<PAGE>
EXPEDITION MONEY MARKET FUND
EXPEDITION TAX-FREE MONEY MARKET FUND
INSTITUTIONAL SHARES PROSPECTUS
SUPPLEMENT DATED MAY 24, 2000
TO THE PROSPECTUS DATED MARCH 1, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.
ON PAGE 12 OF THE PROSPECTUS, UNDER THE HEADING "PURCHASING, SELLING AND
EXCHANGING FUND SHARES," THE FOLLOWING REPLACES THE SECOND PARAGRAPH:
Institutional Shares are primarily offered to subsidiaries and other
affiliates of Compass Bancshares and their divisions and departments, including
the Compass Asset Management Group, on behalf of certain eligible fiduciary,
trust, agency, investment advisory, asset allocation ("MAP Account"), treasury
management sweep, custody and similar accounts. Institutional Shares are also
available for purchase by other qualifying financial institutions investing for
their own or their customers' accounts.
ON PAGE 12 OF THE PROSPECTUS, UNDER THE HEADING "HOW TO PURCHASE FUND SHARES,"
THE FOLLOWING REPLACES THE SECOND AND THIRD PARAGRAPH:
To purchase Institutional Shares through the Compass Asset Management
Group, qualifying customers should contact their authorized representative by
calling Compass Bank. Unless you arrange to pay by wire or you invest through an
eligible treasury management sweep account or MAP Account, write your check,
payable in U.S. dollars, to "Expedition Funds" and include the name of the
appropriate Fund(s) on the check. A Fund cannot accept third-party checks,
credit cards, credit card checks or cash.
If you invest through the Compass Asset Management Group, or certain
other subsidiaries, affiliates, departments or divisions of Compass Bank, you
will have to follow the procedures and requirements established by the Asset
Management Group or such other affiliates, departments or divisions, which are
specified in or pursuant to your asset management, treasury management sweep,
MAP Account, or other agreement or in other guidelines. The Compass Asset
Management Group and certain other subsidiaries, affiliates, departments or
divisions of Compass Bank may require that customers maintain a minimum account
or fund balance or meet certain other criteria to participate in its various
asset management and similar programs and/or qualify to purchase Institutional
Shares. Please refer to your asset management, treasury management sweep, MAP
Account, or other account agreement or contact your Compass Asset Management
Group or other account representative for information concerning minimum account
or fund balance requirements and other criteria applicable to eligibility to
invest in the Institutional Shares.
If your account or fund balance falls below any applicable minimum
account balance or your account no longer satisfies other criteria established
for investment in the Institutional Shares, the Compass Asset Management Group
or other Compass Bank subsidiary, affiliate, department or division may exchange
your Institutional Shares of a Fund for Investment Service Shares of that Fund
without prior notice. You will receive a current prospectus for Investment
Service Shares in the event of such an exchange. If you have questions regarding
your account's minimum balance requirements or Investment Service Shares of the
Funds, please contact your Compass Asset Management Group or other Compass
authorized representative.
You may also buy shares through accounts with brokers and other
institutions that are authorized to place trades in Fund shares for their
customers. If you invest through an authorized institution, you will have to
follow its procedures, which may be different from the procedures for investing
directly. Your broker or institution may charge a fee for its services, in
addition to the fees charged by the Fund. You will also generally have to
address your correspondence or questions regarding the Fund to your institution.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
EXPEDITION MONEY MARKET FUND
EXPEDITION TAX-FREE MONEY MARKET FUND
INVESTMENT SERVICE SHARES PROSPECTUS
SUPPLEMENT DATED MAY 24, 2000
TO THE PROSPECTUS DATED MARCH 1, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.
ON PAGE 12 OF THE PROSPECTUS, UNDER THE HEADING "PURCHASING, SELLING AND
EXCHANGING FUND SHARES," THE FOLLOWING REPLACES THE SECOND PARAGRAPH:
Investment Service Shares are available for all individual and
institutional investors. Certain customers of the Compass Asset Management Group
and certain other divisions and departments of Compass Bank and its affiliates,
including treasury management sweep customers, maintaining specified minimum
account or fund balances or satisfying certain other criteria may be eligible to
purchase Institutional Shares of the Fund. For information concerning whether
you may be eligible to purchase Institutional Shares, Compass customers may
contact their Compass account representative.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
