EXPEDITION FUNDS
Expedition Tax-Free Money Market Fund
Institutional Shares
Supplement dated May 20, 1998
To Prospectus dated April 2, 1998
The Managing Directors of Weiss, Peck & Greer L.L.C., the Fund's sub-advisor
("WPG"), have entered into an agreement with Robeco Group N.V. ("Robeco")
pursuant to which WPG will become a wholly owned subsidiary of Robeco. The
transaction is expected to close in August, 1998, subject to the satisfaction or
waiver of certain conditions.
Founded in 1929, Robeco is one of the world's oldest asset management
organizations and advisers to investment funds. Robeco is headquartered in
Rotterdam, the Netherlands and currently has approximately 1,250 employees
worldwide. As of May 1, 1998, Robeco and its affiliate, RoProperty Services,
B.V., had approximately $70 billion in assets under management of which $51
billion was managed by Robeco. Robeco is 50% owned by Rabobank Group, the only
commercial bank in the world currently rated AAA by all four major rating
agencies. Rabobank Group is a cooperative bank that is owned by a large number
of local banks in the Netherlands. The remaining 50% interest in Robeco is owned
indirectly by the shareholders of various investment funds advised by Robeco.
Under the Investment Act of 1940, as amended, the proposed acquisition of WPG by
Robeco will result in the automatic termination of the sub-advisory agreement
between Compass Bank and WPG relating to the Fund. Consequently, the Fund's
Board of Trustees met on May 18, 1998, to approve the Fund's continued
investment sub-advisory relationship with WPG and to approve the new
sub-advisory agreement. The new sub-advisory agreement contains the same fees
and other substantive terms as the current agreement. The proposed transaction
is not expected to result in a change in the Fund's portfolio management. The
Trustees voted unanimously to approve the new sub-advisory agreement and also
approved a consent of the Fund's sole shareholder. The Fund's sole shareholder
approved the Fund's continued sub-investment advisory relationship with WPG and
a new sub-advisory agreement between Compass Bank and WPG.
Exp-A-013-01
<PAGE>
EXPEDITION FUNDS
Expedition Tax-Free Money Market Fund
Investment Service Shares
Supplement dated May 20, 1998
To Prospectus dated April 2, 1998
The Managing Directors of Weiss, Peck & Greer L.L.C., the Fund's sub-advisor
("WPG"), have entered into an agreement with Robeco Group N.V. ("Robeco")
pursuant to which WPG will become a wholly owned subsidiary of Robeco. The
transaction is expected to close in August, 1998, subject to the satisfaction or
waiver of certain conditions.
Founded in 1929, Robeco is one of the world's oldest asset management
organizations and advisers to investment funds. Robeco is headquartered in
Rotterdam, the Netherlands and currently has approximately 1,250 employees
worldwide. As of May 1, 1998, Robeco and its affiliate, RoProperty Services,
B.V., had approximately $70 billion in assets under management of which $51
billion was managed by Robeco. Robeco is 50% owned by Rabobank Group, the only
commercial bank in the world currently rated AAA by all four major rating
agencies. Rabobank Group is a cooperative bank that is owned by a large number
of local banks in the Netherlands. The remaining 50% interest in Robeco is owned
indirectly by the shareholders of various investment funds advised by Robeco.
Under the Investment Act of 1940, as amended, the proposed acquisition of WPG by
Robeco will result in the automatic termination of the sub-advisory agreement
between Compass Bank and WPG relating to the Fund. Consequently, the Fund's
Board of Trustees met on May 18, 1998, to approve the Fund's continued
investment sub-advisory relationship with WPG and to approve the new
sub-advisory agreement. The new sub-advisory agreement contains the same fees
and other substantive terms as the current agreement. The proposed transaction
is not expected to result in a change in the Fund's portfolio management. The
Trustees voted unanimously to approve the new sub-advisory agreement and also
approved a consent of the Fund's sole shareholder. The Fund's sole shareholder
approved the Fund's continued sub-investment advisory relationship with WPG and
a new sub-advisory agreement between Compass Bank and WPG.
Exp-A-012-01
