<PAGE> PAGE 1
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<PAGE> PAGE 2
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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 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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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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SIGNATURE DAVID LEE
TITLE CHIEF EXEC OFFICER
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<NAME> STEPSTONE FUND
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<NAME> STEPSTONE FUND
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<NAME> STEPSTONE FUND
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Board of Trustees
Stepstone Funds
In planning and performing our audit of the financial statements of
Stepstone Funds for the year ended January 31, 1996, we considered its
internal control structure, including procedures for 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 the internal control structure.
The management of Stepstone Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements
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 the internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of January 31, 1996.
This report is intended solely for the information and use of management,
the Board of Trustees and the Securities and Exchange Commission
and should not be used for any other purpose.
/s/ Arthur Andersen
ARTHUR ANDERSEN
Philadelphia, Pa.
March 15, 1996
SEI Financial Management Methodology for Controlling
Multi-Class Funds
Control Objectives
The following represents the internal accounting control objectives and
policies and procedures for the allocation of income and expenses and the
computation of the net asset value and, if applicable, the
dividend/distribution for each class of shares. It does not cover the
internal accounting control procedures surrounding the processing of
information into the primary accounting system of SEI Financial
Management.
Following are the specific control objectives:
1.Capital share activity as reported by the Fund's transfer agent is
recorded for each class in an accurate and timely manner.
2.Net investment income before class specific expenses and realized
gains/losses is properly allocated between the various classes of shares
within each fund.
3.Class specific expenses, (i.e. 12b-1 fees) are properly calculated and
allocated between the various classes of shares within each fund .
4.Dividends and distributions are correctly calculated for each class of
shares of each fund.
5.Net asset value per share of each class of shares of each fund includes
the appropriate amount of expenses, including those expenses allocated
between each class of shares.
SEI Financial Management Methodology for Controlling
Multi-Class Funds
Procedures - Non Dollar Funds
1.Separate paid in capital accounts will be maintained for each class.
Both the transfer agent and the fund accountant will track and record
paid in capital/share activity separately for each class.
2.On a daily basis, net investment income before class specific expenses
(e.g. 12b-1 fee) will be allocated to the various classes on the basis of
prior day's net assets adjusted for current day's shareholder activity.
3.On a daily basis, the net daily realized gain/loss and net daily change
in unrealized gain/loss will be allocated to the various classes on the
basis of prior day's net assets adjusted for current day's shareholder
activity. Only the net daily activity will be allocated. Cumulative
balances will be tracked by class.
4.Net investment income allocated to each class will be reduced by class
specific expenses.
5.Total net assets will be calculated for each class.
6.Per unit NAV, POP, and/or redemption price will be calculated for each
class as required.
7.Distributions from net investment income will be calculated as follows:
a.Undistributed net investment income before class specific expenses
will be allocated to the respective classes on the basis of outstanding
shares on the declaration date.
b.The allocated amount will be reduced by class specific expenses.
c.The per share distributions will be calculated by class. Cumulative
distributions will be tracked by class.
8.Capital gain distributions will be calculated as follows:
a.The amount of net capital gains available for distribution will be
allocated to the various classes on the basis of outstanding shares
on the record date.
b.The per share distributions will be calculated by class. Cumulative
distributions will be tracked by class.
Key Internal Controls - Money Market Funds and Non-Dollar Funds
1. All calculations relating to the daily allocation of income, expenses,
realized gains, and unrealized appreciation/depreciation to each class
are performed via a standard EDP process without manual intervention.
Prior to utilizing this process, SEI accounting management tested this
process to ensure its accuracy.
2. On a daily basis, SEI supervisory staff review and sign-off on the
daily allocations performed through the above EDP process.
Net Asset Value Calculation
Non-Dollar Funds
Assumptions
1.The various classes differ as follows:
Class A No 12(b)-1 plan or load.
Class B 12(b)-1 plan which causes the class to incur
25 basis points of distribution expense. In addition, a
front end load of 4% is in place.
Class C 12(b)-1 plan which causes the class to incur
25 basis points of distribution expense. In addition, a
CDSC of 4% is in place.
2.Paid in capital is tracked separately by class. That is, activity within
a specific class is recorded in the paid in capital account of that
specific class.
3.Unrealized gains losses, realized gains/losses, and undistributed income
before class specific expenses are allocated to the respective classes on
the basis of prior day's net assets, adjusted for current day shareholder
activity, on a daily basis. Separate accounts are maintained for each
class and the allocated amounts are recorded in the respective accounts.
4.Class specific expenses are levied prior to calculating the net asset
value per share.
5.After calculating class specific expenses, net asset value for each class
is calculated. Net assets are then divided by outstanding shares to
calculate the net asset value per share.
6.Two days' activity is presented. The daily activity was assumed to be as
follows:
Day 1
Opening Net Assets Shares
Class A $1,000,000 100,000
Class B $1,000,000 100,000
Class C $1,000,000 100,000
Paid in Capital Activity
Class A 100 Shares purchased
Class B 100 Shares purchased
Class C 100 Shares purchased
Unrealized Gains/Losses
Net unrealized gain activity of $10,000 was incurred for
the day.
Realized gains/losses
Net realized gain activity of $5,000 was incurred for the
day.
Net Investment Income
Net investment income of $20,000 was earned for the day.
Day 2
Paid in Capital Activity
Class A 50 shares redeemed
Class B 100 shares purchased
Class C 50 shares purchased
Unrealized Gains/Losses
Net unrealized gain activity of $10,000 was incurred for
the day.
Realized Gains/Losses
Net realized gain activity of $5,000 was incurred for the
day.
Net Investment Income
Net investment income of $20,000 was earned for the day.
Daily Net Asset Value
Calculation
Day 1
<TABLE>
<CAPTION>
Class A Class B Class C Total
<S> <C> <C> <C> <C>
1.Shares, Prior Day 100,000.00 100,000.00 100,000.00 300,000.00
2.Share Activity 100.00 100.00 100.00 300.00
3.Adjusted Shares 100,100.00 100,100.00 100,100.00 300,300.00
4.Prior Day Net Assets 1,000,000.00 1,000,000.00 1,000,000.00 3,000,000.00
5.Today's Cap Activity 1,000.00 1,000.00 1,000.00 3,000.00
6.Adjusted Net Assets 1,001,000.00 1,001,000.00 1,001,000.00 3,003,000.00
7.Net Asset Percentage 33.34% 33.33% 33.33% 100.00%
8. Net Investment Income
Before class 6,668.00 6,666.00 6,666.00 20,000.00
specific expenses
9. Class specific
expense 0.00 6.85 6.85 13.70 13.70
12(b)-1 fees
10.Net Investment 6,668.00 6,659.15 6,659.15 19,986.30
Income
11. Realized Gains/Losses
Short Term 0.00 0.00 0.00 0.00
Long Term 1667.00 1666.50 1666.50 5000.00
12. Unrealized Gains 3,334.00 3,333.00 3,333.00 10,000.00
Losses
13. Net Change in Net
Assets 12,669.00 12,658.65 12,658.65 37,986.30
(5+10+11+12)
14. Prior Day's Net 1,000,000.00 1,000,000.00 1,000,000.00 3,000,000.
Assets
15.Total Net Assets 1,012,669.00 1,012,658.65 1,012,658.65 3,037,986.30
(13+14)
16.Outstanding Shares 100,100.00 100,100.00 100,100.00 300,300.00
17.Net Asset Value - 10.1165734 10.1164700 10.1164700
Raw
Net Asset Value - 10.12 10.12 10.12
Rounded
POP 10.12 10.54 10.12
Redemption Price 10.12 10.12 9.72
</TABLE>
Prepared By:
Reviewed By:
Daily Net Asset Value
Calculation
Day 2
<TABLE>
<CAPTION>
Class A Class B Class C Total
<S> <C> <C> <C> <C>
1.Shares, Prior Day 100,100.00 100,100.00 100,100.00 300,300.00
2. Share Activity -50.00 100.00 50.00 100.00
3. Adjusted Shares 100,050.00 100,200.00 100,150.00 300,400.00
4.Prior Day Net Assets 1,012,669.00 1,012,658.00 1,012,658.00 3,037,986.00
5.Today's Capital -506.00 1,012.00 506.00 1,012.00
Activity
6.Adjusted Net Assets 1,012,163.00 1,013,670.67 1,013,164.67 3,038,998.34
7.Net Asset Percentage 33.31% 33.35% 33.34% 100.00%
8. Net Investment Income
Before class 6,662.00 6,670.00 6,668.00 20,000.00
specific expenses
9. Class specific
expense 0.00 6.94 6.94 13.88
12(b)-1 fees
10.Net Investment 6,662.00 6,663.08 6,661.08 19,986.16
Income
11. Realized Gains/Losses
Short Term 0.00 0.00 0.00 0.00
Long Term 1,665.50 1,667.50 1,667.00 5,000.00
12. Unrealized Gains 3,331.00 3,335.00 3,334.00 10,000.00
Losses
13. Net Change in Net
Assets 11,152.50 12,677.60 12,168.10 35,998.20
(5+10+11+12)
14.Prior Day's Net 1,012,669.00 1,012,658.67 1,012,658.67 3,037,986.34
Assets
15.Total Net Assets 1,023,821.50 1,025,336.27 1,024,826.77 3,073,984.54
(13+14)
16.Outstanding Shares 100,050.00 100,200.00 100,150.00 300,400.00
17.Net Asset Value - 10.2330984 10.2328969 10.2329183
Raw
Net Asset Value - 10.23 10.23 10.23
Rounded
POP 10.23 10.66 10.23
Redemption Price 10.23 10.23 9.82
</TABLE>
