INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders of
Expedition Funds:
In planning and performing our audit of the financial statements
of Expedition Funds (the "Funds"), including the Equity Fund
, Equity Income Fund, Investment Grade Bond Fund, Tax-Free
Investment Grade Bond Fund, Money Market Fund, and Tax-Free
Money Market Fund for the year ended October 31, 2000 (on which
we have issued our report dated December 15, 2000), we
considered its internal control, including control activities
for safeguardingsecurities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statementsand to comply with the requirements of Form
N-SAR, and not to provide assurance on the Funds' internal control.
The management of the 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 accounting principles generally
accepted in the United States of America. Those controls
include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control,
misstatements due error or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that
the internal control may become inadequate because of changes
in conditions or that the degree of compliance with policies
or procedures may deteriorate.
Our consideration of the Funds' 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 one or more of the internal control
components does not reduce to a relatively low level
the risk that misstatements error or fraud 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 the Funds' internal control and its
operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above
as of October 31, 2000.
This report is intended solely for the information and use
of management, the Trustees and Shareholders of Expedition
Funds, and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other
than these specified parties.
DELOITTE & TOUCHE LLP
Princeton, New Jersey
December 15, 2000
