<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 000866525
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 INTL. FUND GRP., INC
001 B000000 811-06146
001 C000000 8008828383
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 2
007 C010100 1
007 C020100 BAILARD, BIEHL & KAISER INTL. EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 BAILARD, BIEHL & KAISER INTL. BOND FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 BAILARD, BIEHL & KAISER, INC.
008 B00AA01 A
008 C00AA01 801-8562
008 D01AA01 SAN MATEO
008 D02AA01 CA
008 D03AA01 94403
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION CORP.
010 C01AA01 GLENDORA
010 C02AA01 CA
010 C03AA01 91741
011 A00AA01 BB&K FUND SERVICES, INC.
011 B00AA01 8-38672
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94403
<PAGE> PAGE 2
012 A00AA01 CHASE GLOBAL FUND SERVICES CO.
012 B00AA01 84-1719
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02208
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
015 A00AA01 BROWN BROTHERS HARRIMAN
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02109
015 E01AA01 X
015 A00AA02 BANCA COMMERCIALE ITALIANA
015 B00AA02 S
015 C01AA02 MILAN
015 D01AA02 ITALY
015 E04AA02 X
015 A00AA03 CITIBANK, N.A. JAKARTA
015 B00AA03 S
015 C01AA03 JAKARTA
015 D01AA03 INDONESIA
015 E04AA03 X
015 A00AA04 BANCO DE SANTANDER, SA
015 B00AA04 S
015 C01AA04 MADRID
015 D01AA04 SPAIN
015 E04AA04 X
015 A00AA05 CANADIAN IMPERIAL BANK OF COMMERCE
015 B00AA05 S
015 C01AA05 TORONTO
015 D01AA05 CANADA
015 E04AA05 X
015 A00AA06 CITIBANK, N.A., BUENOS AIRES
015 B00AA06 S
015 C01AA06 BUENOS AIRES
015 D01AA06 ARGENTINA
015 E04AA06 X
015 A00AA07 CITIBANK, N.A., SANTIAGO
015 B00AA07 S
015 C01AA07 SANTIAGO
015 D01AA07 CHILE
015 E04AA07 X
015 A00AA08 SUMITOMO TRUST & BANKING CO. LTD
015 B00AA08 S
015 C01AA08 TOKYO
015 D01AA08 JAPAN
015 E04AA08 X
015 A00AA09 NATIONAL AUSTRALIA BANK LTD
<PAGE> PAGE 3
015 B00AA09 S
015 C01AA09 MELBOURNE
015 D01AA09 AUSTRALIA
015 E04AA09 X
015 A00AA10 DEN DANSKE BANK
015 B00AA10 S
015 C01AA10 DENMARK
015 D01AA10 DENMARK
015 E04AA10 X
015 A00AA11 CREDITANSTALT BANKVEREIN
015 B00AA11 S
015 C01AA11 VIENNA
015 D01AA11 AUSTRIA
015 E04AA11 X
015 A00AA12 DENNORSKE CREDITBANK
015 B00AA12 S
015 C01AA12 OSLO
015 D01AA12 NORWAY
015 E04AA12 X
015 A00AA13 HONG KONG BANK MALAYSIA BERHAD
015 B00AA13 S
015 C01AA13 KUALA LUMPUR
015 D01AA13 MALAYSIA
015 E04AA13 X
015 A00AA14 FIRST NATIONAL BANK OF BOSTON, SAN PAULO
015 B00AA14 S
015 C01AA14 SAN PAULO
015 D01AA14 BRAZIL
015 E04AA14 X
015 A00AA15 ABN-AMRO BANK
015 B00AA15 S
015 C01AA15 AMSTERDAM
015 D01AA15 NETHERLAND
015 E04AA15 X
015 A00AA16 CITIBANK, N.A., ATHENS
015 B00AA16 S
015 C01AA16 ATHENS
015 D01AA16 GREECE
015 E04AA16 X
015 A00AA17 STANDARD CHARTERED BANK, HONG KONG
015 B00AA17 S
015 C01AA17 HONG KONG
015 D01AA17 HONG KONG
015 E04AA17 X
015 A00AA18 MORGAN GUARANTY TRUST CO. OF N.Y., PARIS
015 B00AA18 S
015 C01AA18 PARIS
015 D01AA18 FRANCE
015 E04AA18 X
015 A00AA19 SWISS BANK CORPORATION
015 B00AA19 S
<PAGE> PAGE 4
015 C01AA19 ZURICH
015 D01AA19 SWITZERLAND
015 E04AA19 X
015 A00AA20 NATIONAL AUSTRALIA BANK LIMITED
015 B00AA20 S
015 C01AA20 MELBOURNE
015 D01AA20 AUSTRALIA
015 E04AA20 X
015 A00AA21 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA21 S
015 C01AA21 STOCKHOLM
015 D01AA21 SWEDEN
015 E04AA21 X
015 A00AA22 UNION BANK OF FINLAND
015 B00AA22 S
015 C01AA22 HELSINKI
015 D01AA22 FINLAND
015 E04AA22 X
015 A00AA23 ABN AMRO BANK
015 B00AA23 S
015 C01AA23 AMSTERDAM
015 D01AA23 NETHERLANDS
015 E04AA23 X
015 A00AA24 FIRST NATIONAL BANK OF SOUTHERN AFRICA
015 B00AA24 S
015 C01AA24 JOHANNESBURG
015 D01AA24 SOUTH AFRICA
015 E04AA24 X
015 A00AA25 NATIONAL AUSTRALIA BANK LTD.
015 B00AA25 S
015 C01AA25 AUCKLAND
015 D01AA25 NEW ZEALAND
015 E04AA25 X
015 A00AA26 BANCO ESPIRITO SANTO E COMMERCIAL DE LISBOA
015 B00AA26 S
015 C01AA26 LISBON
015 D01AA26 PORTUGAL
015 E04AA26 X
015 A00AA27 CITIBANK, N.A., MANILA
015 B00AA27 S
015 C01AA27 MANILA
015 D01AA27 PHILIPPINES
015 E04AA27 X
015 A00AA28 ALLIED IRISH BANKS PLC
015 B00AA28 S
015 C01AA28 DUBLIN
015 D01AA28 IRELAND
015 E04AA28 X
015 A00AA29 CITIBANK,(POLAND),S.A.,FOR CITIBANK N.A.
015 B00AA29 S
015 C01AA29 WARSAW
<PAGE> PAGE 5
015 D01AA29 POLAND
015 E04AA29 X
015 A00AA30 HONG KONG & SHANGHAI BANKING CORP.
015 B00AA30 S
015 C01AA30 BANGKOK
015 D01AA30 THAILAND
015 E04AA30 X
015 A00AA31 STANDARD CHARTERED BANK, SINGAPORE
015 B00AA31 S
015 C01AA31 SINGAPORE
015 D01AA31 SINGAPORE
015 E04AA31 X
015 A00AA32 FIRST NATIONAL BANK OF SOUTHERN AFRICA
015 B00AA32 S
015 C01AA32 SOUTH AFRICA
015 D01AA32 SOUTH AFRICA
015 E04AA32 X
015 A00AA33 STANDARD CHARTERED BANK TAIPEI
015 B00AA33 S
015 C01AA33 TAIPEI
015 D01AA33 TAIWAN
015 E04AA33 X
015 A00AA34 CITIBANK, N.A., ISTANBUL
015 B00AA34 S
015 C01AA34 ISTANBUL
015 D01AA34 TURKEY
015 E04AA34 X
015 A00AA35 ROYAL BANK OF SCOTLAND
015 B00AA35 S
015 C01AA35 SCOTLAND
015 D01AA35 UNITED KINGDOM
015 E04AA35 X
015 A00AA36 CREDITANSTALT BANKVEREIN
015 B00AA36 S
015 C01AA36 AUSTRIA
015 D01AA36 AUSTRIA
015 E04AA36 X
015 A00AA37 BANQUE BRUXELLES LAMBERT
015 B00AA37 S
015 C01AA37 BELGIUM
015 D01AA37 BELGIUM
015 E04AA37 X
015 A00AA38 DRESDNER BANK
015 B00AA38 S
015 C01AA38 GERMANY
015 D01AA38 GERMANY
015 E04AA38 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 3
019 C00AA00 BB&K, INC.
<PAGE> PAGE 6
020 A000001 INSTINET
020 B000001 13-3443395
020 C000001 728188
020 A000002 SPEAR LEEDS KELLOGG
020 B000002 N/A
020 C000002 51
020 A000003 FANO SECURITIES
020 B000003 N/A
020 C000003 44
020 A000004 ING BARING
020 B000004 N/A
020 C000004 24
020 A000005 FG VALORES Y BOLSA SA
020 B000005 N/A
020 C000005 24
020 A000006 TIR SECURITIES
020 B000006 N/A
020 C000006 23
020 A000007 BZW SECURITIES
020 B000007 N/A
020 C000007 20
020 A000008 LEHMAN BROTHERS
020 B000008 N/A
020 C000008 19
020 A000009 NOMURA SECURITIES
020 B000009 N/A
020 C000009 18
020 A000010 SBC WARBURG
020 B000010 13-2639550
020 C000010 12
021 000000 728423
022 A000001 INSTINET
022 B000001 13-3443395
022 C000001 52265
022 D000001 56544
022 A000002 SPEAR LEEDS KELLOGG
022 B000002 N/A
022 C000002 6607
022 D000002 9816
022 A000003 FANO SECURITIES
022 B000003 N/A
022 C000003 6279
022 D000003 6596
022 A000004 ING BARING
022 B000004 N/A
022 C000004 2328
022 D000004 1908
022 A000005 FG VALORES Y BOLSA SA
022 B000005 N/A
022 C000005 2403
022 D000005 1201
<PAGE> PAGE 7
022 A000006 TIR SECURITIES
022 B000006 N/A
022 C000006 809
022 D000006 5826
022 A000007 BZW SECURITIES
022 B000007 N/A
022 C000007 999
022 D000007 450
022 A000008 LEHMAN BROTHERS
022 B000008 N/A
022 C000008 2351
022 D000008 1835
022 A000009 NOMURA SECURITIES
022 B000009 N/A
022 C000009 2275
022 D000009 1429
022 A000010 SBC WARBURG
022 B000010 N/A
022 C000010 1638
022 D000010 1166
023 C000000 140906
023 D000000 154648
024 00AA00 N
025 A00AA01 YAMAICHI SECURITIES CO.
025 C00AA01 E
025 D00AA01 405
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
<PAGE> PAGE 8
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 5000
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 0
<PAGE> PAGE 9
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 0
074 M000000 0
074 N000000 0
077 A000000 Y
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
078 000000 N
080 A00AA00 GULF INSURANCE COMPANY OF KANSAS CITY, MO
080 C00AA00 1600
081 A00AA00 Y
081 B00AA00 6
082 A00AA00 Y
082 B00AA00 50
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 1048
<PAGE> PAGE 10
028 A020100 0
028 A030100 0
028 A040100 1099
028 B010100 772
028 B020100 0
028 B030100 0
028 B040100 1199
028 C010100 974
028 C020100 0
028 C030100 0
028 C040100 801
028 D010100 656
028 D020100 0
028 D030100 0
028 D040100 532
028 E010100 1430
028 E020100 0
028 E030100 0
028 E040100 3568
028 F010100 1414
028 F020100 0
028 F030100 0
028 F040100 1232
028 G010100 6294
028 G020100 0
028 G030100 0
028 G040100 8434
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.950
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
<PAGE> PAGE 11
048 J020100 0.000
048 K010100 0
048 K020100 0.000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
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
070 J010100 Y
<PAGE> PAGE 12
070 J020100 Y
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 103911
071 B000100 117464
071 C000100 100949
071 D000100 103
072 A000100 12
072 B000100 162
072 C000100 2240
072 D000100 0
072 E000100 0
072 F000100 989
072 G000100 33
072 H000100 0
072 I000100 37
072 J000100 392
072 K000100 0
072 L000100 5
072 M000100 16
072 N000100 7
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 75
072 S000100 15
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 28
072 X000100 1597
072 Y000100 0
072 Z000100 805
072AA000100 6952
072BB000100 0
072CC010100 0
072CC020100 646
<PAGE> PAGE 13
072DD010100 1061
072DD020100 0
072EE000100 5483
073 A010100 0.0500
073 A020100 0.0000
073 B000100 0.3700
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 2609
074 D000100 0
074 E000100 0
074 F000100 96951
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 662
074 K000100 0
074 L000100 619
074 M000100 5
074 N000100 100846
074 O000100 173
074 P000100 77
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 214
074 S000100 0
074 T000100 100382
074 U010100 16582
074 U020100 0
074 V010100 6.05
074 V020100 0.00
074 W000100 0.0000
074 X000100 461
074 Y000100 0
075 A000100 0
075 B000100 103808
076 000100 0.00
080 A000100 GULF INSURANCE COMPANY OF KANSAS CITY, MO
080 C000100 1200
081 A000100 Y
081 B000100 6
082 A000100 N
082 B000100 0
028 A010200 835
028 A020200 672
028 A030200 0
028 A040200 315
028 B010200 728
<PAGE> PAGE 14
028 B020200 0
028 B030200 0
028 B040200 512
028 C010200 388
028 C020200 0
028 C030200 0
028 C040200 372
028 D010200 512
028 D020200 577
028 D030200 0
028 D040200 223
028 E010200 780
028 E020200 0
028 E030200 0
028 E040200 2273
028 F010200 808
028 F020200 0
028 F030200 0
028 F040200 1239
028 G010200 4051
028 G020200 1249
028 G030200 0
028 G040200 4934
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.750
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
062 A000200 Y
<PAGE> PAGE 15
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 1.3
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 94.7
062 R000200 0.0
063 A000200 0
063 B000200 6.3
064 A000200 Y
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
<PAGE> PAGE 16
070 M020200 Y
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 36995
071 B000200 37184
071 C000200 60716
071 D000200 61
072 A000200 12
072 B000200 4233
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 462
072 G000200 33
072 H000200 0
072 I000200 37
072 J000200 144
072 K000200 0
072 L000200 0
072 M000200 16
072 N000200 2
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 53
072 S000200 15
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 19
072 X000200 779
072 Y000200 0
072 Z000200 3454
072AA000200 2076
072BB000200 0
072CC010200 213
072CC020200 0
072DD010200 8379
072DD020200 0
072EE000200 0
073 A010200 1.1500
073 A020200 0.0000
073 B000200 0.0000
<PAGE> PAGE 17
073 C000200 0.0000
074 A000200 68
074 B000200 0
074 C000200 871
074 D000200 61914
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 2693
074 M000200 14
074 N000200 65560
074 O000200 0
074 P000200 32
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 147
074 S000200 0
074 T000200 65381
074 U010200 7801
074 U020200 0
074 V010200 8.38
074 V020200 0.00
074 W000200 0.0000
074 X000200 429
074 Y000200 0
075 A000200 0
075 B000200 63697
076 000200 0.00
080 C000200 0
081 B000200 0
082 B000200 0
SIGNATURE ERIC M. BANHAZL
TITLE SR. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866525
<NAME> BAILARD BIEHL & KAISER INTERNATIONAL FUND GROUP
<SERIES>
<NUMBER> 2
<NAME> BAILARD BIEHL & KAISER BOND FUND
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 61764809
<INVESTMENTS-AT-VALUE> 62785041
<RECEIVABLES> 2692938
<ASSETS-OTHER> 14107
<OTHER-ITEMS-ASSETS> 67425
<TOTAL-ASSETS> 65559511
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 178807
<TOTAL-LIABILITIES> 178807
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79215200
<SHARES-COMMON-STOCK> 7800539
<SHARES-COMMON-PRIOR> 7360830
<ACCUMULATED-NII-CURRENT> 1149884
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (16458026)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1473646
<NET-ASSETS> 65380704
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4232891
<OTHER-INCOME> 0
<EXPENSES-NET> 779008
<NET-INVESTMENT-INCOME> 3453883
<REALIZED-GAINS-CURRENT> 2075857
<APPREC-INCREASE-CURRENT> 212773
<NET-CHANGE-FROM-OPS> 5742513
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8378654)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1041195
<NUMBER-OF-SHARES-REDEEMED> 1430146
<SHARES-REINVESTED> 828660
<NET-CHANGE-IN-ASSETS> 740677
<ACCUMULATED-NII-PRIOR> 5239089
<ACCUMULATED-GAINS-PRIOR> (17691732)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 461792
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 779008
<AVERAGE-NET-ASSETS> 63696837
<PER-SHARE-NAV-BEGIN> 8.78
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> .45
<PER-SHARE-DISTRIBUTIONS> .70
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.38
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866525
<NAME> BAILARD BIEHL & KAISER INTERNATIONAL FUND GROUP
<SERIES>
<NUMBER> 1
<NAME> BAILARD BIEHL & KAISER EQUITY FUND
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 92832486
<INVESTMENTS-AT-VALUE> 99559873
<RECEIVABLES> 1280746
<ASSETS-OTHER> 4751
<OTHER-ITEMS-ASSETS> 270
<TOTAL-ASSETS> 100845640
<PAYABLE-FOR-SECURITIES> 172794
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 291054
<TOTAL-LIABILITIES> 463848
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85962975
<SHARES-COMMON-STOCK> 16581606
<SHARES-COMMON-PRIOR> 18041372
<ACCUMULATED-NII-CURRENT> 692870
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6851262
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6874685
<NET-ASSETS> 100381792
<DIVIDEND-INCOME> 2240449
<INTEREST-INCOME> 161543
<OTHER-INCOME> 0
<EXPENSES-NET> 1597297
<NET-INVESTMENT-INCOME> 804695
<REALIZED-GAINS-CURRENT> 6951979
<APPREC-INCREASE-CURRENT> (646055)
<NET-CHANGE-FROM-OPS> 7110619
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1061398
<DISTRIBUTIONS-OF-GAINS> 5483889
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2576621
<NUMBER-OF-SHARES-REDEEMED> 5035947
<SHARES-REINVESTED> 999560
<NET-CHANGE-IN-ASSETS> (7827941)
<ACCUMULATED-NII-PRIOR> 906195
<ACCUMULATED-GAINS-PRIOR> 51425518
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 988625
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1597297
<AVERAGE-NET-ASSETS> 103807712
<PER-SHARE-NAV-BEGIN> 6.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .37
<PER-SHARE-DIVIDEND> .06
<PER-SHARE-DISTRIBUTIONS> .31
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.05
<EXPENSE-RATIO> 1.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
November 15, 1996
To the Board of Directors of
Bailard, Biehl & Kaiser International Fund Group, Inc.
In planning and performing our audits of the financial statements of the
Bailard, Biehl & Kaiser International Equity Fund and Bailard,
Biehl & Kaiser International Bond Fund (constituting Bailard, Biehl &
Kaiser International Fund Group, Inc., hereafter referred to as the
"Funds") for the year ended September 30, 1996, we considered their
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 asssurance
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 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, 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.
