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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 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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<PAGE> PAGE 21
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070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 Y
071 A000600 130969
071 B000600 90719
071 C000600 40228
071 D000600 226
072 A000600 9
072 B000600 2203
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 205
072 G000600 53
072 H000600 0
072 I000600 15
072 J000600 29
072 K000600 0
072 L000600 6
072 M000600 1
072 N000600 14
<PAGE> PAGE 22
072 O000600 4
072 P000600 0
072 Q000600 0
072 R000600 3
072 S000600 3
072 T000600 73
072 U000600 2
072 V000600 0
072 W000600 1
072 X000600 409
072 Y000600 160
072 Z000600 1954
072AA000600 80
072BB000600 0
072CC010600 638
072CC020600 0
072DD010600 1954
072DD020600 0
072EE000600 0
073 A010600 0.4792
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 1
074 B000600 855
074 C000600 0
074 D000600 52925
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 12521
074 K000600 0
074 L000600 335
074 M000600 0
074 N000600 66637
074 O000600 12159
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 12266
074 S000600 0
074 T000600 42212
074 U010600 4154
074 U020600 0
074 V010600 10.16
074 V020600 0.00
074 W000600 0.0000
<PAGE> PAGE 23
074 X000600 25
074 Y000600 0
075 A000600 0
075 B000600 40658
076 000600 0.00
028 A010700 2605
028 A020700 0
028 A030700 0
028 A040700 130
028 B010700 438
028 B020700 0
028 B030700 0
028 B040700 234
028 C010700 454
028 C020700 0
028 C030700 0
028 C040700 516
028 D010700 594
028 D020700 0
028 D030700 0
028 D040700 4942
028 E010700 699
028 E020700 1
028 E030700 0
028 E040700 232
028 F010700 502
028 F020700 0
028 F030700 0
028 F040700 131
028 G010700 5292
028 G020700 1
028 G030700 0
028 G040700 6185
028 H000700 145
029 000700 Y
030 A000700 4
030 B000700 4.00
030 C000700 0.00
031 A000700 1
031 B000700 0
032 000700 3
033 000700 0
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
<PAGE> PAGE 24
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 Y
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 82220
071 B000700 43879
071 C000700 39988
071 D000700 11
072 A000700 9
072 B000700 275
<PAGE> PAGE 25
072 C000700 549
072 D000700 0
072 E000700 0
072 F000700 278
072 G000700 59
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072 I000700 16
072 J000700 13
072 K000700 0
072 L000700 7
072 M000700 1
072 N000700 15
072 O000700 4
072 P000700 0
072 Q000700 0
072 R000700 3
072 S000700 4
072 T000700 82
072 U000700 2
072 V000700 0
072 W000700 1
072 X000700 485
072 Y000700 174
072 Z000700 513
072AA000700 556
072BB000700 0
072CC010700 2748
072CC020700 0
072DD010700 513
072DD020700 0
072EE000700 85
073 A010700 0.1156
073 A020700 0.0000
073 B000700 0.0181
073 C000700 0.0000
074 A000700 0
074 B000700 5526
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 41651
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 998
074 K000700 0
074 L000700 92
074 M000700 0
074 N000700 48267
074 O000700 1557
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<PAGE> PAGE 26
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 53
074 S000700 0
074 T000700 46657
074 U010700 4363
074 U020700 0
074 V010700 10.69
074 V020700 0.00
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074 X000700 90
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075 B000700 45297
076 000700 0.00
SIGNATURE JEFFREY A COHEN
TITLE CONTROLLER, CAO
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
the Inventor Funds, Inc.
In planning and performing our audit of the financial statements
and financial highlights of the Inventor Funds, Inc. (comprising,
respectively, Equity Growth Fund, Intermediate Government
Securities Fund, GNMA Securities Fund, Pennsylvania
Municipal Bond Fund, Prime Obligations Money Market Fund,
Treasury Securities Money Market Fund and Pennsylvania
Tax-Exempt Money Market Fund) for the year ended
April 30, 1995, 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
financial highlights and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control
structure.
The management of the Inventor Funds, 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 the inherent limitations in any internal control
structure, errors or irregularities may occur and 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 and financial highlights 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 April 30, 1995.
This report is intended solely for the information and use of the
management and Board of Trustees of the Inventor Funds, Inc.
and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
June 9, 1995
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