 McCormick & Co., Inc. 34,160 6,220 Sara Lee Corp. 98,587 2,300 Tyson Foods, Inc., Class A 48,990 1,700 Wrigley (Wm.), Jr. Co. 98,056 TOTAL FOOD PRODUCTS $ 1,557,115 GAS UTILITIES--0.1% 340 NICOR, Inc. 13,399 1,500 Questar Corp. 77,235 TOTAL GAS UTILITIES $ 90,634 HEALTH CARE EQUIPMENT & SUPPLIES--1.8% 850 Bard (C.R.), Inc. 66,700 400 Bausch & Lomb, Inc. 25,572 5,400 Baxter International, Inc. 284,040 2,055 Becton, Dickinson & Co. 156,920 300 Biomet, Inc. 13,659 10,100 1 Boston Scientific Corp. 132,815 4,175 1 Covidien Ltd. 170,966 1,300 1 Hospira, Inc. 50,271 9,525 Medtronic, Inc. 482,632 2,900 1 St. Jude Medical, Inc. 125,106 2,500 Stryker Corp. 156,075 1,150 1 Varian Medical Systems, Inc. 46,920 2,000 1 Zimmer Holdings, Inc. 155,520 TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 1,867,196 HEALTH CARE PROVIDERS & SERVICES--2.2% 4,300 Aetna, Inc. 206,701 1,600 AmerisourceBergen Corp. 75,376 2,350 CIGNA Corp. 121,354 3,150 Cardinal Health, Inc. 207,050 1,375 1 Coventry Health Care, Inc. 76,739 2,300 1 Express Scripts, Inc., Class A 115,299 1,450 1 Humana, Inc. 92,931 1,000 1 Laboratory Corp. of America Holdings 73,850 590 Manor Care, Inc. 37,377 2,531 McKesson HBOC, Inc. 146,191 2,300 1 Medco Health Solutions, Inc. 186,921 1,100 1 Patterson Cos., Inc. 39,457 1,300 Quest Diagnostics, Inc. 72,111 4,100 1 Tenet Healthcare Corp. 21,238 11,000 UnitedHealth Group, Inc. 532,730 5,000 1 Wellpoint, Inc. 375,600 TOTAL HEALTH CARE PROVIDERS & SERVICES $ 2,380,925 HEALTH CARE TECHNOLOGY--0.0% 1,750 IMS Health, Inc. 49,228 HOTELS RESTAURANTS & LEISURE--1.6% 3,700 Carnival Corp. 163,947 1,200 Darden Restaurants, Inc. 51,084 1,600 Harrah's Entertainment, Inc. 135,504 2,596 Hilton Hotels Corp. 114,769 2,850 International Game Technology 100,662 2,800 Marriott International, Inc., Class A 116,340 9,900 McDonald's Corp. 473,913 6,200 1 Starbucks Corp. 165,416 1,800 Starwood Hotels & Resorts Worldwide, Inc. 113,328 825 Wendy's International, Inc. 28,900 1,600 1 Wyndham Worldwide Corp. 53,840 4,300 Yum! Brands, Inc. 137,772 TOTAL HOTELS RESTAURANTS & LEISURE $ 1,655,475 HOUSEHOLD DURABLES--0.6% 575 Black & Decker Corp. 49,778 1,000 Centex Corp. 37,310 2,300 D. R. Horton, Inc. 37,536 1,250 Fortune Brands, Inc. 101,625 550 Harman International Industries, Inc. 63,800 700 KB HOME 22,267 1,400 Leggett and Platt, Inc. 29,022 1,100 Lennar Corp., Class A 33,726 2,250 Newell Rubbermaid, Inc. 59,513 1,700 Pulte Homes, Inc. 32,878 480 Snap-On, Inc. 25,118 700 Stanley Works 38,731 600 Whirlpool Corp. 61,266 TOTAL HOUSEHOLD DURABLES $ 592,570 HOUSEHOLD PRODUCTS--2.1% 1,300 Clorox Co. 78,598 4,200 Colgate-Palmolive Co. 277,200 3,800 Kimberly-Clark Corp. 255,626 25,800 Procter & Gamble Co. 1,595,988 TOTAL HOUSEHOLD PRODUCTS $ 2,207,412 IT SERVICES--1.1% 900 1 Affiliated Computer Services, Inc., Class A 48,294 4,500 Automatic Data Processing, Inc. 208,890 1,200 1 Cognizant Technology Solutions Corp. 97,176 1,500 1 Computer Sciences Corp. 83,520 1,100 1 Convergys Corp. 20,955 4,225 Electronic Data Systems Corp. 114,033 1,400 Fidelity National Information Services, Inc. 69,482 6,400 First Data Corp., Class 203,456 1,450 1 Fiserv, Inc. 71,659 2,800 Paychex, Inc. 115,864 3,000 1 Unisys Corp. 24,270 6,200 Western Union Co. 123,690 TOTAL IT SERVICES $ 1,181,289 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.5% 5,300 1 AES Corp. 104,145 1,900 1 Calpine Corp. 5,225 1,500 Constellation Energy Group 125,700 3,700 1 Dynegy, Inc. 32,967 4,169 1 Mirant Corp. 0 3,800 TXU Corp. 247,950 TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS $ 515,987 INDUSTRIAL CONGLOMERATES--3.8% 5,900 3M Co. 524,628 84,100 General Electric Co. 3,259,716 1,025 Textron Inc. 115,712 4,175 Tyco International Ltd. 197,436 TOTAL INDUSTRIAL CONGLOMERATES $ 4,097,492 INSURANCE--4.5% 2,430 AON Corp. 97,297 2,600 Ace Ltd. 150,072 3,975 Aflac, Inc. 207,177 5,000 Allstate Corp. 265,750 850 Ambac Financial Group, Inc. 57,078 21,100 American International Group, Inc. 1,354,198 900 Assurant, Inc. 45,648 3,250 Chubb Corp. 163,833 1,400 Cincinnati Financial Corp. 54,880 3,500 Genworth Financial, Inc., Class A 106,820 2,600 Hartford Financial Services Group, Inc. 238,862 2,200 Lincoln National Corp. 132,704 3,600 Loews Corp. 170,640 1,100 MBIA Insurance Corp. 61,710 4,680 Marsh & McLennan Cos., Inc. 128,934 5,900 MetLife, Inc. 355,298 2,200 Principal Financial Group 124,058 6,200 Progressive Corp., OH 130,076 3,900 Prudential Financial, Inc. 345,657 925 SAFECO Corp. 54,085 5,400 The St. Paul Travelers Cos., Inc. 274,212 800 Torchmark Corp. 49,232 2,995 UNUMProvident Corp. 72,779 1,550 XL Capital Ltd., Class A 120,683 TOTAL INSURANCE $ 4,761,683 INTERNET & CATALOG RETAIL--0.2% 2,600 1 Amazon.com, Inc. 204,204 1,900 1 IAC Interactive Corp. 54,606 TOTAL INTERNET & CATALOG RETAIL $ 258,810 INTERNET SOFTWARE & SERVICES--1.5% 1,300 1 Akamai Technologies, Inc. 44,148 1,800 1 Google Inc. 918,000 2,100 1 Verisign, Inc. 62,349 10,000 1 Yahoo, Inc. 232,500 9,300 1 eBay, Inc. 301,320 TOTAL INTERNET SOFTWARE & SERVICES $ 1,558,317 LEISURE EQUIPMENT & PRODUCTS--0.2% 800 Brunswick Corp. 22,368 2,400 Eastman Kodak Co. 60,600 1,300 Hasbro, Inc. 36,426 3,300 Mattel, Inc. 75,603 TOTAL LEISURE EQUIPMENT & PRODUCTS $ 194,997 LIFE SCIENCES TOOLS & SERVICES--0.3% 1,540 Applera Corp. 48,079 430 1 Millipore Corp. 33,802 1,030 PerkinElmer, Inc. 28,665 3,500 1 Thermo Electron Corp. 182,735 850 1 Waters Corp. 49,521 TOTAL LIFE SCIENCES TOOLS & SERVICES $ 342,802 MACHINERY--1.8% 5,300 Caterpillar, Inc. 417,640 900 Cummins, Inc. 106,830 2,000 Danaher Corp. 149,360 1,875 Deere & Co. 225,788 1,760 Dover Corp. 89,760 1,250 Eaton Corp. 121,475 1,500 ITT Corp. 94,320 3,500 Illinois Tool Works, Inc. 192,675 2,400 Ingersoll-Rand Co., Class A 120,768 2,000 PACCAR, Inc. 163,640 980 Pall Corp. 40,690 1,000 Parker-Hannifin Corp. 98,680 800 1 Terex Corp. 69,000 TOTAL MACHINERY $ 1,890,626 MEDIA--3.3% 5,900 CBS Corp. (New), Class B 187,148 4,036 Clear Channel Communications, Inc. 148,928 25,700 1 Comcast Corp., Class A 675,139 6,200 1 DIRECTV Group, Inc. 138,942 575 Dow Jones & Co. 32,994 700 E.W. Scripps Co., Class A 28,679 1,900 Gannett Co., Inc. 94,810 4,200 1 Interpublic Group Cos., Inc. 44,058 2,900 McGraw-Hill Cos., Inc. 175,450 360 Meredith Corp. 20,336 1,270 New York Times Co., Class A 29,032 19,000 News Corp., Inc. 401,280 2,700 Omnicom Group, Inc. 140,049 30,700 Time Warner, Inc. 591,282 1,277 Tribune Co. 35,705 5,500 1 Viacom, Inc., Class B 210,650 15,900 Walt Disney Co. 524,700 TOTAL MEDIA $ 3,479,182 METALS & MINING-1.0% 7,200 Alcoa, Inc. 275,040 850 Allegheny Technologies, Inc. 89,191 2,900 Freeport-McMoRan Copper & Gold, Inc., Class B 272,542 3,700 Newmont Mining Corp. 154,475 2,500 Nucor Corp. 125,500 1,000 United States Steel Corp. 98,290 TOTAL METALS & MINING $ 1,015,038 MULTI-UTILITIES--1.1% 1,700 Ameren Corp. 81,566 1,700 CMS Energy Corp. 27,472 2,360 CenterPoint Energy, Inc. 38,893 2,300 Consolidated Edison Co. 100,464 1,445 DTE Energy Co. 67,019 2,900 Dominion Resources, Inc. 244,238 600 Integrys Energy Group, Inc. 29,694 1,400 KeySpan Corp. 58,170 2,500 NiSource, Inc. 47,675 2,980 P G & E Corp. 127,574 2,110 Public Service Enterprises Group, Inc. 181,777 2,276 Sempra Energy 119,991 1,600 TECO Energy, Inc. 25,824 3,500 Xcel Energy, Inc. 71,050 TOTAL MULTI-UTILITIES $ 1,221,407 MULTILINE RETAIL--1.1% 1,100 1 Big Lots, Inc. 28,446 600 Dillards, Inc., Class A 17,934 1,250 Family Dollar Stores, Inc. 37,025 2,700 1 Kohl's Corp. 164,160 3,800 Macy's, Inc. 137,066 1,900 Nordstrom, Inc. 90,402 2,260 Penney (J.C.) Co., Inc. 153,770 700 1 Sears Holdings Corp. 95,753 6,900 Target Corp. 417,933 TOTAL MULTILINE RETAIL $ 1,142,489 OFFICE ELECTRONICS--0.1% 7,300 1 Xerox Corp. 127,458 OIL, GAS & CONSUMABLE FUELS--8.9% 3,775 Anadarko Petroleum Corp. 189,996 2,650 Apache Corp. 214,226 1,600 CONSOL Energy, Inc. 66,640 3,500 Chesapeake Energy Corp. 119,140 17,700 Chevron Corp. 1,509,102 13,450 ConocoPhillips 1,087,298 3,700 Devon Energy Corp. 276,057 2,050 EOG Resources, Inc. 143,705 5,900 El Paso Corp. 98,235 46,600 Exxon Mobil Corp. 3,967,058 2,250 Hess Corp. 137,700 5,600 Marathon Oil Corp. 309,120 1,600 Murphy Oil Corp. 99,264 6,800 Occidental Petroleum Corp. 385,696 1,900 Peabody Energy Corp. 80,294 5,398 Spectra Energy Corp. 137,487 1,000 Sunoco, Inc. 66,720 4,500 Valero Energy Corp. 301,545 4,900 Williams Cos., Inc. 158,025 3,100 XTO Energy, Inc. 169,043 TOTAL OIL, GAS & CONSUMABLE FUELS $ 9,516,351 PAPER & FOREST PRODUCTS--0.3% 3,600 International Paper Co. 133,452 1,600 MeadWestvaco Corp. 52,064 1,750 Weyerhaeuser Co. 124,670 TOTAL PAPER & FOREST PRODUCTS $ 310,186 PERSONAL PRODUCTS--0.2% 3,700 Avon Products, Inc. 133,237 1,000 Estee Lauder Cos., Inc., Class A 45,020 TOTAL PERSONAL PRODUCTS $ 178,257 PHARMACEUTICALS--6.1% 12,500 Abbott Laboratories 633,625 2,550 Allergan, Inc. 148,232 900 1 Barr Laboratories, Inc. 46,098 16,200 Bristol-Myers Squibb Co. 460,242 8,000 Eli Lilly & Co. 432,720 2,631 1 Forest Laboratories, Inc., Class A 105,766 23,800 Johnson & Johnson 1,439,900 2,133 1 King Pharmaceuticals, Inc. 36,282 17,800 Merck & Co., Inc. 883,770 2,000 1 Mylan Laboratories, Inc. 32,060 57,500 Pfizer, Inc. 1,351,825 12,200 Schering Plough Corp. 348,188 900 1 Watson Pharmaceuticals, Inc. 27,378 10,900 Wyeth 528,868 TOTAL PHARMACEUTICALS $ 6,474,954 REAL ESTATE INVESTMENT TRUSTS--1.2% 800 Apartment Investment & Management Co., Class A 33,800 1,800 Archstone-Smith Trust 103,338 700 Avalonbay Communities, Inc. 75,579 1,025 Boston Properties, Inc. 96,852 1,100 Developers Diversified Realty 52,800 2,550 Equity Residential Properties Trust 101,516 2,200 General Growth Properties, Inc. 105,556 4,300 Host Marriott Corp. 90,816 2,000 Kimco Realty Corp. 74,660 1,550 Plum Creek Timber Co., Inc. 60,233 2,100 1 Prologis 119,490 1,050 Public Storage, Inc. 73,595 1,800 Simon Property Group, Inc. 155,754 1,050 Vornado Realty Trust 112,382 TOTAL REAL ESTATE INVESTMENT TRUSTS $ 1,256,371 REAL ESTATE MANAGEMENT & DEVELOPMENT--0.1% 1,500 1 CB Richard Ellis Services, Inc. 52,380 ROAD & RAIL--0.8% 2,925 Burlington Northern Santa Fe Corp. 240,260 3,500 CSX Corp. 165,935 3,300 Norfolk Southern Corp. 177,474 470 Ryder System, Inc. 25,554 2,225 Union Pacific Corp. 265,087 TOTAL ROAD & RAIL $ 874,310 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.8% 4,600 1 Advanced Micro Devices, Inc. 62,284 3,000 Altera Corp. 69,600 2,800 Analog Devices, Inc. 99,260 11,000 Applied Materials, Inc. 242,440 3,600 1 Broadcom Corp. 118,116 47,800 Intel Corp. 1,129,036 1,600 KLA-Tencor Corp. 90,864 6,000 1 LSI Logic Corp. 43,200 2,200 Linear Technology Corp. 78,430 1,900 1 MEMC Electronic Materials, Inc. 116,508 2,700 Maxim Integrated Products, Inc. 85,590 6,400 1 Micron Technology, Inc. 75,968 3,000 1 NVIDIA Corp. 137,280 2,470 National Semiconductor Corp. 64,195 1,000 1 Novellus Systems, Inc. 28,520 1,500 1 Teradyne, Inc. 23,535 11,600 Texas Instruments, Inc. 408,204 2,500 Xilinx, Inc. 62,500 TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT $ 2,935,530 SOFTWARE--3.2% 4,800 1 Adobe Systems, Inc. 193,392 2,000 1 Autodesk, Inc. 84,740 1,600 1 BMC Software, Inc. 45,952 3,558 CA, Inc. 89,235 1,500 1 Citrix Systems, Inc. 54,255 2,900 1 Compuware Corp. 27,057 2,600 1 Electronic Arts, Inc. 126,464 2,850 1 Intuit, Inc. 81,624 68,800 Microsoft Corp. 1,994,512 2,925 1 Novell, Inc. 19,627 32,100 1 Oracle Corp. 613,752 7,000 1 Symantec Corp. 134,400 TOTAL SOFTWARE $ 3,465,010 SPECIALTY RETAIL--1.8% 750 Abercrombie & Fitch Co., Class A 52,425 1,300 1 AutoNation, Inc. 25,324 440 1 AutoZone, Inc. 55,796 2,100 1 Bed Bath & Beyond, Inc. 72,744 3,425 Best Buy Co., Inc. 152,721 1,250 Circuit City Stores, Inc. 14,875 4,400 Gap (The), Inc. 75,680 16,400 Home Depot, Inc. 609,588 2,900 Limited Brands, Inc. 70,035 12,400 Lowe's Cos., Inc. 347,324 2,400 1 Office Depot, Inc. 59,904 625 Officemax, Inc. 20,550 1,100 RadioShack Corp. 27,643 910 Sherwin-Williams Co. 63,418 6,100 Staples, Inc. 140,422 3,800 TJX Cos., Inc. 105,450 1,100 Tiffany & Co. 53,075 TOTAL SPECIALTY RETAIL $ 1,946,974 TEXTILES, APPAREL & LUXURY GOODS--0.4% 3,000 1 Coach, Inc. 136,380 900 Jones Apparel Group, Inc. 22,464 840 Liz Claiborne, Inc. 29,518 3,200 Nike, Inc., Class B 180,640 500 Polo Ralph Lauren Corp., Class A 44,675 700 V.F. Corp. 60,053 TOTAL TEXTILES, APPAREL & LUXURY GOODS $ 473,730 THRIFTS & MORTGAGE FINANCE--1.2% 5,000 Countrywide Financial Corp. 140,850 5,200 Federal Home Loan Mortgage Corp. 297,804 7,900 Federal National Mortgage Association 472,736 4,300 Hudson City Bancorp, Inc. 52,546 800 MGIC Investment Corp. 30,928 3,200 Sovereign Bancorp, Inc. 61,248 7,200 Washington Mutual Bank, Inc. 270,216 TOTAL THRIFTS & MORTGAGE FINANCE $ 1,326,328 TOBACCO--1.2% 17,200 Altria Group, Inc. 1,143,284 1,400 Reynolds American, Inc. 85,638 1,400 UST, Inc. 74,970 TOTAL TOBACCO $ 1,303,892 TRADING COMPANIES & DISTRIBUTORS--0.0% 605 Grainger (W.W.), Inc. 52,853 WIRELESS TELECOMMUNICATION SERVICES--0.6% 2,400 Alltel Corp. 158,280 23,600 Sprint Nextel Corp. 484,508 TOTAL WIRELESS TELECOMMUNICATION SERVICES $ 642,788 TOTAL COMMON STOCKS $ 106,531,558 (IDENTIFIED COST $78,669,831) MUTUAL FUND--0.0% 34 SSgA Money Market Fund, 4.97%2 (AT NET ASSET VALUE) $ 34 TOTAL INVESTMENTS --- 99.9% $ 106,531,592 (IDENTIFIED COST $78,669,865)3 OTHER ASSETS AND LIABILITIES --- NET --- 0.1% $ 56,518 TOTAL NET ASSETS --- 100% $ 106,588,110 1 Non-income producing security. 2 7-Day net yield. 3 At July 31, 2007, the cost of investments for federal tax purposes was $78,669,865. The net unrealized appreciation of investments for federal tax purposes was $27,861,727. This consists of net unrealized appreciation from investments for those securities having and excess of value over cost of $30,493,189 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,631,462.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 Trustees, although the actual calculation may be done by others under the direction of Fund management. 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 INCOME FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT OR SHARES
ASSET-BACKED SECURITIES--1.4% $ 1,727,746 L.A. Arena Funding LLC, Class A, 7.656%, 12/15/2026 $ 1,785,508 (IDENTIFIED COST $1,727,746) COLLATERALIZED MORTGAGE OBLIGATIONS-19.3% COMMERCIAL MORTGAGE BACKED SECURITY - 0.7% 1,000,000 1,2 American Tower Trust (Series 2007-1A), Class AFX, 5.420%, 4/15/2037 988,750 FEDERAL HOME LOAN MORTGAGE CORPORATION-1.0% 26,780 (Series 2631), Class LA, 4.00%, 6/15/2011 26,717 624,310 (Series 2707), Class PW, 4.00%, 7/15/2014 619,711 617,677 (Series 1920), Class H, 7.00%, 1/15/2012 632,554 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION 1,278,982 FEDERAL NATIONAL MORTGAGE ASSOCIATION-4.5% 5,935,000 (Series 2005-30), Class BU, 5.00%, 3/25/2024 5,919,853 19,677 (Series 1998-23), Class C, 9.75%, 9/25/2018 21,177 TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION 5,941,030 INDYMAC INDA MORTGAGE LOAN TRUST - 1.8% 2,331,439 (Series 2005-AR1), Class 2A1, 5.092%, 11/25/2035 2,303,969 WHOLE LOAN - 11.3% 1,500,000 Banc of America Commercial Mortgage, Inc. 2007-2, Class A2, 5.634%, 6/10/2012 1,512,127 1,432,776 Bank of America Mortgage Securities 2004-A, Class 2A1, 3.555%, 2/25/2034 1,422,321 6,164,373 Countrywide Home Loans 2004-8, Class 2A1, 4.50%, 6/25/2019 5,961,555 2,013,803 GSR Mortgage Loan Trust 2006-2F, Class 2A15, 5.75%, 2/25/2036 2,008,527 1,000,000 Goldman Sachs Mortgage Securities Corp. II 2007-GG10, Class A2, 5.77%, 8/10/2047 1,014,055 1,081,079 Morgan Stanley Mortgage Loan Trust (Series 2004-1), Class 1A8, 4.75%, 11/25/2018 1,059,652 1,893,954 Structured Asset Securities Corp., (Series 2005-001, 6A1), 6.00%, 2/25/2035 1,897,730 TOTAL WHOLE LOAN 14,875,967 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS $ 25,388,698 (IDENTIFIED COST $25,645,250) 3 COMMERCIAL PAPER--4.5% ASSET BACKED--1.5% 2,000,000 CAFCO LLC, CP, 5.371%, 8/1/2007 2,000,000 FOOD PRODUCTS--1.5% 2,000,000 Kraft Foods, Inc., CP, 5.501%, 8/1/2007 2,000,000 MEDIA--1.5% 2,000,000 Walt Disney Co., CPABS3A3, 5.422%, 8/3/2007 1,999,398 TOTAL COMMERCIAL PAPER $ 5,999,398 (AMORTIZED COST $5,999,398) CORPORATE BONDS-35.5% AUTOMOBILES--0.4% 500,000 DaimlerChrysler North America Holding Corp., Note, (Series MTN), 5.75%, 9/8/2011 498,671 BANKS - 3.4% 1,500,000 1,2 Bank of New York Institutional Capital Trust, Company Guarantee, 7.78%, 12/1/2026 1,564,259 900,000 BankBoston Capital Trust III, Company Guarantee, 6.11%, 6/15/2027 900,480 1,000,000 SouthTrust Bank, Sub. Note, 6.125%, 1/9/2028 1,000,273 1,000,000 U.S. Bank, N.A., 5.92%, 5/25/2012 1,002,265 TOTAL BANKS 4,467,277 BUILDING MATERIALS--0.4% 500,000 1,2 C10 Capital SPV Ltd., Deb., 6.722%, 12/1/2049 497,856 CAPITAL MARKETS--1.7% 250,000 Lehman Brothers Holdings, Inc., Sub. Deb., 5.75%, 1/3/2017 234,246 1,000,000 Merrill Lynch & Co., Inc., 6.05%, 5/16/2016 989,593 1,000,000 Morgan Stanley, Sr. Unsecd. Note, (Series F), 5.75%, 10/18/2016 973,349 TOTAL CAPITAL MARKETS 2,197,188 COMMERCIAL BANKS--0.4% 200,000 Bank of America Corp., Sub. Note, 7.125%, 10/15/2011 211,989 250,000 First Tennessee Bank, N.A., Sub. Note, 5.75%, 12/1/2008 251,793 TOTAL COMMERCIAL BANKS 463,782 CONSUMER FINANCE - 3.3% 200,000 Ford Motor Credit Co., Sr. Note, 5.80%, 1/12/2009 192,768 1,000,000 General Motors Acceptance Corp., Unsecd. Note, 6.00%, 12/15/2011 910,854 800,000 GMAC LLC, Floating Rate Note - Sr. Note, 6.61%, 5/15/2009 774,006 1,000,000 MBNA Capital I, Company Guarantee, (Series A), 8.278%, 12/1/2026 1,044,701 500,000 Residential Capital Corp., Sr. Note, 6.50%, 4/17/2013 448,754 500,000 Residential Capital Corp., Sr. Unsecd. Note, 6.375%, 6/30/2010 470,718 500,000 Student Loan Marketing Association, 4.50%, 7/26/2010 460,788 TOTAL CONSUMER FINANCE 4,302,589 DIVERSIFIED FINANCIAL SERVICES -- 3.0% 450,000 CIT Group, Inc., Sr. Note, 5.00%, 2/13/2014 417,208 500,000 Citigroup, Inc., Sub. Note, 5.50%, 2/15/2017 480,208 1,000,000 Citigroup, Inc., Sub. Note, 6.125%, 8/25/2036 979,991 1,150,000 International Lease Finance Corp., Unsecd. Note, 5.875%, 5/1/2013 1,155,984 1,000,000 JPMorgan Chase Capital XVIII, Company Guarantee, (Series R), 6.95%, 8/17/2036 978,904 TOTAL DIVERSIFIED FINANCIAL SERVICES 4,012,295 DIVERSIFIED TELECOMMUNICATION SERVICES--0.8% 1,000,000 AT+T Inc, Note, 6.80%, 5/15/2036 1,039,166 ELECTRIC UTILITIES--3.1% 250,000 American Electric Power Co., Inc., Sr. Note, (Series C), 5.375%, 3/15/2010 250,964 1,000,000 1,2 Baltimore Gas & Electric Co., Sr. Unsecd. Note, 6.35%, 10/1/2036 1,023,226 1,000,000 Progress Energy, Inc., 6.85%, 4/15/2012 1,051,082 1,500,000 Progress Energy, Inc., 7.75%, 3/1/2031 1,742,646 TOTAL ELECTRIC UTILITIES 4,067,918 ENERGY EQUIPMENT & SERVICES--2.3% 2,000,000 National-Oilwell, Inc., Note, 5.65%, 11/15/2012 1,985,146 1,000,000 1,2 Weatherford International, Inc., Company Guarantee, 6.80%, 6/15/2037 1,047,875 TOTAL ENERGY EQUIPMENT & SERVICES 3,033,021 FOOD PRODUCTS -- 0.7% 1,000,000 Archer-Daniels-Midland Co., 5.935%, 10/1/2032 977,964 IT SERVICES--0.8% 1,250,000 Iron Mountain, Inc., Company Guarantee, 6.625%, 1/1/2016 1,090,625 INSURANCE - 1.6% 1,000,000 American International Group, Inc., 5.05%, 10/1/2015 957,207 1,175,000 1,2 Asif Global Financing, (Series 144A), 4.90%, 1/17/2013 1,152,193 TOTAL INSURANCE 2,109,400 MEDIA - 0.9% 200,000 Comcast Corp., Note, 6.20%, 11/15/2008 201,824 1,000,000 1,2 Cox Enterprises, Inc., Unsecd. Note, 7.875%, 9/15/2010 1,064,660 TOTAL MEDIA 1,266,484 MULTI-UTILITIES--2.4% 1,250,000 CenterPoint Energy, Inc., Sr. Note, (Series B), 6.85%, 6/1/2015 1,321,446 500,000 Dominion Resources, Inc., Unsecd. Note, (Series A), 5.60%, 11/15/2016 486,842 1,300,000 Xcel Energy, Inc., Sr. Note, 3.40%, 7/1/2008 1,276,747 TOTAL MULTI-UTILITIES 3,085,035 OIL, GAS & CONSUMABLE FUELS - 5.1% 500,000 Apache Corp., Sr. Unsecd. Note, 5.25%, 4/15/2013 492,359 1,000,000 Chesapeake Energy Corp., Sr. Note, 6.875%, 1/15/2016 957,500 1,000,000 Devon Financing Corp., 7.875%, 9/30/2031 1,154,242 1,000,000 Enterprise Products Operating LP, Company Guarantee, 7.034%, 1/15/2068 930,328 1,250,000 Kaneb Pipeline Partners LP, Sr. Note, 5.875%, 6/1/2013 1,257,806 1,000,000 Pioneer Natural Resources, Inc., Bond, 6.875%, 5/1/2018 912,653 1,000,000 Valero Energy Corp., 6.625%, 6/15/2037 994,758 TOTAL OIL, GAS & CONSUMABLE FUELS 6,699,646 PHARMACEUTICALS--0.4% 500,000 Abbott Laboratories, Note, 5.875%, 5/15/2016 503,715 REAL ESTATE INVESTMENT TRUSTS--0.9% 650,000 Boston Properties, Inc., Sr. Note, 5.00%, 6/1/2015 615,511 500,000 Simon Property Group, Inc., Unsub., 5.375%, 6/1/2011 497,040 TOTAL REAL ESTATE INVESTMENT TRUSTS 1,112,551 ROAD & RAIL - 1.1% 1,000,000 Burlington Northern Santa Fe Corp., Deb., 6.200%, 8/15/2036 951,829 500,000 Union Pacific Corp., Note, 3.875%, 2/15/2009 490,550 TOTAL ROAD & RAIL 1,442,379 TELECOMMUNICATION SERVICES - 0.2% 200,000 BellSouth Telecommunications, Inc., Deb., 5.875%, 1/15/2009 202,187 UTILITIES - 0.7% 1,000,000 Pacific Gas & Electric Co., 6.05%, 3/1/2034 970,898 WIRELESS TELECOMMUNICATION SERVICES--1.9% 1,500,000 American Tower Systems Corp., Sr. Note, 7.125%, 10/15/2012 1,477,500 1,000,000 Sprint Nextel Corp., Floating Rate Note, 5.76%, 6/28/2010 999,256 TOTAL WIRELESS TELECOMMUNICATION SERVICES 2,476,756 TOTAL CORPORATE BONDS $ 46,517,403 (IDENTIFIED COST $47,489,136) GOVERNMENT AGENCIES-0.2% FEDERAL HOME LOAN BANK SYSTEM - 0.2% 250,000 Bond, 5.20%, 4/30/2014 (IDENTIFIED COST $250,000) $ 245,149 MORTGAGE-BACKED SECURITIES--22.6% FEDERAL HOME LOAN MORTGAGE CORPORATION - 9.3% 362,830 Pool A13990, 4.50%, 10/1/2033 331,496 3,737,960 Pool G02296, 5.00%, 6/1/2036 3,514,189 7,000,000 Pool G12709, 5.00%, 7/1/2022 6,788,760 640,347 Pool B17616, 5.50%, 1/1/2020 634,031 417,733 Pool C01272, 6.00%, 12/1/2031 417,324 176,381 Pool C79603, 6.00%, 2/1/2033 175,602 237,070 Pool E00560, 6.00%, 7/1/2013 239,002 54,468 Pool C00478, 8.50%, 9/1/2026 57,892 1,279 Pool 170027, 14.75%, 3/1/2010 1,346 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION 12,159,642 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 12.4% 1,034,132 Pool 254759, 4.50%, 6/1/2018 989,999 2,028,446 Pool 695818, 5.00%, 4/1/2018 1,974,840 3,311,273 Pool 839291, 5.00%, 9/1/2020 3,215,488 1,882,836 Pool 878103, 5.00%, 5/1/2036 1,769,533 2,719,857 Pool 892493, 5.50%, 8/1/2036 2,630,980 279,536 Pool 346537, 6.00%, 5/1/2011 281,490 444,266 Pool 535939, 6.00%, 5/1/2016 448,383 622,906 Pool 686398, 6.00%, 3/1/2033 620,738 1,114,345 Pool 688987, 6.00%, 5/1/2033 1,108,030 50,982 Pool 398938, 6.50%, 10/1/2027 52,143 19,275 Pool 402255, 6.50%, 12/1/2027 19,726 76,601 Pool 398162, 6.50%, 1/1/2028 78,298 172,969 Pool 254007, 6.50%, 10/1/2031 176,529 480,294 Pool 638023, 6.50%, 4/1/2032 490,180 448,754 Pool 642345, 6.50%, 5/1/2032 457,990 585,270 Pool 651292, 6.50%, 7/1/2032 596,036 1,119,543 Pool 653729, 6.50%, 8/1/2032 1,140,138 159,678 Pool 329794, 7.00%, 2/1/2026 166,062 20,576 Pool 487065, 7.00%, 3/1/2029 21,313 TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION 16,237,896 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--0.9% 266,987 Pool 503405, 6.50%, 4/15/2029 273,270 216,649 Pool 354765, 7.00%, 2/15/2024 226,097 150,360 Pool 354827, 7.00%, 5/15/2024 156,917 123,186 Pool 385623, 7.00%, 5/15/2024 128,558 53,333 Pool 2077, 7.00%, 9/20/2025 55,396 34,443 Pool 373335, 7.50%, 5/15/2022 36,127 115,801 Pool 354677, 7.50%, 10/15/2023 121,628 55,065 Pool 354713, 7.50%, 12/15/2023 57,836 38,651 Pool 360869, 7.50%, 5/15/2024 40,515 104,522 Pool 361843, 7.50%, 10/15/2024 109,562 TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1,205,906 TOTAL MORTGAGE-BACKED SECURITIES $ 29,603,444 (IDENTIFIED COST $30,077,680) MUNICIPAL--0.8% 1,000,000 Contra Costa County CA Pub Fing. Taxable North Richmond PJ A T, 5.521%, 8/1/2017 (IDENTIFIED COST $ 1,004,500 $1,000,000) U.S. TREASURY--9.0% U.S. TREASURY NOTES--9.0% 135,000 4.50%, 4/30/2012 134,578 2,289,000 4.50%, 5/15/2017 2,246,439 535,000 4.625%, 2/15/2017 529,483 5,245,000 4.750%, 5/31/2012 5,284,338 2,000,000 4.750%, 5/15/2014 2,009,687 1,615,000 4.875%, 6/30/2012 1,635,945 TOTAL U.S. TREASURY $ 11,840,470 (IDENTIFIED COST $11,674,033) MUTUAL FUND--0.0% 128 SSgA Money Market Fund, 4.97%4 128 (AT NET ASSET VALUE) REPURCHASE AGREEMENT--6.2% $ 8,204,570 Interest in $8,204,570 repurchase agreement 5.31%, dated 7/31/2007 under which Credit Suisse 8,204,570 First Boston LLC will repurchase a U.S. Government Agency security maturing on 3/29/2022 for $8,205,780 on 8/1/2007. The market value of the underlying security at the end of the period was $8,370,885. (AT COST) TOTAL INVESTMENTS - 99.5% $ 130,589,268 (IDENTIFIED COST $132,067,941)5 OTHER ASSETS AND LIABILITIES -NET - 0.5% $ 699,185 TOTAL NET ASSETS -- 100% $ 131,288,453 1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2007, these restricted securities amounted to $7,338,819, which represented 5.6% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the "Trustees"). At July 31, 2007, these liquid restricted securities amounted to $7,338,819, which represented 5.6% of total net assets. 3 Discount rate at time of purchase. 4 7-Day net yield. 5 At July 31, 2007, the cost of investments for federal tax purposes was $132,067,941. The net unrealized depreciation of investments for federal tax purposes was $1,478,673. This consists of net unrealized appreciation from investments for those securities having and excess of value over cost of $739,448 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,218,121.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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 Trustees may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value; and {circle}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 Trustees, although the actual calculation is done by others under the direction of Fund management. An event is considered material 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. The following acronyms are used throughout this portfolio: CP --Commercial Paper MTN --Medium Term Note MTB INTERMEDIATE-TERM BOND FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT OR SHARES
COLLATERALIZED MORTGAGE OBLIGATIONS-11.5% COMMERCIAL MORTGAGE-BACKED SECURITY - 0.5% $ 1,000,000 1,2 American Tower Trust, (Series 2007-1A), Class AFX, 5.420%, 4/15/2037 $ 988,750 FEDERAL HOME LOAN MORTGAGE CORPORATION -- 6.3% 396,201 (Series 2628C), Class QH, 4.00%, 12/15/2021 393,823 4,245,655 (Series R001), Class AE, 4.375%, 4/15/2015 4,167,192 7,000,000 (Series 2872C), Class GB, 5.00%, 5/15/2028 7,000,568 617,677 (Series 1920), Class H, 7.00%, 1/15/2012 632,554 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION 12,194,137 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 0.4% 772,548 (Series 1993-160), Class AJ, 6.50%, 4/25/2023 779,020 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--0.2% 439,145 (Series 0421A), Class PJ, 3.50%, 6/20/2025 435,922 INDYMAC INDA MORTGAGE LOAN TRUST - 1.2% 2,331,439 (Series 2005-AR1), Class 2A1, 5.092%, 11/25/2035 2,303,969 WHOLE LOAN - 2.9% 1,500,000 Banc of America Commercial Mortgage, Inc. 2007-2, Class A2, 5.634%, 6/10/2012 1,512,127 1,500,000 Goldman Sachs Mortgage Securities Corp. II 2007-GG10, Class A2, 5.77%, 8/10/2047 1,521,082 2,525,271 Structured Asset Securities Corp. (2005-001, 6A1), 6.00%, 2/25/2035 2,530,307 TOTAL WHOLE LOAN 5,563,516 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS $ 22,265,314 (IDENTIFIED COST $22,521,014) 3 COMMERCIAL PAPER--6.9% ASSET-BACKED--3.8% 3,360,000 CAFCO LLC, CP, 5.371%, 8/1/2007 3,360,000 4,000,000 New Center Asset Trust, CPABS3A3, 5.350%, 8/1/2007 4,000,000 TOTAL ASSET-BACKED 7,360,000 FOOD PRODUCTS--1.6% 3,000,000 Kraft Foods, Inc. CP, 5.501%, 8/1/2007 3,000,000 INTERNET SOFTWARE & SERVICES--1.5% 3,000,000 Walt Disney Co., CPABS3A3, 5.422%, 8/3/2007 2,999,097 TOTAL COMMERCIAL PAPER $ 13,359,097 (AMORTIZED COST $13,359,097) CORPORATE BONDS-15.9% AEROSPACE & DEFENSE--0.4% 960,000 United Technologies Corp., Unsecd. Note, 4.875%, 5/1/2015 909,544 AUTOMOBILES--0.2% 500,000 DaimlerChrysler North America Holding Corp., Note, Series MTN, 5.75%, 9/8/2011 498,671 BANKS - 2.0% 1,000,000 BankBoston Capital Trust III, Company Guarantee, 6.11%, 6/15/2027 1,000,533 1,330,000 PNC Funding Corp., Sub. Note, 6.125%, 2/15/2009 1,348,352 1,500,000 U.S. Bank, N.A., 5.92%, 5/25/2012 1,503,397 TOTAL BANKS 3,852,282 CAPITAL MARKETS--0.6% 250,000 Lehman Brothers Holdings, Inc., Sub. Deb., 5.75%, 1/3/2017 234,246 1,000,000 Merrill Lynch & Co., Inc., 6.05%, 5/16/2016 989,593 TOTAL CAPITAL MARKETS 1,223,839 CONSUMER FINANCE -- 0.7% 1,000,000 General Motors Acceptance Corp., 6.75%, 12/1/2014 910,785 500,000 Residential Capital Corp., Sr. Unsecd. Note, 6.375%, 6/30/2010 470,718 TOTAL CONSUMER FINANCE 1,381,503 DIVERSIFIED FINANCIAL SERVICES--1.7% 800,000 Bank of America Corp., Sub. Note, 7.125%, 10/15/2011 847,955 2,000,000 Capital One Bank, Note, 5.00%, 6/15/2009 1,992,559 500,000 Citigroup, Inc., Sub. Note, 5.50%, 2/15/2017 480,208 TOTAL DIVERSIFIED FINANCIAL SERVICES 3,320,722 ELECTRIC UTILITIES - 2.2% 2,000,000 Carolina Power & Light Co., 1st Mtg. Note, 5.125%, 9/15/2013 1,957,087 1,250,000 Columbus Southern Power, Note, 6.51%, 2/1/2008 1,256,670 1,000,000 Progress Energy, Inc., 6.85%, 4/15/2012 1,051,082 TOTAL ELECTRIC UTILITIES 4,264,839 ENERGY EQUIPMENT & SERVICES--1.0% 1,000,000 National-Oilwell, Inc., Note, 5.65%, 11/15/2012 992,573 1,000,000 1,2 Weatherford International, Inc., Company Guarantee, 6.35%, 6/15/2017 1,035,157 TOTAL ENERGY EQUIPMENT & SERVICES 2,027,730 IT SERVICES--0.6% 1,250,000 Iron Mountain, Inc., Company Guarantee, 6.625%, 1/1/2016 1,090,625 INDUSTRIAL - 0.3% 500,000 1,2 Cemex Inc., 6.722% 497,857 MEDIA - 0.5% 1,000,000 1,2 Cox Enterprises, Inc., Unsecd. Note, 7.875%, 9/15/2010 1,064,660 MULTI-UTILITIES--0.7% 500,000 CenterPoint Energy, Inc., Sr. Note, Series B, 7.25%, 9/1/2010 524,695 500,000 Dominion Resources, Inc., Unsecd. Note, Series A, 5.60%, 11/15/2016 486,842 400,000 Xcel Energy, Inc., Sr. Note, 3.40%, 7/1/2008 392,845 TOTAL MULTI-UTILITIES 1,404,382 OIL, GAS & CONSUMABLE FUELS--1.7% 500,000 Apache Corp., Sr. Unsecd. Note, 5.25%, 4/15/2013 492,359 1,000,000 Chesapeake Energy Corp., Sr. Note, 6.875%, 1/15/2016 957,500 1,000,000 Enterprise Products Operating LP, Company Guarantee, 7.034%, 1/15/2068 930,328 1,000,000 Pioneer Natural Resources, Inc., Bond, 6.875%, 5/1/2018 912,653 TOTAL OIL, GAS & CONSUMABLE FUELS 3,292,840 OIL EXPLORATION & PRODUCTION - 0.4% 750,000 Pemex Project Funding Master, Company Guarantee, Series WI, 8.85%, 9/15/2007 750,450 PHARMACEUTICALS--0.3% 500,000 Abbott Laboratories, Note, 5.875%, 5/15/2016 503,715 REAL ESTATE --0.8% 1,000,000 iStar Financial, Inc., 6.00%, 12/15/2010 1,001,080 500,000 Simon Property Group, Inc., Unsub., 5.375%, 6/1/2011 497,040 TOTAL REAL ESTATE 1,498,120 ROAD & RAIL--0.3% 500,000 Union Pacific Corp., Note, 3.875%, 2/15/2009 490,550 UTILITIES - 0.5% 1,000,000 Pacific Gas & Electric Co., 6.05%, 3/1/2034 970,898 WIRELESS TELECOMMUNICATION SERVICES--1.0% 1,000,000 American Tower Systems Corp., Sr. Note, 7.125%, 10/15/2012 985,000 1,000,000 Sprint Nextel Corp., Floating Rate Note, 5.76%, 6/28/2010 999,256 TOTAL WIRELESS TELECOMMUNICATION SERVICES 1,984,256 TOTAL CORPORATE BONDS $ 31,027,483 (IDENTIFIED COST $31,744,053) GOVERNMENT AGENCIES-13.9% FEDERAL HOME LOAN BANK SYSTEM--6.7% 6,000,000 Bond, 4.625%, 2/18/2011 5,934,315 7,000,000 Bond, 5.00%, 12/11/2009 7,010,604 TOTAL FEDERAL HOME LOAN BANK SYSTEM 12,944,919 FEDERAL HOME LOAN MORTGAGE CORPORATION--7.2% 1,500,000 Note, 3.25%, 3/14/2008 1,482,126 7,000,000 Note, 5.75%, 3/15/2009 7,089,786 1,500,000 Note, (Series MTN), 2.85%, 6/3/2008 1,472,141 4,000,000 Note, 5.125%, 7/15/2012 4,010,230 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION 14,054,283 TOTAL GOVERNMENT AGENCIES $ 26,999,202 (IDENTIFIED COST $27,071,899) MORTGAGE-BACKED SECURITIES--20.4% FEDERAL HOME LOAN MORTGAGE CORPORATION -- 7.2% 913,242 Pool 2672-WA, 4.00%, 9/15/2010 897,980 911,276 Pool G11311, 5.00%, 10/1/2017 887,763 1,095,381 Pool E92817, 5.00%, 12/1/2017 1,067,118 10,000,000 Pool G12709, 5.00%, 7/1/2022 9,698,229 4,617 Pool E76204, 5.50%, 4/1/2014 4,583 178,006 Pool E83022, 6.00%, 4/1/2016 179,600 289,184 Pool A18401, 6.00%, 2/1/2034 287,907 67,226 Pool G10399, 6.50%, 7/1/2009 67,479 291,647 Pool C90504, 6.50%, 12/1/2021 297,256 606,169 Pool C90293, 7.50%, 9/1/2019 632,828 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION 14,020,743 FEDERAL NATIONAL MORTGAGE ASSOCIATION-12.5% 256,767 Pool 254227, 5.00%, 2/1/2009 255,554 4,539,566 Pool 838741, 5.00%, 9/1/2020 4,408,249 162,516 Pool 839291, 5.00%, 9/1/2020 157,815 5,615,547 Pool 844048, 5.00%, 11/1/2035 5,281,129 221,128 Pool 254400, 5.50%, 7/1/2009 219,813 630,405 Pool 619054, 5.50%, 2/1/2017 625,566 4,478,648 Pool 832365, 5.50%, 8/1/2020 4,430,269 5,826,849 Pool 256674, 6.00%, 3/1/2037 5,777,442 120,657 Pool 303831, 6.00%, 4/1/2011 121,501 2,336,820 Pool 897174, 6.00%, 10/1/2036 2,317,736 22,983 Pool 196701, 6.50%, 5/1/2008 23,062 44,373 Pool 50905, 6.50%, 10/1/2008 44,561 48,189 Pool 424286, 6.50%, 6/1/2013 48,993 32,190 Pool 561915, 6.50%, 11/1/2030 32,883 123,375 Pool 313224, 7.00%, 12/1/2011 125,261 359,680 Pool 254240, 7.00%, 3/1/2032 372,126 94,165 Pool 526062, 7.50%, 12/1/2029 97,705 TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION 24,339,665 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--0.7% 456,806 Pool 780825, 6.50%, 7/15/2028 467,555 394,875 Pool 2701, 6.50%, 1/20/2029 402,686 212,091 Pool 2616, 7.00%, 7/20/2028 219,550 36,726 Pool 426727, 7.00%, 2/15/2029 38,155 188,193 Pool 781231, 7.00%, 12/15/2030 195,076 TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1,323,022 TOTAL MORTGAGE-BACKED SECURITIES $ 39,683,430 (IDENTIFIED COST $40,237,393) U.S. TREASURY--27.2% U.S. TREASURY BONDS - 0.8% 122,000 4.500%, 2/15/2036 114,489 1,000,000 10.625%, 8/15/2015 1,390,937 TOTAL U.S. TREASURY BONDS 1,505,426 U.S. TREASURY NOTES - 26.4% 8,000,000 3.875%, 5/15/2009 7,906,250 975,000 4.125%, 5/15/2015 937,371 125,000 4.25%, 11/15/2014 121,641 1,440,000 4.25%, 8/15/2015 1,393,875 7,000,000 4.50%, 5/15/2010 6,998,906 1,135,000 4.50%, 4/30/2012 1,131,453 10,000 4.50%, 11/15/2015 9,839 1,924,000 4.50%, 5/15/2017 1,888,226 8,500,000 4.625%, 11/15/2016 8,416,328 6,245,000 4.75%, 5/31/2012 6,291,838 1,130,000 4.75%, 5/15/2014 1,135,473 5,000,000 4.875%, 6/30/2009 5,031,250 8,830,000 4.875%, 6/30/2012 8,944,514 544,420 U.S. Treasury Inflation Protected Note, 1.625%, 1/15/2015 513,541 670,671 U.S. Treasury Inflation Protected Note, 3.000%, 7/15/2012 689,324 TOTAL U.S. TREASURY NOTES 51,409,829 TOTAL U.S. TREASURY $ 52,915,255 (IDENTIFIED COST $52,447,038) MUTUAL FUND--0.0% 1 SSgA Money Market Fund, 4.97%4 $ 1 (AT NET ASSET VALUE) REPURCHASE AGREEMENT--3.7% 7,251,067 Interest in $7,251,067 repurchase agreement 5.270%, dated 7/31/2007 under which Credit Suisse $ 7,251,067 First Boston LLC will repurchase a U.S. Treasury security with a maturity of 3/29/2022 for $7,252,128 on 8/1/2007. The market value of the underlying security at the end of the period was $7,396,469. (AT COST) TOTAL INVESTMENTS - 99.5% $ 193,500,849 (IDENTIFIED COST $194,631,562)5 OTHER ASSETS AND LIABLITIES - NET - 0.5% $ 1,039,991 TOTAL NET ASSETS - 100% $ 194,540,840 1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2007, these restricted securities amounted to $3,586,424, which represented 1.8% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees( the "Trustees"). At July 31, 2007, these liquid restricted securities amounted to $3,586,424 which represented 1.8% of total net assets. 3 Discount rate at time of purchase. 4 7-Day net yield. 5 At July 31, 2007, the cost of investments for federal tax purposes amounts to $194,732,668. The net unrealized depreciation of investments for federal tax purposes was $1,231,819. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $953,271 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,185,090.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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 Trustees may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value; and {circle}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 Trustees, although the actual calculation is done by others under the direction of Fund management. An event is considered material 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. The following acronyms are used throughout this portfolio: MTN --Medium Term Note CP --Commercial Paper MTB INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited)
SHARES DESCRIPTION VALUE IN U.S. DOLLARS COMMON STOCKS-97.4% AUSTRALIA-4.9% 2,005 AGL Energy Ltd. $ 26,288 45,301 AMP Ltd. 386,440 7,066 APN News & Media Ltd. 34,445 1,701 ASX Limited 70,653 4,572 Alinta Ltd. 57,501 24,912 Australia & New Zealand Banking Group, Melbourne 595,980 47,806 BHP Billiton Ltd. 1,521,977 3,482 Bank of Queensland 52,135 37,369 Bluescope Steel Ltd. 344,659 560 CSL Ltd. 41,945 132,317 Centro Properties Group 129,864 10,576 Coates Hire Ltd. 48,642 736 Cochlear Ltd. 38,345 37,167 Commonwealth Bank of Australia 1,708,909 17,799 Commonwealth Property 24,127 7,414 Crane Group Ltd. 114,084 62,700 DB RREEF Trust 96,481 6,761 Fairfax (John) Holdings Ltd. 27,745 3,128 Flight Centre Ltd. 48,155 88,600 GWA International Ltd. 332,269 108,020 Goodman Fiedler 231,734 18,704 Gunns Ltd. 53,628 3,629 Jubilee Gold Mines 47,602 6,983 Just Group 28,126 6,176 Leighton Holdings Ltd. 204,254 4,768 MFS Ltd. 21,047 5,047 MacArthur Coal Ltd. 29,445 9,766 Macquarie Airports 35,982 3,869 Macquarie Bank Ltd. 268,862 322,786 Macquarie DDR TST 326,756 9,055 Macquarie Infrastructure Group 25,173 171,934 Macquarie Office Units NPV 222,135 57,809 Minara Resources Ltd. 303,624 7,181 National Australia Bank Ltd., Melbourne 233,361 86,855 OneSteel Ltd. 490,904 1,067 Orica Ltd. 25,474 12,123 Oxiana Ltd. 37,823 16,630 PMP Ltd. 23,108 41,612 Pacific Brands Ltd. 126,293 9,465 Perilya Ltd. 37,972 10,651 QBE Insurance Group Ltd. 270,642 133,235 Qantas Airways Ltd. 647,979 8,132 Rio Tinto Ltd. 637,635 4,178 Santos Ltd. 47,004 193,800 Smorgon Steel Group Ltd. 447,543 1,152 Suncorp-Metway Ltd. 18,947 15,852 Tattersalls Ltd. 65,711 40,234 Telstra Corp. Ltd. 141,677 1,013 UTD Group Ltd. 15,867 2,519 Wesfarmers 82,847 1,051 West Australia News Holdings 12,718 2,952 Westfield Group 47,596 21,636 Westpac Banking Corp. 480,215 26,192 Woodside Petroleum Ltd. 953,449 16,180 Woolsworth's Ltd. 374,026 19,299 Zinifex Ltd. 326,524 TOTAL AUSTRALIA $ 13,044,327 AUSTRIA-0.5% 10,815 Erste Bank Der Ost 814,763 6,800 Voestalpine AG 563,981 TOTAL AUSTRIA $ 1,378,744 BELGIUM-1.0% 9,239 Delhaize Group 862,788 40,766 Fortis 1,619,625 1,772 Solvay 269,021 TOTAL BELGIUM $ 2,751,434 BRAZIL-0.2% 17,489 Cia de Saneamento & Basico do Estado de Sao Paulo 420,115 7,400 Petrol Brasilieiros SA 207,112 TOTAL BRAZIL $ 627,227 CANADA---1.7% 9,700 Alcan, Inc. 942,086 5,200 Atco Ltd. 282,715 18,100 1 Axcan Pharmaceuticals, Inc. 330,849 12,810 BCE, Inc. 483,677 15,300 Biovail Corp. 290,425 7,900 Canadian Imperial Bank of Commerce 684,993 8,900 Empire Ltd. 411,713 7,900 Laurentian Bank of Canada 281,402 7,300 National Bank of Canada 416,938 9,100 Sun Life Financial, Inc. 429,836 TOTAL CANADA $ 4,554,634 DENMARK-0.7% 11,600 Danske Bank A/S 488,011 2,825 Novo Nordisk A/S 297,411 18,082 Vestas Wind Systems A/S 1,197,936 TOTAL DENMARK $ 1,983,358 FINLAND-1.3% 7,984 Elisa Corp. 226,814 9,100 Kemira Oyj 195,383 4,850 Metso Oyj 309,414 69,713 Nokia Oyj 1,994,085 11,900 Rautaruukki Oyj 784,011 TOTAL FINLAND $ 3,509,707 FRANCE-7.1% 16,373 AXA 637,012 9,539 Air France KLM 431,119 20,842 Arcelor 1,275,730 60 1 Arkema 3,870 17,914 Bouygues 1,430,194 7,827 Cap Gemini SA 512,597 2,467 Casino Guichard Perrachon SA 241,760 5,739 Christian Dior SA 706,661 15,175 Cie De Saint-Gobain 1,691,061 13,000 Credit Agricole SA 496,125 7,753 Electricite de France 789,084 17,135 Eutelsat Commprom 385,838 11,995 Iliad SA 1,104,871 6,372 LVMH Moet Hennessy Louis Vuitton 712,047 4,400 Michelin 575,590 15,301 Peugeot SA 1,282,280 7,000 Rallye SA 459,951 3,974 Sanofi-Aventis 332,201 5,742 Societe Generale 983,187 13,089 Thales 748,806 31,458 Total SA, Class B 2,488,056 1,409 Unibail 332,394 7,400 Valeo SA 382,783 3,656 Vinci SA 261,337 10,400 Vivendi Universal SA 441,329 TOTAL FRANCE $ 18,705,883 GERMANY, FEDERAL REPUBLIC OF-7.8% 15,817 Adidas Salomon AG 963,066 11,186 Allianz AG 2,353,758 19,388 BASF AG 2,492,859 11,329 BNP Paribas 1,244,815 4,800 Bayerische Motoren Werke AG 296,598 11,700 DaimlerChrysler AG 1,051,377 19,670 Deutsche Bank AG 2,667,364 11,791 Deutsche Lufthansa 329,753 5,089 E.On AG 802,752 6,976 Epcos 140,188 4,074 Fresenius Medical Care AG 323,681 4,668 MAN AG 674,023 6,191 Muenchener Ruckvers AG 1,062,499 12,679 RWE AG 1,338,938 4,078 Salzgitter AG 825,542 31,835 Thyssenkrupp AG 1,756,817 7,231 Volkswagen AG 1,301,653 3,239 Wacker Chemie AG 788,023 3,907 Wincor Nixdorf AG 348,914 TOTAL GERMANY, FEDERAL REPUBLIC OF $ 20,762,620 GREECE-0.5% 12,300 Alum Company of Greece 253,297 16,724 National Bank of Greece SA 987,294 TOTAL GREECE $ 1,240,591 HONG KONG-2.4% 1,000 ASM Pacific Technology 9,155 17,500 BOC Hong Kong Holdings Ltd. 44,968 12,000 CLP Holdings Ltd. 80,803 360,000 China Petroleum & Chemical Corp. 377,210 118,000 Citic Pacific Ltd. 609,452 113,400 Esprit Holdings Ltd. 1,535,988 338,000 1 FoxConn International Holdings Ltd. 971,655 60,800 HKR International Ltd. 46,529 800 HSBC Holdings PLC 14,640 49,000 Hang Lung Group Ltd. 244,708 7,900 Hang Seng Bank Ltd. 124,450 2,000 Henderson Land Development Co., Ltd. 14,362 25,300 Hong Kong & China Gas 58,568 35,500 Hong Kong Electric 176,112 12,000 Hutchison Whampoa Ltd. 127,849 6,000 Link Real Estate Investment Trust 12,522 6,000 Melco International Development 8,671 28,000 New World Development Co., Ltd. 68,521 27,000 PCCW Ltd. 16,465 246,000 Pacific Basin Ship 360,370 224,000 PetroChina Co., Ltd. 331,671 10,000 Shangri-La Asia Ltd. 23,627 6,000 Sun Hung Kai Properties Ltd. 76,052 17,000 Swire Pacific Ltd. 191,959 11,000 Television Broadcast 74,990 20,000 Texwinca Holdings 17,364 68,000 Vtech Holdings Ltd. 604,668 20,000 Wharf Holdings Ltd. 82,574 2,100 Wing Lung Bank 22,008 7,500 Yue Yuen Industrial Holdings 23,332 TOTAL HONG KONG $ 6,351,243 HUNGARY-0.2% 7,000 OTP Bank $ 394,185 IRELAND-1.3% 76,350 Anglo Irish Bank Corp. PLC 1,408,906 77,644 Bank of Ireland 1,482,434 25,700 Irish Life & Permanent PLC 621,301 TOTAL IRELAND $ 3,512,641 ISRAEL---0.1% 41,800 Bank Hapoalim BM $ 196,728 ITALY-3.1% 31,859 Autogrill SpA 662,747 12,600 1 Banco Popolare di Verona e Novara 311,158 68,948 ENI SpA 2,409,624 102,449 Enel SpA 1,056,921 24,028 Fiat SpA 709,907 59,808 Intesa San Paolo 450,014 19,800 Milano Assicurazioni SpA 152,476 35,481 Saipem SpA 1,270,688 157,476 UniCredito Italian SpA 1,328,673 TOTAL ITALY $ 8,352,208 JAPAN-18.4% 5,500 Acom Co., Ltd. 196,723 5,900 Adeka Corp. 59,961 12,000 Aioi Insurance Co., Ltd. 70,956 17,800 Alpine Electronics, Inc. 274,925 27,600 Alps Electric Co., Ltd. 273,928 19,000 Amada Co., Ltd. 222,435 1,700 Aoyama Trading Co. 48,977 18,000 Aozora Bank Ltd. 66,093 23,600 Asahi Breweries Ltd. 335,450 49,000 Asahi Kasei Corp. 350,082 2,500 Astellas Pharma, Inc. 102,575 1,500 Autobacs Seven Co., Ltd. 45,239 25,000 Bank of Yokohama Ltd. 174,280 14,000 Brother Industries Ltd. 201,348 5,300 CKD Corp. 57,217 1,600 CSK Holdings Corp. 51,690 14,800 Canon, Inc. 786,353 4,500 Capcom Co., Ltd. 91,096 71,000 Central Glass Co., Ltd. 397,079 21 Central Japan Railway Co. 218,165 12,000 Chiba Bank Ltd. 101,439 5,200 Chubu Electric Power Co., Ltd. 131,614 2,100 Circle K 35,786 7,000 Comsys Holdings 77,539 89,000 Cosmo Oil Company Ltd. 510,597 10,000 Dai Nippon Printing Co., Ltd. 148,013 10,000 Daikyo, Inc. 43,952 7,000 Daiwa House Industries 91,941 55,000 Daiwa Securities Group, Inc. 582,876 33,000 Denki Kagaku Kogyo 164,784 5,100 Denso Corp. 191,981 48 East Japan Railway Co. 356,453 2,700 Eisai Co., Ltd. 113,891 10,200 Eizo Nanao Corp. 331,013 2,200 Fanuc Ltd. 238,930 24,000 Fuji Electric Holdings Co., Ltd. 99,760 76,000 Fuji Heavy Industries Ltd. 356,938 13,000 Fujikura 80,318 35,000 Fujitsu Ltd. 232,015 2,700 Futaba Industrial 67,210 2,400 Giagas K S Denki 65,090 14,000 Hankyu Department Stores 135,783 2,700 Hisamitsu Pharmaceutical Co. 77,665 14,900 Hitachi Capital Corp. 209,481 18,000 Hitachi Ltd. 128,728 24,900 Honda Motor Co., Ltd. 900,082 1,800 Izumi Co. 28,701 7,600 JFE Holdings, Inc. 521,787 24,000 Joyo Bank Ltd. 139,713 40 KDDI Corp. 266,118 10,000 Kamigumi Co., Ltd. 86,461 18,500 Kansai Electric Power Co., Inc. 410,510 12,000 Kawasaki Kisen Kaisha Ltd. 163,979 9,000 Kikkoman Corp. 122,182 6,000 Koa Corporation 90,257 15,100 Komatsu Ltd. 479,427 27,000 Kubota Corp. 225,357 83,000 Kureha Corp. 422,283 1,500 Kyocera Corp. 145,029 13,000 Kyowa Hakko Kogyo Co., Ltd. 148,663 7,700 Kyushu Electric Power Co., Inc. 182,984 2,100 Lawson 72,391 5,000 Leopalace21 Corp. 160,006 8,000 Maeda Road Construction Co., Ltd. 72,315 6,000 Makino Milling 80,301 4,500 Makita Corp. 206,466 109,000 Marubeni Corp. 1,049,890 16,000 Matsushita Electric Industrial Co., Ltd. 291,955 28,000 Mazda Motor Corp. 159,667 5,700 Millea Holdings, Inc. 225,788 13,000 Ministop Co., Ltd. 245,412 27,000 Mitsubishi Chemicals Holdings Corp. 245,582 25,500 Mitsubishi Corp. 753,321 29,000 Mitsubishi Electric Corp. 310,800 9,000 Mitsubishi Estate Co., Ltd. 228,713 14,000 Mitsubishi Gas Chemical Co., Inc. 122,210 22,000 Mitsubishi Materials Corp. 142,111 80 Mitsubishi UFJ Financial Group, Inc. 854,035 23,000 Mitsui & Co., Ltd. 545,991 2,000 Mitsui Fudosan Co., Ltd. 52,365 115,100 Mitsui Mining & Smelting Co., Ltd. 554,424 8,000 Mitsui OSK Lines Ltd. 125,076 7,000 Mitsui Sumitomo Insurance Co., Ltd. 80,856 107 Mizuho Financial Group, Inc. 756,088 50,000 NGK Industries 1,528,217 22,000 NSK Ltd. 211,028 18 NTT Data Corp. 75,371 520 NTT DoCoMo, Inc. 721,922 9,000 Ngk Spark Plug Co., Ltd. 163,669 16,000 Nifco, Inc. 377,623 8,000 Nikon Corp. 256,631 800 Nintendo Co. 391,756 3,000 Nippon Kayaku Co., Ltd. 26,184 24,500 Nippon Mining Holdings, Inc. 246,690 50,000 Nippon Oil Corp. 450,340 9,000 Nippon Paint Co., Ltd. 45,533 24,000 Nippon Sheet Glass Co., Ltd. 126,585 7,000 Nippon Shokubai Co., Ltd. 62,239 130,000 Nippon Steel Corp. 982,021 201 Nippon Telephone & Telegraph Corp. 877,257 26,000 Nippon Yusen KK 261,602 91,900 Nissan Motor Co., Ltd. 977,431 9,000 Nisshin Oillio Group Ltd. 48,576 11,500 Nisshin Seifun Group 107,267 21,400 Nitto Denko Corp. 1,124,075 48,900 Nomura Holdings, Inc. 932,785 2,400 Nomura Real Estate, Inc. 72,969 55,000 OJI Paper Co., Ltd. 265,634 4,710 ORIX Corp. 1,135,724 2,000 Obayashi Corp. 10,631 7,900 Omron Corp. 210,150 28,000 Osaka Gas Co., Ltd. 96,338 5,000 Pacific Metals Co. 86,834 24,000 Rengo Co., Ltd. 133,538 46 Resona Holdings, Inc. 99,166 13,000 Ricoh Co., Ltd. 282,557 7,700 SMC Corp. 1,023,808 2,600 Santen Pharmaceutical Co., Ltd. 61,275 10,000 Sanwa Shutter Corp. 59,702 11,000 Sekisui Chemical 86,323 1,800 Seven & I Holdings Co., Ltd. 50,620 44,000 Sharp Corp. 761,119 2,600 Shimachu Co., Ltd. 73,896 4,500 Shin-Etsu Chemical Co., Ltd. 333,166 24,000 Shinmaywa Industries Ltd. 116,919 33,200 Showa Shell Sekiyu KK 411,388 5,700 Sony Corp. 301,563 26,000 Sumitomo Bakelite Co., Ltd. 186,196 25,000 Sumitomo Chemical Co., Ltd. 187,053 52,100 Sumitomo Corp. 1,008,156 11,000 Sumitomo Metal Industries Ltd. 63,941 12,000 Sumitomo Metal Mining Co., Ltd. 291,097 156 Sumitomo Mitsui Financial Group, Inc. 1,416,381 6,000 Sumitomo Realty & Development Co., Ltd. 178,298 6,000 Sumitomo Rubber 71,638 15,000 Sumitomo Trust & Banking Co., Ltd. 127,223 2,300 TDK Corp. 196,235 30,000 Taiheiyo Cement Corp. 128,077 9,000 Takeda Pharmaceutical Co., Ltd. 587,622 13,000 Tanabe Seiyaku Co., Ltd. 152,856 36,000 Teijin Ltd. 195,725 10,000 Toagosei Co., Ltd. 38,373 14,000 Tobu Railway Co. 61,328 2,600 Tohoku Electric Power Co., Inc. 57,755 13,700 Tokyo Electric Power Co., Inc. 364,939 4,800 Tokyo Electron Ltd. 346,186 20,000 Tokyu Corp. 124,337 150,000 Toshiba Corp. 1,420,394 23,000 Tosoh Corp. 137,053 7,000 Toyo Suisan Kaisha Ltd. 115,646 69,000 Toyo Tire & Rubber Co., Ltd. 329,818 22,000 Toyobo Co. 59,341 48,800 Toyota Motor Corp. 2,952,800 17,000 UNY Co., Ltd. 180,760 820 USS Co., Ltd. 55,009 20 West Japan Railway Co. 90,534 7,800 Yamada Denki Co., Ltd. 780,736 7,300 Yamaha Corp. 158,737 5,400 Yamaha Motor Co., Ltd. 152,125 6,000 Yamazaki Baking 48,061 70,000 Yokohama Rubber Co., Ltd. 498,758 TOTAL JAPAN $ 48,698,975 MALAYSIA-0.1% 254,812 AmInvestment Group Bhd $ 260,877 MEXICO-0.2% 268,300 Telefonos de Mexico SA de CV $ 458,601 NETHERLANDS-2.2% 16,220 ABN AMRO Holdings 778,136 6,391 1 ASM Lithography Holding NV 187,509 31,400 Aegon NV 569,800 12,610 Heineken NV 799,689 46,669 ING Groep NV 1,974,013 11,416 Koninklijke DSM NV 590,525 29,600 Koninklijke KPN NV 456,955 5,667 USG People NV 220,853 10,977 Unilever NV 331,214 TOTAL NETHERLANDS $ 5,908,694 NEW ZEALAND-0.2% 55,900 Fisher & Paykel Appliances Holdings Ltd. 150,337 18,907 Fletcher Building 177,782 59,866 Telecom Corp. of New Zealand Ltd. 206,860 23,446 Vector NPV 46,761 TOTAL NEW ZEALAND $ 581,740 NORWAY-1.7% Aker Kvaerner 14,000 Norsk Hydro ASA 537,646 59,300 Orkla ASA 1,125,833 28,610 1 Petroleum Geo-Services ASA 679,995 25,774 1 Renewable Energy 1,004,474 22,150 Statoil ASA 650,275 9,600 Tandberg ASA 216,709 11,200 Yara International 300,920 TOTAL NORWAY $ 4,515,852 PORTUGAL-0.1% 66,500 Banco Commercial Portugues SA $ 338,616 SINGAPORE-1.1% 4,000 1 Chartered Semi Conductors 2,935 21,000 Comfortdelgro Co. 28,252 2,000 DBS Group Holdings Ltd. 30,039 5,000 Fraser & Neave Ltd. 17,026 11,000 Jardine Cycle & Carriage Ltd. 116,209 106,200 Keppel Corp., Ltd. 927,072 126,900 MobileOne Ltd. 177,915 3,000 Neptune Orient Lines Ltd. 10,890 26,000 Overseas Chinese Banking Corp. 154,212 28,000 SMRT Corp. Ltd. 32,763 5,000 Sia Engineering Co. 15,803 67,000 Singapore Airlines Ltd. 845,994 11,000 Singapore Exchange Ltd. 70,165 2,000 Singapore Land 13,640 73,000 Singapore Petrol 311,295 8,000 Singapore Post 6,540 17,000 Singapore Press Holdings Ltd. 50,071 6,000 Singapore Technologies Engineering Ltd. 14,445 600 Singapore Telecommunications Ltd. 1,368 12,000 Suntec Real Estate Investment Trust 14,925 11,000 UOL Group Ltd. 38,633 41,000 1 UTD Test & Assen 31,390 2,000 United Overseas Bank Ltd. 29,285 23,000 Wing Tai Holdings 55,982 TOTAL SINGAPORE $ 2,996,849 SOUTH AFRICA-0.4% 14,000 Astral Foods 251,438 17,600 Remgro Ltd. 440,645 12,300 Telkom SA Ltd. 289,460 TOTAL SOUTH AFRICA $ 981,543 SOUTH KOREA-0.3% 9,034 Hyundai Motor Co. $ 794,445 SPAIN-3.7% 5,221 ACS Actividades Co. 309,804 159,410 Banco Bilbao Vizcaya Argentaria SA 3,895,044 11,000 Banco Popular Esp 196,451 123,217 Banco Santander Central Hispano SA 2,309,961 18,685 Gestevision Telecinco SA 507,637 22,200 Repsol YPF SA 836,343 69,966 Telefonica SA 1,633,416 TOTAL SPAIN $ 9,688,656 SWEDEN-1.7% 17,800 Electrolux AB 449,717 12,050 Hennes & Mauritz 697,123 2,340 Husqvarna AB 32,252 57,500 Nordea Bank AB 924,041 45,000 Sandvik AB 905,690 12,000 Scania AB 284,084 66,300 Volvo AB 1,206,249 TOTAL SWEDEN $ 4,499,156 SWITZERLAND-7.2% 81,866 ABB Ltd. 1,967,541 8,785 1 Actelion 467,815 4,910 Adecco SA 340,171 3,500 Baloise Holdings AG 327,300 21,466 Credit Suisse Group 1,401,151 1,000 Helvetia Holding AG 384,460 8,149 Holcim Ltd. 864,580 5,604 Kudelski SA 189,402 5,182 Nestle SA 1,979,722 36,172 Novartis AG 1,953,998 10,405 Roche Holding AG 1,842,629 22,567 Swiss Reinsurance 1,928,164 1,300 Swisscom AG 441,559 6,049 Syngenta AG 1,141,926 5,873 Synthes, Inc. 683,271 25,561 UBS AG 1,418,026 6,064 Zurich Financial Services AG 1,763,943 TOTAL SWITZERLAND $ 19,095,658 TURKEY---0.1% 10,800 Tupras (Turkiye Petrol Rafine) $ 266,601 UNITED KINGDOM-19.1% 352,249 ARM Holdings PLC 1,045,731 16,300 Alliance & Leicester PLC 337,703 48,283 AstraZeneca PLC 2,501,314 75,298 1 Autonomy Corp. 1,256,393 40,222 BHP Billiton PLC 1,185,544 131,147 BP PLC 1,522,588 400,378 BT Group PLC 2,548,663 279,898 Barclays PLC 3,926,969 1,267 Barratt Development 23,879 6,123 1 Blinkx PLC 5,172 28,100 Bradford & Bingley PLC 234,952 39,074 British Energy 394,242 54,500 British Insurance Holdings PLC 372,791 58,158 British Sky Broadcasting PLC 780,984 17,629 Carnival PLC 768,946 16,504 1 Charter PLC 385,071 88,600 Computacente 371,265 34,105 Cookson Group PLC 474,274 114,200 DSG International PLC 359,231 52,763 Daily Mail & Gen TST 762,892 13,900 Dairy Crest Group PLC 205,806 42,104 First Group 535,109 80,800 GKN PLC 624,197 75,849 GlaxoSmithKline PLC 1,934,592 114,962 HBOS PLC 2,252,084 10,516 HSBC Holdings PLC 195,260 71,324 Icap 685,499 36,708 Imperial Tobacco Group PLC 1,611,585 14,949 Investec 184,635 30,562 Kesa Elecctrica PLC 198,337 21,200 Lloyds TSB Group PLC 237,778 32,832 Marks & Spencer Group PLC 416,917 150,780 Michael Page International PLC 1,649,692 93,716 National Grid PLC 1,326,784 41,568 Northern Rock 675,668 45,300 Old Mutual PLC 148,182 67,000 Premier Foods 342,756 85,737 Prudential PLC 1,171,790 29,123 Reckitt Benckiser PLC 1,559,213 2,255 Rightmove 26,166 16,111 Rio Tinto PLC 1,162,741 295,161 Royal Bank of Scotland Group PLC, Edinburgh 3,531,555 29,818 Royal Dutch Shell PLC 1,160,426 104,586 Royal Dutch Shell PLC, B Shares 4,134,782 8,760 Savills 91,044 79,349 Smith & Nephew PLC 940,801 24,696 Stagecoach Group 103,989 20,200 Taylor Woodrow PLC 133,484 86,905 Tesco PLC 713,560 41,600 Tomkins PLC 198,258 36,304 Unilever PLC 1,129,980 11,062 Venture Productions 172,667 658,982 Vodafone Group PLC 1,999,414 TOTAL UNITED KINGDOM $ 50,713,355 UNITED STATES----8.1% 16,377 Au Optronics Corp., ADR 277,099 15,696 Banco Itau SA 717,935 27,619 Cameo Corp. 1,126,303 34,100 Chunghwa Telecom Co. Ltd. 565,378 10,541 Companhia De Bebidas Das Amers 722,059 15,066 Companhia Vale Do Rio Doce 738,385 14,967 1 Focus Media Holdings Ltd. 618,287 10,786 HDFC Bank Ltd. 934,175 20,356 Infosys Technologies Ltd. 1,009,658 4,000 JSC MMC Norilsk Nickel 950,000 2,400 Jardine Matheson 57,734 20,823 Koninkljike Philips Electronics NV 841,249 25,600 Korea Electric Power Corp. 607,488 31,137 Manulife Financial Corp. 1,137,746 15,521 1 Millicom International Cellular 1,246,336 11,500 POSCO 1,638,175 500 PetroChina Co. Ltd. 73,630 12,565 Petroleo Brasileiro SA 815,469 12,600 Petroleo Brasileiro SA Petro 703,710 2,633 Samsung Electronics Co., Ltd. 874,156 20,525 SAP AG 1,106,708 8,800 State Bank of India Ltd. 847,262 8,291 Suncor Energy, Inc. 750,087 73,793 Taiwan Semiconductor Manufacturing Co., Ltd. 748,999 20,795 Teva Pharmaceutical Industries Ltd. 873,806 8,799 Total SA 691,689 20,209 Wal-Mart de Mexico SA de CV 734,597 4,000 Want Want Holdings 9,229 TOTAL UNITED STATES $ 21,417,349 TOTAL COMMON STOCKS $ 258,582,497 (IDENTIFIED COST $203,739,076) 2 MUTUAL FUND-0.9% 2,356,712 MTB Prime Money Market Fund, Corporate Shares, 4.94%3 (AT NET ASSET VALUE) $ 2,356,712 TOTAL INVESTMENTS-98.3% $ 260,939,209 (IDENTIFIED COST $206,095,788)4 OTHER ASSETS AND LIABILITIES---NET-1.7% $ 4,376,487 TOTAL NET ASSETS-100% $ 265,315,696 1 Non-income producing security. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $206,095,788. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation/depreciation resulting from changes in foreign currency exchange rates, outstanding foreign exchange contracts and futures contracts was $54,843,421. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $58,411,326 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,567,905.
At July 31, 2007, the Fund had the following outstanding futures contracts:
DESCRIPTION NUMBER OF NOTIONAL EXPIRATION UNREALIZED CONTRACTS VALUE DATE DEPRECIATION 1MSCI Pan Euro Index 116 $2,939,440 September 2007 $(94,585) Long Futures 1TOPIX Index Long 2 $34,130,000 September 2007 $(12,341) Futures NET UNREALIZED DEPRECIATION OF FUTURES CONTRACTS $(106,926)
At July 31, 2007, the Fund had the following outstanding foreign exchange contracts:
UNREALIZED CONTRACTS CONTRACTS AT VALUE APPRECIATION SETTLEMENT DATE TO DELIVER/RECEIVE IN EXCHANGE FOR CONTRACTS SOLD: 8/1/2007 1,606,309 Hong Kong Dollar $205,279 $205,248 $31
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 Trustees, although the actual calculation may be done by others under the direction of Fund management. 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. The following acronym is used throughout this portfolio: ADR --American Depositary Receipt
MTB LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE COMMON STOCKS--98.5% AEROSPACE & DEFENSE--1.4% 3,900 Boeing Co. $ 403,377 8,500 United Technologies Corp. 620,245 TOTAL AEROSPACE & DEFENSE $ 1,023,622 AIR FREIGHT & LOGISTICS--1.2% 11,800 United Parcel Service, Inc. 893,496 BEVERAGES--3.7% 14,300 Coca-Cola Co. 745,173 29,200 PepsiCo, Inc. 1,916,104 TOTAL BEVERAGES $ 2,661,277 BIOTECHNOLOGY--2.2% 13,600 1 Amgen, Inc. 730,864 6,300 1 Genentech, Inc. 468,594 11,000 1 Gilead Sciences, Inc. 409,530 TOTAL BIOTECHNOLOGY $ 1,608,988 CAPITAL MARKETS--0.7% 8,500 Morgan Stanley 542,895 COMMERCIAL BANKS--2.0% 15,500 Wachovia Corp. 731,755 9,400 Zions Bancorp 700,770 TOTAL COMMERCIAL BANKS $ 1,432,525 COMMUNICATIONS EQUIPMENT--7.4% 85,000 1 Cisco Systems, Inc. 2,457,350 34,800 1 Corning, Inc. 829,632 11,200 Harris Corp. 614,656 34,800 Qualcomm, Inc. 1,449,420 TOTAL COMMUNICATIONS EQUIPMENT $ 5,351,058 COMPUTERS & PERIPHERALS--5.9% 4,600 1 Apple, Inc. 606,096 12,800 1 Dell, Inc. 358,016 29,500 1 EMC Corp. Mass 546,045 6,800 Hewlett-Packard Co. 313,004 16,100 IBM Corp. 1,781,465 25,000 1 Network Appliance, Inc. 708,500 TOTAL COMPUTERS & PERIPHERALS $ 4,313,126 CONSTRUCTION & ENGINEERING--0.9% 6,100 1 Foster Wheeler Ltd. 685,579 CONSUMER FINANCE--1.4% 11,400 American Express Co. 667,356 4,700 Capital One Financial Corp. 332,572 TOTAL CONSUMER FINANCE $ 999,928 DIVERSIFIED FINANCIAL SERVICES--1.5% 4,800 1 InterContinentalExchange, Inc. 725,424 6,300 Moody's Corp. 338,940 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 1,064,364 ELECTRICAL EQUIPMENT -- 0.9% 9,900 Rockwell Automation, Inc. 692,901 ENERGY EQUIPMENT & SERVICES--2.8% 7,000 ENSCO International, Inc. 427,490 8,600 Schlumberger Ltd. 814,592 14,000 1 Weatherford International Ltd. 774,620 TOTAL ENERGY EQUIPMENT & SERVICES $ 2,016,702 FOOD & STAPLES RETAILING--1.7% 26,800 Wal-Mart Stores, Inc. 1,231,460 FOOD PRODUCTS--1.2% 10,100 Hershey Foods Corp. 465,610 12,380 Kraft Foods, Inc., Class A 405,445 TOTAL FOOD PRODUCTS $ 871,055 HEALTH CARE EQUIPMENT & SUPPLIES--3.3% 17,300 1 Cytyc Corp. 728,330 2,100 1 Intuitive Surgical, Inc. 446,481 10,000 1 Sirona Dental Systems, Inc. 353,600 10,900 1 Zimmer Holdings, Inc. 847,584 TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 2,375,995 HEALTH CARE PROVIDERS & SERVICES--3.4% 11,000 1 Express Scripts, Inc., Class A 551,430 26,300 1 Psychiatric Solutions, Inc. 896,567 21,000 UnitedHealth Group, Inc. 1,017,030 TOTAL HEALTH CARE PROVIDERS & SERVICES $ 2,465,027 HEALTH CARE TECHNOLOGY--1.8% 34,500 1 Allscripts Healthcare Solutions, Inc. 784,875 10,000 1 Cerner Corp. 528,700 TOTAL HEALTH CARE TECHNOLOGY $ 1,313,575 HOTELS, RESTAURANTS & LEISURE--0.3% 8,600 1 Starbucks Corp. 229,448 HOUSEHOLD PRODUCTS--4.3% 5,000 Colgate-Palmolive Co. 330,000 45,500 Procter & Gamble Co. 2,814,630 TOTAL HOUSEHOLD PRODUCTS $ 3,144,630 INDUSTRIAL CONGLOMERATES--4.4% 6,500 3M Co. 577,980 56,200 General Electric Co. 2,178,312 5,000 1 McDermott International, Inc. 414,700 TOTAL INDUSTRIAL CONGLOMERATES $ 3,170,992 INSURANCE--3.1% 4,300 Ambac Financial Group, Inc. 288,745 30,300 American International Group, Inc. 1,944,654 TOTAL INSURANCE $ 2,233,399 INTERNET SOFTWARE & SERVICES -- 4.6% 7,600 1 Akamai Technologies, Inc. 258,096 3,300 1 Google, Inc. 1,683,000 13,500 1 Yahoo, Inc. 313,875 12,400 1 eBay, Inc. 401,760 19,900 Walt Disney Co. 656,700 TOTAL INTERNET SOFTWARE & SERVICES $ 3,313,431 LIFE SCIENCES TOOLS & SERVICES--1.3% 10,000 Pharmaceutical Product Development, Inc. 335,000 11,200 1 Thermo Electron Corp. 584,752 TOTAL LIFE SCIENCES TOOLS & SERVICES $ 919,752 MACHINERY--0.4% 5,200 Joy Global, Inc. 257,348 MEDIA -- 0.8% 21,300 1 Comcast Corp., Class A 559,551 METALS & MINING--0.9% 13,000 Companhia Vale Do Rio Doce, ADR 637,130 MULTILINE RETAIL -- 3.7% 10,000 1 Kohl's Corp. 608,000 20,000 Macy's, Inc. 721,400 10,000 Penney (J.C.) Co., Inc. 680,400 11,800 Target Corp. 714,726 TOTAL MULTILINE RETAIL $ 2,724,526 OIL, GAS & CONSUMABLE FUELS--10.9% 9,600 Chevron Corp. 818,496 7,000 ConocoPhillips 565,880 10,300 Devon Energy Corp. 768,483 58,400 Exxon Mobil Corp. 4,971,592 11,000 Peabody Energy Corp. 464,860 3,800 1 Southwestern Energy Co. 154,394 3,100 XTO Energy, Inc. 169,043 TOTAL OIL, GAS & CONSUMABLE FUELS $ 7,912,748 PERSONAL PRODUCTS--0.6% 9,200 Estee Lauder Cos., Inc., Class A 414,184 PHARMACEUTICALS--6.7% 6,800 Abbott Laboratories 344,692 15,800 Eli Lilly & Co. 854,622 33,100 Johnson & Johnson 2,002,550 40,100 Pfizer, Inc. 942,751 15,000 Wyeth 727,800 TOTAL PHARMACEUTICALS $ 4,872,415 ROAD & RAIL--1.0% 15,700 CSX Corp. 744,337 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.7% 23,600 1 Advanced Micro Devices, Inc. 319,544 10,700 1 Broadcom Corp., Class A 351,067 29,100 Intel Corp. 687,342 6,500 1 MEMC Electronic Materials, Inc. 398,580 6,800 Texas Instruments, Inc. 239,292 TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT $ 1,995,825 SOFTWARE--3.7% 13,200 1 Citrix Systems, Inc. 477,444 51,000 Microsoft Corp. 1,478,490 40,000 1 Oracle Corp. 764,800 TOTAL SOFTWARE $ 2,720,734 SPECIALTY RETAIL--2.7% 8,000 Abercrombie & Fitch Co., Class A 559,200 25,000 Home Depot, Inc. 929,250 17,000 Lowe's Cos., Inc. 476,170 TOTAL SPECIALTY RETAIL $ 1,964,620 TEXTILES, APPAREL & LUXURY GOODS--0.9% 5,200 1 Coach, Inc. 236,392 7,400 Nike, Inc., Class B 417,730 TOTAL TEXTILES, APPAREL & LUXURY GOODS $ 654,122 TOBACCO--2.1% 22,500 Altria Group, Inc. 1,495,575 TOTAL COMMON STOCKS $ 71,508,340 (IDENTIFIED COST $65,216,858) 2 MUTUAL FUNDS--1.9% 468,686 MTB Money Market Fund, A2 Shares, 4.85%3 468,686 881,306 MTB Prime Money Market Fund, Corporate Shares, 4.94%3 881,306 1 SSgA Money Market Fund, 4.84%3 1 TOTAL MUTUAL FUNDS (AT NET ASSET VALUE) $ 1,349,993 TOTAL INVESTMENTS - 100.4% $ 72,858,333 (IDENTIFIED COST $66,566,851)4 OTHER ASSETS AND LIABILTIES - NET - (0.4)% $ (282,570) TOTAL NET ASSETS - 100% $ 72,575,763 1 Non-income producing security. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $66,566,851. The net unrealized appreciation of investments for federal tax purposes was $6,291,482. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $8,386,846 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,095,364.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 Trustees, although the actual calculation is done by others under the direction of Fund management. An event is considered material 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. The following acronym is used throughout this portfolio: ADR --American Depositary Receipt
MTB LARGE CAP STOCK FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE COMMON STOCKS--99.1% AEROSPACE & DEFENSE--2.7% 26,100 Lockheed Martin Corp. $ 2,570,328 16,100 Precision Castparts Corp. 2,206,666 TOTAL AEROSPACE & DEFENSE $ 4,776,994 AIR FREIGHT & LOGISTICS--0.7% 14,900 United Parcel Service, Inc. 1,128,228 BEVERAGES--4.4% 78,700 Coca-Cola Co. 4,101,057 55,174 PepsiCo, Inc. 3,620,518 TOTAL BEVERAGES $ 7,721,575 BIOTECHNOLOGY--1.4% 20,500 1 Amgen, Inc. 1,101,670 34,000 1 Gilead Sciences, Inc. 1,265,820 TOTAL BIOTECHNOLOGY $ 2,367,490 CAPITAL MARKETS--3.1% 42,100 Lehman Brothers Holdings, Inc. 2,610,200 43,200 Morgan Stanley 2,759,184 TOTAL CAPITAL MARKETS $ 5,369,384 COMMERCIAL BANKS--0.7% 26,800 Wachovia Corp. 1,265,228 COMMERCIAL SERVICES & SUPPLIES--0.5% 23,800 Waste Management, Inc. 905,114 COMMUNICATIONS EQUIPMENT--5.2% 153,700 1 Cisco Systems, Inc. 4,443,467 59,300 1 Corning, Inc. 1,413,712 31,100 Harris Corp. 1,706,768 38,300 Qualcomm, Inc. 1,595,195 TOTAL COMMUNICATIONS EQUIPMENT $ 9,159,142 COMPUTERS & PERIPHERALS--5.6% 15,500 1 Apple, Inc. 2,042,280 49,800 1 EMC Corp. Mass 921,798 72,500 Hewlett-Packard Co. 3,337,175 31,400 IBM Corp. 3,474,410 TOTAL COMPUTERS & PERIPHERALS $ 9,775,663 CONSTRUCTION & ENGINEERING--1.1% 17,100 1 Foster Wheeler Ltd. 1,921,869 CONSUMER FINANCE--1.2% 29,000 Capital One Financial Corp. 2,052,040 DIVERSIFIED FINANCIAL SERVICES--8.1% 95,500 Bank of America Corp. 4,528,610 34,500 CIT Group, Inc. 1,420,710 95,300 Citigroup, Inc. 4,438,121 6,800 Goldman Sachs Group, Inc. 1,280,712 55,989 J.P. Morgan Chase & Co. 2,464,076 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 14,132,229 DIVERSIFIED TELECOMMUNICATION SERVICES--2.8% 71,073 AT&T, Inc. 2,783,219 49,511 Verizon Communications 2,110,159 TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES $ 4,893,378 ELECTRICAL EQUIPMENT--1.7% 19,000 Emerson Electric Co. 894,330 28,400 Rockwell Automation, Inc. 1,987,716 TOTAL ELECTRICAL EQUIPMENT $ 2,882,046 ENERGY EQUIPMENT & SERVICES--3.3% 34,700 ENSCO International, Inc. 2,119,129 38,406 Schlumberger Ltd. 3,637,816 TOTAL ENERGY EQUIPMENT & SERVICES $ 5,756,945 FOOD & STAPLES RETAILING--1.2% 46,700 Wal-Mart Stores, Inc. 2,145,865 FOOD PRODUCTS--0.6% 32,000 Kraft Foods, Inc., Class A 1,048,000 HEALTH CARE EQUIPMENT & SUPPLIES--1.9% 38,700 1 Cytyc Corp. 1,629,270 21,700 1 Zimmer Holdings, Inc. 1,687,392 TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 3,316,662 HEALTH CARE PROVIDERS & SERVICES--1.9% 40,000 1 Express Scripts, Inc., Class A 2,005,200 37,000 1 Psychiatric Solutions, Inc. 1,261,330 TOTAL HEALTH CARE PROVIDERS & SERVICES $ 3,266,530 HEALTH CARE TECHNOLOGY--1.5% 41,500 1 Allscripts Healthcare Solutions, Inc. 944,125 31,000 1 Cerner Corp. 1,638,970 TOTAL HEALTH CARE TECHNOLOGY $ 2,583,095 HOTELS, RESTAURANTS & LEISURE--1.0% 40,700 Carnival Corp. 1,803,417 HOUSEHOLD PRODUCTS--2.6% 74,500 Procter & Gamble Co. 4,608,570 INDUSTRIAL CONGLOMERATES--5.7% 26,514 3M Co. 2,357,625 186,500 General Electric Co. 7,228,740 5,000 1 McDermott International, Inc. 414,700 TOTAL INDUSTRIAL CONGLOMERATES $ 10,001,065 INSURANCE--3.2% 64,100 American International Group, Inc. 4,113,938 23,600 Lincoln National Corp. 1,423,552 TOTAL INSURANCE $ 5,537,490 INTERNET SOFTWARE & SERVICES--2.0% 7,000 1 Google Inc. 3,570,000 MACHINERY--2.1% 23,300 Caterpillar, Inc. 1,836,040 35,600 Harsco Corp. 1,874,696 TOTAL MACHINERY $ 3,710,736 MEDIA--2.2% 83,300 1 Comcast Corp., Class A 2,188,291 80,513 News Corp., Inc. 1,700,434 TOTAL MEDIA $ 3,888,725 METALS & MINING--0.4% 10,300 Cleveland Cliffs, Inc. 713,481 MULTILINE RETAIL--1.3% 13,000 Macy's, Inc. 468,910 25,100 Penney (J.C.) Co., Inc. 1,707,804 TOTAL MULTILINE RETAIL $ 2,176,714 OIL, GAS & CONSUMABLE FUELS--11.8% 59,800 Chevron Corp. 5,098,548 58,500 ConocoPhillips 4,729,140 29,151 EOG Resources, Inc. 2,043,485 101,500 Exxon Mobil Corp. 8,640,695 TOTAL OIL, GAS & CONSUMABLE FUELS $ 20,511,868 PERSONAL PRODUCTS--0.8% 31,700 Estee Lauder Cos., Inc., Class A 1,427,134 PHARMACEUTICALS--6.7% 26,500 Abbott Laboratories 1,343,285 41,645 Eli Lilly & Co. 2,252,578 65,500 Johnson & Johnson 3,962,750 94,857 Pfizer, Inc. 2,230,088 39,794 Wyeth 1,930,805 TOTAL PHARMACEUTICALS $ 11,719,506 ROAD & RAIL--1.0% 20,600 Burlington Northern Santa Fe Corp. 1,692,084 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.2% 110,127 Intel Corp. 2,601,200 33,500 Texas Instruments, Inc. 1,178,865 TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT $ 3,780,065 SOFTWARE--3.6% 22,800 1 Autodesk, Inc. 966,036 184,000 Microsoft Corp. 5,334,160 TOTAL SOFTWARE $ 6,300,196 SPECIALTY RETAIL--1.0% 49,000 Home Depot, Inc. 1,821,330 TOBACCO--1.9% 49,800 Altria Group, Inc. 3,310,206 TOTAL COMMON STOCKS (IDENTIFIED COST $121,728,101) $ 173,040,064 MUTUAL FUNDS--0.8% 1,404,798 2 MTB Prime Money Market Fund, Corporate Shares, 4.94%3 1,404,798 1 SSgA Money Market Fund, 4.97%3 1 TOTAL MUTUAL FUNDS (AT NET ASSET VALUE) $ 1,404,799 TOTAL INVESTMENTS - 99.9% $ 174,444,863 (IDENTIFIED COST $123,132,900)3 OTHER ASSETS AND LIABILITIES - NET - 0.1% $ 189,234 TOTAL NET ASSETS - 100% $ 174,634,097 1 Non-income producing security. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $123,132,900. The net unrealized appreciation of investments for federal tax purposes was $51,311,963. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $52,896,572 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,584,609.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle} in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle} for investments in other open-end regulated investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 Trustees, although the actual calculation may be done by others under the direction of Fund management. 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 LARGE CAP VALUE FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE COMMON STOCKS--96.4% AEROSPACE & DEFENSE--4.2% 37,405 Lockheed Martin Corp. $ 3,683,644 62,000 Raytheon Co. 3,432,320 TOTAL AEROSPACE & DEFENSE $ 7,115,964 BIOTECHNOLOGY--1.6% 50,000 1 Amgen, Inc. $ 2,687,000 COMMERCIAL BANKS--4.1% 57,100 Wachovia Corp. 2,695,691 127,200 Wells Fargo & Co. 4,295,544 TOTAL COMMERCIAL BANKS $ 6,991,235 COMMERCIAL SERVICES & SUPPLIES--2.4% 89,700 Pitney Bowes, Inc. $ 4,135,170 COMMUNICATIONS EQUIPMENT--3.0% 300,900 Motorola, Inc. $ 5,112,291 DIVERSIFIED FINANCIAL SERVICES--6.2% 140,200 Citigroup, Inc. 6,529,114 87,900 J.P. Morgan Chase & Co. 3,868,479 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 10,397,593 DIVERSIFIED TELECOMMUNICATION SERVICES--3.6% 105,100 AT&T, Inc. 4,115,716 45,100 Verizon Communications 1,922,162 TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES $ 6,037,878 ELECTRONIC EQUIPMENT & INSTRUMENTS--1.2% 52,440 1 Agilent Technologies, Inc. $ 2,000,586 FOOD PRODUCTS--1.4% 47,403 Kraft Foods, Inc., Class A 1,552,448 42,300 Tyson Foods, Inc., Class A 900,990 TOTAL FOOD PRODUCTS $ 2,453,438 HEALTH CARE PROVIDERS & SERVICES--1.0% 34,900 Aetna, Inc. $ 1,677,643 HOUSEHOLD PRODUCTS--2.1% 53,400 Kimberly-Clark Corp. $ 3,592,218 INSURANCE--11.5% 86,100 AON Corp. 3,447,444 124,300 Genworth Financial, Inc., Class A 3,793,636 79,900 Hartford Financial Services Group, Inc. 7,340,413 103,500 Loews Corp. 4,905,900 TOTAL INSURANCE $ 19,487,393 MACHINERY--3.5% 37,000 Illinois Tool Works, Inc. 2,036,850 76,400 Ingersoll-Rand Co., Class A 3,844,448 TOTAL MACHINERY $ 5,881,298 MEDIA-10.0% 86,000 CBS Corp. (New), Class B 2,727,920 85,000 Clear Channel Communications, Inc. 3,136,500 116,250 1 Comcast Corp., Class A 3,042,263 71,700 1 Liberty Media Holding Corp. - Interactive 1,502,115 168,900 1 Viacom, Inc., Class B 6,468,870 TOTAL MEDIA $ 16,877,668 METALS & MINING--5.7% 175,500 Barrick Gold Corp. 5,773,950 15,300 POSCO, ADR 2,179,485 17,100 United States Steel Corp. 1,680,759 TOTAL METALS & MINING $ 9,634,194 OIL, GAS & CONSUMABLE FUELS--11.1% 74,000 Apache Corp. 5,982,160 34,260 ConocoPhillips 2,769,579 32,000 Hess Corp. 1,958,400 131,500 Noble Energy, Inc. 8,039,910 TOTAL OIL, GAS & CONSUMABLE FUELS $ 18,750,049 PAPER & FOREST PRODUCTS--1.5% 67,500 International Paper Co. $ 2,502,225 ROAD & RAIL--2.5% 35,300 Union Pacific Corp. $ 4,205,642 SOFTWARE--6.4% 286,900 CA, Inc. 7,195,452 123,700 Microsoft Corp. 3,586,063 TOTAL SOFTWARE $ 10,781,515 THRIFTS & MORTGAGE FINANCE--9.1% 171,800 Countrywide Financial Corp. 4,839,606 128,800 Fannie Mae 7,707,392 29,400 MGIC Investment Corp. 1,136,604 51,700 Radian Group, Inc. 1,742,807 TOTAL THRIFTS & MORTGAGE FINANCE $ 15,426,409 TOBACCO--2.7% 68,500 Altria Group, Inc. $ 4,553,195 WIRELESS TELECOMMUNICATION SERVICES--1.6% 131,000 Sprint Nextel Corp. $ 2,689,430 TOTAL COMMON STOCKS (IDENTIFIED COST $139,654,347) $ 162,990,034 2 MUTUAL FUND--3.5% 5,969,608 MTB Prime Money Market Fund, Corporate Shares, 4.94%3 (AT NET ASSET VALUE) $ 5,969,608 TOTAL INVESTMENTS-99.9% $ 168,959,642 (IDENTIFIED COST $145,623,955)4 OTHER ASSETS AND LIABILITIES---NET-0.1% $ 223,631 TOTAL NET ASSETS---100% $ 169,183,273 1 Non-income producing security. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $145,623,955. The net unrealized appreciation of investments for federal tax purposes was $23,335,687. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $28,599,131 and net unrealized depreciation from investments for those securities having an excess of cost over value of $5,263,444.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle} in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle} for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 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. The following acronym is used throughout this portfolio: ADR --American Depositary Receipt
MTB MANAGED ALLOCATION FUND - AGGRESSIVE GROWTH PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE 1 MUTUAL FUNDS-100.4% EQUITY FUNDS-97.4% $ 747,220 MTB International Equity, Institutional I Shares $ 10,393,837 845,406 MTB Large Cap Growth Fund, Institutional I Shares 7,862,274 667,826 MTB Large Cap Stock Fund, Institutional I Shares 6,230,815 349,521 MTB Large Cap Value Fund, Institutional I Shares 4,592,705 21,792 MTB Mid Cap Growth Fund, Institutional I Shares 328,616 63,396 MTB Mid Cap Stock Fund, Institutional I Shares 984,536 32,974 MTB Small Cap Growth Fund, Institutional I Shares 658,163 130,302 MTB Small Cap Stock Fund, Institutional I Shares 983,780 TOTAL EQUITY FUNDS $ 32,034,726 FIXED INCOME FUNDS-2.0% 33,566 MTB Short - Term Corporate Bond Fund, Institutional I Shares 328,945 35,906 MTB U.S. Government Bond Fund, Institutional I Shares 329,258 TOTAL FIXED INCOME FUNDS $ 658,203 MONEY MARKET FUND--1.0% 322,512 MTB Prime Money Market Fund, Corporate Shares, 4.94%2 $ 322,512 TOTAL INVESTMENTS-100.4% $ 33,015,441 (IDENTIFIED COST $29,707,000)3 OTHER ASSETS AND LIABILITIES---NET-(0.4)% $ (113,812) TOTAL NET ASSETS---100% $ 32,901,629 1 Affiliated company. 2 7-Day net yield. 3 At July 31, 2007, the cost of investments for federal tax purposes was $29,707,000. The net unrealized appreciation of investments for federal tax purposes was $3,308,441. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $3,475,885 and net unrealized depreciation from investments for those securities having an excess of cost over value of $167,444.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle} in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle}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; {circle}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 {circle}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 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 MANAGED ALLOCATION FUND - CONSERVATIVE GROWTH PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE 1 MUTUAL FUNDS--100.0% EQUITY FUNDS -- 41.7% 148,899 MTB International Equity Fund, Institutional I Shares $ 2,071,186 151,561 MTB Large Cap Growth Fund, Institutional I Shares 1,409,521 81,997 MTB Large Cap Stock Fund, Institutional I Shares 765,030 57,570 MTB Large Cap Value Fund, Institutional I Shares 756,464 8,425 MTB Mid Cap Growth Fund, Institutional I Shares 127,043 8,082 MTB Mid Cap Stock Fund, Institutional I Shares 125,509 6,285 MTB Small Cap Growth Fund, Institutional I Shares 125,456 16,499 MTB Small Cap Stock Fund, Institutional I Shares 124,571 TOTAL EQUITY FUNDS $ 5,504,780 FIXED INCOME FUNDS - 56.6% 140,329 MTB Intermediate-Term Bond Fund, Institutional I Shares 1,359,785 254,439 MTB Short Duration Government Bond Fund, Institutional I Shares 2,440,072 138,179 MTB Short -Term Corporate Bond Fund, Institutional I Shares 1,354,150 252,715 MTB U.S. Government Bond Fund, Institutional I Shares 2,317,397 TOTAL FIXED INCOME FUNDS $ 7,471,404 MONEY MARKET FUND -- 1.7% 220,401 MTB Prime Money Market Fund, Corporate Shares, 4.94%2 220,401 TOTAL INVESTMENTS - 100.0% $ 13,196,585 (IDENTIFIED COST $13,002,634)3 OTHER ASSETS AND LIABILITIES -- NET - (0.0)% $ (6,583) TOTAL NET ASSETS - 100% $ 13,190,002 1 Affiliated company. 2 7-Day net yield. 3 At July 31, 2007, the cost of investments for federal tax purposes was $13,002,634. The net unrealized appreciation of investments for federal tax purposes was $193,951. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $308,829 and net unrealized depreciation from investments for those securities having an excess of cost over value of $114,878.
Note:The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle}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; {circle}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 {circle}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 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 MANAGED ALLOCATION FUND - MODERATE GROWTH PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE 1 MUTUAL FUNDS--100.2% EQUITY FUNDS-64.2% 1,030,955 MTB International Equity Fund, Institutional I Shares $ 14,340,583 868,836 MTB Large Cap Growth Fund, Institutional I Shares 8,080,178 1,062,753 MTB Large Cap Stock Fund, Institutional I Shares 9,915,487 323,099 MTB Large Cap Value Fund, Institutional I Shares 4,245,517 40,223 MTB Mid Cap Growth Fund, Institutional I Shares 606,557 77,049 MTB Mid Cap Stock Fund, Institutional I Shares 1,196,573 30,301 MTB Small Cap Growth Fund, Institutional I Shares 604,803 157,185 MTB Small Cap Stock Fund, Institutional I Shares 1,186,746 TOTAL EQUITY FUNDS 40,176,444 FIXED INCOME FUNDS-33.3% 539,077 MTB Intermediate -Term Bond Fund, Institutional I Shares 5,223,651 678,088 MTB Short Duration Government Bond Fund, Institutional I Shares 6,502,862 463,493 MTB Short - Term Corporate Bond Fund, Institutional I Shares 4,542,229 500,885 MTB U.S. Government Bond Fund, Institutional I Shares 4,593,116 TOTAL FIXED INCOME FUNDS 20,861,858 2 MONEY MARKET FUND-2.7% 1,707,226 MTB Prime Money Market Fund, Corporate Shares, 4.94% 1,707,226 TOTAL INVESTMENTS --- 100.2% 62,745,528 (IDENTIFIED COST $59,011,720)3 OTHER ASSETS AND LIABILITIES --- NET --- (0.2) % (120,047) TOTAL NET ASSETS --- 100% $ 62,625,481 1 Affiliated company. 2 7-Day net yield. 3 At July 31, 2007, the cost of investments for federal tax purposes was $59,011,720. The net unrealized appreciation of investments for federal tax purposes was $3,733,808. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $4,277,503 and net unrealized depreciation from investments for those securities having an excess of cost over value of $543,695.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle}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; {circle}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 {circle}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 Trustees, although the actual calculation is done by others under the direction of Fund management. An event is considered material 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 MARYLAND MUNICIPAL BOND FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT 1 MUNICIPAL BONDS --99.6% DISTRICT OF COLUMBIA--1.1% TRANSPORTATION-1.1% $ 500,000 Washington, DC Metro Area Transit Authority, 6.00%, (FGIC INS) 7/1/2010 $ 531,145 1,000,000 Washington, DC Metro Area Transit Authority, Refunding Revenue Bonds, 5.00% (MBIA Insurance Corp. 1,048,960 INS) 1/1/2012 TOTAL TRANSPORTATION $ 1,580,105 TOTAL DISTRICT OF COLUMBIA $ 1,580,105 MARYLAND-92.3% DEVELOPMENT-2.8% 275,000 Maryland State Community Development Administration, Revenue Bonds (Series A), 5.00% (MBIA 284,204 Insurance Corp. INS)/(Original Issue Yield: 5.04%), 6/1/2021 565,000 Maryland State Economic Development Corp., Revenue Bonds, 5.25% (Lutheran World Relief), 4/1/2029 574,599 735,000 Maryland State Economic Development Corp., 7.125%, 4/1/2019 794,439 1,000,000 Maryland State Economic Development Corp., 8.25%, 11/1/2026 380,000 750,000 Maryland State Economic Development Corp., Revenue Bonds, Maryland Department of Transportation, 796,778 5.375%, 6/1/2019 1,000,000 Maryland State IDFA, 5.10% (National Aquarium in Baltimore, Inc.)/(Original Issue Yield: 5.21%), 1,034,560 11/1/2022 TOTAL DEVELOPMENT $ 3,864,580 EDUCATION-4.6% 1,500,000 Maryland State Health & Higher Educational Facilities Authority, 6.00%, (Maclean School)/ 1,540,365 (Original Issue Yield: 6.146%), 7/1/2031 1,000,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2006), 1,001,770 5.50% (Washington Christian Academy), 7/1/2038 1,585,000 Maryland State Health & Higher Educational Facilities Authority, 5.25% (FSA INS)/(Bullis School) 1,660,177 (Original Issue Yield: 5.35%), 7/1/2020 1,000,000 Maryland State IDFA, EDRB (Series 2005A), 6.00% (Our Lady of Good Counsel High School), 5/1/2035 1,061,200 1,135,000 New Baltimore, MD Board School Commerce, Revenue Bonds, 5.00% (Original Issue Yield: 5.05%), 1,174,169 11/1/2013 TOTAL EDUCATION $ 6,437,681 FACILITIES-5.4% 2,910,000 Baltimore County, MD Convention Center, Refunding Revenue Bonds, 5.375% (MBIA Insurance Corp. 3,014,294 INS), 9/1/2011 2,500,000 Baltimore County, MD Convention Center, Revenue Bonds (Series A), 5.25% (Baltimore Hotel 2,635,575 Corp.)/(XLCA Insurance), 9/1/2039 500,000 Maryland State Stadium Authority, (Ocean City Convention Center), 5.375% (Original Issue Yield: 500,635 5.55%), 12/15/2015 1,330,000 Montgomery County, MD Revenue Authority Lease, Revenue Bonds, 5.00%, 4/1/2013 1,404,706 TOTAL FACILITIES $ 7,555,210 GENERAL-2.6% 2,200,000 Anne Arundel County, MD, Refunding Revenue Bonds National Business Park Project, 5.125%, 7/1/2028 2,309,802 1,000,000 Baltimore, MD, Refunding Revenue Bonds, 5.25% (FGIC INS), 7/1/2017 1,092,050 250,000 Montgomery County, MD Special Obligation, Special Tax, 5.375% (Radian Group, Inc. INS)/(Original 259,952 Issue Yield: 5.48%), 7/1/2020 TOTAL GENERAL $ 3,661,804 GENERAL OBLIGATION-18.6% 1,000,000 Anne Arundel County, MD, GO UT, 5.00% (Original Issue Yield: 3.86%), 3/1/2016 1,052,530 500,000 Anne Arundel County, MD, LT GO, 5.50% (Original Issue Yield: 5.55%), 9/1/2015 505,570 2,000,000 Baltimore County, MD, Public Improvement GO UT Bonds, 4.20%, 9/1/2023 1,947,200 2,080,000 Frederick County, MD, Refunding GO UT Bonds (Series A), 5.25%, 7/1/2013 2,198,539 1,500,000 Frederick County, MD, GO UT Bonds, 5.25%, 11/1/2019 1,660,905 1,000,000 Harford County, MD, GO UT, 5.50%, 12/1/2008 1,023,150 1,480,000 Howard County, MD, GO UT, 5.25%, 8/15/2016, PRF 2/15/2012 1,571,523 1,800,000 Howard County, MD, 5.25%, 8/15/2015 1,903,158 2,000,000 Maryland State, 5.50%, 3/1/2013 2,172,160 2,000,000 Montgomery County, MD, GO UT, 5.60% (Original Issue Yield: 5.70%), 1/1/2016, PRF 1/1/2010 2,105,560 2,045,000 Prince Georges County, MD, Consolidated Public Improvement GO UT Bonds, 5.50% (FSA INS), 2,139,520 10/1/2010, PRF 10/1/2009 1,000,000 Queen Annes County, MD, 5.00% (MBIA Insurance Corp. INS), 11/15/2016 1,071,210 1,000,000 Queen Annes County, MD, Public Facility, 6.00% (FGIC INS)/(Original Issue Yield: 5.25%), 1,016,350 11/15/2008, PRF 11/15/2007 1,000,000 St. Mary's County, MD, GO UT, 5.00% (Original Issue Yield: 5.00%), 10/1/2021 1,048,620 2,255,000 St. Mary's County, MD, GO UT Refunding Bonds, 5.00%, 10/1/2018 2,364,097 1,000,000 Washington Suburban Sanitation District, MD, GO UT, 5.00% (Original Issue Yield: 5.04%), 1,023,290 6/1/2023, PRF 6/1/2009 @ 100 1,000,000 Washington Suburban Sanitation District, MD, GO UT Bonds, 6.00%, 6/1/2018 1,168,140 TOTAL GENERAL OBLIGATION $ 25,971,522 HEALTH CARE-35.7% 2,000,000 Carroll County, MD, Revenue Bonds, 5.375% (Fairhaven, Inc./Copper Ridge, Inc.)/(Radian Asset 2,053,280 Assurance INS), 1/1/2016 1,000,000 Frederick County, MD, Revenue Bonds, 5.90% (Original Issue Yield: 5.95%), 1/1/2017 1,000,810 175,000 Maryland State Economic Development Corp., 4.65% (GNMA Collateralized Home Mortgage Program COL), 176,171 12/20/2008 1,175,000 Maryland State Health & Higher Educational Facilities Authority, (Series A) Revenue Bonds, 5.25% 1,207,747 (Medlantic/Helix Parent, Inc.)/(FSA INS), 8/15/2012 1,000,000 Maryland State Health & Higher Educational Facilities Authority, (Series A), 4.75% (Original 1,026,480 Issue Yield: 4.90%)/(Western MD Health Systems), 11/1/2014, PRF 5/1/2009 1,740,000 Maryland State Health & Higher Educational Facilities Authority, (Series B), 5.00% (AMBAC 1,833,160 INS)/(University of MD Hospital Systems), 7/1/2015 500,000 Maryland State Health & Higher Educational Facilities Authority, (Suburban Hospital), (Series A), 532,165 5.50%, 7/1/2016 1,000,000 Maryland State Health & Higher Educational Facilities Authority, 4.80%, (Peninsula United 1,000,210 Methodist), 10/1/2028 3,630,000 Maryland State Health & Higher Educational Facilities Authority, 5.00% (AMBAC INS)/ 3,889,799 (Helix Health System)/(Original Issue Yield: 5.27%), 7/1/2027 3,000,000 Maryland State Health & Higher Educational Facilities Authority, 5.00% (Frederick Memorial 3,031,770 Hospital)/(Original Issue Yield: 5.20%), 7/1/2022 1,465,000 Maryland State Health & Higher Educational Facilities Authority, 5.00% (Johns Hopkins Hospital), 1,519,337 5/15/2013 1,500,000 Maryland State Health & Higher Educational Facilities Authority, 5.00% (MBIA Insurance Corp. 1,524,735 INS)/(Howard County General Hospital)/(Original Issue Yield: 5.17%), 7/1/2019 2,000,000 Maryland State Health & Higher Educational Facilities Authority, 5.00% (Mercy Ridge, Inc.), 2,015,620 4/1/2008 1,000,000 Maryland State Health & Higher Educational Facilities Authority, 5.00% (University of Maryland 1,030,290 Medical System), 7/1/2012 900,000 Maryland State Health & Higher Educational Facilities Authority, 5.00%, (John Hopkins Hospital), 917,181 5/15/2026 2,000,000 Maryland State Health & Higher Educational Facilities Authority, 5.25% (Medlantic/Helix Parents, 2,061,180 Inc.)/(FSA INS), 8/15/2011 670,000 Maryland State Health & Higher Educational Facilities Authority, 5.50% (Howard County General 684,438 Hospital, MD)/(Original Issue Yield: 5.68%), 7/1/2013 2,000,000 Maryland State Health & Higher Educational Facilities Authority, 5.625% (Mercy Medical 2,058,900 Center)/(Original Issue Yield: 5.80%), 7/1/2031 2,135,000 Maryland State Health & Higher Educational Facilities Authority, 5.80% (Hebrew Home of Greater 2,222,407 Washington)/(Original Issue Yield: 5.93%), 1/1/2032 2,250,000 Maryland State Health & Higher Educational Facilities Authority, 6.00% (Carroll County, MD 2,377,485 General Hospital), 7/1/2037 1,370,000 Maryland State Health & Higher Educational Facilities Authority, 6.00% (Catholic Health 1,446,788 Initiatives), 12/1/2013 1,000,000 Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds (Series 1,037,870 A), 5.00%, (Lifebridge Health) 7/1/2012 1,000,000 Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, 5.00% 1,031,290 (MedStar Health)/(Original Issue Yield: 4.05%), 8/15/2011 1,500,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2007A), 1,499,025 5.25% (King Farm Presbyterian Retirement Community), 1/1/2027 1,500,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2007A), 1,492,620 5.30% (King Farm Presbyterian Retirement Community)/(Original Issue Yield: 5.35%), 1/1/2037 2,000,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series A), 4.00% 1,941,320 (Western Maryland Health System)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 4.10%), 1/1/2018 1,000,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series A), 5.00% 1,018,360 (Doctors Community Hospital), 7/1/2020 1,750,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series A), 5.00% 1,757,402 (Doctors Community Hospital), 7/1/2027 1,745,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, 5.00% (Peninsula 1,811,031 Regional Medical Center), 7/1/2017 1,000,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, 5.00%, (Peninsula 1,013,600 Regional Medical Center), 7/1/2026 500,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, 5.25% (Frederick 523,660 Memorial Hospital)/(FGIC LOC)/(Original Issue Yield: 5.40%), 7/1/2013 1,000,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, 5.25% (MedStar 1,013,760 Health, Inc.)/(Original Issue Yield: 4.60%), 5/15/2046 500,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, 5.50% (Kennedy 510,975 Krieger Children's Hospital)/(Obligated Group)/(Original Issue Yield: 5.55%), 7/1/2033 500,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, 5.70% (Good 512,060 Samaritan Hospital of Maryland)(Escrowed to Maturity)/(Original Issue Yield: 5.80%), 7/1/2009 500,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, Sheppard Pratt 507,205 (Series A), 5.25%, 7/1/2035 600,000 Montgomery County, MD EDA, (Trinity Health Care Group), 5.125% (Original Issue Yield: 5.20%), 616,122 12/1/2022 TOTAL HEALTH CARE $ 49,896,253 HIGHER EDUCATION-10.1% 1,000,000 Frederick County, MD, Revenue Bonds, 5.75% (Mount St. Mary University)/(Original Issue Yield: 1,056,280 5.88%), 9/1/2025. PRF 3/1/2010 @ 101 765,000 Maryland State Economic Development Corp., 5.60%, (Collegiate Housing) 6/1/2010 775,978 1,000,000 Maryland State Economic Development Corp., 6.00%, (Collegiate Housing)/(Original Issue Yield: 1,036,660 6.054%), 6/1/2019 500,000 Maryland State Economic Development Corp., Revenue Bonds Morgan State University Project (Series 514,630 A), 6.00% (Original Issue Yield: 6.09%), 7/1/2022 350,000 Maryland State Economic Development Corp., Revenue Bonds University of Maryland/Baltimore (Series 345,538 A), 5.75% (Original Issue Yield: 5.88%), 10/1/2033 2,000,000 Maryland State Health & Higher Educational Facilities Authority, 5.125% (Johns Hopkins 2,058,920 University)/(Original Issue Yield: 5.54%), 7/1/2020 2,000,000 Maryland State Health & Higher Educational Facilities Authority, 5.25% (Johns Hopkins 2,064,640 University)/(Original Issue Yield: 5.52%), 7/1/2017 1,000,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, 6.00% (Johns 1,051,560 Hopkins University)/(United States Treasury PRF 7/1/2009 @ 101)/(Original Issue Yield: 6.18%), 7/1/2039 2,250,000 St. Mary's College, MD, Refunding Revenue Bonds Academic and Auxiliary Fee (Series A), 4.50% 2,219,693 (AMBAC INS)/(Original Issue Yield: 4.65%), 9/1/2030 1,000,000 St. Mary's College, MD, Refunding Revenue Bonds, 5.25% (MBIA Insurance Corp. INS)/(Original Issue 1,011,200 Yield: 5.30%), 9/1/2027, PRF 9/1/2007 1,000,000 University of Maryland, Auxiliary Facility & Tuition Refunding Revenue Bonds (Series A), 5.00%, 1,021,020 4/1/2009 1,000,000 University of Maryland, Revenue Bonds, 5.25%, 10/1/2011 1,035,180 TOTAL HIGHER EDUCATION $ 14,191,299 MULTIFAMILY HOUSING-1.8% 500,000 Howard County, MD Multifamily Revenue, Revenue Bonds (Chase Glen Project), 4.90% (Avalon 503,420 Properties, Inc.), 7/1/2024, Mandatory Tender, 7/14/2014 2,000,000 Maryland State Community Development Administration, 5.20%, 12/1/2029 2,046,780 TOTAL MULTIFAMILY HOUSING $ 2,550,200 POLLUTION-0.9% 1,250,000 Prince Georges County, MD Potomac Electric Project, 5.75% (Original Issue Yield: 5.851%), 1,310,137 3/15/2010 SINGLE FAMILY HOUSING-0.4% 465,000 Maryland State Community Development Administration, Refunding Revenue Bonds, 5.00% (Original 474,714 Issue Yield: 4.999%), 4/1/2017 15,000 Prince Georges County, MD Housing Authority SFM, (Series A), 5.55%, 12/1/2033 14,931 TOTAL SINGLE FAMILY HOUSING $ 489,645 TRANSPORTATION-2.9% 400,000 Baltimore County, MD Port Facility, 6.50% (Du Pont (E.I.) de Nemours & Co.), 12/1/2010 413,612 1,000,000 Baltimore County, MD Port Facility, Refunding Revenue Bonds, 6.50%, 10/1/2011 1,017,020 1,000,000 Maryland State Department of Transportation, 5.50% (Original Issue Yield: 4.59%), 2/1/2016 1,109,700 1,375,000 Maryland State Department of Transportation, Refunding Revenue Bonds, 5.00% (Original Issue 1,462,079 Yield: 3.95%), 5/1/2015 TOTAL TRANSPORTATION $ 4,002,411 WATER-6.5% 3,000,000 Baltimore, MD, Refunding Revenue Bonds, (Series A), 5.75% (FSA INS)/(Original Issue Yield: 3,165,480 5.80%), 7/1/2030, PRF 7/1/2010 500,000 Baltimore, MD Wastewater, Revenue Bond (Series A), 5.125% (FGIC INS)/(Original Issue Yield: 518,310 5.36%), 7/1/2042 1,000,000 Baltimore, MD Wastewater, Revenue Bonds (Series A), 6.00% (FGIC INS), 7/1/2015 1,096,210 775,000 Baltimore, MD Water Projects, Revenue Bonds (Series A), 5.375% (FGIC INS), 7/1/2015 838,473 2,000,000 Baltimore, MD, Waste Water Project Revenue Bonds (Series A), 5.00%, 7/1/2033 2,124,400 1,290,000 Baltimore, MD, Wastewater Project Revenue Bonds (Series B), 5.00%, 7/1/2022 1,383,538 TOTAL WATER $ 9,126,411 TOTAL MARYLAND $ 129,057,153 PUERTO RICO--4.6% FACILITIES-1.9% 2,400,000 Puerto Rico Commonwealth Infrastructure Financing Authority, (Series C) Special Tax Refunding 2,709,792 Bonds, 5.50% (FGIC LOC), 7/1/2020 GENERAL--1.2% 1,500,000 Puerto Rico Public Finance Corp., (Series A), 5.375% (AMBAC INS)/(Original Issue Yield: 4.94%), 1,668,120 6/1/2019 HOUSING--1.5% 2,000,000 Puerto Rico HFA, Capital Funding Program, 5.00% (Original Issue Yield: 4.22%), 12/1/2018 2,089,860 TOTAL PUERTO RICO 6,467,772 WISCONSIN--1.6% SPECIAL PURPOSE--1.6% 2,000,000 Badger, WI Tobacco Asset Securitization Corp., Revenue Bonds, 7.00%, 6/1/2028 2,181,780 TOTAL INVESTMENTS --- 99.6% $ 139,286,810 (IDENTIFIED COST $137,257,728)2 OTHER ASSETS AND LIABILITIES --- NET---0.4% $ 589,255 TOTAL NET ASSETS --- 100% $ 139,876,065 1 At July 31, 2007, 0.4% of the total investments at market value were subject to the federal alternative minimum tax. 2 At July 31, 2007, the cost of investments for federal tax purposes was $137,182,773. The net unrealized appreciation of investments for federal tax purposes was $2,104,037. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $3,362,878 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,258,841.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Funds' portfolio securities are determined as follows: {circle}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; {circle}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; {circle} in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle} for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; and {circle}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 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. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation COL --Collateralized EDA --Economic Development Authority EDRB --Economic Development Authority Bonds FGIC --Financial Guaranty Insurance Company FSA --Financial Security Assurance GNMA --Government National Mortgage Association GO --General Obligation HFA --Housing Finance Agency IDFA --Industrial Development Finance Authority INS --Insured LOC --Letter of Credit LT --Limited Tax PRF --Prerefunded SFM --Single Family Mortgage UT --Unlimited Tax
MTB MID CAP GROWTH FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE COMMON STOCKS--99.1% AEROSPACE & DEFENSE--2.0% 8,610 Precision Castparts Corp. $ 1,180,087 AIR FREIGHT & LOGISTICS--3.1% 12,342 C.H. Robinson Worldwide, Inc. 600,438 26,988 Expeditors International Washington, Inc. 1,205,824 TOTAL AIR FREIGHT & LOGISTICS $ 1,806,262 BIOTECHNOLOGY--2.2% 5,493 1 Cephalon, Inc. 412,744 13,972 1 Martek Biosciences Corp. 357,963 21,308 1 PDL BioPharma, Inc. 500,525 TOTAL BIOTECHNOLOGY $ 1,271,232 CAPITAL MARKETS--2.2% 7,538 1 Affiliated Managers Group 851,794 9,100 1 Piper Jaffray Cos., Inc. 436,072 TOTAL CAPITAL MARKETS $ 1,287,866 COMMERCIAL BANKS--1.0% 9,300 1 Dime Bancorp, Inc., Warrants 2,427 8,091 Zions Bancorp 603,184 TOTAL COMMERCIAL BANKS $ 605,611 COMMERCIAL SERVICES & SUPPLIES--1.0% 18,697 1 Waste Connections, Inc. 579,607 COMMUNICATIONS EQUIPMENT--3.4% 17,400 Adtran, Inc. 453,966 3,008 1 F5 Networks, Inc. 260,764 23,161 Harris Corp. 1,271,076 TOTAL COMMUNICATIONS EQUIPMENT $ 1,985,806 COMPUTERS & PERIPHERALS--2.8% 23,395 1 Electronics for Imaging, Inc. 614,353 19,300 1 Network Appliance, Inc. 546,962 19,999 Seagate Technology Holdings 470,177 TOTAL COMPUTERS & PERIPHERALS $ 1,631,492 CONSTRUCTION & ENGINEERING--2.8% 10,025 1 Foster Wheeler Ltd. 1,126,710 17,200 1 Quanta Services, Inc. 488,996 TOTAL CONSTRUCTION & ENGINEERING $ 1,615,706 DIVERSIFIED FINANCIAL SERVICES--3.0% 17,787 CIT Group, Inc. 732,469 4,642 1 InterContinentalExchange, Inc. 701,545 6,500 Moody's Corp. 349,700 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 1,783,714 ELECTRICAL EQUIPMENT--1.2% 10,414 Rockwell Automation, Inc. 728,876 ENERGY EQUIPMENT & SERVICES--4.4% 10,091 ENSCO International, Inc. 616,257 20,457 1 Grant Prideco, Inc. 1,147,638 14,610 1 Weatherford International Ltd. 808,371 TOTAL ENERGY EQUIPMENT & SERVICES $ 2,572,266 HEALTH CARE EQUIPMENT & SUPPLIES--6.9% 28,700 1 Cytyc Corp. 1,208,270 20,514 Dentsply International, Inc. 748,556 4,204 1 Intuitive Surgical, Inc. 893,812 20,900 1 Sirona Dental Systems, Inc. 739,024 10,550 1 Varian Medical Systems, Inc. 430,440 TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 4,020,102 HEALTH CARE PROVIDERS & SERVICES - 6.4% 13,763 1 Cerner Corp. 727,650 12,126 1 Express Scripts, Inc., Class A 607,876 11,600 1 Health Net, Inc. 574,664 10,531 IMS Health, Inc. 296,237 12,100 1 Pediatrix Medical Group 652,916 26,006 1 Psychiatric Solutions, Inc. 886,545 TOTAL HEALTH CARE PROVIDERS & SERVICES $ 3,745,888 HEALTH CARE TECHNOLOGY - 1.3% 32,500 1 Allscripts Healthcare Solutions, Inc. 739,375 HOTELS, RESTAURANTS & LEISURE--1.4% 20,291 Brinker International, Inc. 546,640 19,072 1 Shuffle Master, Inc. 277,116 TOTAL HOTELS, RESTAURANTS & LEISURE $ 823,756 HOUSEHOLD DURABLES--0.4% 9,644 1 Toll Brothers, Inc. 211,493 IT SERVICES--3.2% 22,200 Broadridge Financial Solutions 390,498 13,544 1 Checkfree Corp. 498,961 7,638 1 Cognizant Technology Solutions Corp. 618,525 6,933 Fidelity National Information Services, Inc. 344,085 TOTAL IT SERVICES $ 1,852,069 INDUSTRIAL CONGLOMERATES--1.4% 9,597 1 McDermott International, Inc. 795,975 INSURANCE--3.9% 6,400 Ambac Financial Group, Inc. 429,760 32,816 HCC Insurance Holdings, Inc. 960,853 5,338 Lincoln National Corp. 321,988 11,100 1 ProAssurance Corp. 548,118 TOTAL INSURANCE $ 2,260,719 INTERNET SOFTWARE & SERVICES--0.2% 5,400 1 ValueClick, Inc. 115,452 LIFE SCIENCES TOOLS & SERVICES--2.3% 9,308 1 Invitrogen Corp. 668,314 20,500 Pharmaceutical Product Development, Inc. 686,750 TOTAL LIFE SCIENCES TOOLS & SERVICES $ 1,355,064 MACHINERY--5.5% 24,161 Graco, Inc. 991,567 17,294 Harsco Corp. 910,702 16,350 Joy Global, Inc. 809,162 11,717 Wabtec Corp. 478,522 TOTAL MACHINERY $ 3,189,953 METALS & MINING--1.8% 6,500 Cleveland Cliffs, Inc. 450,255 6,900 1 Haynes International, Inc. 619,689 TOTAL METALS & MINING $ 1,069,944 MULTILINE RETAIL--1.8% 8,585 Nordstrom, Inc. 408,474 9,800 Penney (J.C.) Co., Inc. 666,792 TOTAL MULTILINE RETAIL $ 1,075,266 OIL, GAS & CONSUMABLE FUELS--7.9% 19,867 1 Denbury Resources, Inc. 794,680 12,601 1 Newfield Exploration Co. 605,478 21,435 Noble Energy, Inc. 1,310,536 12,200 Peabody Energy Corp. 515,572 6,606 Pioneer Natural Resources, Inc. 300,573 15,027 1 Southwestern Energy Co. 610,547 8,428 XTO Energy, Inc. 459,579 TOTAL OIL, GAS & CONSUMABLE FUELS $ 4,596,965 PHARMACEUTICALS--1.5% 33,324 Perrigo Co. 621,493 8,563 1 Sepracor, Inc. 240,877 TOTAL PHARMACEUTICALS $ 862,370 REAL ESTATE INVESTMENT TRUSTS--1.4% 25,977 CapitalSource Inc. 493,563 5,300 1 Prologis 301,570 TOTAL REAL ESTATE INVESTMENT TRUSTS $ 795,133 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.9% 9,363 1 MEMC Electronic Materials, Inc. 574,139 9,900 Microchip Technology, Inc. 359,469 77,400 1 PMC-Sierra, Inc. 589,788 35,016 1 RF Micro Devices, Inc. 243,011 34,782 1 Trident Microsystems, Inc. 529,034 TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT $ 2,295,441 SOFTWARE--6.0% 48,310 1 Activision, Inc. 826,584 29,732 1 Ansys, Inc. 774,221 14,157 1 Autodesk, Inc. 599,832 14,000 1 Citrix Systems, Inc. 506,380 18,100 1 Intuit, Inc. 518,384 9,900 1 THQ, Inc. 284,724 TOTAL SOFTWARE $ 3,510,125 SPECIALTY RETAIL--10.7% 13,500 Abercrombie & Fitch Co., Class A 943,650 32,099 American Eagle Outfitters, Inc. 778,722 39,300 1 Cache, Inc. 670,065 23,037 1 Chicos Fas, Inc. 445,996 13,600 1 Children's Place Retail Stores, Inc. 463,896 27,244 1 GameStop Corp. 1,099,295 30,300 Reitmans Ltd. 689,050 13,600 Ross Stores, Inc. 393,448 15,300 1 Urban Outfitters, Inc. 306,918 14,852 Williams-Sonoma, Inc. 457,293 TOTAL SPECIALTY RETAIL $ 6,248,333 TEXTILES, APPAREL & LUXURY GOODS--1.1% 14,300 1 Coach, Inc. 650,078 TRADING COMPANIES & DISTRIBUTORS--1.0% 13,606 Fastenal Co. 613,222 TOTAL COMMON STOCKS $ 57,875,248 (IDENTIFIED COST $48,519,886) 2 MUTUAL FUNDS--1.1% 2 MTB Money Market Fund, A2 Shares, 4.85%3 2 635,683 MTB Prime Money Market Fund, Corporate Shares, 4.94%3 635,683 TOTAL MUTUAL FUNDS (AT NET ASSET VALUE) $ 635,685 TOTAL INVESTMENTS - 100.2% $ 58,510,933 (IDENTIFIED COST $49,155,571)4 OTHER ASSETS AND LIABILITIES - NET - (0.2)% $ (111,495) TOTAL NET ASSETS - 100% $ 58,399,438 1 Non-income producing security. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $49,155,571. The net unrealized appreciation of investments for federal tax purposes was $9,355,362. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $11,921,048, and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,565,686.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle} in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle} for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 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 MID CAP STOCK FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE COMMON STOCKS-98.1% AEROSPACE & DEFENSE - 1.2% 4,800 Goodrich (B.F.) Co. $ 301,968 8,600 Precision Castparts Corp. 1,178,716 TOTAL AEROSPACE & DEFENSE $ 1,480,684 AIR FREIGHT & LOGISTICS - 1.9% 12,400 C.H. Robinson Worldwide, Inc. 603,260 27,100 Expeditors International Washington, Inc. 1,210,828 18,500 YRC Worldwide, Inc. 594,220 TOTAL AIR FREIGHT & LOGISTICS $ 2,408,308 AIRLINES - 0.3% 9,300 1 Alaska Air Group, Inc. 216,969 35,700 1 ExpressJet Holdings, Inc. 186,711 TOTAL AIRLINES $ 403,680 AUTO COMPONENTS - 1.2% 20,500 Autoliv, Inc. 1,146,565 10,400 1 Goodyear Tire and Rubber Co. 298,688 2,470 1 TravelCenters America LLC 90,204 TOTAL AUTO COMPONENTS $ 1,535,457 BEVERAGES - 1.6% 45,700 PepsiAmericas, Inc. 1,264,519 21,800 Pepsi Bottling Group, Inc. 729,428 TOTAL BEVERAGES $ 1,993,947 BIOTECHNOLOGY - 1.0% 5,500 1 Cephalon, Inc. 413,270 13,800 1 Martek Biosciences Corp. 353,556 21,700 1 PDL Biopharma, Inc. 509,733 TOTAL BIOTECHNOLOGY $ 1,276,559 BUILDING PRODUCTS - 1.2% 31,200 Masco Corp. 848,952 37,600 Steelcase, Inc. 654,616 TOTAL BUILDING PRODUCTS $ 1,503,568 CAPITAL MARKETS - 1.7% 7,600 1 Affiliated Managers Group, Inc. 858,800 7,300 Bear Stearns & Co., Inc. 884,906 9,200 1 Piper Jaffray Co. 440,864 TOTAL CAPITAL MARKETS $ 2,184,570 CHEMICALS - 3.3% 46,000 Chemtura Corp. 479,780 18,100 Eastman Chemical Co. 1,245,642 15,600 PPG Industries, Inc. 1,189,812 28,700 RPM International, Inc. 674,737 16,800 Spartech Corp. 370,440 10,400 Valspar Corp. 286,936 TOTAL CHEMICALS $ 4,247,347 COMMERCIAL BANKS - 3.3% 25,000 Comerica, Inc. 1,316,500 43,300 Huntington Bancshares, Inc. 831,360 36,100 KeyCorp 1,252,309 16,500 Popular, Inc. 217,635 8,100 Zions Bancorp 603,855 TOTAL COMMERCIAL BANKS $ 4,221,659 COMMERCIAL SERVICES & SUPPLIES - 0.5% 19,000 Waste Connections, Inc. 589,000 COMMUNICATIONS EQUIPMENT -2.0% 17,700 Adtran, Inc. 461,793 36,300 1 Andrew Corp. 510,378 3,000 F5 Networks, Inc. 260,070 23,300 Harris Corp. 1,278,704 TOTAL COMMUNICATIONS EQUIPMENT $ 2,510,945 COMPUTERS & PERIPHERALS - 2.6% 23,500 1 Electronics for Imaging, Inc. 617,110 9,200 1 Lexmark International, Inc. 363,768 19,400 Network Appliance, Inc. 549,796 53,800 Seagate Technology 1,264,838 22,600 1 Western Digital Corp. 482,510 TOTAL COMPUTERS & PERIPHERALS $ 3,278,022 CONSTRUCTION & ENGINEERING - 1.9% 10,100 1 Foster Wheeler Ltd. 1,135,139 9,800 McDermott International, Inc. 812,812 17,300 Quanta Services, Inc. 491,839 TOTAL CONSTRUCTION & ENGINEERING $ 2,439,790 CONSUMER FINANCE - 0.3% 17,200 1 Americredit Corp. 349,848 DIVERSIFIED FINANCIAL SERVICES - 3.5% 41,900 CIT Group, Inc. 1,725,442 26,113 CapitalSource, Inc. 496,147 4,700 1 Intercontinental Exchange, Inc. 710,311 9,900 Loews Corp. 469,260 6,400 Moody's Corp. 344,320 12,600 Principal Financial Group 710,514 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 4,455,994 DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0% 27,800 CenturyTel, Inc. 1,275,186 ELECTRIC UTILITIES - 4.6% 33,600 American Electric Power Co., Inc. 1,461,264 8,700 Edison International 460,143 34,200 PNM Resources, Inc. 883,386 21,800 Pinnacle West Capital Corp. 817,064 40,300 Puget Energy, Inc. 932,945 66,000 Xcel Energy, Inc. 1,339,800 TOTAL ELECTRIC UTILITIES $ 5,894,602 ELECTRICAL EQUIPMENT - 1.3% 10,500 Rockwell Automation, Inc. 734,895 13,500 Technitrol, Inc. 351,000 37,900 1 Vishay Inter-technology, Inc. 587,829 TOTAL ELECTRICAL EQUIPMENT $ 1,673,724 ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.6% 21,700 1 Ingram Micro, Inc., Class A 435,085 101,700 1 Sanmina SCI Corp. 279,675 TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS $ 714,760 ENERGY EQUIPMENT & SERVICES - 2.7% 10,100 Ensco International, Inc. 616,807 20,600 1 Grant Prideco, Inc. 1,155,660 39,000 Patterson-UTI Energy, Inc. 893,100 14,800 1 Weatherford International Ltd. 818,884 TOTAL ENERGY EQUIPMENT & SERVICES $ 3,484,451 FOOD & STAPLES RETAILING - 0.9% 28,642 SUPERVALU, Inc. 1,193,512 FOOD PRODUCTS - 0.6% 66,600 Del Monte Foods Co. 772,560 GAS UTILITIES - 0.4% 14,900 WGL Holdings, Inc. 446,106 HEALTH CARE EQUIPMENT & SUPPLIES - 2.8% 29,100 1 Cytyc Corp. 1,225,110 20,700 Dentsply International, Inc. 755,343 4,200 1 Intuitive Surgical, Inc. 892,962 14,100 Invacare Corp. 289,755 10,650 1 Varian Medical Systems, Inc. 434,520 TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 3,597,690 HEALTH CARE PROVIDERS & SERVICES - 4.1% 32,600 1 Allscripts Healthcare Solutions 741,650 8,100 CIGNA Corp. 418,284 13,800 1 Cerner Corp. 729,606 12,400 Express Scripts, Inc., Class A 621,612 11,800 1 Health Net, Inc. 584,572 10,500 IMS Health, Inc. 295,365 12,200 1 Pediatrix Medical Group 658,312 26,300 1 Psychiatric Solutions, Inc. 896,567 5,000 Universal Health Services, Inc., Class B 262,200 TOTAL HEALTH CARE PROVIDERS & SERVICES $ 5,208,168 HOTELS, RESTAURANTS & LEISURE - 1.0% 20,500 Brinker International, Inc. 552,270 8,700 Darden Restaurants, Inc. 370,359 19,300 1 Shuffle Master, Inc. 280,429 TOTAL HOTELS, RESTAURANTS & LEISURE $ 1,203,058 HOUSEHOLD DURABLES - 1.3% 7,800 Beazer Homes USA, Inc. 109,122 6,700 Black & Decker Corp. 580,019 12,700 Blyth Industries, Inc. 283,464 9,650 Toll Brothers, Inc. 211,625 4,400 Whirlpool Corp. 449,284 TOTAL HOUSEHOLD DURABLES $ 1,633,514 IT SERVICES - 2.6% 22,400 Broadridge Financial Solutions, Inc. 394,016 13,700 1 Checkfree Corp. 504,708 7,700 1 Cognizant Technology Solutions 623,546 24,608 1 Computer Sciences Corp. 1,370,173 33,000 1 Unisys Corp. 266,970 5,400 Valueclick, Inc. 115,452 TOTAL IT SERVICES $ 3,274,865 INDUSTRIAL CONGLOMERATES - 0.4% 28,500 Tredegar Industries, Inc. 523,260 INSURANCE - 7.6% 6,400 Ambac Financial Group, Inc. 429,760 9,300 Assurant, Inc. 471,696 24,465 Cincinnati Financial Corp. 959,028 4,900 Everest Reinsurance Group Ltd. 481,425 7,044 Fidelity National Financial, Inc. 349,594 33,300 HCC Insurance Holdings, Inc. 975,024 18,700 Lincoln National Corp. 1,127,984 7,700 MBIA, Inc. 431,970 24,000 Nationwide Financial Services, Inc., Class A 1,365,840 11,200 1 ProAssurance Corp. 553,056 7,100 Radian Group, Inc. 239,341 21,000 Safeco Corp. 1,227,870 13,200 Unitrin, Inc. 559,416 5,500 XL Capital Ltd., Class A 428,230 TOTAL INSURANCE $ 9,600,234 LEISURE EQUIPMENT & PRODUCTS - 1.7% 13,900 Brunswick Corp. 388,644 20,700 Eastman Kodak Co. 522,675 45,500 Hasbro, Inc. 1,274,910 TOTAL LEISURE EQUIPMENT & PRODUCTS $ 2,186,229 LIFE SCIENCES TOOLS & SERVICES - 1.1% 9,400 1 Invitrogen Corp. 674,920 20,600 Pharmaceutical Product Development, Inc. 690,100 TOTAL LIFE SCIENCES TOOLS & SERVICES $ 1,365,020 MACHINERY - 5.5% 17,500 Crane Co. 802,550 8,300 Cummins, Inc. 985,210 11,700 1 EnPro Industries, Inc. 460,746 24,400 Graco, Inc. 1,001,376 17,600 Harsco Corp. 926,816 16,350 Joy Global, Inc. 809,162 6,000 NACCO Industries, Inc., Class A 789,120 9,500 Parker Hannifin Corp. 937,460 14,400 Tecumseh Products Co., Class A 331,632 TOTAL MACHINERY $ 7,044,072 MEDIA - 1.1% 7,500 Gannett Co., Inc. 374,250 10,741 Tribune Co. 300,318 11,900 Wabtec Corp. 485,996 38,800 Westwood One 204,088 TOTAL MEDIA $ 1,364,652 MEDICAL APPLIANCES & EQUIPMENT - 0.6% 21,000 Sirona Dental Systems, Inc. 742,560 METALS & MINING - 2.6% 6,500 Cleveland Cliffs, Inc. 450,255 12,451 Freeport McMoran Copper & Gold, Inc. 1,170,145 6,900 Haynes International, Inc. 619,689 9,200 Nucor Corp. 461,840 5,500 United States Steel Corp. 540,595 TOTAL METALS & MINING $ 3,242,524 MULTILINE RETAIL - 1.3% 8,700 Bon-Ton Stores, Inc. 222,024 8,500 Nordstrom, Inc. 404,430 15,300 Penney (J.C.) Co., Inc. 1,041,012 TOTAL MULTILINE RETAIL $ 1,667,466 MULTILINE UTILITIES - 1.2% 31,500 Alliant Energy Corp. 1,163,925 23,700 Teco Energy, Inc. 382,518 TOTAL MULTILINE UTILITIES $ 1,546,443 OIL & GAS - 3.6% 25,800 Hess Corp. 1,578,960 21,400 Marathon Oil Corp. 1,181,280 20,200 Sunoco, Inc. 1,347,744 8,566 XTO Energy, Inc. 467,104 TOTAL OIL & GAS $ 4,575,088 OIL, GAS & CONSUMABLE FUELS -3.3% 20,200 1 Denbury Resources, Inc. 808,000 12,700 1 Newfield Exploration Co. 610,235 21,500 Noble Energy, Inc. 1,314,510 12,300 Peabody Energy Corp. 519,798 6,700 Pioneer Natural Resources Co. 304,850 15,100 Southwestern Energy Co. 613,513 TOTAL OIL, GAS & CONSUMABLE FUELS $ 4,170,906 PAPER & FOREST PRODUCTS - 1.1% 26,900 International Paper Co. 997,183 2,500 MeadWestvaco Corp. 81,350 8,300 Potlatch Corp. 362,627 TOTAL PAPER & FOREST PRODUCTS $ 1,441,160 PHARMACEUTICALS - 0.9% 19,200 Mylan Laboratories, Inc. 307,776 33,900 Perrigo Co. 632,235 8,581 1 Sepracor, Inc. 241,384 TOTAL PHARMACEUTICAL $ 1,181,395 REAL ESTATE - 1.6% 19,400 American Home Mortgage Investment Corp. 20,176 35,300 Felcor Lodging Trust, Inc. 775,188 8,900 First Industrial Realty Trust, Inc. 344,519 24,700 Hospitality Property Trust 947,492 TOTAL REAL ESTATE $ 2,087,375 REAL ESTATE INVESTMENT TRUSTS - 0.3% 2,000 Plum Creek Timber Co., Inc. 77,720 5,300 Prologis 301,570 TOTAL REAL ESTATE INVESTMENT TRUSTS $ 379,290 ROAD & RAIL - 0.4% 10,000 CSX Corp. 474,100 SEMICONDUCTOR EQUIPMENT & PRODUCTS - 2.1% 9,400 MEMC Electronic Materials, Inc. 576,408 10,000 Microchip Technology, Inc. 363,100 16,400 1 MKS Instruments, Inc. 372,280 78,200 1 PMC-Sierra, Inc. 595,884 35,400 1 RF Micro Devices, Inc. 245,676 35,200 1 Trident Microsystems, Inc. 535,392 TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS $ 2,688,740 SOFTWARE - 2.8% 48,700 1 Activision, Inc. 833,257 29,900 Ansys, Inc. 778,596 14,400 1 Autodesk, Inc. 610,128 14,200 Citrix Systems, Inc. 513,614 18,400 Intuit 526,976 10,000 THQ, Inc. 287,600 TOTAL SOFTWARE $ 3,550,171 SPECIALTY RETAIL - 5.5% 13,800 Abercrombie & Fitch Co. 964,620 32,250 American Eagle Outfitters, Inc. 782,385 39,700 1 Cache, Inc. 676,885 23,300 1 Chicos Fas, Inc. 451,088 13,700 1 Children's Place Retail Stores, Inc. 467,307 27,400 GameStop Corp. 1,105,590 30,600 Reitmans CDA, Ltd. 695,872 13,750 Ross Stores, Inc. 397,788 9,700 Sherwin-Williams Co. 675,993 15,600 Urban Outfitters, Inc. 312,936 15,100 Williams-Sonoma, Inc. 464,929 TOTAL SPECIALTY RETAIL $ 6,995,393 TEXTILES, APPAREL & LUXURY GOODS - 1.0% 14,400 Coach, Inc. 654,624 17,200 Jones Apparel Group, Inc. 429,312 2,300 V.F. Corp. 197,317 TOTAL TEXTILES, APPAREL & LUXURY GOODS $ 1,281,253 TOBACCO - 0.5% 9,400 Reynolds American, Inc. 574,998 TRADING COMPANIES & DISTRIBUTORS - 0.5% 13,900 Fastenal Co. 626,473 TOTAL COMMON STOCKS $ 124,560,376 (IDENTIFIED COST $109,167,082) 2 MUTUAL FUND - 1.9% 2,387,165 MTB Prime Money Market Fund, Corporate Shares, 4.94%3 (AT NET ASSET VALUE) $ 2,387,165 TOTAL INVESTMENTS - 100.0% $ 126,947,541 (IDENTIFIED COST $111,554,247)4 OTHER ASSETS AND LIABILITIES - NET - 0.0% $ 9,050 TOTAL NET ASSETS - 100% $ 126,956,591 1 Non-income producing security. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $111,554,247. The net unrealized appreciation of investments for federal tax purposes was $15,393,294. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $22,740,028 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,346,734.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle} in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle} for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 Trustees, although the actual calculation may be done by others under the direction of Fund management. 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 MONEY MARKET FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT CERTIFICATE OF DEPOSIT--4.5% COMMERCIAL BANKS--4.5% $ 95,000,000 Wells Fargo & Co., 5.270%, 8/24/2007 $ 95,000,000 1 COMMERCIAL PAPER--67.0% ASSET-BACKED - 21.3% 48,000,000 Apreco, Inc., 5.260%, 8/13/2007 47,915,840 93,000,000 CAFCO LLC, 5.260%, 9/13/2007 92,415,702 44,000,000 2,3 CRC Funding LLC, 5.255%, 9/5/2007 43,775,203 88,000,000 Falcon Asset Securitization Company LLC, 5.270%, 8/22/2007 87,729,473 96,000,000 FCAR Auto Loan Trust, Series I, Yrs. 3&4, 5.250%, 10/24/2007 94,824,000 86,500,000 Sigma Finance, Inc., 5.175%, 12/12/2007 84,846,228 TOTAL ASSET-BACKED 451,506,446 AUTOMOBILES - 2.1% 45,000,000 American Honda Finance Corp., 5.240%, 8/9/2007 44,947,600 COMMERCIAL BANKS -- 4.3% 92,000,000 Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 5.170%, 11/5/2007 90,731,627 CONSUMER FINANCE -- 8.8% 100,000,000 American General Finance Corp., 5.200% - 5.250%, 8/21/2007 - 9/17/2007 99,514,722 87,000,000 HSBC Finance Corp., 5.210%, 10/1/2007 86,231,959 TOTAL CONSUMER FINANCE 185,746,681 DIVERSIFIED FINANCIAL SERVICES - 4.7% 100,000,000 Citigroup Funding, Inc., 5.240%, 9/7/2007 99,461,445 FINANCIAL SERVICES - 4.3% 92,000,000 Dexia Delaware LLC, 5.210%, 8/8/2007 91,906,799 FOOD & BEVERAGES - 4.0% 87,000,000 Nestle Capital Corp., 5.200%, 10/19/2007 86,007,233 INSURANCE - 8.6% 84,000,000 AIG Funding, Inc., 5.100%, 8/15/2007 83,833,400 100,000,000 Prudential Funding LLC, 5.240%, 8/28/2007 99,607,000 TOTAL INSURANCE 183,440,400 OIL & GAS PRODUCTS -- 4.5% 95,000,000 Chevron Corp., 5.220%, 8/1/2007 95,000,000 PERSONAL CREDIT CARD - 4.4% 95,000,000 American Express Credit Corp., 5.180%, 12/12/2007 93,181,964 TOTAL COMMERCIAL PAPER 1,421,930,195 GOVERNMENT AGENCIES--7.0% DIVERSIFIED FINANCIAL SERVICES--7.0% 150,000,000 Federal Home Loan Bank System, 5.090%, 8/1/2007 150,000,000 4 NOTES - VARIABLE --20.3% AUTOMOBILES--4.7% 100,000,000 Toyota Motor Credit Corp., 5.300%, 10/25/2007 100,000,000 CAPITAL MARKETS--4.0% 85,000,000 Morgan Stanley, 5.330%, 8/1/2007 85,000,000 COMMERCIAL BANKS--4.4% 93,250,000 Bank of America N.A., 5.320%, 8/28/2007 93,272,459 DIVERSIFIED FINANCIAL SERVICES--7.2% 78,000,000 CIT Group, Inc., 5.430%, 8/24/2007 78,004,568 436,000 Capital One Funding Corp., Series 1996-H, (J.P. Morgan Chase Bank, N.A. LOC), 5.360%, 436,000 8/2/2007 75,000,000 General Electric Capital Corp., 5.265%, 8/6/2007 75,000,000 TOTAL DIVERSIFIED FINANCIAL SERVICES 153,440,568 TOTAL NOTES - VARIABLE 431,713,027 REPURCHASE AGREEMENT--1.4% 30,314,000 Repurchase agreement 4.67%, dated 7/31/2007 under which State Street Corp. will repurchase a 30,314,000 U.S. Treasury security maturing on 11/15/2013 for $30,317,932 on 8/1/2007. The market value of the underlying security at the end of the period was $30,924,890. TOTAL INVESTMENTS - 100.2% 2,128,957,222 (AT AMORTIZED COST)5 OTHER ASSETS AND LIABILTIES - NET - (0.2)% (3,484,982) TOTAL NET ASSETS - 100% $ 2,125,472,240 1 Discount rate at time of purchase. 2 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2007, this restricted security amounted to $43,775,203, which represented 2.1% of total net assets. 3 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At July 31, 2007, this liquid restricted security amounted to $43,775,203, which represented 2.1% of total net assets. 4 Floating rate note with current rate and next reset date shown. 5 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended. The following acronyms are used throughout this portfolio: GTD --Guaranteed LOC --Letter of Credit
MTB MULTI CAP GROWTH FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE COMMON STOCKS - 99.0% AEROSPACE & DEFENSE - 1.7% 1,100 1 BE Aerospace, Inc. $ 44,616 1,100 Boeing Co. 113,773 800 1 Ladish Co., Inc. 38,792 1,200 1 Limco-Piedmont, Inc. 14,580 1,300 Precision Castparts Corp. 178,178 2,700 United Technologies Corp. 197,019 TOTAL AEROSPACE & DEFENSE $ 586,958 AIR FREIGHT & LOGISTICS - 1.7% 1,800 C.H. Robinson Worldwide, Inc. 87,570 3,900 Expeditors International WA, Inc. 174,252 1,100 1 Hub Group, Inc. 37,422 3,600 United Parcel Service, Inc., Class B 272,592 TOTAL AIR FREIGHT & LOGISTICS $ 571,836 AIRLINES - 0.1% 1,500 1 Delta Airlines, Inc. DE 26,730 BEVERAGES - 2.3% 4,400 Coca-Cola Co. 229,284 8,500 PepsiCo, Inc. 557,770 TOTAL BEVERAGES $ 787,054 BIOTECHNOLOGY - 2.2% 900 1 Alkermes, Inc. 12,816 4,000 1 Amgen, Inc. 214,960 800 1 Biomarin Pharmaceutical, Inc. 14,448 488,542 1 Calypte Biomedical Corp. 8,295 1,100 1 Cepheid, Inc. 16,225 600 1 Cubist Pharmaceuticals, Inc. 13,836 375 1 Digene Corp. 22,969 1,900 1 Genentech, Inc. 141,322 3,300 1 Gilead Sciences, Inc. 122,859 900 1 LifeCell Corp. 27,621 2,000 1 Martek Biosciences Corp. 51,240 1,700 1 Medarex, Inc. 24,072 300 1 Myriad Genetics, Inc. 11,214 2,900 1 PDL BioPharma, Inc. 68,121 200 1 United Therapeutics Corp. 13,872 TOTAL BIOTECHNOLOGY $ 763,870 CAPITAL MARKETS - 1.3% 1,200 1 Affiliated Managers Group, Inc. 135,600 600 1 Investment Technology Group, Inc. 23,976 2,500 Morgan Stanley 159,675 600 Oppenheimer Holdings, Inc. 32,736 1,200 1 Piper Jaffray Cos., Inc. 57,504 765 1 Stifel Financial Corp. 42,281 TOTAL CAPITAL MARKETS $ 451,772 CHEMICALS - 0.2% 900 Agrium, Inc. 37,728 1,300 KMG Chemical, Inc. 26,975 TOTAL CHEMICALS $ 64,703 COMMERCIAL BANKS - 1.5% 4,500 Wachovia Corp. 212,445 3,860 Zions Bancorp 287,763 TOTAL COMMERCIAL BANKS $ 500,208 COMMERCIAL SERVICES & SUPPLIES - 0.4% 3,406 1 CECO Environmental Corp. 39,101 2,700 1 Waste Connections, Inc. 83,700 TOTAL COMMERCIAL SERVICES & SUPPLIES $ 122,801 COMMUNICATIONS EQUIPMENT - 5.7% 4,000 Adtran, Inc. 104,360 2,300 1 China Grentech Corp. Ltd., ADR 20,930 17,800 1 Cisco Systems, Inc. 514,598 500 1 CommScope, Inc. 27,215 10,700 Corning, Inc. 255,088 900 1 Dycome Industries, Inc. 25,155 600 1 F5 Networks, Inc. 52,014 2,000 1 Foundry Networks, Inc. 35,180 6,600 Harris Corp. 362,208 1,700 1 JDS Uniphase Corp. 24,361 2,800 1 KVH Industries, Inc. 24,696 900 1 Netgear, Inc. 24,894 10,800 Qualcomm, Inc. 449,820 3,600 1 Sonus Networks, Inc. 24,624 TOTAL COMMUNICATIONS EQUIPMENT $ 1,945,143 COMPUTERS & PERIPHERALS - 4.8% 1,400 1 Apple Computer, Inc. 184,464 3,000 1 Dell, Inc. 83,910 10,700 1 EMC Corp. Mass 198,057 4,200 1 Electronics for Imaging, Inc. 110,292 2,000 Hewlett Packard Co. 92,060 4,700 IBM Corp. 520,055 1,300 1 Logitech International SA 34,710 12,600 1 Network Appliance, Inc. 357,084 900 1 On Track Innovations Ltd. 5,193 2,900 Seagate Technology Holdings 68,179 TOTAL COMPUTERS & PERIPHERALS $ 1,654,004 CONSTRUCTION & ENGINEERING - 2.7% 1,000 1 Aecom Technology Corp. 25,950 900 Chicago Bridge & Iron Co. NV 36,540 900 1 EMCOR Group, Inc. 32,310 3,300 1 Foster Wheeler Ltd. 370,887 1,100 1 Integrated Electrical Services, Inc. 29,304 1,400 1 KBR, Inc. 44,926 3,300 1 McDermott International, Inc. 273,702 4,200 1 Quanta Services, Inc. 119,406 TOTAL CONSTRUCTION & ENGINEERING $ 933,025 CONSUMER FINANCE - 0.9% 3,500 American Express Co. 204,890 1,400 Capital One Financial Corp. 99,064 TOTAL CONSUMER FINANCE $ 303,954 DIVERSIFIED CONSUMER SERVICES - 0.3% 1,000 1 Capella Education Co. 44,710 1,100 Sothebys Holdings, Inc., Class A 47,025 TOTAL DIVERSIFIED CONSUMER SERVICES $ 91,735 DIVERSIFIED FINANCIAL SERVICES - 3.0% 2,600 CIT Group, Inc. 107,068 3,844 CapitalSource, Inc. 73,036 1,000 1 Interactive Brokers Group, Inc. 24,280 2,100 1 InterContinentalExchange, Inc. 317,373 2,900 iShares Russell 2000 Growth Index 237,713 1,100 iShares Russell 2000 Index 84,810 2,700 Moody's Corp. 145,260 800 1 NASDAQ Stock Market, Inc. 24,616 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 1,014,156 DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1% 4,200 1 Gilat Satellite Networks Ltd. 37,128 ELECTRICAL EQUIPMENT - 1.4% 800 Belden, Inc. 43,824 300 1 First Solar, Inc. 33,771 800 Hubbell Inc., Class B 46,120 500 1 Powell Industries, Inc. 16,805 300 Regal Beloit, Corp. 15,216 4,600 Rockwell Automation, Inc. 321,954 TOTAL ELECTRICAL EQUIPMENT $ 477,690 ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2% 1,400 AU Optronics Corp., ADR 23,688 1,300 1 Universal Display Corp. 19,526 2,800 1 Zygo Corp. 33,656 TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS $ 76,870 ENERGY EQUIPMENT & SERVICES - 3.5% 2,200 1 Cal Dive International, Inc. 33,484 4,200 1 Dynegy, Inc., Class A 37,422 2,200 1 ENGlobal Corp. 23,188 3,800 ENSCO International, Inc. 232,066 2,900 1 Grant Prideco, Inc. 162,690 1,000 1 Matrix Services Co. 23,090 2,600 Schlumberger Ltd. 246,272 600 1 Superior Energy Services, Inc. 24,192 300 Tidewater, Inc. 20,526 6,400 1 Weatherford International Ltd. 354,112 1,300 1 Willbros. Group, Inc. 40,976 TOTAL ENERGY EQUIPMENT & SERVICES $ 1,198,018 FOOD & STAPLES RETAILING - 1.1% 8,300 Wal-Mart Stores, Inc. 381,385 FOOD PRODUCTS - 0.9% 3,600 1 Darling International, Inc. 30,204 3,100 Hershey Co. 142,910 4,000 Kraft Foods, Inc. 131,000 TOTAL FOOD PRODUCTS $ 304,114 HEALTH CARE EQUIPMENT & SUPPLIES - 4.5% 1,500 1 AngioDynamics, Inc. 28,155 400 1 Arthrocare Corp. 20,248 1,300 1 Cantel Med, Corp. 18,824 11,300 1 Cytyc Corp. 475,730 360 1 DJ Orthopedics, Inc. 17,093 3,000 Dentsply International, Inc. 109,470 400 1 Immucorp, Inc. 12,464 1,200 1 Intuitive Surgical, Inc. 255,132 500 1 Kyphone, Inc. 32,810 400 1 ResMed, Inc. 17,192 7,200 1 Sirona Dental System, Inc. 254,592 1,460 1 Varian Medical Systems, Inc. 59,568 300 West Pharmaceutical Services, Inc. 13,884 3,000 1 Zimmer Holdings, Inc. 233,280 TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 1,548,442 HEALTH CARE PROVIDERS & SERVICES - 6.1% 18,600 1 Allscripts Healthcare Solutions 423,150 2,000 1 Arqule, Inc. 11,360 5,700 1 Cerner Corp. 301,359 1,500 1 Cross Country Healthcare, Inc. 24,555 4,900 1 Express Scripts, Inc. 245,637 1,700 1 Health Net, Inc. 84,218 2,750 IMS Health, Inc. 77,357 500 1 Inventiv Health, Inc. 17,740 300 1 Inverness Medical Innovations, Inc. 14,523 1,700 1 Pediatrix Medical Group 91,732 14,000 1 Psychiatric Solutions, Inc. 477,260 6,300 UnitedHealth Group, Inc. 305,109 TOTAL HEALTH CARE PROVIDERS & SERVICES $ 2,074,000 HEALTH CARE TECHNOLOGY - 0.1% 1,200 1 Vital Images, Inc. 23,388 HOTELS, RESTAURANTS & LEISURE - 0.9% 3,100 Brinker International, Inc. 83,514 2,900 1 Great Wolf Resorts, Inc. 38,454 1,500 1 Monarch Casino & Resort, Inc. 42,435 2,700 1 Shuffle Master, Inc. 39,231 2,600 1 Starbucks Corp. 69,368 800 Tim Horton's, Inc. 24,696 TOTAL HOTELS, RESTAURANTS & LEISURE $ 297,698 HOUSEHOLD DURABLES - 0.1% 600 1 Jarden Corp. 21,678 1,350 1 Toll Brothers, Inc. 29,605 TOTAL HOUSEHOLD DURABLES $ 51,283 HOUSEHOLD PRODUCTS - 2.8% 1,400 Colgate-Palmolive Co. 92,400 14,000 Procter & Gamble Co. 866,040 TOTAL HOUSEHOLD PRODUCTS $ 958,440 IT SERVICES - 0.8% 4,500 Broadridge Financial Solutions, Inc. 79,155 1,900 1 Checkfree Corp. 69,996 1,000 1 Cognizant Technology Solutions Corp., Class A 80,980 1,700 1 Websense, Inc. 33,932 TOTAL IT SERVICES $ 264,063 INDUSTRIAL CONGLOMERATES - 2.3% 1,800 3M Co. 160,056 16,000 General Electric Co. 620,160 TOTAL INDUSTRIAL CONGLOMERATES $ 780,216 INSURANCE - 3.4% 2,300 AMBAC Financial Group, Inc. 154,445 9,400 American International Group, Inc. 603,292 897 Fidelity National Title Group, Inc. 44,518 5,500 HCC Insurance Holdings, Inc. 161,040 500 Hanover Insurance Group, Inc. 21,945 800 Lincoln National Corp. 48,256 800 Platinum Underwriters Holdings Ltd. 26,560 2,200 1 Proassurance Corp. 108,636 TOTAL INSURANCE $ 1,168,692 INTERNET & CATALOG RETAIL - 0.6% 3,700 1 eBay, Inc. 119,880 1,200 1 Insight Enterprises, Inc. 27,072 800 1 Priceline.com, Inc. 51,040 TOTAL INTERNET & CATALOG RETAIL $ 197,992 INTERNET SOFTWARE & SERVICES - 2.0% 2,700 1 Akamai Technologies, Inc. 91,692 900 1 Google, Inc., Class A 459,000 1,600 1 ValueClick, Inc. 34,208 4,000 1 Yahoo, Inc. 93,000 TOTAL INTERNET SOFTWARE & SERVICES $ 677,900 LEISURE EQUIPMENT & PRODUCTS - 0.0% 400 1 Illumina, Inc. 18,228 LIFE SCIENCES TOOLS & SERVICES - 0.9% 1,300 1 Invitrogen Corp. 93,340 1,300 1 Luminex Corp. 15,522 300 1 Parexel International Corp. 12,129 3,300 1 Thermo Fisher Scientific, Inc. 172,293 TOTAL LIFE SCIENCES TOOLS & SERVICES $ 293,284 MACHINERY - 1.9% 600 1 AGCO Corp. 23,058 3,400 Graco, Inc. 139,536 2,900 Harsco Corp. 152,714 3,700 Joy Global, Inc. 183,113 1,242 1 MFRI, Inc. 34,410 2,600 Wabtec Corp. 106,184 TOTAL MACHINERY $ 639,015 MARINE - 0.2% 500 Genco Shipping & Trading Ltd. 28,165 1,000 Horizon Lines Inc., Class A 28,860 TOTAL MARINE $ 57,025 MEDIA - 1.2% 1,800 Belo Corp. 32,220 6,100 1 Comcast Corp., Class A 160,247 2,800 1 Mediacom Communications Corp. 25,368 6,000 Walt Disney Co. 198,000 TOTAL MEDIA $ 415,835 METALS & MINING - 2.0% 950 Cleveland Cliffs, Inc. 65,807 4,000 Companhia Vale do Rio Doce 196,040 1,300 1 Haynes International, Inc. 116,753 5,100 Peabody Energy Corp. 215,526 1,800 1 Silver Wheaton, Corp. 24,678 400 1 Titanium Metals Corp. 13,368 4,300 1 US Gold Corp. 25,069 1,100 Yamaha Gold, Inc. 12,177 TOTAL METALS & MINING $ 669,418 MULTILINE RETAIL - 2.7% 3,300 JC Penney, Inc. 224,532 3,100 1 Kohl's Corp. 188,480 6,100 Macy's, Inc. 220,027 1,100 Nordstrom, Inc. 52,338 3,800 Target Corp. 230,166 TOTAL MULTILINE RETAIL $ 915,543 OIL & GAS - 4.7% 17,800 ExxonMobil Corp. 1,515,314 1,900 XTO Energy, Inc. 103,607 TOTAL OIL & GAS $ 1,618,921 OIL, GAS & CONSUMABLE FUELS - 3.8% 700 1 Alpha Natural Resources, Inc. 12,495 2,900 Chevron Corp. 247,254 2,200 ConocoPhillips 177,848 2,900 1 Denbury Resources, Inc. 116,000 3,200 Devon Energy Corp. 238,752 600 Frontier Oil Corp. 23,238 600 1 Interoil Corp. 12,918 1,700 1 Newfield Exploration Co. 81,685 3,000 Noble Energy, Inc. 183,420 1,000 Pioneer National Resources Co. 45,500 3,600 1 Southwestern Energy Co. 146,268 300 1 Ultra Petroleum Corp. 16,587 700 1 USEC, Inc. 11,753 TOTAL OIL, GAS & CONSUMABLE FUELS $ 1,313,718 PERSONAL PRODUCTS - 0.4% 2,800 Estee Lauder Cos., Inc., Class A 126,056 700 Herbalife Ltd. 28,686 TOTAL PERSONAL PRODUCTS $ 154,742 PHARMACEUTICALS - 5.8% 2,100 Abbott Laboratories 106,449 750 1 Bradley Pharmaceuticals, Inc. 12,030 900 1 Cephalon, Inc. 67,626 10,000 Johnson & Johnson 605,000 4,700 Lilly (Eli) & Co. 254,223 700 Medicis Pharmaceutical Corp., Class A 19,971 500 1 MGI Phama, Inc. 12,515 500 1 OSI Pharmaceuticals, Inc. 16,120 6,200 Perrigo Co. 115,630 12,500 Pfizer, Inc. 293,875 6,400 Pharmaceutical Prod Dev, Inc. 214,400 1,208 1 Sepracor, Inc. 33,981 800 Valeant Pharmaceuticals International 12,552 4,300 Wyeth 208,636 TOTAL PHARMACEUTICALS $ 1,973,008 ROAD & RAIL - 0.7% 4,700 CSX Corp. 222,827 600 1 Kansas City Southern Industries, Inc. 20,706 TOTAL ROAD & RAIL $ 243,533 SEMICONDUCTOR EQUIPMENT & PRODUCTS - 3.3% 7,600 1 Advanced Micro Devices, Inc. 102,904 3,100 1 Broadcom Corp. 101,711 8,700 Intel Corp. 205,494 1,300 Maxim Integrated Products, Inc. 41,210 3,500 1 MEMC Electric Material, Inc. 214,620 1,400 Microchip Technology, Inc. 50,834 2,800 1 ON Semiconductor Corp. 33,096 11,100 1 PMC Sierra, Inc. 84,582 4,900 1 RF Micro Devices, Inc. 34,006 1,700 1 Silicon Motion Technology Corp. 31,110 900 1 Tessera Technologies, Inc. 37,017 2,200 Texas Instruments, Inc. 77,418 5,500 1 Trident Microsystems, Inc. 83,655 300 1 Varian Semiconductor Equipment Associates, Inc. 14,100 1,300 1 Zoran Corp. 24,505 TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS $ 1,136,262 SOFTWARE - 4.4% 8,400 1 Activision, Inc. 143,724 5,600 1 Ansys, Inc. 145,824 2,000 1 Autodesk, Inc. 84,740 5,800 1 Citrix Systems, Inc. 209,786 2,600 1 Intuit, Inc. 74,464 3,500 1 Lawson Software, Inc. 33,355 16,000 Microsoft Corp. 463,840 1,900 1 Opswares, Inc. 26,790 12,200 1 Oracle Corp. 233,264 2,600 1 THQ, Inc. 74,776 4,900 1 Telecommunication System, Inc., Class A 21,119 TOTAL SOFTWARE $ 1,511,682 SPECIALTY RETAIL - 4.9% 4,300 Abercrombie & Fitch Co., Class A 300,570 600 1 Aeropostale, Inc. 22,848 5,250 American Eagle Outfitters, Inc. 127,365 1,100 Big Sporting Goods Corp. 23,507 7,300 1 Cache, Inc. 124,465 3,200 1 Chicos Fas, Inc. 61,952 1,700 1 Children's Place Retail Stores, Inc. 57,987 600 1 Dollar Tree Stores 22,956 4,200 1 GameStop Corp., Class A 169,470 8,000 Home Depot, Inc. 297,360 4,900 Lowe's Cos., Inc. 137,249 500 Men's Wearhouse, Inc. 24,700 800 Payless ShoeSource, Inc. 21,296 5,100 Reitmans CDA Ltd., Class A 115,979 1,800 Ross Stores, Inc. 52,074 2,200 1 Urban Outfitters, Inc. 44,132 2,100 Williams-Sonoma, Inc. 64,659 TOTAL SPECIALTY RETAIL $ 1,668,569 TEXTILES, APPAREL & LUXURY GOODS - 0.9% 3,400 1 Coach, Inc. 154,564 800 1 Ellis Perry International, Inc. 24,008 2,200 Nike, Inc., Class B 124,190 TOTAL TEXTILES, APPAREL & LUXURY GOODS $ 302,762 TOBACCO - 1.3% 6,900 Altria Group, Inc. 458,643 TRADING COMPANIES & DISTRIBUTORS - 0.3% 1,900 Fastenal Co. 85,633 900 Houston Wire & Cable, Co. 23,193 TOTAL TRADING COMPANIES & DISTRIBUTORS $ 108,826 TOTAL COMMON STOCKS $ 33,834,282 (IDENTIFIED COST $30,218,207) 2 MUTUAL FUNDS -- 1.7% 944 MTB Money Market Fund, A2 Shares, 4.85%3 944 577,335 MTB Prime Money Market Fund, Corporate Shares, 4.94%3 577,335 TOTAL MUTUAL FUNDS (AT NET ASSET VALUE) $ 578,279 TOTAL INVESTMENTS - 100.7% $ 34,412,561 (IDENTIFIED COST $30,796,486)4 OTHER ASSETS AND LIABILITIES---NET - (0.7)% $ (226,374) TOTAL NET ASSETS-100% $ 34,186,187 1 Non-income producing security. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $30,796,486. The net unrealized appreciation of investments for federal tax purposes was $3,616,075. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $4,919,058 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,302,983.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle} in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle} for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 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. The following acronym is used throughout this portfolio: ADR --American Depositary Receipt
MTB NEW YORK MUNICIPAL BOND FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT 1 MUNICIPAL BONDS--92.3% GUAM--0.4% SINGLE FAMILY HOUSING--0.4% $ 375,000 Guam Housing Corp., State Single Family Housing Revenue Bonds, 5.75%, 9/1/2031 $ 395,891 NEW YORK--89.2% DEVELOPMENT---5.1% 1,000,000 Geneva, NY, Revenue Bond, (Project A), 5.375%, (Hobart and William Smith) 2/1/2033 1,047,420 1,000,000 Montgomery County, NY IDA, Revenue Bonds (Series A), 5.00% (XL Capital Assurance Inc. INS), 1,032,100 7/1/2029 3,000,000 New York Convention Center Development Corp., 5.00% (AMBAC INS), 11/15/2026 3,131,100 155,000 Schenectady, NY IDA, (Series A), 5.45% (Union College)/(AMBAC INS)/(Original Issue Yield: 164,046 5.467%), 12/1/2029 TOTAL DEVELOPMENT $ 5,374,666 FACILITIES---6.1% 915,000 Canton, NY, Human Services, 5.75% (Original Issue Yield: 5.80%), 9/1/2032 965,764 5,140,000 New York City, NY Transitional Finance Authority, (Series S-2), 5.00% (Original Issue Yield: 5,480,782 3.85%), 1/15/2019 TOTAL DEVELOPMENT $ 6,446,546 GENERAL--10.1% 1,000,000 Grand Central, NY District Management Association, Inc., Refunding Bond, 5.00%, 1/1/2021 1,046,270 2,635,000 Nassau County, NY, Interim Finance Authority, Refunding Revenue Bond (Series A), 5.00%, (AMBAC 2,777,158 INS), 11/15/2022 1,425,000 Sales Tax Asset Receivable Corp., NY, (Series A), 5.00% (MBIA INS)/(Original Issue Yield: 4.41%), 1,487,501 10/15/2026 1,735,000 Sales Tax Asset Receivable Corp., NY, Revenue Bond (Series A), 5.00% (MBIA Insurance Corp. INS), 1,814,376 10/15/2025 3,350,000 Sales Tax Asset Receivable Corp., NY, Revenue Bonds (Series A), 5.00% (AMBAC INS), 10/15/2029 3,486,412 TOTAL GENERAL $ 10,611,717 GENERAL OBLIGATION---13.3% 500,000 Nassau County, NY, GO, (Series F), 7.00% (FSA INS), 3/1/2010 539,185 2,500,000 New York City, NY, 5.00%, 6/1/2023 2,602,550 1,000,000 New York City, NY, GO UT Bonds (Fiscal 2004 Series I), 5.00%, 8/1/2022 1,040,400 5,000,000 New York City, NY, GO UT Bonds (Series G), 5.00%, 8/1/2023 5,219,850 3,000,000 Orange County, NY, GO UT Bonds, 4.30% (FGIC LOC), 7/1/2018 3,053,340 1,580,000 Orange County, NY, GO UT, 5.10% (Original Issue Yield: 5.29%), 7/15/2019 1,617,493 TOTAL GENERAL OBLIGATION $ 14,072,818 HIGHER EDUCATION--11.5% 1,170,000 New York State Dormitory Authority, (Series A), 5.00% (Original Issue Yield: 4.25%), 3/15/2023 1,230,583 425,000 New York State Dormitory Authority, (Series C), 7.375% (Original Issue Yield: 7.471%), 5/15/2010 452,141 860,000 New York State Dormitory Authority, (Series C), 7.375% (Original Issue Yield: 7.471%), 5/15/2010 912,168 750,000 New York State Dormitory Authority, FHA Insured Mortgage Ellis Hospital Revenue Bond, 5.05% (FHA 779,820 INS), 8/15/2024 2,000,000 New York State Dormitory Authority, Mental Health Services Facilities Improvement Revenue Bonds 2,086,020 (Series 2005D-1), 5.00% (New York State)/(FGIC INS), 2/15/2023 3,000,000 New York State Dormitory Authority, Revenue Bonds, 7.50%, 5/15/2013 3,530,760 1,000,000 New York State Dormitory Authority, Univ. of Rochester, 5.125%, 7/1/2039 1,078,950 1,000,000 New York State Dormitory Authority, School District Financing Revenue Bonds (Series C), 5.375% 1,068,940 (MBIA Insurance Corp. INS), 10/1/2015 895,000 New York State Dormitory Authority, School Districts Financing Program (Series D), 5.50% (MBIA 962,760 Insurance Corp. INS), 10/1/2017 TOTAL HIGHER EDUCATION $ 12,102,142 MEDICAL--5.8% 1,000,000 Chemung County, NY, IDA, (Series B), 5.00% (Original Issue Yield: 4.999%), 11/1/2034 1,002,050 750,000 Chemung County, NY, IDA, 5.00% (Arnot Ogden Medical Center)/(Original Issue Yield: 5.02%), 751,537 11/1/2034 1,000,000 Monroe County, NY IDA, Civic Facilities Revenue Bond, 5.00% (Highland Hospital Rochester 1,004,910 Project), 8/1/2025 1,000,000 New York City, NY Health and Hospitals Corp., (Series A), 5.45% (Original Issue Yield: 5.48%), 1,025,710 2/15/2026 1,000,000 New York State Dormitory Authority, Health, Hospital, Nursing Home Improvement Revenue Bonds, 1,025,590 5.10% (AMBAC INS), 2/1/2019 1,000,000 New York State Dormitory Authority, United Health Services, 5.375% (AMBAC INS)/(Original Issue 1,026,630 Yield: 5.573%), 8/1/2027 270,000 Tompkins, NY Health Care Corp., 10.80% (FHA INS), 2/1/2028 298,793 TOTAL MEDICAL $ 6,135,220 MULTIFAMILY HOUSING--4.8% 1,355,000 East Rochester, NY Housing Authority, Refunding Revenue Bonds, 6.125% (Original Issue Yield: 1,471,327 5.375%), 4/20/2043 925,000 New Rochelle, NY Municipal Housing Authority, Revenue Bonds, 6.50% (HUD Section 8 GTD)/(Original 977,272 Issue Yield: 6.803%), 12/1/2014 970,000 New York State HFA, (Series A), 7.75% (FHA INS)/(Original Issue Yield: 7.748%), 8/15/2017 984,084 95,000 New York State HFA, Service Contract Obligation Revenue Bonds (Series 1995 A), 6.25% (Original 95,859 Issue Yield: 6.35%), 9/15/2010 635,000 New York State HFA, Service Contract Obligation Revenue Bonds (Series 1995 A), 6.25% (Original 636,803 Issue Yield: 6.35%), 9/15/2010 885,000 New York State HFA, Service Contract Obligation Revenue Bonds (Series 1995 A), 6.375% (Original 887,735 Issue Yield: 6.45%), 9/15/2015 TOTAL MULTIFAMILY HOUSING $ 5,053,080 NURSING HOMES--1.0% 500,000 Appleridge Retirement Community, Revenue Bonds, 5.60% (GNMA Collateralized Home Mortgage 525,645 Program)/(GNMA Collateralized Home Mortgage Program COL), 9/1/2021 310,000 New York State Dormitory Authority, Revenue Bonds, 5.85% (Wesley Health System)/(FHA INS), 316,609 8/1/2026 180,000 Tompkins County, NY IDA, Revenue Bonds, 6.05% (Ithacare Center Project)/(FHA INS), 2/1/2017 180,792 TOTAL NURSING HOMES $ 1,023,046 POLLUTION--1.0% 1,040,000 New York State Environmental Facilities Corp., Revenue Bonds, 5.85%, 1/15/2015 1,049,786 POWER--8.0% 2,000,000 Long Island Power Authority, NY, Revenue Bonds (Series A), 5.00%, 12/1/2025 2,093,640 6,000,000 Long Island Power Authority, NY, Revenue Bonds (Series E), 5.00% (FGIC LOC), 12/1/2022 6,331,560 TOTAL POWER $ 8,425,200 SCHOOL DISTRICT--1.0% 1,000,000 Webster, NY, Central School District, GO UT, 5.125% (FGIC INS)/(Original Issue Yield: 5.40%), 1,036,070 6/15/2019 SINGLE FAMILY HOUSING--1.0% 865,000 New York State Mortgage Agency, (Refunding Revenue Bonds), 5.70% (Original Issue Yield: 5.70%), 879,549 4/1/2011 215,000 New York State Mortgage Agency, (Series 67), 5.80% (Original Issue Yield: 5.799%), 10/1/2028 216,129 TOTAL SINGLE FAMILY HOUSING $ 1,095,678 SPECIAL PURPOSE--3.7% 915,000 New York Counties Tobacco Trust II, Refunding Revenue Bonds, 5.25% (Original Issue Yield: 5.30%), 929,164 6/1/2025 1,000,000 TSASC, Inc. NY, Cash Flow Management, Public Improvements, 6.25%, 7/15/2027 1,056,830 1,430,000 Tobacco Settlement Financing Corp., NY, (Series A-1), 5.25% (Original Issue Yield: 4.00%), 1,475,617 6/1/2016 400,000 Tobacco Settlement Financing Corp., NY, Asset Backed Revenue Bonds (Series C-1), 5.25% (New York 403,924 State), 6/1/2013 TOTAL SPECIAL PURPOSE $ 3,865,535 TRANSPORTATION--14.8% 435,000 Albany, NY, Parking Authority, (Series A), 5.00% (Original Issue Yield: 4.79%), 7/15/2008 438,680 220,000 Albany, NY, Parking Authority, Revenue Bonds (Series A), 5.625%, 7/15/2025 231,656 280,000 Albany, NY, Parking Authority, Revenue Bonds (Series A), 5.625%, 7/15/2025 301,899 1,300,000 Metropolitan Transportation Authority, NY, Revenue Bonds (Series B), 5.00%, 11/15/2031 1,343,108 655,000 New York State Thruway Authority - Dedicated Highway & Bridge Trust Fund, Unrefunded Revenue Bond 675,436 (Series A), 5.125% (FGIC INS), 4/1/2011 5,000,000 New York State Thruway Authority Second Generation Highway & Bridge Trust Fund, Revenue Bonds 5,308,700 (Series A), 5.00%, 4/1/2020 1,000,000 New York State Thruway Authority, (Series 2000A), 6.25% (New York State Thruway Authority - 1,070,770 Dedicated Highway & Bridge Trust Fund)/(FSA INS), 4/1/2011 2,000,000 Port Authority of New York and New Jersey, Revenue Bonds (132nd Series), 5.00% (GO of Authority 2,069,120 LOC)/(Original Issue Yield: 5.11%), 9/1/2026 3,500,000 Triborough Bridge & Tunnel Authority, NY, (Series Y) Refunding Revenue Bond, 6.125% (CapMAC 4,143,160 Holdings, Inc.)/(CapMAC Holdings, Inc. LOC)/(Original Issue Yield: 6.20%), 1/1/2021 TOTAL TRANSPORTATION $ 15,582,529 WATER---2.0% 1,000,000 New York City, NY, Municipal Water Finance Authority, (Series C), 5.125% (Original Issue Yield: 1,035,870 5.43%), 6/15/2033 1,000,000 New York City, NY, Municipal Water Finance Authority, Fiscal 2004-C Revenue Bonds, 5.00% (AMBAC 1,032,510 INS), 6/15/2035 TOTAL WATER $ 2,068,380 TOTAL NEW YORK $ 93,942,413 PUERTO RICO--0.6% GENERAL OBLIGATION--0.6% 550,000 Commonwealth of Puerto Rico, GO UT, 7.00%, (MBIA INS), 7/1/2010 598,851 SOUTH CAROLINA--0.5% SPECIAL PURPOSE--0.5% 500,000 Tobacco Settlement Revenue Management Authority, SC, (Series B), 6.375% (Original Issue Yield: 565,695 6.48%), 5/15/2030 WISCONSIN--1.6% SPECIAL PURPOSE--1.6% 1,595,000 Badger, WI, Tobacco Asset Securitization Corp., Refunding Revenue Bonds, 6.125%, 6/1/2027 1,665,164 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $95,383,438) $ 97,168,014 2 SHORT-TERM MUNICIPALS--6.9% NEW YORK--6.9% GENERAL OBLIGATION--2.4% 900,000 New York City, NY, (1994 Series A-4) Daily VRDNs (JPMorgan Chase Bank, N.A. LOC), 3.660%, 900,000 8/1/2007 1,100,000 New York City, NY, (1994 Series A-5) Daily VRDNs (KBC Bank N.V. LOC), 3.640%, 8/1/2007 1,100,000 525,000 New York City, NY, (1994 Series H-2) Daily VRDNs (MBIA Insurance Corp. INS)/(Commerzbank AG, 525,000 Frankfurt LOC)/(Wachovia Bank N.A. SA), 3.660%, 8/1/2007 TOTAL GENERAL OBLIGATION $ 2,525,000 WATER--4.5% 3,000,000 New York City, NY Municipal Water Finance Authority, (Fiscal 1994 Series C) Daily VRDNs (FGIC 3,000,000 INS)/(FGIC Securities Purchase, Inc. LIQ), 3.640%, 8/1/2007 1,750,000 New York City, NY Municipal Water Finance Authority, (Series 2001 F-1) Daily VRDNs (Dexia Credit 1,750,000 Local LIQ), 3.660%, 8/1/2007 TOTAL WATER 4,750,000 TOTAL SHORT-TERM MUNICIPALS (AT AMORTIZED COST) 7,275,000 TOTAL MUNICIPAL INVESTMENTS-99.2% $ 104,443,014 (IDENTIFIED COST $102,658,438)3 OTHER ASSETS AND LIABILITIES-NET-0.8% $ 1,103,692 TOTAL NET ASSETS-100% $ 105,546,706 1 At July 31, 2007, 2.4% of the total investments at market value were subject to the federal alternative minimum tax. 2 Current rate and next reset date shown for Variable Rate Demand Notes. 3 At July 31, 2007, the cost of investments for federal tax purposes was $102,623,365. The net unrealized appreciation of investments for federal tax purposes was $1,819,649. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $2,017,216 and net unrealized depreciation from investments for those securities having an excess of cost over value of $197,567.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the closing of trading on such exchanges. Options trade in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the options as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (the "Trustees") maybe determined in good faith that another method of valuing such investments is necessary to appraise their fair market value; {circle}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 Trustees, although the actual calculation is done by others under the direction of Fund management. An event is considered material 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. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation CapMAC --Capital Municipal Assurance Corporation COL --Collateralized FGIC --Financial Guaranty Insurance Company FHA --Federal Housing Administration FSA --Financial Security Assurance GNMA --Government National Mortgage Association GO --General Obligation GTD --Guaranteed HFA --Housing Finance Authority IDA --Industrial Development Authority INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit SA --Support Agreement UT --Unlimited Tax VRDNs --Variable Rate Demand Notes
MTB NEW YORK TAX-FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT 1,2 SHORT-TERM MUNICIPALS-95.1% NEW YORK-95.1% $ 1,405,000 Albany, NY IDA, (Series 2001C: Empire Commons North) Weekly VRDNs (University at Albany $ 1,405,000 Foundation Student Housing Corp.)/(AMBAC INS)/(Key Bank, N.A. SA), 3.640%, 8/2/2007 1,660,000 Dutchess County, NY IDA, (Series 1998-A) Weekly VRDNs (Marist College)/(Bank of New York LOC), 1,660,000 3.610%, 8/2/2007 3,300,000 Hamburg, NY CSD, UT GO Notes, 4.00% TANs (State Aid Withholding LOC), 11/15/2007 3,302,788 4,055,000 Long Island Power Authority, NY, (Series 2003E) Weekly VRDNs (FSA LOC), 3.570%, 8/1/2007 4,055,000 2,000,000 Long Island Power Authority, NY, (Series A), 5.75% Bonds,(PRF 6/1/2008 @ 101), 12/2/2024 2,054,651 5,000,000 Nassau County, NY Sewer & Storm Water Finance Authority, 3.60% CP, (Bank of America, LOC), 5,000,000 Mandatory Tender 10/3/2007 3,900,000 New York City, NY Housing Development Corp., (Series A) Weekly VRDNs, (JP Morgan LOC), 3.620%, 3,900,000 8/1/2007 5,700,000 New York City, NY Housing Development Corp., Revenue Bonds (Series A) Weekly VRDNs (Urban 5,700,000 Horizons II LP)/(Citibank NA, New York LOC), 3.620%, 8/1/2007 2,700,000 New York City, NY Municipal Water Finance Authority, (Fiscal 1993 Series C) Daily VRDNs (FGIC 2,700,000 INS)/(FGIC Securities Purchase, Inc. LIQ)/(DEPFA SPA), 3.640%, 8/1/2007 1,800,000 New York City, NY Municipal Water Finance Authority, (Fiscal 1994 Series C) Daily VRDNs (FGIC 1,800,000 INS)/(FGIC Securities Purchase, Inc. LIQ)/(DEPFA SPA), 3.640%, 8/1/2007 1,800,000 New York City, NY Municipal Water Finance Authority, (Series 2001 F-1) Daily VRDNs (Dexia Credit 1,800,000 Local LIQ), 3.660%, 8/1/2007 1,100,000 New York City, NY Municipal Water Finance Authority, (Series 2003 C-1) Daily VRDNs (State Street 1,100,000 Bank and Trust Co. LIQ), 3.660%, 8/1/2007 1,800,000 New York City, NY Transitional Finance Authority, (1999 Subseries A-2) Weekly VRDNs (Bank of Nova 1,800,000 Scotia, Toronto LIQ), 3.560%, 8/1/2007 1,100,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Subseries 2- 1,100,000 F) Daily VRDNs (GTD by Bayerische Landesbank LIQ), 3.660%, 8/1/2007 3,900,000 New York City, NY Weekly VRDNs, (JP Morgan LOC), 3.610%, 8/1/2007 3,900,000 3,850,000 New York City, NY, (1994 Series A-4) Daily VRDNs (GTD by Bayerische Landesbank LOC), 3.650%, 3,850,000 8/1/2007 1,500,000 New York City, NY, (1994 Series A-4) Daily VRDNs (Baden LOC), 3.660%, 8/1/2007 1,500,000 2,100,000 New York City, NY, (1994 Series A-5) Monthly VRDNs (KBC Bank N.V. LOC), 3.640%, 8/1/2007 2,100,000 4,200,000 New York City, NY, (1994 Series A-5) Monthly VRDNs (KBC Bank N.V. LOC), 3.640%, 8/1/2007 4,200,000 3,300,000 New York City, NY, (1994 Series H-2) Daily VRDNs (MBIA Insurance Corp. INS)/ 3,300,000 (Commerzbank AG, Frankfurt LOC)/(Wachovia Bank N.A. SA), 3.660%, 8/1/2007 3,400,000 New York City, NY, (1995 Series B-4) Daily VRDNs (MBIA Insurance Corp. INS)/(GTD by Landesbank 3,400,000 Hessen-Thueringen SA), 3.640%, 8/1/2007 2,300,000 New York City, NY, (1995 Series B-7) Daily VRDNs (AMBAC INS)/(JP Morgan SPA), 3.640%, 8/1/2007 2,300,000 3,200,000 New York City, NY, (1995 Series F-2) Weekly VRDNs, (DEPFA Bank PLC LOC), 3.590%, 8/1/2007 3,200,000 1,475,000 New York City, NY, (Fiscal 1995 Series F-4) Weekly VRDNs (GTD by Landesbank Hessen-Thueringen 1,475,000 LOC), 3.560%, 8/1/2007 4,670,000 New York City, NY, (Fiscal 2004 Series A-6) Weekly VRDNs (GTD by Landesbank Baden-Wuerttemberg 4,670,000 LOC), 3.540%, 8/1/2007 3,000,000 New York City, NY, (Fiscal 2006 Series H-2) Daily VRDNs (Dexia Credit Local LOC), 3.640%, 3,000,000 8/1/2007 1,200,000 New York City, NY, (Series 1994H-4) Weekly VRDNs (AMBAC INS)/(Kredietbank NV SA), 3.600%, 1,200,000 8/1/2007 1,550,000 New York State Dormitory Authority, 5.375% Bonds (FSA LOC)/(PRF 1/1/2008@102), 7/1/2024 1,592,521 2,300,000 New York State Environmental Facilities Corp. Sewer & Solid Waste Disposal, Revenue Bonds (Series 2,300,000 A) Daily VRDNs (General Electric Co.), 3.680%, 8/1/2007 4,000,000 New York State Environmental Facilities Corp., 3.69% CP, (Bayerische LOC), 11/7/2007 4,000,000 4,000,000 New York State HFA, Service Contract Revenue Bonds (2003 Series B) Weekly VRDNs (BNP Paribas SA 4,000,000 LOC), 3.560%, 8/1/2007 5,000,000 New York State Power Authority, (Baden Bayerische, Bank of New York, BNP Paribas, JP Morgan, 5,000,000 State Street, Wachovia, LOCs), 3.68% CP, Mandatory Tender 9/5/2007 2,800,000 Ontario County, NY Industrial Development Agency, (Series 2003A) Weekly VRDNs (Frederick Ferris 2,800,000 Thompson Hospital)/(Key Bank, N.A. LOC), 3.630%, 8/1/2007 2,900,000 Port Authority of New York and New Jersey, Adjustable Versatile Structure Obligation (Series 2) 2,900,000 Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 3.640%, 8/1/2007 2,035,000 Seneca County, NY IDA, (Series 2000) Weekly VRDNs (Kidspeace National Centers of New York, 2,035,000 Inc.)/(Key Bank, N.A. LOC), 3.690%, 8/2/2007 1,360,000 Suffolk County, NY IDA, (Series 1997B) Weekly VRDNs (Maryhaven Center of Hope)/(Key Bank, N.A. 1,360,000 LOC), 3.690%, 8/1/2007 3,000,000 Suffolk County, NY, 4.00% TRANs, 8/16/2007 3,000,624 3,000,000 Sweet Home CSD NY, Tax Anticipation Note, 4.00% TANs, 11/5/2007 3,002,529 4,500,000 Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2001C) Weekly VRDNs 4,500,000 (Bayerische Landesbank LIQ)/(AMBAC LOC), 3.560%, 8/1/2007 TOTAL SHORT-TERM MUNICIPALS $ 111,963,113 TOTAL INVESTMENTS-95.1% $ 111,963,113 (AT AMORTIZED COST)3 OTHER ASSETS AND LIABILITIES-NET-4.9% $ 5,741,195 TOTAL NET ASSETS---100% $ 117,704,308 1 At July 31, 2007, 7.1% of the total investments at market value were subject to the federal alternative minimum tax. 2 Current rate and next reset date shown for Variable Rate Demand Notes. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation CP --Commercial Paper CSD --Central School District FGIC --Financial Guaranty Insurance Company FSA --Financial Security Assurance GO --General Obligation GTD --Guaranteed HFA --Housing Finance Authority IDA --Industrial Development Authority INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit LP --Limited Partnership PRF --Pre-refunded SA --Support Agreement TANs --Tax Anticipation Notes TRANs --Tax and Revenue Anticipation Notes UT --Unlimited Tax VRDNs --Variable Rate Demand Notes
MTB PENNSYLVANIA MUNICIPAL BOND FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT 1 MUNICIPAL BONDS-98.4% PENNSYLVANIA-96.5% $ DEVELOPMENT-12.4% 4,775,000 Bucks County, PA IDA, Revenue Bonds, 10.00%, (ETM) 5/15/2019 $ 7,273,710 500,000 Pennsylvania State IDA, EDRBs, 5.50% (AMBAC INS), 7/1/2013 539,480 1,000,000 Philadelphia, PA IDA, (Series B), 5.25% (FSA INS), 10/1/2010 1,042,070 2,000,000 Philadelphia, PA IDA, (Series B), 5.25% (FSA INS)/(Original Issue Yield: 5.45%), 10/1/2030 2,080,020 1,000,000 Philadelphia, PA IDA, Revenue Bonds, 5.25% (Please Touch Museum), 9/1/2026 1,037,990 1,500,000 Philadelphia, PA Redevelopment Authority, Revenue Bonds, 5.00% (FGIC LOC), 4/15/2027 1,553,715 3,000,000 Pittsburgh, PA Auditorium Authority, Regional Asset District Sales Tax Revenue Bonds (Series 3,109,080 1999), 5.25% (AMBAC INS), 2/1/2017 TOTAL DEVELOPMENT $ 16,636,065 EDUCATION-3.2% 1,655,000 Berks County, PA Vocational Technical School Authority, Revenue Bonds (Series 2005), 5.00% (Berks 1,760,854 Career & Technology Center)/(MBIA Insurance Corp. INS), 6/1/2014 30,000 Charleroi, PA Area School District, (Series C), 6.00% (FGIC INS)/(Original Issue Yield: 6.046%), 31,352 10/1/2017 1,300,000 Charleroi, PA Area School District, (Series C), 6.00% (United States Government PRF 10/1/2009 @ 1,360,112 100)/(FGIC INS)/(Original Issue Yield: 6.046%), 10/1/2017 1,000,000 York County, PA School Technology Authority, Lease Revenue Bonds, 5.50% (FGIC INS), 2/15/2021 1,081,220 TOTAL EDUCATION $ 4,233,538 FACILITIES--4.0% 2,410,000 Pennsylvania Convention Center Authority, Revenue Bonds, 6.00% (FGIC INS)/(Original Issue Yield: 2,798,299 6.80%), 9/1/2019 2,500,000 Pittsburgh, PA Public Parking Authority, Revenue Bonds (Series A), 5.00% (FGIC INS), 12/1/2025 2,609,750 TOTAL FACILITIES $ 5,408,049 GENERAL--4.9% 3,095,000 Westmoreland County, PA Municipal Authority, Revenue Bonds, 5.25% (State and Local Government PRF 3,368,196 8/15/2015 @ 100), 8/15/2025 3,000,000 Westmoreland County, PA Municipal Authority, Revenue Bonds, 5.25% (State and Local Government PRF 3,264,810 8/15/2015 @ 100)/(FSA INS), 8/15/2027 TOTAL GENERAL $ 6,633,006 GENERAL OBLIGATION--5.0% 1,000,000 Allegheny County, PA, GO, (Series C-52), 5.25% (United States Government PRF 5/1/2011 @ 1,050,350 100)/(FGIC INS)/(Original Issue Yield: 5.50%), 11/1/2021 1,000,000 Butler County, PA IDA, GO UT, 6.00% (FGIC INS)/(Original Issue Yield: 6.00%), 7/15/2011 1,080,570 1,000,000 Lancaster County, PA, (Series A), 5.60% (United States Government PRF 5/15/2010 @ 100)/ 1,047,100 (FGIC INS)/(Original Issue Yield: 5.65%), 5/1/2012 1,215,000 Mercer County, PA, GO UT, 5.50% (FGIC INS), 10/1/2019 1,285,907 1,155,000 Mercer County, PA, GO UT, 5.50% (FGIC INS), 10/1/2018 1,222,406 1,000,000 Philadelphia, PA, GO UT, 5.25% (FSA INS), 9/15/2015 1,045,420 TOTAL GENERAL OBLIGATION $ 6,731,753 HEALTH CARE-19.3% 370,000 Allegheny County, PA HDA, (Series A) Revenue Bonds, 4.20% (Jefferson Regional Medical Center, 368,572 PA)/(Original Issue Yield: 4.25%), 5/1/2011 290,000 Allegheny County, PA HDA, (Series A) Revenue Bonds, 4.25% (Jefferson Regional Medical Center, 288,567 PA)/(Original Issue Yield: 4.30%), 5/1/2012 415,000 Allegheny County, PA HDA, (Series A) Revenue Bonds, 4.40% (Jefferson Regional Medical Center, 405,804 PA)/(Original Issue Yield: 4.45%), 2/1/2016 275,000 Bucks County, PA IDA, Revenue Bonds (Series A), 5.30% (Ann's Choice, Inc.)/(Original Issue Yield: 278,792 5.45%), 1/1/2014 240,000 Bucks County, PA IDA, Revenue Bonds (Series A), 5.40% (Ann's Choice, Inc.)/(Original Issue Yield: 244,346 5.55%), 1/1/2015 1,000,000 Bucks County, PA IDA, Revenue Bonds (Series 2002A), 6.00% (Pennswood Village)/(Original Issue 1,101,350 Yield: 6.12%), 10/1/2027 330,000 Bucks County, PA IDA, Revenue Bonds (Series A), 5.20% (Ann's Choice, Inc.)/(Original Issue Yield: 332,851 5.30%), 1/1/2013 1,985,000 Chester County, PA HEFA, Refunding Revenue Bonds, 5.625%, (Chester County Hospital, PA)/(MBIA 1,997,486 Insurance Corp. INS)/(Original Issue Yield: 5.85%), 7/1/2009 1,675,000 Chester County, PA HEFA, Refunding Revenue Bonds, 5.625% (Chester County Hospital, PA)/(MBIA 1,685,536 Insurance Corp. INS)/(Original Issue Yield: 5.90%), 7/1/2010 2,000,000 Chester County, PA HEFA, Revenue Bonds, (Series B), 5.375% (Jefferson Health System)/(Original 2,033,760 Issue Yield: 5.63%), 5/15/2027 1,200,000 Delaware County, PA Authority, Dunwoody Village, 6.25% (State and Local Government PRF 4/1/2010 @ 1,269,600 100) (Original Issue Yield: 6.45%), 4/1/2030 1,270,000 Lancaster County, PA Hospital Authority, (Series B) Revenue Bonds, 5.00% (Lancaster General 1,294,714 Hospital), 3/15/2023 1,160,000 Lancaster County, PA Hospital Authority, Revenue Bonds, 5.00% (Masonic Homes), 11/1/2021 1,181,425 3,000,000 Montgomery County, PA Higher Education & Health Authority Hospital, Revenue Bonds, 7.25% (United 3,259,440 States Government PRF 12/1/2009 @ 102)/(Original Issue Yield: 7.40%), 12/1/2019 1,275,000 Montgomery County, PA Higher Education & Health Authority Hospital, Revenue Refunding Bonds, 1,291,345 5.50% (Holy Redeemer Health Care)/(AMBAC INS), 10/1/2008 1,850,000 Montgomery County, PA IDA, Revenue Bonds, 5.25% (Adult Communities Total Services, 1,863,449 Inc.)/(Original Issue Yield: 5.48%), 11/15/2028 1,500,000 Montgomery County, PA IDA, Revenue Bonds, 6.125% (Whitemarsh Continuing Care Retirement 1,564,935 Community)/(Original Issue Yield: 6.25%), 2/1/2028 2,685,000 Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds (Series A), 2,853,860 5.00%, (Wissahickon Hospice Healthcare) 8/15/2014 520,000 Philadelphia, PA IDA, Refunding Revenue Bonds, 4.75% (Simpson House)/(Original Issue Yield: 518,118 4.84%), 8/15/2008 2,000,000 Scranton-Lackawanna, PA Health & Welfare Authority, Refunding Revenue Bonds, 5.625% (Mercy Health 2,042,540 Care Systems)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 5.75%), 1/1/2016 TOTAL HEALTH CARE $ 25,876,490 HIGHER EDUCATION-20.1% 1,545,000 Bucks County, PA IDA, Revenue Bonds (Series A), 4.875% (School Lane Charter School), 3/15/2027 1,511,489 2,250,000 Chester County, PA HEFA, Revenue Bonds, 5.625% (Immaculata College)/(Radian Asset Assurance INS), 2,325,757 10/15/2027 3,170,000 Delaware County, PA Authority, Revenue Bonds, 4.50% (Eastern University)/(Radian Asset Assurance 2,934,184 LOC)/(Original Issue Yield: 4.57%), 10/1/2027 1,420,000 Montgomery County, PA Higher Education & Health Authority Hospital, Revenue Bonds (Series FF1), 1,500,457 5.00% (Dickinson College)/(CIFG INS, 5/1/2019 1,490,000 Montgomery County, PA Higher Education & Health Authority Hospital, Revenue Bonds (Series FF1), 1,570,296 5.00% (Dickinson College)/(CIFG INS), 5/1/2020 1,940,000 Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds, 5.50% (St. 2,047,825 Joseph's University)/(Radian Asset Assurance INS), 12/15/2015 1,345,000 Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds, 5.00% 1,417,065 (Philadelphia College of Osteopathic Medicine)/(Original Issue Yield: 3.65%), 12/1/2013 2,000,000 Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds, 5.25% 2,177,200 (University of Pennsylvania), 9/1/2015 2,600,000 Pennsylvania State Higher Education Facilities Authority, Refunding Revenue Bonds, 5.60% (Radian 2,642,666 Asset Assurance INS)/(Gwynedd Mercy Collegy), 11/1/2022 550,000 Pennsylvania State Higher Education Facilities Authority, Revenue Bonds, 5.00% (York College of 575,267 Pennsylvania)/(FGIC INS), 11/1/2020 1,335,000 Pennsylvania State University, Revenue Bonds, 5.00%, 9/1/2017 1,420,974 1,280,000 Philadelphia, PA Health & Educational Facilities, Refunding Revenue Bonds, 5.50% (AMBAC 1,362,253 INS)/(Community College of Philadelphia), 5/1/2014 1,350,000 Philadelphia, PA Health & Educational Facilities, Refunding Revenue Bonds, 5.50% (AMBAC 1,436,751 INS)/(Community College of Philadelphia), 5/1/2015 1,790,000 State Public School Building Authority, PA, Revenue Bonds, 5.00% (Montgomery County, PA Community 1,874,739 College)/(AMBAC INS), 5/1/2021 1,000,000 Swarthmore Boro Authority PA, Refunding Revenue Bonds, 5.25% (Swarthmore College)/(Original Issue 1,053,310 Yield: 4.65%), 9/15/2020 1,000,000 Union County, PA Higher Educational Facilities Financing Authority, (Series A) Refunding Revenue 1,057,830 Bonds, 5.25% (Bucknell University), 4/1/2020 TOTAL HIGHER EDUCATION $ 26,908,063 POLLUTION--0.6% 750,000 Bucks County, PA IDA, Environmental Improvement Revenue Bonds (Series 1995)/(USX Corp.), 5.40%, 786,900 11/1/2017, Mandatory Tender, 11/1/2001 @ 101.5 SCHOOL DISTRICT-13.7% 1,210,000 Belle Vernon, PA Area School District, GO UT, 6.00% (United States Treasury PRF 4/1/2009 @ 1,253,814 100)/(FGIC INS)/(Original Issue Yield: 6.09%), 4/1/2021 2,000,000 Cumberland Valley, PA School District, GO UT, 5.00% (Original Issue Yield: 3.69%), 11/15/2016 2,139,500 1,275,000 Eastern York, PA School District, GO UT Bonds (Series A), 5.00% (FSA LOC), 9/1/2024 1,340,994 1,000,000 Haverford Twp, PA School District, GO UT Bonds, 5.50% (FSA LOC), 3/15/2019 1,120,980 2,650,000 Hempfield, PA School District, GO UT, (Series B), 5.00% (FGIC INS), 10/15/2018 2,798,877 1,375,000 Jenkintown, PA School District, GO UT Bonds (Series A), 5.00% (FGIC LOC), 5/15/2028 1,415,576 1,765,000 North Allegheny, PA School District, GO UT, 5.50% (FGIC INS), 11/1/2010 1,858,298 2,500,000 Perkiomen Valley School District, PA, GO UT, 5.00% (State and Local Government PRF 4/1/2013 @ 2,643,675 100)/(FSA INS) 4/1/2028 2,000,000 Tredyffrin-Easttown, PA School District, GO UT Refunding Bonds, 5.00%, 2/15/2015 2,141,520 1,515,000 West Chester, PA Area School District, GO UT Bonds, 5.00% (State and Local Government PRF 1,590,917 4/15/2012 @ 100)/(GTD by State Aid Withholding), 4/15/2016 TOTAL SCHOOL DISTRICT $ 18,304,151 TRANSPORTATION-13.3% 2,500,000 Allegheny County, PA Port Authority, Refunding Revenue Bonds, 6.00% (United States Government PRF 2,609,750 3/1/2009 @ 101)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 6.125%), 3/1/2024 1,500,000 Delaware River Joint Toll Bridge Commission, Revenue Bonds - Refunding Bonds/Notes, Highway 1,579,290 Imps., 5.25%, 7/1/2018 1,135,000 Delaware River Joint Toll Bridge Commission, Revenue Bonds - Refunding Bonds/Notes, Highway 1,217,390 Imps., 5.25% (United States Government PRF 7/1/2013 @ 100), 7/1/2018 3,410,000 Delaware River Port Authorty, Revnue Bonds (Series A), 5.50% (Port District Project)/(FSA LOC), 3,626,433 1/1/2016 5,500,000 Pennsylvania State Turnpike Commission, (Series S), 5.625% (FGIC INS), 6/1/2013 5,883,130 2,355,000 Scranton, PA Packaging Authority, Refunding Revenue Bonds, 5.00% (FGIC INS), 9/15/2033 2,427,063 500,000 Southeastern, PA Transportation Authority, (Series A) Revenue Bonds, 5.25% (FGIC INS), 3/1/2013 515,500 TOTAL TRANSPORTATION $ 17,858,556 TOTAL PENNSYLVANIA $ 129,376,571 PUERTO RICO-1.9% POWER-1.9% 2,500,000 Puerto Rico Electric Power Authority, Revenue Bonds (Series PP), 5.00% (FGIC INS), 7/1/2022 $ 2,625,025 TOTAL MUNICIPAL BONDS $ 132,001,596 (IDENTIFIED COST $129,870,577) 2 MUTUAL FUND--0.5% 643,151 Pennsylvania Municipal Cash Trust, Class Institutional Shares, 3.24%3 $ 643,151 (AT NET ASSET VALUE) TOTAL MUNICIPAL INVESTMENTS --- 98.9% $ 132,644,747 (IDENTIFIED COST $130,513,728)4 OTHER ASSETS AND LIABILITIES --- NET --- 1.1% $ 1,449,210 TOTAL NET ASSETS --- 100% $ 134,093,957 1 At July 31, 2007, the Fund held no securities subject to the federal alternative minimum tax. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $130,403,067. The net unrealized appreciation of investments for federal tax purposes was $2,241,680. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $3,189,581 and net unrealized depreciation from investments for those securities having an excess of cost over value of $947,901.
Note: The categories of investments are shown as a percentage of total net assets July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}for investments in other open-end regulated investment companies, based on net asset value (NAV); {circle}future 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 options 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; and {circle}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 Trustees, although the actual calculation is done by others under the direction of Fund management. An event is considered material 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. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation CIFG --CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee EDRBs --Economic Development Revenue Bonds ETM --Escrowed to Maturity FGIC --Financial Guaranty Insurance Company FSA --Financial Security Assurance GO --General Obligation GTD --Guaranteed HDA --Hospital Development Authority HEFA --Health and Education Facilities Authority IDA --Industrial Development Authority INS --Insured LOC(s) --Letter(s) of Credit UT --Unlimited Tax
MTB PENNSYLVANIA TAX-FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT 1,2 SHORT-TERM MUNICIPALS --92.0% PENNSYLVANIA--92.0% $ 1,000,000 Allegheny County Sanitation Authority, Revenue Bonds, 6.00% Bonds (MBIA Insurance Corp. INS)/(PRF $ 1,027,660 12/1/2007@102), 12/1/2019 1,500,000 Allegheny County, PA, HDA, (Series A), 6.00% Bonds (MBIA Insurance Corp. LOC)/(PRF 9/1/2007@100), 1,502,976 9/1/2010 1,000,000 Allegheny County, PA, Higher Education Building Authority, (Series 1998) Daily VRDNs (Carnegie 1,000,000 Mellon University)/(Landesbank Hessen-Thueringen (GTD) SA), 3.680%, 8/1/2007 500,000 Allentown, PA, Commercial and IDA, (Series 1999) Daily VRDNs (Diocese of Allentown)/ 500,000 (Wachovia Bank N.A. LOC), 3.680%, 8/1/2007 500,000 Beaver County, PA, IDA, Refunding Revenue Bond Weekly VRDNs, (Atlantic Richfield-GTD)/(BP PLC 500,000 GTD), 3.640%, 8/1/2007 1,200,000 Bucks County, PA, IDA, Revenue Bonds Weekly VRDNs (SHV Real Estate, Inc.)/(ABN AMRO Bank NV, New 1,200,000 York LOC), 3.650%, 8/1/2007 600,000 Chester County, PA, IDA, (Series of 2001) Daily VRDNs (Archdiocese of Philadelphia)/ 600,000 (Wachovia Bank N.A. LOC), 3.680%, 8/1/2007 860,000 Cumberland County, PA, Municipal Authority, (Series 2003-B) Weekly VRDNs (Presbyterian Homes, 860,000 Inc.)/(KBC Bank N.V. LOC), 3.610%, 8/2/2007 900,000 Delaware County, PA, IDA, Refunding Revenue Bonds Weekly VRDNs (General Electric Capital Corp.), 900,000 3.610%, 8/1/2007 800,000 Delaware County, PA, PCR, (Series 2001 A), 3.68% CP (Exelon Generation Co. LLC)/ 800,000 (Wachovia Bank N.A. LOC), Mandatory Tender 10/5/2007 1,200,000 Delaware Valley, PA, Regional Finance Authority Weekly VRDNs (Bayerische LOC), 3.640%, 8/1/2007 1,200,000 400,000 Emmaus, PA, General Authority, (Series G) Weekly VRDNs (Goldman Sachs & Co. LOC), 3.660%, 8/1/2007 400,000 800,000 Erie County, PA, Hospital Authority, (Series 1998B) Daily VRDNs (Hamot Health Foundation)/(AMBAC 800,000 INS)/(National City Bank SPA), 3.680%, 8/1/2007 1,000,000 Indiana County, PA, IDA, Revenue Bonds Daily VRDNs, (BNP Paribas LOC), 3.710%, 8/1/2007 1,000,000 410,000 Mercer County, PA, IDA, Revenue Bonds Weekly VRDNs (Solar Atmospheres of Western PA)/(Fleet 410,000 National Bank LOC), 3.620%, 8/1/2007 1,000,000 Montgomery County, PA, IDA, 3.68% CP (BNP Paribas LOC), Mandatory Tender 11/8/2007 1,000,000 500,000 Northampton County, PA, IDA Weekly VRDNs (Bank of America LOC), 3.610%, 8/2/2007 500,000 1,000,000 Pennsylvania State Turnpike Commission, (Series Q) Daily VRDNs, (West Deutsche Landesbank 1,000,000 Gironzentrale, LIQ/Bayerische Landesbank, LIQ/Landesbank Baden Wurttemburgh, LIQ), 3.680%, 8/1/2007 600,000 Pennsylvania State University, (Series 2002) Weekly VRDNs (West Deutsche Landesbank LIQ), 3.610%, 600,000 8/2/2007 600,000 Pennsylvania State University, (Series A) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(GO of 600,000 University LOC), 3.610%, 8/2/2007 1,300,000 Philadelphia, PA, Authority for Industrial Development Daily VRDNs (Newcourtland Elder 1,300,000 Services)/(PNC Bank, N.A. LOC), 3.680%, 8/1/2007 2,800,000 Philadelphia, PA, Gas Works, (Series A-2) Weekly VRDNs (Bank of Nova Scotia and JPMorgan Chase 2,800,000 Bank, N.A. LOCs), 3.650%, 8/2/2007 500,000 Philadelphia, PA, School District, (Series A), 4.50% TRANs (Bank of America N.A. LOC), 6/27/2008 503,412 335,000 Philadelphia, PA, Water & Wastewater System, (Series B) Weekly VRDNs (KBC Bank N.V. LIQ)/(AMBAC 335,000 LOC), 3.610%, 8/1/2007 800,000 University of Pittsburgh, (Series 2000A) Weekly VRDNs (GO of University LOC), (Depfa, SPA), 800,000 3.620%, 8/1/2007 500,000 University of Pittsburgh, (Series 2000A) Weekly VRDNs, (Depfa, SPA), 3.620%, 8/1/2007 500,000 TOTAL INVESTMENTS-92.0% 22,639,048 (AT AMORTIZED COST)3 OTHER ASSETS AND LIABILITIES-NET-8.0% 1,969,792 TOTAL NET ASSETS-100% $ 24,608,840 1 At July 31, 2007, 6.2% of the total investments at market value were subject to the federal alternative minimum tax. 2 Current rate and next reset date shown for Variable Rate Demand Notes. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation CP --Commercial Paper GO --General Obligation GTD --Guaranteed HDA --Hospital Development Authority IDA --Industrial Development Authority INS --Insured LIQ --Liquidity Agreement LOC(s) --Letter(s) of Credit PCR --Pollution Control Revenue PRF --Pre-refunded SA --Support Agreement TRANs --Tax and Revenue Anticipation Notes VRDNs --Variable Rate Demand Notes
MTB PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT 1 COMMERCIAL PAPER-63.2% ASSET-BACKED--18.2% $ 6,000,000 2,3 Apreco, Inc., 5.260%, 8/13/2007 $ 5,989,480 7,000,000 CAFCO LLC, 5.260%, 9/13/2007 6,956,020 6,000,000 2,3 CRC Funding LLC, 5.255%, 9/5/2007 5,969,346 13,000,000 Falcon Asset Securitization Company LLC, 5.270%, 8/22/2007 12,960,036 14,000,000 FCAR Auto Loan Trust Series I Yrs. 3&4, 5.250%, 10/24/2007 13,828,500 13,500,000 Sigma Finance, Inc., 5.175%, 12/12/2007 13,241,897 TOTAL ASSET-BACKED $ 58,945,279 AUTOMOBILES-1.5% 5,000,000 American Honda Finance Corp., 5.240%, 8/9/2007 4,994,178 COMMERCIAL BANKS--4.0% 13,000,000 Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 5.170%, 11/5/2007 12,820,773 CONSUMER FINANCE --8.6% 15,000,000 American General Finance Corp., 5.200% - 5.250%, 8/21/2007 - 9/17/2007 14,925,272 13,000,000 HSBC Finance Corp., 5.210%, 10/1/2007 12,885,235 TOTAL CONSUMER FINANCE $ 27,810,507 DIVERSIFIED FINANCIAL SERVICES --4.6% 15,000,000 Citigroup Funding, Inc., 5.240%, 9/7/2007 14,919,217 FINANCIAL SERVICES --4.0% 13,000,000 Dexia Delaware LLC, 5.210%, 8/8/2007 12,986,830 FOOD & BEVERAGES --4.0% 13,000,000 Nestle Capital Corp., 5.200%, 10/19/2007 12,851,655 INSURANCE--9.4% 16,000,000 AIG Funding, Inc., 5.100%, 8/15/2007 15,968,267 14,500,000 Prudential Funding LLC, 5.240%, 8/28/2007 14,443,015 TOTAL INSURANCE $ 30,411,282 OIL & GAS PRODUCTS -4.3% 14,000,000 Chevron Corp., 5.220%, 8/1/2007 14,000,000 PERSONAL CREDIT CARD --4.6% 15,000,000 American Express Credit Corp., 5.180%, 12/12/2007 14,712,942 TOTAL COMMERCIAL PAPER $ 204,452,663 GOVERNMENT AGENCIES--6.2% DIVERSIFIED FINANCIAL SERVICES--6.2% 20,000,000 Federal Home Loan Bank System, 5.090%, 8/1/2007 $ 20,000,000 4 NOTES - VARIABLE-24.6% AUTOMOBILES -4.5% 14,500,000 Toyota Motor Credit Corp., 5.300%, 10/25/2007 14,500,000 CAPITAL MARKETS --3.1% 10,000,000 Morgan Stanley, 5.360%, 8/1/2007 10,000,000 COMMERCIAL BANKS -8.6% 14,000,000 Bank of America N.A., 5.320%, 8/28/2007 14,003,372 14,000,000 Wells Fargo Bank, N.A., 5.270%, 8/24/2007 14,000,000 TOTAL COMMERCIAL BANKS $ 28,003,372 DIVERSIFIED FINANCIAL SERVICES--8.4% 12,000,000 CIT Group, Inc., 5.430%, 8/24/2007 12,000,703 15,000,000 General Electric Capital Corp., 5.265%, 8/6/2007 15,000,000 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 27,000,703 TOTAL NOTES - VARIABLE $ 79,504,075 REPURCHASE AGREEMENT--6.2% 20,015,000 Interest in $20,015,000 repurchase agreement 4.670%, dated 7/31/2007 under which State Street $ 20,015,000 Corp. will repurchase a U.S. Treasury security with a maturity of 11/15/2013 for $20,017,596 on 8/1/2007. The market value of the underlying security at the end of the period was $20,417,915. TOTAL INVESTMENTS-100.2% $ 323,971,738 (AT AMORTIZED COST)5 OTHER ASSETS AND LIABILITIES-NET-(0.2)% $ (702,594) TOTAL NET ASSETS---100% $ 323,269,144 1 Discount rate at time of purchase. 2 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2007, these restricted securities amounted to $11,958,826, which represented 3.7% of total net assets. 3 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At July 31, 2007, these liquid restricted securities amounted to $11,958,826, which represented 3.7% of total net assets. 4 Floating rate note with current rate and next reset date shown. 5 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended. The following acronym is used throughout this portfolio: GTD --Guaranteed
MTB SHORT DURATION GOVERNMENT BOND FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT OR SHARES COLLATERALIZED MORTGAGE OBLIGATIONS-58.8% FEDERAL HOME LOAN MORTGAGE CORPORATION.--22.5% $ 5,029,247 (Series 2617-GW), 3.500%, 6/15/2016 $ 4,938,728 2,838,218 (Series 2677-LM), 4.000%, 4/15/2013 2,816,343 2,613,382 (Series 2764-QB), 4.000%, 1/15/2022 2,591,298 3,032,611 (Series R001-AE), 4.375%, 4/15/2015 2,976,566 10,000,000 (Series 2866-WN), 4.500%, 1/15/2024 9,927,577 5,000,000 (Series 3081-CB), 5.000%, 5/15/2021 4,951,671 5,000,000 (Series 3074-BG), 5.000%, 9/15/2033 4,991,460 2,785,498 (Series 3047-OA), 5.500%, 9/15/2022 2,786,623 7,242,301 (Series 3062-LU), 5.500%, 10/15/2016 7,321,715 296,409 (Series 1604-I), 6.000%, 11/15/2008 296,143 31,461 (Series 1618-J), 6.000%, 11/15/2008 31,391 80,323 (Series 1625-H), 6.000%, 12/15/2008 80,343 289,573 (Series 1638-E), 6.250%, 4/15/2023 289,745 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION $ 43,999,603 FEDERAL NATIONAL MORTGAGE ASSOCIATION--12.7% 2,624,996 (Series 2003-84-PW), 3.000%, 6/25/2022 2,596,001 1,908,028 (Series 2003-83-PB), 3.500%, 9/25/2016 1,879,193 2,518,371 (Series 2004-70-BC), 4.500%, 1/25/2016 2,497,164 11,829,352 (Series 2004-55-LA), 4.500%, 6/25/2021 11,520,907 2,575,616 (Series 2004-100-HA), 5.000%, 1/25/2023 2,565,472 2,000,000 (Series 2002-94-MC), 5.000%, 8/25/2015 1,998,006 1,712,478 (Series 2001-45-VE), 6.000%, 2/25/2020 1,708,243 76,570 (Series 1992-43-E), 7.500%, 4/25/2022 77,655 TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION $ 24,842,641 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--23.6% 1,086,481 (Series 2004-26-HJ), 4.000%, 6/16/2027 1,071,169 216,468 (Series 2003-7-ON), 4.000%, 1/16/2028 214,917 3,197,799 (Series 0370C-MW), 4.000%, 7/20/2033 3,132,963 263,958 (Series 0386D-BJ), 4.250%, 7/20/2027 261,913 3,535,782 (Series 2004-62-PA), 4.500%, 6/20/2028 3,502,340 1,333,199 (Series 2003-101-BE), 4.500%, 2/20/2029 1,315,981 3,606,226 (Series 2004-65-PA), 4.500%, 9/20/2032 3,514,846 4,258,994 (Series 0476B-VE), 5.000%, 9/17/2015 4,213,376 5,811,982 (Series 0520-VA), 5.000%, 6/16/2016 5,725,286 2,665,214 (Series 2004-38-NA), 5.000%, 12/20/2027 2,656,250 7,523,047 (Series 2005-44-PC), 5.000%, 12/20/2033 7,427,984 7,937,708 (Series 2003-10-PV), 5.500%, 1/20/2014 8,036,651 1,731,086 (Series 0454A-LA), 5.500%, 9/20/2025 1,728,058 3,511,663 (Series 2004-39-XF), 5.570%, 8/16/2007 3,505,081 TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION $ 46,306,815 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS $ 115,149,059 (IDENTIFIED COST $116,114,430) 1 COMMERCIAL PAPER--9.2% DIVERSIFIED FINANCIAL SERVICES--4.6% 9,000,000 Citigroup Funding, Inc., 5.300%, 8/7/2007 8,992,050 INSURANCE--4.6% 9,000,000 Prudential Funding LLC, 5.300%, 8/1/2007 9,000,000 TOTAL COMMERCIAL PAPER $ 17,992,050 (AT AMORTIZED COST) GOVERNMENT AGENCIES-14.9% FEDERAL AGRICULTURAL MORTGAGE ASSOCIATION--2.5% 5,000,000 4.625%, 10/12/2010 4,932,243 FEDERAL FARM CREDIT SYSTEM--1.5% 3,000,000 3.900%, 6/16/2008 2,967,168 FEDERAL HOME LOAN BANK SYSTEM--4.1% 5,000,000 4.540%, 8/1/2007 4,999,305 3,000,000 5.125%, 11/21/2008 2,996,260 TOTAL FEDERAL HOME LOAN BANK SYSTEM $ 7,995,565 FEDERAL HOME LOAN MORTGAGE CORPORATION--3.5% 7,000,000 3.100%, 5/27/2008 6,885,791 FEDERAL NATIONAL MORTGAGE ASSOCIATION--3.3% 7,285,000 3.714%, 2/17/2009 6,378,018 TOTAL GOVERNMENT AGENCIES $ 29,158,785 (IDENTIFIED COST $30,019,175) MORTGAGE-BACKED SECURITIES--3.4% FEDERAL HOME LOAN MORTGAGE CORPORATION.--3.3% 6,424,774 3.500%, 1/1/2009 6,263,474 114,706 9.000%, 4/1/2016 115,475 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION $ 6,378,949 FEDERAL NATIONAL MORTGAGE ASSOCIATION--0.0% 115,318 9.000%, 6/1/2022 120,180 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--0.1% 27,268 8.000%, 5/15/2008 27,262 12,592 8.500%, 2/15/2017 13,099 62,271 8.500%, 7/15/2021 65,675 13,564 8.500%, 7/15/2021 14,263 21,997 8.500%, 1/15/2023 23,177 TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION $ 143,476 TOTAL MORTGAGE-BACKED SECURITIES $ 6,642,605 (IDENTIFIED COST $6,871,987) U.S. TREASURY--13.1% U.S. TREASURY NOTES--13.1% 5,147,680 3.625%, 1/15/2008 (Treasury Inflation Protected Securities) 5,130,387 11,409,570 3.875%, 1/15/2009 (Treasury Inflation Protected Securities) 11,561,103 4,000,000 4.875%, 5/15/2009 4,021,875 5,000,000 5.125%, 6/30/2008 5,009,766 TOTAL U.S. TREASURY $ 25,723,131 (IDENTIFIED COST $25,734,641) MUTUAL FUND--0.2% 335,198 SSgA Money Market Fund, 4.97%2 (AT NET ASSET VALUE) $ 335,198 TOTAL INVESTMENTS --- 99.6% $ 195,000,828 (IDENTIFIED COST $197,067,481)3 OTHER ASSETS AND LIABILITIES --- NET --- 0.4% $ 783,201 TOTAL NET ASSETS --- 100% $ 195,784,029 1 Discount rate at time of purchase. 2 7-Day net yield. 3 At July 31, 2007, the cost of investments for federal tax purposes was $197,067,481. The net unrealized depreciation of investments for federal tax purposes was $2,066,653. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $413,032 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,479,685.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle} in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle}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; and {circle}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 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 SHORT-TERM CORPORATE BOND FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT OR SHARES ADJUSTABLE RATE MORTGAGES--0.0% THRIFTS & MORTGAGE FINANCE--0.0% $ 78 FNMA ARM 399251, 7.065%, 9/01/2027 $ 78 (IDENTIFIED COST $78) ASSET-BACKED SECURITIES-3.5% AUTOMOBILES-3.5% 2,000,000 1,2 Capital Auto Receivables Asset Trust 2006-SN1A, Class A3, 5.31%, 10/20/2009 (IDENTIFIED COST 2,000,007 $1,999,827) COLLATERALIZED MORTGAGE OBLIGATIONS-16.2% FEDERAL HOME LOAN MORTGAGE CORPORATION - 10.2% 308,838 (Series 1920), Class H, 7.00%, 1/15/2012 316,277 880,425 (Series 2578), Class WG, 4.50%, 8/15/2015 875,613 198,101 (Series 2628C), Class QH, 4.00%, 12/15/2021 196,912 1,947,536 (Series 2643), Class LB, 4.50%, 7/15/2016 1,932,723 1,553,306 (Series 2716), Class UA, 4.50%, 7/15/2020 1,526,376 1,053,811 (Series 2798), Class J, 4.50%, 4/15/2017 1,042,101 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION 5,890,002 WHOLE LOAN CMO-6.0% 1,951,521 GSR Mortgage Loan Trust 2006-2F, Class 2A15, 5.75%, 2/25/2036 1,946,407 1,000,000 Goldman Sachs Mortgage Securities Corp. II 2007-GG10, Class A2, 5.77%, 8/10/2047 1,014,055 491,399 Morgan Stanley Mortgage Loan Trust (Series 2004-1), Class 1A8, 4.75%, 11/25/2018 481,660 TOTAL WHOLE LOAN CMO 3,442,122 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 9,332,124 (IDENTIFIED COST $9,321,285) CORPORATE BONDS--73.2% AEROSPACE & DEFENSE-3.4% 1,000,000 1,2 BAE Systems Holdings, Inc., 4.75%, 8/15/2010 989,412 1,000,000 Raytheon Co., Note, 6.75%, 8/15/2007 1,000,354 TOTAL AEROSPACE & DEFENSE 1,989,766 AIR FREIGHT & LOGISTICS--1.7% 1,000,000 FedEx Corp., Unsecd. Note, 3.50%, 4/1/2009 969,927 AUTOMOBILES--2.8% 1,000,000 DaimlerChrysler North America Holding Corp., Note, 4.75%, 1/15/2008 995,883 600,000 DaimlerChrysler North America Holding Corp., (Series MTND), 5.84%, 9/10/2007 600,194 TOTAL AUTOMOBILES 1,596,077 BANKS - 4.0% 240,000 BankBoston Capital Trust III, Company Guarantee, 6.10%, 6/15/2027 240,128 1,000,000 Deutsche Bank Financial, Inc., Bank Guarantee, 7.50%, 4/25/2009 1,035,636 1,000,000 PNC Funding Corp., Sub. Note, 7.50%, 11/1/2009 1,048,457 TOTAL BANKS 2,324,221 CABLE- T.V. - 1.8% 1,000,000 Continental Cablevision, Deb., 9.00%, 9/1/2008 1,040,007 CAPITAL MARKETS-12.0% 1,000,000 Bank of New York Co., Inc., Sr. Sub. Note, 7.30%, 12/1/2009 1,042,989 1,000,000 Bear Stearns & Co., Inc., Unsecd. Note, 3.25%, 3/25/2009 959,995 1,000,000 Donaldson, Lufkin and Jenrette, Inc., Sr. Note, 6.50%, 6/1/2008 1,010,590 1,000,000 Goldman Sachs Group, Inc., 3.875%, 1/15/2009 980,475 1,000,000 Lehman Brothers Holdings, Inc., Note, 4.00%, 1/22/2008 992,665 1,000,000 Merrill Lynch & Co Inc., 4.125%, 1/15/2009 982,013 1,000,000 Morgan Stanley, Note, 4.00%, 1/15/2010 962,486 TOTAL CAPITAL MARKETS 6,931,213 COMMERCIAL BANKS-3.5% 1,000,000 Citicorp, Sub. Note, 7.25%, 9/1/2008 1,023,379 1,000,000 Wachovia Corp., Sub. Note, 6.25%, 8/4/2008 1,010,192 TOTAL COMMERCIAL BANKS 2,033,571 CONSUMER FINANCE--6.8% 1,000,000 American General Finance Corp., Note, (Series MTNH), 2.75%, 6/15/2008 978,507 1,000,000 Ford Motor Credit Co., Unsecd. Note, 6.625%, 6/16/2008 987,687 1,000,000 GMAC LLC, Floating Rate Note - Sr. Note, 6.61%, 5/15/2009 967,508 1,000,000 SLM Corp., Note, (Series MTN), 3.625%, 3/17/2008 985,766 TOTAL CONSUMER FINANCE 3,919,468 DIVERSIFIED FINANCIAL SERVICES--3.5% 1,000,000 General Electric Capital Corp., Note, 3.50%, 5/1/2008 987,113 1,000,000 J.P. Morgan Chase & Co., Sub. Note, 6.75%, 8/15/2008 1,013,497 TOTAL DIVERSIFIED FINANCIAL SERVICES 2,000,610 DIVERSIFIED TELECOMMUNICATION SERVICES--2.6% 1,000,000 AT&T Corp., Global Bond, 6.00%, 3/15/2009 1,012,271 500,000 SBC Communications, Inc., Unsecd. Note, 4.125%, 9/15/2009 487,741 TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 1,500,012 ELECTRIC UTILITIES--1.7% 1,000,000 Carolina Power & Light Co., Sr. Note, 5.95%, 3/1/2009 1,012,452 FINANCE-COMMERCIAL - 1.7% 1,000,000 Caterpillar Financial Services Corp., Unsecd. Note, (Series F), 4.50%, 9/1/2008 991,518 FINANCE-LEASING CO. - 1.0% 550,000 Boeing Capital Corp., 7.375%, 9/27/2010 586,378 FINANCE-MTG LOAN/BANKER - 1.7% 1,000,000 Residential Capital Corp., Note, 6.125%, 11/21/2008 960,920 HOTELS, RESTAURANTS & LEISURE--1.8% 1,000,000 Tricon Global Restaurants, Inc., Sr. Note, 7.65%, 5/15/2008 1,017,086 MEDIA -- 3.5% 1,000,000 1,2 Cox Enterprises, Inc., Unsecd. Note, 4.375%, 5/1/2008 991,969 1,000,000 Time Warner, Inc., Floating Rate Note, 5.59%, 11/13/2009 1,002,358 TOTAL MEDIA 1,994,327 MULTI-UTILITIES--2.6% 500,000 CenterPoint Energy, Inc., Sr. Note, (Series B), 7.25%, 9/1/2010 524,695 1,000,000 Dominion Resources, Inc., Note, 4.125%, 2/15/2008 992,613 TOTAL MULTI-UTILITIES 1,517,308 MULTILINE RETAIL--1.7% 1,000,000 Target Corp., 3.375%, 3/1/2008 989,761 OIL, GAS & CONSUMABLE FUELS - 4.3% 500,000 Anadarko Petroleum Corp., Floating Rate Note, 5.76%, 9/15/2009 500,499 1,000,000 Ocean Energy, Inc., Company Guarantee, 4.375%, 10/1/2007 997,706 1,000,000 Valero Energy Corp., Unsecd. Note, 3.50%, 4/1/2009 972,853 TOTAL OIL, GAS & CONSUMABLE FUELS 2,471,058 OIL EXPLORATION & PRODUCTION - 1.3% 750,000 Pemex Project Funding Master, Company Guarantee, (Series WI), 8.85%, 9/15/2007 750,450 REAL ESTATE INVESTMENT TRUSTS--1.7% 1,000,000 iStar Financial, Inc., 5.75%, 3/3/2008 1,001,080 ROAD & RAIL - 5.3% 1,000,000 Burlington Resources Finance, Company Guarantee, 6.68%, 2/15/2011 1,041,049 1,000,000 Norfolk Southern Corp., 6.20%, 4/15/2009 1,012,152 1,000,000 Union Pacific Corp., Note, 3.875%, 2/15/2009 981,101 TOTAL ROAD & RAIL 3,034,302 UTILITIES-ELECTRIC--1.4% 750,000 Nisource Fin Corp., GTD, Note, 7.875%, 11/15/2010 805,450 WIRELESS TELECOMMUNICATION SERVICES--1.4% 800,000 Sprint Nextel Corp., Floating Rate Note, 5.76%, 6/28/2010 799,405 TOTAL CORPORATE BONDS 42,236,367 (IDENTIFIED COST $42,463,070) 3 NOTES - VARIABLE -1.7% AEROSPACE & DEFENSE--1.7% 1,000,000 United Technologies Corp. Note, 5.430%, 9/4/2007 1,000,456 (IDENTIFIED COST $1,000,000) U.S. TREASURY--2.6% U.S. TREASURY NOTES--2.6% 200,000 3.375%, 2/15/2008 198,359 150,000 3.625%, 1/15/2010 146,953 50,000 4.000%, 3/15/2010 49,383 1,000,000 4.875%, 5/31/2009 1,005,625 119,457 TIPS (Series A-2011), 3.500%, 1/15/2011 123,489 TOTAL U.S. TREASURY 1,523,809 (IDENTIFIED COST $1,518,561) MUTUAL FUND--0.0% 212 SSgA Money Market Fund, 4.97%4 (AT NET ASSET VALUE) 212 REPURCHASE AGREEMENT--1.8% $ 1,053,565 Interest in $1,053,565 repurchase agreement 5.27%, dated 7/31/2007 under which Credit Suisse First 1,053,565 Boston LLC will repurchase a U.S. Government Agency security maturing on 3/29/2022 for $1,053,719 on 8/1/2007. The market value of the underlying security at the end of the period was $1,075,391. (AT COST) TOTAL INVESTMENTS - 99.0% 57,146,618 (IDENTIFIED COST $57,356,598)5 OTHER ASSETS AND LIABILITIES - NET - 1.0% 588,815 TOTAL NET ASSETS -- 100% $ 57,735,433 1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2007, these restricted securities amounted to $3,981,388, which represented 6.9% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the "Trustees"). At July 31, 2007, these liquid restricted securities amounted to $3,981,388, which represented 6.9% of total net assets. 3 Current rate and next reset date shown for Variable Rate Demand Notes. 4 7-Day net yield. 5 At July 31, 2007, the cost of investments for federal tax purposes was $57,356,598. The net unrealized depreciation of investments for federal tax purposes was $209,980. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $125,181 and net unrealized depreciation from investments for those securities having an excess of cost over value of $335,161.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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 Trustees may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value; and {circle}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 Trustees, although the actual calculation is done by others under the direction of Fund management. An event is considered material 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. The following acronyms are used throughout this portfolio: ARM --Adjustable Rate Mortgage FNMA --Federal National Mortgage Association GTD --Guaranteed MTN --Medium Term Note TIPS --Treasury Inflation Protected Notes
MTB SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE COMMON STOCKS--99.2% AEROSPACE & DEFENSE--2.1% 44,800 1 BE Aerospace, Inc. $ 1,817,088 29,500 1 Ladish Co., Inc. 1,430,455 48,200 1 Limco-Piedmont, Inc. 585,630 TOTAL AEROSPACE & DEFENSE $ 3,833,173 AIR FREIGHT & LOGISTICS--0.7% 39,000 1 Hub Group, Inc. 1,326,780 AIRLINES--0.6% 60,000 1 Delta Air Lines, Inc. 1,069,200 BIOTECHNOLOGY--3.5% 31,000 1 Alkermes, Inc. 441,440 70,000 1 ArQule, Inc. 397,600 27,000 1 BioMarin Pharmaceutical, Inc. 487,620 42,500 1 Cepheid, Inc. 626,875 25,000 1 Cubist Pharmaceuticals, Inc. 576,500 14,100 1 Digene Corp. 863,625 30,000 1 LifeCell Corp. 920,700 60,000 1 Medarex, Inc. 849,600 12,500 1 Myriad Genetics, Inc. 467,250 16,000 1 OSI Pharmaceuticals, Inc. 515,840 7,000 1 United Therapeutics Corp. 485,520 TOTAL BIOTECHNOLOGY $ 6,632,570 CAPITAL MARKETS--2.4% 7,500 1 Affiliated Managers Group 847,500 25,000 1 Investment Technology Group, Inc. 999,000 22,500 Oppenheimer Holdings, Inc. 1,227,600 26,535 1 Stifel Financial Corp. 1,466,590 TOTAL CAPITAL MARKETS $ 4,540,690 CHEMICALS--1.3% 34,000 Agrium, Inc. 1,425,280 50,000 KMG Chemicals, Inc. 1,037,500 TOTAL CHEMICALS $ 2,462,780 COMMERCIAL SERVICES & SUPPLIES--0.8% 129,500 CECO Environmental Corp. 1,486,660 COMMUNICATIONS EQUIPMENT--5.6% 56,000 Adtran, Inc. 1,461,040 83,000 1 China Grentech Corp. Ltd., ADR 755,300 20,000 1 CommScope, Inc. 1,088,600 33,000 1 Dycom Industries, Inc. 922,350 12,000 1 F5 Networks, Inc. 1,040,280 80,000 1 Foundry Networks, Inc. 1,407,200 67,000 1 JDS Uniphase Corp. 960,110 106,500 1 KVH Industries, Inc. 939,330 34,000 1 Netgear, Inc. 940,440 142,500 1 Sonus Networks, Inc. 974,700 TOTAL COMMUNICATIONS EQUIPMENT $ 10,489,350 COMPUTERS & PERIPHERALS--2.3% 52,000 1 EMC Corp. Mass 962,520 34,000 1 Electronics for Imaging, Inc. 892,840 45,000 Logitech International SA 1,201,500 44,000 1 Network Appliance, Inc. 1,246,960 TOTAL COMPUTERS & PERIPHERALS $ 4,303,820 CONSTRUCTION & ENGINEERING--6.4% 37,000 1 Aecom Technology Corp. 960,150 35,800 Chicago Bridge & Iron Co., N.V. 1,453,480 36,000 1 Emcor Group, Inc. 1,292,400 22,000 1 Foster Wheeler Ltd. 2,472,580 45,500 1 Integrated Electrical Services, Inc. 1,212,120 54,000 1 KBR, Inc. 1,732,860 99,200 1 Quanta Services, Inc. 2,820,256 TOTAL CONSTRUCTION & ENGINEERING $ 11,943,846 DIVERSIFIED CONSUMER SERVICES--1.8% 36,000 1 Capella Education Co. 1,609,560 40,500 Sothebys Holdings, Inc., Class A 1,731,375 TOTAL DIVERSIFIED CONSUMER SERVICES $ 3,340,935 DIVERSIFIED FINANCIAL SERVICES -- 9.5% 13,000 1 InterContinentalExchange, Inc. 1,964,690 40,000 1 Interactive Brokers Group, Inc., Class A 971,200 30,000 1 NASDAQ Stock Market, Inc. 923,100 115,000 iShares Russell 2000 Growth Index Fund 9,426,550 58,700 iShares Russell 2000 Index Fund 4,525,770 TOTAL DIVERSIFIED FINANCIAL SERVICES $ 17,811,310 DIVERSIFIED TELECOMMUNICATION SERVICES--0.7% 150,000 1 Gilat Satellite Networks 1,326,000 ELECTRICAL EQUIPMENT--3.1% 33,500 Belden, Inc. 1,835,130 10,500 1 First Solar, Inc. 1,181,985 26,200 Hubbell, Inc., Class B 1,510,430 20,200 1 Powell Industries, Inc. 678,922 11,000 Regal Beloit Corp. 557,920 TOTAL ELECTRICAL EQUIPMENT $ 5,764,387 ELECTRONIC EQUIPMENT & INSTRUMENTS--2.2% 57,000 Au Optronics Corp., Class ADR 964,440 50,000 1 Insight Enterprises, Inc. 1,128,000 51,500 1 Universal Display Corp. 773,530 109,600 1 Zygo Corp. 1,317,392 TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS $ 4,183,362 ENERGY EQUIPMENT & SERVICES--4.5% 86,500 1 Cal Dive International, Inc. 1,316,530 86,800 1 ENGlobal Corp. 914,872 15,500 ENSCO International, Inc. 946,585 20,500 1 Grant Prideco, Inc. 1,150,050 40,000 1 Matrix Services Co. 923,600 25,000 1 Superior Energy Services, Inc. 1,008,000 10,000 Tidewater, Inc. 684,200 50,000 1 Willbros. Group, Inc. 1,576,000 TOTAL ENERGY EQUIPMENT & SERVICES $ 8,519,837 FOOD PRODUCTS--0.6% 128,000 1 Darling International, Inc. 1,073,920 HEALTH CARE EQUIPMENT & SUPPLIES--6.3% 59,000 1 AngioDynamics, Inc. 1,107,430 15,500 1 Arthrocare Corp. 784,610 43,000 1 Cantel Medical Corp. 622,640 74,000 1 Cytyc Corp. 3,115,400 20,000 1 DJ Orthopedics, Inc. 949,600 17,500 1 Immucor, Inc. 545,300 10,000 1 Inverness Medical Innovations, Inc. 484,100 20,500 1 Kyphon, Inc. 1,345,210 16,500 1 ResMed, Inc. 709,170 47,500 1 Sirona Dental Systems, Inc. 1,679,600 10,000 West Pharmaceutical Services, Inc. 462,800 TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 11,805,860 HEALTH CARE PROVIDERS & SERVICES--2.9% 52,000 1 Cross Country Healthcare, Inc. 851,240 17,500 1 Pediatrix Medical Group 944,300 90,000 1 Psychiatric Solutions, Inc. 3,068,100 18,500 1 inVentiv Health, Inc. 656,380 TOTAL HEALTH CARE PROVIDERS & SERVICES $ 5,520,020 HEALTH CARE TECHNOLOGY--3.4% 107,500 1 Allscripts Healthcare Solutions, Inc. 2,445,625 34,500 1 Cerner Corp. 1,824,015 48,800 IMS Health, Inc. 1,372,744 41,500 1 Vital Images, Inc. 808,835 TOTAL HEALTH CARE TECHNOLOGY $ 6,451,219 HOTELS, RESTAURANTS & LEISURE--1.9% 100,000 1 Great Wolf Resorts, Inc. 1,326,000 45,900 1 Monarch Casino & Resort, Inc. 1,298,511 31,000 Tim Horton's, Inc. 956,970 TOTAL HOTELS, RESTAURANTS & LEISURE $ 3,581,481 HOUSEHOLD DURABLES--0.4% 20,000 1 Jarden Corp. 722,600 IT SERVICES--1.0% 45,500 Broadridge Financial Solutions 800,345 13,000 1 Cognizant Technology Solutions Corp. 1,052,740 TOTAL IT SERVICES $ 1,853,085 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.7% 150,000 1 Dynegy, Inc. 1,336,500 INDUSTRIAL CONGLOMERATES--1.3% 28,500 1 McDermott International, Inc. 2,363,790 INSURANCE--2.2% 32,000 HCC Insurance Holdings, Inc. 936,960 21,000 Hanover Insurance Group, Inc. 921,690 31,200 Platinum Underwriters Holdings Ltd. 1,035,840 25,000 1 ProAssurance Corp. 1,234,500 TOTAL INSURANCE $ 4,128,990 INTERNET & CATALOG RETAIL--1.0% 30,000 1 Priceline.com, Inc. 1,914,000 INTERNET SOFTWARE & SERVICES--1.5% 30,000 1 Akamai Technologies, Inc. 1,018,800 28,500 1 ValueClick, Inc. 609,330 61,000 1 Websense, Inc. 1,217,560 TOTAL INTERNET SOFTWARE & SERVICES $ 2,845,690 LIFE SCIENCES TOOLS & SERVICES--1.3% 15,500 1 Illumina, Inc. 706,335 50,000 1 Luminex Corp. 597,000 11,000 1 Parexel International Corp. 444,730 20,000 Pharmaceutical Product Development, Inc. 670,000 TOTAL LIFE SCIENCES TOOLS & SERVICES $ 2,418,065 MACHINERY--2.5% 23,500 1 AGCO Corp. 903,105 18,500 Harsco Corp. 974,210 44,500 1 MFRI, Inc. 1,232,873 39,000 Wabtec Corp. 1,592,760 TOTAL MACHINERY $ 4,702,948 MARINE--1.2% 18,000 1 Genco Shipping & Trading Ltd. 1,013,940 45,000 Horizon Lines, Inc., Class A 1,298,700 TOTAL MARINE $ 2,312,640 MEDIA--1.2% 71,000 Belo (A.H.) Corp., Series A 1,270,900 102,000 1 Mediacom Communications Corp. 924,120 TOTAL MEDIA $ 2,195,020 METALS & MINING--2.8% 16,500 1 Haynes International, Inc. 1,481,865 100,000 IAMGOLD Corp. 829,000 69,000 1 Silver Wheaton Corp. 945,990 17,500 1 Titanium Metals Corp. 584,850 147,000 1 U.S. Gold Corp. 857,010 41,500 1 Yamana Gold, Inc. 459,405 TOTAL METALS & MINING $ 5,158,120 MULTILINE RETAIL--0.5% 24,000 1 Dollar Tree Stores, Inc. 918,240 OIL, GAS & CONSUMABLE FUELS--1.7% 29,100 1 Alpha Natural Resources, Inc. 519,435 24,500 Frontier Oil Corp. 948,885 16,500 1 Southwestern Energy Co. 670,395 28,000 1 USEC, Inc. 470,120 10,000 1 Ultra Petroleum Corp. 552,900 TOTAL OIL, GAS & CONSUMABLE FUELS $ 3,161,735 PERSONAL PRODUCTS--0.6% 25,000 Herbalife Ltd. 1,024,500 PHARMACEUTICALS--1.6% 26,700 1 Bradley Pharmaceuticals, Inc. 428,268 19,000 1 MGI PHARMA, Inc. 475,570 25,000 Medicis Pharmaceutical Corp., Class A 713,250 50,000 Perrigo Co. 932,500 30,000 Valeant Pharmaceuticals International 470,700 TOTAL PHARMACEUTICALS $ 3,020,288 REAL ESTATE INVESTMENT TRUSTS--0.2% 24,000 CapitalSource Inc. 456,000 ROAD & RAIL--0.5% 25,000 1 Kansas City Southern Industries, Inc. 862,750 SEMICONDUCTOR EQUIPMENT & PRODUCTS--5.3% 46,000 Maxim Integrated Products, Inc. 1,458,200 91,000 1 ON Semiconductor Corp. 1,075,620 256,000 1 PMC-Sierra, Inc. 1,950,720 66,500 1 Silicon Motion Technology Corp., ADR 1,216,950 35,500 1 Tessera Technologies, Inc. 1,460,115 84,500 1 Trident Microsystems, Inc. 1,285,245 12,500 1 Varian Semiconductor Equipment Associates, Inc. 587,500 50,000 1 Zoran Corp. 942,500 TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS $ 9,976,850 SOFTWARE--4.1% 76,000 1 Activision, Inc. 1,300,360 59,000 1 Ansys, Inc. 1,536,360 125,000 1 Lawson Software Inc. 1,191,250 75,000 1 Opsware, Inc. 1,057,500 65,500 1 THQ, Inc. 1,883,780 175,000 1 TeleCommunication Systems, Inc., Class A 754,250 TOTAL SOFTWARE $ 7,723,500 SPECIALTY RETAIL--4.0% 23,000 1 Aeropostale, Inc. 875,840 38,000 American Eagle Outfitters, Inc. 921,880 40,000 Big 5 Sporting Goods Corp. 854,800 68,000 1 Cache, Inc. 1,159,400 24,000 1 GameStop Corp. 968,400 20,000 Mens Wearhouse, Inc. 988,000 29,000 1 Payless ShoeSource, Inc. 771,980 43,500 Reitmans Ltd. 989,229 TOTAL SPECIALTY RETAIL $ 7,529,529 TEXTILES, APPAREL & LUXURY GOODS--0.5% 32,000 1 Perry Ellis International, Inc. 960,320 TRADING COMPANIES & DISTRIBUTORS--0.5% 32,500 1 Houston Wire & Cable Co. 837,525 TOTAL COMMON STOCKS $ 185,889,885 (IDENTIFIED COST $184,489,873) WARRANTS - 0.0% 488,542 1 Calypte Biomedical Corp., Warrants 8,295 87,000 1 On Track Innovations Ltd., Warrants 27,067 TOTAL WARRANTS $ 35,362 (IDENTIFIED COST $0) MUTUAL FUNDS--4.3% 2 2 MTB Money Market Fund, A2 Shares, 4.85%3 2 7,972,159 2 MTB Prime Money Market Fund, Corporate Shares, 4.94%3 7,972,159 1 SSgA Money Market Fund, 4.97%3 1 TOTAL MUTUAL FUNDS (AT NET ASSET VALUE) $ 7,972,162 TOTAL INVESTMENTS - 103.5% $ 193,897,409 (IDENTIFIED COST $192,462,035)4 OTHER ASSETS AND LIABILITIES - NET - (3.5)% $ (6,565,504) TOTAL NET ASSETS - 100% $ 187,331,905 1 Non-income producing security. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $192,462,035. The net unrealized appreciation of investments for federal tax purposes was $1,435,374. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $10,736,024 and net unrealized depreciation from investments for those securities having an excess of cost over value of $9,300,650.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle}for investments in other open-end regulated investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 Trustees, although the actual calculation may be done by others under the direction of Fund management. An event is considered material 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. The following acronym is used throughout this portfolio: ADR --American Depositary Receipt
MTB SMALL CAP STOCK FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) SHARES DESCRIPTION VALUE COMMON STOCKS -- 98.8% AEROSPACE & DEFENSE -- 3.6% 36,014 1 BE Aerospace, Inc. $ 1,460,728 85,200 1 DHB Industries, Inc. 447,300 19,985 1 Ladish Co., Inc. 969,073 24,100 1 Taser International, Inc. 368,007 TOTAL AEROSPACE & DEFENSE $ 3,245,108 AIR FREIGHT & LOGISTICS - 0.8% 12,700 Ryder Systems, Inc. 690,499 AUTO COMPONENTS - 2.2% 21,800 American Axle & Manufacturing Holdings, Inc. 527,560 18,377 1 Amerigon, Inc. 295,318 29,000 ArvinMeritor, Inc. 575,070 2,500 BorgWarner, Inc. 216,125 7,400 Polaris Industries, Inc. 365,264 TOTAL AUTO COMPONENTS $ 1,979,337 BANKS - 1.4% 18,500 Chemical Financial Corp. 402,930 13,100 FirstMerit Corp. 240,123 16,400 Irwin Financial Corp. 192,208 30,400 National Penn Bancshares, Inc. 449,312 TOTAL BANKS $ 1,284,573 BIOTECHNOLOGY -- 1.0% 40,917 1 Keryx Biopharmaceuticals, Inc. 351,886 19,420 1 Theravance, Inc. 519,873 TOTAL BIOTECHNOLOGY $ 871,759 BUILDING PRODUCTS - 0.5% 11,100 1 Griffon Corp. 195,027 6,700 Universal Forest Products, Inc. 265,052 TOTAL BUILDING PRODUCTS $ 460,079 CAPACITORS - 0.4% 47,100 Kemet Corp. 331,584 CAPITAL MARKETS - 1.9% 11,583 1 Affiliated Managers Group, Inc. 1,308,879 6,259 1 GFI Group, Inc. 466,421 TOTAL CAPITAL MARKETS $ 1,775,300 CHEMICALS - 2.9% 14,000 Fuller (H.B.) Co. 386,820 13,500 Georgia Gulf Corp. 218,565 9,500 Lubrizol Corp. 595,270 29,500 Olin Corporation 615,665 4,000 1 OM Group, Inc. 193,760 25,400 Sensient Technologies Corp. 645,160 TOTAL CHEMICALS $ 2,655,240 COMMERCIAL BANKS - 3.4% 11,492 Citizens Banking Corp., Michigan 185,021 13,200 City Holding Co. 433,620 2,272 Community Bancorp Nev. 53,188 10,500 First Charter Corp. 193,515 9,000 Greater Bay Bancorp 241,920 13,200 Independent Bank Corp. Michigan 159,984 24,700 NBT Bancorp, Inc. 446,823 37,000 Old National Bancorp 532,800 8,400 Provident Bankshares Corp. 241,080 8,000 United Bankshares, Inc. W VA 222,800 18,800 WESBANCO, Inc. 414,540 TOTAL COMMERCIAL BANKS $ 3,125,291 COMMERCIAL SERVICES & SUPPLIES - 3.9% 25,226 ExlService Holdings, Inc. 426,572 6,883 1 Huron Consulting Group, Inc. 467,562 43,900 Ikon Office Solutions, Inc. 608,454 10,926 1 Kenexa Corp. 390,932 6,129 Strayer Education, Inc. 928,727 13,400 Tennant Co. 516,570 5,126 1 Vertrue, Inc. 253,276 TOTAL COMMERCIAL SERVICES & SUPPLIES $ 3,592,093 COMMUNICATIONS EQUIPMENT - 1.5% 8,700 Black Box Corp. 350,175 41,212 Comtech Group, Inc. 586,035 7,180 1 CommScope, Inc. 390,807 TOTAL COMMUNICATIONS EQUIPMENT $ 1,327,017 COMPUTERS & INTEGRATED SYSTEMS - 0.4% 22,000 1 Brocade Communications Systems, Inc. 154,880 5,615 1 Riverbed Technology, Inc. 247,958 TOTAL COMPUTERS & INTEGRATED SYSTEMS $ 402,838 COMPUTERS & PERIPHERALS - 0.5% 174,900 1 Quantum Corp. 494,967 CONSULTING SERVICES - 2.4% 11,950 Advisory Board Co. 615,306 17,031 FTI Consulting, Inc. 698,782 44,678 Perficient, Inc. 883,284 TOTAL CONSULTING SERVICES $ 2,197,372 CONSUMER FINANCE - 0.5% 18,900 Advanta Corp., Class B 484,974 DIVERSIFIED FINANCIAL SERVICES - 0.5% 5,710 iShares Russell 2000 Growth Index Fund 468,049 DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3% 8,845 1 CBeyond, Inc. 312,848 ELECTRICAL EQUIPMENT - 1.2% 6,800 Regal Beloit Corp. 344,896 14,800 Smith A O Corp. 718,540 TOTAL ELECTRICAL EQUIPMENT $ 1,063,436 ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.1% 115,500 1 Conexant Systems, Inc. 151,305 21,700 CTS Corporation 276,458 36,200 Methode Electronics, Inc., Class A 585,354 TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS $ 1,013,117 ENERGY EQUIPMENT & SERVICES - 1.9% 32,760 Evergreen Solar, Inc. 272,891 11,940 1 Itron, Inc. 948,394 8,211 1 W-H Energy Services, Inc. 526,161 TOTAL ENERGY EQUIPMENT & SERVICES $ 1,747,446 FOOD & STAPLES RETAILING - 1.1% 11,300 Nash Finch Co. 455,051 19,900 Ruddick Corp. 553,220 TOTAL FOOD & STAPLES RETAILING $ 1,008,271 FOOD PRODUCTS - 0.7% 16,900 Chiquita Brands International 296,764 32,670 1 Sunopta, Inc. 368,191 TOTAL FOOD PRODUCTS $ 664,955 GAS UTILITIES - 1.4% 9,700 NICOR, Inc. 382,277 11,900 ONEOK, Inc. 603,925 8,600 UniSource Energy Corp. 261,698 TOTAL GAS UTILITIES $ 1,247,900 HEALTH CARE EQUIPMENT & SUPPLIES - 1.4% 48,420 1 Conceptus, Inc. 784,404 19,268 1 Micrus Corp. 453,183 TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 1,237,587 HEALTH CARE PROVIDERS & SERVICES - 4.3% 17,795 1 Abaxis, Inc. 323,869 15,900 1 Apria Healthcare Group, Inc. 416,898 14,290 GEO Group, Inc. 395,261 18,253 Iris International, Inc. 290,405 9,300 Kindred Healthcare, Inc. 249,054 35,056 1 Psychiatric Solutions, Inc. 1,195,059 25,268 1 Radiation Therapy Services, Inc. 714,074 22,840 Skilled HealthCare Group, Inc. 317,248 TOTAL HEALTH CARE PROVIDERS & SERVICES $ 3,901,868 HOTELS, RESTAURANTS & LEISURE - 1.3% 43,940 1 Pinnacle Entertainment, Inc. 1,164,849 HOUSEHOLD DURABLES - 1.7% 18,900 American Greetings Corp., Class A 467,397 22,100 Furniture Brands International, Inc. 243,542 2,400 M/I Schottenstein Homes, Inc. 58,920 5,300 Ryland Group, Inc. 176,225 23,500 Tupperware Corp. 611,235 TOTAL HOUSEHOLD DURABLES $ 1,557,319 IT SERVICES - 1.6% 8,400 1 Ciber, Inc. 63,756 12,680 Radvision Ltd. 216,701 15,124 1 Verifone Holdings, Inc. 550,665 21,501 Visual Sciences, Inc. 365,732 9,971 1 Vocus, Inc. 280,085 TOTAL IT SERVICES $ 1,476,939 IMPORT/EXPORT - 0.1% 27,003 Castle Brands, Inc. 129,614 INSURANCE - 3.5% 18,600 Commerce Group, Inc. 534,378 21,700 Harleysville Group, Inc. 607,817 28,500 Horace Mann Educators Corp. 508,155 5,100 LandAmerica Financial Group, Inc. 390,609 13,700 Presidential Life Corp. 223,447 7,300 StanCorp Financial Group, Inc. 342,808 14,200 Zenith National Insurance Corp. 573,112 TOTAL INSURANCE $ 3,180,326 INTERNET & CATALOG RETAIL - 0.9% 5,980 1 Blue Nile, Inc. 452,148 17,950 GSI Commerce, Inc. 399,567 TOTAL INTERNET & CATALOG RETAIL $ 851,715 INTERNET SOFTWARE & SERVICES - 4.5% 35,558 1 DealerTrack Holdings, Inc. 1,282,221 6,909 1 Equinix, Inc. 600,461 36,895 1 Authorize.Net Holdings, Inc. 639,390 54,700 1 Online Resources Corp. 597,871 7,260 Priceline.com, Inc. 463,188 33,696 1 Switch & Data Facilities Co., Inc. 532,397 TOTAL INTERNET SOFTWARE & SERVICES $ 4,115,528 LEISURE & RECREATION PRODUCT - 0.4% 11,000 1 DTS, Inc. 230,560 15,800 Nautilus, Inc. 155,472 TOTAL LEISURE & RECREATION PRODUCT $ 386,032 MACHINERY - 2.6% 15,800 Albany International Corp., Class A 592,184 2,400 Cascade Corp. 162,696 25,000 Gerber Scientific, Inc. 259,500 6,800 Lufkin Industries, Inc. 402,628 14,200 Muellar Industry, Inc. 523,696 12,500 Timken Co. 417,500 TOTAL MACHINERY $ 2,358,204 MEDIA - 2.2% 18,700 Belo (A.H.) Corp., Series A 334,730 47,300 Journal Communications, Inc. 500,907 18,300 Sinclair Broadcast Group, Inc. 238,632 47,377 1 Time Warner, Inc. 926,220 TOTAL MEDIA $ 2,000,489 MEDICAL -- 1.1% 25,011 Lifecell Corp. 767,588 12,817 Obagi Medical Products, Inc. 216,992 TOTAL MEDICAL $ 984,580 METALS & MINING - 1.3% 12,400 Quanex Corp. 558,744 14,000 Steel Dynamics, Inc. 587,020 TOTAL METALS & MINING $ 1,145,764 MULTI-UTILITIES & UNREGULATED POWER - 0.2% 10,700 Avista Corp. 212,074 NETWORKING PRODUCTS - 1.0% 19,700 1 Aeroflex, Inc. 276,391 20,420 1 NetLogic Microsystems, Inc. 622,402 TOTAL NETWORKING PRODUCTS $ 898,793 OIL EXPLORATION & PRODUCTION - 1.7% 8,860 Arena Res, Inc. 481,187 90,600 Grey Wolf, Inc. 671,346 21,230 Parallel Petroleum Corp. 432,455 TOTAL OIL EXPLORATION & PRODUCTION $ 1,584,988 OIL - FIELD SERVICES - 0.9% 21,851 1 Dresser-Rand Group, Inc. 810,672 OIL, GAS & CONSUMABLE FUELS - 2.9% 13,187 1 ATP Oil & Gas Corp. 598,558 8,200 Holly Corp. 552,598 7,700 Oil States International, Inc. 336,798 5,600 1 Swift Energy Co. 239,344 16,385 1 T-3 Energy Services, Inc. 568,396 6,900 Tesoro Petroleum Corp. 343,620 TOTAL OIL, GAS & CONSUMABLE FUELS $ 2,639,314 PAPER & FOREST PRODUCTS - 1.1% 30,000 1 Buckeye Technologies, Inc. 459,900 6,300 Rock Tenn Co. 193,536 16,600 Schweitzer-Mauduit International, Inc. 378,978 TOTAL PAPER & FOREST PRODUCTS $ 1,032,414 PHARMACEUTICALS - 1.4% 8,700 Alpharma, Inc., Class A 215,673 52,400 1 Indevus Pharmaceuticals, Inc. 371,516 10,450 Medicis Pharmaceutical Corp. 298,139 79,080 1 Santarus, Inc. 379,584 TOTAL PHARMACEUTICALS $ 1,264,912 REAL ESTATE - 1.9% 21,300 Anthracite Cap, Inc. 200,220 24,900 HRPT Properties Trust 232,815 10,600 LTC Properties, Inc. 212,742 42,700 Luminent Mortgage Capital, Inc. 312,991 7,600 Newcastle Investment Corp. 136,876 2,550 Novastar Financial, Inc. 24,582 22,700 One Liberty Properties, Inc. 450,141 16,300 RAIT Investment Trust 168,868 TOTAL REAL ESTATE $ 1,739,235 RETAIL - FOOD -- 0.8% 11,391 BJs Restaurants, Inc. 227,820 23,400 Ruby Tuesday, Inc. 520,650 TOTAL RETAIL -- FOOD $ 748,470 ROAD & RAIL - 0.9% 16,000 Arkansas Best Corp. 576,480 15,400 1 U.S. Express Enterprises, Inc. 271,656 TOTAL ROAD & RAIL $ 848,136 SCHOOL - 0.8% 15,982 Capella Education Co. 714,555 SEMICONDUCTOR EQUIPMENT & PRODUCTS - 5.1% 72,600 1 Asyst Technologies, Inc. 484,968 13,250 1 Atheros Communications, Inc. 369,410 43,200 1 Axcelis Technologies, Inc. 239,760 27,120 Magma Design Automation, Inc. 401,647 25,977 Opnext, Inc. 317,179 19,800 1 Photronics, Inc. 277,596 35,300 1 RF Micro Devices, Inc. 244,982 35,360 1 SRS Labs, Inc. 408,054 72,400 1 Skyworks Solutions, Inc. 573,408 18,980 Tessera Technologies, Inc. 780,647 19,005 Volterra Semiconductor Corp. 218,367 20,600 1 Zoran Corp. 388,310 TOTAL SEMICONDUCTOR EQUIPMENT & PRODUCTS $ 4,704,328 SOFTWARE - 7.3% 13,905 1 Blackboard, Inc. 615,018 32,240 1 CommVault Systems, Inc. 547,435 16,553 1 Concur Technologies, Inc. 394,955 35,539 Double Take Software 542,325 47,753 Innerworkings, Inc. 637,503 27,500 1 Mentor Graphics Corp. 330,275 22,126 1 Nuance Communications, Inc. 364,636 25,450 Omniture, Inc. 581,533 59,138 1 Opsware, Inc. 833,846 10,660 Syntel, Inc. 383,867 13,773 Taleo Corp. 296,257 21,090 1 THQ, Inc. 606,548 19,840 1 Ultimate Software Group, Inc. 538,259 TOTAL SOFTWARE $ 6,672,457 SPECIALTY RETAIL - 4.1% 9,700 Barnes & Nobles, Inc. 325,435 25,500 Cato Corp., Class A 527,340 13,315 1 Citi Trends, Inc. 438,064 24,500 1 Rex Stores Corp. 498,330 14,400 Sonic Automotive, Inc. 394,560 15,425 Sothebys 659,419 10,200 Stage Stores, Inc. 181,968 9,200 Talbots, Inc. 211,508 3,400 1 Zale Corp. 72,182 11,824 1 Zumiez, Inc. 437,370 TOTAL SPECIALTY RETAIL $ 3,746,176 TELECOM SERVICES - 1.5% 30,881 1 Novatel Wireless, Inc. 664,868 46,937 Orbcomm, Inc. 720,014 TOTAL TELECOM SERVICES $ 1,384,882 TEXTILES, APPAREL & LUXURY GOODS - 0.6% 2,254 Gymboree Corp. 97,035 13,400 Kellwood Co. 343,576 5,200 Stride Rite Corp. 105,924 TOTAL TEXTILES, APPAREL & LUXURY GOODS $ 546,535 THRIFTS & MORTGAGE FINANCE - 2.9% 34,400 Corus Bankshares, Inc. 559,344 37,400 First Niagara Financial Group, Inc. 480,964 20,600 Flagstar Bancorp, Inc. 220,420 6,800 IndyMac Bancorp, Inc. 149,600 12,200 MAF Bancorp, Inc. 640,744 41,500 Partners Trust Financial Group, Inc. 496,340 8,800 PFF Bancorp, Inc. 147,136 TOTAL THIRFTS & MORTGAGE FINANCE $ 2,694,548 TOBACCO - 0.6% 10,500 Universal Corp. 579,705 TRADING COMPANIES & DISTRIBUTORS - 0.4% 12,600 1 United Rentals, Inc. 404,964 TRANSPORTATION - 0.3% 11,600 1 SAIA, Inc. 234,668 TOTAL COMMON STOCKS $ 90,396,693 (IDENTIFIED COST $80,092,729) 2 MUTUAL FUND-0.7% 617,433 MTB Prime Money Market Fund, Corporate Shares, 4.94%3 (AT NET ASSET VALUE) 617,433 TOTAL INVESTMENTS--- 99.5% $ 91,014,126 (IDENTIFIED COST $80,710,162)4 OTHER ASSETS AND LIABILITIES - NET - 0.5% $ 467,986 TOTAL NET ASSETS -- 100% $ 91,482,112 1 Non-income producing security. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $80,710,162. The net unrealized appreciation of investments for federal tax purposes was $10,303,964. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $16,109,874 and net unrealized depreciation from investments for those securities having an excess of cost over value of $5,805,910.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Funds' portfolio securities are determined as follows: {circle}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; {circle} in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; {circle} for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; {circle}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 {circle}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 Trustees, although the actual calculation may be done by others under the direction of Fund management. 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 TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL AMOUNT DESCRIPTION VALUE 1,2 SHORT-TERM MUNICIPALS-99.7% COLORADO--1.6% $ 1,500,000 Colorado Springs, CO Utility System, Lien - (Series A), Weekly VRDNs (Dexia Credit Local $ 1,500,000 LIQ), 3.600%, 8/2/2007 FLORIDA--1.3% 1,200,000 Dade County, FL Water & Sewer System Weekly VRDNs (FGIC INS)/(Commerzbank AG, Frankfurt 1,200,000 LIQ), 3.610%, 8/1/2007 GEORGIA--3.2% 1,600,000 DeKalb County, GA MFH, Winterscreek Apts Weekly VRDNs (FNMA COL), 3.630%, 8/1/2007 1,600,000 1,500,000 Hapeville, GA Development Authority Industrial, Refunding Revenue Bonds Daily VRDNs (Bank 1,500,000 of America N.A. LOC), 3.650%, 8/1/2007 TOTAL GEORGIA $ 3,100,000 INDIANA--6.3% 1,830,000 Elkhart County, IN, Hubbard Hill Estates Weekly VRDNs, (Fifth Third Bank INV), 3.670%, 1,830,000 8/3/2007 1,220,000 Hammond, IN Pollution Control Daily VRDNs, (AMOCO Corp.), 3.690%, 8/1/2007 1,220,000 3,000,000 Mt. Vernon, IN, Pollution Control Revenue Bonds Daily VRDNs (General Electric Co.), 3.690%, 3,000,000 8/1/2007 TOTAL INDIANA $ 6,050,000 KENTUCKY--4.2% 4,000,000 Louisville & Jefferson County, KY Regional Airport Authority, Revenue Bonds (Series C), 4,000,000 Daily VRDNs (United Parcel Service, Inc.), 3.690%, 8/1/2007 MARYLAND--1.0% 1,002,000 Maryland State Health & Higher Educational Facilities Authority Weekly VRDNs (Bank of 1,002,000 America N.A. LIQ), 3.600%, 8/2/2007 MICHIGAN--1.0% 995,000 Detroit, MI Water Supply System, (Series C), Weekly VRDNs (FGIC INS)/(FGIC Securities 995,000 Purchase, Inc. LIQ), 3.620%, 8/1/2007 MONTANA--1.0% 1,000,000 Montana State Health Facilities Authority, Revenue Bond Weekly VRDNs (FGIC INS)/(Wells 1,000,000 Fargo Bank, SPA), 3.640%, 8/2/2007 NEVADA--5.4% 5,200,000 Clark County, NV Airport System, (Series 1993A), Weekly VRDNs (MBIA Insurance Corp. 5,200,000 INS)/(National Westminster Bank PLC LIQ), 3.620%, 8/1/2007 NEW JERSEY--3.2% 3,037,248 East Windsor Township, NJ, UT GO Bonds, 4.00% BANs, 11/30/2007 3,038,521 NEW YORK--11.9% 1,400,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Sub 1,400,000 Series 2-F), Daily VRDNs (Bayerische Landesbank (GTD) LIQ), 3.660%, 8/1/2007 4,000,000 New York State Power Authority, (Baden Bayerische, Bank of New York, BNP Paribas, JP 4,000,000 Morgan, State Street, Wachovia, LOCs), 3.68% CP, Mandatory Tender 9/5/2007 3,000,000 Suffolk County, NY, 4.25% TRANs, 8/16/2007 3,000,874 3,000,000 Sweet Home Central School District NY, Tax Anticipation Note, 4.00% TANs, 11/5/2007 3,002,529 TOTAL NEW YORK $ 11,403,403 NORTH CAROLINA--1.7% 1,600,000 Durham, NC Water & Sewer Utility System, Refunding Revenue Bonds Weekly VRDNs (Wachovia 1,600,000 Bank N.A. LIQ), 3.630%, 8/1/2007 OREGON--1.7% 1,600,000 Port Portland, OR Special Obligation, Refunding Revenue Bonds Daily VRDNs (Bank of America 1,600,000 N.A. LOC), 8/1/2007 PENNSYLVANIA--46.2% 2,500,000 Allegheny County Sanitation Authority, Revenue Bonds, 6.00% Bonds (MBIA Insurance Corp. 2,569,150 INS)/(PRF 12/1/2007@102), 12/1/2019 2,500,000 Allegheny County, PA HDA, (Series A), 6.00% Bonds (MBIA Insurance Corp. LOC)/(PRF 2,505,105 9/1/2007@100), 9/1/2010 3,550,000 Allegheny County, PA Higher Education Building Authority, (Series 1998), Daily VRDNs 3,550,000 (Carnegie Mellon University)/(Landesbank Hessen-Thueringen (GTD) SA), 3.680%, 8/1/2007 1,500,000 Allegheny County, PA IDA Weekly VRDNs (Western PA Humane Society)/(National City 1,500,000 Bank, Pennsylvania LOC), 3.740%, 8/2/2007 2,455,000 Allentown, PA Commercial and IDA, (Series 1999), Daily VRDNs (Diocese of Allentown)/ 2,455,000 (Wachovia Bank N.A. LOC), 3.680%, 8/1/2007 1,600,000 Beaver County, PA IDA, Refunding Revenue Bond Weekly VRDNs, (Atlantic Richfield-(GTD))/(GTD 1,600,000 by BP PLC), 3.640%, 8/1/2007 1,850,000 Chester County, PA IDA, (Series of 2001), Daily VRDNs (Archdiocese of Philadelphia)/ 1,850,000 (Wachovia Bank N.A. LOC), 3.680%, 8/1/2007 1,005,000 Delaware County, PA IDA, Weekly VRDNs, (Scott Paper Co.), 3.630%, 8/1/2007 1,005,000 1,200,000 Delaware County, PA PCR, (Series 2001 A), 3.68% CP (Exelon Generation Co. LLC)/ 1,200,000 (Wachovia Bank N.A. LOC), Mandatory Tender 10/5/2007 1,200,000 Delaware Valley, PA Regional Finance Authority Weekly VRDNs (Bayerische Landesbank LOC), 1,200,000 3.640%, 8/1/2007 1,100,000 Emmaus, PA General Authority, (Series A), Weekly VRDNs (Wachovia LIQ)/(FSA INS), 3.630%, 1,100,000 8/2/2007 2,000,000 Indiana County, PA IDA, Revenue Bonds Daily VRDNs, (BNP Paribas LOC), 3.710%, 8/1/2007 2,000,000 4,460,000 Montgomery County, PA IDA, 3.68% CP, (BNP Paribas-LOC) Mandatory Tender 11/8/2007 4,460,000 1,575,000 Pennsylvania State Higher Education Facilities Authority, (Series I-4), Weekly VRDNs 1,575,000 (Messiah College)/(PNC Bank, N.A. LOC), 3.640%, 8/2/2007 1,000,000 Pennsylvania State Turnpike Commission, (Series Q of 1998), Daily VRDNs (Westdeutsche 1,000,000 Landesbank Girozentrate/Bayerische Landesbank, Landesbank Baden-Wurttemberg LIQ), 3.680%, 8/1/2007 1,520,000 Pennsylvania State Turnpike Commission, (Series Q), Daily VRDNs, (Westdeutsche Landesbank 1,520,000 Girozentate/Bayerische Landesbank, Landesbank Baden-Wurtemberg LIQ), 3.680%, 8/1/2007 1,000,000 Pennsylvania State University, (Series A), Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(Go 1,000,000 of University LOC), 3.610%, 8/2/2007 2,350,000 Philadelphia, PA Authority for Industrial Development Daily VRDNs (Newcourtland Elder 2,350,000 Services)/(PNC Bank, N.A. LOC), 3.680%, 8/1/2007, WDL 33%, Bayerische 33%, Baden 33% 980,000 Philadelphia, PA Hospitals & Higher Education Facilities Authority, (Series 2004), Weekly 980,000 VRDNs (Philadelphia Protestant Home)/(Bank of America N.A. LOC), 3.620%, 8/2/2007 2,500,000 Philadelphia, PA School District, (Series A), 4.50% TRANs (Bank of America N.A. LOC), 2,517,060 6/27/2008 1,655,000 Pittsburgh, PA, GO UT, (PRF 9/1/2007@100) 5.50% Bonds, 9/1/2013 1,657,660 2,000,000 Somerset County, PA Hospital Authority, Revenue Bonds (Series A), 3.75% TOBs (Somerset 2,000,000 Community Hospital)/(PNC Bank, N.A. LOC), Mandatory Tender 3/1/2008 1,400,000 University of Pittsburgh, (Series 2000A), Weekly VRDNs (GO of University)/(DEPFA-SPA), 1,400,000 3.620%, 8/1/2007 1,315,000 University of Pittsburgh, (Series 2000A), Weekly VRDNs, (DEPFA SPA), 3.620%, 8/1/2007 1,315,000 TOTAL PENNSYLVANIA $ 44,308,975 SOUTH CAROLINA--1.3% 1,250,000 Berkeley County, SC Pollution Control Facilities, Refunding Revenue Bond Daily VRDNs, 1,250,000 (AMOCO Corp.), 3.690%, 8/1/2007 TEXAS--5.2% 5,000,000 Texas State, (Series 2006), 4.50% TRANs, 8/31/2007 5,003,686 UTAH-1.9% 1,800,000 Emery County, UT, PCR (Series 1991), Weekly VRDNs (Pacificorp Proj.)/(BNP Paribas LOC), 1,800,000 3.650%, 8/1/2007 WYOMING--1.6% 1,500,000 Sublette County, WY, (Series 1984), Daily VRDNs (Exxon Mobil Corp.), 3.630%, 8/1/2007 1,500,000 TOTAL INVESTMENTS-99.7% $ 95,551,585 (AT AMORTIZED COST)3 OTHER ASSETS AND LIABILITIES-NET-0.3% $ 318,372 TOTAL NET ASSETS---100% $ 95,869,957 1 At July 31, 2007, 9.4% of the total investments at market value were subject to the federal alternative minimum tax. 2 Current rate and next reset date shown. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended. The following acronyms are used throughout this portfolio: BANs --Bond Anticipation Notes COL --Collateralized FGIC --Financial Guaranty Insurance Company FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GO --General Obligation GTD --Guaranteed HDA --Hospital Development Authority IDA --Industrial Development Authority INS --Insured INV --Investment Agreement LIQ --Liquidity Agreement LOC(s) --Letter(s) of Credit MFH --Multi-Family Housing PCR --Pollution Control Revenue PRF --Pre-refunded SA --Support Agreement TANs --Tax Anticipation Notes TOBs --Tender Option Bonds TRANs --Tax and Revenue Anticipation Notes UT --Unlimited Tax VRDNs --Variable Rate Demand Notes
MTB U.S. GOVERNMENT BOND FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT COLLATERALIZED MORTGAGE OBLIGATIONS-18.6% FEDERAL HOME LOAN MORTGAGE CORPORATION---2.8% $ 209,552 (Series 2617-GW), REMIC, 3.500%, 6/15/2016 $ 205,780 624,310 (Series 2707-PW), REMIC, 4.000%, 7/15/2014 619,711 909,783 (Series R001-AE), REMIC, 4.375%, 4/15/2015 892,970 101,726 (Series 1686-PJ), REMIC, 5.000%, 2/15/2024 101,409 10,178 (Series 141-D), REMIC, 5.000%, 5/15/2021 10,138 3,590 (Series 1637-GA), REMIC, 5.800%, 6/15/2023 3,587 441,065 (Series 2446D-LA), REMIC, 5.800%, 9/15/2016 441,986 21,927 (Series 136-E), REMIC, 6.000%, 4/15/2021 21,847 1,475,287 (Series 1666H), REMIC, 6.250%, 9/15/2023 1,499,605 9,359 (Series 112-I), REMIC, 6.500%, 1/15/2021 9,353 279,000 (Series 1577-PK), REMIC, 6.500%, 9/15/2023 291,432 176,000 (Series 1644-K), REMIC, 6.750%, 12/15/2023 185,030 617,677 (Series 1920-H), REMIC, 7.000%, 1/15/2012 632,554 48,774 (Series 6-C), REMIC, 9.050%, 6/15/2019 50,322 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION $ 4,965,724 FEDERAL NATIONAL MORTGAGE ASSOCIATION---4.8% 5,935,000 (Series 0530B-BU), REMIC, 5.000%, 3/25/2024 5,919,853 152,000 (Series 1994-3-PL), REMIC, 5.500%, 1/25/2024 152,215 1,622,759 (Series 2004-51-KF), REMIC, 5.670%, 8/25/2022 1,625,553 143,448 (Series 2002-52-QA), REMIC, 6.000%, 7/18/2032 145,293 228,319 (Series 1993-113-PK) REMIC, 6.500%, 7/25/2023 234,789 219,823 (Series 1993-127-H), REMIC, 6.500%, 7/25/2023 226,665 121,981 (Series 1993-202-J), REMIC, 6.500%, 11/25/2023 126,143 181,000 (Series 1994-55-H), REMIC, 7.000%, 3/25/2024 191,882 TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION $ 8,622,393 INDYMAC INDA MORTGAGE LOAN TRUST---2.2% 3,885,731 (Series 2005-AR1), Class 2A1, 5.096%, 11/25/2035 3,839,948 WHOLE LOAN-8.8% 956,521 Bank of America Mortgage Securities 2004-B 2A1, 3.520%, 2/25/2034 946,906 1,535,853 Bank of America Mortgage Securities 2004-A 2A1, 3.552%, 2/25/2034 1,524,646 8,435,458 Countrywide Home Loans 2004-8, 4.500%, 6/25/2019 8,157,917 2,013,803 GSR Mortgage Loan Trust 2006-2F, 5.750%, 2/25/2036 2,008,527 1,621,618 Morgan Stanley Mortgage Loan Trust (Series 2004-1), Class 1A8, 4.750%, 11/25/2018 1,589,478 1,262,636 Structure Asset Securities Corp. (Series 2005-1 6A1, 6.000%, 2/25/2035 1,265,153 TOTAL WHOLE LOAN $ 15,492,627 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $41,909,073) $ 32,920,692 CORPORATE BONDS--4.1% CAPITAL MARKETS--0.3% 500,000 Morgan Stanley, 5.750%, 10/18/2016 486,674 COMMERCIAL BANKS-1.1% 1,000,000 First Tennessee Bank, N.A., 4.625%, 5/15/2013 937,502 1,000,000 U.S. Bank, N.A., 5.920%, 5/25/2012 1,002,265 TOTAL COMMERCIAL BANKS $ 1,939,767 DIVERSIFIED FINANCIAL SERVICES--0.6% 1,000,000 Bank of America Corp., 7.125%, 10/15/2011 1,059,944 FOOD & STAPLES RETAILING--0.6% 1,200,000 Sysco Corp., 5.375%, 9/21/2035 1,065,460 FOOD PRODUCTS--0.4% 750,000 Archer-Daniels-Midland Co., 5.375%, 9/15/2035 681,496 GAS UTILITIES--0.3% 500,000 Bay State Gas Co., 9.200%, 6/6/2011 562,179 U.S. GOVERNMENT GUARANTEE-0.8% 742,000 American Heavy Lift Shipping, 5.382%, 6/1/2017 747,166 740,000 Vessel Management Service, 6.750%, 6/15/2025 788,656 TOTAL U.S. GOVERNMENT GUARANTEE $ 1,535,822 TOTAL CORPORATE BONDS (IDENTIFIED COST $7,591,804) $ 7,331,342 GOVERNMENT AGENCIES--26.0% DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT-0.8% 400,000 7.140%, 8/1/2007 399,942 1,010,000 7.660%, 8/1/2015 1,021,579 TOTAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT $ 1,421,521 FEDERAL FARM CREDIT SYSTEM-1.1% 2,000,000 4.250%, 7/29/2008 1,987,855 FEDERAL HOME LOAN BANK SYSTEM-3.1% 2,000,000 3.375%, 7/21/2008 1,967,572 2,000,000 5.375%, 5/18/2016 2,010,964 1,435,000 6.625%, 11/15/2010 1,503,950 TOTAL FEDERAL HOME LOAN BANK SYSTEM $ 5,482,486 FEDERAL HOME LOAN MORTGAGE CORPORATION-11.1% 500,000 3.875%, 6/15/2008 494,773 2,000,000 4.125%, 10/18/2010 1,951,283 3,000,000 4.750%, 1/19/2016 2,893,782 2,000,000 5.125%, 10/18/2016 1,972,743 2,000,000 5.200%, 3/5/2019 1,923,855 2,000,000 5.250%, 11/5/2012 1,990,089 2,000,000 5.250%, 4/18/2016 1,993,656 5,000,000 5.750%, 6/27/2016 5,155,783 1,000,000 8.250%, 6/1/2026 1,257,932 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION $ 19,633,896 FEDERAL NATIONAL MORTGAGE ASSOCIATION----6.3% 2,500,000 3.714%, 2/17/2009 2,188,750 3,000,000 5.250%, 8/1/2012 3,018,193 5,500,000 6.470%, 9/25/2012 5,862,329 TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION $ 11,069,272 OVERSEAS PRIVATE INVESTMENT CORPORATION----1.2% 2,022,300 6.600%, 5/30/2016 2,115,713 PRIVATE EXPORT FUNDING CORPORATION----1.2% 2,000,000 7.200%, 1/15/2010 2,097,763 SMALL BUSINESS ADMINISTRATION----1.1% 83,609 5.600%, 9/1/2008 83,732 25,795 6.200%, 11/1/2007 25,842 186,774 6.700%, 3/1/2016 191,042 448,726 6.700%, 12/1/2016 459,969 1,065,621 6.950%, 11/1/2016 1,095,530 39,764 7.300%, 5/1/2017 41,118 46,573 7.300%, 9/1/2019 48,522 4,581 8.850%, 8/1/2011 4,661 21,577 9.250%, 2/1/2008 21,695 55,132 9.650%, 5/1/2010 56,362 TOTAL SMALL BUSINESS ADMINISTRATION $ 2,028,473 TENNESSEE VALLEY AUTHORITY----0.1% 155,029 7.430%, 4/1/2022 155,029 TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $37,237,336) $ 45,992,008 MORTGAGE-BACKED SECURITIES--24.9% FEDERAL HOME LOAN MORTGAGE CORPORATION-12.2% 3,722,524 Pool G02296, 5.000%, 6/1/2036 3,499,677 9,000,000 Pool G12709, 5.000%, 7/1/2022 8,728,406 3,445,767 Pool C78010, 5.500%, 4/1/2033 3,342,861 2,383,222 Pool A18401, 6.000%, 2/1/2034 2,372,696 674,050 Pool E00540, 6.000%, 3/1/2013 679,543 1,501,476 Pool G01831, 6.000%, 5/1/2035 1,493,437 698,798 Pool C63959, 6.500%, 2/1/2032 713,837 1,645 Pool 180250, 7.000%, 7/1/2008 1,649 11,102 Pool 180931, 7.000%, 11/1/2008 11,140 2,062 Pool E61956, 7.000%, 11/1/2010 2,091 635 Pool 170020, 7.500%, 6/1/2008 637 78 Pool 181063, 7.500%, 12/1/2010 79 2,167 Pool 287773, 7.500%, 3/1/2017 2,234 152,078 Pool 299147, 7.500%, 8/1/2017 156,818 152,175 Pool C80328, 7.500%, 7/1/2025 158,718 361,061 Pool G01425, 7.500%, 5/1/2032 373,104 76 Pool 180398, 8.000%, 1/1/2010 76 7,618 Pool 181361, 8.000%, 11/1/2008 7,644 709 Pool 555014, 8.000%, 12/1/2010 711 50 Pool 160033, 8.250%, 12/1/2007 50 706 Pool 252892, 8.250%, 5/1/2009 707 1,337 Pool 251573, 8.500%, 9/1/2009 1,343 77,177 Pool 300161, 8.500%, 8/1/2017 80,190 860 Pool 538733, 9.000%, 9/1/2019 911 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION $ 21,628,559 FEDERAL NATIONAL MORTGAGE ASSOCIATION-11.7% 3,234,549 Pool 695818, 5.000%, 4/1/2018 3,149,069 1,878,062 Pool 745355, 5.000%, 3/1/2036 1,766,219 3,706,188 Pool 763794, 5.000%, 4/1/2034 3,488,951 1,841,367 Pool 797663, 5.000%, 9/1/2035 1,731,710 1,675,239 Pool 255933, 5.500%, 10/1/2035 1,620,497 4,082,545 Pool 833143, 5.500%, 9/1/2035 3,949,139 867,580 Pool 843323, 5.500%, 10/1/2035 839,230 20,690 Pool 190817, 6.000%, 5/1/2009 20,774 846 Pool 261790, 6.000%, 1/1/2014 841 410,912 Pool 323419, 6.000%, 12/1/2028 411,537 600,066 Pool 545051, 6.000%, 9/1/2029 600,454 192,311 Pool 252439, 6.500%, 5/1/2029 196,690 73,557 Pool 431587, 6.500%, 8/1/2028 75,278 125,308 Pool 436746, 6.500%, 8/1/2028 128,083 577,116 Pool 440401, 6.500%, 8/1/2028 589,897 349,271 Pool 485678, 6.500%, 3/1/2029 357,442 74,037 Pool 494375, 6.500%, 4/1/2029 75,770 945,739 Pool 725418, 6.500%, 5/1/2034 965,205 237,721 Pool 334593, 7.000%, 5/1/2024 246,899 224,341 Pool 604867, 7.000%, 1/1/2025 230,970 131,148 Pool 625596, 7.000%, 2/1/2032 135,440 2,196 Pool 044046, 7.500%, 2/1/2014 2,202 1,295 Pool 001467, 8.000%, 1/1/2010 1,298 3,544 Pool 007238, 8.000%, 6/1/2008 3,551 15,618 Pool 202957, 8.000%, 8/1/2021 16,140 2,369 Pool 001465, 8.250%, 7/1/2009 2,376 773 Pool 021356, 8.500%, 3/1/2012 775 19,822 Pool 039862, 9.750%, 9/1/2017 21,106 TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION $ 20,627,543 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--1.0% 658,013 Pool 581522, 6.000%, 5/15/2033 659,631 523,644 Pool 592505, 6.000%, 4/15/2033 524,059 64,971 Pool 346572, 7.000%, 5/15/2023 67,881 82,435 Pool 364004, 7.000%, 10/20/2023 85,624 154,465 Pool 484269, 7.000%, 9/15/2028 160,657 1,036 Pool 019784, 8.000%, 9/15/2007 1,037 5,264 Pool 190557, 8.000%, 12/15/2016 5,328 3,854 Pool 392400, 8.000%, 7/15/2024 4,072 14,199 Pool 402603, 8.000%, 2/15/2010 14,436 9,630 Pool 409703, 8.000%, 12/15/2009 9,748 2,088 Pool 025463, 8.250%, 6/15/2008 2,093 2,628 Pool 407264, 8.375%, 4/15/2010 2,671 18,013 Pool 001893, 8.500%, 10/20/2009 18,271 3,976 Pool 064335, 8.500%, 9/15/2008 3,998 57,945 Pool 780356, 8.500%, 10/15/2008 58,304 7,320 Pool 780440, 8.500%, 11/15/2017 7,656 44,855 Pool 001061, 9.000%, 4/20/2023 47,873 8,841 Pool 001886, 9.000%, 10/20/2024 9,444 11,955 Pool 146927, 9.000%, 9/15/2016 12,676 12,667 Pool 188603, 9.000%, 11/15/2016 13,431 30,524 Pool 208196, 9.000%, 2/15/2017 32,364 1,964 Pool 780356, 9.000%, 10/15/2008 1,981 TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION $ 1,743,235 TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $45,254,836) $ 43,999,337 TAXABLE MUNICIPALS--1.0% 160,000 Miami, FL, Rent Revenue Series 1998, 8.650%, 7/1/2019 (Lease payments guaranteed by U.S. Government) 190,691 1,050,000 Tacoma, WA, Lease Revenue Bond, 8.200%, 9/15/2013 (Lease payments guaranteed by U.S. Government) 1,154,066 407,898 Tobacco Settlement Financing Corp., NJ, 6.360%, 5/15/2025 407,841 TOTAL TAXABLE MUNICIPALS (IDENTIFIED COST $1,828,087) $ 1,752,598 U.S. TREASURY-22.9% U.S. TREASURY BONDS---2.1% 1,786,000 4.500%, 2/15/2036 1,676,049 500,000 4.750%, 2/15/2037 488,359 1,500,000 5.375%, 2/15/2031 1,588,828 TOTAL U.S. TREASURY BONDS $ 3,753,236 U.S. TREASURY NOTES----20.8% 2,777,375 3.500%, 1/15/2011, Treasury Inflation Protected Security 2,871,112 1,100,000 3.625%, 5/15/2013 1,046,031 550,000 3.875%, 2/15/2013 531,352 600,000 4.000%, 2/15/2014 578,063 1,000,000 4.000%, 11/15/2012 974,531 779,000 4.125%, 5/15/2015 748,935 1,200,000 4.250%, 11/15/2013 1,175,625 20,000 4.250%, 11/15/2014 19,463 6,200,000 4.500%, 3/31/2012 6,178,688 3,000,000 4.500%, 5/15/2017 2,944,219 4,000,000 4.625%, 2/29/2012 4,010,000 1,500,000 4.625%, 2/15/2017 1,484,531 3,500,000 4.750%, 1/31/2012 3,527,344 8,800,000 4.750%, 5/31/2012 8,866,000 845,000 4.875%, 10/31/2008 846,848 1,025,000 4.875%, 6/30/2012 1,038,293 TOTAL U.S. TREASURY NOTES $ 36,841,035 TOTAL U.S. TREASURY (IDENTIFIED COST $40,403,147) $ 40,594,271 REPURCHASE AGREEMENT--1.9% 3,415,602 Interest in $3,415,602 repurchase agreement 5.27%, dated 7/31/2007, under which Credit Suisse First 3,415,602 Boston LLC will repurchase a U.S. Government Agency security maturing on 3/29/2022 for $3,465,603 on 8/1/2007. The market value of the underlying security at the end of the period was $3,488,710. (AT COST) TOTAL INVESTMENTS-99.4% $ 176,005,850 (IDENTIFIED COST $177,639,885)1 OTHER ASSETS AND LIABILITIES---NET-0.6% $ 1,021,151 TOTAL NET ASSETS---100% $ 177,027,001 1 At July 31, 2007, the cost of investments for federal tax purposes was $177,639,885. The net unrealized depreciation of investments for federal tax purposes was $1,634,035. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $1,572,246 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,206,281.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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; and {circle}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. The following acronym is used throughout this portfolio: REMIC --Real Estate Mortgage Investment Conduit
MTB U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT GOVERNMENT AGENCIES--78.0% FEDERAL FARM CREDIT SYSTEM--24.3% $ 648,000,000 1 Floating Rate Notes, 5.180% - 5.210%,8/1/2007 - 8/26/2007 $ 647,917,297 FEDERAL HOME LOAN MORTGAGE CORPORATION-33.3% 545,110,000 2 Discount Notes, 4.990% - 5.110%, 8/6/2007 - 12/26/2007 540,207,408 350,000,000 1 Floating Rate Notes, 5.170%, 8/26/2007 349,903,976 TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION $ 890,111,384 FEDERAL NATIONAL MORTGAGE ASSOCIATION--20.4% 555,514,000 2 Discount Notes, 5.000% - 5.150%, 8/23/2007 - 6/27/2008 545,250,828 TOTAL GOVERNMENT AGENCIES $ 2,083,279,509 REPURCHASE AGREEMENTS--22.3% 585,000,000 Interest in $585,000,000 repurchase agreement 5.030%, dated 7/31/2007 under which J.P. Morgan 585,000,000 Chase Securities, Inc. will repurchase U.S. Treasury securities with various maturities to 7/15/2013 for $585,081,738 on 8/1/2007. The market value of the underlying securities at the end of the period was $595,997,679. 10,819,000 Interest in $10,819,000 repurchase agreement 4.670%, dated 7/31/2007 under which State Street 10,819,000 Corp. will repurchase a U.S. Treasury security with a maturity date of 11/15/2013 for $10,820,403 on 8/1/2007. The market value of the underlying security at the end of the period was $11,038,974. TOTAL REPURCHASE AGREEMENTS $ 595,819,000 TOTAL INVESTMENTS-100.3% $ 2,679,098,509 (AT AMORTIZED COST)3 OTHER ASSETS AND LIABILITIES-NET- (0.3)% $ (8,500,741) TOTAL NET ASSETS---100% $ 2,670,597,768
1 Floating rate note with current rate and next reset date shown. 2 Discount rate at time of purchase. 3 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended.
MTB U.S. TREASURY MONEY MARKET FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT U.S. TREASURY--47.4% U.S. TREASURY BILLS--41.4% $ 350,000,000 1 United States Treasury Bills, 4.863% - 5.099%, 8/16/2007 - 12/20/2007 $ 346,367,638 U.S. TREASURY NOTES - 6.0% 50,000,000 United States Treasury Notes, 4.375%, 1/31/2008 49,837,303 TOTAL U.S. TREASURY $ 396,204,941 REPURCHASE AGREEMENTS--53.0% 175,000,000 Interest in $175,000,000 repurchase agreement 5.03%, dated 7/31/2007 under which J.P Morgan 175,000,000 Chase Securities, Inc. will repurchase U.S. Treasury securities with various maturities to 1/15/2014 for $175,024,451 on 8/1/2007. The market value of the underlying securities at the end of the period was $159,372,778. 30,000,000 Interest in $30,000,000 repurchase agreement 4.95%, dated 7/31/2007 under which Goldman Sachs & 30,000,000 Co. will repurchase a U.S. Treasury security maturing on 5/15/2017 for $30,004,125 on 8/1/2007. The market value of the underlying security at the end of the period was $30,598,897. 195,000,000 Interest in $195,000,000 repurchase agreement 5.11%, dated 7/31/2007 under which Morgan Stanley 195,000,000 & Co. will repurchase U.S. Treasury securities with various maturities to 3/15/2010 for $195,027,679 on 8/1/2007. The market value of the underlying securities at the end of the period was $198,861,490. 42,943,000 Interest in $42,943,000 repurchase agreement 4.67%, dated 7/31/2007 under which State Street 42,943,000 Corp. will repurchase a U.S. Treasury security maturing on 11/15/2013 for $42,948,571 on 8/1/2007. The market value of the underlying security at the end of the period was $43,806,155. TOTAL REPURCHASE AGREEMENTS $ 442,943,000 TOTAL INVESTMENTS - 100.4% $ 839,147,941 (AT AMORTIZED COST)2 OTHER ASSETS AND LIABILITIES - NET - (0.4)% $ (2,965,701) TOTAL NET ASSETS - 100% $ 836,182,240
1 Discount rate at time of purchase. 2 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act 1940, as amended.
MTB VIRGINIA MUNICIPAL BOND FUND PORTFOLIO OF INVESTMENTS July 31, 2007 (unaudited) PRINCIPAL DESCRIPTION VALUE AMOUNT OR SHARES 1 MUNICIPAL BONDS--98.7% DISTRICT OF COLUMBIA--3.4% AIRPORT--3.4% $ 245,000 Metropolitan Washington, DC Airports Authority, Revenue Bond (Series D), 5.375% (FSA INS), $ 256,147 10/1/2018 335,000 Metropolitan Washington, DC Airports Authority, Revenue Bond (Series D), 5.375% (FSA INS), 349,455 10/1/2019 TOTAL AIRPORT $ 605,602 TOTAL DISTRICT OF COLUMBIA $ 605,602 PUERTO RICO--8.7% FACILITIES--4.5% 705,000 Puerto Rico Commonwealth Infrastructure Financing Authority, (Series C) Special Tax Refunding 796,001 Bonds, 5.500% (FGIC LOC), 7/1/2020 GENERAL--1.5% 250,000 Puerto Rico Public Finance Corp., Revenue Bonds (Series A), 5.00% (United States Treasury and 261,177 United States Government PRF 8/1/2011 @ 100)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 5.150%), 8/1/2031 GENERAL OBLIGATION--1.2% 215,000 Commonwealth of Puerto Rico, GO UT (Series A), 5.00% (Original Issue Yield: 5.020%), 7/1/2033 218,567 TRANSPORTATION--1.5% 250,000 Puerto Rico Highway and Transportation Authority, Revenue Bonds (Series W), 5.500% (Original Issue 264,380 Yield: 5.620%), 7/1/2013 TOTAL PUERTO RICO $ 1,540,125 VIRGINIA--86.6% DEVELOPMENT--9.8% 250,000 Alexandria, VA, IDA, Revenue Bond, 5.000% (Episcopal High School), 1/1/2029 258,357 50,000 Chesterfield County, VA, IDA, Revenue Bond, 4.750% (Original Issue Yield: 4.900%), 11/1/2016 51,373 705,000 Frederick County, VA, IDA, Revenue Bond, 5.000% (AMBAC INS), 12/1/2014 749,711 500,000 Montgomery County, VA, IDA, Revenue Bond (Series C), 5.125% (MBIA Insurance Corp. INS)/(Original 516,430 Issue Yield: 5.300%), 1/15/2019 100,000 Virginia Beach, VA, Development Authority, Social Services Facility, 5.000% (AMBAC INS)/ 103,456 (Original Issue Yield: 5.050%), 12/1/2017 50,000 Virginia Beach, VA, Development Authority, Town Center Project Phase I (Series A), 4.250% 50,817 (Original Issue Yield: 4.320%), 8/1/2013 TOTAL DEVELOPMENT $ 1,730,144 FACILITIES--3.9% 200,000 Albemarle County, VA, IDA, Revenue Bonds, 4.625% (Westminster-Canterbury of Richmond)/(Original 192,600 Issue Yield: 4.750%), 1/1/2019 500,000 Virginia Beach, VA, Development Authority Residential Care Facilities, (Westminster Canterbury), 501,940 5.375% (Original Issue Yield: 5.420%), 11/1/2032 TOTAL FACILITIES $ 694,540 GENERAL OBLIGATION--13.5% 500,000 Alexandria, VA, Public Improvements GO UT Bond, 5.750% (United States Treasury PRF 6/15/2010 @ 531,980 101), 6/15/2014 350,000 Arlington County, VA, Public Improvement GO UT Bond, 5.250% (United States Treasury PRF 2/1/2012 @ 371,035 100), 2/1/2015 500,000 Loudoun County, VA, GO UT Bond (Series B), 5.250%, 12/1/2014 544,895 300,000 Roanoke, VA, GO UT (Series B), 5.000% (FGIC INS), 10/1/2011 310,926 250,000 Virginia Beach, VA, Public Improvement (Series B), 5.000%, 5/1/2020 267,703 350,000 Winchester, VA, Public Improvements, 5.625% (State and Local Government PRF 6/1/2010 @ 101)/(State 371,277 Aid Withholding INS)/(Original Issue Yield: 5.670%), 6/1/2018 TOTAL GENERAL OBLIGATION $ 2,397,816 HIGHER EDUCATION--5.3% 250,000 Fredericksburg VA, IDA, Revenue Bond, 5.350% (Mary Washington College)/(Original Issue Yield: 255,318 5.480%), 4/1/2029 120,000 Henrico County, VA, IDA, Revenue Bond, 5.100% (The Collegiate School)/(Original Issue Yield: 122,352 5.150%), 10/15/2029 500,000 Virginia College Building Authority, Refunding Revenue Bonds, 5.250% (MBIA Insurance Corp. 560,535 LOC)/(Original Issue Yield: 5.050%), 1/1/2031 TOTAL HIGHER EDUCATION $ 938,205 MEDICAL--12.0% 650,000 Albemarle County, VA, IDA, Martha Jefferson Hospital Revenue Bonds, 5.250% (Obligated Group), 684,489 10/1/2015 250,000 Fairfax County, VA, IDA, Revenue Bond, 5.000% (Inova Health System)/(Original Issue Yield: 261,978 5.350%), 8/15/2023 100,000 Fairfax County, VA, IDA, Revenue Bonds, 5.000% (Inova Health System)/(FSA INS)/(Original Issue 105,333 Yield: 5.300%), 8/15/2013 720,000 Fairfax County, VA, IDA, Revenue Refunding Bonds, 5.250% (Inova Health System)/(Original Issue 770,796 Yield: 5.350%), 8/15/2019 250,000 Henrico County, VA, EDA, Bon Secours Health System, Inc Revenue Bond (Series A), 5.600% (Obligated 258,988 Group)/(Original Issue Yield: 5.700%), 11/15/2030 50,000 Virginia Beach, VA, Development Authority, 5.125% (Virginia Beach, VA General Hospital)/ 53,400 (AMBAC INS)/(Original Issue Yield: 5.400%), 2/15/2018 TOTAL MEDICAL $ 2,134,984 MULTIFAMILY HOUSING--7.5% 500,000 Arlington County, VA, IDA, Colonial Village Revenue Bond, 5.150% (AHC LP-2), 11/1/2031, Mandatory 509,260 Tender, 11/1/2019 300,000 Virginia State Housing Development Authority Multi-Family, (Series G), 5.000%, 11/1/2013 304,155 500,000 Virginia State Housing Development Authority, Rental Housing (Series N), 5.125% (GO of Authority 512,110 INS), 1/1/2015 TOTAL MULTIFAMILY HOUSING $ 1,325,525 POLLUTION--1.2% 200,000 Chesterfield County, VA IDA, Revenue Bond, 5.875% (Virginia Electric & Power Co.), 6/1/2017 212,188 TRANSPORTATION--7.3% 200,000 Richmond, VA, Metropolitan Authority, Refunding Revenue Bonds, 5.250% (FGIC LOC)/ 215,588 (Original Issue Yield: 5.020%), 7/15/2017 500,000 Virginia Commonwealth Transportation Board, (Series A), 5.000% (Original Issue Yield: 3.770%), 532,745 5/15/2014 500,000 Virginia Commonwealth Transportation Board, Revenue Bonds, 5.000%, 9/28/2015 536,645 TOTAL TRANSPORTATION $ 1,284,978 UTILITIES--15.3% 500,000 Prince William County, VA, Service Authority Water & Sewer System, Revenue Bonds, 5.500% (United 521,100 States Government PRF 7/1/2009 @ 101)/(FGIC INS)/(Original Issue Yield: 5.650%), 7/1/2019 1,000,000 Richmond, VA, Public Utility, Revenue Bonds (Series A), 5.250% (Original Issue Yield: 5.270%), 1,016,860 1/15/2018 500,000 Southeastern Public Service Authority, VA, Refunding Revenue Bonds, 5.000% (AMBAC LOC)/(Original 530,075 Issue Yield: 5.070%), 7/1/2015 575,000 Upper Occoquan Sewage Authority, VA, Revenue Bonds (Series A), 5.150% (MBIA Insurance Corp. INS), 627,509 7/1/2020 TOTAL UTILITIES $ 2,695,544 WATER--10.8% 750,000 Fairfax County, VA, Water Authority, Revenue Bond, 5.800% (Escrowed in U.S. Treasuries 800,003 COL)/(Original Issue Yield: 5.850%), 1/1/2016 100,000 Fairfax County, VA, Water Authority, Revenue Refunding Bonds, 5.000% (Original Issue Yield: 108,520 5.220%), 4/1/2021 500,000 Norfolk, VA, Water Revenue, Revenue Bonds, 5.750% (MBIA Insurance Corp. INS)/(Original Issue 502,370 Yield: 5.950%), 11/1/2012 500,000 Norfolk, VA, Water Revenue, Revenue Bonds, 5.875% (MBIA Insurance Corp. INS)/(Original Issue 502,525 Yield: 6.100%), 11/1/2015 TOTAL WATER $ 1,913,418 TOTAL VIRGINIA $ 15,327,342 TOTAL MUNICIPAL BONDS (IDENTIFIED COST $17,126,224) $ 17,473,069 2 MUTUAL FUND--0.5% 93,961 Virginia Municipal Cash Trust, Institutional Shares, 3.18%3 $ 93,961 TOTAL INVESTMENTS - 99.2% $ 17,567,030 (IDENTIFIED COST $17,233,672)4 OTHER ASSETS AND LIABILITIES - NET- 0.8% $ 138,238 TOTAL NET ASSETS - 100% $ 17,705,268 1 At July 31, 2007, 12.8% of the total investments at market value were subject to the federal alternative minimum tax. 2 Affiliated company. 3 7-Day net yield. 4 At July 31, 2007, the cost of investments for federal tax purposes was $17,220,185. The net unrealized appreciation of investments for federal tax purposes was $346,845. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $433,872 and net unrealized depreciation from investments for those securities having an excess of cost over value of $87,027.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2007. INVESTMENT VALUATION Market values of the Fund's portfolio securities are determined as follows: {circle}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; {circle}for investments in other open-end registered investment companies, based on net asset value (NAV); {circle}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 Fund's 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; and {circle}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 Trustees, although the actual calculation is done by others under the direction of Fund management. An event is considered material 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. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation COL --Collateralized EDA --Economic Development Authority FGIC --Financial Guaranty Insurance Company FSA --Financial Security Assurance GO --General Obligation IDA --Industrial Development Authority INS --Insured LOC --Letter of Credit PRF --Prerefunded UT --Unlimited Tax 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 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-Q. (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 quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. 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 N. PADDOCK RICHARD N. PADDOCK PRINCIPAL FINANCIAL OFFICER DATE SEPTEMBER 7, 2007 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. CHARLES L. DAVIS, JR. PRINCIPAL EXECUTIVE OFFICER DATE SEPTEMBER 7, 2007 BY /S/ RICHARD N. PADDOCK RICHARD N. PADDOCK PRINCIPAL FINANCIAL OFFICER DATE SEPTEMBER 7, 2007 EX-99.CERT 2 cert.txt N-Q Item 3- Exhibits: Certifications I, Charles L. Davis, Jr., certify that: 1. I have reviewed this report on Form N-Q of MTB Group of Funds on behalf of: MTB Balanced Fund, MTB Equity Income Fund, MTB Equity Index Fund, MTB Income Fund, MTB Intermediate-Term Bond Fund, MTB International Equity Fund, MTB Large Cap Growth Fund, MTB Large Cap Stock Fund, MTB Large Cap Value Fund, MTB Managed Allocation Fund - Aggressive Growth, MTB Managed Allocation Fund - Conservative Growth, MTB Managed Allocation Fund - Moderate Growth, MTB Maryland Municipal Bond Fund, MTB Mid Cap Growth Fund, MTB Mid Cap Stock Fund, MTB Money Market Fund, MTB Multi Cap Growth Fund, MTB New York Municipal Bond Fund, MTB New York Tax-Free Money Market Fund, MTB Pennsylvania Municipal Bond Fund, MTB Pennsylvania Tax- Free Money Market Fund, MTB Prime Money Market Fund, MTB Short Duration Government Bond Fund, MTB Short-Term Corporate Bond Fund, MTB Small Cap Growth Fund, MTB Small Cap Stock Fund, MTB Tax-Free Money Market Fund, MTB U.S. Government Bond Fund, MTB U.S. Government Money Market Fund, MTB U.S. Treasury Money Market Fund, MTB Virginia Municipal Bond Fund ("registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 7, 2007 /S/Charles L. Davis, Jr. Charles L. Davis, Jr. Principal Executive Officer N-Q Item 3- Exhibits: Certifications I, Richard N. Paddock, certify that: 1. I have reviewed this report on Form N-Q of MTB Group of Funds on behalf of: MTB Balanced Fund, MTB Equity Income Fund, MTB Equity Index Fund, MTB Income Fund, MTB Intermediate-Term Bond Fund, MTB International Equity Fund, MTB Large Cap Growth Fund, MTB Large Cap Stock Fund, MTB Large Cap Value Fund, MTB Managed Allocation Fund - Aggressive Growth, MTB Managed Allocation Fund - Conservative Growth, MTB Managed Allocation Fund - Moderate Growth, MTB Maryland Municipal Bond Fund, MTB Mid Cap Growth Fund, MTB Mid Cap Stock Fund, MTB Money Market Fund, MTB Multi Cap Growth Fund, MTB New York Municipal Bond Fund, MTB New York Tax-Free Money Market Fund, MTB Pennsylvania Municipal Bond Fund, MTB Pennsylvania Tax- Free Money Market Fund, MTB Prime Money Market Fund, MTB Short Duration Government Bond Fund, MTB Short-Term Corporate Bond Fund, MTB Small Cap Growth Fund, MTB Small Cap Stock Fund, MTB Tax-Free Money Market Fund, MTB U.S. Government Bond Fund, MTB U.S. Government Money Market Fund, MTB U.S. Treasury Money Market Fund, MTB Virginia Municipal Bond Fund ("registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 7, 2007 /S/Richard N. Paddock Richard N. Paddock Treasurer - Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----