THE FOLLOWING INFORMATION SUPPLEMENTS THE PROSPECTUS FOR THE
DYNAMIC STYLE ROTATION(SM) FUND (THE "FUND") DATED AUGUST 3,
1998. THE CURRENT PROSPECTUS, TOGETHER WITH THIS PROSPECTUS
SUPPLEMENT, CONSTITUTES THE FUNDS' CURRENT PROSPECTUS. TO
REQUEST A COPY OF THE PROSPECTUS, PLEASE CALL 800.232.9142.
Supplemental Information Regarding Purchase and Redemption of Shares
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The Fund has authorized one or more brokers to accept on
its behalf orders to purchase or redeem shares of the Fund.
Such brokers are further authorized to designate intermediaries
to accept orders on the Fund's behalf. Accordingly, orders for
the purchase or redemption of shares of the Fund may be placed
directly to the Fund by making your check payable to the Dynamic
Style Rotation Fund and mailing your application and check to IPS
FUNDS Dynamic Style Rotation Fund(SM) c/o The Provident Bank,
Custody Services 660D, P.O. Box 2176, Cincinnati, Ohio 45202; or
orders may be placed through a broker authorized by the Fund to
accept purchase or redemption of shares on behalf of the Fund.
Orders for the purchase of shares of the Fund placed
directly with the Fund are executed at their next determined net
asset value after they are received. Orders for the purchase of
shares of the Fund placed through a broker are deemed to have
been received by the Fund when the order is accepted by the
broker and are executed at their next determined net asset value
after receipt by the broker or the broker's authorized designee.
Investors who redeem or purchase shares of the Fund through
a broker may be charged a fee for the broker's services. Such
fees may be avoided by purchasing shares directly from the Fund
as described above.
THE FOLLOWING INFORMATION SUPPLEMENTS THE PROSPECTUS FOR THE IPS
MILLENNIUM FUND AND IPS NEW FRONTIER FUND (THE "FUNDS") DATED
AUGUST 3, 1998. THE CURRENT PROSPECTUS, TOGETHER WITH THIS
PROSPECTUS SUPPLEMENT, CONSTITUTES THE FUNDS' CURRENT PROSPECTUS.
TO REQUEST A COPY OF THE PROSPECTUS, PLEASE CALL 800.232.9142.
Supplemental Information Regarding Purchase and Redemption of Shares
- --------------------------------------------------------------------
The Funds have authorized one or more brokers to accept on
their behalf orders to purchase or redeem shares of each Fund.
Such brokers are further authorized to designate intermediaries
to accept orders on the Funds' behalf. Accordingly, orders for
the purchase or redemption of shares of either Fund may be placed
directly to a Fund by making your check payable to the applicable
Fund and mailing your application and check to the IPS FUNDS c/o
The Provident Bank, Custody Services 660D, P.O. Box 2176,
Cincinnati, Ohio 45202; or orders may be placed through a broker
authorized by the Funds to accept purchase or redemption of
shares on behalf of the Funds.
Orders for the purchase of shares of either Fund placed
directly with the applicable Fund are executed at their next
determined net asset value after they are received. Orders for
the purchase of shares of either Fund placed through a broker are
deemed to have been received by the Fund when the order is
accepted by the broker and are executed at their next determined
net asset value after receipt by the broker or the broker's
authorized designee.
Investors who redeem or purchase shares of either Fund
through a broker may be charged a fee for the broker's services.
Such fees may be avoided by purchasing shares directly from
either Fund as described above.
