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001 A000000 TRIUMPH FUNDS, INC.
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008 A00AA01 INTERNATIONAL INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-41699
008 D01AA01 TAMPA
008 D02AA01 FL
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010 A00AA01 JAMES M. BEIMEL, JR.
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011 A00AA01 DUNWOODY BROKERAGE SERVICES, INC.
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013 A00AA01 MCCURDY & ASSOCIATES CPA'S, INC.
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SIGNATURE JAMES M. BEIMEL, JR.
TITLE PRESIDENT
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McCurdy & Associates CPA's Inc. 27955 Clemens Road
Westlake, Ohio 44145
Phone: (216)835-8500
Fax: (216)835-1093
INDEPENDENT AUDITOR'S REPORT
To The Shareholders and
Board of Directors
Triumph Funds, Inc.
We have audited the accompanying statement of assets and
liabilities of the Asset Allocation Fund (the sole portfolio of
the Triumph Funds, Inc.) including the schedule of investments,
as of September 30, 1996, and the related statements of
operations for the year then ended, the statement of changes in
net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years since
inception in the period then ended. These financial statements
and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of September 30, 1996, by correspondence with
the custodian. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of the Asset Allocation Fund of the Triumph
Funds, Inc. as of September 30, 1996, the results of its
operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the
financial highlights for each of the five years since inception
in the period then ended, in conformity with generally accepted
accounting principles.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio 44145
October 22, 1996
