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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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SIGNATURE GEGORY D'AMICO
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 4,656,186
<INVESTMENTS-AT-VALUE> 5,729,619
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<TOTAL-LIABILITIES> 133,107
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 297,633
<SHARES-COMMON-PRIOR> 108,345
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 39,711
<INTEREST-INCOME> 10,040
<OTHER-INCOME> 540
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<ACCUMULATED-NII-PRIOR> 863
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<PER-SHARE-NII> .021
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</TABLE>
Shareholders and the Board of Trustees
IPS Funds
IPS Millennium Fund
Knoxville, Tennessee
We have audited the accompanying statement of assets and liabilities
of IPS Millennium Fund, including the schedule for investments in
securities, as of November 30, 1996, and the related statement of
operations for the year then ended, the statement of changes in net
assets and the selected per share data and ratios for each of the two
years in the period then ended. These financial statements and per
share data and ratios are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial
statements and per share data and ratios 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 per share data and ratios 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 November 30, 1996, by
correspondence with the custodian and brokers. 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 selected per share data
and ratios referred to above present fairly, in all material respects,
the financial position of IPS Millennium Fund as of November 30, 1996,
the results of its operations for the year then ended, the changes in
its net assets and the selected per share data and ratios for each of
the two years in the period then ended, in conformity with generally
accepted accounting principles.
/s/ Cherry, Bekaert & Holland LLP
Knoxville, Tennessee
January 10, 1997
