<PAGE> PAGE 1
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007 C020500 THE EXPEDITION EQUITY FUND
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<PAGE> PAGE 2
011 A00AA01 SEI INVESTMENTS DISTRIBUTION CO.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE BOB DELLACROCE
TITLE CONTROLLER
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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, 1998,
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, 1998.
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 3, 1998
