BAILARD BIEHL & KAISER FUND GROUP INC
497, 1997-02-11
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Supplement Dated February 12, 1997, to the Bailard,  Biehl & Kaiser Diversa Fund
Prospectus and Statement of Additional Information dated January 26, 1997

Effective  as of February 18, 1997,  the business  address for Bailard,  Biehl &
Kaiser Inc.,  the Bailard,  Biehl & Kaiser  Diversa Fund,  the Bailard,  Biehl &
Kaiser Fund Group, and BB&K Fund Services Inc., will change to:

                           950 Tower Lane, Suite #1900
                           Foster City, CA 94404-2131


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