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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 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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<PAGE> PAGE 21
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SIGNATURE GEGORY D'AMICO
TITLE PRESIDENT
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<CIK> 0000928879
<NAME> IPS Funds
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<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 89,479,520
<INVESTMENTS-AT-VALUE> 136,178,243
<RECEIVABLES> 350,509
<ASSETS-OTHER> 497,868
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137,026,620
<PAYABLE-FOR-SECURITIES> 4,564,906
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 130,857
<TOTAL-LIABILITIES> 4,695,763
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2,366,055
<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> 132,330,857
<DIVIDEND-INCOME> 476,870
<INTEREST-INCOME> 282,058
<OTHER-INCOME> 0
<EXPENSES-NET> 798,431
<NET-INVESTMENT-INCOME> (39,503)
<REALIZED-GAINS-CURRENT> 1,062,519
<APPREC-INCREASE-CURRENT> 40,661,300
<NET-CHANGE-FROM-OPS> 41,684,316
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (24,532)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 431,563
<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> 798,431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 57,631,614
<PER-SHARE-NAV-BEGIN> 27.53
<PER-SHARE-NII> (0.029)
<PER-SHARE-GAIN-APPREC> 28.447
<PER-SHARE-DIVIDEND> (0.018)
<PER-SHARE-DISTRIBUTIONS> 0.023
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 55.93
<EXPENSE-RATIO> 1.39
</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-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 6,303,549
<RECEIVABLES> 69,139
<ASSETS-OTHER> 26,100
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,398,788
<PAYABLE-FOR-SECURITIES> 696,399
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,519
<TOTAL-LIABILITIES> 701,918
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 193,818
<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> 5,596,870
<DIVIDEND-INCOME> 2,174
<INTEREST-INCOME> 23,316
<OTHER-INCOME> 0
<EXPENSES-NET> 28,048
<NET-INVESTMENT-INCOME> (2,558)
<REALIZED-GAINS-CURRENT> 192,875
<APPREC-INCREASE-CURRENT> 1,835,687
<NET-CHANGE-FROM-OPS> 2,026,004
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,125)
<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> 28,048
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 2,008,738
<PER-SHARE-NAV-BEGIN> 12.60
<PER-SHARE-NII> (0.025)
<PER-SHARE-GAIN-APPREC> 16.830
<PER-SHARE-DIVIDEND> (0.015)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.39
<EXPENSE-RATIO> 1.40
</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-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<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> 0
<DIVIDEND-INCOME> 2,456
<INTEREST-INCOME> 7,745
<OTHER-INCOME> 0
<EXPENSES-NET> 6,821
<NET-INVESTMENT-INCOME> 3,380
<REALIZED-GAINS-CURRENT> 56,073
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,802
<NUMBER-OF-SHARES-REDEEMED> 45,721
<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> 6,821
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 419
<PER-SHARE-NAV-BEGIN> 14.72
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 1.4
</TABLE>
McCurdy
& Associates
CPA's, Inc.
27955 Clemens Road
Westlake, Ohio 44145
Phone: (440) 935-8500
Fax: (440) 835-1093
================================================================================
Board of Directors
IPS Funds
In planning and performing our audit of the financial statements of IPS Funds
for the year ended November 30, 1999, we considered its internal control
structure, including procedures for 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 Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and transactions are executed in accordance
with management's authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
November 30, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ McCurdy & Associates
McCurdy & Associates, CPA's, Inc.
Westlake, Ohio
December 8, 1999
