The Bhirud Mid Cap Growth Fund
Soundview Plaza, 1266 East Main Street
Stamford, CT 06902 Telephone. (800) 424-2295
ANNUAL REPORT, JULY 31,1996
September 19, 1996
Dear Shareholder:
We are pleased to present the annual report of the Bhirud Mid
Cap Growth Fund, for the fiscal year ended July 31, 1996.
As of the writing of this letter the fund is down 8.8% year to
date, and is up 16.4% from the July 31, 1996 correction. To our
disappointment the fund has continued to lag the broader market
averages. So far the year 1996 has proven to be highly volatile
for the stocks market. During the July 1996 correction the DJIA
dropped by 500 points from a high of 5780 to 5200, or 10% in a
matter of
6 weeks. During the same treacherous period the NASDAQ market
suffered a more precipitous decline of 20%. Obviously the
mid-cap sector as well as small cap stocks have faired very
poorly.
However history shows that in the long run mid cap stocks will
out perform the broader market averages. Also the improving
outlook for the stocks market bodes well for the mid cap and
small cap sector.
The philosophy of the fund is to own growth stocks that are at
the cutting edge of technology in their respective businesses,
or companies that dominate the businesses they are in through
global brand name recognition and quality products. One of the
funds larger holding, Gucci Group, (GUC) dominates the global
market in leather handbags, shoes and fashion clothes.
The fund is currently extremely well diversified with exposure
to , TECHNOLOGY, TELECOMMUNICATIONS, INTERNET, SOFTWARE, BIOTECH
AND HEALTH CARE AND SELECTED CONSUMER GROWTH STOCKS.
INVESTMENT OUTLOOK: The July correction has taken speculation
out of the stocks market and has created substantial values.
The economy is continuing to exhibit a sustainable growth of 2
to 3% annual rate. Inflation as measured by PPI and CPI remains
under 3 % annual rate. Rising productivity and modest wage
increases are contributing to robust corporate earnings.
Although the bond market has been very volatile, the perception
of low inflation should allow interest rates to decline
modestly. Stocks continue to benefit by reasonable valuation and
rising investment flows, especially from mutual funds. I would
not be surprised to see DJIA well over 6000 in this cycle.
In my view the fund is well positioned at this point to take
advantage of improving stock market outlook. My goal is to
manage this portfolio as to create consistently superior returns
over a long period of time.
Sincerely,
(Suresh L. Bhirud)
Chairman of the Board
Bhirud Funds, Inc.
The Bhirud Mid Cap Growth Fund
The line graph below shows how a $10,000 investment in the Fund
made on December 23,1992 (the date the fund began to invest in
assets other than cash or cash equivalents in accordance with
its investment objectives) would have decreased to $8,041 (as of
July 31,1996). The line graph shows how this compares to the
broad-based Standard & Poor's 500 Index and the Fund's
benchmark, the Standard & Poor's MidCap 400 Index, over the same
period.
The line graph includes the initial sales charge (the maximum
sales load of 5.75%) on the Fund (no comparable charge exists
for the Standard & Poor's indices). All Fund performance numbers
represent past performance numbers, and are no guarantee of
future results.
<TABLE>
THE BHIRUD MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS REPORT DATE 31-Jul-96
<CAPTION>
Ticker CO. NAME Shares % MV Cost Market
Value Value
<S> <C> <C> <C> <C> <C>
AGOURON PHARMACEUTICALS INC * 1,000 40,750 31,000
NOVEN PHARMACEUTICALS INC * 2,000 36,120 23,250
TOTAL PHARMACEUTICALS 2.92 76,870 54,250
GENOME THERAPEUTICS CORP * 2,000 22,620 13,500
TOTAL IN VITRO, IN VIVO DIAGNOSTICS 0.73 22,620 13,500
IMMUNE RESPONSE CORP DEL * 3,000 25,838 22,875
IDEC PHARMACEUTICALS CORP * 1,000 25,000 15,500
SOMATOGEN INC * 1,000 22,820 12,000
TOTAL BIOLOGICAL PDS, EX DIAGNSTICS 2.72 73,658 50,375
EROX CORP * 5,000 25,490 39,375
TOTAL PERFUME,COSMETIC,TOI 2.12 25,490 39,375
DIALOGIC CORP * 500 26,838 13,125
TOTAL ELECTRONIC COMPUTERS 0.71 26,838 13,125
TELEVIDEO SYS INC * 10,000 12,050 4,687
TOTAL COMPUTER TERMINALS 0.25 12,050 4,687
MICROTOUCH SYS INC * 1,000 21,029 15,750
INFORMATION RES ENGR INC * 3,000 60,690 42,750
STB SYS INC * 1,000 15,000 13,500
MICRON ELECTRONICS INC * 3,000 54,253 37,875
TOTAL COMPUTER PERIPHERAL 5.92 150,971 109,875
ZENITH ELECTRS CORP * 6,000 106,170 53,250
TOTAL HOUSEHOLD AUDIO & VI 2.87 106,170 53,250
P-COM INC * 1,000 31,250 24,000
QUALCOMM INC * 2,000 101,750 86,750
DATA BROADCASTING CORP * 2,000 28,500 15,250
TOTAL RADIO,TV BROADCAST, 6.79 161,500 126,000
AML COMMUNICATIONS INC * 1,500 34,070 21,938
TOTAL COMMUNICATIONS EQUIP 1.18 34,070 21,938
LEVEL ONE COMMUNICATIONS INC * 2,000 52,375 33,500
TOTAL PRINTED CIRCUIT BOAR 1.81 52,375 33,500
OAK TECHNOLOGY INC * 1,000 22,000 6,500
RAMTRON INTL CORP * 3,000 33,000 17,250
S3 INC * 2,000 30,250 26,500
CHIPS & TECHNOLOGIES INC * 3,000 33,000 30,750
ACTEL CORP * 3,000 45,750 48,750
TOTAL SEMICONDUCTOR,RELATE 7 164,000 129,750
KLA INSTRS CORP * 2,000 53,500 37,750
TOTAL ELEC MEAS & TEST INS 2.04 53,500 37,750
CNS INC * 5,000 97,225 98,750
TRIMEDYNE INC * 5,000 38,750 17,188
IMATRON INC * 2,000 9,125 9,125
ADVANCED TECHNOLOGY LABS INC * 1,000 26,675 32,250
TOTAL ELECTROMEDICAL APPAR 8.48 171,775 157,313
USAIR GROUP INC * 1,000 18,945 18,250
TOTAL AIR TRANSPORT, SCHED 0.98 18,945 18,250
CAI WIRELESS SYS INC * 5,000 62,375 35,000
TOTAL CABLE AND OTHER PAY 1.89 62,375 35,000
REPUBLIC INDS INC * 2,000 53,435 48,000
TOTAL REFUSE SYSTEMS 2.59 53,435 48,000
JACO ELECTRS INC * 2,000 31,350 16,500
TOTAL ELECTRONIC PARTS,EQ- 0.89 31,350 16,500
GENERAL NUTRITION COS INC * 1,000 23,675 14,250
TOTAL CONVENIENCE STORES 0.77 23,675 14,250
HANOVER DIRECT INC * 5,000 9,213 5,625
HANOVER DIRECT RIGHTS * 2,550 0 159
TOTAL CATALOG, MAIL-ORDER 0.31 9,213 5,784
ELCOM INTL INC * 2,000 28,870 17,250
APPLIX INC * 3,000 107,960 68,625
TOTAL COMPUTER PROGRAMMING 4.63 136,830 85,875
SYMANTEC CORP * 3,000 50,625 29,250
MCAFEE ASSOCS INC * 2,000 87,640 100,500
INTUIT INC * 1,000 52,250 35,000
CAMELOT CORP * 25,000 110,313 31,250
COGNOS INC * 3,000 43,875 60,000
COMPUTERVISION CORP NEW * 5,000 55,350 36,875
TOTAL PREPACKAGED SOFTWARE 15.79 400,053 292,875
NETWORK EQUIP TECHNOLOGIES * 2,000 70,390 26,500
PC DOCS GROUP INTL INC * 4,000 84,250 60,000
TOTAL CMP INTEGRATED SYS D 4.66 154,640 86,500
MECKLERMEDIA CORP * 2,000 42,870 33,500
CUC INTL INC * 1,000 38,570 34,750
TOTAL BUSINESS SERVICES, N 3.68 81,440 68,250
CINEPLEX ODEON CORP * 5,000 12,438 8,750
TOTAL MOTION PICTURE THEAT 0.47 12,438 8,750
BALLY ENTMT CORP * 2,000 34,890 52,250
TOTAL MISC AMUSEMENT & REC 2.82 34,890 52,250
LIPOSOME INC * 1,000 22,838 12,063
TOTAL COML PHYSICAL, BIOLO 0.65 22,838 12,063
VISTA 2000 INC * 4,000 44,280 5,875
SANCTUARY WOODS * 8,000 54,990 6,000
NICE SYS LTD * 1,000 19,875 19,500
GUCCI GROUP N V * 3,000 114,585 170,250
COUNTRY STAR RESTS INC * 3,000 15,555 9,188
TOTAL OTHER 11.37 249,285 210,812
TOTAL COMMON STOCKS 97.03 2,423,290 1,799,847
TOTAL INVESTMENTS 2,423,290 1,799,847
OTHER ASSETS (LESS LIABILITIES) 55,013 55,013
NET ASSETS 100 1,854,860
NET ASSETS VALUE PER SHARE 7.18
OFFERING PRICE PER SHARE 7.62
<FN>
* Non - income producing securities
</FN>
</TABLE>
THE BHIRUD MID CAP GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1996 (AUDITED)
ASSETS
Investment Securities at Value $1,799,847
(Identified cost - $2,423,290) (Note 1)
Cash 4,345
Receivable From Advisor (Note 4) 32,612
Deferred organization expenses (Note 5) 29,688
Dividends receivable 336
Prepaid insurance 1,372
Total Assets $1,868,200
LIABILITIES
Payables:
Other accrued expenses $ 13,340
Total Liabilities ($13,340)
NET ASSETS (Equivalent to $7.18 per share based on 258,430
shares outstanding) $ 1,854,860
COMPOSITION OF NET ASSETS:
Paid in Capital $ 3,126,770
Distribution in excess of accumulated Net Realized gain (648,467)
Accumulated Net Investment Income --
Net Unrealized Depreciation of Investments (623,443)
Total Net Assets $1,854,860
STATEMENT OF OPERATIONS (AUDITED) FOR THE YEAR ENDED JULY 31, 1996
INVESTMENT INCOME
Dividends $ 16,501
EXPENSES
Audit $10,166
Fund Accounting 9,581
Transfer Agent (Note 6) 14,983
Legal 5,000
Miscellaneous 576
Shareholder Report 1,603
Directors 12,000
Registration 15,591
Organization (Note 5) 19,744
Insurance 4,000
Fund Administration (Note 4) 7,141
Custodian 7,763
Investment Advisor (Note 4) 39,604
12b-1 Fees 9,276
Total Expenses (157,028)
Expense Reimbursement/ waived by Advisor (Note 4) 56,534
Expense net of Reimbursement/ waiver (100,494)
NET INVESTMENT LOSS $ (83,993)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Investments $322,785
Change in Unrealized Appreciation (Depreciation)
of Investments (1,000,785)
NET REALIZED/UNREALIZED GAIN (LOSS) ON INVESTMENTS ($678,000)
NET (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $(761,993)
See accompanying Notes to Financial Statements PAGE: 6
<TABLE>
THE BHIRUD MID CAP GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS JULY 31,1996 (AUDITED)
<CAPTION>
For year Ended For year Ended
July 31, 1996 July 31, 1995
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Net Investment Income/ (loss) $ (83,993) $(85,293)
Net Realized Gain / (loss) on investment
Securities Sold 322,785 (504,234)
Net unrealized appreciation/(depreciation)
of Investments (1,000,785) 1,105,777
Net Increase (Decrease) in Net Assets
Resulting from Operations $ (761,993) $ 516,250
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Dividend distributions paid 117,118 0
Capital Gains 00 (1,337,998)
Total Distributions 117,118 (1,337,998)
CAPITAL SHARE TRANSACTIONS
Shares Sold 141,665 1,235,531
Shares issued in lieu of Cash Distributions (117,118) 1,330,680
Cost of shares Redeemed (4,114,309) (4,893,843)
Increase (Decrease) in Net Assets Due to
Capital Share Transactions (4,089,762) (2,307,632)
TOTAL INCREASE (DECREASE) IN NET ASSETS (4,734,637) (3,129,380)
NET ASSETS BEGINNING OF PERIOD 6,589,497 9,718,877
NET ASSETS END OF PERIOD $ 1,854,860 $ 6,589,497
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD (AUDITED)
<CAPTION>
For For For
the the the
Year Year Year
Ended Ended Ended
July,31 July,31 July,31
1996 1995 1994
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.71 $10.50 $10.87
Income/(Loss) from Investment Operations:
Net Investment Income/(Loss) (0.35) (0.14) (0.04)*
Net Gain/(Loss) on Securities
(Both Realized and Unrealized) (2.63) 0.86 (0.24)
Total from Investment Operations (2.98) 0.72 (0.28)
Distributions:
Dividend Distributions Paid 0.45 0.00 (0.09)
Distributions from Capital Gains 0.00 (1.51) 0.00
Total Distributions 0.00 (1.51) (0.09)
NET ASSET VALUE, END OF PERIOD $ 7.18 $ 9.71 $10.50
Total Return (Not Reflecting Sales Load) (26.05)% 9.51% (2.60)%
Ratios/Supplemental Data:
Net Assets, End of Period (in thousands) $1,855 $6,589 $9,719
Ratios to Average Net Assets:
Expenses 2.50% 2.68% 2.71%
Net Investment Income/(Loss) (2.11)% (1.02)% (0.36)%
Effect of Reimbursements/Waivers
on Above Ratios 1.28% 0.19% 0.71%
Portfolio Turnover Rate 320.89% 224.77% 276.26%
<FN>
* Based on weighted average shares outstanding ** Not annualized
See accompanying Notes to Financial Statements PAGE: 7
</FN>
</TABLE>
1. SIGNIFICANT ACCOUNTING POLICIES
Bhirud Funds, Inc. (the "Fund") is a diversified open-end
management investment company currently consisting of The Bhirud
Mid Cap Growth Fund portfolio (the "Portfolio"). The Fund was
incorporated in Maryland on May 27, 1992. Prior to November 4,
1992 (commencement of operations), the Fund had no operations
other than the sale of 10,000 shares of stock on August 4, 1992
at a cost of $100,000 to Thomas James MidCap Partners
representing the initial capital. The following is a summary of
significant accounting policies followed by the Fund:
SECURITY VALUATION
Readily marketable portfolio securities listed on the New York
Stock Exchange are valued at the last sale price reflected at
the close of the regular trading session of the New York Stock
Exchange on the business day as of which such value is being
determined. If there has been no sale on such day, the
securities are valued at the mean of the closing bid and asked
prices on such day. If no bid or asked prices are quoted on
such day, then the security is valued by such method as the
Board of Directors shall determine in good faith to reflect its
fair value. Readily marketable securities not listed on the New
York Stock Exchange but listed on other national securities
exchanges or admitted to trading on the National Association of
Securities Dealers Automated Quotations, Inc. ("NASDAQ")
National List are valued in like manner. Portfolio securities
traded on more than one national securities exchange are valued
at the last price on the business day as of which such value is
being determined as reflected on the tape at the close of the
exchange representing the principal market for such securities.
Readily marketable securities traded in the over-the-counter
market, including listed securities whose primary market is
believed by the Advisor to be over-the-counter but excluding
securities admitted to trading on the NASDAQ National List, are
valued at the mean of the current bid and asked prices as
reported by NASDAQ or, in the case of securities not quoted by
NASDAQ, the National Quotation Bureau or such other comparable
sources as the Board of Directors deem appropriate to reflect
their fair value.
United States Government obligations and other debt instruments
having sixty days or less remaining until maturity are stated at
amortized cost. Debt instruments having a greater remaining
maturity will be valued at the highest bid price obtained from a
dealer maintaining an active market in that security or on the
basis of prices obtained from a pricing service approved as
reliable by the Board of Directors.
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Security transactions are accounted for on the dates the
securities are purchased or sold (the trade dates), with
realized gain and loss on investments determined by using
specific identification as the cost method. Interest income
(including amortization of premium and discount, when
appropriate), is recorded as earned. Dividend income and
dividends and capital gain distributions to shareholders are
recorded on the ex-dividend date.
FEDERAL INCOME TAXES
The Fund intends to qualify as a "regulated investment company"
under Subchapter M of the Internal Revenue Code and distribute
all of its taxable income to its shareholders. Therefore, no
federal income tax provision is required.
2. CAPITAL STOCK TRANSACTIONS
The Articles of Incorporation, dated May 27, 1992 permit the
Fund to issue twenty billion shares (par value $0.001).
Transactions in shares of common stock for the year ended July
31, 1996 were as follows:
Shares Amount
Beginning Balance 678,934 $ 7,300,525
Shares Sold 14,627 141,665
Shares Issued in
Reinvestment of Dividends 00 (117,118)
Shares Redeemed (435,131) (4,114,309)
Net Increase (420,504) (4,089,762)
Ending Balance 258,430 $3,210,763
3. INVESTMENTS
Purchases and sales of securities for the year ended July 31st,
1996 other than short-term securities, aggregated $12,110,005
and $15,684,192, respectively. The cost of securities is
substantially the same for Federal income tax purposes.
For Federal income tax purposes:
Aggregate Cost $2,423,290
Gross Unrealized Appreciation 128,004
Gross Unrealized Depreciation (751,448)
Net Unrealized Depreciation ($623,444)
4. INVESTMENT ADVISORY CONTRACT
The Fund employs Bhirud Associates, Incorporated (the "Advisor")
to provide a continuous investment program for the Fund's
portfolio, provide all facilities and personnel, including
Officers required for its administrative management, and to pay
the compensation of all Officers and Directors of the Fund who
are affiliated with the Advisor. As compensation for the
services rendered and related expenses borne by the Advisor, the
Fund pays the Advisor a fee, computed and accrued daily and
payable monthly, equal to 1.00% of the first $250 million of the
average net assets of the Portfolio; 0.75% of the average net
assets of the Portfolio between $250 and $500 million; and 0.65%
of the average net assets of the Portfolio over $500 million.
The Advisor has voluntarily agreed to reimburse the Fund in the
event the Fund's expenses exceed certain prescribed limits.
During the fiscal year ended July 31, 1996 the Advisor elected
to defer the payment of Advisor fees payable in amount of
$39,604. The Advisor has elected to waive these fees and apply
the deferred fees against expense reimbursements due to the
fund. Total reimbursements in the amount of $56, 534 have been
accrued for the fiscal year 1996. With the application of the
deferred advisory fees a net receivable from the advisor in the
amount of $16,929 has been recorded for the 1996 fiscal year.
The Advisory and Administrative Services Contracts provide that
if, in any fiscal year, the aggregate expenses of a Fund,
excluding interest, taxes, brokerage and extraordinary expenses,
but including the Advisory and Administrative Services fees,
exceed the expense limitation of any state in which the Trust is
registered for sale, the Funds may deduct from fees paid to the
Advisor and Administrator their proportionate share of such
excess expenses to the extent of the fees payable. Currently,
the most restrictive state limitation is 2.5% of the first $30
million, 2% of the next $70 million and 1.5% of the excess over
$100 million of the average value of the Fund's net assets.
Pursuant to the provisions in the contract, expense
reimbursements were required for the year ended July 31, 1996.
The Fund retained Bhirud Associates, Inc. ("BAI") to act as
Administrator for the Fund from November 1, 1994. BAI provided
administrative services for the Fund. BAI earned administrative
services fees of $11,772 for the period of November 1, 1994
through July 31, 1995. During the fiscal year ended July 31,
1996 the Administrator elected to defer the payment of
administrative service fees payable in amount of $7,141.
From November 1, 1994 through July 31, 1996, the Provident Bank
has been providing custodian, fund accounting, dividend and
transfer agency functions for the Fund.
5. ORGANIZATION EXPENSES
The organization and start-up expenses of the Fund are being
amortized on a straight line basis over a period of 60 months.
The initial shareholder has agreed in the event that any of the
initial 10,000 shares it owns are redeemed during the period of
amortization of the Fund's organization and start-up expenses,
the redemption proceeds will be reduced by any such unamortized
organizational expenses in the same proportion as the number of
shares being redeemed bears to the initial shares outstanding at
the time of redemption.
6. DISTRIBUTION PLAN
The Fund's Board of Directors has adopted a distribution plan
(the "Plan") under Section 12(b) of the Investment Company Act
of 1940 and Rule 12b-1 thereunder. The Plan provides that the
Portfolio may bear certain expenses and costs which in the
aggregate are subject to a maximum of 0.25% per annum of the
Portfolio's average daily net assets. For the year ended July
31st, 1996, the Fund has incurred distribution costs of $7,391
payable to H. J. Meyers, formerly Thomas James Associates, Inc.
and $880 payable to Bhirud Associates, Inc.
7. TRANSACTIONS WITH AFFILIATES
During the year ended July 31st, 1996 the Fund paid brokerage
commissions of $340 to Bhirud Associates, Inc.
8. RECLASSIFICATION OF CAPITAL ACCOUNTS
In accordance with generally accepted accounting principals, the
Fund recorded reclassifications in the capital accounts. The
Fund recorded a permanent book/tax difference of
$(83,993) as of July 31, 1996, from undistributed net investment
income to paid in capital. These reclassifications have no
impact on net asset value of the Fund and are designed generally
to present undistributed income and realized gains on a tax
basis which is considered to be more informative to the
shareholder.
INDEPENDENT AUDITOR'S REPORT
To
The Shareholders and Board of Directors
Bhirud Funds, Inc.
We have audited the accompanying statement of assets and
liabilities of the Bhirud Mid Cap Growth Fund (a portfolio of
Bhirud Funds Inc.), including the portfolio of investments, as
of July 31, 1996, and the related statement of operations, the
statement of changes in net assets, and financial highlights for
the year 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. The
financial statements and financial highlights of the Bhirud Mid
Cap Growth Fund (a portfolio of Bhirud Funds Inc.) as of July
31, 1995 and 1994, and for the years ended, were audited by
other auditors whose reports dated August 31, 1995 and September
7, 1994, respectively, expressed unqualified opinions on those
financial statements and financial highlights.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform our audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatements. An audit includes examining, on a text
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of July 31, 1996 by correspondence with the
custodian. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statements
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 the Bhirud Mid Cap Growth
Fund at July 31, 1996, the results of its operations, changes in
its net assets and the financial highlights for the year then
ended, in conformity with generally accepted accounting
principles.
Van Buren & Hauke, LLC
63 Wall Street, Suite 2501
New York, NY 10005
September 16, 1996
THE BHIRUD MID CAP GROWTH FUND
SOUNDVIEW PLAZA
1266 EAST MAIN STREET
STAMFORD, CT 06902
(800) 424-2295
BOARD OF DIRECTORS
Suresh L. Bhirud Chairman of the Board; President of
Bhirud Associates, Inc.
Alexander N. Crowder, III Management Consultant
Michael Smith* General Counsel, H. J. Meyers & Co. Inc.
M. John Sterba, Jr. Chairman of Investment
Management Advisors, Inc.
Tim Fenton Partner, Fenton & Zelenetz, Inc.
* "Interested person" as defined in the Investment Company Act
of 1940.
OFFICERS
Suresh L. Bhirud Chairman of the Board & Treasurer
Michael Smith President & Secretary
Harish L. Bhirud Vice-President
Investment Advisor & Distributor Bhirud Associates, Inc.
Administrator Bhirud Associates, Inc.
Custodian Provident Bank
Legal Counsel Battle Fowler
Independent Auditors Van Buren & Hauke, LLC
[TEXT]
