They are expanding mandrels, used to locate a part relative to an existing hole.
From the Smithy website:
A perfect fit when you need to machine a job in relation to an existing hole (like gears). Mandrels fit into the hole, expand, and tighten. Mount the shaft end into a mill or lathe spindle. Set includes eight mandrels ¼"-1-1/4", hex wrenches, and a wood holder.
Darn it, I dont understand machinist talk, your going to have show a picture demonstration to bring it down to my level.