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<PAGE> PAGE 2
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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 9
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<PAGE> PAGE 10
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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 16
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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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SIGNATURE GEGORY D'AMICO
TITLE PRESIDENT
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<NAME> IPS FUNDS
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<NAME> IPS MILLENNIUM FUND
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 24,414,949
<DIVIDEND-INCOME> 191,560
<INTEREST-INCOME> 75,822
<OTHER-INCOME> 0
<EXPENSES-NET> 237,948
<NET-INVESTMENT-INCOME> 29,433
<REALIZED-GAINS-CURRENT> 137,354
<APPREC-INCREASE-CURRENT> 3,223,186
<NET-CHANGE-FROM-OPS> 3,389,973
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 431,529
<NUMBER-OF-SHARES-REDEEMED> 65,382
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 237,948
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 16,957,208
<PER-SHARE-NAV-BEGIN> 22.31
<PER-SHARE-NII> .044
<PER-SHARE-GAIN-APPREC> 5.176
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 27.53
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000928879
<NAME> IPS FUNDS
<SERIES>
<NUMBER> 2
<NAME> IPS NEW FRONTIER FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> AUG-03-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 564,939
<INVESTMENTS-AT-VALUE> 605,864
<RECEIVABLES> 897
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 606,762
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 668
<TOTAL-LIABILITIES> 668
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 48,110
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 606,094
<DIVIDEND-INCOME> 812
<INTEREST-INCOME> 2,386
<OTHER-INCOME> 0
<EXPENSES-NET> 2,067
<NET-INVESTMENT-INCOME> 1,131
<REALIZED-GAINS-CURRENT> (18,829)
<APPREC-INCREASE-CURRENT> 40,925
<NET-CHANGE-FROM-OPS> 23,227
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 48,349
<NUMBER-OF-SHARES-REDEEMED> 239
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,067
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,067
<AVERAGE-NET-ASSETS> 418,809
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> .029
<PER-SHARE-GAIN-APPREC> .571
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.6
<EXPENSE-RATIO> 1.4
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000928879
<NAME> IPS FUNDS
<SERIES>
<NUMBER> 3
<NAME> DYNAMIC STYLE ROTATION FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> AUG-03-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 150,176
<INVESTMENTS-AT-VALUE> 171,561
<RECEIVABLES> 92
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,653
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 199
<TOTAL-LIABILITIES> 199
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 12,791
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 171,454
<DIVIDEND-INCOME> 265
<INTEREST-INCOME> 320
<OTHER-INCOME> 0
<EXPENSES-NET> 513
<NET-INVESTMENT-INCOME> 12
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 21,385
<NET-CHANGE-FROM-OPS> 21,396
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,919
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 573
<AVERAGE-NET-ASSETS> 108,304
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> .001
<PER-SHARE-GAIN-APPREC> 1.399
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.40
<EXPENSE-RATIO> 1.5
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
--------------
| CHERRY |
| BEKAERRT& |
| HOLLAND | Exhibit 99-77B(1)
|Certified |
|Public |
|Accountants & |
|Consultants |
--------------
INDEPENDENT ACCOUNTANTS REPORT ON INTERNAL
CONTROL REQUIRED BY SEC
The Board of Directors
IPS Millennium Fund
Knoxville, Tennessee
In planning and performing our audit of the financial statements of
IPS Millennium Fund for the year ended November 30, 1998, we
considered its internal control structure, including controls over
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of IPS Millennium Fund is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity s objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and may not be detected. Also, projection of any evaluation
of internal control 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 internal control would not necessarily disclose
all matters in internal control 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 one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation
to the financial statements 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 internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of November 30, 1998.
This report is intended solely for the information and use of
management, the Board of Directors of IPS Millennium Fund, and the
Securities and Exchange Commission.
/s/ Cherry Bekaert & Holland, L.L.P.
Knoxville, Tennessee
January 19, 1999
--------------
| CHERRY |
| BEKAERRT& |
| HOLLAND | Exhibit 99-77B(2)
|Certified |
|Public |
|Accountants & |
|Consultants |
--------------
INDEPENDENT ACCOUNTANTS REPORT ON INTERNAL
CONTROL REQUIRED BY SEC
The Board of Directors
IPS New Frontier Fund
Knoxville, Tennessee
In planning and performing our audit of the financial statements of
New Frontier Fund for the period from inception (August 3, 1998)
through November 30, 1998, we considered its internal control
structure, including controls over safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of New Frontier Fund is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity s objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and may not be detected. Also, projection of any evaluation
of internal control 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 internal control would not necessarily disclose
all matters in internal control 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 one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation
to the financial statements 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 internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of November 30, 1998.
This report is intended solely for the information and use of
management, the Board of Directors of New Frontier Fund, and the
Securities and Exchange Commission.
/s/ Cherry Bekaert & Holland, L.L.P.
Knoxville, Tennessee
January 19, 1999
--------------
| CHERRY |
| BEKAERRT& |
| HOLLAND | Exhibit 99-77B(3)
|Certified |
|Public |
|Accountants & |
|Consultants |
--------------
INDEPENDENT ACCOUNTANTS REPORT ON INTERNAL
CONTROL REQUIRED BY SEC
The Board of Directors
Dynamic Style Rotation Fund
Knoxville, Tennessee
In planning and performing our audit of the financial statements of
Dynamic Style Rotation Fund for the period from inception (August 3,
1998) through November 30, 1998, we considered its internal control
structure, including controls over safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of Dynamic Style Rotation Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the
entity s objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and may not be detected. Also, projection of any evaluation
of internal control 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 internal control would not necessarily disclose
all matters in internal control 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 one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation
to the financial statements 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 internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of November 30, 1998.
This report is intended solely for the information and use of
management, the Board of Directors of Dynamic Style Rotation Fund ,
and the Securities and Exchange Commission.
/s/ Cherry Bekaert & Holland, L.L.P.
Knoxville, Tennessee
January 19, 1999
