<PAGE> PAGE 1
000 B000000 09/30/1999
000 C000000 0000800075
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 BAILARD, BIEHL & KAISER FUND GROUP
001 B000000 811-04828
001 C000000 8008828383
002 A000000 950 TOWER LANE, SUITE 1900
002 B000000 FOSTER CITY
002 C000000 CA
002 D010000 94404
002 D020000 2131
003 000000 N
004 000000 N
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007 C020100 BAILARD, BIEHL & KAISER DIVERSA FUND
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007 C010500 5
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007 C010700 7
007 C010800 8
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008 D04AA01 2131
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION LLC
010 C01AA01 GLENDORA
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011 A00AA01 BB&K FUND SERVICES, INC.
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011 C02AA01 CA
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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
To the Shareholders and
Board of Trustees of
Bailard, Biehl & Kaiser Fund Group
In planning and performing our audit of the financial statements of
Bailard, Biehl & Kaiser Diversa Fund for the year ended September
30, 1999, we considered its internal control, including control
activities 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 internal control.
The management of Bailard, Biehl & Kaiser Diversa Fund is
responsible for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain
to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 would not necessarily disclose
all matters in internal control 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 one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of September 30, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees of Bailard, Biehl & Kaiser
Fund Group and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than
these specified parties.
PricewaterhouseCoopers LLP
San Francisco, California
November 18, 1999
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