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SIGNATURE MARTIN M. FAWZY
TITLE COMPLIANCE ADM.
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Coopers & Lybrand L.L.P.
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
IAA Trust Growth Fund, Inc.:
In planning and performing our audit of the financial statements of
IAA Trust Growth Fund, Inc. for the year ended June 30, 1996, we considered
its internal control structure, including procedures 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 structure.
The management of IAA Trust Growth Fund, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the structure 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 structure would not
necessarily disclose all matters in the internal control structure 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 the specific internal control
structure elements 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 structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of June 30, 1996.
This report is intended solely for the information and use of
management of IAA Trust Growth Fund, Inc. and the Securities and Exchange
Commission.
Coopers & Lybrand L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
August 14, 1996
Coopers & Lybrand L.L.P.
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
IAA Trust Asset Allocation Fund, Inc.:
In planning and performing our audit of the financial statements of
IAA Trust Asset Allocation Fund, Inc. for the year ended June 30, 1996, we
considered its internal control structure, including procedures 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 structure.
The management of IAA Trust Asset Allocation Fund, Inc. is
responsible for establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the structure 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 structure would not
necessarily disclose all matters in the internal control structure 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 the specific internal control
structure elements 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 structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of June 30, 1996.
This report is intended solely for the information and use of
management of IAA Trust Asset Allocation Fund, Inc. and the Securities and
Exchange Commission.
Coopers & Lybrand L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
August 14, 1996
Coopers & Lybrand L.L.P.
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
IAA Trust Tax Exempt Bond Fund, Inc.:
In planning and performing our audit of the financial statements of
IAA Trust Tax Exempt Bond Fund, Inc. for the year ended June 30, 1996, we
considered its internal control structure, including procedures 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 structure.
The management of IAA Trust Tax Exempt Bond Fund, Inc. is
responsible for establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the structure 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 structure would not
necessarily disclose all matters in the internal control structure 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 the specific internal control
structure elements 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 structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of June 30, 1996.
This report is intended solely for the information and use of
management of IAA Trust Tax Exempt Bond Fund, Inc. and the Securities and
Exchange Commission.
Coopers & Lybrand L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
August 14, 1996
Coopers & Lybrand L.L.P.
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of IAA Trust Taxable Fixed Income Series
Fund, Inc.- Money Market Series:
In planning and performing our audit of the financial statements of
IAA Trust Taxable Fixed Income Series Fund, Inc. - Money Market Series
(formerly known as IAA Trust Money Market Fund, Inc.) for the year ended
June 30, 1996, we considered its internal control structure, including
procedures 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 structure.
The management of IAA Trust Taxable Fixed Income Series Fund, Inc.
- - Money Market Series is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of internal control structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the structure 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 structure would not
necessarily disclose all matters in the internal control structure 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 the specific internal control
structure elements 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 structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of June 30, 1996.
. This report is intended solely for the information and use of
management of IAA Trust Taxable Fixed Income Series Fund, Inc. - Money
Market Series and the Securities and Exchange Commission.
Coopers & Lybrand L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
August 14, 1996
