CONCORDE FUNDS INC
NSAR-B, 1999-11-29
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<PAGE>      PAGE  1
000 B000000 09/30/99
000 C000000 0000822519
000 D000000 N
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000 F000000 Y
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000 I000000 3.0
000 J000000 A
001 A000000 CONCORDE FUNDS, INC.
001 B000000 811-05339
001 C000000 9723878258
002 A000000 5430 LBJ FREEWAY SUITE 1500
002 B000000 DALLAS
002 C000000 TX
002 D010000 75240
002 D020000 2387
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 CONCORDE VALUE FUND
007 C030100 N
007 C010200  2
007 C020200 CONCORDE INCOME FUND
007 C030200 N
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 CONCORDE FINANCIAL CORPORATION
008 B00AA01 A
008 C00AA01 801-16625
008 D01AA01 DALLAS
008 D02AA01 TX
008 D03AA01 75240
008 D04AA01 2387
010 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
012 B00AA01 85-00410
012 C01AA01 MILWAUKEE
<PAGE>      PAGE  2
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 WALLACE SANDERS & CO.
013 B01AA01 IRVING
013 B02AA01 TX
013 B03AA01 75062
013 B04AA01 3920
015 A00AA01 FIRSTAR BANK, N.A.
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53202
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    2
019 C00AA00 CONCORDEFD
020 A000001 TUCKER ANTHONY
020 B000001 04-2566229
020 C000001     34
020 A000002 CAPITAL INSTITUTIONAL SERVICES
020 B000002 75-1565705
020 C000002     12
020 A000003 BEAR STEARNS & CO.
020 B000003 13-3604093
020 C000003      2
020 A000004 PAINE WEBBER
020 B000004 13-2638166
020 C000004      0
020 A000005 MAY FINANCIAL CORPORATION
020 B000005 75-1285070
020 C000005      0
020 A000006 SALOMON SMITH BARNEY
020 B000006 13-2919773
020 C000006      0
020 A000007 DONALDSON, LUFKIN & JENERETTE
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<PAGE>      PAGE  8
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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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SIGNATURE   JOHN A. STETTER
TITLE       FUND SECRETARY

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT DATED SEPTEMBER 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH NSAR-A FILING DATED NOVEMBER 30, 1999.
</LEGEND>
<SERIES>
   <NUMBER> 01
   <NAME> CONCORDE VALUE FUND
<MULTIPLIER> 1,000

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</TABLE>

<TABLE> <S> <C>

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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
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</LEGEND>
<SERIES>
   <NUMBER> 02
   <NAME> CONCORDE INCOME FUND
<MULTIPLIER> 1,000

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</TABLE>


                          INDEPENDENT AUDITOR'S REPORT


To the Board of Directors
Concorde Funds, Inc.

In planning and performing our audit of the financial statements of the Concorde
Value Fund portfolio of Concorde Funds, Inc. for the year ended September 30,
1999, 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, not to provide assurance on internal control.

The management of Concorde Funds, Inc. 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, error 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 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
September 30, 1999.

This report is intended solely for the information and use of management, the
Board of Directors of Concorde Funds, Inc., and the Securities and Exchange
Commission.


                                              WALLACE SANDERS & COMPANY

Irving, Texas
October 14, 1999


                          INDEPENDENT AUDITOR'S REPORT


To the Board of Directors
Concorde Funds, Inc.

In planning and performing our audit of the financial statements of the Concorde
Income Fund portfolio of Concorde Funds, Inc. for the year ended September 30,
1999, 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, not to provide assurance on internal control.

The management of Concorde Funds, Inc. 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, error 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 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
September 30, 1999.

This report is intended solely for the information and use of management, the
Board of Directors of Concorde Funds, Inc., and the Securities and Exchange
Commission.



                                                 WALLACE SANDERS & COMPANY

Irving, Texas
October 14, 1999





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