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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 26
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SIGNATURE STEVE MEYER
TITLE CONTROLLER
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24164
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 487
<TOTAL-LIABILITIES> 487
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23102
<SHARES-COMMON-STOCK> 2387
<SHARES-COMMON-PRIOR> 2003
<ACCUMULATED-NII-CURRENT> 18
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 42
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 515
<NET-ASSETS> 23677
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1367
<OTHER-INCOME> 0
<EXPENSES-NET> (151)
<NET-INVESTMENT-INCOME> 1216
<REALIZED-GAINS-CURRENT> 50
<APPREC-INCREASE-CURRENT> 349
<NET-CHANGE-FROM-OPS> 1615
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1209)
<DISTRIBUTIONS-OF-GAINS> (204)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7459
<NUMBER-OF-SHARES-REDEEMED> (5061)
<SHARES-REINVESTED> 1346
<NET-CHANGE-IN-ASSETS> 3946
<ACCUMULATED-NII-PRIOR> 11
<ACCUMULATED-GAINS-PRIOR> 196
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 151
<AVERAGE-NET-ASSETS> 22020
<PER-SHARE-NAV-BEGIN> 9.85
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> (.54)
<PER-SHARE-DISTRIBUTIONS> (.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.92
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Supplementary Report of Independent Auditors
Board of Directors
TIP Funds
In planning and performing our audits of the financial statements
of the TIP Funds for the period ended September 30, 1997 we
considered their internal control, including control activities 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.
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 generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of the internal control 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 would not necessarily
disclose all matters in the 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 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,
including controls for safeguarding securities, that we consider to
be material weaknesses as defined above as of September 30, 1997.
This report is intended solely for the information and use of the
Board of Directors and management of the TIP Funds and the
Securities and Exchange Commission.
Philadelphia, Pennsylvania
October 31, 1997
