<PAGE> PAGE 1
000 B000000 09/30/98
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000 D000000 N
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020 A000005 FIDELITY
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE ERIC BANHAZL
TITLE SR. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000800075
<NAME> BAILARD, BIEHL & KAISER FUND GROUP
<SERIES>
<NUMBER> 1
<NAME> BAILARD, BIEHL & KAISER DIVERSA FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 29135272
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<DISTRIBUTIONS-OF-INCOME> (620306)
<DISTRIBUTIONS-OF-GAINS> (2829561)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 124255
<NUMBER-OF-SHARES-REDEEMED> (345267)
<SHARES-REINVESTED> 245803
<NET-CHANGE-IN-ASSETS> (2141705)
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</TABLE>
November 18, 1998
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, 1998, 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 internal control structure.
The management of the Fund is responsible for establishing and maintaining
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
fraud may occur and not be detected. Also, projection of any evaluation of
internal control 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 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 fraud 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 September 30, 1998.
This report is intended solely for the information and use of management and
the Trustees of the Fund and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
