BAILARD BIEHL & KAISER FUND GROUP INC
497, 1996-12-04
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Supplement  Dated November 29, 1996 to the Bailard,  Biehl & Kaiser Diversa Fund
Prospectus dated January 26, 1996.

On Page 6 under the Section entitled " What are the Fund's Investment  Policies?
- - Investment  in Multiple  Classes of Assets," the first  sentence is changed to
remove the reference to "domestic stocks," and the following sentence is added:

Holdings of domestic stocks could range from 0% to 65% of Fund assets.


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