Information on 18 funds was incorrect

Subsidiary of M&T manages affected funds

November 02, 2003

As a result of incorrect data provided to The Sun, third-quarter results for 18 stock and bond mutual funds managed by an M&T Bank Corp. subsidiary were reported incorrectly in a quarterly review of Maryland mutual funds published Oct. 12.

The errors can be traced to gaps in data supplied to financial reporting agencies and to confusion resulting from a complicated merger between fund families operated by M&T and the former Allfirst Financial Inc., which M&T acquired in April.

In August, the Buffalo, N.Y.-based bank merged Allfirst's ARK Funds with M&T's Vision Group of Funds, creating MTB Group of Funds.

The merger of the funds resulted in the creation of several new funds, which were not included in the third-quarter Maryland bond and equity fund survey because they had been created after the quarter began.

But two of the new funds were included in the survey because inaccurate data indicated they had existed for the entire quarter. They are the MTB Intermediate Term Bond Fund Class A, which ranked first in the analysis, and the MTB Short Duration Government Bond Fund Class A shares, which ranked last.

The top-ranked bond fund should have been the Hussman Strategic Total Return Fund, which earned 2.78 percent in the third quarter.

Other bond funds listed with incorrect results because of data gaps included: the MTB Income Fund Class A, Class B and Institutional I shares; MTB Intermediate-Term Bond Fund Class A and Institutional I shares; MTB Maryland Municipal Bond Fund Class A, Class B and Institutional I shares; MTB New York Municipal Bond Fund Class A; MTB Pennsylvania Municipal Bond Class A, Class B and Institutional I shares; MTB Short Duration Government Bond Fund Class A and Institutional I shares; MTB Short-Term Corporate Bond Fund Institutional I shares; and the MTB U.S. Government Bond Fund Class A shares.

The MTB Large Cap Stock Fund Class A and Class B shares also were listed with inaccurate data.

M&T officials say no shareholders or investors were harmed by the reporting errors, which they said are being corrected.

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