Report of Independent Auditors
To the Shareholders and Board of Trustees
The TIP Funds
In planning and performing our audits of the financial statements
of the TIP Funds (the "Funds") for the year ended September
30, 2000, we considered their internal control, including
control activities for safeguarding securities, to determine our
auditing procedures for the purpose of expressing our
opinions on the financial statements and to comply with the
requirements of Form N-SAR, 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 internal control. Generally, internal 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 accounting
principles generally accepted in the United States.
Those internal controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control,
misstatements due to errors or fraud may occur and not be
detected. Also, projection of any evaluation of internal
control to future periods are subject to the risk that
internal control may become inadequate because of changes
in conditions, or that the degree of compliance with the
policies or procedures 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 errors 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, including control activities for
safeguarding securities, and its operation that we consider
to be material weaknesses as defined above at September 30, 2000.
This report is intended solely for the information and use
of the board of trustees and management of the TIP Funds
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than
these specified parties.
Philadelphia, Pennsylvania
November 10, 2000
