<PAGE> PAGE 1
000 B000000 02/29/2000
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007 C020100 THE BANC STOCK GROUP FUND
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008 A00AA01 HEARTLAND ADVISORY GROUP, INC.
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008 D03AA01 43229
010 A00AA01 MUTUAL FUNDS SERVICE CO.
010 B00AA01 84-1441
010 C01AA01 DUBLIN
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010 C03AA01 43017
011 A00AA01 BANC STOCK FINANCIAL SERVICES, INC.
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012 A00AA01 MUTUAL FUNDS SERVICE CO.
<PAGE> PAGE 2
012 B00AA01 84-1441
012 C01AA01 DUBLIN
012 C02AA01 OH
012 C03AA01 43017
013 A00AA01 MCCURDY & ASSOCIATES CPA'S, INC.
013 B01AA01 WESTLAKE
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014 A00AA01 BANC STOCK FINANCIAL SERVICES, INC.
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<PAGE> PAGE 3
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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 8
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<PAGE> PAGE 9
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SIGNATURE BRUCE MCKIBBEN
TITLE MANAGER FUND ACCTG
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<CIK> 0001032423
<NAME> THE BSG FUNDS
<SERIES>
<NUMBER> 0011
<NAME> THE BANC STOCK GROUP FUND
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<FISCAL-YEAR-END> FEB-29-2000
<PERIOD-START> MAR-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 11678769
<INVESTMENTS-AT-VALUE> 9307119
<RECEIVABLES> 324843
<ASSETS-OTHER> 89
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9632051
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<TOTAL-LIABILITIES> 149574
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 1001318 <F1>
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<ACCUMULATED-NET-GAINS> (580451)
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<FN>
<F1> CLASS A
</FN>
</TABLE>
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<CIK> 0001032423
<NAME> THE BSG FUNDS
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<NUMBER> 0012
<NAME> THE BANC STOCK GROUP FUND
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<PERIOD-START> MAR-01-1999
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INDEPENDENT AUDITOR'S REPORT
To The Shareholders and
Board of Trustees
Banc Stock Group Fund:
We have audited the accompanying statement of assets and
liabilities of Banc Stock Group Fund, including the schedule
of portfolio investments, as of February 29, 2000, and the
related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years
in the period then ended, and financial highlights for each
of the two years and for the period from August 1, 1997
(commencement of operations) to February 28, 1998 in the
period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
investments and cash owned as of February 29, 2000, by correspondence
with the custodian and brokers. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Banc Stock Group Fund as of February 29,
2000, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the two years
and for the period from August 1, 1997 (commencement of operations)
to February 28, 1998 in the period then ended, in conformity with
generally accepted accounting principles.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
March 22, 2000
