As filed with the Securities and Exchange Commission on November 7, 2003
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-10021
BANKNORTH FUNDS
5800 Corporate Drive
Pittsburgh, Pennsylvania 15237-7010
(412) 288-1900
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
Date of fiscal year end: AUGUST 31, 2003
Date of reporting period: AUGUST 31, 2003
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS
A copy of the shareholder report(s) transmitted to stockholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 (the "Act")is included at the end
of this Form N-CSR.
ITEM 2. CODE OF ETHICS
As of the end of the period covered by this report, the registrant has adopted a
code of ethics (the "Section 406 Standards for Investment Companies - Ethical
Standards for Principal Executive and Financial Officers") that applies to the
registrant's Principal Executive Officer and Principal Financial Officer; the
registrant's Principal Financial Officer also serves as the Principal Accounting
Officer.
The registrant hereby undertakes to provide any person, without charge, upon
request, a copy of the code of ethics. To request a copy of the code of ethics,
contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406
Standards for Investment Companies - Ethical Standards for Principal Executive
and Financial Officers.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has determined that each member of the Board's Audit
Committee is an "audit committee financial expert," and that each such member is
"independent," for purposes of this Item. The Audit Committee consists of the
following Board members: Thomas G. Bigley, John T. Conroy, Jr., Nicholas P.
Constantakis and Charles F. Mansfield, Jr.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not Applicable
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not Applicable
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not Applicable
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES
(a) - The registrant's President and Treasurer have concluded that the
registrant's disclosure controls and procedures (as defined in rule 30a-3(c)
under the Act) are effective in design and operation and are sufficient to form
the basis of the certifications required by Rule 30a-(2) under the Act, based on
their evaluation of these disclosure controls and procedures within 90 days of
the filing date of this report on Form N-CSR.
(b) - There were no changes in the registrant's internal control over financial
reporting (as defined in rule 30a-3(d) under the Act), or the internal control
over financial reporting of its service providers during the last fiscal half
year (the registrant's second half year in the case of an annual report) that
have materially affected, or are reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 10. EXHIBITS.
(a) Not applicable.
(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(Exhibit filed herewith).
(c) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(Exhibit filed herewith).
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 BANKNORTH FUNDS
By /S/ RICHARD J. THOMAS, PRINCIPAL FINANCIAL OFFICER
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Date OCTOBER 22, 2003
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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/ PETER J. GERMAIN, PRINCIPAL EXECUTIVE OFFICER
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Date OCTOBER 22, 2003
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By /S/ RICHARD J. THOMAS, PRINCIPAL FINANCIAL OFFICER
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Date OCTOBER 22, 2003
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