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<PAGE> PAGE 2
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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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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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008 A001001 PENN CAPITAL MANAGEMENT COMPANY INC.
008 B001001 A
008 C001001 801-0000
<PAGE> PAGE 44
008 D011001 CHERRY HILL
008 D021001 NJ
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<PAGE> PAGE 45
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<PAGE> PAGE 46
070 C021000 N
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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008 A001101 TURNER INVESTMENT PARTNERS
008 B001101 A
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<PAGE> PAGE 49
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<PAGE> PAGE 50
063 B001100 2.2
064 A001100 Y
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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008 A001201 PENN CAPITAL MANAGEMENT COMPANY INC.
008 B001201 A
008 C001201 801-0000
008 D011201 CHERRY HILL
008 D021201 NJ
008 D031201 08034
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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008 A001301 TURNER INVESTMENT PARTNERS
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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008 A001401 TURNER INVESTMENT PARTNERS
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<PAGE> PAGE 61
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028 C011400 1431
028 C021400 6
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028 D011400 130
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028 E011400 3217
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028 F011400 971
028 F021400 41
028 F031400 0
028 F041400 447
028 G011400 6156
028 G021400 75
028 G031400 0
028 G041400 1033
028 H001400 0
045 001400 Y
046 001400 N
047 001400 Y
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048 A011400 0
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048 B021400 0.000
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<PAGE> PAGE 62
048 I021400 0.000
048 J011400 0
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055 A001400 N
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
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060 A001400 Y
060 B001400 Y
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062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
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062 K001400 0.0
062 L001400 0.0
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062 N001400 63.5
062 O001400 0.0
062 P001400 5.1
062 Q001400 1.9
062 R001400 0.0
063 A001400 179
063 B001400 0.0
064 A001400 Y
064 B001400 N
066 A001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 N
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 Y
070 E021400 N
<PAGE> PAGE 63
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 1727
071 B001400 880
071 C001400 601
071 D001400 154
072 A001400 12
072 B001400 101
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072 D001400 0
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072 H001400 0
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072 M001400 2
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072 S001400 9
072 T001400 0
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<PAGE> PAGE 64
072 V001400 0
072 W001400 1
072 X001400 117
072 Y001400 116
072 Z001400 100
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072DD011400 77
072DD021400 25
072EE001400 0
073 A011400 0.6184
073 A021400 0.5484
073 B001400 0.0000
073 C001400 0.0000
074 A001400 0
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074 C001400 1298
074 D001400 5300
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074 O001400 186
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074 R041400 53
074 S001400 0
074 T001400 6362
074 U011400 319084
074 U021400 312453
074 V011400 10.05
074 V021400 10.10
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008 A001501 TURNER INVESTMENT PARTNERS
008 B001501 A
<PAGE> PAGE 65
008 C001501 801-36220
008 D011501 BERWYN
008 D021501 PA
008 D031501 19312
008 D041501 2412
024 001500 Y
025 A001501 MORGAN STANLEY
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025 A001502 GOLDMAN SACHS
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025 C001502 D
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<PAGE> PAGE 66
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055 A001500 N
055 B001500 N
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057 001500 N
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062 H001500 0.0
062 I001500 0.0
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062 R001500 0.0
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064 A001500 Y
064 B001500 N
066 A001500 N
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<PAGE> PAGE 67
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 Y
070 B011500 N
070 B021500 N
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070 C021500 N
070 D011500 N
070 D021500 N
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070 E021500 N
070 F011500 N
070 F021500 N
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070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 N
070 L011500 Y
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 Y
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<PAGE> PAGE 68
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<PAGE> PAGE 69
074 T001500 10009
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008 A001601 TURNER INVESTMENT PARTNERS
008 B001601 A
008 C001601 801-36220
008 D011601 BERWYN
008 D021601 PA
008 D031601 19312
008 D041601 2412
024 001600 Y
025 A001601 MORGAN STANLEY
025 B001601 13-2655998
025 C001601 D
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028 E011600 2209
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028 F011600 3127
028 F021600 0
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028 F041600 256
028 G011600 13557
028 G021600 0
028 G031600 0
028 G041600 792
<PAGE> PAGE 70
028 H001600 0
045 001600 Y
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047 001600 Y
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048 B011600 0
048 B021600 0.000
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048 C021600 0.000
048 D011600 0
048 D021600 0.000
048 E011600 0
048 E021600 0.000
048 F011600 0
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048 H011600 0
048 H021600 0.000
048 I011600 0
048 I021600 0.000
048 J011600 0
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055 A001600 N
055 B001600 N
056 001600 Y
057 001600 N
058 A001600 N
059 001600 Y
060 A001600 Y
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<PAGE> PAGE 71
062 P001600 0.0
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066 D001600 N
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066 F001600 N
066 G001600 N
067 001600 N
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069 001600 N
070 A011600 Y
070 A021600 Y
070 B011600 Y
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070 C011600 Y
070 C021600 N
070 D011600 Y
070 D021600 N
070 E011600 Y
070 E021600 N
070 F011600 Y
070 F021600 N
070 G011600 Y
070 G021600 N
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070 H021600 N
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070 I021600 N
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070 J021600 N
070 K011600 Y
070 K021600 N
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070 L021600 N
070 M011600 Y
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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008 A001701 TURNER INVESTMENT PARTNERS
008 B001701 A
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
074 A001700 0
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SIGNATURE ROBERT DELLACROCE
TITLE CONTROLLER
Report of Independent Auditors
To the Shareholders and Board of Trustees
TIP Funds
In planning and performing our audit of the financial
statements of the TIP Funds (the "Funds") for the year
ended September 30, 1999, we considered its 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, and not
to provide assurance on 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 fraud may occur and not be detected. Also,
projection of any evaluation of 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 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 specific internal control
components does not reduce to a relatively low level the
risk that misstatements caused by 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 internal control
and its operations, including controls for safeguarding
securities, that we consider to be material weaknesses as
defined above at September 30, 1999.
This report is intended solely for the information and
use of management, the Board of Trustees and the Securities
and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified
parties.
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
November 8, 1999
____
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<NAME> TURNER EQUITY GROWTH FUND
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<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 142824
<INVESTMENTS-AT-VALUE> 143761
<RECEIVABLES> 10141
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 153921
<PAYABLE-FOR-SECURITIES> 10919
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 178
<TOTAL-LIABILITIES> 11097
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92958
<SHARES-COMMON-STOCK> 8991
<SHARES-COMMON-PRIOR> 7605
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<ACCUMULATED-NET-GAINS> 37043
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12823
<NET-ASSETS> 142824
<DIVIDEND-INCOME> 605
<INTEREST-INCOME> 101
<OTHER-INCOME> 0
<EXPENSES-NET> (1215)
<NET-INVESTMENT-INCOME> (509)
<REALIZED-GAINS-CURRENT> 37857
<APPREC-INCREASE-CURRENT> 658
<NET-CHANGE-FROM-OPS> 38006
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (12236)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39040
<NUMBER-OF-SHARES-REDEEMED> (31717)
<SHARES-REINVESTED> 11874
<NET-CHANGE-IN-ASSETS> 44967
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11931
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 987
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1347
<AVERAGE-NET-ASSETS> 131657
<PER-SHARE-NAV-BEGIN> 12.87
<PER-SHARE-NII> (0.050)
<PER-SHARE-GAIN-APPREC> 4.66
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (1.60)
<PER-SHARE-NAV-END> 15.88
<EXPENSE-RATIO> .920
</TABLE>
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<NAME> TIP FUNDS
<SERIES>
<NUMBER> 020
<NAME> TURNER SMALL CAP FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-30-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 254077
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<PAYABLE-FOR-SECURITIES> 9509
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 167680
<SHARES-COMMON-STOCK> 7429
<SHARES-COMMON-PRIOR> 6865
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35081
<NET-ASSETS> 254077
<DIVIDEND-INCOME> 291
<INTEREST-INCOME> 259
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<EXPENSES-NET> (2510)
<NET-INVESTMENT-INCOME> (1960)
<REALIZED-GAINS-CURRENT> 61638
<APPREC-INCREASE-CURRENT> 30895
<NET-CHANGE-FROM-OPS> 90573
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 87818
<NUMBER-OF-SHARES-REDEEMED> (71848)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 106543
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1)
<OVERDIST-NET-GAINS-PRIOR> (8347)
<GROSS-ADVISORY-FEES> 2008
<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 200760
<PER-SHARE-NAV-BEGIN> 21.49
<PER-SHARE-NII> (.26)
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 34.20
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 030
<NAME> TURNER MID CAP FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 148830
<INVESTMENTS-AT-VALUE> 148692
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<TOTAL-LIABILITIES> 9266
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118551
<SHARES-COMMON-STOCK> 5830
<SHARES-COMMON-PRIOR> 1772
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6)
<ACCUMULATED-NET-GAINS> 19026
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11259
<NET-ASSETS> 148830
<DIVIDEND-INCOME> 210
<INTEREST-INCOME> 137
<OTHER-INCOME> 0
<EXPENSES-NET> (723)
<NET-INVESTMENT-INCOME> (376)
<REALIZED-GAINS-CURRENT> 20948
<APPREC-INCREASE-CURRENT> 10401
<NET-CHANGE-FROM-OPS> 30973
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 127616
<NUMBER-OF-SHARES-REDEEMED> (34341)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 124248
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (3)
<OVERDIST-NET-GAINS-PRIOR> (1546)
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<GROSS-EXPENSE> 753
<AVERAGE-NET-ASSETS> 69875
<PER-SHARE-NAV-BEGIN> 13.87
<PER-SHARE-NII> (0.060)
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.53
<EXPENSE-RATIO> 1.03
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 040
<NAME> TURNER LARGE CAP FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 8459
<INVESTMENTS-AT-VALUE> 8559
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<TOTAL-ASSETS> 8672
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (2)
<TOTAL-LIABILITIES> 213
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6352
<SHARES-COMMON-STOCK> 447615
<SHARES-COMMON-PRIOR> 327408
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1617
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 490
<NET-ASSETS> 8459
<DIVIDEND-INCOME> 36
<INTEREST-INCOME> 4
<OTHER-INCOME> 0
<EXPENSES-NET> (76)
<NET-INVESTMENT-INCOME> (36)
<REALIZED-GAINS-CURRENT> 1821
<APPREC-INCREASE-CURRENT> 307
<NET-CHANGE-FROM-OPS> 2092
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 4366
<NUMBER-OF-SHARES-REDEEMED> (2327)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4131
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (168)
<GROSS-ADVISORY-FEES> 57
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 176
<AVERAGE-NET-ASSETS> 7570
<PER-SHARE-NAV-BEGIN> 13.22
<PER-SHARE-NII> (0.080)
<PER-SHARE-GAIN-APPREC> 5.76
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.90
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 050
<NAME> CLOVER EQUITY VALUE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 59602
<INVESTMENTS-AT-VALUE> 60915
<RECEIVABLES> 788
<ASSETS-OTHER> (11)
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61692
<PAYABLE-FOR-SECURITIES> 2090
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 2090
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46340
<SHARES-COMMON-STOCK> 3743
<SHARES-COMMON-PRIOR> 5728
<ACCUMULATED-NII-CURRENT> 80
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11165
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2017
<NET-ASSETS> 59602
<DIVIDEND-INCOME> 1297
<INTEREST-INCOME> 356
<OTHER-INCOME> 0
<EXPENSES-NET> (725)
<NET-INVESTMENT-INCOME> 928
<REALIZED-GAINS-CURRENT> 14773
<APPREC-INCREASE-CURRENT> (10436)
<NET-CHANGE-FROM-OPS> 5265
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (927)
<DISTRIBUTIONS-OF-GAINS> (3802)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21142
<NUMBER-OF-SHARES-REDEEMED> (57523)
<SHARES-REINVESTED> 4641
<NET-CHANGE-IN-ASSETS> (31204)
<ACCUMULATED-NII-PRIOR> 41
<ACCUMULATED-GAINS-PRIOR> 232
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 725
<AVERAGE-NET-ASSETS> 76665
<PER-SHARE-NAV-BEGIN> 15.85
<PER-SHARE-NII> .210
<PER-SHARE-GAIN-APPREC> .740
<PER-SHARE-DIVIDEND> (.210)
<PER-SHARE-DISTRIBUTIONS> (.67)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.92
<EXPENSE-RATIO> .95
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 060
<NAME> CLOVER SMALL CAP VALUE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
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<TOTAL-ASSETS> 16689
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 195
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15055
<SHARES-COMMON-STOCK> 1203
<SHARES-COMMON-PRIOR> 1363
<ACCUMULATED-NII-CURRENT> 1371
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68
<NET-ASSETS> 16494
<DIVIDEND-INCOME> 180
<INTEREST-INCOME> 26
<OTHER-INCOME> 0
<EXPENSES-NET> (223)
<NET-INVESTMENT-INCOME> (17)
<REALIZED-GAINS-CURRENT> 1818
<APPREC-INCREASE-CURRENT> 1161
<NET-CHANGE-FROM-OPS> 2962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (327)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3059
<NUMBER-OF-SHARES-REDEEMED> (5185)
<SHARES-REINVESTED> 323
<NET-CHANGE-IN-ASSETS> 832
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (102)
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 274
<AVERAGE-NET-ASSETS> 15861
<PER-SHARE-NAV-BEGIN> 11.49
<PER-SHARE-NII> (0.010)
<PER-SHARE-GAIN-APPREC> 2.48
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<RETURNS-OF-CAPITAL> (.250)
<PER-SHARE-NAV-END> 13.71
<EXPENSE-RATIO> 1.40
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 070
<NAME> CLOVER FIXED INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 32729
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<TOTAL-LIABILITIES> 246
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33765
<SHARES-COMMON-STOCK> 3444
<SHARES-COMMON-PRIOR> 3207
<ACCUMULATED-NII-CURRENT> 7
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (163)
<ACCUM-APPREC-OR-DEPREC> (880)
<NET-ASSETS> 32729
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2058
<OTHER-INCOME> 0
<EXPENSES-NET> (251)
<NET-INVESTMENT-INCOME> 1807
<REALIZED-GAINS-CURRENT> (138)
<APPREC-INCREASE-CURRENT> (2256)
<NET-CHANGE-FROM-OPS> (587)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1807)
<DISTRIBUTIONS-OF-GAINS> (653)
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<NUMBER-OF-SHARES-SOLD> 11824
<NUMBER-OF-SHARES-REDEEMED> (11739)
<SHARES-REINVESTED> 2316
<NET-CHANGE-IN-ASSETS> (646)
<ACCUMULATED-NII-PRIOR> 12
<ACCUMULATED-GAINS-PRIOR> 623
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 223
<AVERAGE-NET-ASSETS> 33453
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> (.71)
<PER-SHARE-DIVIDEND> (.53)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (.200)
<PER-SHARE-NAV-END> 9.50
<EXPENSE-RATIO> .75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 080
<NAME> CLOVER MAX CAP FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 2725
<INVESTMENTS-AT-VALUE> 2833
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2902
<PAYABLE-FOR-SECURITIES> 7
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2510
<SHARES-COMMON-STOCK> 238
<SHARES-COMMON-PRIOR> 193
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 266
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (51)
<NET-ASSETS> 2725
<DIVIDEND-INCOME> 50
<INTEREST-INCOME> 4
<OTHER-INCOME> 0
<EXPENSES-NET> (24)
<NET-INVESTMENT-INCOME> 30
<REALIZED-GAINS-CURRENT> 278
<APPREC-INCREASE-CURRENT> 158
<NET-CHANGE-FROM-OPS> 466
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> (12)
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<NUMBER-OF-SHARES-SOLD> 1117
<NUMBER-OF-SHARES-REDEEMED> (643)
<SHARES-REINVESTED> 51
<NET-CHANGE-IN-ASSETS> 949
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 104
<AVERAGE-NET-ASSETS> 2503
<PER-SHARE-NAV-BEGIN> 9.21
<PER-SHARE-NII> .130
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<PER-SHARE-DIVIDEND> (.130)
<PER-SHARE-DISTRIBUTIONS> (.050)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.43
<EXPENSE-RATIO> .95
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 090
<NAME> TARGET SELECT EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1201
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<OVERDISTRIBUTION-NII> (3)
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<NET-ASSETS> 1839
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<NET-CHANGE-IN-ASSETS> 873
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<PER-SHARE-NAV-BEGIN> 10.34
<PER-SHARE-NII> (0.070)
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<RETURNS-OF-CAPITAL> (0.900)
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<EXPENSE-RATIO> 1.3
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 100
<NAME> PENN CAPITAL SELECT FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
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<RECEIVABLES> 4
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<TOTAL-LIABILITIES> 23
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 312
<SHARES-COMMON-STOCK> 28
<SHARES-COMMON-PRIOR> 67
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 6
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5)
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<NET-ASSETS> 305
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<EXPENSES-NET> (9)
<NET-INVESTMENT-INCOME> 8
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<NUMBER-OF-SHARES-SOLD> 18
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<ACCUMULATED-NII-PRIOR> 4
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<PER-SHARE-NAV-BEGIN> 10.50
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<RETURNS-OF-CAPITAL> (0.690)
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<EXPENSE-RATIO> 1.4
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 110
<NAME> TURNER THREE YEAR PORTFOLIO ADVISOR CLASS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 8909
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 111
<NAME> TURNER THREE YEAR PORTFOLIO INST. CLASS
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 120
<NAME> PENN CAPITAL HIGH YIELD BOND FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
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<NAME> TURNER MICRO CAP FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 140
<NAME> TURNER ONE YEAR PORTFOLIO ADVISOR CLASS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 141
<NAME> TURNER ONE YEAR PORTFOLIO INST. CLASS
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 150
<NAME> TURNER HIGH QUALITY FIXED INCOME FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 160
<NAME> TURNER TOP 20 FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
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<NAME> TURNER TECHNOLOGY FUND
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</TABLE>
