<PAGE>
As filed with the Securities and Exchange Commission on December 15, 1997
File No. 33-30950
File No. 811-5900
- -----------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 [_]
POST-EFFECTIVE AMENDMENT NO. 27 [X]
and
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 [_]
AMENDMENT NO. 24 [X]
THE EXPEDITION FUNDS
(Exact name of registrant as specified in charter)
c/o CT Corporation
2 Oliver Street
Boston, Massachusetts 02109
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code (800) 342-5734
David G. Lee
c/o SEI Investments Company
Oaks, Pennsylvania 19456
(Name and Address of Agent for Service)
Copies to:
Richard W. Grant, Esq. John H. Grady, Jr., Esq.
Morgan, Lewis & Bockius LLP Morgan, Lewis & Bockius LLP
2000 One Logan Square 1800 M Street, NW
Philadelphia, PA 19103 Washington, D.C. 20036
It is proposed that this filing become effective (check appropriate box)
/X/ immediately upon filing pursuant to paragraph (b)
/ / on [date] 1997 pursuant to paragraph (b)
/ / 60 days after filing pursuant to paragraph (b)
/ / 75 days after filing pursuant to paragraph (a)
/ / on [date] pursuant to paragraph (a) of Rule 485.
<PAGE>
THE EXPEDITION FUNDS
CROSS REFERENCE SHEET
N-1A Item No. Location
- ------------- --------
PART A: The Expedition Equity Fund and
- ------ The Expedition Bond Fund
Item 1. Cover Page Cover Page
Item 2. Synopsis Summary of Fund
Expenses
Item 3. Condensed Financial Information Financial Highlights
Item 4. General Description of Registrant General Information;
Investment Information --
Investment Objectives,
Investment Policies, General
Investment Policies,
Investment Limitations
Item 5. Management of the Fund Management of the Fund--
Fund Information
Board of Trustees,
Investment Adviser,
Advisory Fees,
Adviser's Background;
Distribution of Funds
Shares--
Distribution Plan;
Shareholder Servicing
Arrangements
Item 5A. Management's Discussion of **
Fund Performance
Item 6. Capital Stock and Other General Information;
Securities Shareholder Information--
Voting Rights
1
<PAGE>
Item 7. Purchase of Securities Being Investing in Shares --
Offered Share Purchases,
What Shares Cost,
Shareholder
Item 8. Redemption or Repurchase Exchange Privilege;
Redeeming Shares,
Systematic Withdrawal;
Accounts with Low
Balances
Item 9. Pending Legal Proceedings *
PART B: All Portfolios
Item 10. Cover Page Cover Page
Item 11. Table of Contents Table of Contents
Item 12. General Information and History General Information
about the Fund
Item 13. Investment Objectives and Investment Policies
Policies --U.S.
Item 14. Management of the Registrant The Expedition Fund's
Management
Item 15. Control Persons and Principal Fund Ownership
Holders of Securities
Item 16. Investment Advisory and Other Investment Advisory
Services Services; Other Services
Item 17. Brokerage Allocation Brokerage Transactions
Item 18. Capital Stock and Other Purchasing Shares;
Securities Massachusetts
Partnership Law
Item 19. Purchase, Redemption, and Purchase Shares;
Pricing of Securities Being Offered Redeeming Shares --
Redemption in Kind
Determining Net Asset
Value
2
<PAGE>
Item 20. Tax Status Tax Status
Item 21. Underwriters Other Services--
Distributors
Item 22. Calculation of Performance Data Total Return; Yield
Performance Comparisons
Item 23. Financial Statements Financial Statements
PART C Information required to be included in Part C is set forth under the
appropriate Item, so numbered, in Part C of this Registration Statement.
__________________
* Not Applicable
** Information required by Item 5A will be contained in the Annual Report for
the fiscal year ending October 31, 1997.
3
<PAGE>
The Prospectuses and Statement of Additional Information for the Expedition
Money Market Fund (Institutional & Investment Service Shares), included as part
of Post-Effective Amendment No. 26 to the Registrant's Registration Statement on
Form N-1A (File No. 33-30950), as filed with the Securities and Exchange
Commission on June 4, 1997 pursuant to Rule 485(b) under the Securities Act of
1933, remain in effect as of the date of the filing of this Post-Effective
Amendment.
<PAGE>
The Expedition Funds
The Expedition Equity Fund
The Expedition Bond Fund
Supplement dated December 15, 1997 to the Prospectus dated June 9, 1997
The Prospectus dated June 9, 1997 relating to The Expedition Equity Fund
and the Expedition Bond Fund is hereby amended and supplemented by the addition
of the following unaudited financial information for the periods ended October
31, 1997.
Financial Highlights
The following provides unaudited financial highlights for the Institutional
Shares of The Expedition Equity Fund for the period June 16, 1997 through
October 31,1997.
For a Share Outstanding Throughout the Period.
<TABLE>
<CAPTION>
Institutional Shares
------------------------------
06/16/97 to 10/31/97 /(1)/
- -----------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value, beginning of period $ 10.00
- -----------------------------------------------------------------------------------------------------------------
Net investment income 0.02
- -----------------------------------------------------------------------------------------------------------------
Realized and unrealized gains (or losses) on investments 0.25
- -----------------------------------------------------------------------------------------------------------------
Distributions from net investment income (0.02)
- -----------------------------------------------------------------------------------------------------------------
Distribution from capital gains (0.86)
- -----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.39
- -----------------------------------------------------------------------------------------------------------------
Total return 2.96%
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $237,567
- -----------------------------------------------------------------------------------------------------------------
Ratios of expenses to average net assets (excluding waivers) 1.09%*
- -----------------------------------------------------------------------------------------------------------------
Ratio of Net investment income to average net assets 0.53%*
- -----------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets (excluding waivers) 1.09%*
- -----------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets (excluding waivers) 0.53%*
- -----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 64.68%
- -----------------------------------------------------------------------------------------------------------------
Average commission rate $ 0.0519
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
* Annualized
(1) Commenced operations on June 16, 1997.
<PAGE>
Financial Highlights
The following provides unaudited financial highlights for the Institutional
Shares of The Expedition Bond Fund for the period June 9, 1997 through October
31, 1997, and for the Investment Shares of the Expedition Bond Fund for the
period November 1, 1996 through October 31, 1997.
For a Share Outstanding Throughout the Period.
<TABLE>
<CAPTION>
-------------------------------------------------
Institutional Shares Investment Shares
-------------------------------------------------
6/09/97 to 10/31/97/(1)/ 11/01/96 to 10/31/97
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $ 9.69 $ 9.77
- ----------------------------------------------------------------------------------------------------------------------
Net investment income 0.19 0.53
- ----------------------------------------------------------------------------------------------------------------------
Realized and unrealized gains (or losses) on investments 0.16 0.08
- ----------------------------------------------------------------------------------------------------------------------
Distributions from net investment income (0.19) (0.53)
- ----------------------------------------------------------------------------------------------------------------------
Distribution from capital gains -- --
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.85 $ 9.85
- ----------------------------------------------------------------------------------------------------------------------
Total return 3.49% 6.41%
- ----------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $101,224 23,630
- ----------------------------------------------------------------------------------------------------------------------
Ratios of expenses to average net assets (excluding 1.10%* 1.13%
waivers)
- ----------------------------------------------------------------------------------------------------------------------
Ratio of Net investment income to average net assets 5.05%* 5.46%
- ----------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets (excluding waivers) 1.11%* 1.56%
- ----------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 5.04%* 5.03%
(excluding waivers)
- ----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 69.09% 69.09%
- ----------------------------------------------------------------------------------------------------------------------
Average commission rate -- --
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
* Annualized
(1) Commenced operations on June 9, 1997.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
THE EXPEDITION FUNDS
THE EXPEDITION EQUITY FUND
THE EXPEDITION BOND FUND
Supplement Dated December 15, 1997 to the Statement of Additional Information
Dated December 31, 1996 as Supplemented June 9, 1997
The STATEMENT OF ADDITIONAL INFORMATION for the Expedition Equity Fund and the
Expedition Bond Fund is hereby amended and supplemented by the following
unaudited financial statements for the Institutional Shares of The Expedition
Equity Fund and the Expedition Bond Fund for the periods June 16, 1997 and June
9, 1997, respectively, through October 31, 1997, and for the Investment Shares
of The Expedition Bond Fund for the period November 1, 1996 through October 31,
1997.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
Statement of Net Assets
The Expedition Bond Fund
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
Face Amt. Value
Description (000) (000)
- -------------------------------------------------------------------
<S> <C> <C>
Asset Backed Securities - 9.8%
AT&T Universal Card Master Trust,
Ser 1995-2, Cl A,
Callable 10/17/00 @ 100
5.950%, 10/17/02 $4,500 $4,504
MBNA Master Trust,
Ser 1995-F, Cl A,
Callable 08/15/00 @ 100
6.600%, 01/15/03 2,300 2,340
Premier Auto Trust, Ser 1993-6, Cl A2
4.650%, 11/02/99 355 352
Proffitts Credit Card Master Trust,
Ser 1997-2, Cl A,
Callable 08/15/02 @ 100
6.500%, 12/15/05 4,000 4,037
Signet Credit Card Master Trust,
Ser 1993-1, Cl A,
Callable 10/15/98 @ 100
5.200%, 02/15/02 1,000 996
- -------------------------------------------------------------------
Total Asset Backed Securities
(Cost $12,133) 12,229
- -------------------------------------------------------------------
Corporate Bonds - 21.1%
Banks - 1.8%
First Bank Systems
6.375%, 03/15/01 750 757
Morgan Guaranty Trust
5.750%, 10/08/99 1,500 1,496
- -------------------------------------------------------------------
Total Banks 2,253
- -------------------------------------------------------------------
Consumer Non-Durable - 3.5%
Archer Daniels Midland
6.250%, 05/15/03 1,500 1,506
Campbell Soup,
Callable 09/15/00 @ 100
5.625%, 09/15/03 1,875 1,823
Coca Cola Enterprises
6.375%, 08/01/01 1,000 1,011
- -------------------------------------------------------------------
Total Consumer Non-Durable 4,340
- -------------------------------------------------------------------
Diversified Finance - 8.7%
American General Finance Senior Notes
7.250%, 04/15/00 1,500 1,541
Associates Corporation of North America
7.470%, 03/30/00 500 516
Beneficial Finance
7.750%, 11/08/02 500 533
Caterpillar Finance Services
6.490%, 10/15/99 1,000 1,009
<CAPTION>
- -------------------------------------------------------------------
Face Amt. Value
Description (000) (000)
- -------------------------------------------------------------------
<S> <C> <C>
Diversified Finance - continued
Ford Motor Credit
6.500%, 02/28/02 $3,500 $3,539
Lehman Brothers Holdings
6.500%, 10/01/02 1,000 1,005
Merrill Lynch
6.510%, 03/19/01 500 507
Norwest Financial
6.125%, 08/01/03 2,250 2,233
- -------------------------------------------------------------------
Total Diversified Finance 10,883
- -------------------------------------------------------------------
Leasing & Renting - 0.8%
International Lease Finance
6.250%, 10/15/00 1,005 1,009
- -------------------------------------------------------------------
Total Leasing & Renting 1,009
- -------------------------------------------------------------------
Petroleum Refining - 0.6%
Shell Oil
6.625%, 07/01/99 700 709
- -------------------------------------------------------------------
Total Petroleum Refining 709
- -------------------------------------------------------------------
Retail - 5.1%
Dillard Department Stores
7.150%, 09/01/02 2,025 2,103
Wal-Mart Stores
6.500%, 06/01/03 1,520 1,547
7.500%, 05/15/04 2,500 2,672
- -------------------------------------------------------------------
Total Retail 6,322
- -------------------------------------------------------------------
Telephones & Telecommunication - 0.6%
AT&T, Callable 12/09/97 @ 100
5.125%, 04/01/01 800 778
- -------------------------------------------------------------------
Total Telephones & Telecommunication 778
- -------------------------------------------------------------------
Total Corporate Bonds
(Cost $25,842) 26,294
- -------------------------------------------------------------------
U.S. Government Agency Obligations - 4.9%
FHLMC Note
6.800%, 3/19/07 1,000 1,054
FNMA Notes
6.670%, 08/01/01 1,000 1,026
6.350%, 11/23/01,
Callable 11/23/99 @ 100 2,000 2,014
6.220%, 03/13/06 1,000 1,010
6.620%, 06/25/07 1,000 1,041
- -------------------------------------------------------------------
Total U.S. Government Agency Obligations
(Cost $5,943) 6,145
- -------------------------------------------------------------------
</TABLE>
The accompanying notes are an intergal part of the financial statements.
1
<PAGE>
Statement of Net Assets
The Expedition Bond Fund
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
Face Amt. Value
Description (000) (000)
- -------------------------------------------------------------------
<S> <C> <C>
U.S. Government Agency Mortgage-Backed
Obligations - 14.6%
FHLMC, Ser 1437, Cl H
7.000%, 12/15/02 $1,205 $1,224
FHLMC, Ser 1317, Cl H
7.000%, 01/15/07 1,000 1,018
FHLMC, Ser 1668, Cl B
6.500%, 11/15/10 896 897
FHLMC, Gold Pool #E00413
6.500%, 01/01/11 3,454 3,455
FHLMC, Gold Pool #E00475
7.500%, 02/01/12 1,853 1,904
FHLMC, Gold Pool #E00485
7.000%, 05/01/12 2,916 2,959
FHLMC, Ser 59, Cl D
9.700%, 01/15/16 98 98
FNMA, Ser 1991-4, Cl E
8.250%, 09/25/05 444 453
FNMA, Pool #369212
6.500%, 11/01/08 1,355 1,354
FNMA, Pool #190665
7.000%, 03/01/09 2,442 2,475
FNMA, Ser 1990-38, Cl G
9.100%, 07/25/18 340 340
FNMA, Ser 1990-53, Cl G
8.000%, 12/25/18 137 137
FNMA, Ser 1991-31, Cl L
6.500%, 05/25/20 1,838 1,844
- -------------------------------------------------------------------
Total U.S. Government Agency
Mortgage-Backed Obligations
(Cost $18,068) 18,158
- -------------------------------------------------------------------
U.S. Treasury Obligations - 47.7%
U.S. Treasury Bond
6.000%, 08/15/99 1,250 1,257
U.S. Treasury Notes
5.750%, 12/31/98 2,500 2,504
6.750%, 05/31/99 2,000 2,033
7.750%, 01/31/00 4,300 4,484
6.375%, 05/15/00 4,565 4,638
6.250%, 08/31/00 4,500 4,561
6.125%, 09/30/00 1,500 1,516
5.625%, 11/30/00 4,000 3,986
6.250%, 04/30/01 3,500 3,555
6.625%, 06/30/01 3,000 3,083
7.500%, 11/15/01 4,500 4,776
6.250%, 01/31/02 2,000 2,035
7.500%, 05/15/02 4,500 4,808
6.375%, 08/15/02 3,250 3,331
6.250%, 02/15/03 3,000 3,060
5.750%, 08/15/03 1,500 1,494
<CAPTION>
- -------------------------------------------------------------------
Face Amt. Value
Description (000) (000)
- -------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Obligations-continued
7.250%, 08/15/04 3,000 3,234
6.500%, 08/15/05 $3,000 $3,111
6.875%, 05/15/06 1,000 1,063
6.500%, 10/15/06 1,000 1,039
Total U.S. Treasury Obligations
(Cost $58,863) 59,568
- -------------------------------------------------------------------
Repurchase Agreement - 0.9%
Merrill Lynch
5.600%, dated 10/31/97,
matures 11/03/97, repurchase
price: $1,159,541 (collateralized
by U.S. Treasury Instrument,
market value: $1,183,201) $1,159 1,159
- -------------------------------------------------------------------
Total Repurchase Agreement
(Cost $1,159) 1,159
- -------------------------------------------------------------------
Total Investments - 99.0%
(Cost $122,008) 123,553
- -------------------------------------------------------------------
Other Assets and Liabilities, Net - 1.0% 1,301
- -------------------------------------------------------------------
Net Assets:
Portfolio Shares-Institutional Class (unlimited
Authorization - no par value) based on
10,274,562 outstanding shares
of beneficial interest 99,458
Portfolio Shares-Investment Shares Class
(unlimited authorization - no par value)
based on 2,399,316 outstanding shares
of beneficial interest 27,966
Distribution in excess of net investment income (3)
Accumulated net realized loss on investments (4,112)
Net unrealized appreciation
on investments 1,545
===================================================================
Total Net Assets - 100.0% $124,854
===================================================================
Net Asset Value, Offering and Redemption
Price Per Share - Institutional Class $9.85
Net Asset Value and Redemption
Price Per Share - Investment Shares Class $9.85
Offering Price Per Share - Investment Shares Class(1) $10.26
- -------------------------------------------------------------------
</TABLE>
(1) The offer price is calculated by dividing the net asset value by
1 minus the maximum sales charge of 4.00%.
Cl-Class
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Corporation
Ser-Series
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
Statement of Net Assets
The Expedition Equity Fund
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
Face Amt. Value
Description (000) (000)
- -------------------------------------------------------------------
<S> <C> <C>
Common Stocks - 98.9%
Aircraft - 6.1%
Boeing 93,100 $ 4,457
Lockheed Martin 59,560 5,662
United Technologies 62,260 4,358
- -------------------------------------------------------------------
Total Aircraft 14,477
- -------------------------------------------------------------------
Automotive - 3.8%
Chrysler 130,800 4,611
Dana 93,920 4,397
- -------------------------------------------------------------------
Total Automotive 9,008
- -------------------------------------------------------------------
Banks - 4.0%
J.P. Morgan 41,195 4,521
Mellon Bank 94,585 4,877
- -------------------------------------------------------------------
Total Banks 9,398
- -------------------------------------------------------------------
Beauty Products - 2.9%
Procter & Gamble 100,340 6,823
- -------------------------------------------------------------------
Total Beauty Products 6,823
- -------------------------------------------------------------------
Broadcasting, Newspapers &
Advertising - 2.0%
Omnicom Group 69,270 4,892
- -------------------------------------------------------------------
Total Broadcasting, Newspapers &
Advertising 4,892
- -------------------------------------------------------------------
Chemicals - 1.5%
E.I. du Pont de Nemours 64,050 3,643
- -------------------------------------------------------------------
Total Chemicals 3,643
- -------------------------------------------------------------------
Computer Communications Equipment - 2.2%
Cisco Systems* 63,795 5,233
- -------------------------------------------------------------------
Total Computer Communications Equipment 5,233
- -------------------------------------------------------------------
Computers & Services - 6.0%
Compaq Computer 59,090 3,767
Hewlett Packard 75,490 4,657
IBM 59,000 5,786
- -------------------------------------------------------------------
Total Computers & Services 14,210
- -------------------------------------------------------------------
Drugs - 5.4%
Merck 71,240 6,358
Pfizer 91,000 6,438
- -------------------------------------------------------------------
Total Drugs 12,796
- -------------------------------------------------------------------
Electric Utility - 2.0%
Enova 196,045 4,766
- -------------------------------------------------------------------
Total Electric Utility 4,766
- -------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------
Face Amt. Value
Description (000) (000)
- -------------------------------------------------------------------
<S> <C> <C>
Entertainment - 4.3%
Carnival, Cl A 107,485 $ 5,213
Walt Disney 59,795 4,918
- -------------------------------------------------------------------
Total Entertainment 10,131
- -------------------------------------------------------------------
Environmental Services - 1.4%
USA Waste Services* 92,320 3,416
- -------------------------------------------------------------------
Total Environmental Services 3,416
- -------------------------------------------------------------------
Financial Services - 4.3%
Beneficial 68,345 5,241
Franklin Resources 54,070 4,860
- -------------------------------------------------------------------
Total Financial Services 10,101
- -------------------------------------------------------------------
Food & Tobacco - 7.3%
H.J. Heinz 133,630 6,205
PepsiCo 157,925 5,814
Philip Morris 134,360 5,324
- -------------------------------------------------------------------
Total Food & Tobacco 17,343
- -------------------------------------------------------------------
Gas/Natural Gas - 2.8%
Williams Companies 130,740 6,660
- -------------------------------------------------------------------
Total Gas/Natural Gas 6,660
- -------------------------------------------------------------------
Insurance - 7.6%
Conseco 129,625 5,655
Marsh & McLennan 70,590 5,012
Travelers 104,385 7,307
- -------------------------------------------------------------------
Total Insurance 17,974
- -------------------------------------------------------------------
Machinery - 5.5%
Crane 118,697 4,933
General Electric 72,700 4,694
Hubbell, Cl B 79,600 3,507
- -------------------------------------------------------------------
Total Machinery 13,134
- -------------------------------------------------------------------
Medical Products & Services - 2.6%
Baxter International 136,330 6,305
- -------------------------------------------------------------------
Total Medical Products & Services 6,305
- -------------------------------------------------------------------
Metal/Fabricate Hardware - 1.7%
Reynolds Metals 67,975 4,142
- -------------------------------------------------------------------
Total Metal/Fabricate Hardware 4,142
- -------------------------------------------------------------------
Paper & Paper Products - 1.9%
Temple Inland 77,000 4,418
- -------------------------------------------------------------------
Total Paper & Paper Products 4,418
- -------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
Statement of Net Assets
The Expedition Equity Fund
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
Face Amt. Value
Description (000) (000)
- -------------------------------------------------------------------
<S> <C> <C>
Petroleum & Fuel Products - 6.7%
Baker Hughes 133,000 $ 6,110
Dresser Industries 111,950 4,716
Schlumberger 58,617 5,129
- -------------------------------------------------------------------
Total Petroleum & Fuel Products 15,955
- -------------------------------------------------------------------
Petroleum Refining - 1.9%
Exxon 75,260 4,624
- -------------------------------------------------------------------
Total Petroleum Refining 4,624
- -------------------------------------------------------------------
Retail - 4.5%
Dayton Hudson 84,000 5,276
Safeway* 92,295 5,365
- -------------------------------------------------------------------
Total Retail 10,641
- -------------------------------------------------------------------
Telephones & Telecommunication - 5.7%
Lucent Technologies 42,630 3,514
SBC Communications 80,120 5,098
Sprint 94,190 4,898
- -------------------------------------------------------------------
Total Telephones & Telecommunication 13,510
- -------------------------------------------------------------------
Transportation Services - 2.0%
CSX 86,880 4,751
- -------------------------------------------------------------------
Total Transportation Services 4,751
- -------------------------------------------------------------------
Semiconductors/Instruments - 2.8%
Avnet 40,360 2,540
Motorola 67,300 4,156
- -------------------------------------------------------------------
Total Semiconductors/Instruments 6,696
- -------------------------------------------------------------------
Total Common Stocks
(Cost $223,176) 235,047
- -------------------------------------------------------------------
Repurchase Agreement - 1.3%
Merrill Lynch
5.600%, dated 10/31/97,
matures 11/03/97, repurchase
price $3,147,468 (collateralized
by U.S. Treasury Instrument,
market value: $3,211,035) $ 3,146 3,146
- -------------------------------------------------------------------
Total Repurchase Agreement
(Cost $3,146) 3,146
- -------------------------------------------------------------------
Total Investments - 100.2%
(Cost $226,322) 238,193
- -------------------------------------------------------------------
Other Assets and Liabilities, Net - (0.2%) (626)
- -------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------
Face Amt. Value
Description (000) (000)
- -------------------------------------------------------------------
<S> <C> <C>
Net Assets:
Portfolio Shares-Institutional Class (unlimited
authorization - no par value) based
on 25,302,911 outstanding shares
of beneficial interest $212,881
Undistributed net investment income 124
Accumulated net realized gain on investments 12,691
Net unrealized appreciation on investments 11,871
===================================================================
Total Net Assets - 100.0% $237,567
===================================================================
Net Asset Value, Offering and Redemption
Price Per Share - Institutional Class $9.39
- -------------------------------------------------------------------
</TABLE>
Cl-Class
*Non-income producing security
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
Statement of Operations (000)
for the Period Ended October 31, 1997
<TABLE>
<CAPTION>
Expedition Expedition
Bond Equity
Fund Fund*
----------- -----------
<S> <C> <C>
Investment Income:
Dividends $ - $ 1,370
Interest 4,640 114
------ -------
Total investment income 4,640 1,484
Expenses:
Investment Advisory fees 547 692
Waiver of Investment Advisory fees (68) -
Administrator fees 159 187
Waiver of Administrator fees - -
Transfer agent fees 74 11
Custodian fees 20 17
Directors' fees 2 5
Registration fees 11 9
Professional fees 25 26
Printing 40 49
Shareholder Servicing fees-Investment
Service Shares - -
Distribution fees-Investment Shares 89 -
Waiver of Distribution fees-Investment
Shares (89) -
Amortization or organizational costs - 1
Other 5 2
------ -------
Total net expenses 815 999
------ -------
Investment income-net 3,825 485
------ -------
Net realized gain (loss) on investments (739) 31,123
Net change in unrealized appreciation
(depreciation) of investments 2,551 (24,519)
------ -------
NET GAIN ON INVESTMENTS 1,812 6,604
------ -------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $5,637 $ 7,089
====== =======
</TABLE>
*Commenced operations on June 16, 1997.
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
Statement of Changes in Net Assets (000)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Expedition Expedition
Bond Equity
Fund Fund
---------------------- ------------------
Year Ended Year Ended Period Ended*
10/31/97 10/31/96 10/31/97
----------- ----------- ----------
<S> <C> <C> <C>
Operations:
Investment income-net $ 3,825 $ 3,235 $ 485
Net realized gain (loss) on
investments (739) (2) 31,123
Net change in unrealized
appreciation
(depreciation) of investments 2,551 (1,021) (24,519)
----------- ----------- ----------
Net increase in net assets resulting
from operations 5,637 2,212 7,089
----------- ----------- ----------
Distributions to Shareholders From:
Investment income-net:
Institutional class (1,889) - (361)
Investment class (1,939) (3,235) -
Net realized gain on investments:
Institutional class - - (18,432)
Investment class - - -
----------- ----------- ----------
Total distributions (3,828) (3,235) (18,793)
----------- ----------- ----------
Capital Share Transactions (1):
Institutional class:
Proceeds from sales 21,432 - 21,421
Proceeds in connection with
acquisition of
Common Trust Fund Assets 95,844 - 245,636
Reinvestment of distributions - - 18,432
Payments for redemptions (17,787) - (36,218)
----------- ----------- ----------
Increase in net assets from
Institutional
class transactions 99,489 - 249,271
----------- ----------- ----------
Investment Service and Investment
Shares Class (respectively):
Proceeds from sales 675 1,380 -
Reinvestment of distributions 874 1,654 -
Payments for redemptions (22,545) (20,979) -
----------- ----------- ----------
Decrease in net assets from
Investment Service and Investment
Shares
Class (respectively) transactions (20,996) (17,945) -
----------- ----------- ----------
Increase (decrease) in net assets from
capital share transactions 78,493 (17,945) 249,271
----------- ----------- ----------
Total increase (decrease) in net
assets 80,302 (18,968) 237,567
----------- ----------- ----------
NET ASSETS AT BEGINNING OF PERIOD 44,552 63,520 -
----------- ----------- ----------
NET ASSETS AT END OF PERIOD $ 124,854 $ 44,552 $ 237,567
=========== =========== ==========
(1)Capital share transactions:
Institutional class:
Shares issued 2,200 - 2,253
Shares issued in connection with
acquisition of
Common Trust Fund Assets 9,891 - 24,854
Shares issued in lieu of cash
distributions - - 2,032
Shares redeemed (1,816) - (3,836)
----------- ----------- ----------
Total Institutional class
transactions 10,275 - 25,303
----------- ----------- ----------
Investment Service and Investment
Shares Class (respectively):
Shares issued 63 140 -
Shares issued in lieu of cash
distributions 90 169 -
Shares redeemed (2,312) (2,152) -
----------- ----------- ----------
Total Investment Service and Investment
Shares Class (respectively)
transactions (2,159) (1,843) -
----------- ----------- ----------
NET INCREASE (DECREASE) FROM
SHARE TRANSACTIONS 8,116 (1,843) 25,303
=========== =========== ==========
</TABLE>
*Commenced operations on June 16, 1997.
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
Financial Highlights
For a Share Outstanding Throughout each Period.
<TABLE>
<CAPTION>
Net Asset Realized and Distributions Distributions
Value, Net Unrealized from Net from Net Asset Net Assets
Beginning Investment Gains or (Losses) Investment Capital Value, End Total End of
of Period Income on Investments Income Gains of Period Return Period (000)
--------- --------- --------------- ----------- ---------- ---------- ------ -----------
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Bond Fund
- ----------------------------------------------------------------------------------------------------------------------------------
Institutional Shares
1997(1) $ 9.69 0.19 0.16 (0.19) - $ 9.85 3.49% $101,224
Investment Shares
1997 $ 9.77 0.53 0.08 (0.53) - $ 9.85 6.41%(4) $ 23,630
1996 9.92 0.58 (0.15) (0.58) - 9.77 4.44% 44,552
1995 9.54 0.63 0.38 (0.63) - 9.92 10.94% 63,521
1994 10.40 0.54 (0.86) (0.54) - 9.54 (3.12%) 58,827
1993 10.25 0.63 0.21 (0.63) (0.06) 10.40 8.42% 97,246
1992 10.00 0.36 0.25 (0.36) - 10.25 6.24% 65,984
Equity Fund
Institutional Shares
1997(1) $10.00 0.02 0.25 (0.02) (0.86) $ 9.39 2.96% $237,567
<CAPTION>
Ratio Ratio of Net
Ratio of Net of Expenses Investment Income
Ratio of Investmnet to Average to Average
Expenses Income Net Assets Net Assets Portfolio Average
to Average to Average (Excluding (Excluding Turnover Commission
Net Assets Net Assets Waivers) Waivers) Rate Rate
---------- ---------- --------- ----------- -------- ----------
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Fund
- --------------------------------------------------------------------------------------------------------------
Institutional Shares
1997(1) 1.10%* 5.05%* 1.11%* 5.04%* 69.09% -
Investment Shares
1997 1.13% 5.46% 1.56% 5.03% 69.09% -
1996 1.08% 5.90% 1.58% 5.40% 77.00% -
1995 1.04% 6.51% 1.51% 6.04% 79.00% -
1994 1.20% 5.44% 1.50% 5.14% 91.00% -
1993 1.11% 6.11% 1.40% 5.82% 69.00% -
1992 0.79%* 6.79%* 1.39%* 6.19%* 88.00% -
Equity Fund
Institutional Shares
1997(1) 1.09%* 0.53%* 1.09%* 0.53%* 64.68% $0.0519
</TABLE>
* Annualized
(1) Commenced operations on June 9, 1997.
(2) Based on net asset value, which does not reflect the sales charge or
contingent deferred sales charge, if applicable.
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
Notes to Financial Statements
- ------------------------------------------------------------------------------
(1) Organization
The Expedition Funds (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act") as an open-end, management investment
company with three portfolios: the Expedition Equity Fund ("the Equity Fund"),
the Expedition Bond Fund ("the Bond Fund") and the Expedition Money Market
Fund ("the Money Market Fund") (collectively, "the Funds"). The Money Market
Fund is not being reported on at this time. Each Fund is registered to offer two
classes of shares. The Bond and Equity Funds offer Institutional and Investment
shares and the Money Market Fund offers Institutional and Investment Services
shares. The assets of each portfolio are segregated and a shareholder's interest
is limited to the portfolio in which shares are held. The investment objectives,
policies and strategies of the Funds are described in their prospectuses.
(2) Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. These
policies are in conformity with generally accepted accounting principles.
Certain amounts from the 1996 financial statements have been combined for
presentation purposes.
Security Valuation--Investments in equity security investments held in the
Expedition Equity and Bond Funds are valued as follows: Equity Securities that
are traded on a national securities exchange (or reported on the NASDAQ national
market system) are stated at the last quoted sales price if readily available
for such equity securities on each business day; other equity securities traded
in the over-the-counter market and listed equity securities for which no sale
was reported on that date are stated at the last quoted bid price. Debt
obligations exceeding sixty days to maturity for which market quotations are
readily available are valued at the mean of the most recently quoted bid and
asked price. Debt obligations with sixty days or less remaining until maturity
may be valued at their amortized cost. Restricted securities for which
quotations are not readily available are valued at fair value using methods
determined in good faith under general Trustee supervision.
Repurchase Agreements--It is the policy of the Funds to require the custodian
bank to take possession, to have legally segregated in the Federal Reserve Book
Entry System, or to have segregated within the custodian bank's vault, all
securities held as collateral under repurchase agreement transactions.
Additionally, procedures have been established by the Funds to monitor, on a
daily basis, the market value of each repurchase agreement's collateral to
ensure that the value of collateral at least equals the repurchase price to be
paid under the repurchase agreement transaction.
The Funds will only enter into repurchase agreements with banks and other
recognized financial institutions, such as broker/dealers, which are deemed by
the Funds adviser to be creditworthy pursuant to the guidelines and/or standards
reviewed or established by the Board of Trustees (the "Trustees"). Risks may
arise
8
<PAGE>
- --------------------------------------------------------------------------------
from the potential inability of counterparties to honor the terms of the
repurchase agreement. Accordingly, the Funds could receive less than the
repurchase price on the sale of collateral securities.
Security Transactions and Investment Income--Security transactions are accounted
for on the date the security is purchased or sold (trade date). Costs used in
determining realized gains and losses on the sale of investment securities are
those of the specific securities sold adjusted for the accretion and
amortization of purchase, discounts and premiums during the respective holding
periods. Interest income is recorded on the accrual basis; dividend income is
recorded on the ex-dividend date.
Dividends and Distributions to Shareholders--Distributions from net investment
income for the Bond Fund are declared daily and paid monthly. The Equity Fund
declares and pays dividends from net investment income monthly. Any net realized
capital gains will be distributed at least annually for all Funds. Dividends and
distributions are determined in accordance with income tax regulations which may
differ from generally accepted accounting principles. These differences are
primarily due to differing treatments for deferral of wash sales losses and post
October losses.
Federal Taxes--It is each Fund's policy to comply with the provisions of the
Code applicable to regulated investment companies and to distribute to
shareholders each year substantially all of its income. Accordingly, no
provisions for federal tax are necessary.
At October 31, 1997, the Bond Fund for federal tax purposes, had a capital loss
carryforward of $3,787,019, respectively, which will reduce the
Fund's taxable income arising from future net realized gain on investments, if
any, to the extent permitted by the Code, and thus will reduce the amount of any
distributions to shareholders which would otherwise be necessary to relieve the
Fund of any liability for federal tax. Pursuant to the Code, such capital loss
carryforward will expire as follows:
Expiration
Amount
----------
Expiration Bond
Year Fund
---------- ----------
2001 $ 391,292
2002 $2,421,386
2003 $ 558,610
2004 $ 1,621
2005 $ 414,110
When-Issued and Delayed Delivery Transactions--The Funds may engage in when-
issued or delayed delivery transactions. The Fund records when-issued securities
on the trade date and maintains security positions such that sufficient liquid
assets will be available to make payment for the securities purchased.
Securities purchased on a when-issued or delayed delivery basis are marked to
market daily and begin earning interest on the settlement date.
Use of Estimates--The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts of assets, liabilities, expenses and
revenues reported in the financial statements. Actual results could differ from
those estimated.
Classes--Class specific expenses are borne by that class. Income, non-class
specific expenses and realized/unre-
9
<PAGE>
Notes to Financial Statements (continued)
- -------------------------------------------------------------------------------
alized gains and losses are allocated to the respective classes on the basis of
the relative daily net assets.
(3) Shares of Beneficial Interest
Investment Advisory Fee--Compass Bank, the Trusts' investment adviser (the
"Adviser"), receives for its services annual Advisory fees equal to 0.75% of
each of the Bond and Equity Fund's average daily net assets. The Adviser may
voluntarily choose to waive any portion of its fee. The Adviser can modify or
terminate these voluntary waiver at any time at its sole discretion.
Administrative Fee--The Trust and SEI Fund Resources (the "Administrator"), a
Delaware business trust, are parties to an administration agreement (the
"Agreement") dated June 9, 1997, under which the Administrator provides the
Trust with certain legal, accounting and shareholder services for any annual fee
of .20% of the Funds. The Administrator may voluntarily waive its fee, subject
to termination at any time by the Administrator, to the extent necessary to
limit the total operating expenses of a Fund.
Prior to June 9, 1997, administrative and accounting services were provided to
the Trust by Federated Administrative Services.
Distribution Plan--The Trust and SEI Investments Distribution Co. (the
"Distributor") are parties to a Distribution Agreement dated June 9, 1997. The
Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under
the Act. Under the terms of the Plan, The Expedition Bond Fund and The
Expedition Equity Fund will compensate the Distributor, from the net assets of
The Expedition Bond Fund and The Expedition Equity Fund to finance activities
intended to result in the sale of the Fund's shares. The plan provides that The
Expedition Bond Fund and The Expedition Equity Fund may incur distribution
expenses up to 0.25% of the average daily net assets of each fund's Investment
Shares, annually, to compensate the Distributor. The Distributor may voluntarily
choose to waive a portion of its fee. The Distributor can modify or terminate
this voluntary waiver at any time at its sole discretion and has done so for the
current fiscal year for the Bond Fund. Prior to June 9, 1997, Federated
Securities Corp., served as distributor to the Bond Fund and was compensated at
a rate of up to 0.25% of the Bond Fund's investment shares.
Custodian Fees--Compass Bank is the Fund's custodian. The fee is based on a rate
of 0.02% of each Fund's average daily net assets for the period, plus out-of-
pocket expenses.
General--Certain of the officers and trustees of the Trust are also officers of
the Administrator and/or Distributor. Such officers and trustees are paid no
fees by the Trust for serving in their respective roles.
(4) Investment Transactions
Purchases and sales of investments, excluding short-
10
<PAGE>
- --------------------------------------------------------------------------------
term securities, for the year ended October 31, 1997, were as follows (000):
<TABLE>
<CAPTION>
Bond Equity
Fund Fund
---- -----
<S> <C> <C>
Purchases $50,852 $256,095
Sales $62,997 $152,589
</TABLE>
At October 31, 1997, the total cost of securities and the net realized gains or
losses on securities sold for Federal income tax purposes were not materially
different from amounts reported for financial reporting purposes. The aggregate
gross unrealized appreciation and depreciation for securities held by the Funds
at October 31, 1997, are as follows (000):
<TABLE>
<CAPTION>
Bond Equity
Fund Fund
---- -----
<S> <C> <C>
Aggregate gross unrealized
appreciation $1,864 $18,916
Aggregate gross unrealized
depreciation (319) (7,045)
_____ ______
Net unrealized appreciation $1,545 $11,871
===== ======
</TABLE>
(5) Organization Costs and Transactions with Affiliates
Organization costs have been capitalized by the Funds and are being amortized
over sixty months commencing with the reorganization. In the event any of the
initial shares of a Fund are redeemed by any holder thereof during the period
that such Fund is amortizing its organizational costs, the redemption proceeds
payable to the holder thereof by the Fund will be reduced by the unamortized
organizational costs in the same ratio as the number of initial shares being
redeemed bears to the number of initial shares outstanding at the time of
redemption.
(6) Common Trust Fund Conversions
On June 13 and June 20, 1997, certain Common Trust Funds of Compass Bank were
converted into the Expedition Funds. The Funds involved in the conversion are as
follows:
Common Trust Fund Expedition Fund
- ----------------- ---------------
River Oaks Equity Model Equity
Compass EB Growth Equity
Compass EBValue Stock Equity
Compass EB Contrarian
Stock Equity
Compass Value Stock Equity
Compass Growth Stock Equity
Compass Contrarian Stock Equity
Compass EB Short Term
High Quality Bond
Compass EB Intermediate Bond
Compass Short Term
High Quality Bond
River Oaks Cap Trust Bond
River Oaks Cap
Preserve Bond Bond
11
<PAGE>
Notes to Financial Statements (concluded)
- --------------------------------------------------------------------------------
The assets, which consisted of securities, and related receivable were converted
on a tax-free basis. The net assets of each fund (including net unrealized
gain/loss) immediately before the conversion were as follows:
<TABLE>
<CAPTION>
Common Unrealized Net
Trust Fund Assets Gain/(Loss) Assets
----------- -------- ---------- --------
<S> <C> <C> <C>
River Oaks Equity Model $23,029 $7,456 $30,485
Compass EB Growth 35,434 2,118 37,552
Compass EBValue Stock 48,976 2,663 51,639
Compass EB Contrarian
Stock 42,068 2,123 44,191
Compass Value Stock 21,677 9,907 31,584
Compass Growth Stock 13,687 5,086 18,773
Compass Contrarian Stock 24,375 7,037 31,412
Compass EB Short Term
High Quality 39,083 215 39,298
Compass EB Intermediate 6,603 51 6,654
Compass Short Term
High Quality 42,538 (285) 42,253
River Oaks Cap Trust 6,609 41 6,650
River Oaks Cap
Preserve Bond 980 9 989
</TABLE>
The value and number of shares issued in exchange for each Common Trust
Fund's assets and shares outstanding in the tax-free conversions are included in
the capital share transactions of the Institutional Class in the Statement of
Changes in Net Assets for each respective fund.
12
<PAGE>
PART C: OTHER INFORMATION
Item 24. Financial Statements and Exhibits:
(a) Financial Statements:
Part A -- Financial Highlights
Part B -- The following unaudited financial statements as of
October 31, 1997 are included in the Statement of
Additional Information.
Portfolio of Investments
Statement of Assets & Liabilities
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
(b) Additional Exhibits:
(1) Declaration of Trust is incorporated herein by reference to Registrant's
Post-Effective Amendment No. 22 on Form N-1A (File No. 33-30950) filed
with the Securities and Exchange Commission ("SEC") on December 29,
1995.
(1)(a) Amendment No. 1 to Declaration of Trust is incorporated herein by
reference as Exhibit (1)(i) to Registrant's Pre-Effective Amendment No.
1 on Form N-1A (File No. 33-30950) filed with the SEC on November 16,
1989.
(1)(b) Amendment No. 2 to Declaration of Trust is incorporated herein by
reference as Exhibit (1)(ii) to Registrant's Post-Effective Amendment
No. 1 on Form N-1A (File No. 33-30950) filed with the SEC on May 21,
1990.
(1)(c) Amendment Nos. 3, 4, and 5 to Declaration of Trust are incorporated
herein by reference as Exhibit (1)(iii) to Registrant's Post-Effective
Amendment No. 3 on Form N-1A (File No. 33-30950) filed with the SEC on
September 11, 1991.
(1)(d) Amendment No. 6 to Declaration of Trust is incorporated herein by
reference as Exhibit (1)(iv) to Registrant's Post-Effective Amendment
No. 5 on Form N-1A (File No. 33-30950) filed with the SEC on February
14, 1992.
(1)(e) Amendment No. 7 to Declaration of Trust is incorporated herein by
reference as Exhibit (1)(v) to Registrant's Post-Effective Amendment No.
8 on Form N-1A (File No. 33-30950) filed with the SEC on September 28,
1992.
(1)(f) Amendment Nos. 8 and 9 to Declaration of Trust are incorporated herein
by reference as Exhibit (1)(vi) to Registrant's Post-Effective Amendment
No. 22 on Form N-1A (File No. 33-30950) filed with the SEC on December
29, 1995.
II-1
<PAGE>
(1)(g) Amendment No. 10 to Declaration of Trust is incorporated herein by
reference to Registrant's Post-Effective Amendment No. 26 on form N-1A
filed with the SEC on June 4, 1997.
(2) By-Laws are incorporated herein by reference to Registrant's Post-
Effective Amendment No. 22 on Form N-1A (File No. 33-30950) filed with
the SEC on December 29, 1995.
(3) Not Applicable
(4) Specimen Certificate for Shares of Beneficial Interest of The Starburst
Government Income Fund is incorporated herein by reference as Exhibit
(4)(i) to Registrant's Post-Effective Amendment No. 22 on Form N-1A
(File No. 33-30950) filed with the SEC on December 29, 1995.
(4)(a) Specimen Certificate for Shares of Beneficial Interest of The Starburst
Government Money Market Fund-Investment Shares is incorporated herein by
reference as Exhibit (4)(ii) to Registrant's Post-Effective Amendment
No. 22 on Form N-1A (File No. 33-30950) filed with the SEC on December
29, 1995.
(4)(b) Specimen Certificate for Shares of Beneficial Interest of The Starburst
Government Money Market Fund-Trust Shares is incorporated herein by
reference as Exhibit (4)(iii) to Registrant's Post-Effective Amendment
No. 22 on Form N-1A (File No. 33-30950) filed with the SEC on December
29, 1995.
(4)(c) Specimen Certificate for Shares of Beneficial Interest of The Starburst
Money Market Fund-Investment Shares is incorporated herein by reference
as Exhibit (4)(iv) to Registrant's Post-Effective Amendment No. 22 on
Form N-1A (File No. 33-30950) filed with the SEC on December 29, 1995.
(4)(d) Specimen Certificate for Shares of Beneficial Interest of The Starburst
Money Market Fund-Trust Shares is incorporated herein by reference as
Exhibit (4)(v) to Registrant's Post-Effective Amendment No. 22 on
Form N-1A (File No. 33-30950) filed with the SEC on December 29, 1995.
(5) Investment Advisory Contract of the Registrant through and including
Exhibit D is incorporated herein by reference as Exhibit (5)(i) to
Registrant's Post-Effective Amendment No. 22 on Form N-1A (File No.
33-30950) filed with the SEC on December 29, 1995.
(5)(a) Investment Management Contract of the Registrant through and including
Exhibit A is incorporated herein by reference as Exhibit (5)(ii) to
Registrant's Post-Effective Amendment No. 22 on Form N-1A (File No.
33-30950) filed with the SEC on December 29, 1995.
(5)(b) Form of Exhibit E to the Investment Advisory Contract of the Registrant
relating to The Expedition Equity Fund is incorporated herein by
reference to Registrant's Post-Effective Amendment No. 26 on form N-1A
filed with the SEC on June 4, 1997.
(6) Distributor's Contract of the Registrant through and including Exhibit F
is incorporated herein by reference to Registrant's Post-Effective
Amendment No. 22 on Form N-1A (File No. 33-30950) filed with the SEC on
December 29, 1995.
II-2
<PAGE>
(6a) Form of Distribution Agreement with SEI Investments Distribution Co. Is
incorporated herein by reference to Registrant's Post-Effective
Amendment No. 26 on form N-1A filed with the SEC on June 4, 1997.
(7) Not applicable
(8) Custodian Agreement of the Registrant is incorporated herein by
reference to Registrant's Post-Effective Amendment No. 22 on Form N-1A
(File No. 33-30950) filed with the SEC on December 29, 1995.
(9) Agreement for Fund Accounting, Shareholder Record keeping, and Custody
Services Procurement is incorporated herein by reference as Exhibit
(9)(i) to Registrant's Post-Effective Amendment No. 20 on Form N-1A
(File No. 33-30950) filed with the SEC on December 28, 1994.
(9)(a) Sales Agreement with Federated Securities Corp. is incorporated herein
by reference as Exhibit (9)(ii) to Registrant's Post-Effective Amendment
No. 17 on Form N-1A (File No. 33-30950) filed with the SEC on August 3,
1994.
(9)(b) Electronic Communications and Record keeping Agreement is incorporated
herein by reference as Exhibit (9)(iii) to Registrant's Post-Effective
Amendment No. 17 on Form N-1A (File No. 33-30950) filed with the SEC on
August 3, 1994.
(9)(c) Form of Administration Agreement with SEI Fund Resources is incorporated
herein by reference to Registrant's Post-Effective Amendment No. 26 on
form N-1A filed with the SEC on June 4, 1997.
(9)(d) Form of Shareholder Service Plan and Agent as it relates to the
Investment Service Shares is incorporated herein by reference to
Registrant's Post-Effective Amendment No. 26 on form N-1A filed with the
SEC on June 4, 1997.
(10) Opinion and Consent of Counsel is incorporated herein by reference to
Registrant's Post-Effective Amendment No. 20 on Form N-1A (File No. 33-
30950) filed with the SEC on December 28, 1994.
(11) Consent of the Independent Auditors is filed herewith.
(12) Not applicable.
(13) Initial Capital Understanding is incorporated herein by reference to
Registrant's Pre-Effective Amendment No. 1 on Form N-1A (File No. 33-
30950) filed with the SEC on November 16, 1989.
(14) Not applicable.
(15) Distribution Plan through and including Exhibit G is incorporated herein
by reference as Exhibit (15)(i) to Registrant's Post-Effective Amendment
No. 22 on Form N-1A (File No. 33-30950) filed with the SEC on December
29, 1995.
(15)(a) Form of 12b-1 Agreement is incorporated herein by reference as Exhibit
(15)(ii) to Registrant's Post-Effective Amendment No. 24 on Form N-1A
(File No. 33-30950) filed with the SEC on December 27, 1996.
(15)(b) Form of Amended and Restated Distribution Plan is incorporated herein by
reference to Registrant's Post-Effective Amendment No. 26 on form N-1A
filed with the SEC on June 4, 1997.
(16) Schedule of Computation of Fund Performance for The Starburst Government
Income Fund is incorporated herein by reference as Exhibit (16)(i) to
Registrant's Post-Effective Amendment No. 22 on Form N-1A (File No. 33-
30950) filed with the SEC on December 29, 1995.
II-3
<PAGE>
(16)(a) Schedule of Computation of Fund Performance for The Starburst Government
Money Market Fund is incorporated herein by reference as Exhibit
(16)(ii) to Registrant's Post-Effective Amendment No. 22 on Form N-1A
(File No. 33-30950) filed with the SEC on December 29, 1995.
(16)(b) Schedule of Computation of Fund Performance for The Starburst Money
Market Fund is incorporated herein by reference as Exhibit (16)(iii) to
Registrant's Post-Effective Amendment No. 22 on Form N-1A (File No. 33-
30950) filed with the SEC on December 29, 1995.
(17) Financial Data Schedules are filed herewith.
(18) Multiple Class Plan of the Registrant is incorporated herein by
reference to Registrant's Post-Effective Amendment No. 24 on Form N-1A
(File No. 33-30950) filed with the SEC on December 27, 1996.
(18)(a) Rule 18f-3 Multiple Class Plan of April, 1997 is incorporated herein by
reference to Registrant's Post-Effective Amendment No. 26 on form N-1A
filed with the SEC on June 4, 1997.
(24) Powers of Attorney for Dr. Robert A. Patterson, Eugene B. Peters, Frank
E. Morris, Robert A. Nesher, William M. Doran, James M. Storey, John T.
Cooney, David G. Lee and Robert J. DellaCroce are incorporated herein by
reference to Registrant's Post-Effective Amendment No. 26 on form N-1A
filed with the SEC on June 4, 1997.
Item 25. Persons Controlled by or Under Common Control with Registrant
See the Prospectus and Statement of Additional Information regarding
the Trust's control relationships. The Administrator is a subsidiary of SEI
Investments Company which also controls the distributor of the Registrant (SEI
Investments Distribution Co.) and other corporations engaged in providing
various financial and record keeping services, primarily to bank trust
departments, pension plan sponsors and investment managers.
II-4
<PAGE>
Exhibit Index
<TABLE>
<CAPTION>
Exhibits:
- --------
<S> <C>
EX-99.B1 Declaration of Trust is incorporated herein by
reference to Registrant's Post-Effective Amendment No.
22 on Form N-1A (File No. 33-30950) filed with the
Securities and Exchange Commission ("SEC") on December
29, 1995.
EX-99.B(1)(a) Amendment No. 1 to Declaration of Trust is
incorporated herein by reference as Exhibit (1)(i) to
Registrant's Pre-Effective Amendment No. 1 on Form
N-1A (File No. 33-30950) filed with the SEC on
November 16, 1989.
EX-99.B(1)(b) Amendment No. 2 to Declaration of Trust is
incorporated herein by reference as Exhibit (1)(ii) to
Registrant's Post-Effective Amendment No. 1 on Form
N-1A (File No. 33-30950) filed with the SEC on May 21,
1990.
EX-99.B(1)(c) Amendment Nos. 3, 4, and 5 to Declaration of Trust are
incorporated herein by reference as Exhibit (1)(iii)
to Registrant's Post-Effective Amendment No. 3 on Form
N-1A (File No. 33-30950) filed with the SEC on
September 11, 1991.
EX-99.B(1)(d) Amendment No. 6 to Declaration of Trust is
incorporated herein by reference as Exhibit (1)(iv) to
Registrant's Post-Effective Amendment No. 5 on Form
N-1A (File No. 33-30950) filed with the SEC on
February 14, 1992.
EX-99.B(1)(e) Amendment No. 7 to Declaration of Trust is
incorporated herein by reference as Exhibit (1)(v) to
Registrant's Post-Effective Amendment No. 8 on Form
N-1A (File No. 33-30950) filed with the SEC on
September 28, 1992.
EX-99.B(1)(f) Amendment Nos. 8 and 9 to Declaration of Trust are
incorporated herein by reference as Exhibit (1)(vi) to
Registrant's Post-Effective Amendment No. 22 on Form
N-1A (File No. 33-30950) filed with the SEC on
December 29, 1995.
EX-99.B(1)(g) Amendment No. 10 to Declaration of Trust is
incorporated herein by reference to Registrant's Post-
Effective Amendment No. 26 on form N-1A filed with the
SEC on June 4, 1997.
EX-99.B(2) By-Laws are incorporated herein by reference to
Registrant's Post-Effective Amendment No. 22 on Form
N-1A (File No. 33-30950) filed with the SEC on
December 29, 1995.
EX-99.B(3) Not Applicable
EX-99.B(4) Specimen Certificate for Shares of Beneficial Interest
of The Starburst Government Income Fund is
incorporated herein by reference as Exhibit (4)(i) to
Registrant's Post-Effective Amendment No. 22 on Form
N-1A (File No. 33-30950) filed with the SEC on
December 29, 1995.
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
EX-99.B(4)(a) Specimen Certificate for Shares of Beneficial Interest of The
Starburst Government Money Market Fund-Investment Shares is
incorporated herein by reference as Exhibit (4)(ii) to Registrant's
Post-Effective Amendment No. 22 on Form N-1A (File No. 33-
30950) filed with the SEC on December 29, 1995.
EX-99.B(4)(b) Specimen Certificate for Shares of Beneficial Interest of The
Starburst Government Money Market Fund-Trust Shares is
incorporated herein by reference as Exhibit (4)(iii) to Registrant's
Post-Effective Amendment No. 22 on Form N-1A (File No. 33-
30950) filed with the SEC on December 29, 1995.
EX-99.B(4)(c) Specimen Certificate for Shares of Beneficial Interest of The
Starburst Money Market Fund-Investment Shares is incorporated
herein by reference as Exhibit (4)(iv) to Registrant's Post-Effective
Amendment No. 22 on Form N-1A (File No. 33-30950) filed with
the SEC on December 29, 1995.
EX-99.B(4)(d) Specimen Certificate for Shares of Beneficial Interest of The
Starburst Money Market Fund-Trust Shares is incorporated herein
by reference as Exhibit (4)(v) to Registrant's Post-Effective
Amendment No. 22 on Form N-1A (File No. 33-30950) filed with
the SEC on December 29, 1995.
EX-99.B(5) Investment Advisory Contract of the Registrant through and
including Exhibit D is incorporated herein by reference as Exhibit
(5)(i) to Registrant's Post-Effective Amendment No. 22 on Form
N-1A (File No. 33-30950) filed with the SEC on December 29,
1995.
EX-99.B(5)(a) Investment Management Contract of the Registrant through and
including Exhibit A is incorporated herein by reference as Exhibit
(5)(ii) to Registrant's Post-Effective Amendment No. 22 on Form
N-1A (File No. 33-30950) filed with the SEC on December 29,
1995.
EX-99.B(5)(b) Form of Exhibit E to the Investment Advisory Contract relating to
The Expedition Equity Fund is incorporated herein by reference to
Registrant's Post-Effective Amendment No. 26 on form N-1A filed
with the SEC on June 4, 1997.
EX-99.B(6) Distributor's Contract of the Registrant through and including
Exhibit F is incorporated herein by reference to Registrant's Post-
Effective Amendment No. 22 on Form N-1A (File No. 33-30950)
filed with the SEC on December 29, 1995.
EX-99.B(6)(a) Form of Distribution Agreement with SEI Investments Distribution
Co. incorporated herein by reference to Registrant's Post-Effective
Amendment No. 26 on form N-1A filed with the SEC on June 4,
1997.
EX-99.B(7) Not applicable
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
EX-99.B(8) Custodian Agreement of the Registrant is incorporated herein by
reference to Registrant's Post-Effective Amendment No. 22 on
Form N-1A (File No. 33-30950) filed with the SEC on December
29, 1995.
EX-99.B(9) Agreement for Fund Accounting, Shareholder Record keeping, and
Custody Services Procurement is incorporated herein by reference
as Exhibit (9)(i) to Registrant's Post-Effective Amendment No. 20
on Form N-1A (File No. 33-30950) filed with the SEC on
December 28, 1994.
EX-99.B(9)(a) Sales Agreement with Federated Securities Corp. is incorporated
herein by reference as Exhibit (9)(ii) to Registrant's Post-Effective
Amendment No. 17 on Form N-1A (File No. 33-30950) filed with
the SEC on August 3, 1994.
EX-99.B(9)(b) Electronic Communications and Record keeping Agreement is
incorporated herein by reference as Exhibit (9)(iii) to Registrant's
Post-Effective Amendment No. 17 on Form N-1A (File No. 33-
30950) filed with the SEC on August 3, 1994.
EX-99.B(9)(c) Form of Administration Agreement with SEI Fund Resources
incorporated herein by reference to Registrant's Post-Effective
Amendment No. 26 on form N-1A filed with the SEC on June 4,
1997.
EX-99.B(9)(d) Form of Shareholder Service Plan and Agreement as it related to
the Investment Service Shares incorporated herein by reference to
Registrant's Post-Effective Amendment No. 26 on form N-1A filed
with the SEC on June 4, 1997.
EX-99.B(10) Opinion and Consent of Counsel is incorporated herein by reference
to Registrant's Post-Effective Amendment No. 20 on Form N-1A
(File No. 33-30950) filed with the SEC on December 28, 1994.
EX-99.B(11) Consent of the Independent Auditors is filed herewith.
EX-99.B(12) Not applicable
EX-99.B(13) Initial Capital Understanding is incorporated herein by reference to
Registrant's Pre-Effective Amendment No. 1 on Form N-1A (File
No. 33-30950) filed with the SEC on November 16, 1989.
EX-99.B(14) Not applicable
EX-99.B(15) Distribution Plan through and including Exhibit G is incorporated
herein by reference as Exhibit (15)(i) to Registrant's Post-Effective
Amendment No. 22 on Form N-1A (File No. 33-30950) filed with
the SEC on December 29, 1995.
EX-99.B(15)(a) Form of 12b-1 Agreement is incorporated herein by reference as
Exhibit (15)(ii) to Registrant's Post-Effective Amendment No. 24
on Form N-1A (File No. 33-30950) filed with the SEC on
December 27, 1996.
EX-99.B(16) Schedule of Computation of Fund Performance for The Starburst
Government Income Fund is incorporated herein by reference as
Exhibit (16)(i) to Registrant's Post-Effective Amendment No. 22 on
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Form N-1A (File No. 33-30950) filed with the SEC on December
29, 1995.
EX-99.B(16)(a) Schedule of Computation of Fund Performance for The Starburst
Government Money Market Fund is incorporated herein by
reference as Exhibit (16)(ii) to Registrant's Post-Effective
Amendment No. 22 on Form N-1A (File No. 33-30950) filed with
the SEC on December 29, 1995.
EX-99.B(16)(b) Schedule of Computation of Fund Performance for The Starburst
Money Market Fund is incorporated herein by reference as Exhibit
(16)(iii) to Registrant's Post-Effective Amendment No. 22 on Form
N-1A (File No. 33-30950) filed with the SEC on December 29,
1995.
EX-99.B(18) Multiple Class Plan of the Registrant is incorporated herein by
reference to Registrant's Post-Effective Amendment No. 24 on
Form N-1A (File No. 33-30950) filed with the SEC on December
27, 1996.
EX-99.B(18)(a) Rule 18f-3 Multiple Class Plan of April, 1997 incorporated herein
by reference to Registrant's Post-Effective Amendment No. 26 on
form N-1A filed with the SEC on June 4, 1997.
EX-99.B(24) Powers of Attorney for Dr. Robert A. Patterson, Eugene B. Peters,
Frank E. Morris, Robert A. Nesher, William M. Doran, James M.
Storey, John T. Cooney, David G. Lee and Robert J. DellaCroce
incorporated herein by reference to Registrant's Post-Effective
Amendment No. 26 on form N-1A filed with the SEC on June 4,
1997.
EX-27.1 Financial Data Schedules are filed herewith.
</TABLE>
4
<PAGE>
Exhibit 99.11
CONSENT OF INDEPENDENT AUDITORS
The Expedition Funds:
We consent to the use in Post-Effective Amendment No. 27 to Registration
Statement No. 33-30950 of our report dated December 5, 1997 of The Expedition
Funds appearing in the Statement of Additional Information, which is a part of
such Registration Statement.
/s/ DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Princeton, New Jersey
December 12, 1997
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<ACCUMULATED-NET-GAINS> 12,691
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,871
<NET-ASSETS> 237,567
<DIVIDEND-INCOME> 1,370
<INTEREST-INCOME> 114
<OTHER-INCOME> 0
<EXPENSES-NET> (999)
<NET-INVESTMENT-INCOME> 485
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<NET-CHANGE-FROM-OPS> 7,089
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<GROSS-EXPENSE> 999
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
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<NAME> EXPEDITION
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<NAME> BOND INVESTMENT CLASS
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 62
<NUMBER-OF-SHARES-REDEEMED> (2,312)
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<NET-CHANGE-IN-ASSETS> (15,915)
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<GROSS-EXPENSE> 972
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<PER-SHARE-NAV-BEGIN> 9.77
<PER-SHARE-NII> .53
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<PER-SHARE-NAV-END> 9.85
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<CIK> 0000854850
<NAME> EXPEDITION
<SERIES>
<NUMBER> 021
<NAME> BOND FUND INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-11-1997
<PERIOD-START> JUN-09-1997
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<NAME> EXPEDITION
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<PAGE>
<ARTICLE> 6
<CIK> 0000854850
<NAME> EXPEDITION
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<NAME> MONEY MARKET INSTITUTIONAL CLASS
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<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-11-1997
<PERIOD-START> JUN-09-1997
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</TABLE>
