<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 8
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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 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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025 A001001 FIRST UNION CORPORATION
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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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008 A001101 TURNER INVESTMENT PARTNERS
008 B001101 A
008 C001101 801-36220
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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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008 A001201 PENN CAPITAL MANAGEMENT COMPANY INC.
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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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008 A001301 TURNER INVESTMENT PARTNERS
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 2500
062 A001300 N
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 0.0
062 N001300 0.0
062 O001300 0.0
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
066 A001300 Y
066 B001300 N
066 C001300 Y
066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 Y
070 B011300 Y
070 B021300 N
<PAGE> PAGE 42
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 N
070 L011300 Y
070 L021300 N
070 M011300 Y
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 7180
071 B001300 5350
071 C001300 4290
071 D001300 125
072 A001300 6
072 B001300 5
072 C001300 7
072 D001300 0
072 E001300 0
072 F001300 0
072 G001300 36
072 H001300 0
072 I001300 10
072 J001300 3
072 K001300 0
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072 M001300 3
072 N001300 25
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<PAGE> PAGE 43
072 P001300 0
072 Q001300 0
072 R001300 7
072 S001300 7
072 T001300 0
072 U001300 1
072 V001300 0
072 W001300 0
072 X001300 101
072 Y001300 74
072 Z001300 -15
072AA001300 808
072BB001300 0
072CC011300 685
072CC021300 0
072DD011300 0
072DD021300 0
072EE001300 0
073 A011300 0.0000
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 128
074 C001300 0
074 D001300 0
074 E001300 0
074 F001300 6045
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 2
074 M001300 18
074 N001300 6193
074 O001300 45
074 P001300 0
074 Q001300 0
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074 R021300 0
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074 R041300 63
074 S001300 0
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074 U011300 422102
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<PAGE> PAGE 44
074 Y001300 0
075 A001300 0
075 B001300 34299
076 001300 0.00
008 A001401 TURNER INVESTMENT PARTNERS
008 B001401 A
008 C001401 801-362200
008 D011401 BERWYN
008 D021401 PA
008 D031401 19312
024 001400 N
028 A011400 97
028 A021400 0
028 A031400 0
028 A041400 9
028 B011400 149
028 B021400 6
028 B031400 0
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028 C021400 5
028 C031400 0
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028 D021400 4
028 D031400 0
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028 E021400 3
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028 F011400 417
028 F021400 7
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028 F041400 44
028 G011400 902
028 G021400 25
028 G031400 0
028 G041400 748
028 H001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.250
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048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
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<PAGE> PAGE 45
048 D021400 0.000
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048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
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048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
055 A001400 N
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
059 001400 Y
060 A001400 Y
060 B001400 Y
061 001400 5000
062 A001400 Y
062 B001400 16.0
062 C001400 31.5
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 2.1
062 M001400 10.0
062 N001400 28.1
062 O001400 0.0
062 P001400 12.3
062 Q001400 0.0
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063 A001400 192
063 B001400 0.0
066 A001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
<PAGE> PAGE 46
070 B011400 N
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 N
070 M011400 Y
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 Y
070 P021400 Y
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 353
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<PAGE> PAGE 47
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072AA001400 0
072BB001400 0
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072DD021400 1
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073 A011400 0.2345
073 A021400 0.0000
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073 C001400 0.0000
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074 H001400 0
074 I001400 0
074 J001400 0
074 K001400 0
074 L001400 28
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<PAGE> PAGE 48
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SIGNATURE ROBERT DELLACROCE
TITLE CONTROLLER
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<EXPENSE-RATIO> 1.40
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 070
<NAME> CLOVER FIXED INCOME
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 34328
<INVESTMENTS-AT-VALUE> 34273
<RECEIVABLES> 603
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34888
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 155
<TOTAL-LIABILITIES> 155
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34723
<SHARES-COMMON-STOCK> 3541
<SHARES-COMMON-PRIOR> 3207
<ACCUMULATED-NII-CURRENT> 12
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 53
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (55)
<NET-ASSETS> 34733
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1031
<OTHER-INCOME> 0
<EXPENSES-NET> (127)
<NET-INVESTMENT-INCOME> 904
<REALIZED-GAINS-CURRENT> 83
<APPREC-INCREASE-CURRENT> (1431)
<NET-CHANGE-FROM-OPS> (444)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (904)
<DISTRIBUTIONS-OF-GAINS> (653)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6245
<NUMBER-OF-SHARES-REDEEMED> (4355)
<SHARES-REINVESTED> 1469
<NET-CHANGE-IN-ASSETS> 1358
<ACCUMULATED-NII-PRIOR> 12
<ACCUMULATED-GAINS-PRIOR> 623
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 152
<AVERAGE-NET-ASSETS> 33825
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (.40)
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> (.20)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.81
<EXPENSE-RATIO> .75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 080
<NAME> CLOVER MAX CAP VALUE
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 2449
<INVESTMENTS-AT-VALUE> 2517
<RECEIVABLES> 112
<ASSETS-OTHER> 29
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2658
<PAYABLE-FOR-SECURITIES> 131
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56
<TOTAL-LIABILITIES> 187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2332
<SHARES-COMMON-STOCK> 224
<SHARES-COMMON-PRIOR> 193
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 71
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68
<NET-ASSETS> 2471
<DIVIDEND-INCOME> 24
<INTEREST-INCOME> 2
<OTHER-INCOME> 0
<EXPENSES-NET> (11)
<NET-INVESTMENT-INCOME> 15
<REALIZED-GAINS-CURRENT> 83
<APPREC-INCREASE-CURRENT> 277
<NET-CHANGE-FROM-OPS> 375
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15)
<DISTRIBUTIONS-OF-GAINS> (12)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 633
<NUMBER-OF-SHARES-REDEEMED> (321)
<SHARES-REINVESTED> 35
<NET-CHANGE-IN-ASSETS> 695
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 113
<AVERAGE-NET-ASSETS> 2302
<PER-SHARE-NAV-BEGIN> 9.21
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.86
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.02
<EXPENSE-RATIO> .95
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 090
<NAME> TIP TARGET SELECT EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1247
<INVESTMENTS-AT-VALUE> 1308
<RECEIVABLES> 47
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1364
<PAYABLE-FOR-SECURITIES> 48
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 48
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1054
<SHARES-COMMON-STOCK> 97824
<SHARES-COMMON-PRIOR> 93439
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3)
<ACCUMULATED-NET-GAINS> 204
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61
<NET-ASSETS> 1316
<DIVIDEND-INCOME> 4
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> (7)
<NET-INVESTMENT-INCOME> (2)
<REALIZED-GAINS-CURRENT> 217
<APPREC-INCREASE-CURRENT> 163
<NET-CHANGE-FROM-OPS> 378
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (83)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 149
<NUMBER-OF-SHARES-REDEEMED> (177)
<SHARES-REINVESTED> 83
<NET-CHANGE-IN-ASSETS> 350
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 70
<OVERDISTRIB-NII-PRIOR> (1)
<OVERDIST-NET-GAINS-PRIOR> (102)
<GROSS-ADVISORY-FEES> 53
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 54
<AVERAGE-NET-ASSETS> 1090
<PER-SHARE-NAV-BEGIN> 10.34
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 4.03
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.90)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.45
<EXPENSE-RATIO> 1.30
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 100
<NAME> PENN CAPITAL SELECT FINANCIAL SERVICES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 821
<INVESTMENTS-AT-VALUE> 822
<RECEIVABLES> 23
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 867
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43
<TOTAL-LIABILITIES> 43
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 832
<SHARES-COMMON-STOCK> 72
<SHARES-COMMON-PRIOR> 67
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 47
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1
<NET-ASSETS> 824
<DIVIDEND-INCOME> 9
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> (6)
<NET-INVESTMENT-INCOME> 4
<REALIZED-GAINS-CURRENT> (11)
<APPREC-INCREASE-CURRENT> 123
<NET-CHANGE-FROM-OPS> 116
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6)
<DISTRIBUTIONS-OF-GAINS> (47)
<DISTRIBUTIONS-OTHER> 53
<NUMBER-OF-SHARES-SOLD> 15
<NUMBER-OF-SHARES-REDEEMED> (10)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 121
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 47
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 52
<AVERAGE-NET-ASSETS> 77699
<PER-SHARE-NAV-BEGIN> 10.50
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 1.65
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (.69)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.42
<EXPENSE-RATIO> 1.40
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 110
<NAME> TURNER SHORT DURATION GOV'T - 3 YR PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 19342
<INVESTMENTS-AT-VALUE> 19333
<RECEIVABLES> 266
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19605
<PAYABLE-FOR-SECURITIES> 782
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2
<TOTAL-LIABILITIES> 784
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18860
<SHARES-COMMON-STOCK> 1889940
<SHARES-COMMON-PRIOR> 1171801
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (40)
<ACCUM-APPREC-OR-DEPREC> (9)
<NET-ASSETS> 18821
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 425
<OTHER-INCOME> 0
<EXPENSES-NET> (18)
<NET-INVESTMENT-INCOME> 407
<REALIZED-GAINS-CURRENT> 40
<APPREC-INCREASE-CURRENT> (245)
<NET-CHANGE-FROM-OPS> 202
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (407)
<DISTRIBUTIONS-OF-GAINS> (156)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8359
<NUMBER-OF-SHARES-REDEEMED> (1753)
<SHARES-REINVESTED> 561
<NET-CHANGE-IN-ASSETS> 6806
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (47)
<OVERDIST-NET-GAINS-PRIOR> (57)
<GROSS-ADVISORY-FEES> 18
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112
<AVERAGE-NET-ASSETS> 14686505
<PER-SHARE-NAV-BEGIN> 10.25
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (.15)
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.14)
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 1.53
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 120
<NAME> PENN CAPITAL HIGH YIELD BOND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 40643
<INVESTMENTS-AT-VALUE> 40491
<RECEIVABLES> 0
<ASSETS-OTHER> 771
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41262
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44211
<SHARES-COMMON-STOCK> 4631471
<SHARES-COMMON-PRIOR> 2000885
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2725)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (72)
<ACCUM-APPREC-OR-DEPREC> (152)
<NET-ASSETS> 41262
<DIVIDEND-INCOME> 38
<INTEREST-INCOME> 1670
<OTHER-INCOME> 0
<EXPENSES-NET> (116)
<NET-INVESTMENT-INCOME> 1592
<REALIZED-GAINS-CURRENT> (1968)
<APPREC-INCREASE-CURRENT> 2125
<NET-CHANGE-FROM-OPS> 1749
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1671)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23866
<NUMBER-OF-SHARES-REDEEMED> (1649)
<SHARES-REINVESTED> 1125
<NET-CHANGE-IN-ASSETS> 23420
<ACCUMULATED-NII-PRIOR> 7
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (757)
<GROSS-ADVISORY-FEES> 94
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 194
<AVERAGE-NET-ASSETS> 34299
<PER-SHARE-NAV-BEGIN> 8.91
<PER-SHARE-NII> .42
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.91
<EXPENSE-RATIO> .68
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 130
<NAME> TURNER MICRO CAP GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 5545
<INVESTMENTS-AT-VALUE> 6173
<RECEIVABLES> 2
<ASSETS-OTHER> 18
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6193
<PAYABLE-FOR-SECURITIES> 45
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 63
<TOTAL-LIABILITIES> 108
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4711
<SHARES-COMMON-STOCK> 422102
<SHARES-COMMON-PRIOR> 287838
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (15)
<ACCUMULATED-NET-GAINS> 761
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 628
<NET-ASSETS> 2085
<DIVIDEND-INCOME> 7
<INTEREST-INCOME> 5
<OTHER-INCOME> 0
<EXPENSES-NET> (27)
<NET-INVESTMENT-INCOME> (15)
<REALIZED-GAINS-CURRENT> 808
<APPREC-INCREASE-CURRENT> 685
<NET-CHANGE-FROM-OPS> 1478
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1893
<NUMBER-OF-SHARES-REDEEMED> (129)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3242
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 79
<AVERAGE-NET-ASSETS> 4314995
<PER-SHARE-NAV-BEGIN> 9.88
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 4.58
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.42
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 140
<NAME> TURNER SHORT DURATION GOV'T 1 YEAR PORTFOLIO ADVISER CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1140
<INVESTMENTS-AT-VALUE> 1141
<RECEIVABLES> 0
<ASSETS-OTHER> 25
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1166
<PAYABLE-FOR-SECURITIES> 1
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150
<SHARES-COMMON-STOCK> 14858
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1
<NET-ASSETS> 1165
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 23
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (1)
<NET-CHANGE-FROM-OPS> 22
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 196
<NUMBER-OF-SHARES-REDEEMED> (47)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 171
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 3
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 58
<AVERAGE-NET-ASSETS> 27491
<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.23)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 1.29
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 141
<NAME> TURNER SHORT DURATION GOV'T 1 YEAR PORTFOLIO INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1140
<INVESTMENTS-AT-VALUE> 1141
<RECEIVABLES> 0
<ASSETS-OTHER> 25
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1166
<PAYABLE-FOR-SECURITIES> 1
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1010
<SHARES-COMMON-STOCK> 100797
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1
<NET-ASSETS> 1165
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 23
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (1)
<NET-CHANGE-FROM-OPS> 22
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (23)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 704
<NUMBER-OF-SHARES-REDEEMED> (701)
<SHARES-REINVESTED> 23
<NET-CHANGE-IN-ASSETS> 25
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 3
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 58
<AVERAGE-NET-ASSETS> 804199
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.07
<EXPENSE-RATIO> 1.04
</TABLE>
