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SIGNATURE JEFFREY A. COHEN
TITLE CONTROLLER, CAO
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<PERIOD-END> MAY-31-1996
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<PAID-IN-CAPITAL-COMMON> 61028
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees 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,
Intermediate Government Securities Fund, GNMA Securities Fund, Pennsylvania
Municipal Bond Fund, Pennsylvania Tax-Exempt Money Market Fund) for the year
ended May 31, 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 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 May 31, 1996.
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.
/s/ Coopers & Lybrand LLP
2400 Eleven Penn Center
Philadelphia, Pennsylvania
July 26, 1996
