THE ADVISORS' INNER CIRCLE FUND
THE ARBOR FUND
THE EXPEDITION FUNDS
THE MDL FUNDS

CODE OF ETHICS
ADOPTED UNDER RULE 17J-1

The Advisors' Inner Circle Fund, The Arbor Fund, The Expedition Funds and The
MDL Funds (each a "Fund," and together, the "Funds") are confident that their
officers, Trustees and other persons involved with the Funds' business act with
integrity and good faith. The Funds recognize, however, that personal interests
may conflict with the Funds' interests where officers, Trustees and certain
other persons:

o Know about the Funds' present or future portfolio transactions; or

o Have the power to influence the Funds' portfolio transactions; and

o Engage in securities transactions in their personal account(s).

In an effort to prevent conflicts of interest from arising, and in accordance
with Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act"), each
Fund has adopted this Code of Ethics (the "Code") to address transactions and
conduct that may create conflicts of interest, establish reporting requirements,
and create enforcement procedures. Definitions of UNDERLINED terms used
throughout the Code are included in Appendix I.

I. ABOUT THIS CODE OF ETHICS

A. WHO IS COVERED BY THE CODE?

Each Fund's ACCESS PERSONS are covered under this Code. A Fund's
ACCESS PERSONS generally are:

o All Trustees of a Fund, both INTERESTED and INDEPENDENT;

o All FUND OFFICERS; and

o Natural persons in a CONTROL relationship to a Fund who obtain
information concerning recommendations about the PURCHASE OR SALE
of a security by a Fund ("Natural CONTROL Persons").

B. WHAT RULES APPLY TO ME?

o This Code sets forth specific prohibitions and restrictions. They
apply to all ACCESS PERSONS of a Fund except where otherwise
noted. The Code also sets out reporting requirements for ACCESS
PERSONS. For the reporting requirements that apply to you, please
refer to Parts A, B and C, as indicated below:

o Independent Trustees Part A

o Interested Trustees and Fund Officers Part B

o Natural CONTROL Persons Part C

II. STATEMENT OF GENERAL PRINCIPLES

In recognition of the trust and confidence placed in the Funds by
shareholders, and because each Fund believes that its operations should
benefit its shareholders, each Fund has adopted the following
principles to be followed by its ACCESS PERSONS:

A. The interests of the Fund's shareholders are paramount. You must
place shareholder interests before your own.

B. You must accomplish all personal securities transactions in a
manner that avoids any conflict between your personal interests
and the interests of the Fund or its shareholders.

C. You must avoid actions or activities that allow you or your family
to benefit from your position with the Fund, or that bring into
question your independence or judgment.

III. GENERAL PROHIBITION AGAINST FRAUD, DECEIT AND MANIPULATION

EACH FUND'S ACCESS PERSONS may not, in connection with the purchase or
sale, directly or indirectly, of a SECURITY HELD OR TO BE ACQUIRED by
the Fund:

A. Employ any device, scheme or artifice to defraud the Fund;

B. Make to the Fund any untrue statement of a material fact or omit
to state to the Fund a material fact necessary in order to make
the statements made, in light of the circumstances under which
they are made, not misleading;

C. Engage in any act, practice or course of business that operates or
would operate as a fraud or deceit upon the Fund; or

D. Engage in any manipulative practice with respect to the Fund.

IV. PROHIBITIONS AND RESTRICTIONS FOR ACCESS PERSONS
(not applicable to INDEPENDENT TRUSTEES)

A. BLACKOUT PERIOD ON PERSONAL SECURITIES TRANSACTIONS.

This restriction applies to: (i) ACCESS PERSONS who, in connection
with their regular duties, make, participate in, or obtain
information regarding the PURCHASE OR SALE OF SECURITIES by the
Fund or whose functions relate to the making of any
recommendations with respect to the PURCHASES OR SALES and
(ii) Natural CONTROL Persons.

These persons may not PURCHASE OR SELL, directly or indirectly,
any SECURITY in which they have (or by reason of such transaction
acquire) any BENEFICIAL OWNERSHIP ON THE SAME DAY as the same (or
a related) SECURITY IS BEING PURCHASED OR SOLD by the Fund (or any
series thereof).

B. PRE-APPROVAL FOR IPOS AND LIMITED OFFERINGS.

This restriction applies to: (i) ACCESS PERSONS who, in connection
with their duties, make or participate in making recommendations
regarding THE PURCHASE OR SALE OF any securities by a Fund and
(ii) Natural CONTROL Persons. These persons must obtain approval
from the Review Officer (as defined in Section VI below) before
directly or indirectly acquiring BENEFICIAL OWNERSHIP of any
securities in an IPO or LIMITED OFFERING.

C. LIMITS ON ACCEPTING OR RECEIVING GIFTS.

ACCESS PERSONS cannot accept or receive any gift of more than
DE MINIMIS value from any person or entity in connection with the
Fund's (or any series thereof) entry into a contract, development
of an economic relationship, or other course of dealing by or on
behalf of the Fund.

V. REPORTING REQUIREMENTS

ACCESS PERSONS of each Fund must comply with the reporting requirements
set forth in Parts A-C (attached), with the exception of those ACCESS
PERSONS reporting subject to Section VIII of this Code.

VI. REVIEW AND ENFORCEMENT OF THE CODE

A. APPOINTMENT OF A REVIEW OFFICER.

Each Fund's President shall appoint a review officer ("Review
Officer") to perform the duties described below.

B. THE REVIEW OFFICER'S DUTIES AND RESPONSIBILITIES.

1. The Review Officer shall notify each person who
becomes an ACCESS PERSON of the Fund and who is
required to report under this Code of Ethics of their
reporting requirements NO LATER THAN 10 days before
the first quarter in which such person is required to
begin reporting.

2. The Review Officer will, on a quarterly basis,
compare all reported personal securities transactions
with the Fund's completed portfolio transactions and
a list of SECURITIES that were BEING CONSIDERED FOR
PURCHASE OR SALE by the Fund's investment adviser(s)
during the period to determine whether a Code
violation may have occurred. Before determining that
a person has violated the Code, the Review Officer
must give the person a reasonable opportunity to
supply explanatory material.

3. If the Review Officer finds that a material Code
violation has occurred, or believes that a material
Code violation may have occurred, the Review Officer
must submit a written report regarding the possible
violation, together with the confidential report and
any explanatory material provided by the person, to
the President. The President will determine whether
the person violated the Code and may consult legal
counsel for the Fund in making this determination, as
necessary.

4. No person is required to participate in a
determination of whether he or she has committed a
Code violation or discuss the imposition of any
sanction against himself or herself.

5. The Review Officer will submit his or her own
reports, as may be required pursuant to Parts A-C
(attached), to an Alternate Review Officer who shall
fulfill the duties of the Review Officer with respect
to the Review Officer's reports.

6. The Review Officer will create a written report
detailing any approval(s) granted to ACCESS persons
for the acquisition of securities offered in
connection with an IPO or LIMITED OFFERING. The
report must include the rationale supporting any
decision to approve such an acquisition.

C. RESOLUTION; SANCTIONS.

If the President determines that a person has violated the
Code pursuant to paragraph B. (3) above, the President will
impose upon the person a resolution of the situation and/or
sanctions that the President deems appropriate. The President
will submit the resolution, with a report of the violation, to
the Board at the next regularly scheduled Board meeting
unless, in the President's sole discretion, circumstances
warrant an earlier report.

VII. ANNUAL WRITTEN REPORTS TO THE BOARD

At least annually, the Review Officer, investment adviser(s) (including
any sub-advisers), and principal underwriter(s) (if required) will
provide WRITTEN reports to the Funds' Board of Trustees as follows:

A. ISSUES ARISING UNDER THE CODE. The reports must describe any
issue(s) that arose during the previous year under the codes
or procedures thereto, including any material code or
procedural violations, and any resulting sanction(s). The
Review Officer, President, investment adviser(s) (including
any sub-advisers) and principal underwriter(s) may report to
the Board more frequently as they deem necessary or appropriate
and shall do so as requested by the Board.

B. The Review Officer, President, investment adviser(s) (including
any sub-advisers) and principal underwriter(s) may report to the
Board more frequently as they deem necessary or appropriate and
shall do so as requested by the Board.

C. CERTIFICATION. Each report must be accompanied by a certification
to the Board that each Fund, investment adviser(s) (including any
sub-advisers) and principal underwriter(s) have adopted procedures
reasonably necessary to revent their ACCESS PERSONS from violating
their code of ethics.

VIII. INTERRELATIONSHIP WITH OTHER CODES OF ETHICS

A. GENERAL PRINCIPLE: OVERLAPPING RESPONSIBILITIES.

A person who is both an ACCESS PERSON of a Fund and an ACCESS
PERSON of an investment adviser to or principal underwriter
for the Fund is only required to report under and otherwise
comply with the investment adviser's or principal underwriter's
code of ethics, provided such code has been adopted pursuant to
and in compliance with Rule 17j-1. Such report will satisfy any
reporting obligations under this Code. These ACCESS PERSONS,
however, remain subject to the principles and prohibitions in
Sections II and III hereof.

B. OVERLAP WITH ADMINISTRATOR'S CODE OF ETHICS.

ACCESS PERSONS of a Fund seeking to comply with the reporting
and other requirements in an administrator's code of ethics in
lieu of those in this Code must obtain prior approval from the
Review Officer. If approval is granted, such report will satisfy
any reporting obligations under this Code. However, such ACCESS
PERSONS shall remain subject to the principles and prohibitions in
Sections II and III, hereof; and the administrator must comply
with this Section VIII, hereof and paragraph C, below.

C. PROCEDURES.

Each such investment adviser, principal underwriter and
administrator of the Fund must:

1. Submit to the Board of Trustees of the Fund a copy of
its code of ethics adopted pursuant to or in compliance
with Rule 17j-1;

2. Promptly furnish to the Fund, upon request, copies of
any reports made under its code of ethics by any
person who is also covered by the Fund's Code; and

3. Promptly report to the Fund in writing any material
amendments to its code of ethics, along with the
certification described under Section VII.C., above.

IX. RECORDKEEPING

Each Fund will maintain the following records in accordance with Rule
31a-2 under the 1940 Act and the following requirements. They will be
available for examination by representatives of the Securities and
Exchange Commission and other regulatory agencies.

A. A copy of this Code and any other code adopted by the Fund,
which is, or at any time within the past five years has been,
in effect will be preserved in an easily accessible place.

B. A record of any material Code violation and of any sanctions
taken will be preserved in an easily accessible place for a
period of at least five years following the end of the fiscal
year in which the violation occurred.

C. A copy of each Quarterly Transaction Report, Initial Holdings
Report, and Annual Holdings Report submitted under this Code,
including any information provided in lieu of any such reports
made under the Code (SEE Parts A-C for more information about
reporting), will be preserved for a period of at least five
years from the end of the fiscal year in which it is made, for
the first two years in an easily accessible place.

D. A record of all persons, currently or within the past five
years, who are or were required to submit reports under this
Code, or who are or were responsible for reviewing these
reports, will be maintained in an easily accessible place.

E. A copy of each annual report required by Section VII of this
Code must be maintained for at least five years from the end
of the fiscal year in which it is made, for the first two
years in any easily accessible place.

F. A record of any decision, and the reasons supporting the
decision, to approve the acquisition of securities acquired in
an IPO or LIMITED OFFERING.

X. MISCELLANEOUS

A. CONFIDENTIALITY.

All reports and other information submitted to the Fund pursuant
to this Code will be treated as confidential to the maximum extent
possible, provided that such reports and information may be
produced to the Securities and Exchange Commission and other
regulatory agencies and to persons who have a need to know for
purposes of administering this Code.

B. INTERPRETATION OF PROVISIONS.

The Board of Trustees may from time to time adopt such
interpretations of this Code as it deems appropriate.

C. COMPLIANCE CERTIFICATION.

Within 10 days of becoming an ACCESS PERSON of the Fund, and each
year thereafter, each such person must complete the Compliance
Certification, attached as Appendix V.

Adopted this 13th day of November, 1995.
Revised November 11, 1996.
Revised February 18, 1997.
Revised November 16, 1998.
Revised February 23, 2000.
Revised November 23, 2000.
Revised November 13, 2001.

THE ADVISORS' INNER CIRCLE FUND
THE ARBOR FUND
THE EXPEDITION FUNDS
THE MDL FUNDS

PART A - INDEPENDENT TRUSTEES

I. QUARTERLY TRANSACTION AND ACCOUNT REPORTS

A. Subject to Section II. (B) below, each quarter, you must
report all of your SECURITIES transactions effected, as well
as any securities accounts you established, during the
quarter. You must submit your report to the Review Officer no
later than 10 days after the end of each calendar quarter. A
Quarterly Personal Securities Transactions Report Form is
included as Appendix II.

B. If you had no reportable transactions and did not open any
securities accounts during the quarter, you are still required
to submit a report. Please note on your report that you had no
reportable items during the quarter, and return it, signed and
dated.

C. You need not submit a quarterly report if the report would
duplicate information in broker trade confirmations or account
statements received by the Fund, provided that all required
information is contained in the broker trade confirmations or
account statements and is received by the Review Officer NO
LATER THAN 10 days after the end of the calendar quarter.
Please see the Review Officer for more information about this
reporting mechanism.

II. WHAT MUST BE INCLUDED IN YOUR QUARTERLY REPORTS?

A. You must report all transactions in SECURITIES that: (i) you
directly or indirectly BENEFICIALLY OWN or (ii) because of the
transaction, you acquire direct or indirect BENEFICIAL
OWNERSHIP. In addition, you must also report any account you
established during the quarter in which any securities were
held for your direct or indirect benefit.

B. Notwithstanding Section I above, reports of individual
SECURITIES transactions are required only if you KNEW at the
time of the transaction, or in the ordinary course of
fulfilling your official duties as a Trustee SHOULD HAVE
known, that during the 15-day period immediately preceding or
following the date of your transaction, the same SECURITY was
purchased or sold, or was BEING CONSIDERED FOR PURCHASE OR
SALE, by the Fund (or any series thereof). Also
notwithstanding Section I above, you are required to report
the opening of a securities account only if the account holds
or held securities that are the subject of a report required
under this paragraph B.

A-1

The "SHOULD HAVE KNOWN" standard does not:

o imply a duty of inquiry;

o presume you should have deduced or extrapolated from
discussions or memoranda dealing with the Fund's (or a series)
investment strategies; or

o impute knowledge from your awareness of the Fund's (or a series)
portfolio holdings, market considerations, or investment policies,
objectives and restrictions.

III. WHAT MAY BE EXCLUDED FROM YOUR QUARTERLY REPORTS?

You are not required to detail or list the following items on your
quarterly report:

A. Securities accounts, as well as purchases or sales effected
for or SECURITIES held in any account, over which you have no
direct or indirect influence or control;

B. Purchases you made solely with the dividend proceeds received
in a dividend reinvestment plan or that are part of an
automatic payroll deduction plan, where you purchased a
SECURITY issued by your employer;

C. Purchases effected on the exercise of rights issued by an
issuer PRO RATA to all holders of a class of its Securities,
as long as you acquired these rights from the issuer, and
sales of such rights;

D. Purchases or sales which are non-volitional, including
purchases or sales upon the exercise of written puts or calls
and securities sold at a broker's discretion from a margin
account pursuant to a BONA FIDE margin call; and

(E) Purchases or sales of any of the following securities:

o Direct obligations of the U.S. government;

o Bankers' acceptances, bank certificates of deposit,
commercial paper and HIGH QUALITY SHORT-TERM DEBT
INSTRUMENTS, including repurchase agreements; and

o Shares issued by registered, open-end investment companies.

You may include a statement in your report that the report shall not be
construed as your admission that you have any direct or indirect BENEFICIAL
OWNERSHIP in the SECURITY included in the report.

A-2

THE ADVISORS' INNER CIRCLE FUND
THE ARBOR FUND
THE EXPEDITION FUNDS
THE MDL FUNDS

PART B - INTERESTED TRUSTEES AND FUND OFFICERS

I. REQUIRED REPORTS

A. INITIAL HOLDINGS REPORT.

You must submit a listing of all SECURITIES you BENEFICIALLY
OWN, as well as all of your securities accounts, as of the
date you first become subject to this Code's reporting
requirements. You must submit this list to the Review Officer
within 10 days of the date you first become subject to this
Code's reporting requirements. An Initial Holdings Report Form
is attached as Appendix III.

B. ANNUAL HOLDINGS REPORT.

Each year, you must submit to the Review Officer a listing of
all SECURITIES you BENEFICIALLY OWN, as well as all of your
securities accounts. Your list must be current as of a date no
more than 30 days before you submit the report. An Annual
Holdings Report Form is attached as Appendix IV.

C. QUARTERLY TRANSACTION AND ACCOUNT REPORTS.

1. Each quarter, you must report all of your SECURITIES
transactions effected, as well as any securities
accounts you established, during the quarter. You
must submit your report to the Review Officer NO
LATER THAN 10 days after the end of each calendar
quarter. A Quarterly Personal Securities Transactions
Report Form is included as Appendix II.

2. If you had no reportable transactions and did not
open any securities accounts during the quarter, you
are still required to submit a report. Please note on
your report that you had no reportable items during
the quarter, and return it, signed and dated.

3. You need not submit a quarterly report if the report
would duplicate information contained in broker trade
confirmations or account statements received by the
Fund, provided that all required information is
contained in the broker trade confirmations or
account statements and is received by the Review
Officer NO LATER THAN 10 days after the end of the
calendar quarter. Please see the Review Officer for
more information about this reporting mechanism.

B-1

II. WHAT MUST BE INCLUDED IN YOUR REPORTS?

You must report all transactions in SECURITIES that: (i) you directly
or indirectly BENEFICIALLY OWN; or (ii) because of the transaction, you
acquire direct or indirect BENEFICIAL OWNERSHIP. In addition, you must
also report all of your accounts in which any securities were held for
your direct or indirect benefit.

III. WHAT MAY BE EXCLUDED FROM YOUR REPORTS?

You are not required to detail or list the following items on your
reports:

A. Securities accounts, as well as purchases or sales effected
for or SECURITIES held in any account, over which you have no
direct or indirect influence or control;

E. Purchases or sales of any of the following securities:

o Direct obligations of the U.S. government;

o Bankers' acceptances, bank certificates of deposit, commercial
paper and HIGH QUALITY SHORT-TERM DEBT INSTRUMENTS, including
repurchase agreements; and

o Shares issued by registered, open-end investment companies.

You may include a statement in your report that the report shall not be
construed as your admission that you have any direct or indirect
BENEFICIAL OWNERSHIP in the SECURITY included in the report.

B-2

THE ADVISORS' INNER CIRCLE FUND
THE ARBOR FUND
THE EXPEDITION FUNDS
THE MDL FUNDS

PART C - NATURAL CONTROL PERSONS

I. REQUIRED REPORTS

A. INITIAL HOLDINGS REPORT.

B. ANNUAL HOLDINGS REPORT.

C. QUARTERLY TRANSACTION AND ACCOUNT REPORTS.

C-1

II. WHAT MUST BE INCLUDED IN YOUR REPORTS?

III. WHAT MAY BE EXCLUDED FROM YOUR REPORTS?

You are not required to detail or list the following items on your
reports:

A. Securities accounts, as well as purchases or sales effected
for or SECURITIES held in any account, over which you have no
direct or indirect influence or control;

E. Purchases or sales of any of the following securities:

o Direct obligations of the U.S. government;

o Bankers' acceptances, bank certificates of deposit,
commercial paper and HIGH QUALITY SHORT-TERM DEBT
INSTRUMENTS, including repurchase agreements; and

o Shares issued by registered, open-end investment companies.

You may include a statement in your report that the report shall not be
construed as your admission that you have any direct or indirect BENEFICIAL
OWNERSHIP in the SECURITY included in the report.

C-2

APPENDIX I

THE ADVISORS' INNER CIRCLE FUND
THE ARBOR FUND
THE EXPEDITION FUNDS
THE MDL FUNDS

DEFINITIONS

GENERAL NOTE

THE DEFINITIONS AND TERMS USED IN THIS CODE OF ETHICS ARE
INTENDED TO MEAN THE SAME AS THEY DO UNDER THE 1940 ACT AND
THE OTHER FEDERAL SECURITIES LAWS. IF A DEFINITION
HEREUNDER CONFLICTS WITH THE DEFINITION IN THE 1940 ACT OR
OTHER FEDERAL SECURITIES LAWS, OR IF A TERM USED IN THIS
CODE IS NOT DEFINED, YOU SHOULD FOLLOW THE DEFINITIONS AND
MEANINGS IN THE 1940 ACT OR OTHER FEDERAL SECURITIES LAWS,
AS APPLICABLE.

ACCESS PERSON means:

o any Trustee or officer of a Fund;

o any employee of a Fund (or of any company in a control
relationship to a Fund) who, in connection with his or her regular
functions or duties, makes, participates in, or obtains
information regarding the PURCHASE OR SALE of SECURITIES by a Fund
or whose functions relate to the making of any recommendations
with respect to the purchases or sales; and

o any natural person in a CONTROL relationship to a Fund who obtains
information concerning recommendations made to a Fund with regard
to the PURCHASE OR SALE of securities by a Fund.

NOTE: Persons who are ACCESS PERSONS of a Fund because of their
position with the Fund or with that Fund's adviser or sub-adviser, will
generally not be considered ACCESS PERSONS of another Fund, unless they
satisfy the criteria described above with respect to that particular
Fund, E.G., an ACCESS PERSON of one Fund covered by this joint Code is
not automatically considered an ACCESS PERSON of another Fund covered
by this Code.

BENEFICIAL OWNERSHIP means the same as it does under Section 16 of the
Securities Exchange Act of 1934 and Rule 16a-1(a)(2) thereunder. You should
generally consider yourself the "beneficial owner" of any securities in which
you have a direct or indirect pecuniary interest. In addition, you should
consider yourself the beneficial owner of securities held by your spouse, your
minor children, a relative who shares your home, or other persons by reason of
any contract, arrangement,

I-1

understanding or relationship that provides you with sole or shared voting or
investment power.

CONTROL means the same as it does under Section 2(a)(9) of the 1940 Act. Section
2(a)(9) provides that "control" means the power to exercise a controlling
influence over the management or policies of a company, unless such power is
solely the result of an official position with such company.

Ownership of more than 25% of a company's outstanding voting securities is
presumed to give the holder of such securities control over the company. The SEC
may determine, however, that the facts and circumstances of a given situation
that may counter this presumption.

FUND OFFICERS means any person lawfully elected by the Board of Trustees and
authorized to act on behalf of the Fund. Additional information regarding the
Funds' officers may be found in each Fund's Statement of Additional Information,
respectively.

HIGH QUALITY SHORT-TERM DEBT INSTRUMENT means any instrument that has a maturity
at issuance of less than 366 days and that is rated in one of the two highest
rating categories by a nationally recognized statistical rating organization
(E.G., Moody's Investors Service).

INDEPENDENT TRUSTEE means a Trustee of the Fund who is not an "interested
person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act. As
of November 13, 2001, the Fund's INDEPENDENT TRUSTEES are:

John T. Cooney
Robert A. Patterson
Eugene B. Peters
James M. Storey
George J. Sullivan, Jr.

IPO (I.E., initial public offering) means an offering of securities registered
under the Securities Act of 1933, the issuer of which, immediately before
registration, was not subject to the reporting requirements of Section 13 or
Section 15(d) of the Securities Exchange Act of 1934.

INTERESTED TRUSTEE means a Trustee of the Fund who is an "interested person" of
the Fund within the meaning of Section 2(a)(19) of the 1940 Act. As of November
13, 2001, the Fund's interested Trustees are:
William M. Doran
Robert A. Nesher

LIMITED OFFERING means an offering that is exempt from registration under the
Securities Act of 1933 pursuant to Section 4(2), Section 4(6), Rule 504, Rule
505 or Rule 506 (E.G., private placements).

PURCHASE OR SALE of a SECURITY includes, among other things, the writing of an
option to purchase or sell a SECURITY.

I-2

SECURITY means the same as it does under Section 2(a)(36) of the 1940 Act,
except that it does not include direct obligations of the U.S. government,
bankers' acceptances, bank certificates of deposit, commercial paper, HIGH
QUALITY SHORT-TERM DEBT INSTRUMENTS, including repurchase agreements, or shares
issued by registered, open-end investment companies.

A SECURITY HELD OR TO BE ACQUIRED by the Fund means: (A) any SECURITY that
within the most recent 15 days (i) is or has been held by the Fund; or (ii) is
BEING OR HAS BEEN CONSIDERED by the Fund's adviser for purchase by the Fund; and
(B) any option to purchase or sell, and any security convertible into or
exchangeable for, any SECURITY described in (A) of this definition.

A SECURITY is BEING PURCHASED OR SOLD by the Fund from the time a purchase or
sale program has been communicated to the person who places buy and sell orders
for the Fund until the program has been fully completed or terminated.

A SECURITY is BEING CONSIDERED FOR PURCHASE by the Fund when a SECURITY is
identified as such by the investment adviser to the Fund.

I-3

APPENDIX II

THE ADVISORS' INNER CIRCLE FUND
THE ARBOR FUND
THE EXPEDITION FUNDS
THE MDL FUNDS

QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT

Name of Reporting Person: ___________________________
Calendar Quarter Ended: ___________________________
Date Report Due: ____________________10, ___
Date Report Submitted: ___________________________

SECURITIES TRANSACTIONS
- --------------------------------------------------------------------------------------------------------------
Principal
Name of Issuer No. of Amount, Maturity Name of Broker,
and Shares Date and Dealer or Bank
Date of Title of (if Interest Rate Type of Effecting
Transaction Security applicable) (if applicable) Transaction Price Transaction

- --------------------------------------------------------------------------------------------------------------

If you have no securities transactions to report for the quarter, please check
here. |_|

If you do not want this report to be construed as an admission that you have
beneficial ownership of one or more securities reported above, please describe
below and indicate which securities are at issue.
- --------------------------------------------------------------------------------

SECURITIES ACCOUNTS

If you established a securities account during the quarter, please provide the
following information:

- --------------------------------------------------------------------------------------------------------------

Name of Broker, Dealer or Bank Date Account was Established Name(s) on and Type of Account

- --------------------------------------------------------------------------------------------------------------

If you did not establish a securities account during the quarter, please check
here. |_|

I CERTIFY THAT I HAVE INCLUDED ON THIS REPORT ALL SECURITIES TRANSACTIONS AND
ACCOUNTS REQUIRED TO BE REPORTED PURSUANT TO THE CODE OF ETHICS.

II-1

___________________________ _____________________

Signature Date

II-2

APPENDIX III

THE ADVISORS' INNER CIRCLE FUND
THE ARBOR FUND
THE EXPEDITION FUNDS
THE MDL FUNDS

INITIAL HOLDINGS REPORT

Name of Reporting Person: ____________________________
Date Person Became Subject to the
Code's Reporting Requirements: ____________________________
Information in Report Dated as of: ____________________________ [NOTE: Date
person became
subject and as
of date should
be the same.]
Date Report Due: ____________________________
Date Report Submitted: ____________________________

SECURITIES HOLDINGS
- --------------------------------------------------------------------------------------------------------------
Name of Issuer and No. of Shares Principal Amount, Maturity Date and
Title of Security (if applicable) Interest Rate (if applicable)

- --------------------------------------------------------------------------------------------------------------

If you have no securities holdings to report, please check here. |_|

- --------------------------------------------------------------------------------

SECURITIES ACCOUNTS

If you established a securities account during the quarter, please provide the
following information:
- --------------------------------------------------------------------------------------------------------------

Name of Broker, Dealer or Bank Name(s) on and Type of Account

- --------------------------------------------------------------------------------------------------------------

If you have no securities accounts to report, please check here. |_|

I CERTIFY THAT I HAVE INCLUDED ON THIS REPORT ALL SECURITIES HOLDINGS AND
ACCOUNTS REQUIRED TO BE REPORTED PURSUANT TO THE CODE OF ETHICS.

III-1

- ----------------------------- -----------------------
Signature Date
III-2

APPENDIX IV

THE ADVISORS' INNER CIRCLE FUND
THE ARBOR FUND
THE EXPEDITION FUNDS
THE MDL FUNDS

ANNUAL HOLDINGS REPORT

Name of Reporting Person: ________________________
Information in Report Dated as of: ________________________ [NOTE: Information
should be dated no
more than 30 days
before report is
submitted.]
Date Report Due: ________________________
Date Report Submitted: ________________________
Calendar Year Ended: December 31, ____

- --------------------------------------------------------------------------------------------------------------

If you have no securities holdings to report, please check here. |_|

SECURITIES ACCOUNTS

Name of Broker, Dealer or Bank Name(s) on and Type of Account

- ------------------------------------------------------------------------------------------------------

If you have no securities accounts to report, please check here. |_|

I CERTIFY THAT I HAVE INCLUDED ON THIS REPORT ALL SECURITIES HOLDINGS AND
ACCOUNTS REQUIRED TO BE REPORTED PURSUANT TO THE CODE OF ETHICS.

IV-1

- ---------------------------- -----------------------
Signature Date

IV-2

APPENDIX V

THE ADVISORS' INNER CIRCLE FUND
THE ARBOR FUND
THE EXPEDITION FUNDS
THE MDL FUNDS

COMPLIANCE CERTIFICATION
- ------------------------------------------------------------------------

INITIAL CERTIFICATION

Signature:
Name:
_______________________________________(Please print)
Date Submitted:
Date Due: _______________________________________
- --------------------------------------------------------------------------------

ANNUAL CERTIFICATION

I CERTIFY THAT I: (I) HAVE RECEIVED, READ AND REVIEWED THE FUND'S CODE
OF ETHICS;
(II) UNDERSTAND THE POLICIES AND PROCEDURES IN THE
CODE;
(III) RECOGNIZE THAT I AM SUBJECT TO SUCH POLICIES
AND PROCEDURES;
(IV) UNDERSTAND THE PENALTIES FOR NON-COMPLIANCE;
(V) HAVE COMPLIED WITH THE FUND'S CODE OF ETHICS
AND ANY APPLICABLE REPORTING REQUIREMENTS
DURING THIS PAST YEAR;
(VI) HAVE FULLY DISCLOSED ANY EXCEPTIONS TO MY
COMPLIANCE WITH THE CODE BELOW;
(VII) WILL FULLY COMPLY WITH THE FUND'S CODE OF
ETHICS; AND
(VI) HAVE FULLY AND ACCURATELY COMPLETED THIS
CERTIFICATE.

EXCEPTION(S):

Signature:
Name: _______________________________________
Date Submitted:
Date Due: _______________________________________

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