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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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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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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE ERIC M. BANHAZL
TITLE SR. VICE PRESIDENT
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866525
<NAME> BAILARD, BIEHL & KAISER INTERNATIONAL FUND GROUP, INC.
<SERIES>
<NUMBER> 2
<NAME> BAILARD, BIEHL & KAISER INTERNATIONAL BOND FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
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</TABLE>
November 18, 1997
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, 1997, 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 assurance on the
internal control structure.
The management of the Funds 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, 1997.
This report is intended solely for the information and use of the
management and Directors of the Funds and the Securities and Exchange
Commission.
\s\Price Waterhouse LLP
Boston, Massachusetts
