<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0001048749
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE GRAND PRIX FUNDS, INC.
001 B000000 811-8461
001 C000000 2037619600
002 A000000 WILTON EXECUTIVE CAMPUS 15 RIVER RD #220
002 B000000 WILTON
002 C000000 CT
002 D010000 06897
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 GRAND PRIX FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 TARGET HOLDINGS CORPORATION
008 B00AA01 A
008 C00AA01 801-18744
008 D01AA01 WILTON
008 D02AA01 CT
008 D03AA01 06897
010 A00AA01 SUNSTONE FINANCIAL GROUP, INC.
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
012 A00AA01 SUNSTONE INVESTOR SERVICES, LLC
012 B00AA01 84-5661
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 MILWAUKEE
<PAGE> PAGE 2
013 B02AA01 WI
013 B03AA01 53202
015 A00AA01 FIFTH THIRD BANK
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45263
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 INSTINET CORP.
020 B000001 13-3443395
020 C000001 8
020 A000002 JEFFERIES & CO., INC.
020 B000002 95-2622900
020 C000002 1
020 A000003 PAINEWEBBER
020 B000003 13-2638166
020 C000003 1
020 A000004 ALEX BROWN
020 B000004 52-1319768
020 C000004 0
020 A000005 OPPENHEIMER & CO., INC.
020 B000005 13-2798343
020 C000005 0
020 A000006 ALLEN EWING & CO.
020 B000006 59-3000850
020 C000006 0
020 A000007 DONALDSON, LUFKIN & JENRETTE
020 B000007 13-2741729
020 C000007 0
020 A000008 MORGAN STANLEY & CO., INC.
020 B000008 13-2655998
020 C000008 0
020 A000009 MILLER TABAK HIRSCH & CO.
020 B000009 13-3086847
020 C000009 0
020 C000010 0
021 000000 10
022 A000001 FIFTH THIRD BANK
022 B000001 31-0854433
022 C000001 3305
022 D000001 3286
022 A000002 HERZOG, HEINE, GEDULD, INC.
022 B000002 13-1955436
022 C000002 900
022 D000002 1401
022 A000003 INSTINET CORP.
022 B000003 13-3443395
022 C000003 496
<PAGE> PAGE 3
022 D000003 56
022 A000004 HAMBRECHT & QUIST LLC
022 B000004 94-2856935
022 C000004 325
022 D000004 0
022 A000005 DEUTSCH MORGAN GRENFELL, INC.
022 B000005 13-2730828
022 C000005 284
022 D000005 0
022 A000006 GOLDMAN SACHS & CO.
022 B000006 13-5108880
022 C000006 144
022 D000006 44
022 A000007 SMITH BARNEY, INC.
022 B000007 13-3371860
022 C000007 101
022 D000007 54
022 A000008 JEFFERIES & CO., INC.
022 B000008 95-2622900
022 C000008 57
022 D000008 94
022 A000009 CANTOR FITZGERALD & CO.
022 B000009 13-3680184
022 C000009 34
022 D000009 85
022 A000010 MORGAN STANLEY & CO., INC.
022 B000010 13-2655998
022 C000010 90
022 D000010 0
023 C000000 5958
023 D000000 5020
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 0
<PAGE> PAGE 4
028 A02AA00 0
028 A03AA00 0
028 A04AA00 0
028 B01AA00 10
028 B02AA00 0
028 B03AA00 0
028 B04AA00 0
028 C01AA00 5
028 C02AA00 0
028 C03AA00 0
028 C04AA00 10
028 D01AA00 19
028 D02AA00 0
028 D03AA00 0
028 D04AA00 0
028 E01AA00 63
028 E02AA00 0
028 E03AA00 0
028 E04AA00 0
028 F01AA00 33
028 F02AA00 0
028 F03AA00 0
028 F04AA00 0
028 G01AA00 130
028 G02AA00 0
028 G03AA00 0
028 G04AA00 10
028 H00AA00 0
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
<PAGE> PAGE 5
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 1.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
<PAGE> PAGE 6
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 5000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
<PAGE> PAGE 7
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
071 A00AA00 7545
071 B00AA00 6419
071 C00AA00 1230
071 D00AA00 522
072 A00AA00 10
072 B00AA00 4
072 C00AA00 2
072 D00AA00 0
072 E00AA00 0
072 F00AA00 10
072 G00AA00 54
072 H00AA00 0
072 I00AA00 22
072 J00AA00 5
072 K00AA00 0
072 L00AA00 9
072 M00AA00 0
072 N00AA00 20
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 7
072 S00AA00 18
072 T00AA00 3
072 U00AA00 13
072 V00AA00 0
<PAGE> PAGE 8
072 W00AA00 5
072 X00AA00 166
072 Y00AA00 149
072 Z00AA00 -11
072AA00AA00 667
072BB00AA00 371
072CC01AA00 175
072CC02AA00 0
072DD01AA00 0
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 0
074 C00AA00 0
074 D00AA00 0
074 E00AA00 0
074 F00AA00 1597
074 G00AA00 0
074 H00AA00 0
074 I00AA00 19
074 J00AA00 0
074 K00AA00 0
074 L00AA00 1
074 M00AA00 74
074 N00AA00 1691
074 O00AA00 7
074 P00AA00 54
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 35
074 S00AA00 0
074 T00AA00 1595
074 U01AA00 111
074 U02AA00 0
074 V01AA00 14.42
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 15
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 1253
076 00AA00 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
<PAGE> PAGE 9
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 Y
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE CO.
080 C00AA00 175
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE JULIE KAMINSKI
TITLE FINANCIAL ANALYST
Report of Independent Auditors
To the Board of Directors of
The Grand Prix Fund
In planning and performing our audit of the financial statements of
The Grand Prix Fund (the "Fund"), for the period ended October 31,
1998, we considered its internal control, including control
activities 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, and not to provide assurance on internal control.
The management of the 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 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 specific
internal control components does not reduce to a relatively low
level the risk that errors 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 October 31, 1998.
This report is intended solely for the information and use of the
Board of Directors and management of The Grand Prix Fund and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
/s/ Ernst & Young LLP
Milwaukee, Wisconsin
November 30, 1998
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001048749
<NAME> GRAND PRIX FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> GRAND PRIX FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 1,441,147
<INVESTMENTS-AT-VALUE> 1,615,922
<RECEIVABLES> 795
<ASSETS-OTHER> 74,228
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,690,945
<PAYABLE-FOR-SECURITIES> 7,485
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 88,052
<TOTAL-LIABILITIES> 95,537
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,126,270
<SHARES-COMMON-STOCK> 110,670
<SHARES-COMMON-PRIOR> 10,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 294,363
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 174,775
<NET-ASSETS> 1,595,408
<DIVIDEND-INCOME> 2,327
<INTEREST-INCOME> 4,185
<OTHER-INCOME> 0
<EXPENSES-NET> (17,217)
<NET-INVESTMENT-INCOME> (10,705)
<REALIZED-GAINS-CURRENT> 296,012
<APPREC-INCREASE-CURRENT> 174,775
<NET-CHANGE-FROM-OPS> 460,082
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 101,364
<NUMBER-OF-SHARES-REDEEMED> 694
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,495,408
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,435
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 166,327
<AVERAGE-NET-ASSETS> 1,253,036
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> 4.52
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.42
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit to Accompany
Item 77J (b)
Form N-SAR
The Grand Prix Fund
(the "Fund")
According to the provisions of Statement of Position 93 - 2 (SOP 93
- - 2) "Determination, Disclosure and Financial Statement
Presentation of Income, Capital Gain and Return of Capital
Distributions by Investment Companies," the Fund is required to
report the accumulated net investment income (loss) and accumulated
net capital gain (loss) accounts to approximate amounts available
for future distributions on a tax basis (or to offset future
realized capital gains). Accordingly, at October 31, 1998
reclassifications in The Grand Prix Fund were recorded to decrease
undistributed net investment loss by $10,705, decrease
undistributed net realized gain on investments by $1,649, and
decrease capital stock by $9,056.
This reclassification has no impact on the net asset value of the
Fund and is designed to present the Fund's capital account on a tax
basis.
