Semiannual
Report
MARCH 31, 2000
(UNAUDITED)
TIP FUNDS [LOGO OMITTED]
- -------------------------------
TRUSTED INSTITUTIONAL PARTNERS
- -------------------------------
TIP Target Select Equity Fund
- -------------------------------
<PAGE>
CONTENTS
- --------------------------------------------------------------------------------
2 Total Returns and Fund Investment Review
4 Statement of Net Assets
6 Statement of Operations
7 Statement of Changes in Net Assets
8 Financial Highlights
9 Notes to Financial Statements
TIP FUNDS
- --------------------------------------------------------------------------------
The TIP Funds offer the TIP Target Select Equity Fund, a no-load mutual
fund for individual and institutional investors. The minimum initial investment
in the TIP Target Select Equity Fund for regular accounts is $2,500 and $2,000
for individual retirement accounts. The minimum amount for subsequent
investments is $50.
TURNER INVESTMENT PARTNERS, INC., based in Berwyn, Pennsylvania, serves as
the investment adviser to the fund. The firm, founded in 1990, invests in
equity, fixed-income, and balanced portfolios on behalf of individuals and
institutions.
Along with Turner, CLOVER CAPITAL MANAGEMENT COMPANY, INC., and PENN
CAPITAL MANAGEMENT COMPANY, INC. currently serve as sub-advisers to the TIP
Target Select Equity Fund.
CLOVER CAPITAL MANAGEMENT, based in Pittsford, New York, was founded in
1984. Michael Edward Jones, managing director and one of the firm's founders,
will manage the portion of the fund's assets entrusted to Clover. As of March
31, 2000, Clover is not managing any assets of the fund.
PENN CAPITAL MANAGEMENT COMPANY, based in Cherry Hill, New Jersey, was
founded in 1987. The firm was founded by Richard A. Hocker, who is the chief
investment officer and the portfolio manager of the portion of the fund's assets
managed by Penn Capital.
SHAREHOLDER SERVICES
- --------------------------------------------------------------------------------
The TIP Funds shareholders receive annual and semiannual reports and
monthly account statements. Shareholders who have questions about their accounts
may call a toll-free telephone number, 1-800-224-6312. Or they may write to TIP
Funds, P.O. Box 419805, Kansas City, Missouri 64141.
<PAGE>
TIP TARGET SELECT EQUITY FUND
<TABLE>
<CAPTION>
ANNUALIZED
TOTAL RETURN SIX-MONTH ONE-YEAR INCEPTION
SIX-MONTH PERIOD ENDING MARCH 31, 2000 RETURN RETURN TO DATE**
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TIP TARGET SELECT EQUITY FUND 77.72% 126.87% 70.29%
S&P 500 Composite Index 17.51 17.94 22.96
Lipper Multi-Cap Growth Funds Classification 55.62 65.13 41.90
</TABLE>
*Past performance cannot guarantee future results. The investment return and
principal value of an investment will fluctuate, so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
**The inception date for the TIP Target Select Equity Fund is January 1, 1998.
FUND INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
THE TIP TARGET SELECT EQUITY FUND seeks long-term growth of capital. It
invests primarily in U.S. stocks. Each investment firm chosen to manage assets
in the fund invests in a maximum of 20 stocks and and as few as 10 stocks that
it believes have the greatest return potential. Such a focused stock-selection
process permits the firms to act on only the investment ideas that they think
are the strongest. In the process, the fund provides two levels of
diversification: diversification in total holdings and diversification in
investment styles.
2
<PAGE>
TIP TARGET SELECT EQUITY FUND
For the six-month period ended March 31, 2000, the TIP Target Select Equity Fund
delivered a total return of 77.72%, compared with a total return of 17.51% for
its benchmark, the S&P 500 Index.
The fund continued to pursue a multi-manager approach through its
sub-advisers, Turner Investment Partners and Penn Capital Management Company.
Under this arrangement, the firms are asked to select the most promising
securities on their respective radar screens, in an effort to represent the
"best of the best" in each sub-adviser's style.
Both of the sectors represented within the fund performed well during the
period. Growth stocks continued to deliver solid gains despite weaknesses in the
Internet sector. Value stocks posted some of their best gains in years thanks to
a flight to quality during the market's more volatile periods.
Turner Investment Partners represents the growth portion of the fund, with
particular concentration on technology-oriented issues. Top performers among its
holdings during the period included Qualcomm, a leading cell phone manufacturer;
Cisco Systems, the top producer of data communications equipment, and JDS
Uniphase, a leader in fiber optic networking products.
Penn Capital Management Company represents the value portion of the fund,
seeking companies that are not only undervalued, but also fast-growing. Among
the leading performers among Penn Capital's holdings for the period were Tyco
International, an industrial conglomerate; Kimberly-Clark Corporation, the
world's largest paper products manufacturer; and Omnicom Group, an advertising
agency holding company.
Looking ahead, we believe that the fund's combination of growth and value
will continue to provide capital appreciation potential, as well as an element
of cushioning through the relatively moderate price-earnings ratios of value
stocks.
GROWTH OF A $10,000 INVESTMENT IN THE TIP TARGET SELECT EQUITY FUND:
JANUARY 1, 1998-MARCH 31, 2000 *
Annualized total returns
- ---------------------------
PAST SINCE
ONE YEAR INCEPTION
126.87% 70.29%
[Graphic Omitted]
Plot points are as follows:
TIP Target Select
Equity Fund S&P 500 Russell 3000 Index
12/31/97 10,000 10,000 10,000
Sep. 98 10,350 10,603 10,222
Sep. 99 18,634 13,550 12,912
Mar. 00 33,117 15,923 15,692
*These figures represent past performance, which is no guarantee of future
results. The investment return and principal value of an investment will
fluctuate, so an investor's shares, when redeemed, may be worth more or less
than their original cost. The inception date of the TIP Target Select Equity
Fund is January 1, 1998.
3
<PAGE>
STATEMENT OF NET ASSETS TIP FUNDS
March 31, 2000 (Unaudited)
Market
TIP TARGET SELECT Shares Value
EQUITY FUND (000) (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (98.7%)
APPAREL/TEXTILES (1.5%)
Dan River, Cl A* 9,570 $ 62
------
BROADCASTING, NEWSPAPERS & ADVERTISING (4.9%)
Pegasus Communications* 1,080 152
Sirius Satellite Radio * 800 46
------
198
------
COMMUNICATIONS (2.2%)
Audiovox, Cl A* 2,045 89
------
COMMUNICATIONS EQUIPMENT (16.9%)
Cisco Systems* 1,920 148
Metromedia Fiber Network, Cl A* 1,110 107
Motorola 820 117
Nokia ADR 510 111
Nortel Networks 1,020 128
Research In Motion* 700 75
------
686
------
COMPUTERS & SERVICES (10.6%)
Comverse Technology* 570 108
EMC* 1,100 137
Lexmark International
Group, Cl A* 1,030 109
Verisign* 520 78
------
432
------
ENTERTAINMENT (1.4%)
Argosy Gaming* 3,830 55
------
INTERNET SERVICES (7.1%)
America Online* 2,470 166
Yahoo* 720 123
------
289
------
MEDICAL PRODUCTS & SERVICES (4.6%)
Kensey Nash* 4,070 67
Laboratory of America
Holdings* 27,925 120
------
187
------
Face Market
TIP TARGET SELECT Amount Value
EQUITY FUND (CONCLUDED) (000) (000)
- --------------------------------------------------------------------------------
MISCELLANEOUS BUSINESS SERVICES (2.4%)
Telespectrum Worldwide * 7,675 $ 54
Vignette* 260 42
------
96
------
MISCELLANEOUS MANUFACTURING (2.9%)
Tyco International Limited 2,390 119
------
PETROLEUM & FUEL PRODUCTS (10.1%)
Grey Wolf* 17,000 67
Nabors Industries* 3,920 152
Patterson Energy* 5,950 189
------
408
------
PROFESSIONAL SERVICES (3.4%)
MedPartners 12,075 80
Medquist* 2,125 58
------
138
------
TECHNOLOGY (3.0%)
Qualcomm* 820 122
------
SEMICONDUCTORS/INSTRUMENTS (18.3%)
Advanced Micro Devices* 1,920 110
Broadcom, Cl A* 340 83
Intel 930 123
JDS Uniphase* 1,210 146
KLA-Tencor* 1,710 144
Lam Research* 3,000 135
------
741
------
TELEPHONES & TELECOMMUNICATIONS (9.4%)
Clearnet, Cl A* 2,520 104
Gilat Satellite Networks* 1,125 132
Microcell Telecommunications* 3,315 147
------
383
------
TOTAL COMMON STOCKS
(Cost $3,306) 4,005
------
4
<PAGE>
STATEMENT OF NET ASSETS TIP FUNDS
March 31, 2000 (Unaudited)
Face Market
TIP TARGET SELECT Amount Value
EQUITY FUND (CONCLUDED) (000) (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (1.5%)
Morgan Stanley,
5.80%, dated 3/31/00, matures
4/03/00, repurchase price $60,392
(collateralized by U.S. Treasury Notes,
par value $58,703, 7.50%, matures 02/15/05:
market value $61,892) $ 60 $ 60
------
TOTAL REPURCHASE AGREEMENTS
(Cost $60) 60
------
TOTAL INVESTMENTS (100.2%)
(Cost $3,366) 4,065
------
OTHER ASSETS AND LIABILITIES, NET (-0.2%) (7)
------
NET ASSETS:
Portfolio capital (unlimited
authorization -- no par value)
based on 182,387 outstanding
shares of beneficial interest 2,554
Distributions in excess of net
investment income (7)
Accumulated net realized gain
on investments 812
Net unrealized appreciation
on investments 699
------
TOTAL NET ASSETS (100.0%) $4,058
======
Net Asset Value, Offering and
Redemption Price Per Share $22.25
======
*NON-INCOME PRODUCING SECURITY
ADR -- AMERICAN DEPOSITORY RECEIPT
CL -- CLASS
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
5
<PAGE>
STATEMENT OF OPERATIONS (000) TIP FUNDS
(Unaudited)
<TABLE>
<CAPTION>
TIP TARGET SELECT
EQUITY FUND
------------------------------
10/1/99
THRU 3/31/00
- ---------------------------------------------------------------------------------------------------
Investment Income:
<S> <C>
Dividends .......................................................... $ 12
Interest ........................................................... 2
- ---------------------------------------------------------------------------------------------------
Total Investment Income........................................... 14
- ---------------------------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees ........................................... 15
Investment Advisory Fee Waiver ..................................... (15)
Administrator Fees ................................................. 32
Custodian Fees ..................................................... 5
Transfer Agent Fees ................................................ 17
Professional Fees .................................................. 1
Trustee Fees ....................................................... --
Registration Fees .................................................. 5
Pricing Fees ....................................................... --
Printing Fees ...................................................... 5
Amortization of Deferred Organizational Costs ...................... 3
Insurance and Other Fees ........................................... --
- ---------------------------------------------------------------------------------------------------
Total Expenses ................................................... 68
- ---------------------------------------------------------------------------------------------------
Less: Reimbursements by Adviser..................................... (50)
- ---------------------------------------------------------------------------------------------------
Total Net Expenses ............................................... 18
- ---------------------------------------------------------------------------------------------------
Net Investment Loss .......................................... (4)
- ---------------------------------------------------------------------------------------------------
Net Realized Gain From Securities Sold ............................. 867
Net Unrealized Appreciation of Investment Securities ............... 643
- ---------------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain on Investments .................... 1,510
- ---------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting From Operations ............... $1,506
- ---------------------------------------------------------------------------------------------------
</TABLE>
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) TIP FUNDS
(Unaudited)
<TABLE>
<CAPTION>
TIP TARGET
SELECT EQUITY FUND
--------------------------------
10/1/99 10/1/98
THRU 3/31/00 THRU 9/30/99
- ---------------------------------------------------------------------------------------------------------------
Investment Activities:
<S> <C> <C>
Net Investment Loss ............................................... $ (4) $ (7)
Net Realized Gain on Securities Sold .............................. 867 603
Net Unrealized Appreciation of Investment Securities .............. 643 158
- ---------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations ............ 1,506 754
- ---------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Realized Capital Gain ............................................. (640) (83)
- ---------------------------------------------------------------------------------------------------------------
Capital Share Transactions: (1)
Proceeds from Shares Issued ....................................... 1,479 473
Proceeds from Shares Issued in Lieu of Cash Distributions ......... 624 83
Cost of Shares Redeemed ........................................... (750) (354)
- ---------------------------------------------------------------------------------------------------------------
Increase in Net Assets From Capital Share Transactions .......... 1,353 202
- ---------------------------------------------------------------------------------------------------------------
Total Increase in Net Assets .................................... 2,219 873
- ---------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period ............................................. 1,839 966
- ---------------------------------------------------------------------------------------------------------------
End of Period (2) ............................................... $4,058 $1,839
===============================================================================================================
(1) Shares Issued and Redeemed:
Issued ............................................................ 75 33
Issued in Lieu of Cash Distributions .............................. 39 8
Redeemed .......................................................... (39) (27)
- ---------------------------------------------------------------------------------------------------------------
Net Increase in Share Transactions ............................... 75 14
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
(2) Includes distributions in excess of net investment income of $(7) and $(3)
as of March 31, 2000, and September 30, 1999, respectively.
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
- ----------------------------------------------------------------------
FINANCIAL HIGHLIGHTS TIP FUNDS
For a Share Outstanding Throughout the Year (Unaudited)
<TABLE>
<CAPTION>
Net Net Net
Asset Net Realized and Distributions Distributions Asset Assets
Value Investment Unrealized from Net from Value End
Beginning Income Gains on Investment Capital End of Period
of Period (Loss) Investments Income Gains of Period Total Return(+) (000)
--------- ---------- ------------- ------------- ------------- --------- ------------ ---------
- -----------------------------
TIP TARGET SELECT EQUITY FUND
- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
2000* $17.17 (0.01) 11.10 -- (6.01) $22.25 77.72% $4,058
1999 10.34 (0.07) 7.80 -- (0.90) 17.17 80.04 1,839
1998(1) 10.00 -- 0.35 (0.01) -- 10.34 3.50 966
</TABLE>
<TABLE>
<CAPTION>
Ratio of Net
Ratio of Net Ratio of Investment
Investment Expenses Income (Loss)
Ratio Income to Average to Average
of Expenses (Loss) Net Assets Net Assets Portfolio
to Average to Average (Excluding (Excluding Turnover
Net Assets Net Assets Waivers) Waivers) Rate
----------- ------------ ---------- ------------- ---------
- -----------------------------
TIP TARGET SELECT EQUITY FUND
- -----------------------------
<S> <C> <C> <C> <C> <C>
2000* 1.30% (0.30)% 5.89% (4.89)% 525.82%
1999 1.30 (0.56) 10.19 (9.45) 1,279.40
1998(1) 1.30 0.02 18.76 (17.44) 803.02
</TABLE>
*For the six month period ended March 31. All ratios for the period have been
annualized.
+Returns are for the period indicated and have not been annualized.
(1)Commenced operations on January 1, 1998.
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS TIP FUNDS
March 31, 2000 (Unaudited)
1. ORGANIZATION:
TIP FUNDS (the "Trust") a Massachusetts business trust, is registered under the
Investment Company Act of 1940, as amended, as a diversified open-end management
investment company with 19 portfolios. The financial statements included herein
is for the TIP Target Select Equity Fund (the "Target Select Equity Fund") (the
"Fund"). The financial statements of the remaining portfolios are presented
separately. The assets of each fund are segregated, and a shareholder's interest
is limited to the portfolio in which shares are held. The Fund's prospectus
provides a description of the Fund's investment objectives, policies, and
strategies. The Fund is non-diversified, and may therefore be invested in equity
securities of a limited number of issues.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of the significant accounting policies followed by
the Fund.
SECURITY VALUATION -- Investments in equity securities which are traded on
a national exchange (or reported on the NASDAQ national market system) are
stated at the last quoted sales price if readily available for such equity
securities on each business day; other equity securities traded in the
over-the-counter market and listed equity securities for which no sale was
reported on that date are stated at the last quoted bid price.
FEDERAL INCOME TAXES -- It is the Fund's intention to qualify as a
regulated investment company by complying with the appropriate provisions
of the Internal Revenue Code of 1986, as amended. Accordingly, no provision
for Federal income taxes is required.
SECURITY TRANSACTIONS AND RELATED INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Dividend income is recognized on the ex-dividend date, and interest income
is recognized on the accrual basis. Costs used in determining realized
gains and losses on the sales of investment securities are those of the
specific securities sold during the respective holding period.
NET ASSET VALUE PER SHARE -- The net asset value per share of the Fund is
calculated on each business day, by dividing the total value of the Fund's
assets, less liabilities, by the number of shares outstanding.
REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements ensure that the market
value of the collateral, including accrued interest thereon, is sufficient
in the event of default of the counterparty. If the counterparty defaults
and the value of the collateral declines or if the counterparty enters an
insolvency proceeding, realization of the collateral by the Fund may be
delayed or limited.
EXPENSES -- Expenses that are directly related to the Fund are charged to
the Fund. Other operating expenses of the Trust are prorated to the funds
on the basis of relative daily net assets.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued) TIP FUNDS
March 31, 2000 (Unaudited)
DISTRIBUTIONS TO SHAREHOLDERS -- Distributions from net investment income
are declared and paid to Shareholders on a quarterly basis. Any net
realized capital gains on sales of securities are distributed to
Shareholders at least annually.
Dividends from net investment income and distributions from net realized
capital gains are determined in accordance with U.S. Federal income tax
regulations. Certain book/tax differences are either temporary or permanent
in nature. To the extent these differences are permanent, they are charged
or credited to paid-in-capital or accumulated net realized gain, as
appropriate, in the period that the differences arise.
USE OF ESTIMATES -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of income and
expenses during the reported period. Actual results could differ from those
estimates.
3. ORGANIZATION COSTS AND TRANSACTIONS WITH AFFILIATES:
Organization costs have been capitalized by the Fund and are being amortized
over a period of sixty months. In the event any of the initial shares of a Fund
are redeemed by any holder thereof during the period that such Fund is
amortizing its organizational costs, the redemption proceeds payable to the
holder thereof by the Fund will be reduced by the unamortized organizational
costs in the same ratio as the number of initial shares outstanding at the time
of redemption.
Certain officers of the Trust are also officers of SEI Investments Mutual Funds
Services (the "Administrator") and/or SEI Investments Distribution Co. (the
"Distributor"). Such officers are paid no fees by the Trust for serving as
officers and trustees of the Trust.
4. ADMINISTRATION, SHAREHOLDER SERVICING, AND DISTRIBUTION AGREEMENTS:
The Trust and the Administrator are parties to an agreement under which the
Administrator provides management and administrative services for an annual fee
of 0.09% of the average daily net assets of the Trust up to $250 million, 0.07%
on the next $250 million, 0.06% on the next $250 million, 0.05% on the next
$1.25 billion, and 0.04% of such assets in excess on $2 billion. There is a
minimum annual fee of $65,000 per Fund payable to the Administrator for services
rendered to the Fund under the Administration Agreement. The Administrator may,
at its sole discretion waive all or a portion of its fees.
DST Systems, Inc., (the "Transfer Agent"), serves as the transfer agent and
dividend disbursing agent for the Fund under a transfer agency agreement with
the Trust.
The Trust and the Distributor are parties to a Distribution Agreement dated
April 28, 1996. The Distributor receives no fees for its distribution services
under this agreement.
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Concluded) TIP FUNDS
March 31, 2000 (Unaudited)
5. INVESTMENT ADVISORY AGREEMENT:
The Trust and Turner Investment Partners, Inc. (the "Adviser") are parties to an
Investment Advisory Agreement dated April 30, 1996, under which the Adviser
receives an annual fee equal to 1.05% of the average daily net assets of the
Target Select Equity Fund. The Fund currently has two Sub-Advisers -- Clover
Capital Management, Inc., and Penn Capital Management, Inc. (each a
"Sub-Adviser" and collectively, the "Sub-Advisers"). Each Sub-Adviser manages a
portion of the Fund's assets, which allocation is determined by the Trustees
upon the recommendation of the Adviser. As of March 31, 2000, Clover Capital
Management did not manage any assets of the Fund. On February 22, 2000,
Chartwell Investment Partners resigned as a sub-adviser to the Fund. For its
services, each of the Sub-Advisers is entitled to receive a fee from Turner
Investment Partners, which is calculated daily and paid monthly, at an annual
rate of .80% of the average daily net assets of the Fund allocated to them. The
Adviser has voluntarily agreed to waive all or a portion of its fees and to
reimburse expenses of the Target Select Equity Fund in order to limit its total
operating expenses (as a percentage of average daily net assets on an annualized
basis) to not more than 1.30%. Fee waivers and expense reimbursements are
voluntary and may be terminated at any time.
6. INVESTMENT TRANSACTIONS:
The total cost of security purchases and the
proceeds from security sales, other than short-term investments, for the period
ended March 31, 2000, are as follows (000):
TIP TARGET
SELECT EQUITY FUND
- --------------------------------------------------------------------------------
Purchases .......................... $15,123
Sales .............................. 14,508
At March 31, 2000, the total cost of securities and net realized gains or losses
on securities sold for Federal income tax purposes was not materially different
from amounts reported for financial reporting purposes. The aggregate gross
unrealized appreciation and depreciation for securities held by the Fund at
March 31, 2000, is as follows (000):
TIP TARGET
SELECT EQUITY FUND
- --------------------------------------------------------------------------------
Aggregate gross unrealized appreciation $833
Aggregate gross unrealized depreciation (134)
----
Net unrealized appreciation ........ $699
====
7. SUBSEQUENT EVENT:
TIP Target Select Equity Fund (the "Select EquityFund") under which all of the
assets and liabilities of the Select Equity Fund would be transferred to the
Alpha Select Funds, a Delaware business trust. A Shareholder meeting to approve
this reorganization is anticipated to take place in the third quarter of 2000.
11
<PAGE>
TRUST
TIP Funds
P.O. Box 419805
Kansas City, MO 64141-6805
INVESTMENT ADVISER
Turner Investment Partners, Inc.
SUB-ADVISERS
Clover Capital Management, Inc.
Penn Capital Management Company, Inc.
DISTRIBUTOR
SEI Investments Distribution Co.
ADMINISTRATOR
SEI Investments Mutual Funds Services
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
INDEPENDENT AUDITORS
Ernst & Young LLP
[Logo Omitted]
TURNER
- -------------------------------------
INVESTMENT PARTNERS, INC.
To open an account, receive account information, make inquiries, or request
literature:
1-800-224-6312
THIS REPORT WAS PREPARED FOR SHAREHOLDERS IN THE TIP TARGET SELECT EQUITY FUND.
IT MAY BE DISTRIBUTED TO OTHERS ONLY IF PRECEDED OR ACCOMPANIED BY A PROSPECTUS,
WHICH CONTAINS DETAILED INFORMATION.
TIP-F-008-02
