FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
IPS Funds
625 S. Gay Street
Suite 620
Knoxville, Tennessee 37902
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2. X The name of each series or class of securities for which this Form
---- is filed (If the Form is being filed for all series and classes of
securities of the issuer, check the box but do not list series or
classes):
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3. Investment Company Act File Number: 811-8718
Securities Act File Number: 33-83132
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4(a). Last day of fiscal year for which this Form is filed: November 30, 1997
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4(b). ____ Check box if this Form is being filed late (i.e., more than
90 calendar days after the end of the issuer's fiscal year).
(See Instruction A.2)
Note: If the Form is being filed late, interest must be paid on the
registration fee due.
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4(c). ____ Check box if this is the last time the issuer will be filing
this Form.
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5. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year pursuant to section 24(f): $ 4,773,236.66
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(ii) Aggregate price of securities redeemed or
repurchased during the fiscal year $ 197,314.78
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(iii) Aggregate price of securities redeemed or
repurchased during any prior fiscal year ending
no earlier than October 11, 1995 that were not
previously used to reduce registration fees
payable to the Commission: $ -0-
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(iv) Total available redemption credits [add Items
5(ii) and 5(iii): - $ 197,314.78
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(v) Net sales -- if Item 5(i) is greater than Item 5(iv)
[subtract Item 5(iv) from Item 5(i)] $ 4,575,921.88
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(vi) Redemption credits available for use in future
years --- if Item 5(i) is less than Item 5(iv) [subtract
Item 5(iv) from Item 5(I)]: $ -0-
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(vii) Multiplier for determining registration fee (See
Instruction C.9): X .000295
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(viii) Registration fee due [multiply Item 5(v) by Item
5(vii)] (enter "0" if no fee is due): = $ 1,349.90
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6. Prepaid Shares
If the response to Item 5(i) was determined by deducting an amount of
securities that were registered under the Securities Act of 1933
pursuant to rule 24e-2 as in effect before October 11, 1997, then
report the amount of securities (number of shares or other units)
deducted here: If there is a number
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of shares or other units that were registered pursuant to rule 24e-2
remaining unsold at the end of the fiscal year for which this form is
filed that are available for use by the issuer in future fiscal years,
then state that number here:
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7. Interest due --- if this Form is being filed more than 90 days after
the end of the issuer's fiscal year (see Instruction D):
+ $
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8. Total of the amount of the registration fee due plus any interest due
[line 5(viii) plus line 7]:
= $ 0
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9. Date the registration fee and any interest payment was went to the
Commission's lockbox depository:
Method of Delivery:
x Wire Transfer
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Mail or other means
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SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Greg D'Amico
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Greg D'Amico
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Date : January 28, 1998
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