Table of Contents

Letter to Our Shareholders	1
Management’s Discussion and Analysis	4
Independent Auditors’ Report	14
Statements of Net Assets	15
Statements of Operations	52
Statements of Changes in Net Assets	55
Financial Highlights	58
Notes to Financial Statements	64
Trustees and Officers of the Trust	74
Notice to Shareholders	82

Shares of the Expedition Funds are not deposits of or obligations of, or guaranteed or endorsed by Compass Bank, Compass Bancshares, Inc. or any of their affiliates, or any bank, and are not obligations of, guaranteed by or insured by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. 

An investment in shares of the Funds involves investment risk, including the possible loss of all or a portion of the principal invested, and the investment return and value of shares of the Funds will fluctuate so that an investment, when liquidated, may be worth more or less than the original cost.

Money market funds are neither insured nor guaranteed by the U.S. Government and there can be no assurance that the Expedition Money Market Fund or Tax-Free Money Market Fund will be able to maintain a stable net asset value of $1.00 per share.

Compass Bank serves as investment advisor and custodian to the Expedition Funds, and Compass Bank and various of its affiliates may provide various services to the Funds, for which investment advisory, custodian and other services Compass Bank and/or such other affiliates are entitled to receive compensation.

Letter to Our Shareholders

Dear Shareholder:

After enduring two solid years of bear markets, it is with great pleasure that we close out a fiscal year in which the bulls returned.

Following the tragic events of 2001 and uncertainties surrounding war with Iraq, the stock market was due for a recovery. That recovery finally arrived in the spring of 2003, as investors began moving cautiously back into stocks and out of safe havens such as money market funds. In early summer, a series of encouraging economic reports spurred even greater optimism. And as corporations began reporting surprisingly strong profits for the quarter ending June 30, a genuine rally was underway.

By the end of the fiscal year, there were double-digit gains for all the major stock indices. And while rising deficits and ongoing problems in the Middle East remain serious concerns, the markets are clearly anticipating better times ahead.

CONSUMERS LEAD, BUSINESSES FOLLOW.

During this period of uncertainty, the real heroes of the American economy have been consumers, who have maintained very healthy spending levels throughout even the worst of the past two years. Their resolute confidence, fueled in part by a recent tax cut, kept the economy from dipping into recession.

Businesses have less to be proud of, having virtually frozen investments in capital equipment, technology, and personnel. The result was a vicious circle: Businesses weren’t spending money on other businesses, so corporate profits suffered all around.

On the positive side, many corporations did use this period to reduce overhead costs and streamline processes. As a result, when the recovery finally appeared, its effects went almost directly to the bottom line. Over the past six months, company after company has reported a dramatic increase in earnings, giving investors plenty of reasons to cheer — and to buy.

STOCKS OVERCOME UNCERTAINTY.

For the stock market, the early months of fiscal 2003 were dominated by fear of war, and war itself. As the world held its collective breath, investors waited on the sidelines to see whether the conflict would be as smooth as the administration had promised. When it was even smoother, a large sigh of relief was followed by cautious buying.

In the last two quarters, with peace proving more costly than war, investors nonetheless were met with overwhelming evidence that the economy had turned a corner, with profits in most sectors showing impressive strength. The result was a return to real bullishness for the first time in two years.

Corporate scandals continued to make headlines, although none were of the magnitude of the Enron and WorldCom debacles of the prior year. In addition, the markets seemed to be genuinely reassured by measures such as the Sarbanes-Oxley Act of 2002, which requires chief executives to take personal responsibility for their companies’ earnings reports.

October 31, 2003          1

Letter to Our Shareholders (concluded)

A MIXED YEAR FOR BONDS.

The taxable bond market performed relatively well during the year, although the previous year was a tough act to follow. Bonds enjoyed a bit more stimulus as Federal Reserve Board cut rates just after the start of the fiscal year, and again in June, 2003, bringing the discount rate down to an even one percent. Thereafter, however, the strengthening economy obviated any need for the Fed to do more.

The municipal bond market was less robust. Cutbacks in federal funding and weak local economies led to outright fiscal crises in many states. And while there were no actual defaults of any major issues, investors grew increasingly wary, pushing down prices. The money markets remained in limbo — as in the dance that asks, “how low can you go?” With yields now below the single-digit level, money markets were left with only their relative stability to attract investors. In a year of turmoil, that was often enough.

READY FOR THE RECOVERY.

It is gratifying to note that when the recovery appeared, the Expedition Funds and its investors were in position to benefit from its substantial gains.

Our investor base and asset levels continued to grow during the past year, as individuals and institutions recognized that opportunities were to be found in the face of uncertainty. Our fund managers also used this period wisely, taking advantage of undervalued issues while maintaining their commitment to quality.

The results of this patient and prudent approach are evident in the performance figures that appear in the pages ahead.

THE ONLY TREND THAT COUNTS.

With better times returning to the economy and the markets, it can be easy to think they will always remain so. But history shows that bad years will always be followed by good years, and vice versa. No short-term trend, however positive or negative, is ever permanent.

Over time, however, the long-term trend is the same: Good companies grow, high-quality bond issuers meet their commitments, and the American economy continues to expand.

That is the trend that you invest in when you choose the Expedition Funds. And that is the trend that we are privileged to pursue on your behalf.

We thank you for your continued confidence during this challenging, and ultimately rewarding, period. And we look forward to helping you participate in the markets for many years to come.

Sincerely,

Denise A. Woodham
Managing Director of Investments
Compass Asset Management Group

2          October 31, 2003

Index Definitions

Lehman Intermediate Government/Credit Index — A market value weighted performance benchmark for government and Baa and higher rated corporate fixed-rate debt issues with maturities between one and ten years.

Lehman Municipal Bond Index — A broad-based total return index comprised of 8,000 investment grade, fixed rate, tax-exempt bonds with a remaining maturity of at least one year, including state and local general obligation, revenue, insured and pre-refunded bonds.

Russell 1000 Index — Measures the performance of the 1,000 largest companies in the Russell 3000 Index which represents approximately 92% of total market capitalization of the Russell 3000 Index.

S&P 400 Mid-Cap Index — This index is a capitalization-weighted index which measures the performance of the mid-range of the U.S. Stock Market. This index consists of 400 domestic stocks chosen for market size, liquidity and industry group representation. It is a market value weighted index, with each stock affecting the index in proportion to its market value.

S&P 500 Composite Index — An unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

S&P 500/BARRA Value Index — This index is constructed by dividing the stocks of the S&P 500 Composite Index according to price-to-book ratio. It contains firms with lower price-to-book ratios. The index is capitalization-weighted, meaning that each stock in the index is weighted in proportion to its market value.

October 31, 2003          3

EXPEDITION EQUITY FUND

Management’s Discussion and Analysis

For the twelve month period ended October 31, 2003, the Expedition Equity Fund (Institutional Shares) generated a total return of 20.99%. This compares to a 20.80% return for the S&P 500 Composite Index and a 17.75% return for the Lipper Large-Cap Core Funds Classification. The Fund seeks to provide growth of capital, with a secondary objective of income and pursues these objectives by investing in a diversified portfolio of common stocks issued by mid and large capitalization companies.

The Expedition Equity Fund performed well in relation to its benchmark, actually outperforming it. This strong performance came amid unexpected strength in both the economy and the markets, particularly in the latter portion of the fiscal year.

The effects of the strengthening economy were heightened by the fact that corporations have tightened costs so successfully that even slight improvements in demand translated to bottom-line profitability. For this reason, stocks of cyclical companies and those whose businesses are tied to the overall economy were among the best performers.

Looking ahead, we are concerned that the recent earnings momentum may have reached its peak. The improving economy should still produce positive earnings, but most likely at a declining rate of growth. Therefore, we anticipate additional gains for stocks, but not of the magnitude of the past fiscal year.

4          October 31, 2003

EXPEDITION EQUITY FUND

Management’s Discussion and Analysis

EXPEDITION EQUITY FUND

AVERAGE ANNUAL TOTAL RETURN

	1 Year Return			3 Year Return			5 Year Return*			10 Year Return*			Inception to Date*
Institutional Shares		20.99	%		-15.45	%		-0.71	%		7.67	%		7.64	%
Investment Shares - Class A		20.72	%		-15.63	%		-0.99	%**		7.54	%**		7.51	%**
Investment Shares - Class A w/load		15.95	%		-16.77	%		-1.79	%**		7.10	%**		7.08	%**
Investment Shares - Class B		19.76	%		-16.30	%		-1.71	%**		7.13	%**		7.10	%**
Investment Shares - Class B w/load		14.76	%		-17.03	%		-1.85	%**		7.13	%**		7.10	%**

Comparison of Change in the Value of a $10,000 Investment in the Expedition Equity Fund, Institutional Shares, Investment Shares-Class A and Investment Shares-Class B, versus the Russell 1000 Index, the S&P 500 Composite Index, the S&P 400 Mid-Cap Index, the Lipper Growth & Income Funds Objective, and the Lipper Large-Cap Core Funds Classification.

*

For periods prior to the inception of the Expedition Equity Fund (the “Fund”) on June 13, 1997, the performance data quoted represents past performance of the Equity Model Common Trust Fund internally managed by an affiliate of the Fund’s investment advisor, adjusted for the maximum fee and expenses of the Institutional Shares of the Fund applicable at the inception of the Fund.  The Equity Model Common Trust Fund was not registered under the Investment Company Act of 1940 and therefore, was not subject to certain restrictions which may have adversely affected performance.

**

Class A Shares of the Fund were offered beginning November 24, 1997 and Class B Shares of the Fund were offered beginning November 16, 1998. The performance information shown prior to that represents performance of Institutional Shares. The prior Institutional Shares performance has been adjusted to reflect the maximum front-end sales charges and the maximum contingent deferred sales charges applicable to Class A and Class B Shares, respectively, but does not reflect the higher Rule 12b-1 fees for either Class. Had that adjustment been made, performance would have been lower.

Note:	Performance data quoted represents past performance and is not predictive of future performance. Actual return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
	Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

October 31, 2003          5

EXPEDITION EQUITY INCOME FUND

Management’s Discussion and Analysis

For the twelve month period ended October 31, 2003, the Expedition Equity Income Fund (Institutional Shares) generated a total return of 16.12%. This compares to a 20.80% return for the S&P 500 Composite Index and a 20.75% return for the Lipper Large-Cap Value Funds Classification for the comparable time period.

The Fund seeks to provide growth of capital, with a secondary objective of income. These objectives are pursued through a diversified portfolio of common stocks issued by mid and large-capitalization companies.

While it underperformed its benchmark, the Expedition Equity Income Fund produced a very positive overall return. For investors, this return was enhanced by recent legislation that lowered taxes on dividend income.

The Fund benefited from a strong stock market in the second half of the fiscal year, as well as continued accommodative action – and frequent inaction – by the Federal Reserve Board.

Strong sectors of the portfolio included industrial companies, financial services providers, and transportation providers.

Looking ahead, we believe that income-oriented stocks will remain strong, thanks to improving earnings and the increasing demand for dividends. Therefore, we will continue to invest in high-quality issues that combine strong income and the potential for long-term capital appreciation.

6          October 31, 2003

EXPEDITION EQUITY INCOME FUND

Management’s Discussion and Analysis

EXPEDITION EQUITY INCOME FUND

AVERAGE ANNUAL TOTAL RETURN

	1 Year Return			3 Year Return			Inception to Date
Institutional Shares		16.12	%		-12.75	%		-8.60	%
Investment Shares - Class A		15.84	%		-12.98	%		-8.33	%
Investment Shares - Class A w/load		11.21	%		-14.16	%		-9.35	%
Investment Shares - Class B		14.85	%		-13.60	%		-9.09	%
Investment Shares - Class B w/load		9.85	%		-14.42	%		-9.57	%

Comparison of Change in the Value of a $10,000 Investment in the Expedition Equity Income Fund, Institutional Shares, Investment Shares-Class A and Investment Shares-Class B, versus the S&P 500 Composite Index, the S&P 500/BARRA Value Index, and the Lipper Large-Cap Value Funds Classification, the Lipper Equity Income Classification, and the Lipper Equity Income Objective

Note:	Performance data quoted represents past performance and is not predictive of future performance. Actual return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
	Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

October 31, 2003          7

EXPEDITION INVESTMENT GRADE BOND FUND

Management’s Discussion and Analysis

For the twelve month period ended October 31, 2003, the Expedition Investment Grade Bond Fund (Institutional Shares) generated a total return of 3.89%. This compares to a 5.66% return for the Lipper Intermediate Investment-Grade Debt Objective. The Fund seeks to provide income with relative stability of principal.

While the bond market performed well overall, the lion’s share of the gains took place in the early half of the fiscal year, as the war in Iraq, economic concerns, and a half-percent rate cut by the Federal Reserve Board led to a continuation of the previous year’s rally.

By mid-June, that tide turned sharply, as success in Iraq and an upturn in economic sentiment caused yields to rise a full percentage point in just over six weeks.

The Expedition Investment Grade Bond Fund was well positioned throughout the year, holding high quality government and corporate issues with an average maturity level below that of our benchmark.

Looking ahead, we believe that rates will continue to drive higher, as the U.S. economy recovers. In light of this forecast, we plan to maintain a relatively short maturity level in order to capture any incremental yield opportunities as they become available. In addition, we will retain our focus on high-quality corporate bonds, which offer strong relative returns backed by favorable earnings trends.

8          October 31, 2003

EXPEDITION INVESTMENT GRADE BOND FUND

Management’s Discussion and Analysis

EXPEDITION INVESTMENT GRADE BOND FUND

AVERAGE ANNUAL TOTAL RETURN

	1 Year Return			3 Year Return			5 Year Return*			10 Year Return*			Inception to Date*
Institutional Shares		3.89	%		8.49	%		6.33	%		5.82	%		6.32	%
Investment Shares - Class A		3.63	%		8.22	%		6.04	%		5.66	%		6.18	%
Investment Shares - Class A w/load		-0.53	%		6.78	%		5.19	%		5.23	%		5.81	%
Investment Shares - Class B		2.86	%		7.45	%		5.84	%		5.56	%		6.09	%
Investment Shares - Class B w/load		-2.11	%		6.58	%		5.68	%		5.56	%		6.09	%

Comparison of Change in the Value of a $10,000 Investment in the Expedition Investment Grade Bond Fund, Institutional Shares, Investment Shares-Class A and Investment Shares-Class B, versus the Lehman Intermediate Government/Credit Index, and the Lipper Intermediate Investment-Grade Debt Objective.

* Institutional Shares of the Fund were offered beginning June 13, 1997 and Class B Shares of the Fund were offered beginning November 16, 1998. The performance information shown prior to that represents performance of Class A Shares, which were offered beginning April 20, 1992. For Institutional Shares, the prior Class A Shares performance reflects the maximum front-end sales charge and Rule 12b-1 fees on Class A Shares, neither of which applies to Institutional Shares. For Class B Shares, the prior Class A Shares performance reflects the maximum contingent deferred sales charge on Class B Shares, but does not reflect Class B Shares’ higher Rule 12b-1 fees. Had that adjustment been made, performance would have been lower.

Note:	Performance data quoted represents past performance and is not predictive of future performance. Actual return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
	Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

October 31, 2003          9

EXPEDITION TAX - FREE INVESTMENT GRADE BOND FUND

Management’s Discussion and Analysis

For the twelve month period ended October 31, 2003, the Expedition Tax-Free Investment Grade Bond Fund (Institutional Shares) generated a total return of 4.57%. This compares to a 5.11% return for the Lehman Municipal Bond Index and a 4.29% return for the Lipper Intermediate Municipal Debt Funds Objective.

The Expedition Tax-Free Investment Grade Bond Fund performed well again during the past year, taking advantage of the strong municipal market conditions that prevailed – particularly in the first half of the year. Factors contributing to the Fund’s performance included downward pressure on interest rates by the Federal Reserve Board and our continuing focus on quality issues.

Looking ahead, we believe that interest rates will remain relatively flat for the next quarter or two, with the possibility of an upward trend thereafter as the economy gains momentum. Therefore, we plan to keep our average maturity level close to that of our benchmark, while retaining our emphasis on issues of superior quality.

One area of concern is the recent budget deficit facing many states in the wake of slow economies and reduced federal spending. We have thus far steered clear of any problems related to this trend, through our strategy of emphasizing issues of the highest quality. We plan to continue that strategy in the year ahead.

10          October 31, 2003

EXPEDITION TAX - FREE INVESTMENT GRADE BOND FUND

Management’s Discussion and Analysis

EXPEDITION TAX - FREE INVESTMENT GRADE BOND FUND

AVERAGE ANNUAL TOTAL RETURN

	1 Year Return			3 Year Return			Inception to Date
Institutional Shares		4.57	%		6.51	%		7.23	%
Investment Shares - Class A		4.40	%		6.28	%		6.83	%
Investment Shares - Class A w/load		0.21	%		4.85	%		5.64	%
Investment Shares - Class B		3.63	%		5.46	%		5.85	%
Investment Shares - Class B w/load		-1.34	%		4.55	%		5.32	%

Comparison of Change in the Value of a $10,000 Investment in the Expedition Tax-Free Investment Grade Bond Fund, Institutional Shares and Investment Shares-Class A, versus the Lehman Municipal Bond Index, the Lipper General Municipal Debt Funds Objective, and the Lipper Intermediate Municipal Debt Funds Objective.

Note:	Performance data quoted represents past performance and is not predictive of future performance. Actual return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
	Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

October 31, 2003          11

EXPEDITION MONEY MARKET FUND

Management’s Discussion and Analysis

For the twelve month period ended October 31, 2003, the Expedition Money Market Fund (Institutional Shares) generated a total return of 0.88%. This compares to a 0.71% return for the Lipper Money Market Mutual Funds Index.

Yields on money market instruments declined again in fiscal 2003, due to Federal Reserve Board reductions totaling three-quarters of one percent. This led to a historic period in which yields were consistently below one percent.

The Expedition Money Market Fund maintained its conservative strategy during the year, keeping assets primarily in 30 to 60 day commercial paper and corporate notes of six months to one year. The remainder of the Fund was invested in overnight repurchase agreements.

Looking ahead, we believe that the Fed will respond to the improving economy by holding rates steady, with a possible upward bias. Therefore, we plan to continue with our relatively short-term strategy in hopes of improved yields in the months to come.

12          October 31, 2003

EXPEDITION TAX - FREE MONEY MARKET FUND

Management’s Discussion and Analysis

For the twelve month period ended October 31, 2003, the Expedition Tax-Free Money Market Fund (Institutional Shares) generated a total return of 0.79%. This compares to a 0.63% return for the Lipper Tax-Exempt Money Market Funds Index. The Fund seeks to provide income, exempt from Federal income taxes, consistent with stability of principal. The Fund pursues this investment objective by investing in high quality money market instruments maturing in 397 days or less.

Yields in the short-term municipal markets declined, as the Federal Reserve Board pushed the discount rate to still more new lows during the fiscal year. With a number of municipalities facing fiscal crunches, investors paid greater attention to quality, pushing rates down even further on the best-quality issues.

As a result, yields on the Expedition Tax-Free Money Market Fund remained relatively modest, in line with those of the benchmark index.

Looking ahead, we plan to continue keeping maturity levels at the short end of the spectrum in anticipation of potential rate increases. And, we will remain vigilant with regard to quality, focusing on instruments that are well-supported by dependable revenues and, where available, municipal bond insurance.

October 31, 2003          13

Independent Auditors’ Report

To the Board of Trustees and Shareholders of
Expedition Funds:

We have audited the accompanying statements of net assets of Expedition Funds (the “Funds”), including the Equity Fund, Equity Income Fund, Investment Grade Bond Fund, Tax-Free Investment Grade Bond Fund, Money Market Fund, and Tax-Free Money Market Fund as of October 31, 2003, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2003, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2003, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
New York, New York
December 19, 2003

14          October 31, 2003

EXPEDITION EQUITY FUND

Statement of Net Assets

Description	Shares		Value (000)
Common Stock – 99.2%
Aerospace & Defense – 3.6%
Boeing		70,000	$	2,694
United Technologies		45,000		3,811
Total Aerospace & Defense				6,505
Airlines – 2.2%
Southwest Airlines		200,000		3,880
Total Airlines				3,880
Banks – 2.8%
Bank of America		25,000		1,893
JP Morgan Chase		90,000		3,231
Total Banks				5,124
Broadcasting, Newspapers & Advertising – 6.7%
Comcast, Cl A*		120,000		4,070
Gannett		35,000		2,944
Omnicom Group		50,000		3,990
Viacom, Cl B		25,000		997
Total Broadcasting, Newspapers & Advertising				12,001
Broker/Dealers – 4.6%
Goldman Sachs Group		36,000		3,380
Morgan Stanley		90,000		4,938
Total Broker/Dealers				8,318
Computers & Services – 9.1%
Cisco Systems*		250,000		5,245
Dell*		88,000		3,179
Intel		110,000		3,635
International Business Machines		48,000		4,295
Total Computers & Services				16,354
Cosmetics/Toiletries – 3.6%
Gillette		90,000		2,871
Procter & Gamble		36,000		3,538
Total Cosmetics/Toiletries				6,409
Diversified Financial Services – 3.9%
American Express		75,000		3,520
Citigroup		75,000		3,555
Total Diversified Financial Services				7,075
Diversified Manufacturing – 2.4%
General Electric		150,000		4,351
Total Diversified Manufacturing				4,351

October 31, 2003          15

EXPEDITION EQUITY FUND

Statement of Net Assets

Description	Shares		Value (000)
Electrical Services – 3.2%
Exelon		90,000	$	5,711
Total Electrical Services				5,711
Entertainment – 1.2%
Harrah’s Entertainment		50,000		2,175
Total Entertainment				2,175
Food, Beverage & Tobacco – 5.6%
Anheuser-Busch		77,000		3,793
Constellation Brands, Cl A*		85,000		2,667
Sysco		105,000		3,534
Total Food, Beverage & Tobacco				9,994
Insurance – 8.8%
Allstate		75,000		2,963
American International Group		82,000		4,988
Lincoln National		95,000		3,793
Marsh & McLennan		95,000		4,061
Total Insurance				15,805
Machinery – 2.0%
Caterpillar		50,000		3,664
Total Machinery				3,664
Medical Products & Services – 11.6%
Amgen*		60,000		3,706
Cardinal Health		30,000		1,780
CR Bard		40,000		3,202
Lincare Holdings*		50,000		1,947
Mylan Laboratories		100,000		2,415
St. Jude Medical*		70,000		4,071
UnitedHealth Group		75,000		3,816
Total Medical Products & Services				20,937
Metals-Aluminum – 2.2%
Alcoa		125,000		3,946
Total Metals-Aluminum				3,946
Miscellaneous Business Services – 1.1%
First Data		55,000		1,964
Total Miscellaneous Business Services				1,964
Paper & Paper Products – 2.1%
International Paper		95,000		3,738
Total Paper & Paper Products				3,738
Petroleum Refining – 6.1%
Apache Corporation		50,000		3,486

16          October 31, 2003

EXPEDITION EQUITY FUND

Statement of Net Assets

Description	Shares		Value (000)
Exxon Mobil		110,000	$	4,024
Schlumberger		75,000		3,523
Total Petroleum Refining				11,033
Pharmaceuticals – 2.7%
Merck		35,000		1,549
Pfizer		105,000		3,318
Total Pharmaceuticals				4,867
Retail – 3.6%
Best Buy*		60,000		3,499
Staples*		110,000		2,950
Total Retail				6,449
Semi-Conductors/Instruments – 1.9%
Applied Materials*		150,000		3,506
Total Semi-Conductors/Instruments				3,506
Software & Programming – 5.1%
Microsoft		125,000		3,269
Oracle*		175,000		2,093
Veritas Software*		105,000		3,796
Total Software & Programming				9,158
Telephones & Telecommunications – 3.1%
Nokia ADR		75,000		1,274
SBC Communications		180,000		4,317
Total Telephones & Telecommunications				5,591
Total Common Stock           (Cost $163,943)				178,555
Related Party Money Market Fund – 1.8%      Expedition Money Market Fund†		3,299,429		3,299
Total Related Party Money Market Fund           (Cost $3,299)				3,299
Total Investments – 101.0%           (Cost $167,242)				181,854
Other Assets and Liabilities – (1.0)%
Investment Advisory Fees Payable				(112	)
Administrator Fees Payable				(30	)
Custodian Fees Payable				(3	)
Distribution Fees Payable				(15	)
Other Assets and Liabilities, Net				(1,618	)
Total Other Assets & Liabilities				(1,778	)

October 31, 2003          17

EXPEDITION EQUITY FUND

Statement of Net Assets

Description	Value (000)
Net Assets:
Portfolio Capital of Institutional Shares      (unlimited authorization — no par value)      based on 21,122,001 outstanding shares of      beneficial interest	$	218,602
Portfolio Capital of Investment Shares – Class A      (unlimited authorization — no par value)      based on 1,215,983 outstanding shares of      beneficial interest		14,731
Portfolio Capital of Investment Shares – Class B      (unlimited authorization — no par value)      based on 2,135,973 outstanding shares of      beneficial interest		27,137
Undistributed net investment income		145
Accumulated net realized loss on investments		(95,151	)
Net unrealized appreciation on investments		14,612
Total Net Assets – 100.0%	$	180,076
Net Asset Value, Offering and Redemption Price Per Share —      Institutional Shares      ($156,142,145 ÷ 21,122,001 shares)	$	7.39
Net Asset Value and Redemption Price Per Share —      Investment Shares – Class A      ($8,910,118 ÷ 1,215,983 shares)	$	7.33
Maximum Offering Price Per Share —      Investment Shares – Class A (1)	$	7.64
Net Asset Value and Offering Price Per Share —      Investment Shares – Class B (2)      ($15,024,138 ÷ 2,135,973 shares)	$	7.03

* Non-income producing security.

† See Note 4 in Notes to Financial Statements.

(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 4.00%.
(2)	Class B Shares have a contingent deferred sales charge. For a description of a possible redemption charge, see a prospectus for the Funds.

ADR — American Depository Receipt

Cl — Class

The accompanying notes are an integral part of the financial statements.

18          October 31, 2003

EXPEDITION EQUITY INCOME FUND

Statement of Net Assets

Description	Shares		Value (000)
Common Stock – 99.6%
Aerospace & Defense – 2.7%
General Dynamics		2,500	$	209
Raytheon		6,000		159
Total Aerospace & Defense				368
Air Transportation – 2.3%
FedEx		4,000		303
Total Air Transportation				303
Banks – 16.3%
Bank of America		3,500		265
Bank of New York		10,000		312
BB&T		8,500		329
JP Morgan Chase		6,000		215
Keycorp		10,000		283
Union Planters		8,000		266
Wachovia		5,000		229
Wells Fargo		5,000		282
Total Banks				2,181
Broadcasting, Newspapers & Advertising – 4.6%
Comcast, Cl A*		11,000		373
Viacom, Cl B		6,000		239
Total Broadcasting, Newspapers & Advertising				612
Broker/Dealers – 7.6%
Goldman Sachs Group		3,500		329
Merrill Lynch		6,000		355
Morgan Stanley		6,000		329
Total Broker/Dealers				1,013
Chemicals – 1.8%
EI Du Pont de Nemours		6,000		242
Total Chemicals				242
Diversified Financial Services – 5.3%
Citigroup		8,500		403
Concord*		8,000		85
Viad		9,000		225
Total Diversified Financial Services				713
Diversified Manufacturing – 5.0%
Fortune Brands		5,000		326
General Electric		12,000		348
Total Diversified Manufacturing				674
Electrical Services – 6.7%
Centerpoint Energy		35,000		343

October 31, 2003          19

EXPEDITION EQUITY INCOME FUND

Statement of Net Assets

Description	Shares		Value (000)
Exelon		4,500	$	286
Southern		9,000		268
Total Electrical Services				897
Entertainment – 1.9%
Harrah’s Entertainment		6,000		261
Total Entertainment				261
Food, Beverage & Tobacco – 2.3%
Adolph Coors, Cl B		5,500		308
Total Food, Beverage & Tobacco				308
Insurance – 5.3%
ACE Ltd.		9,500		342
American International Group		6,000		365
Total Insurance				707
Medical Products & Services – 5.8%
Invitrogen*		7,000		445
Quest Diagnostics*		5,000		338
Total Medical Products & Services				783
Paper & Paper Products – 2.0%
International Paper		7,000		275
Total Paper & Paper Products				275
Petroleum Refining – 8.8%
Anadarko Petroleum		7,000		306
Exxon Mobil		13,000		476
Noble*		4,000		137
Royal Dutch Petroleum		6,000		266
Total Petroleum Refining				1,185
Real Estate Investment Trusts – 1.6%
Crescent Real Estate Equity		14,000		215
Total Real Estate Investment Trusts				215
Retail – 7.4%
CVS		10,000		352
Wal-Mart Stores		5,000		295
Yum! Brands*		10,000		341
Total Retail				988
Semi-Conductors/Instruments – 3.8%
Applied Materials*		12,000		281
Novellus Systems*		5,500		227
Total Semi-Conductors/Instruments				508
Software & Programming – 2.9%
Intuit*		4,000		200

20          October 31, 2003

EXPEDITION EQUITY INCOME FUND

Statement of Net Assets

Description	Shares		Value (000)
Microsoft		7,000	$	183
Total Software & Programming				383
Telephones & Telecommunications – 5.5%
Alltel		2,000		95
BellSouth		6,000		158
Nokia ADR		11,000		187
SBC Communications		7,000		168
Verizon Communications		4,000		134
Total Telephones & Telecommunications				742
Total Common Stock           (Cost $12,072)				13,358
Related Party Money Market Fund – 0.3%      Expedition Money Market Fund†		38,502		39
Total Related Party Money Market Fund           (Cost $39)				39
Total Investments – 99.9%           (Cost $12,111)				13,397
Other Assets and Liabilities – 0.1%
Investment Advisory Fees Receivable				2
Administrator Fees Payable				(6	)
Distribution Fees Payable				(1	)
Other Assets and Liabilities, Net				22
Total Other Assets & Liabilities				17
Net Assets:
Portfolio Capital of Institutional Shares      (unlimited authorization — no par value)      based on 1,867,663 outstanding shares of      beneficial interest				19,423
Portfolio Capital of Investment Shares – Class A      (unlimited authorization — no par value)      based on 41,680 outstanding shares of      beneficial interest				508
Portfolio Capital of Investment Shares – Class B      (unlimited authorization — no par value)      based on 108,789 outstanding shares of      beneficial interest				1,163
Accumulated net realized loss on investments				(8,966	)
Net unrealized appreciation on investments				1,286
Total Net Assets – 100.0%			$	13,414

October 31, 2003          21

EXPEDITION EQUITY INCOME FUND

Statement of Net Assets

Description	Value
Net Asset Value, Offering and Redemption Price Per Share —      Institutional Shares      ($12,421,862 ÷ 1,867,663 shares)	$	6.65
Net Asset Value and Redemption Price Per Share —      Investment Shares – Class A      ($276,858 ÷ 41,680 shares)	$	6.64
Maximum Offering Price Per Share —      Investment Shares – Class A (1)	$	6.92
Net Asset Value and Offering Price Per Share —      Investment Shares – Class B (2)      ($715,585 ÷ 108,789 shares)	$	6.58

* Non-income producing security.

† See Note 4 in Notes to Financial Statements.

(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 4.00%.
(2)	Class B Shares have a contingent deferred sales charge. For a description of a possible redemption charge, see a prospectus for the Funds.

ADR — American Depository Receipt

Cl — Class

Ltd. — Limited

The accompanying notes are an integral part of the financial statements.

22          October 31, 2003

EXPEDITION INVESTMENT GRADE BOND FUND

Statement of Net Assets

Description	Face Amt. (000)				Value (000)
Corporate Obligations – 36.0%
Banks – 5.7%
Bank of America
5.875%, 02/15/09		$	1,000	$	1,095
Bank One
6.000%, 08/01/08			2,000		2,194
Wachovia
4.950%, 11/01/06			2,000		2,122
Wells Fargo, Ser G, MTN
6.875%, 08/08/06			1,000		1,115
Total Banks					6,526
Broker/Dealers – 4.9%
Goldman Sachs Group
6.600%, 01/15/12			2,000		2,222
Merrill Lynch
6.375%, 10/15/08			1,000		1,121
Morgan Stanley
6.750%, 04/15/11			2,000		2,251
Total Broker/Dealers					5,594
Chemicals – 2.0%
EI Du Pont de Nemours
6.875%, 10/15/09			2,000		2,312
Total Chemicals					2,312
Diversified Financial Services – 10.7%
Citigroup
5.750%, 05/10/06			1,000		1,077
General Electric Capital, Ser A, MTN
7.375%, 01/19/10			3,000		3,506
6.800%, 11/01/05			2,000		2,180
General Motors Acceptance
6.150%, 04/05/07			2,000		2,113
Household Finance
6.375%, 10/15/11			1,000		1,095
Wells Fargo Financial
5.875%, 08/15/08			2,000		2,213
Total Diversified Financial Services					12,184
Electrical Services – 1.9%
Alabama Power, Ser G
5.375%, 10/01/08			2,000		2,142
Total Electrical Services					2,142
Food, Beverage & Tobacco – 0.1%
General Mills, MTN
8.080%, 11/18/03			60		60
Total Food, Beverage & Tobacco					60

October 31, 2003          23

EXPEDITION INVESTMENT GRADE BOND FUND

Statement of Net Assets

Description	Face Amt. (000)			Value (000)
Retail – 7.9%
Lowe’s
8.250%, 06/01/10		$	2,000	$	2,442
Target
5.875%, 11/01/08			2,000		2,190
4.000%, 06/15/13			1,000		934
Wal-Mart Stores
6.875%, 08/10/09			3,000		3,446
Total Retail					9,012
Telephones & Telecommunications – 2.8%
SBC Communications
5.875%, 02/01/12			1,000		1,061
Verizon Wireless
5.375%, 12/15/06			2,000		2,138
Total Telephones & Telecommunications					3,199
Total Corporate Obligations
(Cost $36,798)					41,029
U.S. Government Agency Obligations – 24.9%
FHLB
3.125%, 08/15/07			3,000		3,000
FHLB, Ser 100
5.800%, 09/02/08			2,000		2,203
FHLB, Ser 363
4.500%, 11/15/12			3,000		2,984
FHLMC
7.000%, 03/15/10			3,000		3,493
6.625%, 09/15/09			3,000		3,428
FNMA
7.250%, 01/15/10			2,500		2,943
5.500%, 03/15/11			3,000		3,226
5.250%, 01/15/09			3,000		3,221
4.375%, 03/15/13			4,000		3,909
Total U.S. Government Agency Obligations
(Cost $26,515)					28,407

24          October 31, 2003

EXPEDITION INVESTMENT GRADE BOND FUND

Statement of Net Assets

Description	Face Amt. (000)			Value (000)
U.S. Treasury Obligations
U.S. Treasury Notes – 24.7
7.000%, 07/15/06		$	2,500	$	2,811
6.875%, 05/15/06			1,000		1,117
6.500%, 10/15/06			3,000		3,353
6.500%, 02/15/10			1,000		1,160
6.125%, 08/15/07			3,000		3,363
6.000%, 08/15/09			3,000		3,393
5.625%, 05/15/08			2,000		2,214
5.500%, 05/15/09			3,000		3,325
5.000%, 02/15/11			1,500		1,606
4.250%, 08/15/13			2,000		1,993
4.000%, 11/15/12			1,000		985
3.875%, 02/15/13			3,000		2,917
Total U.S. Treasury Obligations
(Cost $25,810)					28,237
U.S. Government Mortgage-Backed Obligations – 8.5%
FHLMC, Gold Pool #E00532
6.500%, 02/01/13			215		226
FHLMC, Gold Pool #E00543
6.000%, 04/01/13			485		505
FHLMC, Gold Pool #E00584
6.000%, 11/01/13			703		733
FHLMC, Gold Pool #E00832
7.500%, 04/01/15			299		319
FHLMC, Gold Pool #E00856
7.500%, 06/01/15			290		309
FNMA, Pool # 614934
6.000%, 12/01/16			2,085		2,170
FNMA, Pool #535966
7.000%, 05/01/16			733		779
GNMA, Pool #552999
5.000%, 01/15/18			4,586		4,684
Total U.S. Government Mortgage-Backed Obligations
(Cost $9,572)					9,725
Asset-Backed Securities – 4.7%
MBNA Master Credit Card Trust, Ser 1999-J, Cl A
7.000%, 02/15/12			3,000		3,460
Standard Credit Card Master Trust, Ser 1994-2, Cl A
7.250%, 04/07/08			1,725		1,924
Total Asset-Backed Securities
(Cost $4,864)					5,384

October 31, 2003          25

EXPEDITION INVESTMENT GRADE BOND FUND

Statement of Net Assets

Description	Shares		Value (000)
Related Party Money Market Fund – 0.2%
Expedition Money Market Fund†		196,466	$	196
Total Related Party Money Market Fund
(Cost $196)				196
Total Investments – 99.0%
(Cost $103,755)				112,978
Other Assets and Liabilities – 1.0%
Investment Advisory Fees Payable				(39	)
Administrator Fees Payable				(20	)
Custodian Fees Payable				(2	)
Distribution Fees Payable				(3	)
Other Assets and Liabilities, Net				1,260
Total Other Assets & Liabilities				1,196
Net Assets:
Portfolio Capital of Institutional Shares      (unlimited authorization — no par value)      based on 9,967,477 outstanding shares of      beneficial interest				95,001
Portfolio Capital of Investment Shares – Class A      (unlimited authorization — no par value)      based on 505,803 outstanding shares of      beneficial interest				9,287
Portfolio Capital of Investment Shares – Class B      (unlimited authorization — no par value)      based on 198,316 outstanding shares of      beneficial interest				2,054
Accumulated net realized loss on investments				(1,391	)
Net unrealized appreciation on investments				9,223
Total Net Assets – 100.0%			$	114,174
Net Asset Value, Offering and Redemption Price Per Share —      Institutional Shares      ($106,643,396 ÷ 9,967,477 shares)			$	10.70
Net Asset Value and Redemption Price Per Share —      Investment Shares – Class A      ($5,406,585 ÷ 505,803 shares)			$	10.69
Maximum Offering Price Per Share —      Investment Shares – Class A (1)			$	11.14
Net Asset Value and Offering Price Per Share —      Investment Shares – Class B (2)      ($2,124,106 ÷ 198,316 shares)			$	10.71

26          October 31, 2003

EXPEDITION INVESTMENT GRADE BOND FUND

Statement of Net Assets

Description
† See Note 4 in Notes to Financial Statements.
(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 4.00%.
(2)	Class B Shares have a contingent deferred sales charge. For a description of a possible redemption charge, see a prospectus for the Funds.

Cl — Class

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

MTN — Medium Term Note

Ser — Series

The accompanying notes are an integral part of the financial statements.

October 31, 2003          27

EXPEDITION TAX-FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Municipal Bonds – 96.6%
Alabama – 10.8%
Alabama State, Municipal Electric Authority,           Power Supply RB, Ser A, MBIA
5.000%, 09/01/33	$	1,000	$	1,005
Alabama State, Public School & College Authority,           Capital Improvements RB, Ser D
5.750%, 08/01/19		1,150		1,278
Birmingham, Capital Improvement Warrants GO, Ser A
5.550%, 08/01/21		1,000		1,080
Huntsville, Warrants GO, Ser D
5.000%, 11/01/07		1,000		1,107
Montgomery, Warrants GO, Ser A
5.100%, 10/01/09		1,000		1,102
Phoenix City, School Warrants GO, AMBAC
5.650%, 08/01/21		1,000		1,087
Tuscaloosa, Warrants
5.650%, 01/01/17		1,000		1,111
Total Alabama				7,770
Arizona – 1.7%
Tucson GO, Ser 1994-D
6.250%, 07/01/14		1,000		1,203
Total Arizona				1,203
California – 9.7%
California State GO, FGIC
5.250%, 09/01/30		1,280		1,307
Los Angeles School District GO, Ser 1997-E, MBIA
5.125%, 01/01/27		1,000		1,024
San Diego School District GO, Ser 1998-D, FGIC
5.250%, 07/01/24		1,000		1,043
San Gabriel School District GO, Ser A, FSA
5.375%, 08/01/21		500		531
Southern California, Metropolitan Water District RB, Ser A
5.100%, 07/01/25		1,000		1,013
University of California, Multiple Purpose Projects RB,           Ser M, FGIC
5.125%, 09/01/22		1,000		1,040
5.125%, 09/01/23		1,000		1,024
Total California				6,982
Colorado – 4.4%
Denver, City and County GO, Ser B
5.625%, 08/01/07		1,000		1,126
Denver, City and County School District GO, FGIC
5.000%, 12/01/23		1,000		1,016

28          October 31, 2003

EXPEDITION TAX-FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
La Plata County School District GO, MBIA
5.250%, 11/01/25	$	1,000	$	1,036
Total Colorado				3,178
Florida – 3.8%
Florida State, Board of Education Capital Outlay GO,           Ser A, Pre-Refunded @ 101 (A)
5.650%, 01/01/05		500		530
Florida State, Department of Transportation GO,           Right of Way Project, Ser B
5.500%, 07/01/11		1,000		1,103
Palm Beach County GO, Ser A
5.450%, 08/01/13		1,000		1,096
Total Florida				2,729
Georgia – 1.6%
Georgia State GO, Ser B
6.000%, 03/01/12		1,000		1,173
Total Georgia				1,173
Hawaii – 1.6%
Hawaii State GO, Ser CO, FGIC
6.000%, 03/01/08		1,000		1,147
Total Hawaii				1,147
Illinois – 1.8%
Chicago, Project & Refunding GO, Ser C, FGIC
5.500%, 01/01/19		1,180		1,286
Total Illinois				1,286
Kansas – 1.5%
Kansas State, Department of Transportation RB, Ser A
5.000%, 09/01/06		1,000		1,090
Total Kansas				1,090
Massachusetts – 3.3%
Massachusetts State, Consolidated Loan GO,           Ser A Pre-Refunded @ 101 (A)
6.000%, 02/01/10		2,000		2,366
Total Massachusetts				2,366
Michigan – 2.0%
Novi Michigan Street GO, FSA
5.250%, 10/01/15		1,280		1,418
Total Michigan				1,418

October 31, 2003          29

EXPEDITION TAX-FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Minnesota – 0.7%
Minnesota State, Public Facilities Authority RB,           Water Pollution Control, Ser A
6.000%, 03/01/09	$	500	$	528
Total Minnesota				528
Nevada – 1.6%
Clark County GO
6.000%, 07/01/06		1,000		1,109
Total Nevada				1,109
New Hampshire – 1.5%
New Hampshire RB, MBIA
5.250%, 08/15/19		1,000		1,079
Total New Hampshire				1,079
New Jersey – 1.6%
New Jersey State, GO, Ser F
5.500%, 08/01/11		1,000		1,142
Total New Jersey				1,142
New Mexico – 0.8%
New Mexico State, Severance Tax RB, Ser B, FSA
5.000%, 07/01/07		500		550
Total New Mexico				550
New York – 8.4%
Brookhaven GO, FGIC
5.500%, 10/01/13		500		556
New York City GO, Ser C, MBIA
5.375%, 11/15/17		1,000		1,088
New York City Transitional Authority RB, Ser C, FGIC
5.250%, 08/01/14		1,000		1,099
New York State GO, Ser A, Pre-Refunded @ 101 (A)
5.875%, 03/15/05		1,000		1,073
New York State GO, Ser F
5.250%, 09/15/13		500		544
New York State, Environmental Water Facilities RB,           Pooled Financing Program, Ser F
5.250%, 11/15/20		500		533
Triborough, Bridge & Tunnel Authority RB,           Ser A, Pre-Refunded @ 100.5 (A)
5.250%, 07/01/09		1,000		1,146
Total New York				6,039
North Carolina – 6.8%
Charlotte RB, Ser C
5.000%, 04/01/09		1,000		1,117
Charlotte, Water & Sewer Systems RB
5.125%, 06/01/26		1,000		1,020

30          October 31, 2003

EXPEDITION TAX-FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
North Carolina State, GO, Ser A, Pre-Refunded @ 102 (A)
4.700%, 02/01/04	$	1,000	$	1,029
Winston-Salem, Water & Sewer Systems RB,           Pre-Refunded @ 101 (A)
5.250%, 06/01/11		1,500		1,716
Total North Carolina				4,882
Ohio – 2.3%
Ohio State, Building Authority RB, State Facilities Adult           Correctional Facilities, Ser A, FSA
5.500%, 10/01/13		1,000		1,127
Pickerinston, Local School District GO, FGIC
5.250%, 12/01/20		500		528
Total Ohio				1,655
Oregon – 1.4%
Oregon State, Alternative Energy Project GO, Ser E
5.800%, 07/01/07		1,000		1,027
Total Oregon				1,027
Pennsylvania – 1.5%
Pennsylvania State, Intergovernmental Authority ST,           Philadelphia Funding Project, FGIC
5.250%, 06/15/15		1,000		1,083
Total Pennsylvania				1,083
South Carolina – 4.9%
Greenville County, School District RB
6.000%, 12/01/21		1,000		1,113
Lancaster County, School District GO, FSA
5.100%, 03/01/15		1,000		1,078
Lexington County, School District GO
5.125%, 03/01/21		1,210		1,280
Total South Carolina				3,471
Texas – 11.1%
Canyon, Independent School District GO, Ser A, PSF
5.375%, 02/15/24		1,000		1,042
Frisco, Independent School District GO, PSF
5.125%, 08/15/30		1,000		1,013
Grand Prairie, Independent School District GO, FSA
5.375%, 02/15/18		1,820		1,973
Lamar, Consolidated Independent School District GO, PSF
5.500%, 02/15/15		500		549
Leander, Independent School District GO, PSF
5.375%, 08/15/19		1,000		1,067

October 31, 2003          31

EXPEDITION TAX - FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets

Description	Face Amt. (000)/Shares			Value (000)
Mesquite, Independent School District GO, PSF
5.500%, 08/15/21		$	1,160	$	1,245
Williamson County GO, FSA
5.250%, 02/15/27			1,040		1,067
Total Texas					7,956
Utah – 1.6%
Utah State, Intermountain Power Agency RB,           Ser B, MBIA, ETM
6.000%, 07/01/06			1,000		1,115
Total Utah					1,115
Virginia – 5.4%
Bristol Utility System RB, MBIA
5.250%, 07/15/26			1,850		1,919
Newport News GO, Ser A, MBIA, Pre-Refunded @ 102 (A)
5.625%, 07/01/05			795		868
Virginia, Commonwealth Transportation Board RB,           Northern Virginia Transportation Program, Ser A
5.500%, 05/15/15			1,000		1,113
Total Virginia					3,900
Washington – 1.6%
Washington State, GO, Ser B
6.000%, 01/01/13			1,000		1,156
Total Washington					1,156
West Virginia – 1.6%
West Virginia State, GO, State Road Project, FGIC
5.625%, 06/01/18			1,000		1,106
Total West Virginia					1,106
Wisconsin – 1.6%
Milwaukee GO, Ser T, Pre-Refunded @ 100 (A)
5.250%, 09/01/11			1,000		1,133
Total Wisconsin					1,133
Total Municipal Bonds
(Cost $65,494)					69,273
Related Party Money Market Fund – 2.4%
Expedition Tax-Free Money Market Fund†			1,759,391		1,759
Total Related Party Money Market Fund
(Cost $1,759)					1,759
Total Investments – 99.0%
(Cost $67,253)					71,032

32          October 31, 2003

EXPEDITION TAX - FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets

Description	Value (000)
Other Assets and Liabilities – 1.0%
Investment Advisory Fees Payable	$	(22	)
Administrator Fees Payable		(12	)
Custodian Fees Payable		(1	)
Other Assets and Liabilities, Net		739
Total Other Assets & Liabilities		704
Net Assets:
Portfolio Capital of Institutional Shares      (unlimited authorization — no par value)      based on 6,525,285 outstanding shares of      beneficial interest		66,044
Portfolio Capital of Investment Shares – Class A      (unlimited authorization — no par value)      based on 27,963 outstanding shares of      beneficial interest		258
Portfolio Capital of Investment Shares – Class B      (unlimited authorization — no par value)      based on 20,159 outstanding shares of      beneficial interest		214
Undistributed net investment income		17
Accumulated net realized gain on investments		1,424
Net unrealized appreciation on investments		3,779
Total Net Assets – 100.0%	$	71,736
Net Asset Value, Offering and Redemption Price Per Share —      Institutional Shares      ($71,211,142 ÷ 6,525,285 shares)	$	10.91
Net Asset Value and Redemption Price Per Share —      Investment Shares – Class A      ($305,100 ÷ 27,963 shares)	$	10.91
Maximum Offering Price Per Share —      Investment Shares – Class A (1)	$	11.36
Net Asset Value and Offering Price Per Share —      Investment Shares – Class B (2)      ($219,898 ÷ 20,159 shares)	$	10.91

† See Note 4 in Notes to Financial Statements.
(1)	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 4.00%.
(2)	Class B Shares have a contingent deferred sales charge. For a description of a possible redemption charge, see a prospectus for the Funds.
(A)	Pre-Refunded Security — The maturity date shown is the pre-refunded date.

AMBAC — American Municipal Bond Assurance Company

ETM — Escrowed to Maturity

FGIC — Financial Guaranty Insurance Company

FSA — Financial Security Assurance

GO — General Obligation

MBIA — Municipal Bond Insurance Association

PSF — Permanent School Fund Guarantee Program

RB — Revenue Bond

Ser — Series

ST — Special Tax

The accompanying notes are an integral part of the financial statements.

October 31, 2003          33

EXPEDITION MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Commercial Paper – 74.2%
Aircraft – 3.4%
General Dynamics
1.010%, 11/14/03	$	7,000	$	6,997
1.020%, 11/24/03		8,000		7,995
1.020%, 12/03/03		6,000		5,995
Total Aircraft				20,987
Banks – 5.7%
Bank One
1.040%, 12/22/03		10,000		9,985
Deutsche Bank
1.020%, 11/12/03		5,000		4,998
Wells Fargo
1.030%, 11/14/03		10,000		9,996
1.000%, 12/09/03		10,000		9,990
Total Banks				34,969
Broker/Dealers – 1.5%
Bear Stearns
1.060%, 12/01/03		4,000		3,997
Merrill Lynch
1.010%, 11/06/03		5,000		4,999
Total Broker/Dealers				8,996
Building & Construction – 3.6%
Guardian
1.060%, 11/03/03		7,100		7,100
1.050%, 12/18/03		15,000		14,979
Total Building & Construction				22,079
Diversified Financial Services – 25.4%
American General Finance
1.050%, 11/20/03		12,000		11,993
1.035%, 12/08/03		15,000		14,984
Caterpillar Financial Services
1.020%, 11/10/03		10,000		9,997
1.030%, 11/17/03		5,000		4,998
1.020%, 12/18/03		6,841		6,832
General Electric Capital
1.060%, 11/04/03		10,000		9,999
1.050%, 11/06/03		9,685		9,684
1.040%, 11/13/03		5,000		4,998
1.040%, 11/17/03		9,000		8,996
1.050%, 11/21/03		8,000		7,995
1.020%, 12/02/03		5,000		4,996
1.060%, 12/16/03		7,800		7,790

34          October 31, 2003

EXPEDITION MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Toyota Motor Credit
1.030%, 11/05/03	$	10,000	$	9,999
1.030%, 11/18/03		5,000		4,998
1.030%, 11/20/03		5,000		4,997
1.020%, 12/05/03		3,000		2,997
1.020%, 12/16/03		5,000		4,994
Transamerica Finance
1.050%, 11/05/03		5,000		4,999
1.040%, 11/07/03		4,000		3,999
1.050%, 11/10/03		4,000		3,999
1.050%, 11/18/03		6,000		5,997
1.050%, 11/24/03		2,000		1,999
1.040%, 12/05/03		5,000		4,995
Total Diversified Financial Services				157,235
Funding Corporations – 13.6%
Falcon Asset Securitization
1.040%, 11/03/03		5,000		5,000
1.050%, 11/07/03		10,000		9,998
1.050%, 11/21/03		4,000		3,998
1.050%, 11/26/03		5,000		4,996
1.050%, 12/03/03		4,000		3,996
Preferred Receivable Funding
1.050%, 11/14/03		5,000		4,998
1.060%, 11/20/03		5,000		4,997
1.060%, 11/21/03		6,000		5,997
1.050%, 11/24/03		12,000		11,992
Receivables Capital
1.050%, 11/04/03		10,000		9,999
1.060%, 11/10/03		5,000		4,999
1.050%, 11/18/03		3,000		2,999
1.040%, 11/20/03		3,000		2,998
1.050%, 11/21/03		5,000		4,997
1.050%, 12/01/03		1,980		1,978
Total Funding Corporations				83,942
Leasing & Renting – 4.4%
International Lease Finance
1.030%, 11/12/03		10,000		9,997
1.050%, 11/18/03		7,000		6,997
1.020%, 12/03/03		5,000		4,995
1.030%, 12/04/03		5,000		4,995
Total Leasing & Renting				26,984

October 31, 2003          35

EXPEDITION MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Multimedia – 4.0%
Gannett
1.010%, 11/06/03	$	10,000	$	9,998
1.010%, 11/10/03		5,000		4,999
1.000%, 11/13/03		10,000		9,997
Total Multimedia				24,994
Pharmaceuticals – 4.2%
Pfizer
1.020%, 11/07/03		6,000		5,999
1.020%, 11/26/03		15,000		14,989
1.040%, 01/06/04		5,000		4,991
Total Pharmaceuticals				25,979
Special Purpose Entity – 4.4%
Three Pillars
1.060%, 11/05/03		6,000		5,999
1.050%, 11/17/03		6,500		6,497
1.060%, 11/26/03		5,000		4,997
1.050%, 12/01/03		10,000		9,991
Total Special Purpose Entity				27,484
Telephones & Telecommunications – 1.6%
BellSouth
1.010%, 11/13/03		5,000		4,998
Verizon
1.000%, 11/04/03		5,000		5,000
Total Telephones & Telecommunications				9,998
Utilities – 2.4%
National Rural Utilities
1.050%, 11/19/03		15,000		14,992
Total Utilities				14,992
Total Commercial Paper
(Cost $458,639)				458,639
Corporate Obligations – 17.2%
Banks – 3.7%
Bank of America
5.750%, 03/01/04		4,100		4,161
6.625%, 06/15/04		8,600		8,881
6.125%, 07/15/04		1,228		1,271
Bank One, Ser A, MTN
5.625%, 02/17/04		1,137		1,150
Wachovia
6.625%, 06/15/04		2,898		2,994

36          October 31, 2003

EXPEDITION MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Wells Fargo
6.625%, 07/15/04	$	4,500	$	4,666
Total Banks				23,123
Broker/Dealers – 7.6%
Bear Stearns
6.625%, 01/15/04		6,850		6,922
6.150%, 03/02/04		11,827		12,013
8.750%, 03/15/04		2,405		2,471
6.625%, 10/01/04		2,199		2,305
Lehman Brothers
6.625%, 04/01/04		3,155		3,226
Merrill Lynch, Ser B, MTN
6.800%, 11/03/03		1,715		1,715
6.070%, 04/06/04		2,280		2,327
5.350%, 06/15/04		4,450		4,564
Morgan Stanley
6.375%, 12/15/03		2,000		2,012
5.625%, 01/20/04		9,512		9,598
Total Broker/Dealers				47,153
Diversified Financial Services – 3.1%
Associates Corporation of North America
5.750%, 11/01/03		7,000		7,000
5.500%, 02/15/04		1,000		1,012
5.800%, 04/20/04		4,500		4,589
Associates Corporation of North America, Ser F, MTN
6.440%, 01/15/04		1,625		1,642
Caterpillar Financial, Ser F, MTN
7.700%, 11/05/03		1,045		1,046
7.960%, 01/26/04		1,000		1,016
Citigroup
5.700%, 02/06/04		1,500		1,517
Wells Fargo Financial
5.450%, 05/03/04		1,000		1,021
Total Diversified Financial Services				18,843
Electrical Services – 1.8%
Alabama Power, Ser I
5.350%, 11/15/03		6,350		6,359
Alabama Power, Ser N
4.875%, 09/01/04		4,785		4,921
Total Electrical Services				11,280

October 31, 2003          37

EXPEDITION MONEY MARKET FUND

Statement of Net Assets

Description	Shares/Face Amt. (000)			Value (000)
Utilities – 1.0%
National Rural Utilities
6.000%, 01/15/04		$	6,215	$	6,273
Total Utilities					6,273
Total Corporate Obligations
(Cost $106,672)					106,672
U.S. Agency Obligations – 3.7%
FNMA (A)
1.020%, 11/03/03			6,000		6,000
1.040%, 11/12/03			10,000		9,997
1.040%, 11/19/03			7,000		6,996
Total U.S. Agency Obligations
(Cost $22,993)					22,993
Repurchase Agreement – 3.9%
JP Morgan Chase
0.93% dated 10/31/03, matures
11/03/03, repurchase price $24,093,867
(collateralized by U.S. Treasury obligations,
total market value $24,574,195)			24,092		24,092
Total Repurchase Agreement
(Cost $24,092)					24,092
Money Market Fund – 0.8%
Financial Square Government Money Market Fund			5,014,267		5,014
Total Money Market Fund
(Cost $5,014)					5,014
Total Investments – 99.8%
(Cost $617,410)					617,410
Other Assets and Liabilities – 0.2%
Investment Advisory Fees Payable					(101	)
Administrator Fees Payable					(79	)
Custodian Fees Payable					(11	)
Distribution Fees Payable					(84	)
Other Assets and Liabilities, Net					1,422
Total Other Assets & Liabilities					1,147

38          October 31, 2003

EXPEDITION MONEY MARKET FUND

Statement of Net Assets

Description	Value (000)
Net Assets:
Portfolio Capital of Institutional Shares      (unlimited authorization — no par value)      based on 251,207,315 outstanding shares of      beneficial interest	$	251,206
Portfolio Capital of Investment Service Shares      (unlimited authorization — no par value)      based on 313,851,432 outstanding shares of      beneficial interest		313,850
Portfolio Capital of Investment Sweep Class Shares      (unlimited authorization — no par value)      based on 53,499,557 outstanding shares of      beneficial interest		53,498
Undistributed net investment income		2
Accumulated net realized gain on investments		1
Total Net Assets – 100.0%	$	618,557
Net Asset Value, Offering and Redemption Price Per Share —      Institutional Shares
($251,212,439 ÷ 251,207,315 shares)	$	1.00
Net Asset Value, Offering and Redemption Price Per Share —      Investment Service Shares
($313,845,198 ÷ 313,851,432 shares)	$	1.00
Net Asset Value, Offering and Redemption Price Per Share —      Sweep Class Shares
($53,499,741 ÷ 53,499,557 shares)	$	1.00

(A) The rate reflected on the Statement of Net Assets represents the security’s effective yield at time of purchase.

FNMA — Federal National Mortgage Association

MTN — Medium Term Note

Ser — Series

The accompanying notes are an integral part of the financial statements.

October 31, 2003          39

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Municipal Bonds – 99.8%
Alabama – 1.7%
Huntsville, Health Care Authority RB, Ser B, MBIA (A) (B)         6.625%, 06/01/23	$	2,000	$	2,103
Montgomery County, Special Care Financing Authority RB,         VHA Alabama Incorporated Project,
Ser H, AMBAC (A) (B)         1.050%, 12/01/30		1,200		1,200
Total Alabama				3,303
Arizona – 0.3%
Apache County, Industrial Development Authority RB,         Tucson Electrical Power - Springerville Project (A) (B) (C)
1.100%, 12/01/20		600		600
Total Arizona				600
Arkansas – 2.8%
Crossett, Pollution Control Revenue Authority RB,         Pacific Corporation Project (A) (B) (C)
1.050%, 08/01/04		5,500		5,500
Total Arkansas				5,500
California – 2.6%
California Warrants, Ser A
2.000%, 06/16/04		4,500		4,525
Newport Beach, Revenue Authority RB,
Hoag Memorial Hospital, Ser C (A) (B)
1.200%, 10/01/26		500		500
Total California				5,025
Colorado – 2.5%
Castle Pines, North Metropolitan District Authority
GO (A) (B) (C)
1.130%, 12/01/28		1,000		1,000
Denver City & County, Multi-Family Housing Authority RB,
Cottonwood Creek Project, Ser A (A) (B)
1.050%, 04/15/14		1,000		1,000
SBC Metropolitan District GO (A) (B) (C)
1.070%, 12/01/17		2,000		2,000
Thornton, Colorado, Multifamily Revenue RB,
Quail Ridge Project, Ser A (A) (B) (C)
1.050%, 04/01/10		900		900
Total Colorado				4,900

40          October 31, 2003

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Connecticut – 0.5%
New Britain, BAN
2.250%, 04/08/04	$	1,005	$	1,010
Total Connecticut				1,010
Delaware – 3.6%
Delaware State, Economic Development Authority RB,         School House Project (A) (B) (C)
1.050%, 12/01/15		750		750
University of Delaware RB, Ser A (A) (B)
1.050%, 11/01/18		6,300		6,300
Total Delaware				7,050
Florida – 1.7%
Miami-Dade County, Industrial Development Authority RB,         Holy Cross Academy Project (A) (B) (C)
1.050%, 07/01/20		800		800
Orange County, Industrial Development Authority RB,         Orlando Hawaiian Motel (A) (B) (C)
1.300%, 10/01/15		690		690
Palm Beach County, Economic Development Authority RB,         YMCA Boynton Beach Project (A) (B) (C)
1.050%, 01/01/24		1,700		1,700
Total Florida				3,190
Georgia – 6.9%
Dalton Georgia, Utilities Authority RB, Ser A02, FSA (A) (B)
1.140%, 01/01/12		2,090		2,090
Dekalb County, Development Authority RB, American Cancer         Society (A) (B) (C)
1.050%, 09/01/17		1,200		1,200
Dekalb County, Multi-Family Housing Authority RB,         Winters Creek Apartments Project, FNMA (A) (B)
1.050%, 06/15/25		400		400
Dekalb County, Multi-Family Housing Authority RB,         Woodhills Apartment Project (A) (B) (C)
1.100%, 12/01/07		1,600		1,600
Fulton County, Multi-Family Housing Authority RB,         Champions Green Apartment Project, Ser B (A) (B)
1.050%, 10/01/25		4,300		4,300
Fulton County, Multi-Family Housing Authority RB,         Hampton Hills Apartment Project, FHLMC (A) (B)
1.050%, 06/01/23		600		600
Macon-Bibb County, Hospital Authority RB,         Medical Control Center Project (A) (B) (C)
1.050%, 12/01/18		1,700		1,700
Private Colleges & Universities Authority RB,         Mercer University Project (A) (B) (C)
1.130%, 10/01/32		1,400		1,400

October 31, 2003          41

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Thomasville, Hospital Authority RB, Anticipation Certificates -         J.D. Archbold Project (A) (B) (C)
1.050, 11/01/17	$	100	$	100
Total Georgia				13,390
Illinois – 6.8%
Central Lake RB, Merlots - Ser B18, AMBAC (A) (B)
1.140%, 05/01/20		900		900
Cook County GO, Merlots - Ser B11, AMBAC (A) (B)
1.140%, 11/15/25		500		500
East Peoria, Multi-Family Housing RB (A) (B) (C))
1.200%, 06/01/08		405		405
Illinois State, Development Finance Authority RB,         Goodman Theater Project (A) (B) (C)
1.100%, 12/01/33		1,750		1,750
Illinois State, Development Finance Authority RB,         WBEZ Alliance Incorporated Project (A) (B) (C)
1.050%, 03/01/29		1,800		1,800
Illinois State, Development Finance Authority RB,         YMCA Chicago Project (A) (B) (C)
1.120%, 06/01/29		2,400		2,400
Illinois State, Educational Facilities RB, Field Museum of         Natural History (A) (B) (C)
1.050%, 11/01/32		1,500		1,500
Kane Cook & Du Page Counties TAW
2.250%, 11/28/03		1,000		1,000
Oakbrook Terrace, Industrial Development Authority RB,         Oakbrook Terrace Atrium Project (A) (B) (C)
1.050%, 12/01/25		2,000		2,000
Orland Park, Industrial Development Authority RB,         Ser A (A) (B) (C)
1.350%, 12/28/04		825		825
Total Illinois				13,080
Indiana – 5.8%
Avon, Community School Warrants
1.950%, 12/31/03		1,000		1,001
Hamilton Southeastern Schools, BAN
1.250%, 04/01/04		1,000		1,000
Indiana State, Development Finance Authority RB,         Cathedral High School Project (A) (B) (C)
1.200%, 09/01/26		1,000		1,000
Indiana State, Educational Facilities Authority RB,         Evansville University Project, Ser B (A) (B) (C)
1.200%, 12/01/29		2,000		2,000
Indiana State, Health Facilities Financing Authority RB,         Capital Access Project (A) (B) (C)
1.050%, 04/01/13		1,500		1,500

42          October 31, 2003

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Knox Community, School Corporate Industry, TAW
1.750%, 12/31/03	$	1,000	$	1,000
Merrillville School District Authority, TAW
1.250%, 12/31/03		1,000		1,000
Spencer Owen Independent Community Schools GO (A) (B)
1.500%, 12/31/03		1,650		1,651
Tippecanoe, TAN
2.000%, 12/30/03		1,100		1,101
Total Indiana				11,253
Iowa – 3.6%
Iowa State, Finance Authority RB,         Drake University Project (A) (B) (C)
1.200%, 07/01/31		600		600
Iowa State, Higher Education Loan Authority RB,         Private College Facilities, Loras Project (A) (B) (C)
1.150%, 11/01/30		2,400		2,400
Iowa State, Higher Education Loan Authority RB,         Private College, Des Moines Project (A) (B) (C)
1.200%, 10/01/33		1,200		1,200
Iowa State, Higher Education Loan Authority RB,         Private College, St. Ambrose Project (A) (B) (C)
1.150%, 04/01/33		2,700		2,700
Total Iowa				6,900
Kansas – 2.1%
Kansas Finance Authority RB, Kansas Department         Administration, Ser J1 (A) (B)
1.150%, 12/01/18		1,800		1,800
Prairie Village RB, Corinth Place Apartments (A) (B)
1.050%, 11/01/30		2,350		2,350
Total Kansas				4,150
Kentucky – 2.9%
Kentucky State, Rural Water Financial Corporation RB (A) (B)
2.250%, 11/01/03		1,000		1,000
Kentucky State, TRAN
2.000%, 06/30/04		2,500		2,518
Lexington-Fayette Urban County,         Government Industrial Building Authority RB,         American Horse Shows Association Project (A) (B) (C)
1.200%, 12/01/18		2,025		2,025
Total Kentucky				5,543

October 31, 2003          43

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Louisiana – 1.6%
East Baton Rouge RB, Parish Pollution Control Authority,
Rhone-Poulenc Project (A) (B) (C)
1.200%, 06/01/11	$	800	$	800
1.200%, 12/01/11		1,230		1,230
Louisiana State, Public Facilities Authority Hospital RB,
St. Francis Medical Center Project, FSA (A) (B
5.300%, 07/01/09		1,000		1,048
Total Louisiana				3,078
Massachusetts – 2.3%
Massachusetts State, Development Finance Agency RB,
Marino Foundation Project (A) (B) (C)
1.050%, 07/01/21		2,100		2,100
Massachusetts State, Health and Educational Facilities Authority
RB, Falmouth Assisted Living, Ser A (A) (B) (C)
1.030%, 11/01/26		2,300		2,300
Total Massachusetts				4,400
Michigan – 5.4%
Farmington Hills Michigan Hospital Finance Authority RB,
Botsford General Hospital, Ser B, MBIA (A) (B
1.200%, 02/15/16		1,650		1,650
Jackson County, Economic Development Authority RB,
Thrifty Leoni Project (A) (B) (C)
1.060%, 12/01/14		1,000		1,000
Michigan State, Job Development Authority RB,
East Lansing Residential Project (A) (B) (C)
0.950%, 12/01/14		900		900
Michigan State, Strategic Fund RB,
Van Andel Research Institution Project (A) (B) (C)
1.050%, 11/01/27		3,400		3,400
Northern University RB, FGIC (A) (B)
1.150%, 06/01/31		1,600		1,600
Pinckney Community Schools,
State Aid Anticipation Notes
1.500%, 08/20/04		2,000		2,005
Total Michigan				10,555

44          October 31, 2003

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Minnesota – 2.8%
Mankato, Revenue Authority RB,
Bethany Lutheran College Project, Ser B, (A) (B) (C))
1.200%, 11/01/15	$	1,740	$	1,740
Minneapolis & St. Paul, Housing & Redevelopment Authority
RB, Childrens Healthcare System Project, Ser B, FSA (A) (B)
1.150%, 08/15/25		2,800		2,800
Minnesota State, Higher Education Facilities Authority RB,
St. Olaf College Project (A) (B) (C))
1.150%, 10/01/20		800		800
Total Minnesota		5,340
Missouri – 5.0%
Clayton, Industrial Development Authority RB,
Bailey Court Project (A) (B) (C))
1.200%, 01/01/09		500		500
Kansas City, Industrial Development Authority RB,
Bethesda Living Center Project, Ser A (A) (B) (C))
1.100%, 08/01/31		2,200		2,200
Kansas City, Industrial Development Authority RB,
Ewing Marion Kaufman (A) (B)
1.150%, 04/01/27		3,100		3,100
Missouri State, Health & Educational Facilities Authority RB,
Saint Louis University Project, Ser B (A) (B)
1.200%, 10/01/24		600		600
Missouri State, Health & Educational Facilities RN
1.150%, 10/29/04		945		945
Missouri State, State Office Buildings RB, Ser B (A) (B)
4.000%, 12/01/03		1,500		1,503
Saint Louis, Industrial Development Authority RB,
Schnuck Markets Kirkwood Project (A) (B) (C))
1.100%, 12/01/15		900		900
Total Missouri				9,748
Montana – 0.8%
Montana State, Board Investment RB, Municipal Finance
Consolidated-Intercapitalization Project (A) (B)
1.350%, 03/01/25		1,500		1,500
Total Montana				1,500
New Hampshire – 0.5%
Coos County, TAN
1.625%, 12/31/03		1,000		1,000
Total New Hampshire				1,000

October 31, 2003          45

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
New York – 3.0%
New York City, Municipal Water Finance RB,
Ser C-1 (A) (B
1.160%, 06/15/18	$	4,600	$	4,600
New York City, Municipal Water Finance RB,
Ser F-1 (A) (B
1.160%, 06/15/33		1,300		1,300
Total New York				5,900
North Carolina – 0.6%
North Carolina Medical Care Community RB,
Carolina Meadows Income Project (A) (B) (C)
1.150%, 06/01/28		1,200		1,200
Total North Carolina				1,200
Ohio – 4.4%
American Municipal Power BAN
1.900%, 11/06/03		400		400
1.600%, 12/04/03		670		670
1.300%, 08/05/04		750		750
American Municipal Power BAN, Hubbard Project
1.450%, 12/19/03		420		420
American Municipal Power BAN, Oberlin Project
1.600%, 12/11/03		650		651
American Municipal Power BAN, St. Mary’s Project
1.200%, 10/07/04		830		830
Brook Park BAN
1.600%, 01/07/04		700		700
Clermont County, Economic Development Authority RB,
John Q. Hammons Project (A) (B) (C)
1.400%, 05/01/12		680		680
Ohio State, Higher Education Facilities RB,
Kenyon College Project (A) (B
1.100%, 08/01/33		150		150
Ohio State, Higher Education Facilities RB, Ser A (A) (B) (C)
1.100%, 09/01/24		2,000		2,000
Toledo Lucas County, Port Facilities Authority RB,
Toledo Museum of Art Project (A) (B) (C)
1.040%, 09/01/19		1,200		1,200
Total Ohio				8,451
Oklahoma – 1.0%
Tulsa, Industrial Development Authority RB,
Tulsa County Housing Fund Project (A) (B)
1.250%, 10/01/32		2,000		2,000
Total Oklahoma				2,000

46          October 31, 2003

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Oregon – 1.9%
Portland Economic Development RB, Broadway Project,
Ser A, AMBAC (A) (B) (C))
1.090%, 04/01/35	$	3,750	$	3,750
Total Oregon				3,750
Pennsylvania – 10.6%
Allegheny County RB, Industrial Development Authority,
Jewish Home & Hospital Project, Ser B (A) (B) (C)
1.100%, 10/01/26		1,240		1,240
Delaware County Industrial Development Authority RB,
British Petroleum Project (A) (B)
1.120%, 10/01/19		1,500		1,500
Erie County Hospital Authority RB, Ser 820, MBIA (A) (B)
1.110%, 07/01/22		3,000		3,000
Lawrence County Industrial Development Authority RB,
Villa Maria Project (A) (B) (C))
1.090%, 07/01/33		2,600		2,600
Montgomery County RB, Kingswood Apartments Project,
Ser A, FNMA (A) (B)
1.000%, 08/15/31		1,000		1,000
Pennsylvania State, Economic Development Financing
Authority RB, Philadelphia Area Project, Ser J3 (A) (B) (C))
1.100%, 11/01/30		4,200		4,200
Pennsylvania State, Higher Education Association
Independent Colleges RB, Ser I1 (A) (B) (C))
1.100%, 11/01/31		3,000		3,000
Pennsylvania State, Higher Educational Facility RB,
CICU Funding Program, Ser B7 (A) (B) (C))
1.100%, 11/01/23		1,300		1,300
Philadelphia Authority for Industrial Development RB (A) (B)
1.450%, 05/01/17		500		500
Philadelphia RB, School for the Deaf Project (A) (B) (C))
1.100%, 11/01/32		1,000		1,000
Philadelphia, Hospital & Higher Education Facilities Authority
RB, Temple East Project, Ser B (A) (B) (C))
1.100%, 06/01/14		300		300
Temple University, Commonwealth of Higher Education RN
1.200%, 05/04/04		1,000		1,000
Total Pennsylvania				20,640

October 31, 2003          47

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
Tennessee – 1.3%
Chattanooga, Health Education and Facilities Board RB,
McCallie School Project (A) (B) (C)
1.050%, 12/01/23	$	1,400	$	1,400
Wilson County, Industrial Development Board RB,
Hartmann Luggage Co. Project (A) (B
1.220%, 07/01/26		1,100		1,100
Total Tennessee				2,500
Texas – 2.1%
Texas State, TRAN
2.000%, 08/31/04		4,000		4,028
Total Texas				4,028
Vermont – 0.8%
Vermont State, Educational & Health Buildings Financing
Authority RB, Capital Asset Financing Program,
Ser 1 (A) (B) (C)
1.150%, 06/01/22		1,500		1,500
Total Vermont				1,500
Washington – 4.3%
Seattle, Low Income Housing Authority RB,
Foss Home Project (A) (B) (C)
1.050%, 12/01/24		345		345
Washington State, GO, Ser A11, MBIA (A) (B
1.140%, 06/01/17		1,400		1,400
Washington State, Housing Finance Commission Non-Profit RB,
Pioneer Human Services Project, Ser A (A) (B) (C)
1.150%, 08/01/19		1,250		1,250
Washington State, Housing Finance Commission Non-Profit RB,
Rockwood Retirement Community (A) (B) (C)
1.150%, 01/01/34		1,000		1,000
Washington State, Housing Finance Commission Non-Profit RB,
Rockwood Retirement Community, Ser A (A) (B) (C)
1.150%, 01/01/30		3,600		3,600
Washington State, Housing Finance Commission Non-Profit RB,
Tacoma Art Museum Project (A) (B) (C)
1.200%, 06/01/32		100		100
Washington State, Housing Finance Commission Non-Profit RB,
Vincent DePaul Project, Ser A, (A) (B) (C)
1.050%, 02/01/30		500		500
Washington State, Housing Finance Commission Non-Profit RB,
YMCA Columbia/Willamette Project (A) (B) (C)
1.150%, 08/01/24		100		100
Total Washington				8,295

48          October 31, 2003

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)		Value (000)
West Virginia – 0.6%
Putnam County, Industrial Development RB,
FMC Corporation Project (A) (B) (C)
1.000%, 10/01/11	$	1,200	$	1,200
Total West Virginia				1,200
Wisconsin – 6.0%
Chippewa Falls BAN
2.000%, 11/01/03		1,075		1,075
Milwaukee RB, Montessori Society School Project (A) (B) (C)
1.250%, 07/01/21		100		100
West Salem School District, TRAN
1.750%, 09/01/04		1,400		1,407
Wisconsin State, Health & Educational Facilities Authority RB,
Alverno College Project (A) (B) (C)
1.200%, 11/01/17		100		100
Wisconsin State, Health & Educational Facilities Authority RB,
Gundersen Lutheran Project, Ser A, FSA (A) (B)
1.150%, 12/01/15		5,300		5,300
Wisconsin State, Health & Educational Facilities Authority RB,
Mercy Health Systems Project, Ser C (A) (B) (C)
1.100%, 08/15/23		2,600		2,600
Wisconsin State, Health & Educational Facilities Authority RB,
Oakwood Village East Lutheran Homes Project,
Ser B (A) (B) (C)
1.100%, 08/15/30		1,000		1,000
Total Wisconsin				11,582
Wyoming – 0.5%
Campbell County, TAN
1.500%, 12/22/03		1,000		1,000
Total Wyoming				1,000
Multi-State – 0.5%
Greystone, Municipal Lease Certificate Trust Authority COP,
Ser A (A) (B) (C)
1.220%, 07/01/05		460		460
Greystone, Tax Exempt Certificate Trust Authority RB,
Senior Certificate of Beneficial Ownership Project (A) (B) (C)
1.220%, 05/01/28		505		505
Total Multi-State				965
Total Municipal Bonds
(Cost $193,526)				193,526
Total Investments – 99.8%
(Cost $193,526)				193,526

October 31, 2003          49

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

Description	Face Amt. (000)	Value (000)
Other Assets and Liabilities – 0.2%
Investment Advisory Fees Payable		$	(20	)
Administrator Fees Payable			(24	)
Custodian Fees Payable			(3	)
Distribution Fees Payable			(26	)
Other Assets and Liabilities, Net			462
Total Other Assets & Liabilities			389
Net Assets:
Portfolio Capital of Institutional Shares      (unlimited authorization — no par value)      based on 84,122,634 outstanding shares of      beneficial interest			84,122
Portfolio Capital of Investment Service Shares      (unlimited authorization — no par value)      based on 87,069,195 outstanding shares of      beneficial interest			87,070
Portfolio Capital of Sweep Class Shares      (unlimited authorization — no par value)      based on 22,736,594 outstanding shares of      beneficial interest			22,736
Accumulated net realized loss on investments			(13	)
Total Net Assets – 100.0%		$	193,915
Net Asset Value, Offering and Redemption Price Per Share —      Institutional Shares
($84,116,108 ÷ 84,122,634 shares)		$	1.00
Net Asset Value, Offering and Redemption Price Per Share —      Investment Service Shares
($87,062,230 ÷ 87,069,195 shares)		$	1.00
Net Asset Value, Offering and Redemption Price Per Share —      Sweep Class Shares
($22,736,234 ÷ 22,736,594 shares)		$	1.00

50          October 31, 2003

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets

(A)	Floating rate security.
(B)	Put & Demand Feature — the date reported is the final maturity date, not the next reset or put date.
(C)	Securities are held in conjunction with a letter of credit from a major bank or financial institution.

AMBAC — American Municipal Bond Assurance Company

BAN — Bond Anticipation Notes

COP — Certificate of Participation

FGIC — Financial Guaranty Insurance Corporation

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FSA — Financial Security Assurance

MBIA — Municipal Bond Insurance Association

RN — Revenue Notes

GO — General Obligation

RB — Revenue Bond Ser — Series

TAN — Tax Anticipation Notes

TAW — Tax Anticipation Warrants

TRAN — Tax & Revenue Anticipation Notes

VHA — Veteran’s Hospital Association

The accompanying notes are an integral part of the financial statements.

October 31, 2003          51

Statements of Operations (000)
For the year ended October 31, 2003

	Expedition Equity Fund				Expedition Equity Income Fund
Investment Income:
Dividends		$	2,859			$	255
Interest			26				5
Total investment income			2,885				260
Expenses:
Investment advisory fees			1,283				100
Administrator fees			342				75
Custodian fees			34				3
Distribution fees —
Investment Shares - Class A			19				1
Investment Shares - Class B			136				7
Transfer agent fees			283				97
Professional fees			29				17
Printing fees			15				1
Registration fees			15				1
Trustees’ fees			5				—
Other fees			14				2
Total expenses			2,175				304
Less:
Waiver of investment advisory fees			—				(100	)
Reimbursement of investment         advisory fees			—				(30	)
Net expenses			2,175				174
Net investment income			710				86
Net realized loss on investments			(22,249	)			(2,349	)
Net change in unrealized appreciation           of investments			53,720				4,184
NET REALIZED AND UNREALIZED           GAIN ON INVESTMENTS			31,471				1,835
NET INCREASE IN NET ASSETS           RESULTING FROM OPERATIONS		$	32,181			$	1,921

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

52          October 31, 2003

Statements of Operations (000)
For the year ended October 31, 2003

	Expedition Investment Grade Bond Fund				Expedition Tax- Free Investment Grade Bond Fund
Investment Income:
Interest		$	6,259			$	3,276
Total investment income			6,259				3,276
Expenses:
Investment advisory fees			599				378
Administrator fees			240				151
Custodian fees			24				15
Distribution fees —
Investment Shares - Class A			14				1
Investment Shares - Class B			21				3
Transfer agent fees			144				89
Professional fees			26				22
Printing fees			12				8
Registration fees			12				7
Trustees’ fees			3				2
Other fees			11				14
Total expenses			1,106				690
Less:
Waiver of investment advisory fees			(112	)			(82	)
Net expenses			994				608
Net investment income			5,265				2,668
Net realized gain on investments			776				1,425
Net change in unrealized depreciation           of investments			(1,476	)			(711	)
NET REALIZED AND UNREALIZED           GAIN (LOSS) ON INVESTMENTS			(700	)			714
NET INCREASE IN NET ASSETS           RESULTING FROM OPERATIONS		$	4,565			$	3,382

The accompanying notes are an integral part of the financial statements.

October 31, 2003          53

Statements of Operations (000)
For the year ended October 31, 2003

	Expedition Money Market Fund				Expedition Tax-Free Money Market Fund
Investment Income:
Interest		$	8,152			$	2,528
Total investment income			8,152				2,528
Expenses:
Investment advisory fees			2,483				830
Administrator fees			931				311
Shareholder Servicing Fees —
Investment Service Shares			828				240
Sweep Class Shares			184				76
Custodian fees			124				41
Transfer agent fees			383				104
Registration fees			70				21
Professional fees			68				33
Printing fees			65				23
Trustees’ fees			17				6
Amortization of organization costs			—				1
Other fees			14				7
Total expenses			5,167				1,693
Less:
Waiver of investment advisory fees			(1,362	)			(486	)
Net expenses			3,805				1,207
Net investment income			4,347				1,321
Net realized gain (loss) on investments			24				(3	)
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS		$	4,371			$	1,318

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

54          October 31, 2003

Statements of changes in net Assets (000)
For the years ended October 31,

	Expedition Equity Fund						Expedition Equity Income Fund
	2003			2002			2003			2002
Operations:
Investment income	$	710		$	220		$	86		$	99
Net realized loss on investments		(22,249	)		(35,629	)		(2,349	)		(6,195	)
Net change in unrealized appreciation      (depreciation) of investments		53,720			(22,715	)		4,184			1,648
Net increase (decrease) in net assets resulting      from operations		32,181			(58,124	)		1,921			(4,448	)
Dividends to Shareholders From:
Investment income:
Institutional Shares		(775	)		—			(106	)		(100	)
Investment Shares - Class A		(10	)		—			(2	)		(1	)
Investment Shares - Class B		—			—			—			—
Tax return of capital:
Institutional Shares		—			—			(4	)		—
Investment Shares - Class A		—			—			—			—
Investment Shares - Class B		—			—			—			—
Total dividends		(785	)		—			(112	)		(101	)
Capital Share Transactions (1):
Institutional Shares:
Proceeds from sales		11,892			27,244			39			837
Shares issued in lieu of cash distributions		397			—			—			—
Payments for redemptions		(56,560	)		(91,883	)		(3,157	)		(3,183	)
Decrease in net assets from      Institutional Shares transactions		(44,271	)		(64,639	)		(3,118	)		(2,346	)
Investment Shares - Class A:
Proceeds from sales		1,872			2,186			26			185
Shares issued in lieu of cash distributions		9			—			1			1
Payments for redemptions		(1,610	)		(3,917	)		(100	)		(170	)
Increase (decrease) in net assets from      Investment Shares - Class A transactions		271			(1,731	)		(73	)		16
Investment Shares - Class B:
Proceeds from sales		1,577			3,115			80			399
Shares issued in lieu of cash distributions		—			—			—			—
Payments for redemptions		(2,176	)		(3,773	)		(164	)		(285	)
Increase (decrease) in net assets from      Investment Shares - Class B transactions		(599	)		(658	)		(84	)		114
Total decrease in net assets from      capital share transactions		(44,599	)		(67,028	)		(3,275	)		(2,216	)
Total decrease in net assets		(13,203	)		(125,152	)		(1,466	)		(6,765	)
NET ASSETS AT BEGINNING OF YEAR		193,279			318,431			14,880			21,645
NET ASSETS AT END OF YEAR	$	180,076		$	193,279		$	13,414		$	14,880

(1) See note 5 in the notes to financial statements for additional information.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

October 31, 2003          55

Statements of Changes in Net Assets (000)
For the years ended October 31,

	Expedition Investment Grade Bond Fund						Expedition Tax-Free Investment Grade Bond Fund
	2003			2002			2003			2002
Operations:
Investment income	$	5,265		$	6,122		$	2,668		$	3,068
Net realized gain on investments		776			1,462			1,425			1,276
Net change in unrealized appreciation      (depreciation) of investments		(1,476	)		151			(711	)		(590	)
Net increase in net assets resulting      from operations		4,565			7,735			3,382			3,754
Dividends and Distributions to Shareholders From:
Investment income:
Institutional Shares		(5,021	)		(5,843	)		(2,652	)		(3,033	)
Investment Shares - Class A		(231	)		(250	)		(15	)		(31	)
Investment Shares - Class B		(73	)		(54	)		(6	)		(6	)
Realized capital gains:
Institutional Shares		—			—			(1,267	)		(335	)
Investment Shares - Class A		—			—			(14	)		(3	)
Investment Shares - Class B		—			—			(4	)		(1	)
Total dividends and distributions		(5,325	)		(6,147	)		(3,958	)		(3,409	)
Capital Share Transactions (1):
Institutional Shares:
Proceeds from sales		27,319			24,890			10,476			6,231
Shares issued in lieu of cash distributions		2,852			3,393			989			327
Payments for redemptions		(33,137	)		(38,707	)		(14,752	)		(18,293	)
Decrease in net assets from      Institutional Shares transactions		(2,966	)		(10,424	)		(3,287	)		(11,735	)
Investment Shares - Class A:
Proceeds from sales		489			459			182			2
Shares issued in lieu of cash distributions		179			189			28			33
Payments for redemptions		(525	)		(698	)		(723	)		(86	)
Increase (decrease) in net assets from      Investment Shares - Class A transactions		143			(50	)		(513	)		(51	)
Investment Shares - Class B:
Proceeds from sales		669			1,224			41			63
Shares issued in lieu of cash distributions		67			47			7			5
Payments for redemptions		(510	)		(454	)		(51	)		(27	)
Increase (decrease) in net assets from Investment
Shares - Class B transactions		226			817			(3	)		41
Total decrease in net assets from      capital share transactions		(2,597	)		(9,657	)		(3,803	)		(11,745	)
Total decrease in net assets		(3,357	)		(8,069	)		(4,379	)		(11,400	)
NET ASSETS AT BEGINNING OF YEAR		117,531			125,600			76,115			87,515
NET ASSETS AT END OF YEAR	$	114,174		$	117,531		$	71,736		$	76,115

(1) See note 5 in the notes to financial statements for additional information.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

56          October 31, 2003

Statements of Changes in Net Assets (000)
For the years ended October 31,

	Expedition Money Market Fund						Expedition Tax-Free Money Market Fund
	2003			2002			2003			2002
Operations:
Investment income	$	4,347		$	7,835		$	1,321		$	1,748
Net realized gain (loss) on investments		24			(21	)		(3	)		(3	)
Net increase in net assets resulting      from operations		4,371			7,814			1,318			1,745
Dividends to Shareholders From:
Investment income:
Institutional Shares		(2,064	)		(2,741	)		(727	)		(829	)
Investment Service Shares		(2,081	)		(4,494	)		(512	)		(881	)
Sweep Class Shares		(249	)		(601	)		(81	)		(38	)
Total dividends		(4,394	)		(7,836	)		(1,320	)		(1,748	)
Capital Share Transactions (1):
Institutional Shares:
Proceeds from sales		831,364			781,592			395,054			203,523
Shares issued in lieu of cash distributions		90			149			—			—
Payments for redemptions		(818,571	)		(691,209	)		(408,728	)		(141,669	)
Increase (decrease) in net assets from      Institutional Shares transactions		12,883			90,532			(13,674	)		61,854
Investment Service Shares:
Proceeds from sales		646,623			721,789			231,192			166,273
Shares issued in lieu of cash distributions		214			398			4			12
Payments for redemptions		(689,955	)		(743,113	)		(220,987	)		(202,949	)
Increase (decrease) in net assets from      Investment Service Shares transactions		(43,118	)		(20,926	)		10,209			(36,664	)
Sweep Class Shares:
Proceeds from sales		153,774			154,371			62,132			17,731
Shares issued in lieu of cash distributions		233			575			19			33
Payments for redemptions		(150,961	)		(157,019	)		(47,843	)		(13,404	)
Increase (decrease) in net assets from      Sweep Class Shares transactions		3,046			(2,073	)		14,308			4,360
Total increase (decrease) in net assets from      capital share transactions		(27,189	)		67,533			10,843			29,550
Total increase (decrease) in net assets		(27,212	)		67,511			10,841			29,547
NET ASSETS AT BEGINNING OF YEAR		645,769			578,258			183,074			153,527
NET ASSETS AT END OF YEAR	$	618,557		$	645,769		$	193,915		$	183,074

(1) See note 5 in the notes to financial statements for additional information.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

October 31, 2003          57

Financial Highlights

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)				Realized and Unrealized Gains or (Losses) on Investments				Total from Operations				Dividends from Net Investment Income				Distributions from Capital Gains
Equity Fund
Institutional Shares
2003		$	6.14		$	0.04			$	1.24			$	1.28			$	(0.03	)		$	—
2002			7.99			0.01				(1.86	)			(1.85	)			—				—
2001			14.25			(0.01	)			(4.44	)			(4.45	)			—				(1.81	)
2000			13.09			(0.02	)			2.67				2.65				—				(1.49	)
1999			10.55			—				3.13				3.13				—				(0.59	)
Investment Shares - Class A
2003		$	6.08		$	0.02			$	1.24			$	1.26			$	(0.01	)		$	—
2002			7.93			(0.02	)			(1.83	)			(1.85	)			—				—
2001			14.18			(0.03	)			(4.41	)			(4.44	)			—				(1.81	)
2000			13.06			(0.03	)			2.64				2.61				—				(1.49	)
1999			10.58			(0.03	)			3.10				3.07				—				(0.59	)
Investment Shares - Class B
2003		$	5.87		$	(0.04	)		$	1.20			$	1.16			$	—			$	—
2002			7.72			(0.07	)			(1.78	)			(1.85	)			—				—
2001			13.95			(0.09	)			(4.33	)			(4.42	)			—				(1.81	)
2000			12.96			(0.08	)			2.56				2.48				—				(1.49	)
1999(1)			10.82			(0.04	)			2.77				2.73				—				(0.59	)
Equity Income Fund
Institutional Shares
2003		$	5.78		$	0.05			$	0.87			$	0.92			$	(0.05	)††		$	—
2002			7.42			0.04				(1.64	)			(1.60	)			(0.04	)			—
2001			10.77			0.05				(2.82	)			(2.77	)			(0.05	)			(0.53	)
2000(2)			10.00			0.07				0.76				0.83				(0.06	)			—
Investment Shares - Class A
2003		$	5.77		$	0.04			$	0.87			$	0.91			$	(0.04	)††		$	—
2002			7.41			0.02				(1.64	)			(1.62	)			(0.02	)			—
2001			10.76			0.04				(2.83	)			(2.79	)			(0.03	)			(0.53	)
2000(3)			9.78			0.04				1.00				1.04				(0.06	)			—
Investment Shares - Class B
2003		$	5.73		$	(0.02	)		$	0.87			$	0.85			$	—	*††		$	—
2002			7.38			(0.03	)			(1.62	)			(1.65	)			—				—
2001			10.75			(0.02	)			(2.82	)			(2.84	)			—				(0.53	)
2000(4)			9.82			0.01				0.94				0.95				(0.02	)			—

*	Amount represents less than $0.01.
†	Returns are for the period indicated and have not been annualized.
††	Includes Return of Capital of $0.0003.
(1)	Commenced operations on November 16, 1998. All ratios for the period have been annualized.
(2)	Commenced operations on March 3, 2000. All ratios for the period have been annualized.
(3)	Commenced operations on March 10, 2000. All ratios for the period have been annualized.
(4)	Commenced operations on March 15, 2000. All ratios for the period have been annualized.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

58          October 31, 2003

	Total Dividends and Distributions				Net Asset Value, End of Period			Total Return†			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)			Portfolio Turnover Rate
Equity Fund
Institutional Shares
2003		$	(0.03	)		$	7.39		20.99	%	$	156,142		1.18	%		0.51	%		1.18	%		66.18	%
2002			—				6.14		(23.15	)%		173,038		1.16	%		0.16	%		1.16	%		47.88	%
2001			(1.81	)			7.99		(34.99	)%		288,992		1.10	%		(0.09	)%		1.10	%		79.08	%
2000			(1.49	)			14.25		22.01	%		422,148		1.05	%		(0.22	)%		1.05	%		64.54	%
1999			(0.59	)			13.09		30.87	%		363,694		1.05	%		0.04	%		1.05	%		90.76	%
Investment Shares - Class A
2003		$	(0.01	)		$	7.33		20.72	%	$	8,910		1.43	%		0.24	%		1.43	%		66.18	%
2002			—				6.08		(23.33	)%		7,100		1.41	%		(0.09	)%		1.41	%		47.88	%
2001			(1.81	)			7.93		(35.11	)%		11,253		1.35	%		(0.32	)%		1.35	%		79.08	%
2000			(1.49	)			14.18		21.73	%		10,090		1.30	%		(0.49	)%		1.30	%		64.54	%
1999			(0.59	)			13.06		30.16	%		4,688		1.30	%		(0.21	)%		1.30	%		90.76	%
Investment Shares - Class B
2003		$	—			$	7.03		19.76	%	$	15,024		2.18	%		(0.50	)%		2.18	%		66.18	%
2002			—				5.87		(23.96	)%		13,141		2.16	%		(0.84	)%		2.16	%		47.88	%
2001			(1.81	)			7.72		(35.61	)%		18,186		2.10	%		(1.08	)%		2.10	%		79.08	%
2000			(1.49	)			13.95		20.80	%		20,358		2.05	%		(1.24	)%		2.05	%		64.54	%
1999(1)			(0.59	)			12.96		26.31	%		7,706		2.05	%		(0.95	)%		2.05	%		90.76	%
Equity Income Fund
Institutional Shares
2003		$	(0.05	)††		$	6.65		16.12	%	$	12,422		1.25	%		0.70	%		2.23	%		99.66	%
2002			(0.04	)			5.78		(21.66	)%		13,865		1.25	%		0.56	%		1.72	%		93.43	%
2001			(0.58	)			7.42		(26.99	)%		20,401		1.25	%		0.60	%		1.42	%		88.73	%
2000(2)			(0.06	)			10.77		8.36	%		34,420		1.25	%		1.00	%		1.25	%		73.31	%
Investment Shares - Class A
2003		$	(0.04	)††		$	6.64		15.84	%	$	277		1.50	%		0.46	%		2.48	%		99.66	%
2002			(0.02	)			5.77		(21.87	)%		309		1.50	%		0.32	%		1.97	%		93.43	%
2001			(0.56	)			7.41		(27.19	)%		408		1.50	%		0.32	%		1.67	%		88.73	%
2000(3)			(0.06	)			10.76		10.60	%		286		1.50	%		0.84	%		1.50	%		73.31	%
Investment Shares - Class B
2003		$	—	*††		$	6.58		14.85	%	$	715		2.25	%		(0.29%	)		3.23	%		99.66	%
2002			—				5.73		(22.36	)%		706		2.25	%		(0.43%	)		2.72	%		93.43	%
2001			(0.53	)			7.38		(27.66	)%		836		2.25	%		(0.45%	)		2.42	%		88.73	%
2000(4)			(0.02	)			10.75		9.71	%		427		2.25	%		(0.15%	)		2.25	%		73.31	%

October 31, 2003          59

Financial Highlights

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period			Net Investment Income			Realized and Unrealized Gains or (Losses) on Investments				Total from Operations				Dividends from Net Investment Income				Distributions from Capital Gains
Investment Grade Bond Fund
Institutional Shares
2003		$	10.77		$	0.49		$	(0.07	)		$	0.42			$	(0.49	)		$	—
2002			10.60			0.53			0.17				0.70				(0.53	)			—
2001			9.72			0.53			0.88				1.41				(0.53	)			—
2000			9.65			0.53			0.07				0.60				(0.53	)			—
1999			10.15			0.49			(0.50	)			(0.01	)			(0.49	)			—
Investment Shares - Class A
2003		$	10.76		$	0.46		$	(0.07	)		$	0.39			$	(0.46	)		$	—
2002			10.59			0.50			0.17				0.67				(0.50	)			—
2001			9.71			0.50			0.88				1.38				(0.50	)			—
2000			9.64			0.51			0.07				0.58				(0.51	)			—
1999			10.15			0.47			(0.51	)			(0.04	)			(0.47	)			—
Investment Shares - Class B
2003		$	10.78		$	0.38		$	(0.07	)		$	0.31			$	(0.38	)		$	—
2002			10.61			0.42			0.17				0.59				(0.42	)			—
2001			9.72			0.43			0.89				1.32				(0.43	)			—
2000			9.64			0.44			0.08				0.52				(0.44	)			—
1999(1)			10.06			0.38			(0.17	)			0.21				(0.63	)			—
Tax-Free Investment Grade Bond Fund
Institutional Shares
2003		$	11.00		$	0.39		$	0.10			$	0.49			$	(0.39	)		$	(0.19	)
2002(2)			10.89			0.43			0.15				0.58				(0.43	)			(0.04	)
2001			10.37			0.44			0.52				0.96				(0.44	)			—
2000(3)			10.00			0.31			0.37				0.68				(0.31	)			—
Investment Shares - Class A
2003		$	10.99		$	0.36		$	0.11			$	0.47			$	(0.36	)		$	(0.19	)
2002(2)			10.88			0.40			0.15				0.55				(0.40	)			(0.04	)
2001			10.36			0.42			0.52				0.94				(0.42	)			—
2000(4)			10.05			0.28			0.31				0.59				(0.28	)			—
Investment Shares - Class B
2003		$	10.99		$	0.28		$	0.11			$	0.39			$	(0.28	)		$	(0.19	)
2002(2)			10.89			0.32			0.14				0.46				(0.32	)			(0.04	)
2001			10.37			0.34			0.52				0.86				(0.34	)			—
2000(5)			10.18			0.13			0.19				0.32				(0.13	)			—

†	Returns are for the period indicated and have not been annualized.
(1)	Commenced operations on November 16, 1998. All ratios for the period have been annualized.
(2)	As required, effective November 1, 2001, the Funds adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies that requires it to record the accretion of market discounts. The effect of this change for the year ended October 31, 2002 was a decrease in the ratio of net investment income to average net assets of 0.01%. Per share data and ratios for period prior to November 1, 2001 have not been restated to reflect this change in accounting.

The accompanying notes are an integral part of the financial statements.

60          October 31, 2003

	Total Dividends and Distributions				Net Asset Value, End of Period		Total Return†			Net Assets End of Period (000)			Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)			Portfolio Turnover Rate
Investment Grade Bond Fund
Institutional Shares
2003		$	(0.49	)	$	10.70		3.89	%		$	106,643		0.80	%		4.42	%		0.89	%		27.97	%
2002			(0.53	)		10.77		6.88	%			110,312		0.80	%		5.06	%		0.90	%		13.80	%
2001			(0.53	)		10.60		15.00	%			119,279		0.77	%		5.35	%		0.86	%		29.53	%
2000			(0.53	)		9.72		6.49	%			136,354		0.75	%		5.61	%		0.89	%		77.09	%
1999			(0.49	)		9.65		(0.06	)%			98,889		0.90	%		5.00	%		1.15	%		39.57	%
Investment Shares - Class A
2003		$	(0.46	)	$	10.69		3.63	%		$	5,407		1.05	%		4.17	%		1.14	%		27.97	%
2002			(0.50	)		10.76		6.61	%			5,305		1.05	%		4.81	%		1.15	%		13.80	%
2001			(0.50	)		10.59		14.72	%			5,262		1.02	%		5.09	%		1.11	%		29.53	%
2000			(0.51	)		9.71		6.22	%			5,222		1.00	%		5.32	%		1.14	%		77.09	%
1999			(0.47	)		9.64		(0.41	)%			7,279		1.15	%		4.75	%		1.40	%		39.57	%
Investment Shares - Class B		$	(0.38	)	$	10.71		2.86	%		$	2,124		1.80	%		3.42	%		1.89	%		27.97	%
2003			(0.42	)		10.78		5.82	%			1,914		1.80	%		4.03	%		1.90	%		13.80	%
2002			(0.43	)		10.61		13.99	%			1,059		1.77	%		4.30	%		1.86	%		29.53	%
2001			(0.44	)		9.72		5.54	%			204		1.75	%		4.58	%		1.89	%		77.09	%
2000			(0.63	)		9.64		2.10	%			214		1.90	%		4.07	%		2.15	%		39.57	%
1999(1)
Tax-Free Investment Grade Bond Fund
Institutional Shares
2003		$	(0.58	)	$	10.91		4.57	%		$	71,211		0.80	%		3.54	%		0.91	%		38.86	%
2002(2)			(0.47	)		11.00		5.50	%			75,064		0.80	%		3.96	%		0.88	%		23.39	%
2001			(0.44	)		10.89		9.53	%			86,461		0.77	%		4.22	%		0.83	%		29.84	%
2000(3)			(0.31	)		10.37		6.84	%			84,729		0.65	%		4.58	%		0.75	%		42.74	%
Investment Shares - Class A
2003		$	(0.55	)	$	10.91		4.40	%		$	305		1.05	%		3.31	%		1.16	%		38.86	%
2002(2)			(0.44	)		10.99		5.24	%			827		1.05	%		3.71	%		1.13	%		23.39	%
2001			(0.42	)		10.88		9.26	%			872		1.02	%		3.96	%		1.08	%		29.84	%
2000(4)			(0.28	)		10.36		5.95	%			523		0.90	%		4.36	%		1.00	%		42.74	%
Investment Shares - Class B
2003		$	(0.47	)	$	10.91		3.63	%		$	220		1.80	%		2.54	%		1.91	%		38.86	%
2002(2)			(0.36	)		10.99		4.36	%			224		1.80	%		2.96	%		1.88	%		23.39	%
2001			(0.34	)		10.89		8.45	%			182		1.77	%		3.18	%		1.83	%		29.84	%
2000(5)			(0.13	)		10.37		3.16	%			3		1.65	%		3.56	%		1.75	%		42.74	%

(3)	Commenced operations on March 3, 2000. All ratios for the period have been annualized.
(4)	Commenced operations on March 10, 2000. All ratios for the period have been annualized.
(5)	Commenced operations on June 23, 2000. All ratios for the period have been annualized.

Amounts designated as “—” are either $0 or have been rounded to $0.

October 31, 2003          61

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period			Net Investment Income			Realized and Unrealized Gains on Investments			Total from Operations			Dividends from Net Investment Income				Distributions from Capital Gains
Money Market Fund
Institutional Shares
2003		$	1.00		$	0.01		$	—		$	0.01		$	(0.01	)		$	—
2002			1.00			0.01			—			0.01			(0.01	)			—
2001			1.00			0.04			—			0.04			(0.04	)			—
2000			1.00			0.06			—			0.06			(0.06	)			—
1999			1.00			0.05			—			0.05			(0.05	)			—
Investment Service Shares
2003		$	1.00		$	0.01		$	—		$	0.01		$	(0.01	)		$	—
2002			1.00			0.01			—			0.01			(0.01	)			—
2001			1.00			0.04			—			0.04			(0.04	)			—
2000			1.00			0.06			—			0.06			(0.06	)			—
1999			1.00			0.05			—			0.05			(0.05	)			—
Sweep Class Shares
2003		$	1.00		$	0.01		$	—		$	0.01		$	(0.01	)		$	—
2002			1.00			0.02			—			0.02			(0.02	)			—
2001			1.00			0.04			—			0.04			(0.04	)			—
2000(1)			1.00			0.01			—			0.01			(0.01	)			—
Tax-Free Money Market Fund
Institutional Shares
2003		$	1.00		$	0.01		$	—		$	0.01		$	(0.01	)		$	—
2002			1.00			0.01			—			0.01			(0.01	)			—
2001			1.00			0.03			—			0.03			(0.03	)			—
2000			1.00			0.04			—			0.04			(0.04	)			—
1999(2)			1.00			0.02			—			0.02			(0.02	)			—
Investment Service Shares
2003		$	1.00		$	0.01		$	—		$	0.01		$	(0.01	)		$	—
2002			1.00			0.01			—			0.01			(0.01	)			—
2001			1.00			0.03			—			0.03			(0.03	)			—
2000			1.00			0.03			—			0.03			(0.03	)			—
1999			1.00			0.03			—			0.03			(0.03	)			—
Sweep Class Shares
2003		$	1.00		$	—		$	—		$	—		$	—	*		$	—
2002			1.00			0.01			—			0.01			(0.01	)			—
2001			1.00			0.03			—			0.03			(0.03	)			—
2000(1)			1.00			0.01			—			0.01			(0.01	)			—

*	Amount represents less than $0.01.
†	Returns are for the period indicated and have not been annualized.
(1)	Commenced operations on August 1, 2000. All ratios for the period have been annualized.
(2)	Commenced operations on April 14, 1999. All ratios for the period have been annualized.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

62          October 31, 2003

	Total Dividends and Distributions				Net Asset Value, End of Period			Total Return†			Net Assets End of Period (000)			Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)
Money Market Fund
Institutional Shares
2003		$	(0.01	)		$	1.00		0.88	%		$	251,212		0.45	%		0.85	%		0.67	%
2002			(0.01	)			1.00		1.56	%			238,337		0.45	%		1.54	%		0.68	%
2001			(0.04	)			1.00		4.61	%			147,806		0.45	%		4.59	%		0.72	%
2000			(0.06	)			1.00		5.96	%			130,891		0.43	%		5.79	%		0.69	%
1999			(0.05	)			1.00		4.83	%			130,798		0.43	%		4.73	%		0.77	%
Investment Service Shares
2003		$	(0.01	)		$	1.00		0.63	%		$	313,845		0.70	%		0.62	%		0.92	%
2002			(0.01	)			1.00		1.31	%			356,976		0.70	%		1.30	%		0.93	%
2001			(0.04	)			1.00		4.35	%			377,922		0.70	%		4.17	%		0.97	%
2000			(0.06	)			1.00		5.69	%			324,583		0.68	%		5.62	%		0.94	%
1999			(0.05	)			1.00		4.56	%			186,431		0.68	%		4.47	%		1.02	%
Sweep Class Shares
2003		$	(0.01	)		$	1.00		0.51	%		$	53,500		0.82	%		0.49	%		1.04	%
2002			(0.02	)			1.00		1.18	%			50,456		0.82	%		1.18	%		1.05	%
2001			(0.04	)			1.00		4.22	%			52,530		0.82	%		3.96	%		1.09	%
2000(1)			(0.01	)			1.00		1.53	%			31,979		0.80	%		5.95	%		1.06	%
Tax-Free Money Market Fund
Institutional Shares
2003		$	(0.01	)		$	1.00		0.79	%		$	84,116		0.43	%		0.80	%		0.67	%
2002			(0.01	)			1.00		1.28	%			97,792		0.43	%		1.25	%		0.68	%
2001			(0.03	)			1.00		2.97	%			35,939		0.43	%		2.55	%		0.76	%
2000			(0.04	)			1.00		3.80	%			5,622		0.43	%		3.61	%		0.69	%
1999(2)			(0.02	)			1.00		1.69	%			28,874		0.43	%		3.06	%		0.89	%
Investment Service Shares
2003		$	(0.01	)		$	1.00		0.54	%		$	87,062		0.68	%		0.53	%		0.92	%
2002			(0.01	)			1.00		1.02	%			76,854		0.68	%		1.03	%		0.93	%
2001			(0.03	)			1.00		2.71	%			113,519		0.68	%		2.62	%		1.01	%
2000			(0.03	)			1.00		3.54	%			72,535		0.68	%		3.48	%		0.94	%
1999			(0.03	)			1.00		2.77	%			59,889		0.68	%		2.73	%		0.95	%
Sweep Class Shares
2003		$	—	*		$	1.00		0.42	%		$	22,737		0.80	%		0.39	%		1.04	%
2002			(0.01	)			1.00		0.90	%			8,428		0.80	%		0.91	%		1.05	%
2001			(0.03	)			1.00		2.59	%			4,069		0.80	%		2.31	%		1.13	%
2000(1)			(0.01	)			1.00		1.00	%			2,058		0.80	%		3.81	%		1.06	%

October 31, 2003          63

Notes to Financial Statements

(1) ORGANIZATION

The Expedition Funds (the “Trust”) are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end, management investment company offering the following Funds as of October 31, 2003: the Expedition Equity Fund (the “Equity Fund”), the Expedition Equity Income Fund (the “Equity Income Fund”), the Expedition Investment Grade Bond Fund (the “Investment Grade Bond Fund”), the Expedition Tax-Free Investment Grade Bond Fund (the “Tax-Free Investment Grade Bond Fund”), the Expedition Money Market Fund (the “Money Market Fund”), and the Expedition Tax-Free Money Market Fund (the “Tax-Free Money Market Fund”) (each a “Fund”, collectively, the “Funds”). The Funds are registered to offer three classes of shares. The Equity, Equity Income, Investment Grade Bond, and Tax-Free Investment Grade Bond Funds offer Institutional Shares, Investment Shares - Class A and Investment Shares - Class B, and the Money Market and Tax-Free Money Market Funds offer Institutional Shares, Investment Service Shares and Sweep Class Shares. The assets of each Fund are segregated and a shareholder’s interest is limited to the Funds in which shares are held. The investment objectives, policies, and strategies of the Funds are described in their prospectuses.

(2) SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds which are in conformity with accounting principles generally accepted in the United States of America.

Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and income reported in the financial statements. Actual results could differ from those estimated.

Security Valuation — Investment securities held by the Money Market Fund and the Tax-Free Money Market Fund are stated at amortized cost, which approximates market value. Under this valuation method, purchase discounts and premiums are accreted and amortized ratably to maturity and are included in interest income.

Investments in securities held in the Equity, Equity Income, Investment Grade Bond, and Tax-Free Investment Grade Bond Funds are valued as follows: equity securities that are traded on a national securities exchange are stated at the last quoted sales price if readily available for such equity securities on each business day; other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Equity securities that are traded on the NASDAQ National Market System for which quotations are readily available are valued at the official closing price. Debt obligations exceeding sixty days to maturity for which market quotations are readily available are valued at the mean of the most recently quoted bid and asked price. Debt obligations with sixty days or less remaining until maturity may be valued at their amortized cost. Restricted securities for which quotations are not readily available are valued at fair value using methods determined in good faith under general supervision of the Board of Trustees (the “Trustees”).

64          October 31, 2003

Repurchase Agreements — It is the policy of the Funds to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank’s vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement’s collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction.

The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by Compass Asset Management, a division of Compass Bank, the Funds’ investment advisor (the “Advisor”), to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities.

Security Transactions and Investment Income — Security transactions are accounted for on the date the security is purchased or sold (trade date). Costs used in determining realized gains and losses on the sale of investment securities are those of the specific securities sold, adjusted for the accretion and amortization of purchase discounts, and premiums during the respective holding periods. Interest income is recorded on the accrual basis; dividend income is recorded on the ex-dividend date.

Dividends and Distributions to Shareholders — Distributions from net investment income for the Investment Grade Bond Fund, the Tax-Free Investment Grade Bond Fund, the Money Market Fund and the Tax-Free Money Market Fund are declared daily and paid monthly. The Equity Fund and the Equity Income Fund declare and pay dividends from net investment income quarterly. Any net realized capital gains will be distributed at least annually for all Funds.

When-Issued and Delayed Delivery Transactions — The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased upon settlement. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date.

Investing in Government Sponsored Enterprises — The Investment Grade Bond and Money Market Funds invest in securities issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and similar United States Government sponsored entities such as Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Banks (“FHLB’s”). Freddie Mac, Fannie Mae and FHLB’s, although chartered and sponsored by Congress, are not funded by Congressional appropriations and the debt and mortgage-backed securities issued by Freddie Mac, Fannie Mae, FHLB’s are neither guaranteed nor insured by the United States Government.

October 31, 2003          65

Notes to Financial Statements

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative daily net assets.

Classes — Class specific expenses are borne by that class. Income, non-class specific expenses, and realized/unrealized gains and losses are allocated to the respective classes on the basis of the relative daily net assets.

(3) INVESTMENT ADVISORY, ADMINISTRATION, DISTRIBUTIONAND SERVICE AGREEMENTS

Investment Advisory Fee — Compass Asset Management, a division of Compass Bank, the Advisor, receives for its services annual advisory fees equal to 0.75% of each of the Equity and Equity Income Funds’, 0.50% of each of the Investment Grade Bond and Tax-Free Investment Grade Bond Funds’ and 0.40% of each of the Money Market and the Tax-Free Money Market Funds’ average daily net assets. The Advisor may voluntarily choose to waive any portion of its fee. The Advisor can modify or terminate these voluntary waivers at any time at its sole discretion.

Investment Sub-Advisor — Weiss, Peck & Greer, L.L.C. (“WPG”) serves as the Tax-Free Money Market Fund’s investment sub-advisor under a sub-advisory agreement (the “Sub-Advisory Agreement”) with the Advisor. Under the Sub-Advisory Agreement, WPG invests the assets of the Fund on a daily basis, and continuously administers the investment program of the Fund.

WPG is entitled to a fee which is paid by the Advisor and which is calculated daily and paid monthly, at an annual rate of: 0.075% of the Fund’s average daily net assets up to $150 million; 0.05% of the next $350 million of the Fund’s average daily net assets, 0.04% of the next $500 million of the Funds’ average daily net assets; and 0.03% of the Fund’s average daily net assets over $1 billion.

Administrative Fee — The Trust and SEI Investments Global Funds Services (the “Administrator”), a Delaware business trust, are parties to an administration agreement (the “Agreement”) dated June 9, 1997, under which the Administrator provides the Trust with certain legal, accounting, and shareholder services for an annual fee of 0.20% of the Funds’ average daily net assets. The Administrator may voluntarily waive its fee, subject to termination at any time by the Administrator, to the extent necessary to limit the total operating expenses of a Fund.

Distribution Fees — The Trust and SEI Investments Distribution Co. (the “Distributor”) are parties to a Distribution Agreement dated June 9, 1997. The Equity, Equity Income, Investment Grade Bond, and Tax-Free Investment Grade Bond Funds have adopted Distribution Plans for Investment Shares - Class A and Investment Shares - Class B. Under the terms of each Plan the Funds pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the Class A Shares and 1.00% of the average daily net assets of Class B Shares, which may be used by the Distributor to provide compensation for sales support and distribution activities.

66          October 31, 2003

The Money Market and Tax-Free Money Market Funds have adopted and entered into a Shareholder Service Plan and Agreement with the Distributor. Each Fund pays the Distributor a monthly shareholder servicing fee at an annual rate of 0.25% of the average daily net assets of each Fund’s Investment Service Shares and Sweep Class Shares, which may be used by the Distributor to provide compensation to service providers that have agreed to provide certain shareholders support services for their customers who own such Shares of the Funds.

Administrative Servicing Fees — To the extent that investors buy Sweep Class Shares through Compass Bank or any of its affiliates providing sub-accounting, sub-transfer agency services or other administrative services, including Compass Brokerage, Inc., those entities may receive administrative servicing fees, payable from the Funds’ assets, of up to 0.12% of each Fund’s average daily net assets attributable to Sweep Class Shares.

Custodian Fees — Compass Bank serves as the Funds’ custodian. Their fee is based on a rate of 0.02% of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.

(4) ORGANIZATION COSTS AND TRANSACTIONS WITH AFFILIATES

Organization costs have been capitalized by the Tax-Free Money Market Fund and are being amortized over sixty months commencing with the operations. In the event that any of the initial shares of the Fund are redeemed by any holder thereof during the period that the Fund is amortizing its organizational costs, the redemption proceeds payable to the holder thereof by the Fund will be reduced by the unamortized organizational costs in the same ratio as the number of initial shares being redeemed bears to the number of initial shares outstanding at the time of redemption.

Certain officers of the Trust are also officers of the Administrator and the Distributor. Such officers are paid no fees by the Trust for serving as officers of the Trust.

The Funds also used the Distributor as an agent in placing repurchase agreements. For this service the Distributor retains a portion of the interest earned as a commission. Such commissions for the year ended October 31, 2003 were as follows:

Equity Fund	$	1,145
Equity Income Fund		223
Investment Grade Bond Fund		1,902
Money Market Fund		17,636
	$	20,906

Effective October 24, 2003, this agreement was discontinued.

Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds may invest in the Money Market Fund or the Tax-Free Money Market Fund (the “Money Market Funds”), provided that investments in the Money Market Funds do not exceed 25% of the investing Fund’s total assets.

October 31, 2003          67

Notes to Financial Statements

(5) CPITAL SHARE TRANSACTIONS (000)

For the years ended October 31,

	Expedition Equity Fund						Expedition Equity Income Fund
	2003			2002			2003			2002
Institutional Shares:
Shares issued		1,756			3,607			7			117
Shares issued in lieu of cash distributions		64			—			—			—
Shares redeemed		(8,868	)		(11,598	)		(536	)		(471	)
Increase (decrease) from           Institutional Shares transactions		(7,048	)		(7,991	)		(529	)		(354	)
Investment Shares - Class A and      Investment Service Shares, respectively:
Shares issued		292			277			5			27
Shares issued in lieu of cash distributions		2			—			—			—
Shares redeemed		(246	)		(529	)		(17	)		(29	)
Increase (decrease) from Investment Shares -           Class A and Investment Service Shares           transactions, respectively		48			(252	)		(12	)		(2	)
Investment Shares - Class B and      Sweep Class Shares, respectively:
Shares issued		252			411			14			56
Shares issued in lieu of cash distributions		—			—			—			—
Shares redeemed		(354	)		(529	)		(28	)		(46	)
Increase (decrease) from Investment Shares -           Class B and Sweep Class Shares           transactions, respectively		(102	)		(118	)		(14	)		10
TOTAL INCREASE (DECREASE)           FROM SHARE TRANSACTIONS		(7,102	)		(8,361	)		(555	)		(346	)

Amounts designated as “—” are either $0 or have been rounded to $0.

68          October 31, 2003

	Expedition Investment Grade Bond Fund						Expedition Tax-Free Investment Grade Bond Fund						Expedition Money Market Fund						Expedition Tax-Free Money Market Fund
	2003			2002			2003			2002			2003			2002			2003			2002
Institutional Shares:
Shares issued		2,515			2,412			957			576			831,364			781,592			395,054			203,523
Shares issued in lieu of cash distributions		263			326			92			31			90			149			—			—
Shares redeemed		(3,052	)		(3,752	)		(1,350	)		(1,722	)		(818,571	)		(691,209	)		(408,728	)		(141,669	)
Increase (decrease) from           Institutional Shares transactions		(274	)		(1,014	)		(301	)		(1,115	)		12,883			90,532			(13,674	)		61,854
Investment Shares - Class A and      Investment Service Shares, respectively:
Shares issued		45			44			16			—			646,623			721,789			231,192			166,273
Shares issued in lieu of cash distributions		17			18			3			3			214			398			4			12
Shares redeemed		(49	)		(66	)		(66	)		(8	)		(689,955	)		(743,113	)		(220,987	)		(202,949	)
Increase (decrease) from Investment Shares -           Class A and Investment Service Shares           transactions, respectively		13			(4	)		(47	)		(5	)		(43,118	)		(20,926	)		10,209			(36,664	)
Investment Shares - Class B and      Sweep Class Shares, respectively:
Shares issued		61			117			4			6			153,774			154,371			62,132			17,731
Shares issued in lieu of cash distributions		6			5			1			—			233			575			19			33
Shares redeemed		(47	)		(44	)		(5	)		(3	)		(150,961	)		(157,019	)		(47,843	)		(13,404	)
Increase (decrease) from Investment Shares -           Class B and Sweep Class Shares           transactions, respectively		20			78			—			3			3,046			(2,073	)		14,308			4,360
TOTAL INCREASE (DECREASE)           FROM SHARE TRANSACTIONS		(241	)		(940	)		(348	)		(1,117	)		(27,189	)		67,533			10,843			29,550

October 31, 2003          69

Notes to Financial Statements

(6) IVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended October 31, 2003, were as follows (000):

	Equity Fund		Equity Income Fund		Investment Grade Bond Fund			Tax-Free Investment Grade Bond Fund
Purchases
U.S. Government	$	—	$	—		$	31,404		$	—
Other		111,897		12,870			935			27,364
Sales
U.S. Government		—		—			21,194			—
Other		154,043		14,781			10,801			30,634

(7) FEDERAL TAX INFORMATION

It is each Fund’s policy to continue to comply with the provisions of the Internal Revenue Code of 1986 (Subchapter M), as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provisions for Federal tax are necessary.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations. Certain book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in-capital or accumulated net realized gain, as appropriate, in the period that the differences arise.

Accordingly, at October 31, 2003, the following reclassifications were made to the Funds (000):

	Paid-in-Capital				Undistributed Net Investment Income/(Loss)				Accumulated Realized Gain/(Loss)
Equity Income Fund		$	(5	)		$	5			$	—
Investment Grade      Bond Fund			—				59				(59	)
Tax-Free Investment Grade      Bond Fund			—				(1	)			1
Money Market Fund			—				3				(3	)

These reclassifications had no effect on net assets or net asset value per share.

70          October 31, 2003

The tax character of dividends and distributions paid during the last two years were as follows (000):

	Tax-Free Income			Ordinary Income			Long-Term Capital Gain			Return of Capital			Total
Equity Fund
2003		$	—		$	785		$	—		$	—	$	785
2002			—			—			—			—		—
Equity Income Fund
2003			—			108			—			4		112
2002			—			101			—			—		101
Investment Grade      Bond Fund
2003			—			5,325			—			—		5,325
2002			—			6,147			—			—		6,147
Tax-Free Investment      Grade Bond Fund
2003			2,534			—			1,424			—		3,958
2002			2,182			—			1,227			—		3,409
Money Market Fund
2003			—			4,394			—			—		4,394
2002			—			7,836			—			—		7,836
Tax-Free Money      Market Fund
2003			1,320			—			—			—		1,320
2002			1,748			—			—			—		1,748

As of October 31, 2003, the components of Distributable Earnings (Accumulated Losses) were as follows (000):

	Undistributed Ordinary Income			Undistributed Long-Term Capital Gain			Capital Loss Carryforwards				Unrealized Appreciation			Other Temporary Differences				Total Distributable Earnings (Accumulated Losses)
Equity Fund		$	145		$	—		$	(92,794	)		$	12,255		$	—			$	(80,394	)
Equity Income      Fund			—			—			(8,884	)			1,204			—				(7,680	)
Investment      Grade Bond      Fund			432			—			(1,391	)			9,223			(432	)			7,832
Tax-Free      Investment      Grade Bond      Fund			—			1,424			—				3,779			17				5,220
Money Market      Fund			264			—			—				—			(261	)			3
Tax-Free Money      Market Fund			—			—			(13	)			—			—				(13	)

October 31, 2003          71

Notes to Financial Statements

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At October 31, 2003, the Funds had the following capital loss carryforwards (000):

	Expires 2011		Expires 2010		Expires 2009		Expires 2008		Expires 2007		Total Capital Loss Carry- forward 10/31/03
Equity Fund	$	22,416	$	33,297	$	37,081	$	—	$	—	$	92,794
Equity Income Fund.		2,567		5,967		350		—		—		8,884
Investment Grade      Bond Fund		—		—		—		1,391		—		1,391
Tax-Free Money      Market Fund		3		2		—		1		7		13

During the year ended October 31, 2003, the Investment Grade Bond Fund and the Money Market Fund utilized capital loss carryforwards of $716,008 and $21,368 to offset capital gains, respectively.

For Federal income tax purposes, the cost of securities owned at October 31, 2003, and the net realized gains or losses on securities sold for the period were different from amounts reported for financial reporting purposes, primarily due to wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments, held by the Funds at October 31, 2003 were as follows (000):

	Federal Tax Cost		Appreciated Securities			Depreciated Securities			Net Unrealized Appreciation
Equity Fund	$	169,599		$	24,605	$	(12,350	)		$	12,255
Equity Income      Fund		12,193			1,688		(484	)			1,204
Investment Grade      Bond Fund		103,755			9,564		(341	)			9,223
Tax-Free Investment      Grade Bond Fund		67,253			3,815		(36	)			3,779

72          October 31, 2003

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Trustees and Officers of the Expedition
Funds (unaudited)

Set forth below are the names, age, position with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees of the Trust. Trustees who are deemed not to be “interested persons” of the Trust are referred to as “Independent Board Members.” Messrs. Nesher and Doran are

Name, Address, Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2
INDEPENDENT BOARD MEMBERS
JOHN T. COONEY 76 yrs. old	Trustee	(Since 1993)
ROBERT A. PATTERSON 76 yrs. old	Trustee	(Since 1993)
EUGENE B. PETERS 74 yrs. old	Trustee	(Since 1993)
JAMES M. STOREY 72 yrs. old	Trustee	(Since 1994)

1	Unless otherwise noted, the business address of each Trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456.
2	Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.
3	Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the 1940 Act.

74          October 31, 2003

Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Trust’s Distributor. The following chart lists Trustees and Officers as of November 11, 2003.

Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Expedition Trust Overseen by Board Member	Other Directorships Held by Board Member3
Vice Chairman of Ameritrust Texas N.A.,1989-1992, and MTrust Corp., 1985-1989.	6	Trustee of the Advisors’ Inner Circle Fund, The MDL Funds, and The Arbor Funds.
Pennsylvania State University, Senior Vice President, Treasurer (Emeritus); Financial and Investment Consultant, Professor of Transportation since 1984; Vice President-Investments, Treasurer, Senior Vice President(Emeritus), 1982-1984. Director, Pennsylvania Research Corp	6	Member and Treasurer, Board of Trustees of Grove City College. Trustee of The Advisors’ Inner Circle Fund, The MDL Funds, and The Arbor Funds.
Private investor from 1987 to present. Vice President and Chief Financial officer, Western Company of North America (petroleum ser-vice company), 1980-1986. President of Gene Peters and Associates (import company),1978-1980. President and Chief Executive Officer of Jos. Schlitz Brewing Company before 1978.	6	Trustee of the Advisors’ Inner Circle Fund, The MDL Funds, and The Arbor Funds.
Partner, Dechert (law firm), September 1987-December 1993.	6	Trustee of the Advisors’ Inner Circle Fund, The MDL Funds, The Arbor Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Index Funds, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, State Street Research Funds, Massachusetts Health and Education Tax-Exempt Trust.

October 31, 2003          75

Trustees and Officers of the Expedition
Funds (unaudited)

Name, Address, Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2
INDEPENDENT BOARD MEMBERS (continued)
GEORGE J. SULLIVAN, JR. 61 yrs. old	Trustee	(Since 1999)
INTERESTED BOARD MEMBERS
ROBERT A. NESHER 57 yrs. old	Chairman of the Board of Trustees	(Since 1991)
WILLIAM M. DORAN 1701 Market Street, Philadelphia, PA 19103 63 yrs. old	Trustee	(Since 1992)

1	Unless otherwise noted, the business address of each Trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456.
2	Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.
3	Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the 1940 Act.

76          October 31, 2003

Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Expedition Trust Overseen by Board Member3	Other Directorships Held by Board Member3
Chief Executive Officer, Newfound Consultants Inc. since April 1997. General Partner, Teton Partners, L.P., June 1991- December 1996; Chief Financial Officer, Nobel Partners, L.P., March 1991-December 1996; Treasurer and Clerk, Peak Asset Management, Inc., since 1991.	6	Trustee, Navigator Securities Lending Trust, since 1995. Trustee of The Advisors’ Inner Circle Fund, The MDL Funds, The Arbor Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Index Funds, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust and SEI Tax Exempt Trust.
Currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. Executive Vice President of SEI Investments, 1986-1994. Director and Executive Vice president of the Administrator and the Distributor, 1981-1994.	6	Trustee of The Advisors’ Inner Circle Fund, Bishop Street Funds, The Arbor Funds, The MDL Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Index Funds, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Opportunity Master Fund, L.P., SEI Opportunity Fund, L.P., SEI Absolute Return Master Fund, L.P., SEI Absolute Return Fund, L.P.
Partner, Morgan, Lewis & Bockius LLP (law firm), counsel to the Trust, SEI Investments, the Administrator and the Distributor. Director of SEI Investments since 1974; Secretary of SEI Investments since 1978.	6	Trustee of The Advisors’ Inner Circle Fund, The MDL Funds, The Arbor Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Index Funds, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust and SEI Tax Exempt Trust.

October 31, 2003          77

Trustees and Officers of the Expedition
Funds (unaudited)

Name, Address, Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2
OFFICERS
JAMES F. VOLK, CPA 41 yrs. old	President	(Since 2003)
PETER GOLDEN 39 yrs. old	Controller and Chief Financial Officer	(Since 2003)
JENNIFER SPRATLEY, CPA 34 yrs. old	Co-Controller and Co-Chief Financial Officer	(Since 2001)
SHERRY K. VETTERLEIN 41 yrs. old	Vice President and Secretary	(Since 2001)
LYDIA A. GAVALIS 39 yrs. old	Vice President and Assistant Secretary	(Since 1998)

1 The business address of each officer is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456.

78          October 31, 2003

Principal Occupation(s) During Past 5 Years	Number of Portfolios in The Advisors’ Inner Circle Fund Overseen by Officer	Other Directorships Held by Officer
Senior Operations Officer, SEI Investments, Fund Accounting and Administration (1996-present); Assistant Chief Accountant of the Securities & Exchange Commission’s Division of Investment Management (1993-1996).	N/A	N/A
Director, SEI Investments, Fund Accounting and Administration since June 2001. From March 2000 to 2001, Vice President of Funds Administration for J.P. Morgan Chase & Co. From 1997 to 2000, Vice President of Pension and Mutual Fund Accounting for Chase Manhattan Bank.	N/A	N/A
Director, SEI Investments, Fund Accounting and Administration since November 1999; Audit Manager, Ernst & Young LLP from 1991-1999.	N/A	N/A
Vice President and Assistant Secretary of SEI Investments Global Funds Services and SEI Investments Distribution Co. since January 2001; Shareholder/Partner, Buchanan Ingersoll Professional Corporation from 1992-2000.	N/A	N/A
Vice President and Assistant Secretary of SEI Investments, SEI Investments Global Funds Services and SEI Investments Distribution Co. since 1998; Assistant General Counsel and Director of Arbitration, Philadelphia Stock Exchange from 1989-1998	N/A	N/A

October 31, 2003          79

Trustees and Officers of the Expedition
Funds (unaudited)

Name, Address, Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served
OFFICERS (continued)
TIMOTHY D. BARTO 35 yrs. old	Assistant Vice President and Assistant Secretary	(Since 2000)
WILLIAM E. ZITELLI 35 yrs. old	Assistant Vice President and Secretary	(Since 2000)
CHRISTINE M. MCCULLOUGH 43 yrs. old	Vice President and Assistant Secretary	(Since 2000)
JOHN C. MUNCH 32 yrs. old	Vice President and Assistant Secretary	(Since 2001)
JOHN MUNERA 40 yrs. old	Vice President and Assistant Secretary	(Since 2002)
CORI DAGGETT 42 yrs. old	Vice President and Assistant Secretary	(Since 2003)

1 The business address of each officer is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456.

80          October 31, 2003

Principal Occupation(s) During Past 5 Years	Number of Portfolios in The Advisors’ Inner Circle Fund Overseen by Officer	Other Directorships Held by Officer
Vice President and Assistant Secretary of SEI Investments Global Funds Services and SEI Investments Distribution Co. since 1999; Associate, Dechert (law firm) from 1997-1999; Associate, Richter, Miller & Finn (law firm) from 1994-1997.	N/A	N/A
Vice President and Assistant Secretary of SEI Investments Global Funds Services and SEI Investments Distribution Co. since 2000; Vice President, Merrill Lynch & Co. Asset Management Group from 1998-2000; Associate at Pepper Hamilton LLP from 1997-1998	N/A	N/A
Vice President and Assistant Secretary of SEI Investments Global Funds Services and SEI Investments Distribution Co. since 1999; Associate at White and Williams LLP from 1991-1999.	N/A	N/A
Vice President and Assistant Secretary of SEI Investments Global Funds Services and SEI Investments Distribution Co. since 2001; Associate at Howard Rice Nemorvoski Canady Falk & Rabkin from 1998-2001; Associate at Seward & Kissel from 1996-1998.	N/A	N/A
Middle Office Compliance Officer at SEI Investments since 2000; Supervising Examiner at Federal Reserve Bank of Philadelphia from 1998-2000.	N/A	N/A
Employed by SEI Investments Company since 2003. Associate at Drinker Biddle & Reath from 1998-2003.	N/A	N/A

October 31, 2003          81

Notice to Shareholders (unaudited)

For shareholders that do not have a October 31, 2003 tax year end, this notice is for informational purposes only. For shareholders with a October 31, 2003, please consult your tax advisor as to the pertinence of this notice. For this fiscal year ended October 31, 2003, each Fund is designating the following items with regard to distributions paid during the year.

	Long Term (20% Rate) Capital Gain Distribution			Qualified 5-Year Gain Distributions			Ordinary Income Distributions			Tax Exempt Interest			Total Distributions			Qualifying Dividends(1)			Dividend Income (15% Tax Rate For QDI)(2)
Equity Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		100.00	%		72.01	%
Equity Income      Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		100.00	%		79.75	%
Investment      Grade Bond      Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%
Tax-Free      Investment      Grade Bond		30.85	%		0.00	%		1.66	%		67.49	%		100.00	%		0.00	%		0.00	%
Money Market      Fund		0.00	%		0.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%
Tax-Free      Money Market      Fund		0.00	%		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%

(1)	Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of “Ordinary Income Distributions.”
(2)	The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of “Ordinary Income Distributions.” It is the intention of each of the aforementioned Funds to designate the maximum amount permitted by the law.
	The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2003. Complete information will be computed and reported in conjunction with your 2003 Form 1099-DIV.

82          October 31, 2003

Notes

Notes