Table of Contents

Letter to Our Shareholders	1
Statements of Net Assets	3
Statements of Operations	40
Statements of Changes in Net Assets	43
Financial Highlights	46
Notes to Financial Statements	52

A description of the policies and procedures that the Expedition Funds use to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 800-992-2085; and (ii) on the Commission’s website at http://ww.sec.gov.; and beginning no later than August 31, 2004, information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available without charge (i) by calling 800-992-2085; and (ii) on the Commission’s website at http://ww.sec.gov.

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:

During the six-month period ended April 30, 2004, the economy and the markets continued to gain momentum.

Despite the ongoing difficulties in Iraq and rising oil prices, the nation’s economy produced very positive results, reflected in strong growth in the gross domestic product (GDP), higher factory orders, and excellent corporate earnings over a broad range of industries and sectors.

The only major indicator that remained weak was employment, leading many to categorize this as a “jobless recovery.” However, near the end of the six-month period, employment too showed a surprising surge, indicating better times ahead for the nation’s payrolls.

This good news helped fuel a continued rally in the stock market, which has responded well to each new report of outstanding corporate earnings. Conversely, it hampered performance in bonds.

JITTERS IN THE BOND MARKET .

Bonds were relatively weak for much of the past six months, as investors recognized that the interest rate party may be over for the foreseeable future.

In recent months, the Federal Reserve Board has faced a difficult balancing act. Clearly, the economy’s surge, along with sharply rising oil prices, would suggest that inflation is on the rise. And, in fact, prices of many products and services are rising in response to increased demand and higher energy costs.

But in an election year, even the most independent Fed chairman can be loath to push interest rates higher at the risk of dampening a recovery. And the current chairman, Alan Greenspan, has thus far skirted the issue by holding rates at their historically low levels while suggesting that the Fed is becoming “less patient” than in recent years.

Mr. Greenspan has also expressed concern over the rapid rise in government spending, as the nation attempts to pay for an extremely costly war abroad and an even more costly new Medicare prescription drug program at home.

Together, these factors are a prescription for higher rates – and lower bond prices.

A STRONG PERIOD FOR STOCKS.

Stock investors gained greater confidence during the period, pushing the major indices to recent highs. And while a general mood of caution remains, investors found it hard to overlook the many positive reports emanating from the corporate world.

In recent months, company after company has reported strong growth in revenues and profits, signaling a broad recovery in both consumer and business spending.

Among the sectors that performed well during the period were technology, durable goods, and financial services. Amazingly, even many Internet companies experienced strong gains as investors realized that a few dot-com concepts – most notably eBay*, Amazon.com*, and Yahoo* – can actually result in real profits.

One factor behind the rapid acceleration in corporate earnings is an increased refinement of company management practices.

Over the past few years, many companies have used the economic downturn as an opportunity to streamline their operations and reduce overhead costs. The wisest among them also looked for opportunities to boost market share – even when the overall market was stagnant or shrinking. As a result, a large portion of today’s higher revenues has moved straight to the bottom line.

April 30, 2004          1

Letter to Our Share holders (concluded)

With employment levels and energy costs on the rise, future profit gains may be more modest. But for long-term investors, it is important to recognize that many businesses are learning how to manage through the inevitable ups and downs of the economy.

PARTICIPATING FULLY.

The Expedition Funds family participated fully in the positive results of the stock and bond markets over the past six months, producing good results while avoiding excessive levels of risk.

We continued to focus on long-term value rather than current trends. And we continued to be guided by the experience we’ve gained over a period of decades – rather than by the headlines in today’s newspaper.

We believe that this approach reflects the best interests of our investors, who choose our Funds in order to pursue lifetime goals, not short-term gains.

APPRECIATING OUR FREEDOMS.

As the news of the world is brought to our door each day, we are reminded of the many freedoms we Americans take for granted.

One of these is the freedom to elect our own leaders. This basic right is currently being purchased at a very high cost for the people of Iraq, which should remind us of our sacred duty to cast our votes this November.

Another is the right to take part in the growth of our nation through investing. This everyday right may seem unremarkable, until we realize that many people around the world lack the means and resources to invest.

We are grateful that you have placed your trust in the Expedition Funds as the vehicle for pursuing your right to build a better future. And we will continue to strive to earn that trust.

Sincerely,

Denise A. Woodham

Managing Director of Investments

Compass Asset Management Group

*As of April 30, 2004 the Funds did not hold any shares of these stocks.

To determine if these Funds are an appropriate investment for you, carefully consider the Funds' investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Funds' prospectus, which may be obtained by calling 1-800-992-2085, or logging on to our website at www.expeditionfunds.com. Please read it carefully before investing.

The material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice regarding any stock. The Expedition Funds are distributed by SEI Investments Distribution Co. SEI Investments Distribution Co. is not affiliated with Expedition Funds or any other affiliate. There are risks involved with investing, including possible loss of principal. In addition to these risks, products and companies in which technology funds invest may be subject to severe competition and rapid obsolescence.

2          April 30, 2004

EXPEDITION EQUITY FUND

Statement of Net Assets (unaudited)

Description	Shares		Value (000)
Common Stock – 99.7%
Aerospace & Defense – 2.4%
United Technologies		50,400	$	4,347
Total Aerospace & Defense				4,347
Broadcasting, Newspapers & Advertising – 5.8%
Comcast, Cl A*		90,000		2,709
Gannett		33,000		2,861
Omnicom Group		42,000		3,339
UTStarcom*		55,000		1,449
Total Broadcasting, Newspapers & Advertising				10,358
Broker/Dealers – 4.6%
Goldman Sachs Group		40,000		3,870
Morgan Stanley		85,000		4,368
Total Broker/Dealers				8,238
Communications Equipment – 2.4%
L-3 Communications Holdings		69,530		4,293
Total Communications Equipment				4,293
Computers & Services – 6.5%
Cisco Systems*		126,000		2,630
Dell*		86,000		2,985
Intel		129,000		3,319
International Business Machines		30,000		2,645
Total Computers & Services				11,579
Cosmetics/Toiletries – 4.0%
Gillette		80,000		3,274
Procter & Gamble		36,000		3,807
Total Cosmetics/Toiletries				7,081
Diversified Financial Services – 7.2%
American Express		100,000		4,895
Citigroup		87,000		4,184
JP Morgan Chase		100,000		3,760
Total Diversified Financial Services				12,839
Diversified Manufacturing – 4.6%
Fortune Brands		40,000		3,050
General Electric		171,000		5,121
Total Diversified Manufacturing				8,171
Electrical Services – 2.4%
Exelon		65,000		4,351
Total Electrical Services				4,351

April 30, 2004          3

EXPEDITION EQUITY FUND

Statement of Net Assets (unaudited)

Description	Shares		Value (000)
Entertainment – 1.0%
Harrah’s Entertainment		34,000	$	1,808
Total Entertainment				1,808
Food, Beverage & Tobacco – 5.8%
Anheuser-Busch		70,000		3,587
Constellation Brands, Cl A*		100,000		3,313
Sysco		90,000		3,442
Total Food, Beverage & Tobacco				10,342
Insurance – 9.5%
Allstate		85,000		3,901
American International Group		55,000		3,941
Lincoln National		110,000		4,937
Marsh & McLennan		90,000		4,059
Total Insurance				16,838
Machinery – 2.0%
Caterpillar		45,000		3,498
Total Machinery				3,498
Measuring Devices – 1.6%
PerkinElmer		144,000		2,772
Total Measuring Devices				2,772
Medical Products & Services – 12.8%
Amgen*		60,000		3,376
CR Bard		35,000		3,720
Invitrogen*		35,000		2,528
Mylan Laboratories		165,000		3,780
Quest Diagnostics		22,800		1,923
St. Jude Medical*		37,000		2,822
UnitedHealth Group		75,000		4,611
Total Medical Products & Services				22,760
Metals-Aluminum – 1.5%
Alcoa		85,000		2,614
Total Metals-Aluminum				2,614
Miscellaneous Business Services – 3.2%
Affiliated Computer Services, Cl A*		55,000		2,668
First Data		67,000		3,041
Total Miscellaneous Business Services				5,709
Petroleum Refining – 5.5%
Apache Corporation		84,000		3,517
ConocoPhillips		55,000		3,922
Schlumberger		40,000		2,341
Total Petroleum Refining				9,780

4          April 30, 2004

EXPEDITION EQUITY FUND

Statement of Net Assets ( unaudited )

Description	Shares		Value (000)
Pharmaceuticals – 2.8%
Pfizer		140,000	$	5,006
Total Pharmaceuticals				5,006
Retail – 6.6%
Best Buy		46,000		2,495
CVS		80,000		3,090
Staples*		130,000		3,349
Target		64,000		2,776
Total Retail				11,710
Semi-Conductors/Instruments – 0.9%
Applied Materials*		90,000		1,641
Total Semi-Conductors/Instruments				1,641
Software & Programming – 2.9%
Microsoft		110,000		2,857
Oracle*		50,000		561
Veritas Software*		63,000		1,680
Total Software & Programming				5,098
Telephones & Telecommunications – 3.7%
Nextel Communications*		120,000		2,863
Nokia ADR		50,000		701
SBC Communications		120,000		2,988
Total Telephones & Telecommunications				6,552
Total Common Stock         (Cost $159,563)				177,385
Related Party Money Market Fund – 0.3%
Expedition Money Market Fund†		466,293		466
Total Related Party Money Market Fund         (Cost $466)				466
Total Investments – 100.0%         (Cost $160,029)				177,851
Other Assets and Liabilities – 0.0%
Investment Advisory Fees Payable				(114	)
Administrator Fees Payable				(30	)
Distribution Fees Payable				(15	)
Custodian Fees Payable				(3	)
Trustees’ Fees Payable				(2	)
Other Assets and Liabilities, Net				216
Total Other Assets and Liabilities				52

April 30, 2004          5

EXPEDITION EQUITY FUND

Statement of Net Assets ( unaudited )

Description	Value (000)
Net Assets:
Portfolio Capital of Institutional Shares      (unlimited authorization — no par value)      based on 20,246,993 outstanding shares of      beneficial interest	$	211,710
Portfolio Capital of Investment Shares – Class A      (unlimited authorization — no par value)      based on 983,478 outstanding shares of      beneficial interest		12,961
Portfolio Capital of Investment Shares – Class B      (unlimited authorization — no par value)      based on 2,075,776 outstanding shares of      beneficial interest		26,693
Undistributed net investment income		117
Accumulated net realized loss on investments		(91,400	)
Net unrealized appreciation on investments		17,822
Total Net Assets – 100.0%	$	177,903
Net Asset Value, Offering and Redemption Price Per Share —         Institutional Shares         ($155,344,097 ÷ 20,246,993 shares)	$	7.67
Net Asset Value and Redemption Price Per Share —         Investment Shares – Class A         ($7,473,330 ÷ 983,478 shares)	$	7.60
Maximum Offering Price Per Share —         Investment Shares – Class A (1)	$	7.92
Net Asset Value and Offering Price Per Share —         Investment Shares – Class B (2)         ($15,085,539 ÷ 2,075,776 shares)	$	7.27

* 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.

6          April 30, 2004

EXPEDITION EQUITY INCOME FUND

Statement of Net Assets ( unaudited )

Description	Shares		Value (000)
Common Stock – 99.2%
Aerospace & Defense – 2.7%
General Dynamics		1,500	$	140
Raytheon		4,000		129
Total Aerospace & Defense				269
Air Transportation – 0.7%
FedEx		1,000		72
Total Air Transportation				72
Banks – 14.6%
Bank of America		2,000		161
Bank of New York		10,000		291
BB&T		5,000		173
Keycorp		8,000		238
Union Planters		3,500		97
Wachovia		5,000		229
Wells Fargo		5,000		282
Total Banks				1,471
Broadcasting, Newspapers & Advertising – 1.5%
Comcast, Cl A*		5,000		150
Total Broadcasting, Newspapers & Advertising				150
Broker/Dealers – 6.6%
Goldman Sachs Group		2,500		242
Merrill Lynch		4,000		217
Morgan Stanley		4,000		205
Total Broker/Dealers				664
Chemicals – 3.6%
EI Du Pont de Nemours		4,750		204
PPG Industries		2,700		160
Total Chemicals				364
Computers & Services – 2.8%
Hewlett-Packard		7,000		138
International Business Machines		1,700		150
Total Computers & Services				288
Diversified Financial Services – 7.4%
Citigroup		6,500		312
JP Morgan Chase		7,000		263
Viad		7,000		175
Total Diversified Financial Services				750

April 30, 2004          7

EXPEDITION EQUITY INCOME FUND

Statement of Net Assets ( unaudited )

Description	Shares		Value (000)
Diversified Manufacturing – 5.9%
Fortune Brands		4,250	$	324
General Electric		9,000		270
Total Diversified Manufacturing				594
Electrical Services – 6.3%
Centerpoint Energy		18,500		200
Exelon		3,500		234
Southern		7,000		201
Total Electrical Services				635
Entertainment – 2.9%
Harrah’s Entertainment		5,500		292
Total Entertainment				292
Food, Beverage & Tobacco – 2.0%
Adolph Coors, Cl B		3,000		197
Total Food, Beverage & Tobacco				197
Insurance – 6.1%
ACE Ltd.		7,500		329
American International Group		4,000		286
Total Insurance				615
Medical Products & Services – 1.7%
Quest Diagnostics		2,000		169
Total Medical Products & Services				169
Metals – 1.4%
Alcan		3,500		141
Total Metals				141
Miscellaneous Business Services – 1.6%
First Data		3,500		159
Total Miscellaneous Business Services				159
Petroleum Refining – 11.1%
Anadarko Petroleum		5,000		268
ChevronTexaco		2,250		206
Exxon Mobil		9,000		383
Noble*		2,600		97
Royal Dutch Petroleum		3,500		170
Total Petroleum Refining				1,124
Pharmaceuticals – 2.2%
Abbott Laboratories		5,000		220
Total Pharmaceuticals				220

8          April 30, 2004

EXPEDITION EQUITY INCOME FUND

Statement of Net Assets ( unaudited )

Description	Shares		Value (000)
Real Estate Investment Trusts – 1.0%
Crescent Real Estate Equity		6,500	$	101
Total Real Estate Investment Trusts				101
Retail – 8.6%
CVS		8,000		309
Wal-Mart Stores		4,400		251
Yum! Brands*		8,000		310
Total Retail				870
Software & Programming – 1.5%
Microsoft		6,000		156
Total Software & Programming				156
Telephones & Telecommunications – 7.0%
Alltel		3,000		151
BellSouth		6,000		155
Nokia ADR		8,000		112
SBC Communications		5,500		137
Verizon Communications		4,000		151
Total Telephones & Telecommunications				706
Total Common Stock           (Cost $8,961)				10,007
Related Party Money Market Fund – 0.9%
Expedition Money Market Fund†		91,599		92
Total Related Party Money Market Fund           (Cost $92)				92
Total Investments – 100.1%            (Cost $9,053)				10,099
Other Assets and Liabilities – (0.1)%
Receivable Due from Investment Advisor				5
Administrator Fees Payable				(6	)
Distribution Fees Payable				(1	)
Other Assets and Liabilities, Net				(10	)
Total Other Assets and Liabilities				(12	)

April 30, 2004          9

EXPEDITION EQUITY INCOME FUND

Statement of Net Assets ( unaudited )

Description	Value (000)
Net Assets:
Portfolio Capital of Institutional Shares    (unlimited authorization — no par value)    based on 1,309,209 outstanding shares of    beneficial interest	$	15,518
Portfolio Capital of Investment Shares – Class A     (unlimited authorization — no par value)    based on 43,207 outstanding shares of    beneficial interest		518
Portfolio Capital of Investment Shares – Class B     (unlimited authorization — no par value)    based on 104,404 outstanding shares of    beneficial interest		1,132
Undistributed net investment income		16
Accumulated net realized loss on investments		(8,143	)
Net unrealized appreciation on investments		1,046
Total Net Assets – 100.0%	$	10,087
Net Asset Value, Offering and Redemption Price Per Share —    Institutional Shares    ($9,074,497 ÷ 1,309,209 shares)	$	6.93
Net Asset Value and Redemption Price Per Share —    Investment Shares – Class A    ($298,954 ÷ 43,207 shares)	$	6.92
Maximum Offering Price Per Share —    Investment Shares – Class A (1)	$	7.21
Net Asset Value and Offering Price Per Share —    Investment Shares – Class B (2)     ($713,602 ÷ 104,404 shares)	$	6.84

* 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.

10          April 30, 2004

EXPEDITION INVESTMENT GRADE BOND FUND

Statement of Net Assets ( unaudited )

Description	Face Amt. (000)			Value (000)
Corporate Obligations – 36.4%
Banks – 3.0%
Bank of America           5.875%, 02/15/09		$	1,000	$	1,076
Bank One           6.000%, 08/01/08			2,000		2,165
Total Banks					3,241
Broker/Dealers – 5.0%
Goldman Sachs Group         6.600%, 01/15/12			2,000		2,193
Merrill Lynch         6.375%, 10/15/08			1,000		1,093
Morgan Stanley         6.750%, 04/15/11			2,000		2,212
Total Broker/Dealers					5,498
Chemicals – 2.1%
EI Du Pont de Nemours         6.875%, 10/15/09			2,000		2,265
Total Chemicals					2,265
Computers & Services – 1.8%
International Business Machines         4.750%, 11/29/12			2,000		1,980
Total Computers & Services					1,980
Diversified Financial Services – 9.8%
American Express         4.875%, 07/15/13			2,000		1,972
General Electric Capital, Ser A, MTN         7.375%, 01/19/10			3,000		3,457
General Motors Acceptance         6.150%, 04/05/07			2,000		2,118
Household Finance         6.375%, 10/15/11			1,000		1,087
Wells Fargo Financial         5.875%, 08/15/08			2,000		2,160
Total Diversified Financial Services					10,794
Electrical Services – 1.9%
Alabama Power, Ser G         5.375%, 10/01/08			2,000		2,103
Total Electrical Services					2,103

April 30, 2004          11

EXPEDITION INVESTMENT GRADE BOND FUND

Statement of Net Assets ( unaudited )

Description	Face Amt. (000)			Value (000)
Pharmaceuticals – 1.8%
Abbott Laboratories
3.500%, 02/17/09		$	2,000	$	1,962
Total Pharmaceuticals					1,962
Retail – 8.1%
Lowe’s
8.250%, 06/01/10			2,000		2,403
Target
5.875%, 11/01/08			2,000		2,158
4.000%, 06/15/13			1,000		926
Wal-Mart Stores
6.875%, 08/10/09			3,000		3,390
Total Retail					8,877
Telephones & Telecommunications – 2.9%
SBC Communications
5.875%, 02/01/12			1,000		1,047
Verizon Wireless
5.375%, 12/15/06			2,000		2,112
Total Telephones & Telecommunications					3,159
Total Corporate Obligations         (Cost $36,721)					39,879
U.S. Government Agency Obligations – 25.5%
FHLB
3.125%, 08/15/07			3,000		2,985
FHLB, Ser 100
5.800%, 09/02/08			2,000		2,162
FHLB, Ser 363
4.500%, 11/15/12			3,000		2,936
FHLMC
7.000%, 03/15/10			3,000		3,424
6.625%, 09/15/09			3,000		3,360
FNMA
7.250%, 01/15/10			2,500		2,885
5.500%, 03/15/11			3,000		3,177
5.250%, 01/15/09			3,000		3,174
4.375%, 03/15/13			4,000		3,867
Total U.S. Government Agency Obligations         (Cost $26,501)					27,970

12          April 30, 2004

EXPEDITION INVESTMENT GRADE BOND FUND

Statement of Net Assets ( unaudited )

Description	Face Amt. (000)			Value (000)
U.S. Treasury Obligations – 24.3%
U.S. Treasury Notes
7.000%, 07/15/06		$	2,500	$	2,743
6.500%, 10/15/06			3,000		3,277
6.500%, 02/15/10			1,000		1,137
6.125%, 08/15/07			3,000		3,292
6.000%, 08/15/09			3,000		3,329
5.625%, 05/15/08			2,000		2,174
5.500%, 05/15/09			3,000		3,262
5.000%, 02/15/11			500		528
4.375%, 08/15/12			2,000		2,004
4.250%, 11/15/13			2,000		1,963
4.000%, 11/15/12			1,000		974
4.000%, 02/15/14			2,000		1,922
Total U.S. Treasury Obligations           (Cost $24,862)					26,605
U.S. Government Mortgage-Backed Obligations – 7.5%
FHLMC, Gold Pool #E00532
6.500%, 02/01/13			169		179
FHLMC, Gold Pool #E00543
6.000%, 04/01/13			380		398
FHLMC, Gold Pool #E00584
6.000%, 11/01/13			554		580
FHLMC, Gold Pool #E00832
7.500%, 04/01/15			215		230
FHLMC, Gold Pool #E00856
7.500%, 06/01/15			207		221
FNMA, Pool # 614934
6.000%, 12/01/16			1,733		1,810
FNMA, Pool #535966
7.000%, 05/01/16			563		602
GNMA, Pool #552999
5.000%, 01/15/18			4,140		4,194
Total U.S. Government Mortgage-Backed Obligations         (Cost $8,113)					8,214
Asset-Backed Securities – 3.1%
MBNA Master Credit Card Trust, Ser 1999-J, Cl A
7.000%, 02/15/12			3,000		3,394
Total Asset-Backed Securities         (Cost $3,141)					3,394

April 30, 2004          13

EXPEDITION INVESTMENT GRADE BOND FUND

Statement of Net Assets (unaudited)

Description	Shares		Value (000)
Related Party Money Market Fund – 2.3%
Expedition Money Market Fund†		2,546,482	$	2,546
Total Related Party Money Market Fund
(Cost $2,546)				2,546
Total Investments – 99.1%
(Cost $101,884)				108,608
Other Assets and Liabilities – 0.9%
Investment Advisory Fees Payable				(37	)
Administrator Fees Payable				(18	)
Custodian Fees Payable				(2	)
Distribution Fees Payable				(2	)
Trustees’ Fees Payable				(1	)
Other Assets and Liabilities				1,093
Total Other Assets and Liabilities				1,033
Net Assets:
Portfolio Capital of Institutional Shares    (unlimited authorization — no par value)    based on 9,748,195 outstanding shares of    beneficial interest				92,666
Portfolio Capital of Investment Shares – Class A    (unlimited authorization — no par value)    based on 480,726 outstanding shares of    beneficial interest				9,017
Portfolio Capital of Investment Shares – Class B    (unlimited authorization — no par value)    based on 184,260 outstanding shares of    beneficial interest				1,900
Accumulated net realized loss on investments				(666	)
Net unrealized appreciation on investments				6,724
Total Net Assets – 100.0%			$	109,641

14          April 30, 2004

EXPEDITION INVESTMENT GRADE BOND FUND

Statement of Net Assets (unaudited)

Description	Value
Net Asset Value, Offering and Redemption Price Per Share —    Institutional Shares    ($102,642,166 ÷ 9,748,195 shares)	$	10.53
Net Asset Value and Redemption Price Per Share —    Investment Shares – Class A    ($5,056,933 ÷ 480,726 shares)	$	10.52
Maximum Offering Price Per Share —    Investment Shares – Class A (1)	$	10.96
Net Asset Value and Offering Price Per Share —    Investment Shares – Class B (2)    ($1,942,271 ÷ 184,260 shares)	$	10.54

† 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.

April 30, 2004          15

EXPEDITION TAX - FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets (unaudited)

Description	Face Amt.(000)			Value (000)
Municipal Bonds – 97.7%
Alabama – 11.6%
Alabama State, Municipal Electric Authority,         Power Supply RB, Ser A, MBIA         5.000%, 09/01/33		$	1,000		$	994
Alabama State, Public School & College Authority,         Capital Improvements RB, Ser D         5.750%, 08/01/19			1,150			1,271
Birmingham, Capital Improvement Warrants GO, Ser A         5.550%, 08/01/21			1,000			1,077
Huntsville, Warrants GO, Ser D         5.000%, 11/01/07			1,000			1,080
Montgomery, Warrants GO, Ser A         5.100%, 10/01/09			1,000			1,079
Phoenix City, School Warrants GO, AMBAC         5.650%, 08/01/21			1,000			1,084
Tuscaloosa, Warrants         5.650%, 01/01/17			1,000			1,101
Total Alabama						7,686
California – 10.5%
California State GO, FGIC         5.250%, 09/01/30			1,280			1,294
Los Angeles School District GO, Ser 1997-E, MBIA         5.125%, 01/01/27			1,000			1,009
San Diego School District GO, Ser 1998-D, FGIC         5.250%, 07/01/24			1,000			1,036
San Gabriel School District GO, Ser A, FSA         5.375%, 08/01/21			500			530
Southern California, Metropolitan Water District RB, Ser A         5.100%, 07/01/25			1,000			1,009
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			1,031
Total California						6,949
Colorado – 3.2%
Denver, City and County GO, Ser B         5.625%, 08/01/07			1,000			1,098
La Plata County School District GO, MBIA         5.250%, 11/01/25			1,000			1,029
Total Colorado						2,127

16          April 30, 2004

EXPEDITION TAX - FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets (unaudited)

Description	Face Amt.(000)			Value (000)
Florida – 4.1%
Florida State, Board of Education Capital Outlay GO,         Ser A, Pre-Refunded @ 101 (A)         5.650%, 01/01/05		$	500		$	519
Florida State, Department of Transportation GO,         Right of Way Project, Ser B         5.500%, 07/01/11			1,000			1,092
Palm Beach County GO, Ser A         5.450%, 08/01/13			1,000			1,083
Total Florida						2,694
Georgia – 3.3%
Georgia State GO, Ser B
4.000%, 03/01/10			1,000			1,040
6.000%, 03/01/12			1,000			1,157
Total Georgia						2,197
Hawaii – 1.7%
Hawaii State GO, Ser CO, FGIC         6.000%, 03/01/08			1,000			1,121
Total Hawaii						1,121
Illinois – 1.9%
Chicago, Project & Refunding GO, Ser C, FGIC         5.500%, 01/01/19			1,180			1,271
Total Illinois						1,271
Kansas – 1.6%
Kansas State, Department of Transportation RB, Ser A         5.000%, 09/01/06			1,000			1,069
Total Kansas						1,069
Massachusetts – 3.5%
Massachusetts State, Consolidated Loan GO,         Ser A, Pre-Refunded @ 101 (A)
6.000%, 02/01/10			1,000			1,151
6.000%, 02/01/10			1,000			1,152
Total Massachusetts						2,303
Minnesota – 0.8%
Minnesota State, Public Facilities Authority RB,         Water Pollution Control, Ser A         6.000%, 03/01/09			500			518
Total Minnesota						518

April 30, 2004          17

EXPEDITION TAX - FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets (unaudited)

Description	Face Amt.(000)		Value (000)
Nevada – 1.6%
Clark County GO         6.000%, 07/01/06		1,000		$	1,080
Total Nevada					1,080
New Hampshire – 1.6%
New Hampshire State RB, MBIA         5.250%, 08/15/19		1,000			1,072
Total New Hampshire					1,072
New Jersey – 1.7%
New Jersey State GO, Ser F         5.500%, 08/01/11		1,000			1,117
Total New Jersey					1,117
New York – 9.0%
Brookhaven GO, FGIC         5.500%, 10/01/13		500			551
New York City GO, Ser C, MBIA         5.375%, 11/15/17		1,000			1,086
New York City Transitional Authority RB, Ser C, FGIC         5.250%, 08/01/14		1,000			1,086
New York State GO, Ser A, Pre-Refunded @ 101 (A)         5.875%, 03/15/05		1,000			1,050
New York State GO, Ser F         5.250%, 09/15/13		500			536
New York State, Environmental Water Facilities RB,         Pooled Financing Program, Ser F         5.250%, 11/15/20		500			530
Triborough, Bridge & Tunnel Authority RB,         Ser A, Pre-Refunded @ 100.5 (A)         5.250%, 07/01/09		1,000			1,117
Total New York					5,956
North Carolina – 6.8%
Burlington GO, AMBAC         5.200%, 02/01/13		1,650			1,784
Charlotte, Water & Sewer Systems RB         5.125%, 06/01/26		1,000			1,015
Winston-Salem, Water & Sewer Systems RB,         Pre-Refunded @ 101 (A)         5.250%, 06/01/11		1,500			1,679
Total North Carolina					4,478

18          April 30, 2004

EXPEDITION TAX - FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
Ohio – 4.0%
Columbus, City School District, GO, FGIC         5.000%, 12/01/28		$	1,000		$	1,005
Ohio State, Building Authority RB, State Facilities         Adult Correctional Facilities, Ser A, FSA         5.500%, 10/01/13			1,000			1,104
Pickerington, Local School District GO, FGIC         5.250%, 12/01/20			500			524
Total Ohio						2,633
Oregon – 1.5%
Oregon State, Alternative Energy Project GO, Ser E         5.800%, 07/01/07			1,000			1,007
Total Oregon						1,007
Pennsylvania – 1.6%
Pennsylvania State, Intergovernmental Authority ST,         Philadelphia Funding Project, FGIC         5.250%, 06/15/15			1,000			1,066
Total Pennsylvania						1,066
South Carolina – 3.3%
Greenville County, School District RB         6.000%, 12/01/21			1,000			1,097
Lancaster County, School District GO, FSA         5.100%, 03/01/15			1,000			1,059
Total South Carolina						2,156
Texas – 11.9%
Canyon, Independent School District GO, Ser A, PSF         5.375%, 02/15/24			1,000			1,037
Frisco, Independent School District GO, PSF         5.125%, 08/15/30			1,000			1,007
Grand Prairie, Independent School District GO, FSA         5.375%, 02/15/18			1,820			1,957
Lamar, Consolidated Independent School District GO, PSF         5.500%, 02/15/15			500			542
Leander, Independent School District GO, PSF         5.375%, 08/15/19			1,000			1,065
Mesquite, Independent School District GO, PSF         5.500%, 08/15/21			1,160			1,242
Williamson County GO, FSA         5.250%, 02/15/27			1,040			1,061
Total Texas						7,911

April 30, 2004          19

EXPEDITION TAX - FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets (unaudited)

Description	Face Amt (000)/Shares			Value (000)
Utah – 1.6%
Utah State, Intermountain Power Agency RB,         Ser B, MBIA ETM         6.000%, 07/01/06		$	1,000	$	1,088
Total Utah					1,088
Virginia – 5.8%
Bristol Virginia Utility System RB, MBIA         5.250%, 07/15/26			1,850		1,894
Newport News GO, Ser A, MBIA, Pre-Refunded @ 102 (A)         5.625%, 07/01/05			795		850
Virginia, Commonwealth Transportation Board RB,         Northern Virginia Transportation Program, Ser A         5.500%, 05/15/15			1,000		1,102
Total Virginia					3,846
Washington – 1.7%
Washington State GO, Ser B         6.000%, 01/01/13			1,000		1,131
Total Washington					1,131
West Virginia – 1.7%
West Virginia State GO, State Road Project, FGIC         5.625%, 06/01/18			1,000		1,099
Total West Virginia					1,099
Wisconsin – 1.7%
Milwaukee GO, Ser T, Pre-Refunded @ 100 (A)         5.250%, 09/01/11			1,000		1,115
Total Wisconsin					1,115
Total Municipal Bonds         (Cost $61,935)					64,690
Related Party Money Market Fund – 1.3%
Expedition Tax-Free Money Market Fund†			900,491		900
Total Related Party Money Market Fund         (Cost $900)					900
Total Investments – 99.0%         (Cost $62,835)					65,590

20          April 30, 2004

EXPEDITION TAX - FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets (unaudited)

Description	Value (000)
Other Assets and Liabilities – 1.0%
Investment Advisory Fees Payable	$	(22	)
Administrator Fees Payable		(11	)
Trustees’ Fees Payable		(1	)
Custodian Fees Payable		(1	)
Other Assets and Liabilities, Net		666
Total Other Assets and Liabilities		631
Net Assets:
Portfolio Capital of Institutional Shares    (unlimited authorization — no par value)    based on 6,215,021 outstanding shares of    beneficial interest		62,716
Portfolio Capital of Investment Shares – Class A    (unlimited authorization — no par value)    based on 25,966 outstanding shares of    beneficial interest		236
Portfolio Capital of Investment Shares – Class B    (unlimited authorization — no par value)    based on 20,927 outstanding shares of    beneficial interest		222
Undistributed net investment income		31
Accumulated net realized gain on investments		261
Net unrealized appreciation on investments		2,755
Total Net Assets – 100.0%	$	66,221

The accompanying notes are an integral part of the financial statements

April 30, 2004          21

EXPEDITION TAX - FREE INVESTMENT
GRADE BOND FUND

Statement of Net Assets (unaudited)

Description	Value
Net Asset Value, Offering and Redemption Price Per Share —    Institutional Shares    ($65,725,712 ÷ 6,215,021 shares)	$	10.58
Net Asset Value and Redemption Price Per Share —    Investment Shares – Class A    ($274,421 ÷ 25,966 shares)	$	10.57
Maximum Offering Price Per Share —    Investment Shares – Class A (1)	$	11.01
Net Asset Value and Offering Price Per Share —    Investment Shares – Class B (2)    ($221,194 ÷ 20,927 shares)	$	10.57

† 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

22          April 30, 2004

EXPEDITION MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face  Amt. (000)			Value  (000)
Commercial Paper – 62.0%
Banks – 2.5%
Wells Fargo
1.000%, 05/25/04		$	15,000	$	14,990
Total Banks					14,990
Broker/Dealers – 8.4%
Bear Stearns
1.020%, 05/21/04			20,000		19,989
Goldman Sachs
1.120%, 08/24/04			25,000		24,910
Merrill Lynch
1.000%, 05/21/04			6,000		5,997
Total Broker/Dealers					50,896
Diversified Financial Services – 15.6%
American General Finance
1.030%, 06/18/04			15,000		14,979
1.050%, 07/28/04			12,000		11,969
Citigroup
1.030%, 06/01/04			7,000		6,994
1.030%, 06/07/04			10,000		9,989
General Electric Capital
1.020%, 05/18/04			15,000		14,993
1.030%, 05/20/04			10,000		9,995
Toyota Motor Credit
1.020%, 05/10/04			10,000		9,997
1.030%, 06/15/04			15,000		14,981
Total Diversified Financial Services					93,897
Electrical Services – 3.9%
Southern
1.010%, 05/25/04			23,500		23,484
Total Electrical Services					23,484
Funding Corporations – 10.6%
Falcon Asset Securitization
1.030%, 05/06/04			10,000		9,999
1.030%, 05/27/04			5,000		4,996
1.030%, 06/01/04			10,000		9,991
Preferred Receivable Funding
1.030%, 05/12/04			8,000		7,997
1.030%, 05/25/04			5,000		4,997

April 30, 2004          23

EXPEDITION MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
Receivables Capital
1.030%, 05/14/04		$	6,000	$	5,998
1.040%, 06/03/04			15,000		14,986
1.060%, 07/15/04			5,000		4,989
Total Funding Corporations					63,953
Leasing & Renting – 4.1%
International Lease Finance
1.010%, 05/24/04			15,000		14,991
1.030%, 06/08/04			10,000		9,989
Total Leasing & Renting					24,980
Multimedia – 2.3%
Gannett
0.980%, 05/13/04			14,000		13,995
Total Multimedia					13,995
Pharmaceuticals – 2.5%
Pfizer
1.000%, 05/21/04			10,000		9,994
1.140%, 10/13/04			5,000		4,974
Total Pharmaceuticals					14,968
Special Purpose Entity – 4.5%
Three Pillars
1.040%, 05/19/04			17,000		16,991
1.040%, 06/15/04			10,028		10,015
Total Special Purpose Entity					27,006
Telephones & Telecommunications – 4.2%
Verizon
1.000%, 05/06/04			10,520		10,519
1.000%, 05/20/04			15,000		14,992
Total Telephones & Telecommunications					25,511
Utilities – 3.4%
National Rural Utilities
1.030%, 05/10/04			5,600		5,599
1.030%, 05/17/04			15,000		14,993
Total Utilities					20,592
Total Commercial Paper
(Cost $374,272)					374,272

24          April 30, 2004

EXPEDITION MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
U.S. Government Agency Obligations – 12.4%
FHLMC (B)
1.040%, 06/23/04		$	10,000	$	9,985
1.030%, 07/06/04			15,000		14,972
1.050%, 08/23/04			10,000		9,967
FNMA (B)
1.040%, 07/14/04			10,000		9,978
SLMA (A)
1.025%, 09/16/04			20,000		20,000
1.055%, 10/21/04			10,000		10,000
Total U.S. Government Agency Obligations
(Cost $74,902)					74,902
Corporate Obligations – 12.3%
Banks – 4.2%
Bank of America
6.625%, 06/15/04			8,600		8,656
6.125%, 07/15/04			2,138		2,160
7.875%, 05/16/05			3,000		3,188
Wachovia
6.625%, 06/15/04			4,298		4,326
6.950%, 11/01/04			2,535		2,605
Wells Fargo
6.625%, 07/15/04			4,500		4,548
Total Banks					25,483
Broker/Dealers – 3.4%
Bear Stearns
6.625%, 10/01/04			2,199		2,247
Merrill Lynch
6.000%, 11/15/04			7,700		7,887
Merrill Lynch, Ser B, MTN
5.350%, 06/15/04			4,450		4,473
4.540%, 03/08/05			6,000		6,157
Total Broker/Dealers					20,764
Diversified Financial Services – 2.5%
Associates Corporation of North America, Ser G, MTN
8.580%, 11/23/04			5,000		5,196
General Electric Capital, Ser A, MTN
4.250%, 01/28/05			2,000		2,044
International Lease Finance, Ser M, MTN
5.540%, 03/21/05			2,000		2,073
National Rural
5.250%, 07/15/04			2,000		2,017
5.500%, 01/15/05			2,625		2,699
Wells Fargo Financial
5.450%, 05/03/04			1,000		1,000
Total Diversified Financial Services					15,029

April 30, 2004          25

EXPEDITION MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Shares/Face Amt. (000)			Value (000)
Electrical Services – 2.2%
Alabama Power, Ser N
4.875%, 09/01/04		$	12,985	$	13,135
Total Electrical Services					13,135
Total Corporate Obligations
(Cost $74,411)					74,411
MONEY MARKET FUND – 0.8%
Financial Square Government MONEY MARKET FUND			4,964,267		4,964
Total MONEY MARKET FUND           (Cost $4,964)					4,964
Repurchase Agreement – 12.3%
Deutsche Bank
0.93% dated 04/30/04, to be repurchased           on 05/03/04, repurchase price $74,475,771           (collateralized by U.S. Treasury obligations,           total market value $75,960,609)		$	74,470		74,470
Total Repurchase Agreement           (Cost $74,470)					74,470
Total Investments – 99.8%           (Cost $603,019)					603,019
Other Assets and Liabilities – 0.2%
Investment Advisory Fees Payable					(92	)
Shareholder Servicing Fees Payable					(78	)
Administrator Fees Payable					(75	)
Custodian Fees Payable					(10	)
Trustees’ Fees Payable					(7	)
Other Assets and Liabilities, Net					1,189
Total Other Assets and Liabilities					927

26          April 30, 2004

EXPEDITION MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Value  (000)
Net Assets:
Portfolio Capital of Institutional Shares
(unlimited authorization — no par value)      based on 235,423,571 outstanding shares of      beneficial interest	$	235,422
Portfolio Capital of Investment Service Shares
(unlimited authorization — no par value)      based on 306,474,269 outstanding shares of      beneficial interest		306,473
Portfolio Capital of Investment Sweep Class Shares
(unlimited authorization — no par value)      based on 62,052,005 outstanding shares of      beneficial interest		62,050
Accumulated net realized gain on investments		1
Total Net Assets – 100.0%	$	603,946
Net Asset Value, Offering and Redemption Price Per Share —      Institutional Shares      ($235,427,339 ÷ 235,423,571 shares)	$	1.00
Net Asset Value, Offering and Redemption Price Per Share —      Investment Service Shares      ($306,466,642 ÷ 306,474,269 shares)	$	1.00
Net Asset Value, Offering and Redemption Price Per Share —      Sweep Class Shares      ($62,051,962 ÷ 62,052,005 shares)	$	1.00

(A)Variable Rate Security — The rate reported is the rate in effect on April 30, 2004.

(B)The rate reported is the effective yield at time of purchase.

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

MTN — Medium Term Note

Ser — Series

SLMA — Student Loan Marketing Association

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

April 30, 2004          27

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

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	$	2,049
Montgomery County, Special Care Financing Authority RB,           VHA Incorporated Project, Ser H, AMBAC (A) (B)           1.120%, 12/01/30			1,200		1,200
Total Alabama					3,249
California – 1.6%
ABAG, Financial Authority for Non-Profit Corporations RB,           Jewish Community Center Project (A) (B) (C)           1.100%, 11/15/31			2,000		2,000
Anaheim, Multi-Family Housing Finance RB, Heritage           Village Apartments, Ser A, FNMA (A) (B)           1.090%, 07/15/33			1,100		1,100
Total California					3,100
Colorado – 4.9%
Adams County, Multi-Family Housing Revenue Authority RB,           Hunters Cove Project, Ser A (A) (B)           1.100%, 01/15/14			700		700
Arapahoe County, Water & Waste Authority RB,           Ser A (A) (B) (C)           1.120%, 12/01/33			4,000		4,000
Denver City & County, Multi-Family Housing Authority RB,           Cottonwood Creek Project, Ser A (A) (B)           1.100%, 04/15/14			1,000		1,000
Denver City & County, Multi-Family Housing Authority RB,           Ogden Residences Project (A) (B) (C)           1.100%, 12/01/29			200		200
SBC Metropolitan District GO (A) (B) (C)           1.190%, 12/01/17			1,900		1,900
Thornton, Multi-Family Revenue RB,           Quail Ridge Project, Ser A (A) (B) (C)           1.130%, 04/01/10			1,550		1,550
Total Colorado					9,350
Delaware – 0.4%
Delaware State, Economic Development Authority RB,           School House Project (A) (B) (C)           1.200%, 12/01/15			750		750
Total Delaware					750

28          April 30, 2004

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
Florida – 7.1%
Alachua County, Health Facilities Authority RB, Oak Hammock           University Project, Ser A (A) (B) (C)           1.100%, 10/01/32		$	1,100	$	1,100
Florida Housing Finance Agency RB, Multi-Family Housing           Island Club Project, Ser JA (A) (B)           1.080%, 07/01/31			5,000		5,000
Florida Housing Finance Agency RB, Multi-Family Housing           River Oaks Apartment Project, Ser TT, FHLMC (A) (B)           1.080%, 12/01/29			2,000		2,000
Florida State, Multi-Family Housing Authority RB,           Country Club Project, FHLMC (A) (B)           1.170%, 12/01/12			2,000		2,000
Miami-Dade County, Industrial Development Authority RB,           Holy Cross Academy Project (A) (B) (C)           1.090%, 07/01/20			800		800
Orange County, Industrial Development Authority RB,           Orlando Hawaiian Motel (A) (B) (C)           1.700%, 10/01/15			690		690
Palm Beach County RB, Jewish Community Campus           Project (A) (B) (C)           1.100%, 03/01/30			1,800		1,800
Total Florida					13,390
Georgia – 9.5%
Dalton, Utilities Authority RB,           Ser A02, FSA (A) (B)           1.150%, 01/01/12			2,075		2,075
Dekalb County, Development Authority RB,           American Cancer Society (A) (B) (C)           1.090%, 09/01/17			1,200		1,200
Dekalb County, Multi-Family Housing Authority RB,           Winters Creek Apartments Project, FNMA (A) (B)           1.080%, 06/15/25			400		400
Dekalb County, Multi-Family Housing Authority RB,           Woodhills Apartment Project (A) (B) (C)           1.120%, 12/01/07			4,300		4,300
Floyd County, Development Authority RB,           Berry College Project (A) (B) (C)           1.100%, 08/01/22			2,600		2,600
Fulton County, Multi-Family Housing Authority RB,           Champions Green Apartment Project, Ser B (A) (B)           1.080%, 10/01/25			2,900		2,900

April 30, 2004          29

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
Fulton County, Multi-Family Housing Authority RB,           Hampton Hills Apartment Project, FHLMC (A) (B)           1.080%, 06/01/23		$	600	$	600
Macon-Bibb County, Hospital Authority RB,           Medical Control Center Project (A) (B) (C)           1.090%, 12/01/18			1,700		1,700
Marietta Multi-Family Housing Authority RB,           Winterset Apartments Project (A) (B) (C)           1.080%, 02/01/26			2,300		2,300
Total Georgia					18,075
Idaho – 0.5%
Idaho State, Health Facilities Authority RB, St. Lukes           Regional Medical Center Project (A) (B) (C)           1.100%, 05/01/22			950		950
Total Idaho					950
Illinois – 11.2%
Central Lake RB, Merlots, Ser B18, AMBAC (A) (B)           1.150%, 05/01/20			900		900
Cook County GO, Merlots, Ser B11, AMBAC (A) (B)           1.150%, 11/15/25			500		500
Illinois Educational Facilities Authority RB,           Concordia University River Project (A) (B) (C)           1.130%, 10/01/31			850		850
Illinois Educational Facilities RB, Art           Institute of Chicago (A) (B)           1.080%, 03/01/34			1,100		1,100
Illinois Health Facilities Authority RB,           Bromenn Healthcare Project (A) (B) (C)           1.100%, 08/15/32			700		700
Illinois Health Facilities Authority RB,           Northwestern Memorial Hospital (A) (B)           1.100%, 08/15/09			1,300		1,300
Illinois State, Development Finance Authority RB, AMBAC (A) (B)           1.100%, 09/01/32			2,000		2,000
Illinois State, Development Finance Authority RB,           Goodman Theater Project (A) (B) (C)           1.110%, 12/01/33			2,000		2,000
Illinois State, Development Finance Authority RB,           Wbez Alliance Incorporated Project (A) (B) (C)           1.080%, 03/01/29			1,800		1,800
Illinois State, Education Facility Authority RB,           Art Institute of Chicago (A) (B)           1.080%, 03/01/27			1,200		1,200

30          April 30, 2004

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)		Value (000)
Oakbrook Terrace, Industrial Development Authority RB,           Oakbrook Terrace Atrium Project (A) (B) (C)           1.100%, 12/01/25	$	2,000	$	2,000
Orland Park, Industrial Development Authority RB,           Ser A (A) (B) (C)           1.400%, 12/28/04		790		790
Schaumburg GO, Ser B (A) (B)           1.100%, 12/01/15		1,700		1,700
Winnebago & Boone County, Illinois School           District No 205, TAN           2.270%, 10/28/04		2,250		2,256
2.280%, 10/29/04		2,000		2,009
Total Illinois				21,105
Indiana – 3.9%
Goshen Community Schools, TAN         1.900%, 12/31/04		1,490		1,495
Indiana State, Development Finance Authority RB,           Cathedral High School Project (A) (B) (C)           1.150%, 09/01/26		1,000		1,000
Indiana State, Educational Facilities Authority RB,           Evansville University Project, Ser B (A) (B) (C)           1.230%, 12/01/29		2,000		2,000
Indiana State, Health Facilities Financing Authority RB,           Capital Access Project (A) (B) (C)           1.090%, 04/01/13		1,300		1,300
Spencer Owen Independent Community Schools, TAN           2.000%, 12/31/04		1,500		1,508
Total Indiana				7,303
Iowa – 5.2%
Hills Healthcare RB, Mercy Community Hospital           Project (A) (B) (C)           1.100%, 08/01/32		1,300		1,300
Iowa Higher Education Loan Authority RB,           Private College Facilities, Loras Project (A) (B) (C)           1.100%, 11/01/30		100		100
Iowa Higher Education Loan Authority RB,           Private College, Des Moines Project (A) (B) (C)           1.150%, 10/01/33		1,200		1,200
Iowa State, Finance Authority RB, Carroll Kuemper           Private School Project (A) (B) (C)           1.150%, 06/01/28		1,200		1,200
Iowa State, Finance Authority RB, Drake University           Project (A) (B) (C)           1.150%, 07/01/31		600		600

April 30, 2004          31

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
Iowa State, Health Care Facilities Authority RB,           Care Initiatives Project (A) (B) (C)           1.150%, 11/01/32		$	1,050	$	1,050
Iowa State, Higher Education Loan Authority RB,           Wartburg Project, (A) (B) (C)           1.150%, 03/01/30			2,500		2,500
Johnston Community School District RB (A) (B)           3.250%, 06/01/04			1,870		1,873
Total Iowa					9,823
Kansas – 2.4%
Kansas State Development Finance Authority RB,           Hays Medical Center, Ser N (A) (B) (C)           1.150%, 05/15/26			200		200
Kansas State Development Finance Authority RB,           Kansas Department Administration, Ser J1 (A) (B)           1.100%, 12/01/18			1,000		1,000
Kansas State Development Finance Authority RB,           Village Shalom Obligation Group, Ser BB (A) (B) (C)           1.100%, 11/15/28			1,000		1,000
Prairie Village RB, Corinth Place Apartments Project (A) (B)           1.080%, 11/01/30			2,350		2,350
Total Kansas					4,550
Kentucky – 3.4%
Kentucky Rural Water Financial Construction RB (A) (B)           1.050%, 10/01/06			1,900		1,900
Kentucky State, TRAN           2.000%, 06/30/04			2,500		2,505
Lexington-Fayette Urban County, Government           Industrial Building Authority RB, American Horse           Shows Association Project (A) (B) (C)           1.230%, 12/01/18			1,975		1,975
Total Kentucky					6,380
Louisiana – 1.3%
East Baton Rouge RB, Parish Pollution Control Authority,           Rhone-Poulenc Project (A) (B) (C)           1.120%, 06/01/11			1,400		1,400
Louisiana Public Facilities Authority Hospital RB,           St. Francis Medical Center Project, FSA (A) (B)           5.300%, 07/01/09			1,000		1,027
Total Louisiana					2,427

32          April 30, 2004

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
Massachusetts – 3.0%
Chicopee Development Finance Authority BAN           2.000%, 11/19/04		$	3,536	$	3,552
Massachusetts State, Development Finance Agency RB,           Marino Foundation Project (A) (B) (C)           1.100%, 07/01/21			2,100		2,100
Total Massachusetts					5,652
Michigan – 5.5%
Dearborn School District GO (A) (B)           3.000%, 05/01/05			1,000		1,019
Eastern Michigan University RB (A) (B)           1.100%, 06/01/27			1,300		1,300
Farmington Hills Michigan Hospital Finance Authority RB,           Botsford General Hospital, Ser B, MBIA (A) (B)           1.150%, 02/15/16			250		250
Jackson County, Economic Development Authority RB,           Thrifty Leoni Project (A) (B) (C)           1.090%, 12/01/14			1,000		1,000
Michigan State Housing Development Authority RB,           Courtyards of Taylor Project, Ser A, FNMA (A) (B)           1.080%, 08/15/32			500		500
Michigan State Job Development Authority RB,           East Lansing Residential Project (A) (B) (C)           1.020%, 12/01/14			900		900
Michigan State Strategic Fund RB, Van Andel Research           Institution Project (A) (B) (C)           1.090%, 11/01/27			3,400		3,400
Pinckney Community Schools,           State Aid Anticipation Notes           1.500%, 08/20/04			2,000		2,002
Total Michigan					10,371
Minnesota – 2.0%
Arden Hills RB, Presbyterian Homes, Ser A (A) (B) (C)           1.150%, 09/01/29			650		650
Mankato, Revenue Authority RB, Bethany Lutheran           College Project, Ser B, (A) (B) (C)           1.150%, 11/01/15			1,740		1,740
Minneapolis & St. Paul, Housing & Redevelopment           Authority RB, Childrens Healthcare System Project,           Ser B, FSA (A) (B)           1.100%, 08/15/25			500		500
Minnesota State Higher Educational Facilities RB,           St. Olaf College, Series 5H (A) (B) (C)           1.100%, 10/01/30			1,000		1,000
Total Minnesota					3,890

April 30, 2004          33

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
Missouri – 5.1%
Clayton, Industrial Development Authority RB,           Bailey Court Project (A) (B) (C)           1.240%, 01/01/09		$	500	$	500
Kansas City, Industrial Development Authority RB,           Bethesda Living Center Project, Ser A (A) (B) (C)           1.120%, 08/01/31			2,200		2,200
Kansas City, Industrial Development Authority RB,           Ewing Marion Kauffman, Ser A (A) (B)           1.100%, 04/01/27			1,100		1,100
Missouri State, Health & Educational Facilities Authority RB,           Drury College Project (A) (B) (C)           1.150%, 08/15/24			200		200
Missouri State, Health & Educational Facilities Authority RB,           Drury University Project (A) (B) (C)           1.150%, 08/15/28			1,000		1,000
Missouri State, Health & Educational Facilities Authority RB,           Rockhurst University Project (A) (B) (C)           1.100%, 11/01/32			1,200		1,200
Missouri State, Health & Educational Facilities Authority RB,           Saint Louis University Project, Ser B (A) (B)           1.150%, 10/01/24			300		300
Missouri State, Health & Educational Facilities Authority RB,           St. Louis University Project (A) (B)           1.150%, 07/01/32			100		100
Missouri State, Health & Educational Facilities RB,           Saint Francis Medical Center Project, Ser A (A) (B) (C)           1.100%, 06/01/26			1,200		1,200
Missouri State, Health & Educational Facilities RN           1.150%, 10/29/04			945		945
Saint Louis, Industrial Development Authority RB,           Schnuck Markets Kirkwood Project (A) (B) (C)           1.130%, 12/01/15			900		900
Total Missouri					9,645
Montana – 2.7%
Montana State, Board Investment RB, Municipal Finance           Consolidated-Intercap Project (A) (B)           1.250%, 03/01/25			1,500		1,500
Montana State, Health Facilities Authority RB,           Ser A, FGIC (A) (B)           1.090%, 12/01/15			3,550		3,550
Total Montana					5,050

34          April 30, 2004

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
Nevada – 0.2%
Clark County Nevada School District GO,           Ser A, MBIA (A) (B)           7.250%, 06/15/04		$	350	$	353
Total Nevada					353
New Jersey – 0.7%
New Jersey Health Care Facilities Authority RB (A) (B)           5.750%, 08/01/11			1,285		1,307
Total New Jersey					1,307
New York – 0.4%
New York State, Public Improvements Project GO,           Ser A-4 (A) (B) (C)           1.120%, 08/01/21			800		800
Total New York					800
Ohio – 3.7%
American Municipal Power BAN           1.300%, 08/05/04			750		750
1.250%, 12/02/04			1,635		1,635
American Municipal Power BAN, St. Mary’s Project           1.200%, 10/07/04			830		830
Cincinnati GO (A) (B)           4.000%, 12/01/04			1,205		1,226
Clermont County, Economic Development Authority RB,           John Q. Hammons Project (A) (B) (C)           1.300%, 05/01/12			655		655
Ohio State Higher Education Facilities RB,           Kenyon College Project (A) (B)           1.130%, 08/01/33			250		250
Stark County, BAN, Ser 2004-1           1.550%, 11/15/04			420		421
Toledo Lucas County, Port Facilities Authority RB,           Toledo Museum of Art Project (A) (B) (C)           1.080%, 09/01/19			1,200		1,200
Total Ohio					6,967
Oklahoma – 1.1%
Tulsa, Industrial Development Authority RB,           Tulsa County Housing Fund Project (A) (B)           1.180%, 10/01/32			2,000		2,000
Total Oklahoma					2,000

April 30, 2004          35

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
Oregon – 2.0%
Portland Economic Development RB, Broadway Project,           Ser A, AMBAC (A) (B) (C)           1.120%, 04/01/35		$	3,750	$	3,750
Total Oregon					3,750
Pennsylvania – 8.1%
Allegheny County RB, Industrial Development Authority,           Jewish Home & Hospital Project, Ser B (A) (B) (C)           1.100%, 10/01/26			1,240		1,240
Erie County Hospital Authority RB, Ser 820, MBIA (A) (B)           1.140%, 07/01/22			3,000		3,000
Lawrence County Industrial Development Authority RB,           Villa Maria Project (A) (B) (C)           1.120%, 07/01/33			1,800		1,800
Montgomery County RB, Kingswood Apartments Project,           Ser A, FNMA (A) (B)           1.060%, 08/15/31			2,450		2,450
Pennsylvania State, Economic Development           Financing Authority RB, Philadelphia Area Project,           Ser J3 (A) (B) (C)           1.140%, 11/01/30			4,100		4,100
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)           1.150%, 11/01/32			1,000		1,000
Philadelphia, Hospital & Higher Education Facilities           Authority RB, Temple East Project, Ser B (A) (B) (C)           1.110%, 06/01/14			300		300
Temple University, Commonwealth of Higher Education RN           1.200%, 05/04/04			1,000		1,000
Total Pennsylvania					15,390
Tennessee – 0.6%
Wilson County, Industrial Development Board RB,           Hartmann Luggage Co. Project (A) (B)           1.180%, 07/01/26			1,100		1,100
Total Tennessee					1,100
Texas – 3.3%
Austin GO, Public Imports (A) (B)           6.000%, 09/01/04			500		508
Carrollton Waterworks & Sewer RB (A) (B)           4.000%, 05/01/04			1,045		1,045

36          April 30, 2004

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)			Value (000)
Garland, Health Facilities Authority RB,           Chambrel Club Project (A) (B)           1.080%, 11/15/32		$	600	$	600
Texas State, TRAN           2.000%, 08/31/04			4,000		4,011
Total Texas					6,164
Vermont – 0.8%
Vermont State, Educational & Health Buildings Financing           Authority RB, Capital Asset Financing Program,           Ser 1 (A) (B) (C)           1.180%, 06/01/22			1,500		1,500
Total Vermont					1,500
Washington – 2.4%
Seattle, Low Income Housing Authority RB, Foss           Home Project (A) (B) (C)           1.080%, 12/01/24			430		430
Washington State GO, Ser A11, MBIA (A) (B)           1.150%, 06/01/17			1,395		1,395
Washington State, Housing Authority, Museum           History & Industry Project (A) (B) (C)           1.120%, 12/01/33			600		600
Washington State, Housing Finance Commission Non-Profit RB,           Rockwood Retirement Community (A) (B) (C)           1.120%, 01/01/34			200		200
Washington State, Housing Finance Commission Non-Profit RB,           Tacoma Art Museum Project (A) (B) (C)           1.150%, 06/01/32			100		100
Washington State, Housing Finance Commission Non-Profit RB,           Pioneer Human Services Project, Ser A (A) (B) (C)           1.120%, 08/01/19			1,700		1,700
Washington State, Housing Finance Commission Non-Profit RB,           YMCA Columbia/Willamette Project (A) (B) (C)           1.170%, 08/01/24			100		100
Total Washington					4,525
West Virginia – 0.6%
Putnam County, Industrial Development RB,           FMC Corporation Project (A) (B) (C)           1.050%, 10/01/11			1,200		1,200
Total West Virginia					1,200

April 30, 2004          37

EXPEDITION TAX-FREE MONEY MARKET FUND

Statement of  Net Assets (unaudited)

Description	Face Amt. (000)		Value (000)
Wisconsin – 4.1%
Milwaukee RB, Montessori Society School Project (A) (B) (C)           1.200%, 07/01/21	$	1,450	$	1,450
West Salem School District, TRAN           1.750%, 09/01/04		1,400		1,403
Wisconsin State, Health & Educational Facilities Authority RB,           Gundersen Lutheran Project, Ser A, FSA (A) (B)           1.100%, 12/01/15		1,300		1,300
Wisconsin State, Health & Educational Facilities Authority RB,           Mercy Health Systems Project, Ser C (A) (B) (C)           1.120%, 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)           1.120%, 08/15/30		1,000		1,000
Total Wisconsin				7,753
Multi-State – 0.4%
Greystone, Municipal Lease Certificate Trust Authority COP,           Ser A (A) (B) (C)           1.260%, 07/01/05		310		310
Greystone, Tax Exempt Certificate Trust Authority RB,           Senior Certificate of Beneficial Ownership Project (A) (B) (C)           1.230%, 05/01/28		505		505
Total Multi-State				815
Total Municipal Bonds           (Cost $188,684)				188,684
Total Investments – 99.8%           (Cost $188,684)				188,684
Other Assets and Liabilities – 0.2%
Investment Advisory Fees Payable				(26	)
Administrator Fees Payable				(24	)
Shareholder Servicing Fees Payable				(24	)
Custodian Fees Payable				(3	)
Trustees’ Fees Payable				(2	)
Other Assets and Liabilities, Net				535
Total Other Assets and Liabilities				456

38          April 30, 2004

EXPEDITION TAX - FREE MONEY MARKET FUND

Statement of Net Assets (unaudited)

Description	Value (000)
Net Assets:
Portfolio Capital of Institutional Shares      (unlimited authorization — no par value)      based on 85,279,213 outstanding shares of      beneficial interest	$	85,278
Portfolio Capital of Investment Investment Service Shares      (unlimited authorization — no par value)      based on 81,359,347 outstanding shares of      beneficial interest		81,360
Portfolio Capital of Sweep Class Shares      (unlimited authorization — no par value)      based on 22,522,826 outstanding shares of      beneficial interest		22,522
Accumulated net realized loss on investments		(20	)
Total Net Assets – 100.0%	$	189,140
Net Asset Value, Offering and Redemption Price Per Share —      Institutional Shares      ($85,270,265 ÷ 85,279,213 shares)	$	1.00
Net Asset Value, Offering and Redemption Price Per Share —      Investment Service Shares      ($81,348,265 ÷ 81,359,347 shares)	$	1.00
Net Asset Value, Offering and Redemption Price Per Share —      Sweep Class Shares      ($22,521,404 ÷ 22,522,826 shares)	$	1.00

(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.

ABAG — Association of Bay Area Governments

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

GO — General Obligation

MBIA — Municipal Bond Insurance Association

RB — Revenue Bond

RN — Revenue Notes

Ser — Series

TAN — Tax Anticipation Notes

TRAN — Tax & Revenue Anticipation Notes

VHA — Veterans Housing Authority

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

April 30, 2004          39

Statements of Operations (000) (unaudited)
For the six months ended April 30, 2004

	Expedition Equity Fund			Expedition Equity Income Fund
Investment Income:
Dividends		$	1,222		$	121
Interest			8			1
Total investment income			1,230			122
Expenses:
Investment advisory fees			694			45
Administrator fees			185			37
Custodian fees			18			1
Distribution fees —
Investment Shares - Class A			10			—
Investment Shares - Class B			77			4
Trustees’ fees			3			—
Transfer agent fees			149			47
Professional fees			15			8
Registration fees			12			1
Printing fees			9			1
Other fees			7			1
Total expenses			1,179			145
Less:
Waiver of investment advisory fees			—			(45	)
Reimbursement of expenses by           investment adviser			—			(22	)
Net expenses			1,179			78
Net investment income			51			44
Net realized gain on investments			3,751			823
Net change in unrealized appreciation
(depreciation) of investments			3,210			(240	)
NET REALIZED AND UNREALIZED GAIN      ON INVESTMENTS			6,961			583
NET INCREASE IN NET ASSETS RESULTING      FROM OPERATIONS		$	7,012		$	627

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

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

40          April 30, 2004

Statements of Operations(000) (unaudited)
For the six months ended April 30, 2004

	Expedition Investment Grade Bond Fund				Expedition Tax-Free Investment Grade Bond Fund
Investment Income:
Interest		$	2,891			$	1,568
Total investment income			2,891				1,568
Expenses:
Investment advisory fees			280				179
Administrator fees			112				71
Custodian fees			11				7
Distribution fees —
Investment Shares - Class A			7				—
Investment Shares - Class B			10				1
Trustees’ fees			2				1
Transfer agent fees			68				43
Professional fees			12				11
Printing fees			6				3
Registration fees			8				5
Other fees			6				7
Total expenses			522				328
Less:
Waiver of investment advisory fees			(56	)			(41	)
Net expenses			466				287
Net investment income			2,425				1,281
Net realized gain on investments			746				261
Net change in unrealized depreciation           of investments			(2,499	)			(1,024	)
NET REALIZED AND UNREALIZED           LOSS ON INVESTMENTS			(1,753	)			(763	)
NET INCREASE IN NET ASSETS           RESULTING FROM OPERATIONS		$	672			$	518

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

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

April 30, 2004          41

Statements of Operations (000) (unaudited)
For the six months ended April 30, 2004

	Expedition Money Market Fund				Expedition Tax-Free Money Market Fund
Investment Income:
Interest		$	3,345			$	1,028
Total investment income			3,345				1,028
Expenses:
Investment advisory fees			1,224				380
Administrator fees			459				142
Shareholder Servicing Fees —
Investment Service Shares			369				106
Sweep Class Shares			118				44
Custodian fees			61				19
Trustees’ fees			8				3
Transfer agent fees			182				50
Registration fees			45				15
Professional fees			31				15
Printing fees			29				9
Other fees			9				4
Total expenses			2,535				787
Less:
Waiver of investment advisory fees			(671	)			(228	)
Net expenses			1,864				559
Net investment income			1,481				469
Net realized loss on investments			—				(7	)
NET INCREASE IN NET ASSETS           RESULTING FROM OPERATIONS		$	1,481			$	462

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

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

42          April 30, 2004

Statements of Changes in Net Assets (000)

For the six months ended April 30, 2004 (Unaudited)
and the year ended October 31, 2003

	Expedition Equity Fund						Expedition Equity Income Fund
	Period Ended 04/30/04			Year Ended 10/31/03			Period Ended 04/30/04			Year Ended 10/31/03
Operations:
Investment income	$	51		$	710		$	44		$	86
Net realized gain (loss) on investments		3,751			(22,249	)		823			(2,349	)
Net change in unrealized appreciation      (depreciation) of investments		3,210			53,720			(240	)		4,184
Net increase in net assets resulting      from operations		7,012			32,181			627			1,921
Dividends to Shareholders From:
Investment income:
Institutional Shares		(79	)		(775	)		(27	)		(106	)
Investment Shares - Class A		—			(10	)		(1	)		(2	)
Investment Shares - Class B		—			—			—			—
Tax return of capital:
Institutional Shares		—			—			—			(4	)
Investment Shares - Class A		—			—			—			—
Investment Shares - Class B		—			—			—			—
Total dividends		(79	)		(785	)		(28	)		(112	)
Capital Share Transactions (1):
Institutional Shares:
Proceeds from sales		5,900			11,892			—			39
Shares issued in lieu of cash distributions		24			397			—			—
Payments for redemptions		(12,816	)		(56,560	)		(3,905	)		(3,157	)
Decrease in net assets from      Institutional Shares transactions		(6,892	)		(44,271	)		(3,905	)		(3,118	)
Investment Shares - Class A:
Proceeds from sales		309			1,872			29			26
Shares issued in lieu of cash distributions		—			9			—			1
Payments for redemptions		(2,079	)		(1,610	)		(19	)		(100	)
Increase (decrease) in net assets from      Investment Shares - Class A transactions		(1,770	)		271			10			(73	)
Investment Shares - Class B:
Proceeds from sales		942			1,577			77			80
Shares issued in lieu of cash distributions		—			—			—			—
Payments for redemptions		(1,386	)		(2,176	)		(108	)		(164	)
Decrease in net assets from      Investment Shares - Class B transactions		(444	)		(599	)		(31	)		(84	)
Total decrease in net assets from      capital share transactions		(9,106	)		(44,599	)		(3,926	)		(3,275	)
Total decrease in net assets		(2,173	)		(13,203	)		(3,327	)		(1,466	)
NET ASSETS AT BEGINNING OF PERIOD		180,076			193,279			13,414			14,880
NET ASSETS AT END OF PERIOD	$	177,903		$	180,076		$	10,087		$	13,414
Undistributed net investment income      included in net assets at period end	$	117		$	145		$	16		$	—

(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.

April 30, 2004          43

Statements of Changes in Net Assets (000)
For the six months ended April 30, 2004 (Unaudited)
and the year ended October 31, 2003

	Expedition Investment Grade Bond Fund						Expedition Tax-Free Investment Grade Bond Fund
	Period Ended 04/30/04			Year Ended 10/31/03			Period Ended 04/30/04			Year Ended 10/31/03
Operations:
Investment income	$	2,425		$	5,265		$	1,281		$	2,668
Net realized gain on investments		746			776			261			1,425
Net change in unrealized depreciation      of investments		(2,499	)		(1,476	)		(1,024	)		(711	)
Net increase in net assets resulting      from operations		672			4,565			518			3,382
Dividends and Distributions to Shareholders From:
Investment income:
Institutional Shares		(2,301	)		(5,021	)		(1,260	)		(2,652	)
Investment Shares - Class A		(110	)		(231	)		(4	)		(15	)
Investment Shares - Class B		(35	)		(73	)		(3	)		(6	)
Realized capital gains:
Institutional Shares		—			—			(1,416	)		(1,267	)
Investment Shares - Class A		—			—			(4	)		(14	)
Investment Shares - Class B		—			—			(4	)		(4	)
Total dividends and distributions		(2,446	)		(5,325	)		(2,691	)		(3,958	)
Capital Share Transactions (1):
Institutional Shares:
Proceeds from sales		6,292			27,319			3,140			10,476
Shares issued in lieu of cash distributions		1,323			2,852			927			989
Payments for redemptions		(9,950	)		(33,137	)		(7,395	)		(14,752	)
Decrease in net assets from
Institutional Shares transactions		(2,335	)		(2,966	)		(3,328	)		(3,287	)
Investment Shares - Class A:
Proceeds from sales		46			489			216			182
Shares issued in lieu of cash distributions		87			179			8			28
Payments for redemptions		(403	)		(525	)		(246	)		(723	)
Increase (decrease) in net assets from      Investment Shares - Class A transactions		(270	)		143			(22	)		(513	)
Investment Shares - Class B:
Proceeds from sales		197			669			3			41
Shares issued in lieu of cash distributions		32			67			6			7
Payments for redemptions		(383	)		(510	)		(1	)		(51	)
Increase (decrease) in net assets from      Investment Shares - Class B transactions		(154	)		226			8			(3	)
Total decrease in net assets from      capital share transactions		(2,759	)		(2,597	)		(3,342	)		(3,803	)
Total decrease in net assets		(4,533	)		(3,357	)		(5,515	)		(4,379	)
NET ASSETS AT BEGINNING OF PERIOD		114,174			117,531			71,736			76,115
NET ASSETS AT END OF PERIOD	$	109,641		$	114,174		$	66,221		$	71,736
Undistributed net investment income      included in net assets at period end	$	—		$	—		$	31		$	17

(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.

44           April 30, 2004

Statements of Changes in Net Assets (000)
For the six months ended April 30, 2004 (Unaudited)
and the year ended October 31, 2003

	Expedition Money Market Fund						Expedition Tax-Free Money Market Fund
	Period Ended 04/30/04			Year Ended 10/31/03			Period Ended 04/30/04			Year Ended 10/31/03
Operations:
Investment income	$	1,481		$	4,347		$	469		$	1,321
Net realized gain (loss) on investments		—			24			(7	)		(3	)
Net increase in net assets resulting      from operations		1,481			4,371			462			1,318
Dividends to Shareholders From:
Investment income:
Institutional Shares		(814	)		(2,064	)		(264	)		(727	)
Investment Service Shares		(582	)		(2,081	)		(171	)		(512	)
Sweep Class Shares		(87	)		(249	)		(34	)		(81	)
Total dividends		(1,483	)		(4,394	)		(469	)		(1,320	)
Capital Share Transactions (1):
Institutional Shares:
Proceeds from sales		582,370			831,364			129,231			395,054
Shares issued in lieu of cash distributions		27			90			—			—
Payments for redemptions		(598,181	)		(818,571	)		(128,075	)		(408,728	)
Increase (decrease) in net assets from      Institutional Shares transactions		(15,784	)		12,883			1,156			(13,674	)
Investment Service Shares:
Proceeds from sales		392,870			646,623			98,653			231,192
Shares issued in lieu of cash distributions		46			214			1			4
Payments for redemptions		(400,293	)		(689,955	)		(104,364	)		(220,987	)
Increase (decrease) in net assets from      Investment Service Shares transactions		(7,377	)		(43,118	)		(5,710	)		10,209
Sweep Class Shares:
Proceeds from sales		108,314			153,774			29,572			62,132
Shares issued in lieu of cash distributions		81			233			8			19
Payments for redemptions		(99,843	)		(150,961	)		(29,794	)		(47,843	)
Increase (decrease) in net assets from      Sweep Class Shares transactions		8,552			3,046			(214	)		14,308
Total increase (decrease) in net assets from      capital share transactions		(14,609	)		(27,189	)		(4,768	)		10,843
Total increase (decrease) in net assets		(14,611	)		(27,212	)		(4,775	)		10,841
NET ASSETS AT BEGINNING OF PERIOD		618,557			645,769			193,915			183,074
NET ASSETS AT END OF PERIOD	$	603,946		$	618,557		$	189,140		$	193,915
Undistributed net investment income included in net assets at period end	$	—		$	2		$	—		$	—

(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.

April 30, 2004          45

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
2004*		$	7.39		$	—			$	0.28			$	0.28			$	—	**		$	—
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
2004*		$	7.33		$	(0.01	)		$	0.28			$	0.27			$	—			$	—
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
2004*		$	7.03		$	(0.04	)		$	0.28			$	0.24			$	—			$	—
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
2004*		$	6.65		$	0.02			$	0.28			$	0.30			$	(0.02	)		$	—
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
2004*		$	6.64		$	0.01			$	0.28			$	0.29			$	(0.01	)		$	—
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
2004*		$	6.58		$	(0.02	)		$	0.28			$	0.26			$	—			$	—
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	)			—

*	For the six months ended April 30, 2004 (unaudited). All ratios for the period have been annualized.
**	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.

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

46          April 30, 2004

	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
2004*		$	—	**	$	7.67		3.84	%		$	155,344		1.18	%		0.15	%		1.18	%		37.54	%
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
2004*		$	—		$	7.60		3.68	%		$	7,473		1.43	%		(0.10	)%		1.43	%		37.54	%
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			(0.81	)		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
2004*		$	—		$	7.27		3.41	%		$	15,086		2.18	%		(0.85	)%		2.18	%		37.54	%
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
2004*		$	(0.02	)	$	6.93		4.50	%		$	9,074		1.25	%		0.47	%		2.37	%		17.79	%
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
2004*		$	(0.01	)	$	6.92		4.42	%		$	299		1.50	%		0.30	%		2.62	%		17.79	%
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
2004*		$	—		$	6.84		3.97	%		$	714		2.25	%		(0.46	)%		3.37	%		17.79	%
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	%

(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.

April 30, 2004          47

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
2004*		$	10.70		$	0.24		$	(0.17	)		$	0.07			$	(0.24	)		$	—
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
2004*		$	10.69		$	0.22		$	(0.17	)		$	0.05			$	(0.22	)		$	—
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
2004*		$	10.71		$	0.18		$	(0.17	)		$	0.01			$	(0.18	)		$	—
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
2004*		$	10.91		$	0.19		$	(0.11	)		$	0.08			$	(0.19	)		$	(0.22	)
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
2004*		$	10.91		$	0.18		$	(0.12	)		$	0.06			$	(0.18	)		$	(0.22	)
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
2004*		$	10.91		$	0.14		$	(0.12	)		$	0.02			$	(0.14	)		$	(0.22	)
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	)			—

*	For the six months ended April 30, 2004 (unaudited). All ratios for the period have been annualized.
†	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 accompanying notes are an integral part of the financial statements.

48          April 30, 2004

	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
2004*		$	(0.24	)	$	10.53		0.59	%		$	102,642		0.80	%		4.36	%		0.90	%		11.03	%
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
2004*		$	(0.22	)	$	10.52		0.46	%		$	5,057		1.05	%		4.11	%		1.15	%		11.03	%
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
2004*		$	(0.18	)	$	10.54		0.09	%		$	1,942		1.80	%		3.36	%		1.90	%		11.03	%
2003			(0.38	)		10.71		2.86	%			2,124		1.80	%		3.42	%		1.89	%		27.97	%
2002			(0.42	)		10.78		5.82	%			1,914		1.80	%		4.03	%		1.90	%		13.80	%
2001			(0.43	)		10.61		13.99	%			1,059		1.77	%		4.30	%		1.86	%		29.53	%
2000			(0.44	)		9.72		5.54	%			204		1.75	%		4.58	%		1.89	%		77.09	%
1999(1)			(0.63	)		9.64		2.10	%			214		1.90	%		4.07	%		2.15	%		39.57	%
Tax-Free Investment Grade Bond Fund
Institutional Shares
2004*		$	(0.41	)	$	10.58		0.69	%		$	65,726		0.80	%		3.59	%		0.91	%		5.75	%
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
2004*		$	(0.40	)	$	10.57		0.47	%		$	274		1.05	%		3.34	%		1.16	%		5.75	%
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
2004*		$	(0.36	)	$	10.57		0.10	%		$	221		1.80	%		2.59	%		1.91	%		5.75	%
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	%

	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.
(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.

April 30, 2004          49

Financial Highlights

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
2004*		$	1.00		$	—		$	—		$	—		$	—	**		$	—
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
2004*		$	1.00		$	—		$	—		$	—		$	—	**		$	—
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
2004*		$	1.00		$	—		$	—		$	—		$	—	**		$	—
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
2004*		$	1.00		$	—		$	—		$	—		$	—	**		$	—
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
2004*		$	1.00		$	—		$	—		$	—		$	—	**		$	—
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
2004*		$	1.00		$	—		$	—		$	—		$	—	**		$	—
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	)			—

*	For the six months ended April 30, 2004 (unaudited). All ratios for the period have been annualized.
**	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.

50          April 30, 2004

	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
2004*		$	—	**		$	1.00		0.32	%		$	235,427		0.45	%		0.64	%		0.67	%
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
2004*		$	—	**		$	1.00		0.20	%		$	306,467		0.70	%		0.39	%		0.92	%
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
2004*		$	—	**		$	1.00		0.14	%		$	62,052		0.82	%		0.27	%		1.04	%
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
2004*		$	—	**		$	1.00		0.32	%		$	85,270		0.43	%		0.65	%		0.67	%
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
2004*		$	—	**		$	1.00		0.20	%		$	81,348		0.68	%		0.40	%		0.92	%
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
2004*		$	—	**		$	1.00		0.14	%		$	22,522		0.80	%		0.28	%		1.04	%
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	%

April 30, 2004          51

Notes to Financial Statements (unaudited)

(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 April 30, 2004: 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”). At April 30, 2004, no restricted securities were held by the Funds.

52          April 30, 2004

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. At April 30, 2004, no such securities were held by the Funds.

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.

April 30, 2004          53

Notes to Financial Statements (unaudited)

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, DISTRIBUTION AND 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 and Shareholder Servicing 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

54          April 30, 2004

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. 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)     TRANSACTIONS WITH AFFILIATES

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.

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.

April 30, 2004          55

Notes to Financial Statements (unaudited)

(5)     CAPITAL SHARE TRANSACTIONS (000)

For the six months ended April 30, 2004 (unaudited)
and the year ended October 31, 2003

	Expedition Equity Fund						Expedition Equity Income Fund
	Period Ended 04/30/04			Year Ended 10/31/03			Period Ended 04/30/04			Year Ended 10/31/03
Institutional Shares:
Shares issued		776			1,756			—			7
Shares issued in lieu of cash distributions		3			64			—			—
Shares redeemed		(1,654	)		(8,868	)		(559	)		(536	)
Increase (decrease) from
Institutional Shares transactions		(875	)		(7,048	)		(559	)		(529	)
Investment Shares - Class A and      Investment Service Shares, respectively:
Shares issued		40			292			4			5
Shares issued in lieu of cash distributions		—			2			—			—
Shares redeemed		(273	)		(246	)		(3	)		(17	)
Increase (decrease) from Investment Shares -           Class A and Investment Service Shares           transactions, respectively		(233	)		48			1			(12	)
Investment Shares - Class B and      Sweep Class Shares, respectively:
Shares issued		128			252			11			14
Shares issued in lieu of cash distributions		—			—			—			—
Shares redeemed		(188	)		(354	)		(16	)		(28	)
Increase (decrease) from Investment Shares -           Class B and Sweep Class Shares           transactions, respectively		(60	)		(102	)		(5	)		(14	)
		—
TOTAL INCREASE (DECREASE)           FROM SHARE TRANSACTIONS		(1,168	)		(7,102	)		(563	)		(555	)

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

56          April 30, 2004

	Expedition Investment Grade Bond Fund						Expedition Tax-Free Investment Grade Bond Fund						Expedition Money Market Fund						Expedition Tax-Free Money Market Fund
	Period Ended 04/30/04			Year Ended 10/31/03			Period Ended 04/30/04			Year Ended 10/31/03			Period Ended 04/30/04			Year Ended 10/31/03			Period Ended 04/30/04			Year Ended 10/31/03
Institutional Shares:
Shares issued		585			2,515			288			957			582,370			831,364			129,231			395,054
Shares  issued in lieu of cash distributions		123			263			86			92			27			90			—			—
Shares redeemed		(928	)		(3,052	)		(684	)		(1,350	)		(598,181	)		(818,571	)		(128,075	)		(408,728	)
Increase (decrease) from      Institutional Shares transactions		(220	)		(274	)		(310	)		(301	)		(15,784	)		12,883			1,156			(13,674	)
Investment Shares - Class A and      Investment Service Shares, respectively:
Shares issued		4			45			20			16			392,870			646,623			98,653			231,192
Shares issued in lieu of cash distributions		8			17			1			3			46			214			1			4
Shares redeemed		(37	)		(49	)		(23	)		(66	)		(400,293	)		(689,955	)		(104,364	)		(220,987	)
Increase (decrease) from Investment Shares-           Class A and Investment Service Shares           transactions, respectively		(25	)		13			(2	)		(47	)		(7,377	)		(43,118	)		(5,710	)		10,209
Investment Shares - Class B and      Sweep Class Shares, respectively:
Shares issued		18			61			—			4			108,314			153,774			29,572			62,132
Shares issued in lieu of cash distributions		3			6			1			1			81			233			8			19
Shares redeemed		(35	)		(47	)		—			(5	)		(99,843	)		(150,961	)		(29,794	)		(47,843	)
Increase (decrease) from Investment Shares-           Class B and Sweep Class Shares           transactions, respectively		(14	)		20			1			—			8,552			3,046			(214	)		14,308
TOTAL INCREASE (DECREASE)           FROM SHARE TRANSACTIONS		(259	)		(241	)		(311	)		(348	)		(14,609	)		(27,189	)		(4,768	)		10,843

April 30, 2004          57

Notes to Financial Statements (unaudited)

(6)     INVESTMENT TRANSACTIONS

Purchases, sales and maturities of investments, excluding short-term securities, for the six months ended April 30, 2004, were as follows (000):

	Equity Fund		Equity Income Fund		Investment Grade Bond Fund			Tax-Free Investment Grade Bond Fund
Purchases
U.S. Government	$	—	$	—		$	6,109		$	—
Other		68,584		2,092			5,978			3,908
Sales and Maturities
U.S. Government		—		—			8,644			—
Other		76,715		6,035			8,393			6,586

(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.

58          April 30, 2004

The tax character of dividends and distributions declared during the years ended October 31, 2003, and October 31, 2002, 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	)

April 30, 2004          59

Notes to Financial Statements (unaudited)

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 April 30, 2004, 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 April 30, 2004, were as follows (000):

	Federal Tax Cost		Appreciated Securities			Depreciated Securities				Net Unrealized Appreciation
Equity Fund	$	161,753		$	23,777		$	(7,679	)		$	16,098
Equity Income      Fund		9,095			1,262			(258	)			1,004
Investment Grade      Bond Fund		101,884			7,298			(574	)			6,724
Tax-Free Investment      Grade Bond Fund		62,816			2,913			(139	)			2,774

60          April 30, 2004