[INFORMATION IN BRACKETS IS INSTRUCTIONAL AND MUST
BE DELETED PRIOR TO FILING.]

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-09485
---------------------------------------------

CHOICE FUNDS
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)

5299 DTC BOULEVARD SUITE 1150, GREENWOOD VILLAGE, CO 80111
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)

CHOICE INVESTMENT MANAGEMENT, LLC, 5299 DTC BOULEVARD SUITE 1150,
GREENWOOD VILLAGE, CO 80111
- --------------------------------------------------------------------------------
(Name and address of agent for service)

Registrant's telephone number, including area code: (303) 488-2200
-----------------------------

Date of fiscal year end: OCTOBER 31
-----------------

Date of reporting period: APRIL 30, 2004
---------------

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

[CHOICE LOGO]

[GRAPHIC OMITTED]

A CHOICE FOR ALL SEASONS
CHOICE FOCUS FUND
CHOICE BALANCED FUND
CHOICE LONG-SHORT FUND
CHOICE MARKET NEUTRAL FUND

SEMI-ANNUAL REPORT - APRIL 30, 2004

CHOICE FUNDS
SEMI-ANNUAL REPORT
APRIL 30, 2004

Table of Contents

Perspectives from Patrick Adams . . . . . . . . . . . . . . . . . . . . . . . 4
Growth Chart
Choice Focus Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Choice Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Choice Long-Short Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Choice Market Neutral Fund . . . . . . . . . . . . . . . . . . . . . . . . . .8
Schedule of Investments
Choice Focus Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Choice Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Choice Long-Short Fund . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Choice Market Neutral Fund . . . . . . . . . . . . . . . . . . . . . . . . .16
Statement of Assets and Liabilities
Choice Focus Fund & Balanced Fund . . . . . . . . . . . . . . . . . . . . . .19
Choice Long-Short Fund & Market Neutral Fund . . . . . . . . . . . . . . . . 20
Statement of Operations
Choice Focus Fund & Balanced Fund . . . . . . . . . . . . . . . . . . . . . .21
Choice Long-Short Fund & Market Neutral Fund . . . . . . . . . . . . . . . . 22
Statements of Changes in Net Assets
Choice Focus Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Choice Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . .24
Choice Long-Short Fund . . . . . . . . . . . . . . . . . . . . . . . . . . .25
Choice Market Neutral Fund . . . . . . . . . . . . . . . . . . . . . . . . .26
Financial Highlights
Choice Focus Fund Class A . . . . . . . . . . . . . . . . . . . . . . . . . .27
Choice Focus Fund Class C . . . . . . . . . . . . . . . . . . . . . . . . . 28
Choice Balanced Fund Class A . . . . . . . . . . . . . . . . . . . . . . . .29
Choice Balanced Fund Class C . . . . . . . . . . . . . . . . . . . . . . . .30
Choice Long-Short Fund Class A . . . . . . . . . . . . . . . . . . . . . . .31
Choice Long-Short Fund Class C . . . . . . . . . . . . . . . . . . . . . . .32
Choice Market Neutral Fund . . . . . . . . . . . . . . . . . . . . . . . . .33
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . .34

PERSPECTIVES FROM PATRICK ADAMS

[PICTURE OMITTED] For the six-month period from October 31, 2003 through
April 30, 2004, the S&P 500(R)Index and NASDAQ Composite
both rallied significantly in December and January. They
were then in a consolidating correction through
April.(1)

The semiconductor sector has declined (20.9)% from its
high through April. Networking was also hit hard, down
(24.9)% from its high. Each of the four sectors we
consider core, technology, healthcare, consumer, and
financials declined significantly from their intra
6-month high through the end of the six-month period.
The S&P 500(R) Index held up relatively well for the
6-month period, up 6.27%, but declined over 4% from the
high in March. The sectors that were hurt the most were
generally economically sensitive, like technology. The
NASDAQ was down (0.62)% for the six-month period, but
declined over 10% from its high in January.

The correction in the market was related to three
primary concerns: interest rates, valuations, and geopolitical concerns. The
market is concerned that the economy is growing too strong and the Federal
Reserve will have to increase interest rates. The short end of the yield curve
went up considerably in yield and in our opinion, is now discounting as many as
three quarter-point interest rate increases by the Fed. Additionally, investors
have become concerned about business momentum slowing and making valuations
expensive relative to interest rates. Actually, we believe the correction in the
market has alleviated this concern as the market has become reasonably
attractive based on continued growth prospects next year and still relatively
low interest rates supporting still high price-to-earnings ratios.

Lastly, the market has been concerned about Iraq and terrorism, which has made
oil prices rise. We believe oil has at least $10 of geopolitical risk premium
built into the current $40 price. Our belief is that oil prices are in the
process of starting to come back down. There is not much analysis you can do
regarding the geopolitical environment, except to deal with it by making sure
portfolios are adequately diversified.

The Choice Focus and Balanced Funds both seek capital appreciation and are
concentrated portfolios.(2) Both, however, under-performed the S&P 500(R) Index
during the six-month period. Both funds had strong fiscal year performance but
pulled back more than the S&P 500(R) Index in March and April when the market
corrected. Our performance was impacted by the correction in the technology
sector, especially the semiconductor sector. We believe the semiconductor sector
has very strong fundamentals and is driven by a global recovery.

The Choice Long-Short Fund has been very consistent during the past eighteen
months, excluding the last half of March and April.(3) We were a little early
reentering long positions and in particular, the semiconductor sector.

The Choice Market Neutral Fund is designed to have positive absolute returns.(3,
4) We intend to limit market exposure by investing in a balance of long and
short positions. The Choice Market Neutral Fund lost money in the six-month
period due to some of our pairs in technology and our small capitalization
positions. We have reduced our exposure to both to where we believe it will be
minimal relative to the market.

Although the months of March and April were difficult for Choice Funds, we are
optimistic about our ability to have strong relative performance versus our
benchmarks. The four Choice funds are intended to perform differently given the
different seasons of the market.

Sincerely

/S/ PATRICK ADAMS
- -----------------
Patrick Adams, CFA Managing Partner

(1) The S&P500 Index Stock Index and NASDAQ Composite Index are an unmanaged
index generally representative of the U.S. Stock Market. Performance
numbers reflect reinvestment of dividends and other distributions. You
cannot invest directly in an index.
(2) The Focus Fund is non-diversified and therefore more exposed to individual
stock volatility and market pressure than a fully diversified fund.
(3) To attempt to achieve its investment goal, the Fund may use derivatives
strategies and other leveraging techniques speculatively. These strategies
subject the Fund to greater risks, and its performance may be more volatile
than other funds. The Fund may be required to pay a premium to sell a
security short. In addition there is no guarantee that the price of a
shorted security will fall. This Fund is not a complete investment program
and investors should consider the Fund for that portion of their
investments allocated to higher risk, more aggressive investments. There is
no guarantee the Fund will achieve its stated investment objective.
(4) There is no guarantee the Fund will achieve its stated investment
objective.

4 Choice Semi-Annual Report

CHOICE FOCUS FUND

INVESTMENT RETURNS TABLE*
AVERAGE ANNUAL
ONE YEAR ENDED SINCE INCEPTION
3-31-04 4-30-04 3-31-04 4-30-04
- ---------------------------------------------------------------------------------------

Choice Focus Class A (inception date 11-1-99)
FUND WITH SALES LOAD EFFECT 39.00% 16.41% (15.58)% (16.79)%
FUND WITHOUT SALES LOAD EFFECT 47.20% 23.26% (14.49)% (15.74)%
- ---------------------------------------------------------------------------------------
Choice Focus Class C (inception date 3-2-04)
FUND WITH SALES LOAD EFFECT NA NA (3.32)%+ (10.69)%+
FUND WITHOUT SALES LOAD EFFECT NA NA (2.35)%+ (9.78)%+
- ---------------------------------------------------------------------------------------
S&P 500(R) Stock Index (inception date 11-1-99) 35.12% 22.88% (2.80)% (3.09)%+

+ Not annualized

PERFORMANCE IS HISTORICAL AND DOES NOT REPRESENT FUTURE RESULTS,
CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN PERFORMANCE DATA QUOTED.
INVESTMENT RETURNS AND PRINCIPAL WILL FLUCTUATE SO THAT SHARES, WHEN REDEEMED,
MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL INVESTMENT. For Class A shares,
total return figures include an up-front maximum applicable sales charge of
5.50%. Class C shareholders are subject to a contingent deferred sales charge of
1% (as a percentage of original purchase price or redemption proceeds, whichever
is lower) on shares sold within one year of purchase. A Fund's performance,
especially for very short periods of time, should not be the sole factor in
making your investment decisions. Fund prices change daily and performance may
change significantly during periods of market volatility. Visit our website at
www.choicefunds.net for current fund performance information. The Fund is
non-diversified; therefore, it is more exposed to individual stock volatility
and market pressure than funds investing in a larger number of securities. The
Fund has invested a substantial portion of its assets in technology-related
companies, and thus is more susceptible to any economic, business or other
developments that generally affect those types of companies.

GROWTH OF AN ASSUMED $10,000 INVESTMENT*
From 11-1-99 to 4-30-04

PLOT POINTS Class A Class A
No Load Load
DATE Focus Focus S&P 500
- --------------------------------------------------------------------------------

11/1/1999 10,000 9,452 10,000
1/31/2000 11,680 11,040 10,261
4/30/2000 12,201 11,532 10,719
7/31/2000 14,012 13,244 10,589
10/31/2000 12,781 12,081 10,608
1/31/2001 11,810 11,162 10,168
4/30/2001 8,707 8,229 9,328
7/31/2001 7,773 7,347 9,071
10/31/2001 5,543 5,239 7,966
1/31/2002 6,357 6,008 8,526
4/30/2002 5,403 5,107 8,150
7/31/2002 3,806 3,597 6,928
10/31/2002 3,173 3,009 6,762
1/31/2003 3,485 3,294 6,563
4/30/2003 3,756 3,550 7,065
7/31/2003 4,278 4,044 7,665
10/31/2003 4,670 4,414 8,168
1/31/2004 5,102 4,822 8,891
4/30/2004 4,630 4,376 8,739

This chart assumes an initial investment of $10,000 made on 11-1-99. Total
return is based on net change in N.A.V. assuming reinvestment of distributions.
Returns shown on this page include the reinvestment of all dividends and other
distributions. Performance figures reflect fee waivers in effect, represent past
performance, which is no guarantee of future results, and will fluctuate. In the
absence of fee waivers, total return as reflected in the graph for the months of
November, 1999 through September, 2000 would be reduced.

It is not possible to make a direct investment in the S&P 500(R) Stock Index.

*The Investment Returns Table and graph do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund
shares.

CHOICE FOCUS FUND

OBJECTIVE

The Choice Focus Fund seeks capital appreciation by investing primarily in 20-30
securities of companies that the portfolio manager believes have superior
potential for earnings growth.

STRATEGY

The portfolio manager looks for reasonably priced securities of companies that
occupy a dominant position in a market due to size, products or services, and
whose growth potential is not yet fully reflected in the company's stock price.

Choice Semi-Annual Report 5

CHOICE BALANCED FUND

INVESTMENT RETURNS TABLE*
AVERAGE ANNUAL
ONE YEAR ENDED SINCE INCEPTION
3-31-04 4-30-04 3-31-04 4-30-04
- ----------------------------------------------------------------------------------------
Choice Balanced Class A (inception date 4-1-00)

FUND WITH SALES LOAD EFFECT 22.66% 8.16% (7.14)% (8.08)%
FUND WITHOUT SALES LOAD EFFECT 29.84% 14.54% (5.82)% (6.80)%
- ----------------------------------------------------------------------------------------
Choice Balanced Class C (inception date 3-2-04)
FUND WITH SALES LOAD EFFECT NA NA (2.17)%+ (6.72)%+
FUND WITHOUT SALES LOAD EFFECT NA NA (1.18)%+ (5.77)%+
- ----------------------------------------------------------------------------------------
S&P 500(R) Stock Index (inception date 4-1-00) 35.12% 22.88% (5.48)% (5.74)%+

+ Not annualized

PERFORMANCE IS HISTORICAL AND DOES NOT REPRESENT FUTURE RESULTS, CURRENT
PERFORMANCE MAY BE HIGHER OR LOWER THAN PERFORMANCE DATA QUOTED. INVESTMENT
RETURNS AND PRINCIPAL WILL FLUCTUATE SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL INVESTMENT. For Class A shares, total return
figures include an up-front maximum applicable sales charge of 5.50%. Class C
shareholders are subject to a contingent deferred sales charge of 1% (as a
percentage of original purchase price or redemption proceeds, whichever is
lower) on shares sold within one year of purchase. A Fund's performance,
especially for very short periods of time, should not be the sole factor in
making your investment decisions. Fund prices change daily and performance may
change significantly during periods of market volatility. Visit our website at
www.choicefunds.net for current fund performance information. The equity portion
of the Fund's portfolio will generally consist of 30-50 securities; therefore,
the Fund is more exposed to individual stock volatility and market pressure than
funds investing in a larger number of securities. The Fund has invested a
substantial portion of its assets in technology-related companies, and thus is
more susceptible to any economic, business or other developments that generally
affect those types of companies.

GROWTH OF AN ASSUMED $10,000 INVESTMENT*

From 4-1-00 to 4-30-04 $13,000

PLOT POINTS Class A Class A
No Load Load
DATE Balanced Balanced S&P 500
- --------------------------------------------------------------------------------

4/1/2000 10,000 9,452 10,000
4/30/2000 10,410 9,839 9,699
7/31/2000 11,650 11,011 9,582
10/31/2000 11,080 10,473 9,599
1/31/2001 11,019 10,415 9,201
4/30/2001 9,918 9,374 8,441
7/31/2001 9,670 9,140 8,208
10/31/2001 8,571 8,101 7,208
1/31/2002 9,323 8,812 7,715
4/30/2002 8,598 8,127 7,374
7/31/2002 6,885 6,507 6,269
10/31/2002 6,092 5,788 6,119
1/31/2003 6,155 5,817 5,939
4/30/2003 6,551 6,192 6,393
7/31/2003 7,169 6,776 6,936
10/31/2003 7,566 7,151 7,391
1/31/2004 7,900 7,467 7,993
4/30/2004 7,503 7,092 7,856

This chart assumes an initial investment of $10,000 made on 4-1-00. Total return
is based on net change in N.A.V. assuming reinvestment of distributions. Returns
shown on this page include the reinvestment of all dividends and other
distributions. Performance figures reflect fee waivers in effect, represent past
performance, which is no guarantee of future results, and will fluctuate. In the
absence of fee waivers, total return, as reflected in the graph for the months
of April, 2000 through October, 2000, would be reduced.

It is not possible to make a direct investment in the S&P 500(R) Stock Index.

*The Investment Returns Table and graph do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund
shares.

CHOICE BALANCED FUND

OBJECTIVE

The Choice Balanced Fund seeks capital appreciation and current income by
investing primarily in a diverse group of domestic equity and fixed income
securities.

STRATEGY

The portfolio manager allocates the Balanced Fund's assets between equity and
fixed income securities based upon his assessment of available investment
opportunities and relevant market, economic and financial factors. Normally the
portfolio manager's selection will emphasize equity securities over fixed income
securities. The portfolio manager would typically expect to be invested in 30-50
equity positions.

6 Choice Semi-Annual Report

CHOICE LONG-SHORT FUND

INVESTMENT RETURNS TABLE*
ONE YEAR ENDED SINCE INCEPTION
3-31-04 4-30-04 3-31-04 4-30-04
- --------------------------------------------------------------------------------------------
Choice Long-Short Class A (inception date 2-1-01)

FUND WITH SALES LOAD EFFECT 11.06% (7.32)% (10.21)% (13.11)%
FUND WITHOUT SALES LOAD EFFECT 17.47% (1.90)% (8.59)% (11.58)%
- --------------------------------------------------------------------------------------------
Choice Long-Short Class C (inception date 2-1-01)
FUND WITH SALES LOAD EFFECT 13.89% (4.81)% (10.60)% (13.50)%
FUND WITHOUT SALES LOAD EFFECT 14.89% (3.85)% (10.60)% (13.50)%
- --------------------------------------------------------------------------------------------
S&P 500(R) Stock Index (inception date 2-1-01) 35.12% 22.88% (4.40)% (4.75)%

PERFORMANCE IS HISTORICAL AND DOES NOT REPRESENT FUTURE RESULTS, CURRENT
PERFORMANCE MAY BE HIGHER OR LOWER THAN PERFORMANCE DATA QUOTED. INVESTMENT
RETURNS AND PRINCIPAL WILL FLUCTUATE SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL COST. For Class A shares, total return figures
include an up-front maximum applicable sales charge of 5.50%. Class C
shareholders are subject to a contingent deferred sales charge of 1% (as a
percentage of original purchase price or redemption proceeds, whichever is
lower) on shares sold within one year of purchase. The Fund's performance,
especially for very short periods of time, should not be the sole factor in
making your investment decisions. Fund prices change daily and performance may
change significantly during periods of market volatility. Visit our website at
www.choicefunds.net for current fund performance information. The Fund is
non-diversified; therefore, it is more exposed to individual stock volatility
and market pressure than funds investing in a larger number of securities. The
Fund has invested a substantial portion of its assets in technology-related
companies, and thus is more susceptible to any economic, business or other
developments that generally affect those types of companies.

GROWTH OF AN ASSUMED $10,000 INVESTMENT*
From 2-1-01 to 4-30-04

PLOT POINTS
Class A Class A Class C
DATE No Load Load S&P 500
- ----------------------------------------------------------------------------------------------

2/1/2001 10,000 9,452 10,000 10,000
4/30/2001 10,640 10,057 10,550 9,174
7/31/2001 10,580 10,000 10,420 8,922
10/31/2001 9,660 9,130 9,530 7,834
1/31/2002 9,490 8,970 9,340 8,385
4/30/2002 8,490 8,025 8,310 8,015
7/31/2002 7,300 6,900 7,120 6,814
10/31/2002 6,200 5,860 5,980 6,651
1/31/2003 6,620 6,257 6,340 6,455
4/30/2003 6,840 6,465 6,500 6,948
7/31/2003 7,230 6,834 6,810 7,538
10/31/2003 7,460 7,051 6,960 8,034
1/31/2004 7,710 7,287 7,200 8,639
4/30/2004 6,710 6,342 6,250 8,491

This chart assumes an initial investment of $10,000 made on 2-1-01. Total Return
is based on net change in N.A.V. assuming reinvestment of distributions. Returns
shown on this page include the reinvestment of all dividends and other
distributions. Performance figures represent past performance, which is no
guarantee of future results, and will fluctuate. It is not possible to make a
direct investment in the S&P 500(R) Stock Index.

*The Investment Returns Table and graph do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund
shares.

CHOICE LONG-SHORT FUND

OBJECTIVE

The Fund's investment objective is to seek long-term growth of capital through
all market conditions.

STRATEGY

The Fund will invest primarily in a non-diversified portfolio of common stocks
of companies of all sizes that have been analyzed intensely by the portfolio
manager. The Fund will use various strategies, such as buying long and short
sales.

Choice Semi-Annual Report 7

CHOICE MARKET NEUTRAL FUND

INVESTMENT RETURNS TABLE*

ONE YEAR ENDED SINCE INCEPTION
3-31-04 4-30-04 3-31-04 4-30-04
- ------------------------------------------------------------------------------------------------
Choice Market Neutral Class A (inception date 3-31-03)

FUND WITH SALES LOAD EFFECT (4.91)% (11.82)% (4.91)% (9.73)%
FUND WITHOUT SALES LOAD EFFECT 0.60% (6.70)% 0.60% (4.91)%
- ------------------------------------------------------------------------------------------------
Choice Market Neutral Class C (inception date 3-31-03)
FUND WITH SALES LOAD EFFECT (1.30)% (8.70)% (1.30)% (5.84)%
FUND WITHOUT SALES LOAD EFFECT (0.30)% (7.78)% (0.30)% (5.84)%
- ------------------------------------------------------------------------------------------------
S&P 500(R) Stock Index (inception date 3-31-03) 35.12% 22.88% 35.12% 27.93%

PERFORMANCE IS HISTORICAL AND DOES NOT REPRESENT FUTURE RESULTS, CURRENT
PERFORMANCE MAY BE HIGHER OR LOWER THAN PERFORMANCE DATA QUOTED. INVESTMENT
RETURNS AND PRINCIPAL WILL FLUCTUATE SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL COST. For Class A shares, total return figures
include an up-front maximum applicable sales charge of 5.50%. Class C
shareholders are subject to a contingent deferred sales charge of 1% (as a
percentage of original purchase price or redemption proceeds, whichever is
lower) on shares sold within one year of purchase. The Fund's performance,
especially for very short periods of time, should not be the sole factor in
making your investment decisions. Fund prices change daily and performance may
change significantly during periods of market volatility. Visit our website at
www.choicefunds.net for current fund performance information. The Fund is
non-diversified; therefore, it is more exposed to individual stock volatility
and market pressure than funds investing in a larger number of securities.

GROWTH OF AN ASSUMED $10,000 INVESTMENT*

PLOT POINTS
Class A Class A Class C
DATE No Load Load S&P 500
- ------------------------------------------------------------------------------

3/31/2003 10,000 9,452 10,000 10,000
4/30/2003 10,150 9,594 10,160 10,824
7/31/2003 10,390 9,820 10,370 11,743
10/31/2003 10,360 9,792 10,310 12,515
1/31/2004 10,430 9,858 10,350 13,531
4/30/2004 9,470 8,951 9,370 13,300

This chart assumes an initial investment of $10,000 made on 3-31-03. Total
return is based on net change in N.A.V. assuming reinvestment of distributions.
Returns shown on this page include the reinvestment of all dividends and other
distributions. Performance figures represent past performance, which is no
guarantee of future results, and will fluctuate. It is not possible to make a
direct investment in the S&P 500(R) Stock Index.

*The Investment Returns Table and graph do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund
shares.

CHOICE MARKET NEUTRAL FUND

OBJECTIVE

The Fund seeks to produce positive returns while remaining market neutral by
investing actively long and short in a portfolio of equity securities.
"Remaining market neutral" means that the Fund will generally maintain a balance
of long and short positions. The Fund has a secondary goal of preservation of
capital.

STRATEGY

The Portfolio Manager will use pair trading to attempt to capture the "alpha"
and minimize the market and sector risks. He will also attempt to preserve
capital and enhance returns by utilizing an aggressive risk management and
trading process.(See the prospectus for additional information).

8 Choice Semi-Annual Report

CHOICE FOCUS FUND

SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)

NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------------

COMMON STOCKS 45.3%
COMPUTERS-SOFTWARE 2.6%
10,000 Imageware Systems, Inc.* $ 35,000
6,000 Quest Software, Inc.* 67,500
55,555 Validian Corp.* 50,000
27,777 Validian Corp. Warrants* --
--------
152,500
--------

DIVERSIFIED FINANCIAL SERVICES 7.7%
900 Citigroup, Inc. 43,281
7,100 MBNA Corp. 173,098
3,200 Morgan Stanley 164,448
1,700 Northern Trust Corp. 71,876
--------
452,703
--------

ELECTRONIC-SEMICONDUCTOR MANUFACTURING 15.1%
2,100 Applied Materials, Inc.* 38,283
17,300 Asyst Technology Corp.* 114,353
9,200 Cypress Semiconductor Corp.* 128,524
2,600 Linear Technology Corp. 92,638
4,000 Maxim Integrated Products, Inc. 183,960
800 National Semiconductor Corp.* 32,632
1,100 Novellus Systems, Inc.* 31,856
10,500 Skyworks Solutions, Inc.* 89,880
1,900 Texas Instruments, Inc. 47,690
3,900 Xilinx, Inc. 131,157
--------
890,973
--------

ENVIRONMENTAL CONTROL 0.7%
19,500 DDS Technologies USA, Inc.* 39,975
--------

MEDIA 0.5%
5,000 24/7 Real Media, Inc.* 27,100
--------

MEDICAL-BIOTECHNOLOGY 0.9%
89,500 GlycoGenesys, Inc.* 50,120
--------

OIL & GAS PRODUCERS 0.5%
18,400 Galaxy Energy Corp.* 27,600
--------

PHARMACEUTICALS 0.5%
800 Watson Pharmaceuticals Corp.* 28,488
--------

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 9

CHOICE FOCUS FUND

SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED) (CONTINUED)

NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------------

RETAIL-APPAREL/SHOES 3.4%
9,428 Pacific Sunwear of California, Inc.* $ 202,419
----------

RETAIL-HOME SPECIALTY 8.8%
5,400 Bed Bath & Beyond, Inc.* 200,448
3,000 Home Depot, Inc. 105,570
1,400 Kohls Corp.* 58,506
3,000 Lowe's Companies, Inc. 156,180
----------
520,704
----------

TELECOMMUNICATIONS-EQUIPMENT 4.6%
1,200 Advanced Fibre Communications, Inc.* 20,040
5,067 Cisco Systems, Inc.* 105,748
9,100 Extreme Networks, Inc.* 50,323
18,500 ICG Communications, Inc.* 93,795
----------
269,906
----------

TOTAL COMMON STOCKS
(Cost $3,052,202) 2,662,488
----------

PRINCIPAL VALUE
- ---------------
SHORT-TERM INVESTMENTS 53.0%
$3,121,996 UMB Bank Money Market Fiduciary,
Variable Rate Demand Deposit, 0.27% 3,121,996
----------

TOTAL SHORT-TERM INVESTMENTS
(Cost $3,121,996) 3,121,996
----------

TOTAL INVESTMENTS 98.3%
(Cost $6,174,198) $5,784,484

Other Assets less Liabilities 1.7% 99,225

NET ASSETS 100.0% $5,883,709
==========

NUMBER OF CONTRACTS UNREALIZED LOSS
- --------------------------------------------------------------------------------

FUTURES CONTRACT PURCHASED
5 S&P 500 Futures Contracts maturing June 2004
(Underlying Face Amount at Value $1,382,625) $ (11,723)

* Non-income producing securities.
ADR - American Depositary Receipt

SEE NOTES TO FINANCIAL STATEMENTS.

10 Choice Semi-Annual Report

CHOICE BALANCED FUND

SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)

NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------------

COMMON STOCKS 31.2%
DIVERSIFIED FINANCIAL SERVICES 7.8%
600 Citigroup, Inc. $ 28,854
5,600 MBNA Corp. 136,528
2,000 Morgan Stanley 102,780
1,100 Northern Trust Corp. 46,508
----------
314,670
----------

ELECTRONIC-SEMICONDUCTOR MANUFACTURING 9.0%
1,400 Applied Materials, Inc.* 25,522
3,400 Asyst Technology Corp.* 22,474
4,600 Cypress Semiconductor Corp.* 64,262
1,400 Linear Technology Corp. 49,882
1,300 Maxim Integrated Products, Inc. 59,787
500 National Semiconductor Corp.* 20,395
700 Novellus Systems, Inc.* 20,272
3,200 Skyworks Solutions, Inc.* 27,392
300 Texas Instruments, Inc. 7,530
1,900 Xilinx, Inc. 63,897
----------
361,413
----------

ENVIRONMENTAL CONTROL 0.3%
6,500 DDS Technologies USA, Inc.* 13,325
----------

MEDIA 0.1%
1,000 24/7 Real Media, Inc.* 5,420
----------

MEDICAL-BIOTECHNOLOGY 0.3%
400 Baxter International, Inc. 12,660
----------

OIL & GAS PRODUCERS 0.1%
1,600 Galaxy Energy Corp.* 2,400
----------

PHARMACEUTICALS 0.4%
500 Watson Pharmaceuticals Corp.* 17,805
----------

RETAIL-APPAREL/SHOES 3.5%
6,500 Pacific Sunwear of California, Inc.* 139,555
----------

RETAIL-HOME SPECIALTY 8.1%
3,300 Bed Bath & Beyond, Inc.* 122,496
2,000 Home Depot, Inc. 70,380
700 Kohls Corp.* 29,253
2,000 Lowe's Companies, Inc.* 104,120
----------
326,249
----------

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 11

CHOICE BALANCED FUND

SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED) (CONTINUED)

NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------------

TELECOMMUNICATIONS-EQUIPMENT 1.6%
700 Advanced Fibre Communications, Inc.* $ 11,690
970 Cisco Systems, Inc.* 20,244
5,800 Extreme Networks, Inc.* 32,074
----------
64,008
----------
TOTAL COMMON STOCKS
(Cost $1,368,650) 1,257,505
----------

PRINCIPAL AMOUNT
- ----------------
BONDS 21.4%
FINANCIAL 5.0%
$100,000 Home Savings of America 6.50%, 8/15/04 101,161
100,000 Household Finance 6.00%, 5/1/04 100,000
----------
201,161
----------
U.S. GOVERNMENT AND AGENCIES 16.4% U.S. Treasury Notes:
185,000 1.25%, 5/31/05 184,205
230,000 1.625%, 2/28/06 227,556
250,000 3.25%, 8/15/08 248,457
----------
660,218
----------
TOTAL BONDS
(Cost $861,560) 861,379
----------

SHORT-TERM INVESTMENTS 46.3%
1,862,795 UMB Bank Money Market Fiduciary,
Variable Rate Demand Deposit, 0.27% 1,862,795
----------

TOTAL SHORT-TERM INVESTMENTS
(Cost $1,862,795) 1,862,795
----------

TOTAL INVESTMENTS 98.9% $3,981,679
(Cost $4,093,005)

Other Assets less Liabilities 1.1% 44,455

NET ASSETS 100.0% $4,026,134
==========

NUMBER OF CONTRACTS UNREALIZED LOSS
- --------------------------------------------------------------------------------

FUTURES CONTRACT PURCHASED
2 S&P 500 Futures Contracts maturing June 2004
(Underlying Face Amount at Value $553,050) $ (2,825)
==========

* Non-income producing securities.
ADR - American Depositary Receipt

SEE NOTES TO FINANCIAL STATEMENTS.

12 Choice Semi-Annual Report

CHOICE LONG-SHORT FUND

SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)

NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------------

COMMON STOCKS 53.0%
COMPUTERS-SOFTWARE 5.1%
7,700 Authentidate Holding Corp.* $ 77,693
35,400 Imageware Systems, Inc.* 123,900
177,777 Validian Corp.* 159,999
88,889 Validian Corp. Warrants* --
----------
361,592
----------

DIVERSIFIED FINANCIAL SERVICES 10.6%
2,600 Citigroup, Inc. 125,034
8,400 MBNA Corp. 204,792
3,500 Morgan Stanley 179,865
5,800 Northern Trust Corp. 245,224
----------
754,915
----------

ELECTRONICS-SEMICONDUCTOR MANUFACTURING 17.8%
2,100 Applied Materials, Inc.* 38,283
25,800 Asyst Technology Corp.* 170,538
13,800 Cypress Semiconductor Corp.* 192,786
4,000 Linear Technology Corp. 142,520
3,000 Maxim Integrated Products, Inc. 137,970
1,600 National Semiconductor Corp.* 65,264
5,000 Novellus Systems, Inc.* 144,800
7,500 Skyworks Solutions, Inc.* 64,200
2,800 Texas Instruments, Inc. 70,280
17,000 Vitesse Semiconductor Corp.* 72,760
5,200 Xilinx, Inc. 174,876
----------
1,274,277
----------

EXCHANGE TRADED FUND 4.0%
2,600 SPDR Trust Series I 288,496
----------

MEDICAL-BIOTECHNOLOGY 0.9%
119,778 GlycoGenesys, Inc.* 67,076
25,778 GlycoGenesys, Inc. Warrants* --
----------
67,076
----------

OIL & GAS PRODUCERS 2.1%
8,100 Daugherty Resources, Inc. Warrants* --
100,000 Galaxy Energy Corp.* 150,000
20,000 Galaxy Energy Corp. Warrants* --
----------
150,000
----------

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 13

CHOICE LONG-SHORT FUND

SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED) (CONTINUED)

NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------------

PHARMACEUTICALS 1.3%
2,600 Watson Pharmaceuticals Corp.* $ 92,586
----------

RETAIL APPAREL/SHOES 5.2%
17,400 Pacific Sunwear of California, Inc.* 373,578
----------

RETAIL-HOME SPECIALTY 3.0%
4,600 Bed Bath & Beyond, Inc.* 170,752
1,000 Kohls Corp.* 41,790
----------
212,542
----------

TELECOMMUNICATIONS-EQUIPMENT 3.0%
3,400 Advanced Fibre Communications, Inc.* 56,780
27,900 Extreme Networks, Inc.* 154,287
----------
211,067
----------

TOTAL COMMON STOCKS
(Cost $4,314,470) 3,786,129
----------

PRINCIPAL AMOUNT
- ----------------
$2,991,315 SHORT-TERM INVESTMENTS 41.9%
U.S. Treasury Bill 0.91%, 08/19/04 2,991,315
----------

TOTAL SHORT-TERM INVESTMENTS
(Cost $2,991,315) 2,991,315
----------

TOTAL INVESTMENTS 94.9% $6,777,444
(Cost $7,305,785)

Other Assets less Liabilities 5.1% 361,520
----------

NET ASSETS 100.0% $7,138,964
==========

SEE NOTES TO FINANCIAL STATEMENTS.

14 Choice Semi-Annual Report

CHOICE LONG-SHORT FUND

SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED) (CONTINUED)

NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------------

SECURITIES SOLD SHORT
8,300 Altera Corp.* $ 166,083
3,800 American Express Co. 186,010
1,400 Avon Products, Inc. 117,600
2,000 Best Buy, Inc. 108,500
4,800 Check Point Software Technology* 112,464
1,300 Dell, Inc.* 45,123
64,100 MCF Corp.* 176,275
5,200 Starbucks Corp.* 202,072
5,400 State Street Corp. 263,520
400 Ultra Petroleum Corp.* 13,136
2,400 Western Gas Resources, Inc. 130,680

TOTAL SECURITIES SOLD SHORT
(Proceeds $1,665,337) $1,521,463
==========
* Non-income producing securities.
ADR - American Depositary Receipt
SPDR - Standard & Poors' Depository Receipts

NUMBER OF CONTRACTS UNREALIZED LOSS
- --------------------------------------------------------------------------------

FUTURES CONTRACT PURCHASED
5 S&P 500 Futures Contracts maturing June 2004
(Underlying Face Amount at Value $1,047,500) $ (29,518)
==========

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 15

CHOICE MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)

NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------------

COMMON STOCKS 28.7%
COMPUTERS-SOFTWARE 3.2%
4,800 Authentidate Holding Corp.* $ 48,432
17,337 Imageware Systems, Inc.* 60,680
15,200 Oracle Corp.* 170,544
----------
279,656
----------

DIVERSIFIED FINANCIAL SERVICES 4.9%
5,300 MBNA Corp. 129,214
7,100 Northern Trust Corp. 300,188
----------
429,402
----------

ELECTRONICS-SEMICONDUCTOR MANUFACTURING 9.3%
4,400 Applied Materials, Inc.* 80,212
1,900 Cymer, Inc.* 60,762
4,000 Intel Corp.* 102,920
1,600 Linear Technology Corp. 57,008
4,200 PMC-Sierra, Inc.* 51,030
16,700 Skyworks Solutions, Inc.* 142,952
3,200 Teradyne, Inc.* 65,216
5,800 Texas Instruments, Inc. 145,580
3,000 Xilinx, Inc. 100,890
----------
806,570
----------

ENVIRONMENTAL CONTROL 0.0%
1,600 DDS Technologies USA, Inc.* 3,280
----------

EXCHANGE TRADED FUND 3.1%
2,400 SPDR Trust Series I 266,304
----------

INSURANCE 0.4%
2,200 United National Group LTD* 36,300
----------

MEDICAL-BIOTECHNOLOGY 1.4%
86,711 GlycoGenesys, Inc.* 48,558
16,111 GlycoGenesys, Inc. Warrants* --
37,468 Large Scale Biology Corp.* 74,936
9,367 Large Scale Biology Corp. Warrants* --
----------
123,494
----------

SEE NOTES TO FINANCIAL STATEMENTS.

16 Choice Semi-Annual Report

CHOICE MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED) (CONTINUED)

NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------------

OIL & GAS PRODUCERS 0.6%
5,700 Daugherty Resources, Inc. Warrants* $ --
34,100 Galaxy Energy Corp.* 51,150
17,000 Galaxy Energy Corp. Warrants* --
----------
51,150
----------

RETAIL-APPAREL/SHOES 0.6%
2,300 Pacific Sunwear of California, Inc.* 49,381
----------

RETAIL-HOME SPECIALTY 1.3%
3,000 Bed Bath & Beyond, Inc.* 111,360
----------

RETAIL-RESTAURANTS 1.1%
2,500 Wendy's International, Inc. 97,500
----------

TELECOMMUNICATIONS-EQUIPMENT 2.8%
2,600 Advanced Fibre Communications, Inc.* 43,420
7,750 Cisco Systems, Inc.* 161,743
1,700 Juniper Networks, Inc.* 37,196
----------
242,359
----------

TOTAL COMMON STOCKS
(Cost $2,803,851) 2,496,756
----------

PRINCIPAL AMOUNT
- ----------------
SHORT-TERM INVESTMENTS 69.3%
$1,000,000 U.S. Treasury Bill 0.81%, 7/08/04 998,248
500,000 U.S. Treasury Bill 0.81%, 7/15/04 499,034
2,000,000 U.S. Treasury Note 2.00%, 11/30/04 2,008,516
2,517,915 UMB Bank Money Market Fiduciary,
Variable Rate Demand Deposit, 0.27% 2,517,915
----------

TOTAL SHORT-TERM INVESTMENTS
(Cost $6,022,497) 6,023,713
----------

TOTAL INVESTMENTS 98.0% $8,520,469
(Cost $8,826,348)

Other Assets less Liabilities 2.0% 173,820
----------

NET ASSETS 100.0% $8,694,289
==========

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 17

CHOICE MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED) (CONTINUED)

NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------------

SECURITIES SOLD SHORT
6,400 Altera Corp.* $ 128,064
4,000 American Express Co. 195,800
1,600 Analog Devices, Inc. 68,160
3,800 ASM Lithography Holding NY Registered Shares* 59,090
1,400 Avon Products, Inc. 117,600
2,500 Best Buy, Inc. 135,625
7,300 Check Point Software Technology* 171,039
6,400 Credence Systems, Inc.* 71,296
6,800 Dell, Inc.* 236,028
1,200 F5 Networks, Inc.* 30,480
500 Jabil Circuit, Inc.* 13,195
49,600 MCF Corp.* 136,400
6,400 RF Microdevices, Inc.* 47,104
4,300 SAP AG ADR 160,304
4,400 Starbucks Corp.* 170,984
4,700 State Street Corp. 229,360
3,000 Tekelec* 50,010
500 Ultra Petroleum Corp.* 16,420
2,100 Western Gas Resources, Inc. 114,345
2,500 Yum! Brands, Inc.* 96,975
----------

TOTAL SECURITIES SOLD SHORT
(Proceeds $2,484,031) $2,248,279
==========

* Non-income producing securities.
ADR - American Depositary Receipt
SPDR - Standard & Poors' Depository Receipts

SEE NOTES TO FINANCIAL STATEMENTS.

18 Choice Semi-Annual Report

CHOICE FOCUS FUND & BALANCED FUND

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2004 (UNAUDITED)
FOCUS FUND BALANCED FUND
- --------------------------------------------------------------------------------

ASSETS
Investments in securities, at value

(Cost $3,052,202 and $2,230,210,
respectively) $ 2,662,488 $ 2,118,884
Short-Term investments, at amortized cost 3,121,996 1,862,795
Deposit at broker 80,000 32,000
Receivable for investments sold 207,431 99,561
Dividends and interest receivable 1,245 8,414
Due from advisor 3,248 7,494
Prepaid expenses and other assets 16,697 19,286
------------ ------------
Total Assets 6,093,105 4,148,434
------------ ------------

LIABILITIES
Payable for investments purchased 187,436 105,963
Due to broker - variation margin 9,998 3,999
Accrued expenses and other liabilities 11,962 12,338
------------ ------------
Total Liabilities 209,396 122,300
------------ ------------
NET ASSETS $ 5,883,709 $ 4,026,134
============ ============

NET ASSETS CONSIST OF
Paid in capital $ 33,461,597 $ 12,469,463
Accumulated net investment loss (45,973) (4,753)
Accumulated net realized loss
on investments
and futures contracts (27,130,478) (8,324,425)
Net unrealized appreciation
(depreciation) on investments (401,437) (114,151)
------------ ------------
NET ASSETS $ 5,883,709 $ 4,026,134
============ ============

CLASS A SHARES
Net assets $ 5,883,704 $ 4,026,127
Shares outstanding (no par value,
unlimited shares authorized) 1,275,227 560,761
NET ASSET VALUE PER SHARE
(NET ASSETS/SHARES OUTSTANDING) 4.61 7.18
============ ============
MAXIMUM OFFERING PRICE PER SHARE
(NET ASSET VALUE PLUS 5.82%
OF NET ASSET VALUE OR 5.50%
OF OFFERING PRICE) 4.88 7.60
============ ============

CLASS C SHARES
Net assets $ 5 $ 7
Shares outstanding (no par value,
unlimited shares authorized) 1 1
NET ASSET VALUE AND OFFERING PER SHARE
(NET ASSETS/SHARES OUTSTANDING)* 4.61 7.18
============ ============

* Shares are subject to contingent deferred sales charge.

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 19

CHOICE LONG-SHORT FUND & MARKET NEUTRAL FUND

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2004 (UNAUDITED)
LONG-SHORT MARKET NEUTRAL
FUND FUND
- ---------------------------------------------------------------------------------

ASSETS

Investments in securities, at value
(Cost $4,314,470 and $2,803,851,
respectively) $ 3,786,129 $ 2,496,756
Short-Term investments, at amortized cost 2,991,315 6,023,713
Deposit at broker 1,519,996 1,915,552
Dividends and interest receivable 2,427 17,922
Receivable for investments sold 2,626,576 2,394,787
Prepaid expenses and other assets 28,147 26,844
------------ ------------
Total Assets 10,954,590 12,875,574
------------ ------------

LIABILITIES
Securities sold short, at value
(Proceeds of $1,665,337 and $2,484,031,
respectively) 1,521,463 2,248,279
Payable for investments purchased 1,236,417 1,917,760
Due to broker - variation margin 21,995 --
Accrued investment advisory fee 18,849 8,339
Accrued distribution fee 31,014 4,637
Due to custodian 960,540 --
Accrued expenses and other liabilities 25,348 2,270
------------ ------------
Total Liabilities 3,815,626 4,181,285
------------ ------------
NET ASSETS $ 7,138,964 $ 8,694,289
============ ============

NET ASSETS CONSIST OF
Paid in capital $ 21,466,529 $ 9,464,144
Accumulated net investment loss (264,447) (180,216)
Accumulated net realized loss
on investments, securities sold short,
options and futures contracts (13,649,133) (519,512)
Net unrealized appreciation
(depreciation) on investments,
securities sold short and
futures contracts (413,985) (70,127)
------------ ------------
NET ASSETS $ 7,138,964 $ 8,694,289
============ ============

CLASS A SHARES
Net assets $ 6,488,181 $ 6,430,591
Shares outstanding (no par value,
unlimited shares authorized) 967,128 678,987
NET ASSET VALUE PER SHARE
(NET ASSETS/SHARES OUTSTANDING) 6.71 9.47
============ ============
MAXIMUM OFFERING PRICE PER SHARE
(NET ASSET VALUE PLUS 5.82%
OF NET ASSET VALUE OR 5.50%
OF OFFERING PRICE) 7.10 10.02
============ ============

CLASS C SHARES
Net assets $ 650,783 $ 2,263,698
Shares outstanding (no par value,
unlimited shares authorized) 104,149 241,499
NET ASSET VALUE AND OFFERING PER SHARE
(NET ASSETS/SHARES OUTSTANDING)* 6.25 9.37
============ ============

* Shares are subject to contingent deferred sales charge.

SEE NOTES TO FINANCIAL STATEMENTS.

20 Choice Semi-Annual Report

CHOICE FOCUS FUND & BALANCED FUND

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2004 (UNAUDITED)

FOCUS FUND BALANCED FUND
- ---------------------------------------------------------------------------------

INVESTMENT INCOME

Dividends $ 10,871 $ 3,555
Interest 3,022 14,605
Less: Foreign withholding taxes (274) --
--------- ---------
Total Investment Income 13,619 18,160
--------- ---------

EXPENSES
Investment advisory fees 28,145 8,679
Fund administration and accounting fees 25,127 25,021
Professional fees 12,392 7,445
State registration fees 10,885 6,997
Transfer agent fees and expenses 10,604 9,639
Distribution fees - Class A 7,036 2,893
Custody fees 5,853 3,217
Reports to shareholders 3,214 1,495
Insurance expense 2,170 779
Trustees' fees and related expenses 1,076 218
Other 1,132 731
--------- ---------
Total expenses 107,634 67,114
Less:
Advisory fees waived/reimbursed (37,167) (43,771)
Expenses paid indirectly (10,875) (430)
--------- ---------
Net Expenses 59,592 22,913
--------- ---------
NET INVESTMENT LOSS (45,973) (4,753)
--------- ---------

REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) on:
Investment securities 501,072 91,515
Futures contracts 59,311 (17,405)
Net change in unrealized appreciation
(depreciation) on investments (596,794) (191,575)
--------- ---------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS (36,411) (117,465)
--------- ---------

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (82,384) $(122,218)
========= =========

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 21

CHOICE LONG-SHORT FUND & MARKET NEUTRAL FUND

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2004 (UNAUDITED)
LONG-SHORT MARKET NEUTRAL
FUND FUND
- --------------------------------------------------------------------------------

INVESTMENT INCOME

Dividends $ 20,739 $ 11,392
Interest 25,606 29,721
Less: Foreign withholding taxes (438) --
----------- -----------
Total Investment Income 45,907 41,113
----------- -----------

EXPENSES
Investment advisory fees 170,453 92,859
Fund administration and accounting fees 27,322 25,377
Professional fees 26,625 15,084
Distribution fees - Class A shares 22,488 15,253
Distribution fees - Class C shares 3,930 12,700
Transfer agent fees and expenses - Class A shares 12,272 9,186
Transfer agent fees and expenses - Class C shares 1,337 3,177
State registration fees 17,975 13,694
Custody fee 10,851 9,185
Insurance expense 5,041 3,780
Reports to shareholders 4,045 5,072
Trustees' fees and related expenses 2,553 2,746
Other 2,310 2,125
----------- -----------
Total expenses before dividends on short sales 307,202 210,238
Dividends on short positions 5,046 15,969
----------- -----------
Total expenses 312,248 226,207
Less:
Advisory fees waived (4,591) (4,822)
Expenses paid indirectly -- (56)
----------- -----------
Net Expenses 307,657 221,329
----------- -----------
NET INVESTMENT LOSS (261,750) (180,216)
----------- -----------

REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) on:
Investment securities 687,580 236,654
Short positions (677,850) (589,591)
Options purchased 10,194 --
Futures contracts (49,580) (41,826)
Net change in unrealized appreciation
(depreciation) on investments,
securities sold short and futures contracts (794,654) (393,454)
----------- -----------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS (824,310) (788,217)
----------- -----------

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(1,086,060) $ (968,433)
=========== ===========

SEE NOTES TO FINANCIAL STATEMENTS.

22 Choice Semi-Annual Report

CHOICE FOCUS FUND

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX
MONTHS ENDED FOR THE YEAR
APRIL 30, 2004 ENDED
(UNAUDITED) OCTOBER 31, 2003
- ----------------------------------------------------------------------------------

OPERATIONS

Net investment loss $ (45,973) $ (175,169)
Net realized gain on:
Investment securities 501,072 1,493,837
Futures contracts 59,311 29,430
Net change in unrealized
appreciation (depreciation)
on investments (596,794) 581,023
------------ ------------
Net increase (decrease) in net
assets resulting from operations (82,384) 1,929,121
------------ ------------

CAPITAL SHARE TRANSACTIONS
Shares sold:
Class A 3,901,348 11,913,415
Class C 5 --
Shares redeemed:
Class A (2,055,705) (12,308,094)
Class C -- --
------------ ------------
Net increase (decrease) in net
assets from capital share
transactions 1,845,648 (394,679)
------------ ------------

TOTAL INCREASE IN NET ASSETS 1,763,264 1,534,442
------------ ------------

NET ASSETS
Beginning of Period 4,120,445 2,586,003
------------ ------------
End of Period* $ 5,883,709 $ 4,120,445
============ ============

* Includes accumulated net investment loss of: $ (45,973) $ --
------------ ------------

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 23

CHOICE BALANCED FUND

OPERATIONS

Net investment loss $ (4,753) $ (22,075)
Net realized gain (loss) on:
Investment securities 91,515 422,536
Futures contracts (17,405) --
Net change in unrealized appreciation
(depreciation) on investments (191,575) 88,902
----------- -----------
Net increase (decrease) in net assets
resulting from operations (122,218) 489,363
----------- -----------

DISTRIBUTIONS PAID
Net investment income -- (4,167)
----------- -----------
Net decrease in net assets resulting
from distributions paid -- (4,167)
----------- -----------

CAPITAL SHARE TRANSACTIONS
Shares sold:
Class A 4,634,796 54,719
Class C 8 --
Shares issued to holders in
reinvestment of distributions:
Class A -- 4,132
Class C -- --
Shares redeemed:
Class A (2,823,356) (631,118)
Class C -- --
----------- -----------
Net increase (decrease) in net
assets from capital share transactions 1,811,448 (572,267)
----------- -----------

TOTAL INCREASE (DECREASE) IN NET ASSETS 1,689,230 (87,071)
----------- -----------

NET ASSETS
Beginning of Period 2,336,904 2,423,975
----------- -----------
End of Period* $ 4,026,134 $ 2,336,904
=========== ===========

* Includes accumulated net investment loss of: $ (4,753) $ --
----------- -----------

SEE NOTES TO FINANCIAL STATEMENTS.

24 Choice Semi-Annual Report

CHOICE LONG-SHORT FUND

OPERATIONS

Net investment loss $ (261,750) $ (351,630)
Net realized gain (loss) on:
Investment securities 687,580 4,004,340
Short positions (677,850) (1,901,510)
Options purchased 10,194 --
Futures contracts (49,580) (340,065)
Net change in unrealized appreciation
(depreciation) on investments
securities sold short and
futures contracts (794,654) 984,236
------------ ------------
Net increase (decrease) in net
assets resulting from operations (1,086,060) 2,395,371
------------ ------------

CAPITAL SHARE TRANSACTIONS
Shares sold:
Class A shares 4,449,262 10,010,096
Class C shares -- 570,329
Shares redeemed:
Class A shares (8,121,323) (14,993,376)
Class C shares (71,854) (424,874)
------------ ------------
Net decrease in net assets
from capital share transactions (3,743,915) (4,837,825)
------------ ------------

TOTAL DECREASE IN NET ASSETS (4,829,975) (2,442,454)

NET ASSETS
Beginning of Period 11,968,939 14,411,393
------------ ------------
End of Period* $ 7,138,964 $ 11,968,939
============ ============

* Includes accumulated net investment loss of: $ (264,447) $ (2,697)
------------ ------------

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 25

CHOICE MARKET NEUTRAL FUND

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
APRIL 30, 2004 ENDED
(UNAUDITED) OCTOBER 31, 2003(1)
- -------------------------------------------------------------------------------------

OPERATIONS

Net investment loss $ (180,216) $ (131,031)
Net realized gain (loss) on:
Investment securities 236,654 431,271
Short positions (589,591) (501,778)
Futures contracts (41,826) (54,242)
Net change in unrealized appreciation
(depreciation) on investments (393,454) 323,327
------------ ------------
Net increase (decrease) in net
assets resulting from operations (968,433) 67,547
------------ ------------

CAPITAL SHARE TRANSACTIONS
Shares sold:
Class A shares 6,689,675 10,809,599
Class C shares 794,693 2,352,086
Shares redeemed:
Class A shares (8,671,523) (1,724,757)
Class C shares (649,465) (5,133)
------------ ------------
Net increase (decrease) in net
assets from capital share transactions (1,836,620) 11,431,795
------------ ------------

TOTAL INCREASE (DECREASE) IN NET ASSETS (2,805,053) 11,499,342
------------ ------------

NET ASSETS
Beginning of Period 11,499,342 --
------------ ------------
End of Period* $ 8,694,289 $ 11,499,342
============ ============

* Includes accumulated net investment loss of: $ (180,216) $ --
------------ ------------

(1) Commenced operations on March 31, 2003.

SEE NOTES TO FINANCIAL STATEMENTS.

26 Choice Semi-Annual Report

CHOICE FOCUS FUND CLASS A

FINANCIAL HIGHLIGHTS
FOR THE SIX
MONTHS ENDED FOR THE YEAR FOT THE YEAR FOR THE YEAR FOR THE YEAR
APRIL 30, 2004 ENDED ENDED ENDED ENDED
(UNAUDITED) OCT. 31, 2003 OCT. 31, 2002 OCT. 31, 2001 OCT. 31, 2000
- ---------------------------------------------------------------------------------------------------------

PER SHARE OPERATING
PERFORMANCE*
Net Asset Value,

Beginning of Period $ 4.65 $ 3.17 $ 5.52 $ 12.77 $ 10.00
--------- --------- --------- ---------- ---------

INCOME (LOSS) FROM
INVESTMENT OPERATIONS
Net investment loss (0.06) (0.21) (0.17) (0.15) (0.02)
Net realized and
unrealized gain (loss)
on investments 0.02 1.69 (2.18) (7.07) 2.80
--------- --------- --------- ---------- ---------
Total Income (Loss)
from Investment
Operations (0.04) 1.48 (2.35) (7.22) 2.78
--------- --------- --------- ---------- ---------

LESS DISTRIBUTIONS PAID
From net realized gains
on investments -- -- -- (0.03) (0.01)
--------- --------- --------- ---------- ---------
Total Distributions Paid -- -- -- (0.03) (0.01)
--------- --------- --------- ---------- ---------

NET ASSET VALUE, END OF PERIOD $ 4.61 $ 4.65 $ 3.17 $ 5.52 $ 12.77
========= ========= ========= ========== =========

TOTAL RETURN(1) (0.86%) 46.69% (42.75%) (56.63%) 27.81%

SUPPLEMENTAL DATA
AND RATIOS
Net assets, end of period (000s) $ 5,884 $ 4,120 $ 2,586 $ 10,911 $ 57,802
Ratio of expenses to
average net assets
net of fees waived
and paid indirectly(2) 2.11% 3.05% 1.97% 1.88% 2.05%
Ratio of net expenses to
average net assets
before fees waived
and paid indirectly(2) 3.81% 3.78% 2.61% 1.88% 2.05%
Ratio of net investment
loss to average
net assets net of
fees waived and
paid indirectly(2) (1.63%) (2.49%) (1.43%) (0.85%) (0.26%)
Ratio of net investment
loss to average
net assets before fees
waived and
paid indirectly(2) (3.33%) (3.22%) (2.07) (0.85%) (0.26%)
PORTFOLIO TURNOVER RATE(1) 615% 1066% 1454% 1239% 1603%

<FN>

(1) Not annualized for periods less than a full year.
(2) Annualized for periods less than a full year.
* Selected data for a share of capital stock outstanding throughout the period.

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 27
</FN>

CHOICE FOCUS FUND CLASS C

FINANCIAL HIGHLIGHTS
FOR THE
PERIOD ENDED
APRIL 30, 2004(1)
(UNAUDITED)
- -------------------------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE*
Net Asset Value,

Beginning of Period $ 5.11
-------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS
Net investment loss (0.06)
Net realized and unrealized
loss on investments (0.44)
-------
Total Loss from Investment
Operations (0.50)
-------

NET ASSET VALUE, END OF PERIOD $ 4.61
=======

TOTAL RETURN(2) (9.78%)

SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period $ 5
Ratio of expenses to average net
assets net of fees waived and
paid indirectly(3) 2.76%
Ratio of net expenses to average
net assets before fees waived
and paid indirectly(3) 4.56%
Ratio of net investment loss to average
net assets net of fees waived
and paid indirectly(3) (2.38%)
Ratio of net investment loss to
average net assets before fees
waived and paid indirectly(3) (4.08%)
PORTFOLIO TURNOVER RATE(2) 615%

<FN>

(1)Commenced operations on March 2, 2004
(2)Not annualized for periods less than a full year.
(3)Annualized for periods less than a full year.
* Selected data for a share of capital stock outstanding throughout the period.

SEE NOTES TO FINANCIAL STATEMENTS.

28 Choice Semi-Annual Report
</FN>

CHOICE BALANCED FUND CLASS A

FINANCIAL HIGHLIGHTS
FOR THE SIX
MONTHS ENDED FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE PERIOD
APRIL 30, 2004 ENDED ENDED ENDED ENDED
(UNAUDITED) OCT. 31, 2003 OCT. 31, 2002 OCT. 31, 2001 OCT. 31, 2000(1)
- -----------------------------------------------------------------------------------------------------------

PER SHARE OPERATING
PERFORMANCE*
Net Asset Value,

Beginning of Period $ 7.24 $ 5.87 $ 8.42 $ 11.08 $ 10.00
--------- --------- --------- ---------- ----------

INCOME (LOSS) FROM
INVESTMENT OPERATIONS
Net investment income (loss) (0.01) (0.06) 0.16 0.14 0.07
Net realized and unrealized
gain (loss) on investments (0.05) 1.44 (2.52) (2.63) 1.01(2)
--------- --------- --------- ---------- ----------
Total Income (Loss) from
Investment Operations (0.06) 1.38 (2.36) (2.49) 1.08
--------- --------- --------- ---------- ----------

LESS DISTRIBUTIONS PAID
From net investment income -- (0.01) (0.19) (0.17) --
--------- --------- --------- ---------- ----------
Total Distributions Paid -- (0.01) (0.19) (0.17) --
--------- --------- --------- ---------- ----------

NET ASSET VALUE, END OF PERIOD $ 7.18 $ 7.24 $ 5.87 $ 8.42 $ 11.08
========= ============ ========= ========== ==========

TOTAL RETURN(3) (0.83%) 23.56% (28.92%) (22.65%) 10.80%

SUPPLEMENTAL DATA
AND RATIOS
Net assets, end of period (000s) $ 4,026 $ 2,337 $ 2,424 $ 15,522 $ 26,247
Ratio of expenses to
average net assets,
net of fees waived/
reimbursed and
paid indirectly(4) 1.96% 4.37% 1.73% 1.81% 2.00%
Ratio of expenses to
average net assets,
before fees waived/
reimbursed and
paid indirectly(4) 5.73% 7.23% 2.29% 1.81% 2.09%
Ratio of net investment
income to average
net assets, net of
fees waived/reimbursed
and paid indirectly(4) (0.41%) (0.94%) 1.52% 1.46% 1.47%
Ratio of net investment
income to average
net assets, before
fees waived/reimbursed
and paid indirectly(4) (4.18%) (3.80%) 0.96% 1.46% 1.38%
PORTFOLIO TURNOVER RATE(3) 416% 736% 972% 951% 651%

<FN>

(1 Commenced operations on April 1, 2000
(2) The amount shown may not correlate with aggregate gains and losses of
portfolio securities due to timing of sales and redemptions of Fund Shares.
(3) Not annualized for periods less than a full year.
(4) Annualized for periods less than a full year.
* Selected data for a share of capital stock outstanding throughout the period.

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 29

</FN>

CHOICE BALANCED FUND CLASS C

FINANCIAL HIGHLIGHTS
PERIOD ENDED
APRIL 30, 2004(1)
(UNAUDITED)
- ---------------------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE*

Net Asset Value, Beginning of Period $ 7.62
----------

INCOME (LOSS) FROM INVESTMENT
OPERATIONS
Net investment loss (0.01)
Net realized and unrealized
loss on investments (0.43)
----------
Total loss from Investment Operations (0.44)
----------

NET ASSET VALUE, END OF PERIOD $ 7.18
==========

TOTAL RETURN(2) (5.77%)

SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period $ 7
Ratio of expenses to average
net assets, net of fees waived/
reimbursed and paid indirectly(3) 2.71%
Ratio of expenses to average
net assets, before fees waived/
reimbursed and paid indirectly(3) 6.48%
Ratio of net investment income to average
net assets, net of fees waived/reimbursed
and paid indirectly(3) (1.16%)
Ratio of net investment income to
average net assets, before fees
waived/reimbursed
and paid indirectly(3) (4.93%)
PORTFOLIO TURNOVER RATE(2) 416%

<FN>

SEE NOTES TO FINANCIAL STATEMENTS.

30 Choice Semi-Annual Report
</FN>

CHOICE LONG-SHORT FUND CLASS A

FINANCIAL HIGHLIGHTS
FOR THE SIX
MONTHS ENDED FOR THE YEAR FOR THE YEAR FOR THE PERIOD
APRIL 30, 2004 ENDED ENDED ENDED
(UNAUDITED) OCT. 31, 2003 OCT. 31, 2002 OCT. 31, 2001(1)
- ----------------------------------------------------------------------------------------------

PER SHARE OPERATING
PERFORMANCE*
Net Asset Value,

Beginning of Period $ 7.46 $ 6.22 $ 9.66 $ 10.00
--------- ----------- ------------ ------------

INCOME (LOSS) FROM
INVESTMENT OPERATIONS
Net investment loss (0.13) (0.16) (0.35) (0.08)
Net realized and
unrealized gain (loss)
on investments (0.62) 1.40 (3.09) (0.26)
--------- ----------- ------------ ------------
Total Income (Loss) from
Investment Operations (0.75) 1.24 (3.44) (0.34)
--------- ----------- ------------ ------------

NET ASSET VALUE,
END OF PERIOD $ 6.71 $ 7.46 $ 6.22 $ 9.66
========= =========== ============ ============

TOTAL RETURN(2, 3) (10.05%) 19.94% (35.82%) (3.40%)

SUPPLEMENTAL DATA AND
RATIOS
Net assets, end of
period (000s) $ 6,488 $ 11,169 $ 13,845 $ 54,303
Ratio of expenses to
average net assets,
net of fees paid
indirectly(4) 4.37%(5) 3.99%(5) 3.16%(5) 3.51%
Ratio of expenses to
average net assets,
before fees paid
indirectly(4) 4.44%(5) 4.64%(5) 3.62%(5) 3.51%
Ratio of net investment
loss to average
net assets, net of
fees paid indirectly(4) (3.70%) (2.39%) (2.21%) (1.14%)
Ratio of net investment
loss to average
net assets, before
fees paid indirectly(4) (3.77%) (3.04%) (2.67%) (1.14%)
PORTFOLIO TURNOVER RATE(2) 962% 1383% 3882% 2469%

<FN>

(1) Commenced operations on February 1, 2001.
(2) Not annualized for periods less than a full year.
(3) The total return does not reflect the 5.50% front end-end sales charge on
Class A shares.
(4) Annualized for periods less than a full year.
(5) Excludes dividends on short sales. Including dividends on short sales, the
ratio of expenses to average net assets net of fees waived and before fees
waived indirectly would be 4.45% and 4.51%, 4.14% and 4.79%, 3.34% and
3.80%, for the Class A shares for the period ended April 30, 2004 and the
years ended October 31, 2003 and October 31, 2002, respectively.
* Selected data for a share outstanding throughout the period.

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 31
</FN>

CHOICE LONG-SHORT FUND CLASS C

PER SHARE OPERATING
PERFORMANCE*
Net Asset Value,

Beginning of Period $ 6.98 $ 6.00 $ 9.53 $ 10.00
--------- --------- --------- -----------

INCOME (LOSS) FROM
INVESTMENT OPERATIONS
Net investment loss (0.15) (0.38) (0.77) (0.12)
Net realized and
unrealized gain (loss)
on investments (0.58) 1.36 (2.76) (0.35)
--------- --------- --------- -----------
Total Income (Loss) from
Investment Operations (0.73) 0.98 (3.53) (0.47)
--------- --------- --------- -----------

NET ASSET VALUE,
END OF PERIOD $ 6.25 $ 6.98 $ 6.00 $ 9.53
========= ========= ========= ===========

TOTAL RETURN(2, 3) (10.46%) 16.33% (37.25%) (4.70%)

SUPPLEMENTAL DATA AND
RATIOS
Net assets, end of
period (000s) $ 651 $ 800 $ 567 $ 2,614
Ratio of expenses to
average net assets,
net of fees paid
indirectly(4) 5.45%(5) 7.25%(5) 5.02%(5) 4.70%
Ratio of expenses to
average net assets,
before fees paid
indirectly(4) 5.55%(5) 7.90%(5) 5.40%(5) 4.70%
Ratio of net investment
loss to average
net assets, net of
fees paid indirectly(4) (4.77%) (5.78%) (4.11%) (2.31%)
Ratio of net investment
loss to average
net assets, before
fees paid indirectly(4) (4.88%) (6.43%) (4.49%) (2.31%)
PORTFOLIO TURNOVER RATE(2) 962% 1383% 3882% 2469%

<FN>

(1) Commenced operations on February 1, 2001.
(2) Not annualized for periods less than a full year.
(3) The total return does not reflect the 1.00% deferred sales charge on Class
C shares.
(4) Annualized for periods less than a full year.
(5) Excludes dividends on short sales. Including dividends on short sales, the
ratio of expenses to average net assets net of fees waived and before fees
waived indirectly would be 5.52% and 5.62%, 7.41% and 8.06%, 5.16% and
5.54%, for the Class C shares for the period ended April 30, 2004 and the
years ended October 31, 2003 and October 31,2002, respectively.
* Selected data for a share outstanding throughout the period.

SEE NOTES TO FINANCIAL STATEMENTS.

32 Choice Semi-Annual Report
</FN>

CHOICE MARKET NEUTRAL FUND

FINANCIAL HIGHLIGHTS
CLASS A SHARES CLASS C SHARES
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD
APRIL 30, 2004 ENDED APRIL 30, 2004 ENDED
(UNAUDITED) OCT. 31, 2003(1) (UNAUDITED) OCT. 31, 2003(1)
- -------------------------------------------------------------------------------------------------

PER SHARE OPERATING
PERFORMANCE*
Net Asset Value,

Beginning of Period $ 10.36 $ 10.00 $ 10.31 $ 10.00
--------- --------- --------- ---------

INCOME (LOSS) FROM
INVESTMENT OPERATIONS
Net investment loss (0.17) (0.17) (0.32) (0.24)
Net realized and
unrealized gain
on investments (0.72) 0.53 (0.62) 0.55
--------- --------- --------- ---------
Total Income from
Investment Operations (0.89) 0.36 (0.94) 0.31
--------- --------- --------- ---------

NET ASSET VALUE,
END OF PERIOD $ 9.47 $ 10.36 $ 9.37 $ 10.31
========= ========= ========= =========

TOTAL RETURN(2, 3) (8.59%) 3.60% (9.12%) 3.10%

SUPPLEMENTAL DATA AND
RATIOS
Net assets, end of
period (000s) $ 6,431 $ 9,147 $ 2,264 $ 2,352
Ratio of expenses to
average net assets,
after waiver(4) 3.39%(5) 3.40(5) 4.43%(6) 4.50%(6)
Ratio of expenses to
average net assets,
before waiver(4) 3.55%(5) 4.70%(5) 4.43%(6) 5.82%(6)
Ratio of net investment
loss to average
net assets, after waiver(4) (2.68%) (2.84%) (3.65%) (3.94%)
Ratio of net investment
loss to average
net assets, before waiver(4) (2.84%) (4.12%) (3.65%) (5.24%)
PORTFOLIO TURNOVER RATE(2) 1414% 1175% 1414% 1175%

<FN>

(1) Commenced operations on March 31, 2003.
(2) Not annualized for periods less than a full year.
(3) The total return does not reflect the 5.50% front end-end sales charge and
1.00% deferred sales charge on Class A and Class C shares, respectively.
(4) Annualized for periods less than a full year.
(5) Excludes dividends on short sales. Including dividends on short sales, the
ratio of expenses to average net assets net of fees waived and before fees
waived indirectly would be 3.66% and 3.82%, 3.59% and 4.88% for the Class A
shares for the period ended April 30, 2004 and the year ended October 31,
2003, respectively.
(6) Excludes dividends on short sales. Including dividends on short sales, the
ratio of expenses to average net assets net of fees waived and before fees
waived indirectly would be 4.75% and 4.75%, 4.70% and 6.00% for the Class C
shares for the period ended April 30, 2004 and the year ended October 31,
2003, respectively.
* Selected data for a share outstanding throughout the period.

SEE NOTES TO FINANCIAL STATEMENTS.

Choice Semi-Annual Report 33
</FN>

Choice Funds
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2004 (UNAUDITED)

(1) Organization
Choice Funds (the "Trust") was established on July 16, 1999 as a
Delaware Statutory Trust and is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company issuing its shares in series, each
series representing a distinct portfolio with its own investment
objectives and policies. The Focus Fund, Balanced Fund, Long-Short
Fund and Market Neutral Fund (collectively, the "Funds") are separate
investment portfolios of the Trust. The Focus Fund is a
non-diversified fund that seeks capital appreciation by normally
investing in a core position of 20-30 common stocks. The Balanced Fund
is a diversified fund that seeks capital appreciation and current
income by normally investing in a diverse group of domestic equity and
fixed income securities. The Long-Short Fund is a non-diversified fund
that seeks to achieve long-term growth of capital in both rising and
falling markets by investing in "long" stocks believed to be
undervalued and selling "short" stocks believed to be overvalued. The
Market Neutral Fund is a non-diversified fund that seeks to produce
positive returns while remaining market neutral by investing actively
long and short in a portfolio of equity securities. "Remaining market
neutral" means the Fund will generally maintain a balance of long and
short positions. The Funds offer two classes of shares (Class A and
Class C). Class A shares are subject to a maximum sales charge of
5.50% and the Class C shares are subject to a maximum contingent
deferred sales charge of 1.00% on redemptions of shares held less than
one year. Each class of shares has equal rights to earnings and assets
except that each class bears different distribution and shareholder
servicing fees. Each class of shares has exclusive voting rights with
respect to matters that affect just that class. Income, expenses
(other than class specific expenses), and realized and unrealized
gains or losses on investments are allocated to each class of shares
based on relative net assets.

(2) Significant Accounting Policies
The following is a summary of significant accounting policies
consistently followed by the Funds in the preparation of their
financial statements. These policies are in conformity with accounting
principles generally accepted in the United States of America
("GAAP"), which require management to make certain estimates and
assumptions at the date of the financial statements. Actual results
could differ from those estimates.
(a) Investment Valuation
Securities (other than short-term instruments) for which
market quotations are readily available are valued at the last
sales price on the national securities exchange on which such
securities are primarily traded. NASDAQ traded securities are
valued at the NASDAQ official closing price (NOCP). Securities
for which there were no sales on a given day or securities not
listed on a national securities exchange are valued at the
most recent bid prices. Securities maturing within 60 days
when purchased are valued by the amortized cost method which
approximates fair value. Any securities for which market
quotations are not readily available are valued at their fair
value pursuant to guidelines established by the Board of
Trustees.
(b) Expenses
The Funds are charged for those expenses that are directly
attributable to each Fund, such as advisory and custodian
fees. Expenses that are not directly attributable to a
portfolio are typically allocated among the portfolios in
proportion to their average net assets. Certain Fund expenses
may be reduced by brokerage credits which are shown as
Expenses Paid Indirectly in the Statement of Operations.
Brokerage credits are generated when a Fund directs portfolio
trades to certain brokers.

34 Choice Semi-Annual Report

(c) Short Positions
When a Fund sells a security short, an amount equal to the
sales proceeds is included in the Statement of Assets and
Liabilities as an asset and an equal amount as a liability.
The amount of the liability is subsequently marked-to-market
to reflect the current value of the security sold short. A
gain, limited to the price at which the Fund sold the security
short, or a loss, unlimited in size, will be recognized upon
the termination of a short sale. The Fund is liable for any
dividends paid on securities sold short. Dividends on short
sales are included as Dividends on Short Positions on the
Statement of Operations. The Fund maintains assets consisting
of cash or liquid securities equal in amount to the liability
created by the short sale. These assets are adjusted to
reflect changes in the value of the securities sold short.
(d) Futures Contracts
Each Fund may purchase and sell stock index futures contracts.
Upon entering into a contract, the Fund deposits and maintains
as collateral such initial margin as required by the exchange
on which the transaction is effected. Pursuant to the
contract, the Fund agrees to receive from or pay to the
futures commission merchant an amount of cash equal to the
daily fluctuation in the value of the contract. Such receipts
of payments are known as variation margin and are recorded by
the Fund as unrealized gains and losses. When the contract is
closed, the Fund records a realized gain or loss equal to the
difference between the value of the contract at the time it
was opened and the value at the time it was closed. As
collateral for futures contracts, the Fund is required under
the 1940 Act to maintain assets consisting of cash or liquid
securities. This collateral must equal the market value of the
purchase obligation for long futures contracts or the market
value of the instrument underlying the contract for the short
futures contracts. All collateral is required to be adjusted
daily. The risks inherent in the use of futures contracts
include: 1) adverse changes in the value of such instruments;
2) imperfect correlation between the price of the futures
contracts and movements in the price of the underlying
securities or futures contracts; 3) the possible absence of a
liquid secondary market for any particular instrument at any
time; 4) the possible need to defer closing out certain
positions to avoid adverse tax consequences; and 5) the
possible nonper-formance by the counterparty under the terms
of the contract.
(e) Option Transactions
For hedging purposes, the Funds may buy or sell put or call
options, write covered put and call options on portfolio
securities and write over-the-counter options where the
completion of the obligation is dependent upon the credit
standing of another party. The risk in writing a call option
is that a Fund may incur a loss if the market price of the
security decreases and the option is exercised. The risk in
buying an option is that the Fund pays a premium whether or
not the option is exercised. A Fund also has the additional
risk of not being able to enter into a closing transaction if
a liquid secondary market does not exist. Option contracts are
valued daily and unrealized appreciation or depreciation is
recorded. A Fund will realize a gain or loss upon expiration
or closing of the option transaction. When an option is
exercised, the proceeds on sales for a written call option,
the purchase cost for a written put option, or the cost of a
security for a purchased put or call option is adjusted by the
amount of premium received or paid.
(f) Federal Income and Excise Taxes
No federal income tax provision has been made since the Funds
intend to meet the requirements of the Internal Revenue Code
applicable to regulated investment companies and to distribute
substantially all investment company taxable income and net
capital gains to shareholders in a manner which results in no
tax cost to the Funds.

Choice Semi-Annual Report 35

(g) Distributions to Shareholders
Dividends from net investment income and distributions of net
realized gains, if any, will be declared and paid at least
annually. Distributions to shareholders are recorded on the
ex-dividend date. The character of distributions made during
the year from net investment income or net realized gain may
differ from the characterization for federal income tax
purposes due to differences in the recognition of income,
expense and gain items for financial statement and tax
purposes. Where appropriate, reclassifications between net
asset accounts are made for such differences that are
permanent in nature.
(h) Other
Investment transactions are accounted for on the trade date.
The Funds determine the gain or loss realized from investment
transactions by comparing the original cost of the security
lot sold with the net sale proceeds. Dividend income is
recognized on the ex-dividend date and interest income is
recognized on an accrual basis.

(3) Investment Adviser and Transactions with Affiliates
The Funds have an agreement with the Adviser, with whom certain
officers and directors of the Funds are affiliated, to furnish
investment advisory services to the Funds. Under the terms of this
agreement, the Funds will pay the Adviser a monthly fee at the annual
rate of 1.00%, 0.75%, 2.50% and 1.65% of the Fund's average daily net
assets for the Focus Fund, Balanced Fund, Long-Short Fund and Market
Neutral Fund, respectively. For the period ended April 30, 2004, the
Adviser received advisory fees of $28,145, $8,679, $170,453 and
$92,859 for the Focus Fund, Balanced Fund, Long-Short Fund and Market
Neutral Fund, respectively. The Adviser agreed to contractually waive
its management fee and/or reimburse the Fund's operating expenses
(exclusive of brokerage commissions, dividends on securities sold
short, interest on borrowings, taxes and extraordinary expenses) to
ensure that the Fund's operating expenses did not exceed 2.50%, 3.25%,
2.00%, 2.75%, 3.40% and 4.50% of the Fund's average daily net assets
for the Focus Fund Class A, Focus Fund Class C, Balanced Fund Class A,
Balanced Fund Class C, Market Neutral Fund Class A and Market Neutral
Fund Class C, respectively, through April 30, 2004. On April 15, 2004,
the Adviser extended such contractual waivers and reimbursements
through October 31, 2004, and limited operating expenses to 4.00% and
4.65% for the Long-Short Fund Class A and Class C shares,
respectively, through October 31, 2004. The Adviser is entitled to
recoup from the Funds amounts waived or reimbursed for a period of up
to three years from the date such amounts were waived or reimbursed,
provided the Funds' expenses, including such recouped amounts, do not
exceed the stated expense limitations. At April 30, 2004, amounts that
are subject to potential recoupment are as follows:

Recoverable Through Focus Fund Balanced Fund
------------------- ---------- -------------
\ October 31, 2006 $ 35,545 $ 60,236
October 31, 2007 $ 37,167 $ 43,771

Recoverable Through Long-Short Fund Market Neutral Fund
------------------- --------------- -------------------
October 31, 2006 $ -- $ 54,842
October 31, 2007 $ 4,591 $ 4,822

During the period ended April 30, 2004, the Focus Fund, Balanced Fund,
Long-Short Fund and Market Neutral Fund paid $56,252, $16,343,
$204,115 And $276,489 in brokerage commissions, respectively, to CIM
Securities, LLC an affiliate of the Adviser, on the purchase and sale
of portfolio securities.

36 Choice Semi-Annual Report

(4) Distribution Plan
CIM Securities, LLC (CIM), an affiliate of the Adviser, is the
distributor of the Funds' shares. The Funds have adopted a
Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940
Act. The Plan authorizes payments by the Funds in connection with the
distribution of its shares and certain shareholder and related
services at an annual rate, as determined from time to time by the
Board of Trustees. Under this Plan, the Funds' Class A shares and
Class C shares of the Focus Fund and Balanced Fund pay up to 0.25% and
0.75% of each class's average daily net assets, respectively, for
distribution services. The Class A shares and Class C shares of the
Long-Short Fund and Market Neutral Fund pay up to 0.35% and 0.75% of
each class's average daily net assets, respectively, for distribution
services. The Class C shares pay up to 0.25% of each Fund's average
daily net assets for shareholder related activities. For the six
months ended April 30, 2004, the Funds incurred 12b-1 fees of $7,036,
$2,893, $22,488, $3,930, $15,253, and $12,700 for the Focus Fund Class
A shares, Balanced Fund Class A shares, Long-Short Fund Class A
shares, Long-Short Fund Class C shares, Market Neutral Fund Class A
shares and Market Neutral Fund Class C shares, respectively.

As distributor, CIM received commissions of $19, $55, $34, and $588
for sales of shares of Focus Fund Class A, Balanced Fund Class A,
Long-Short Fund Class A, and Market Neutral Fund Class A,
respectively. CIM also received contingent deferred sales charges of
$3,265 for the Market Neutral Fund Class C.

(5) CAPITAL SHARE TRANSACTIONS
Transactions in Class A shares of the Funds for the six months ended
April 30, 2004 were as follows:

MARKET
FOCUS BALANCED LONG-SHORT NEUTRAL
FUND FUND FUND FUND

Shares sold 808,439 619,634 588,903 645,880
Shares redeemed (419,887) (381,776) (1,119,202) (849,532)
-------- -------- ---------- --------
Net Increase (Decrease) 388,552 237,858 (530,299) (203,652)
======== ======== ========== ========

Transactions in Class C shares of the Funds for the six months ended
April 30, 2004 were as follows:

MARKET
FOCUS BALANCED LONG-SHORT NEUTRAL
FUND FUND FUND FUND

Shares sold 1 1 -- 77,543
Shares redeemed -- -- (10,427) (64,092)
-------- -------- ---------- --------
Net Increase (Decrease) 1 1 (10,427) 13,451
======== ======== ========== ========
* Commenced operations on March 2, 2004.

Transactions in Class A shares of the Funds for the year ended October
31, 2003 were as follows:

MARKET
FOCUS BALANCED LONG-SHORT NEUTRAL
FUND FUND FUND FUND

Shares sold 2,933,668 7,225 85,536 1,047,546
Shares issued to
holders in
reinvestment
of distributions -- 614 -- --
Shares redeemed (2,862,802) (98,128) (65,424) (164,907)
---------- -------- ---------- --------
Net Increase (Decrease) 70,866 (90,289) 20,112 882,639
========== ======== ========== ========

Transactions in Class C shares of the Funds for the year ended October
31, 2003 were as follows:

MARKET
LONG-SHORT NEUTRAL
FUND FUND

Shares sold 14,169 228,540
Shares redeemed (194,085) (492)
-------- -------
Net Increase (Decrease) (179,916) 228,048
======== =======

Choice Semi-Annual Report 37

(6) INVESTMENT TRANSACTIONS
The aggregate purchases and sales of securities, excluding short-term
investments, for the Funds for the six months ended April 30, 2004
were as follows:

MARKET NEUTRAL
FOCUS FUND BALANCED FUND LONG-SHORT FUND FUND

Purchases $20,909,964 $7,460,658 $52,588,367 $62,472,008
Sales $21,985,731 $7,180,301 $54,148,877 $64,833,088

(7) FEDERAL INCOME TAX INFORMATION
At April 30, 2004, the cost of securities on a tax basis and gross
unrealized appreciation (depreciation) on investments for federal
income tax purposes were as follows:

MARKET NEUTRAL
FOCUS FUND BALANCED FUND LONG-SHORT FUND FUND

Cost of Investments $6,174,198 $4,093,005 $5,640,448 $6,342,317
========== ========== ========== ==========
Gross Unrealized
Appreciation $1,869 $4,310 $96,411 $157,016
Gross Unrealized
(Depreciation) (403,306) (118,461) (510,396) (227,143)
--------- --------- --------- --------
Net Unrealized
Appreciation
on Investments $(401,437) $(114,151) $(413,985) $(70,127)
========== ========== ========== =========

As of October 31, 2003, the components of accumulated earnings
(deficit) on a tax basis were as follows:
MARKET NEUTRAL
FOCUS FUND BALANCED FUND LONG-SHORT FUND FUND
Undistributed
ordinary
income (loss) $ -- $ -- $(2,697) $ --
Net realized
capital losses (27,640,670) (8,391,176) (13,274,921) (75,079)
Net Unrealized
Appreciation 145,166 70,065 36,113 273,657
Total Accumulated
Deficit $(27,495,504) $(8,321,111) $(13,241,505) $198,578

The difference between cost amounts for financial statement and
federal income tax purposes is due primarily to timing differences in
recognizing certain gains and losses in security transactions.

Federal income tax capital loss carry forwards for the Focus Fund
expire as follows: $20,645,351 in 2009 and $6,017,459 in 2010. Federal
income tax capital loss carry forwards for the Balanced Fund expire as
follows: $287,388 in 2008, $4,867,551 in 2009 and $2,810,178 in 2010.
Federal income tax capital loss carry forwards for the Long-Short Fund
expire as follows: $10,097,960 in 2010. Federal income tax capital
loss carry forwards for the Market Neutral Fund expire as follows:
$75,079 in 2011. To the extent future gains are offset by capital loss
carry forwards, such gains will not be distributed.

The tax character of distributions paid during the fiscal year ended
October 31, 2003 were as follows:

Balanced Fund
-------------
Ordinary Income $ 4,167
Net Long-Term Capital Gains $ --

(8) Control Ownership
The beneficial ownership, either directly or indirectly, of more than
25% of the voting securities of a Fund creates presumption of control
of the Fund, under Section 2(a)9 of the Investment Company Act of
1940. As of April 30, 2004 McDonald Investment, Inc. held for the
benefit of others, in aggregate, more than 48% of the Focus Fund Class
A. As of April 30, 2004, FTC & Co. held more than 80% of the Balanced
Fund Class A and 49% of the Long-Short Fund. As of April 30, 2004, UBS
PaineWebber held more than 60% of the Long-Short Fund Class C.

38 Choice Semi-Annual Report

(This Page was intentionally left blank.)

Choice Semi-Annual Report 39

A CHOICE FOR ALL SEASONS

CHOICE LONG-SHORT FUND
INCEPTION 2/1/01

CLASS A SHARES:
- --------------- SEEKS LONG-TERM GROWTH
Ticker: CHLAX OF CAPITAL THROUGH ALL
CUSIP: 17037Q301 MARKET CONDITIONS.

CLASS C SHARES:
- ---------------
Ticker: CHLCX
CUSIP: 17037Q509

Minimum Initial Investment: $10,000
Fiscal Year End: October 31
Dividends Paid: Annually

CHOICE FOCUS FUND
INCEPTION 11/1/99

CLASS A SHARES: SEEKS CAPITAL APPRECIA-
- --------------- TION BY INVESTING PRI-
Ticker: CHFCX MARILY IN 20-30 SECURI-
CUSIP: 17037Q103 TIES OF COMPANIES THAT
THE PORTFOLIO MANAGER
CLASS C SHARES: BELIEVES HAVE SUPERIOR
- --------------- POTENTIAL FOR EARNINGS
Ticker: CFCCX GROWTH.
CUSIP: 17037Q806

Minimum Initial Investment: $2,500
Fiscal Year End: October 31
Dividends Paid: Annually

CHOICE MARKET NEUTRAL FUND
INCEPTION 3/31/03

CLASS A SHARES: SEEKS TO PRODUCE POSITIVE
- --------------- RETURNS WHILE REMAINING
Ticker: CHNAX MARKET NEUTRAL BY
CUSIP: 17037Q608 INVESTING ACTIVELY LONG
AND SHORT IN EQUITY SECU-
CLASS C SHARES: RITIES, GENERALLY BALANC-
- --------------- ING THE LONG AND SHORT
Ticker: CHNCX POSITIONS. THE FUND HAS
CUSIP: 17037Q707 A SECONDARY GOAL OF
PRESERVATION OF CAPITAL.

Minimum Initial Investment: $5,000
Fiscal Year End: October 31
Dividends Paid: Annually

CHOICE BALANCED FUND
INCEPTION 4/1/00

CLASS A SHARES: SEEKS CAPITAL APPRECIA-
- --------------- TION AND CURRENT
Ticker: CHBLX INCOME BY INVESTING
CUSIP: 17037Q202 PRIMARILY IN A DIVERSE
GROUP OF DOMESTIC EQUI-
CLASS C SHARES: TY AND FIXED INCOME
- --------------- SECURITIES.
Ticker: CHBCX
CUSIP: 17037Q889

Minimum Initial Investment: $2,500
Fiscal Year End: October 31
Dividends Paid: Quarterly

For additional information, or to receive a current prospectus that explains the
funds' investment objectives, risks, and charges and expenses, please visit our
website at www.choicefunds.net or call 1-800-392-7107. Please read the
prospectus carefully before investing.

[CHOICE LOGO]

Choice Funds o 5299 DTC Blvd o Suite 1150 o Greenwood Village o CO 80111
o 1-800-392-7107

WWW.CHOICEFUNDS.NET
NOT AUTHORIZED FOR DISTRIBUTION
UNLESS ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS.
CIM SECURITIES, LLC DISTRIBUTOR

ITEM 2. CODE OF ETHICS.
Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED COMPANIES.
Not applicable

ITEM 6. RESERVED.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES. .
Not applicable

ITEM 8. PURCHASE OF EQUITY SECURITIES BY CLOSED-END FUNDS.
Not applicable

ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable

ITEM 10. CONTROLS AND PROCEDURES.

(a) Based on their evaluation of the Disclosure Controls and Procedures as of a
date within 90 days of the filing date of this Report, the Registrant's
Principal Executive and Financial Officers have concluded that the Registrant's
Disclosure Controls and Procedures, which are designed to ensure that
information required to be disclosed on Form N-CSR is recorded, processed,
summarized and reported on a timely basis, and that information required to be
disclosed in the Report is communicated to the Registrant's management, as
appropriate, to allow timely decisions regarding required disclosure, are
effective.

(b) There were no significant changes in the registrant's internal control over
financial reporting that occurred during the registrant's last fiscal half-year
that have materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.

ITEM 11. EXHIBITS.
(a)(1) Not applicable

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002
(and Item 11(a)(2) of Form N-CSR) are filed and attached hereto as Exhibit
99.CERT.

(a)(3) Not applicable

(b) Certification required by Section 906 of the Sarbanes-Oxley Act of 2002 (and
Item 11(b) of Form N-CSR) is filed and attached hereto as Exhibit 99.906CERT.
..

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Choice Funds

By: /S/ PATRICK S. ADAMS
---------------------
Patrick S. Adams
Chief Executive Officer

Date JUNE 30, 2004
-----------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By: /S/ PATRICK S. ADAMS
--------------------
Patrick S. Adams
Chief Executive Officer

Date JUNE 30, 2004
--------------------------

By: /S/ GREGORY S. DROSE
--------------------
Gregory S. Drose
Chief Financial Officer

Date JUNE 30, 2004
------------------------