<PAGE> PAGE 1
000 B000000 07/31/99
000 C000000 0000888126
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 BHIRUD FUNDS INC
001 B000000 811-6680
001 C000000 2039771521
002 A000000 1266 EAST MAIN STREET
002 B000000 STAMFORD
002 C000000 CT
002 D010000 06902
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C020100 THE APEX MID CAP GROWTH 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
019 B000000 0
020 A000001 BHIRUD ASSOCIATES, INC.
020 B000001 13-3620840
020 C000001 24
020 A000002 ALEX BROWN
020 B000002 52-1319768
020 C000002 6
020 A000003 WESTMINSTER RESEARCH ASSOCIATES
020 B000003 13-5515160
020 C000003 6
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
<PAGE> PAGE 2
021 000000 36
022 A000001 BHIRUD ASSOCIATES INC.
022 B000001 13-3620840
022 C000001 7537
022 D000001 4807
022 A000002 ALEX BROWN & ASSOCIATES
022 B000002 52-1319768
022 C000002 920
022 D000002 1515
022 A000003 WESTMINSTER RESEARCH ASSOCIATES
022 B000003 13-5515160
022 C000003 821
022 D000003 1081
022 A000004 LEHMAN BROTHERS
022 B000004 13-3216325
022 C000004 613
022 D000004 271
022 A000005 BEAR STEARN
022 B000005 13-3604093
022 C000005 71
022 D000005 72
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 9962
023 D000000 7746
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
<PAGE> PAGE 3
027 000000 Y
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 67
028 B010000 3
028 B020000 0
028 B030000 0
028 B040000 2
028 C010000 53
028 C020000 0
028 C030000 0
028 C040000 6
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 19
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 6
028 F010000 346
028 F020000 0
028 F030000 0
028 F040000 9
028 G010000 402
028 G020000 0
028 G030000 0
028 G040000 109
028 H000000 252
029 000000 Y
030 A000000 7
030 B000000 5.75
030 C000000 0.00
031 A000000 7
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
<PAGE> PAGE 4
043 000000 5
044 000000 0
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
<PAGE> PAGE 5
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
071 A000000 9962
071 B000000 7746
071 C000000 1911
071 D000000 405
072 A000000 12
072 B000000 30
072 C000000 1
072 D000000 0
072 E000000 0
072 F000000 19
072 G000000 4
072 H000000 0
072 I000000 5
072 J000000 7
072 K000000 0
072 L000000 0
072 M000000 12
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 4
072 S000000 0
072 T000000 5
072 U000000 0
072 V000000 0
072 W000000 11
072 X000000 67
072 Y000000 23
072 Z000000 -13
072AA000000 584
072BB000000 0
072CC010000 0
072CC020000 81
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.2074
073 A020000 0.0000
073 B000000 0.1887
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 0
<PAGE> PAGE 6
074 E000000 0
074 F000000 2747
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 0
074 M000000 1
074 N000000 2748
074 O000000 169
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 52
074 S000000 0
074 T000000 2527
074 U010000 272
074 U020000 0
074 V010000 9.30
074 V020000 0.00
074 W000000 0.0000
074 X000000 222
074 Y000000 0
075 A000000 0
075 B000000 1928
076 000000 0.00
077 A000000 Y
077 B000000 Y
080 A000000 NAT'L UNION FIRE INSURANCE
080 C000000 100
081 A000000 N
081 B000000 0
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 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
<PAGE> PAGE 7
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE SURESH L BHIRUD
TITLE CHAIRMAN
Van Buren & Hauke, LLC
Certified Public Accounts
63 Wall Street, Suite 2501, New York, NY 10005
Report On Internal Control Structure As Required By Form N-SAR
Board of Directors Bhirud Funds, Inc.
In planning and performing our audit of the financial statements of Apex
Mid Cap Growth Fund (a portfolio of Bhirud Funds, Inc.) for the year ended July
31, 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 Bhirud Funds, Inc. 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 the preparation of financial statements in accordance with generally
accepted accounting principals.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and 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
their 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
July
31, 1999.
This report is intended solely for the use of the Board of Directors,
management, the Securities and Exchange Commission.
SD/-
Van Buren & Hauke, LLC
September 15, 1999
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 3,430,566
<INVESTMENTS-AT-VALUE> 2,746,629
<RECEIVABLES> 735
<ASSETS-OTHER> 88
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,747,452
<PAYABLE-FOR-SECURITIES> 169,029
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,626
<TOTAL-LIABILITIES> 220,655
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,063,236
<SHARES-COMMON-STOCK> 271,621
<SHARES-COMMON-PRIOR> 226,196
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 147,498
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (683,937)
<NET-ASSETS> 3,024,614
<DIVIDEND-INCOME> 960
<INTEREST-INCOME> 30,061
<OTHER-INCOME> 0
<EXPENSES-NET> (43,658)
<NET-INVESTMENT-INCOME> (12,637)
<REALIZED-GAINS-CURRENT> 583,967
<APPREC-INCREASE-CURRENT> (81,105)
<NET-CHANGE-FROM-OPS> 490,225
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (92,818)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 566,490
<NUMBER-OF-SHARES-REDEEMED> (232,582)
<SHARES-REINVESTED> 92,489
<NET-CHANGE-IN-ASSETS> 823,804
<ACCUMULATED-NII-PRIOR> (43,654)
<ACCUMULATED-GAINS-PRIOR> 472,323
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,167
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 66,658
<AVERAGE-NET-ASSETS> 1,927,805
<PER-SHARE-NAV-BEGIN> 7.53
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 2.23
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.40)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.30
<EXPENSE-RATIO> 2.26
</TABLE>
