<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE ROBERT DELLACROCE
TITLE CONTROLLER
<TABLE> <S> <C>
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<CIK> 0000914243
<NAME> TIP INSTITUTIONAL FUNDS
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<NAME> TURNER SHORT DURATION - ONE YEAR PORTFOLIO
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914243
<NAME> TIP INSTITUTIONAL FUNDS
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<NAME> TURNER SHORT DURATION - THREE YEAR PORTFOLIO
<S> <C>
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<DISTRIBUTIONS-OF-INCOME> (461)
<DISTRIBUTIONS-OF-GAINS> (10)
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<NUMBER-OF-SHARES-SOLD> 666
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000914243
<NAME> TIP INSTITUTIONAL FUNDS
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<NAME> PENN CAPITAL HIGH YIELD BOND FUND
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<NET-INVESTMENT-INCOME> 728
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914243
<NAME> TIP INSTITUTIONAL FUND
<SERIES>
<NUMBER> 040
<NAME> TURNER MICRO CAP GROWTH FUND
<S> <C>
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<PERIOD-END> SEP-30-1998
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<NET-ASSETS> 12015
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<NET-INVESTMENT-INCOME> (11)
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<APPREC-INCREASE-CURRENT> (57)
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees of
TIP Institutional Funds
In planning and performing our audit of the
financial statements of the TIP Institutional
Funds for the period ended September 30, 1998,
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 the internal control.
The management of the TIP Institutional
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 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 and its
operation, including controls for safeguarding
securities, that we consider to be material
weaknesses as defined above at September 30, 1998.
This report is intended solely for the information
and use of the board of trustees and management
of the TIP Institutional Funds and the
and Exchange Commission.
/s/ERNST & YOUNG LLP
Philadelphia, Pennsylvania
November 2, 1998
