INVESTING IN
CONNECTIVITY
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The IPS MILLENNIUM FUND invests in companies that we believe benefit from, or
contributes to fundamental new directions in technology. We balance these
investments with high dividend-paying stocks. For more complete information
about the IPS Millennium Fund including charges and expenses, you may obtain a
prospectus from IPS Funds by visiting our web site, WWW.IPSFUNDS.COM or by
calling us at (800) 249-6927.
ANNUALIZED FUND RETURNS THROUGH MARCH 31, 2000
Morningstar 100%
Rating* No Load
*****
1 YR. 105.57%
3 YR. 65.64%
5 YR. 44.23%
SINCE INCEPTION: 42.85%
*Past performance is no guarantee of future results. Total return assumes
reinvestment of all dividends and capital gain distributions. Investment return
and principal value fluctuate so that an investor's shares may be worth more or
less than their original cost. You should read the prospectus carefully before
you invest or send money. Morningstar proprietary ratings reflect historical
risk-adjusted performance as of 3/31/00. These ratings may change monthly and
are calculated from the fund's 3- and 5-year average annual returns in excess of
90-day Treasury bill returns with appropriate fee adjustments and a risk factor
that reflects fund performance below 90-day Treasury bill returns. The fund
received 5 stars for the 3- and 5-year periods. The top 10% of the funds in a
broad asset class receive 5 stars. + Inception date: 1/3/95.
