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SIGNATURE DAVID LEE
TITLE PRESIDENT
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Board of Trustees
The Expedition Funds:
In planning and performing our audit of the financial
statements of Expedition Funds for the period ended
October 31, 1997, we considered its internal control,
including controls over safeguarding securities, in
order to determine our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements
of Form N-SAR, not to provide assurance on
internal control.
The management of Expedition Funds is
responsible for establishing and maintaining
internal control. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits and related
costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective
of preparing financial statements for external
purposes that are fairly presented in conformity
with generally accepted accounting principles.
Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control,
errors or irregularities may occur and not be
detected. Also, projection of any evaluation of
internal control to future periods is subject to the
risk that it may become inadequate because of
changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of any
specific internal control component does not reduce
to a relatively low level the risk that errors or
irregularities in amounts that would be material in
relation to the financial statements being audited
may occur and not be detected within a timely
period by employees in the normal course of
performing their assigned functions. However,
we noted no matters involving internal control,
including controls over safeguarding securities,
that we consider to be material weaknesses as
defined above as of October 31, 1997.
This report is intended solely for the information
and use of management, the Board of Trustees
and the Securities and Exchange Commission.
DELOITTE & TOUCHE LLP
Princeton, New Jersey
December 5, 1997
