<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 0000800075
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 BAILARD, BIEHL & KAISER FUND GROUP
001 B000000 811-04828
001 C000000 4155715800
002 A000000 2755 CAMPUS DRIVE
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94403
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 BAILARD, BIEHL & KAISER DIVERSA 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
020 A000001 INSTINET
020 C000001 25
020 A000002 QUAKER SECURITIES, INC.
020 C000002 12
020 A000003 SPEAR LEEDS & KELLOGG
020 C000003 4
020 A000004 JEFFRIES & COMPANY
020 C000004 3
020 A000005 LEHMAN BROTHERS
020 C000005 2
020 A000006 FANO SECURITIES
020 C000006 2
020 A000007 DILLON READ & CO.
020 C000007 2
020 A000008 BZW SECURITIES
020 C000008 2
020 A000009 ISI GROUP INC.
<PAGE> PAGE 2
020 C000009 2
020 A000010 STANDARD & POOR'S SECURITIES
020 C000010 2
021 000000 86
022 A000001 BROWN BROTHERS HARRIMAN
022 B000001 04-6062406
022 C000001 1521
022 D000001 4342
022 A000002 INSTINET
022 C000002 819
022 D000002 987
022 A000003 MERRILL LYNCH
022 B000003 N/A
022 C000003 1575
022 D000003 27
022 A000004 TIR SECURITIES
022 B000004 N/A
022 C000004 368
022 D000004 369
022 A000005 FANO SECURITIES
022 B000005 N/A
022 C000005 171
022 D000005 371
022 A000006 BEAR STEARNS & CO.
022 C000006 56
022 D000006 290
022 A000007 PIPER JAFFRAY, INC.
022 C000007 0
022 D000007 309
022 A000008 LEHMAN BROTHERS
022 C000008 16
022 D000008 231
022 A000009 CITIBANK, NY
022 C000009 169
022 D000009 0
022 A000010 ANZ BANK
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022 D000010 166
023 C000000 24966
023 D000000 27396
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026 D000000 Y
026 E000000 Y
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026 G010000 N
026 G020000 N
026 H000000 N
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077 A000000 Y
<PAGE> PAGE 3
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
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086 D020000 0
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086 F020000 0
008 A000101 BAILARD, BIEHL & KAISER, INC.
008 B000101 A
008 C000101 801-8562
008 D010101 SAN MATEO
008 D020101 CA
008 D030101 94403
010 A000101 INVESTMENT COMPANY ADMINISTRATION CORP.
010 C010101 GLENDORA
010 C020101 CA
010 C030101 91741
011 A000101 BB&K FUND SERVICES, INC.
011 B000101 8-38672
011 C010101 SAN MATEO
011 C020101 CA
011 C030101 94403
012 A000101 CHASE GLOBAL FUND SERVICES CO.
012 B000101 84-1719
012 C010101 BOSTON
012 C020101 MA
012 C030101 02208
<PAGE> PAGE 4
013 A000101 PRICE WATERHOUSE LLP
013 B010101 BOSTON
013 B020101 MA
013 B030101 02110
014 A000101 BB&K FUND SERVICES, INC.
014 B000101 8-38672
015 A000101 BROWN BROTHERS HARRIMAN & CO.
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02109
015 E010101 X
015 A000102 BANCA COMMERCIALE ITALIANA
015 B000102 S
015 C010102 MILAN
015 D010102 ITALY
015 E040102 X
015 A000103 CITIBANK, N.A. JAKARTA
015 B000103 S
015 C010103 JAKARTA
015 D010103 INDONESIA
015 E040103 X
015 A000104 BANCO SANTANDER, SA
015 B000104 S
015 C010104 MADRID
015 D010104 SPAIN
015 E040104 X
015 A000105 CANADIAN IMPERIAL BANK OF COMMERCE
015 B000105 S
015 C010105 TORONTO
015 D010105 CANADA
015 E040105 X
015 A000106 CITIBANK, N.A., BUENOS AIRES
015 B000106 S
015 C010106 BUENOS AIRES
015 D010106 ARGENTINA
015 E040106 X
015 A000107 BANQUE BRUXELLES LAMBERT
015 B000107 S
015 C010107 BELGIUM
015 D010107 BELGIUM
015 E040107 X
015 A000108 SUMITOMO TRUST & BANKING CO. LTD
015 B000108 S
015 C010108 TOKYO
015 D010108 JAPAN
015 E040108 X
015 A000109 NATIONAL AUSTRALIA BANK LTD
015 B000109 S
015 C010109 MELBOURNE
015 D010109 AUSTRALIA
<PAGE> PAGE 5
015 E040109 X
015 A000110 DEN DANSKE BANK
015 B000110 S
015 C010110 DENMARK
015 D010110 DENMARK
015 E040110 X
015 A000111 CREDITANSTALT BANKVEREIN
015 B000111 S
015 C010111 VIENNA
015 D010111 AUSTRIA
015 E040111 X
015 A000112 DENNORSKE BANK
015 B000112 S
015 C010112 OSLO
015 D010112 NORWAY
015 E040112 X
015 A000113 HONG KONG BANK MALAYSIA BERHAD
015 B000113 S
015 C010113 KUALA LOMPOR
015 D010113 MALAYSIA
015 E040113 X
015 A000114 THE FIRST NATIONAL BANK OF BOSTON, SAO PAULO
015 B000114 S
015 C010114 SAO PAULO
015 D010114 BRAZIL
015 E040114 X
015 A000115 CITIBANK, N.A., SANTIAGO
015 B000115 S
015 C010115 SANTIAGO
015 D010115 CHILE
015 E040115 X
015 A000116 DRESDNER BANK
015 B000116 S
015 C010116 GERMANY
015 D010116 GERMANY
015 E040116 X
015 A000117 CITIBANK, N.A., ATHENS
015 B000117 S
015 C010117 ATHENS
015 D010117 GREECE
015 E040117 X
015 A000118 MORGAN GUARANTY TRUST CO. OF N.Y., PARIS
015 B000118 S
015 C010118 PARIS
015 D010118 FRANCE
015 E040118 X
015 A000119 SWISS BANK CORP.
015 B000119 S
015 C010119 ZURICH
015 D010119 SWITZERLAND
015 E040119 X
<PAGE> PAGE 6
015 A000120 STANDARD CHARTERED BANK, HONG KONG
015 B000120 S
015 C010120 HONG KONG
015 D010120 HONG KONG
015 E040120 X
015 A000121 SKANDINAVISKA ENSKILDA BANKEN
015 B000121 S
015 C010121 STOCKHOLM
015 D010121 SWEDEN
015 E040121 X
015 A000122 UNION BANK OF FINLAND
015 B000122 S
015 C010122 HELSINKI
015 D010122 FINLAND
015 E040122 X
015 A000123 CITIBANK MEXICO, S.A.
015 B000123 S
015 C010123 MEXICO CITY
015 D010123 MEXICO
015 E040123 X
015 A000124 FIRST NATIONAL BANK OF SOUTHERN AFRICA
015 B000124 S
015 C010124 JOHANNESBURG
015 D010124 SOUTH AFRICA
015 E040124 X
015 A000125 NATIONAL AUSTRALIA BANK LTD.
015 B000125 S
015 C010125 AUCKLAND
015 D010125 NEW ZEALAND
015 E040125 X
015 A000126 BANCO ESPIRITO SANTO E COMMERCIAL DE LISBOA
015 B000126 S
015 C010126 LISBON
015 D010126 PORTUGAL
015 E040126 X
015 A000127 CITIBANK, N.A., MANILA
015 B000127 S
015 C010127 MANILA
015 D010127 PHILLIPPINES
015 E040127 X
015 A000128 ALLIED IRISH BANKS PLC
015 B000128 S
015 C010128 DUBLIN
015 D010128 IRELAND
015 E040128 X
015 A000129 CITIBANK, N.A., SEOUL
015 B000129 S
015 C010129 SEOUL
015 D010129 SOUTH KOREA
015 E040129 X
015 A000130 HONG KONG AND SHANGHAI BANKING CORP.
<PAGE> PAGE 7
015 B000130 S
015 C010130 BANGKOK
015 D010130 THAILAND
015 E040130 X
015 A000131 CITIBANK (POLAND),S.A. FOR CITIBANK N.A.
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015 B000132 S
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015 A000133 CITIBANK, N.A., ISTANBUL
015 B000133 S
015 C010133 INSTANBUL
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015 E040133 X
015 A000134 ROYAL BANK OF SCOTLAND
015 B000134 S
015 C010134 POLAND
015 D010134 UNITED KINGDOM
015 E040134 X
018 000100 Y
019 A000100 Y
019 B000100 3
019 C000100 BB&K, INC.
024 000100 N
025 A000101 YAMAICHI SECURITIES CO.
025 C000101 E
025 D000101 25
025 D000102 0
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<PAGE> PAGE 8
028 D010100 25
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028 F040100 375
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029 000100 N
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034 000100 N
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037 000100 N
038 000100 0
039 000100 N
040 000100 N
045 000100 Y
046 000100 N
047 000100 Y
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048 A010100 75000
048 A020100 0.950
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<PAGE> PAGE 9
048 J020100 0.000
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048 K020100 0.650
049 000100 N
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051 000100 N
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054 A000100 Y
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
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054 K000100 N
054 L000100 N
054 M000100 Y
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055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
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061 000100 5000
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066 A000100 Y
<PAGE> PAGE 10
066 G000100 Y
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
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070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
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070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
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<PAGE> PAGE 11
072 G000100 33
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<PAGE> PAGE 12
074 R040100 289
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074 W000100 0.0000
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075 A000100 0
075 B000100 38949
076 000100 0.00
080 A000100 GULF INSURANCE COMPANY OF KANSAS CITY, MO
080 C000100 1200
081 A000100 Y
081 B000100 6
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SIGNATURE ERIC BANHAZL
TITLE SR. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000800075
<NAME> BAILARD BIEHL & KAISER FUND GROUP (DIVERSA)
<SERIES>
<NUMBER> 1
<NAME> BAILARD BIEHL & KAISER DIVERSA FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 33410811
<INVESTMENTS-AT-VALUE> 36465210
<RECEIVABLES> 401391
<ASSETS-OTHER> 7844
<OTHER-ITEMS-ASSETS> 16567
<TOTAL-ASSETS> 36891012
<PAYABLE-FOR-SECURITIES> 36337
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 288420
<TOTAL-LIABILITIES> 324757
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29310028
<SHARES-COMMON-STOCK> 2730050
<SHARES-COMMON-PRIOR> 3082887
<ACCUMULATED-NII-CURRENT> 575755
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3592688
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3087784
<NET-ASSETS> 36566255
<DIVIDEND-INCOME> 553367
<INTEREST-INCOME> 1035480
<OTHER-INCOME> 0
<EXPENSES-NET> 776519
<NET-INVESTMENT-INCOME> 812328
<REALIZED-GAINS-CURRENT> 3678907
<APPREC-INCREASE-CURRENT> (635923)
<NET-CHANGE-FROM-OPS> 3855312
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (950677)
<DISTRIBUTIONS-OF-GAINS> (2284254)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 153693
<NUMBER-OF-SHARES-REDEEMED> (734896)
<SHARES-REINVESTED> 228096
<NET-CHANGE-IN-ASSETS> (4122166)
<ACCUMULATED-NII-PRIOR> 687154
<ACCUMULATED-GAINS-PRIOR> 2231306
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 370980
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 776519
<AVERAGE-NET-ASSETS> 38948554
<PER-SHARE-NAV-BEGIN> 13.20
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> .96
<PER-SHARE-DIVIDEND> .32
<PER-SHARE-DISTRIBUTIONS> .76
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.39
<EXPENSE-RATIO> 1.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
November 15, 1996
To the Trustees of
Bailard, Biehl & Kaiser Diversa Fund
In planning and performing our audit of the financial statements of
the Bailard, Biehl & Kaiser Diversa Fund (the "Fund") for the year ended
September 30, 1996, 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, and not to provide assurance on the internal control
structure.
The management of the Fund 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 that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
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 the 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 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 September 30, 1996.
This report is intended solely for the information and use of the
management and Trustees of the Fund and the Securities and Exchange
Commission.
