<PAGE> PAGE 1
000 B000000 09/30/98
000 C000000 0000866525
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 INT'L. FUND GRP., INC
001 B000000 811-06146
001 C000000 6505785800
002 A000000 950 TOWER LANE, SUITE 1900
002 B000000 FOSTER CITY
002 C000000 CA
002 D010000 94404
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 INT'L. EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 BAILARD, BIEHL & KAISER INT'L 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 FOSTER CITY
008 D02AA01 CA
008 D03AA01 94404
008 D04AA01 2131
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION LLC
010 C01AA01 GLENDORA
010 C02AA01 CA
010 C03AA01 91741
011 A00AA01 BB & K FUND SERVICES, INC.
011 B00AA01 8-38672
011 C01AA01 FOSTER CITY
011 C02AA01 CA
<PAGE> PAGE 2
011 C03AA01 94404
011 C04AA01 2131
012 A00AA01 CHASE GLOBAL FUND SERVICES CO.
012 B00AA01 84-1719
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02208
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
014 A00AA01 BB & K FUND SERVICES, INC.
014 B00AA01 8-38672
015 A00AA01 BROWN BROTHERS HARRIMAN & CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02109
015 E01AA01 X
015 A00AA02 CITIBANK, N.A.
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 NATIONAL AUSTRALIA BANK LTD.
015 B00AA03 S
015 C01AA03 MELBOURNE
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 CREDITANSTALT AG
015 B00AA04 S
015 C01AA04 AUSTRIA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 BANQUE BRUXELLES LAMBERT
015 B00AA05 S
015 C01AA05 BELBIUM
015 D01AA05 BELGIUM
015 E04AA05 X
015 A00AA06 THE BANK OF N.T. BUTTERFIELD & SON LTD.
015 B00AA06 S
015 C01AA06 BERMUDA
015 D01AA06 BERMUDA
015 E04AA06 X
015 A00AA07 BANKBOSTON, N.A.
015 B00AA07 S
015 C01AA07 SAO PAULO
015 D01AA07 BRAZIL
015 E04AA07 X
015 A00AA08 CANADIAN IMPERIAL BANK OF COMMERCE
015 B00AA08 S
<PAGE> PAGE 3
015 C01AA08 CANADA
015 D01AA08 CANADA
015 E04AA08 X
015 A00AA09 CITIBANK, N.A.
015 B00AA09 S
015 C01AA09 SANTIAGO
015 D01AA09 CHILE
015 E04AA09 X
015 A00AA10 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B00AA10 S
015 C01AA10 PRAGUE
015 D01AA10 CZECH REPUBLIC
015 E04AA10 X
015 A00AA11 CITIBANK A.S.
015 B00AA11 S
015 C01AA11 CZECH REPUBLIC
015 D01AA11 CZECH REPUBLIC
015 E04AA11 X
015 A00AA12 DEN DANSKE BANK
015 B00AA12 S
015 C01AA12 DENMARK
015 D01AA12 DENMARK
015 E04AA12 X
015 A00AA13 MERITA BANK
015 B00AA13 S
015 C01AA13 FINLAND
015 D01AA13 FINLAND
015 E04AA13 X
015 A00AA14 BANQUE PARIBAS
015 B00AA14 S
015 C01AA14 FRANCE
015 D01AA14 FRANCE
015 E04AA14 X
015 A00AA15 DRESDNER BANK
015 B00AA15 S
015 C01AA15 GERMANY
015 D01AA15 GERMANY
015 E04AA15 X
015 A00AA16 CITIBANK, N.A.
015 B00AA16 S
015 C01AA16 ATHENS
015 D01AA16 GREECE
015 E04AA16 X
015 A00AA17 STANDARD CHARTERED BANK
015 B00AA17 S
015 C01AA17 HONG KONG
015 D01AA17 HONG KONG
015 E04AA17 X
015 A00AA18 CITIBANK BUDAPEST R.T.
015 B00AA18 S
015 C01AA18 HUNGARY
<PAGE> PAGE 4
015 D01AA18 HUNGARY
015 E04AA18 X
015 A00AA19 CITIBANK, N.A.
015 B00AA19 S
015 C01AA19 JAKARTA
015 D01AA19 INDONESIA
015 E04AA19 X
015 A00AA20 ALLIED IRISH BANKS PLC
015 B00AA20 S
015 C01AA20 IRELAND
015 D01AA20 IRELAND
015 E04AA20 X
015 A00AA21 BANK HAPOALIM B.M.
015 B00AA21 S
015 C01AA21 ISRAEL
015 D01AA21 ISRAEL
015 E04AA21 X
015 A00AA22 BANCA COMMERCIALE INTALIANA
015 B00AA22 S
015 C01AA22 ITALY
015 D01AA22 ITALY
015 E04AA22 X
015 A00AA23 THE SUMITOMO BANK, LTD.
015 B00AA23 S
015 C01AA23 JAPAN
015 D01AA23 JAPAN
015 E04AA23 X
015 A00AA24 CITIBANK, N.A.
015 B00AA24 S
015 C01AA24 SOEUL
015 D01AA24 SOUTH KOREA
015 E04AA24 X
015 A00AA25 HONGKONG BANK MALAYSIA BERHAD
015 B00AA25 S
015 C01AA25 MALAYSIA
015 D01AA25 MALAYSIA
015 E04AA25 X
015 A00AA26 CITIBANK MEXICO, S.A.
015 B00AA26 S
015 C01AA26 MEXICO
015 D01AA26 MEXICO
015 E04AA26 X
015 A00AA27 ABN-AMRO BANK
015 B00AA27 S
015 C01AA27 NETHERLANDS
015 D01AA27 NETHERLANDS
015 E04AA27 X
015 A00AA28 NATIONAL AUSTRALIA BANK LTD.
015 B00AA28 S
015 C01AA28 AUCKLAND
015 D01AA28 NEW ZEALAND
<PAGE> PAGE 5
015 E04AA28 X
015 A00AA29 DEN NORSKE BANK
015 B00AA29 S
015 C01AA29 NORWAY
015 D01AA29 NORWAY
015 E04AA29 X
015 A00AA30 CITIBANK, N.A.
015 B00AA30 S
015 C01AA30 LIMA
015 D01AA30 PERU
015 E04AA30 X
015 A00AA31 CITIBANK, N.A.
015 B00AA31 S
015 C01AA31 MANILA
015 D01AA31 PHILIPPINES
015 E04AA31 X
015 A00AA32 CITIBANK (POLAND), S.A.
015 B00AA32 S
015 C01AA32 POLAND
015 D01AA32 POLAND
015 E04AA32 X
015 A00AA33 BANCO ESPIRITO SANTO E COMERCIAL
015 B00AA33 S
015 C01AA33 PORTUGAL
015 D01AA33 PORTUGAL
015 E04AA33 X
015 A00AA34 BANCO COMERCIAL PORTUGUES
015 B00AA34 S
015 C01AA34 PORTUGAL
015 D01AA34 PORTUGAL
015 E04AA34 X
015 A00AA35 STANDARD CHARTERED BANK
015 B00AA35 S
015 C01AA35 SINGAPORE
015 D01AA35 SINGAPORE
015 E04AA35 X
015 A00AA36 FIRST NATIONAL BANK OF SOUTHERN AFRICA
015 B00AA36 S
015 C01AA36 SOUTH AFRICA
015 D01AA36 SOUTH AFRICA
015 E04AA36 X
015 A00AA37 BANCO SANTANDER
015 B00AA37 S
015 C01AA37 SPAIN
015 D01AA37 SPAIN
015 E04AA37 X
015 A00AA38 SKANDINACISKA ENSKILDA BANKEN
015 B00AA38 S
015 C01AA38 SWITZERLAND
015 D01AA38 SWITZERLAND
015 E04AA38 X
<PAGE> PAGE 6
015 A00AA39 STANDARD CHARTERED BANK
015 B00AA39 S
015 C01AA39 TAIPEI
015 D01AA39 TAIWAN
015 E04AA39 X
015 A00AA40 HONG KONG & SHANGHAI BANKING CORP., LTD.
015 B00AA40 S
015 C01AA40 BANGKOK
015 D01AA40 THAILAND
015 E04AA40 X
015 A00AA41 CITIBANK, N.A.
015 B00AA41 S
015 C01AA41 ISTANBUL
015 D01AA41 TURKEY
015 E04AA41 X
015 A00AA42 RBS TRUST BANK, LTD.
015 B00AA42 S
015 C01AA42 UNITED KINGDOM
015 D01AA42 UNITED KINGDOM
015 E04AA42 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
019 C00AA00 BB&KINT'L.
020 A000001 INSTINET
020 B000001 13-3443395
020 C000001 487
020 A000002 ING BARING
020 B000002 N/A
020 C000002 26
020 A000003 LATINVEST
020 B000003 N/A
020 C000003 16
020 A000004 SASSOON SECURITIES LTD.
020 B000004 N/A
020 C000004 15
020 A000005 FIDELITY BROKERAGE SERVICE LTD.
020 B000005 04-2653569
020 C000005 14
020 A000006 MERRILL LYNCH
020 B000006 13-5674085
020 C000006 13
020 A000007 DONGWON SECURITIES
020 B000007 N/A
020 C000007 12
020 A000008 FANO SECURITIES
020 B000008 N/A
020 C000008 11
020 A000009 WORLD SECURITIES
020 B000009 N/A
020 C000009 10
<PAGE> PAGE 7
020 A000010 CENTRAL INVESTIMENTOS
020 B000010 N/A
020 C000010 10
021 000000 732
022 A000001 INSTINET
022 B000001 13-3443395
022 C000001 70897
022 D000001 84765
022 A000002 BROWN BROWTHERS HARRIMAN & CO.
022 B000002 N/A
022 C000002 36758
022 D000002 58138
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
022 C000003 3009
022 D000003 1791
022 A000004 FIDELITY BROKERAGE SERVICES
022 B000004 N/A
022 C000004 2609
022 D000004 3954
022 A000005 KLEINWORT BENSON SECURITIES
022 B000005 N/A
022 C000005 2419
022 D000005 786
022 A000006 LATINVEST
022 B000006 N/A
022 C000006 2413
022 D000006 2491
022 A000007 ING BARING
022 B000007 N/A
022 C000007 2131
022 D000007 3709
022 A000008 MORGAN STANLEY
022 B000008 13-2655998
022 C000008 1924
022 D000008 892
022 A000009 DONGWON SECURITIES
022 B000009 N/A
022 C000009 1681
022 D000009 777
022 A000010 SASSOON SECURITIES
022 B000010 N/A
022 C000010 1545
022 D000010 0
023 C000000 139788
023 D000000 182501
024 00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
<PAGE> PAGE 8
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
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 Y
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
<PAGE> PAGE 9
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
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 THE GREAT AMERICAN INSURANCE COMPANY
080 C00AA00 1275
081 A00AA00 Y
081 B00AA00 4
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 619
028 A020100 0
028 A030100 0
028 A040100 3124
028 B010100 964
028 B020100 0
028 B030100 0
028 B040100 1490
028 C010100 806
028 C020100 0
028 C030100 0
028 C040100 2952
028 D010100 1132
028 D020100 0
028 D030100 0
028 D040100 6616
028 E010100 111
028 E020100 0
028 E030100 0
028 E040100 2392
028 F010100 372
028 F020100 0
028 F030100 0
028 F040100 1072
028 G010100 4004
028 G020100 0
028 G030100 0
<PAGE> PAGE 10
028 G040100 17647
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
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
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 C000100 Y
067 000100 N
<PAGE> PAGE 11
068 A000100 N
068 B000100 Y
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
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
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 102993
071 B000100 123909
071 C000100 131935
071 D000100 78
072 A000100 12
072 B000100 75
072 C000100 2502
072 D000100 0
072 E000100 0
072 F000100 1281
072 G000100 32
072 H000100 0
<PAGE> PAGE 12
072 I000100 39
072 J000100 466
072 K000100 0
072 L000100 2
072 M000100 20
072 N000100 8
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 61
072 S000100 19
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 20
072 X000100 1948
072 Y000100 39
072 Z000100 668
072AA000100 9390
072BB000100 0
072CC010100 0
072CC020100 22413
072DD010100 2726
072DD020100 0
072EE000100 2788
073 A010100 0.1300
073 A020100 0.0000
073 B000100 0.1400
073 C000100 0.0000
074 A000100 4007
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 103198
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 12143
074 K000100 0
074 L000100 383
074 M000100 7
074 N000100 119738
074 O000100 10650
074 P000100 98
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 693
074 S000100 0
<PAGE> PAGE 13
074 T000100 108297
074 U010100 18297
074 U020100 0
074 V010100 5.92
074 V020100 0.00
074 W000100 0.0000
074 X000100 254
074 Y000100 0
075 A000100 0
075 B000100 112629
076 000100 0.00
028 A010200 662
028 A020200 646
028 A030200 0
028 A040200 673
028 B010200 335
028 B020200 0
028 B030200 0
028 B040200 409
028 C010200 290
028 C020200 0
028 C030200 0
028 C040200 1040
028 D010200 462
028 D020200 267
028 D030200 0
028 D040200 421
028 E010200 187
028 E020200 0
028 E030200 0
028 E040200 277
028 F010200 182
028 F020200 0
028 F030200 0
028 F040200 87
028 G010200 2118
028 G020200 913
028 G030200 0
028 G040200 2907
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
<PAGE> PAGE 14
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
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
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 94.5
062 R000200 0.0
063 A000200 0
063 B000200 4.6
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 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
<PAGE> PAGE 15
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
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 24222
071 B000200 19840
071 C000200 48995
071 D000200 40
072 A000200 12
072 B000200 3080
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 391
072 G000200 33
072 H000200 0
072 I000200 39
072 J000200 110
072 K000200 0
072 L000200 0
072 M000200 20
072 N000200 8
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 61
072 S000200 20
072 T000200 0
<PAGE> PAGE 16
072 U000200 0
072 V000200 0
072 W000200 15
072 X000200 697
072 Y000200 40
072 Z000200 2423
072AA000200 0
072BB000200 1061
072CC010200 3101
072CC020200 0
072DD010200 5518
072DD020200 0
072EE000200 0
073 A010200 0.8600
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1880
074 B000200 0
074 C000200 0
074 D000200 52820
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 1481
074 M000200 12
074 N000200 56193
074 O000200 0
074 P000200 32
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1133
074 S000200 0
074 T000200 55028
074 U010200 6885
074 U020200 0
074 V010200 7.99
074 V020200 0.00
074 W000200 0.0000
074 X000200 176
074 Y000200 0
075 A000200 0
075 B000200 54353
076 000200 0.00
<PAGE> PAGE 17
SIGNATURE ERIC BANHAZL
TITLE SR. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866525
<NAME> BAILARD, BIEHL & KAISER INTERNATIONAL FUND GROUP, INC.
<SERIES>
<NUMBER> 1
<NAME> BAILARD, BIEHL & KAISER INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> Oct-01-1997
<PERIOD-END> SEP-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 98320263
<INVESTMENTS-AT-VALUE> 103198034
<RECEIVABLES> 12525740
<ASSETS-OTHER> 4013993
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119737767
<PAYABLE-FOR-SECURITIES> 10649767
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 790906
<TOTAL-LIABILITIES> 11440673
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94681431
<SHARES-COMMON-STOCK> 18296820
<SHARES-COMMON-PRIOR> 20149200
<ACCUMULATED-NII-CURRENT> 838984
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8345516
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4431163
<NET-ASSETS> 108297094
<DIVIDEND-INCOME> 2501724
<INTEREST-INCOME> 75042
<OTHER-INCOME> 0
<EXPENSES-NET> 1908750
<NET-INVESTMENT-INCOME> 668016
<REALIZED-GAINS-CURRENT> 9389884
<APPREC-INCREASE-CURRENT> (22412631)
<NET-CHANGE-FROM-OPS> (12354731)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2726489)
<DISTRIBUTIONS-OF-GAINS> (2787529)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1676106
<NUMBER-OF-SHARES-REDEEMED> (4240657)
<SHARES-REINVESTED> 712171
<NET-CHANGE-IN-ASSETS> (30992880)
<ACCUMULATED-NII-PRIOR> 1778778
<ACCUMULATED-GAINS-PRIOR> 2861840
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1280698
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1947841
<AVERAGE-NET-ASSETS> 112629266
<PER-SHARE-NAV-BEGIN> 6.91
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.75)
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.92
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 50378488
<INVESTMENTS-AT-VALUE> 52820306
<RECEIVABLES> 1481053
<ASSETS-OTHER> 1891821
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56193180
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1164816
<TOTAL-LIABILITIES> 1164816
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70954723
<SHARES-COMMON-STOCK> 6884896
<SHARES-COMMON-PRIOR> 6330348
<ACCUMULATED-NII-CURRENT> (1542528)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15863339)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1479508
<NET-ASSETS> 55028364
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3080451
<OTHER-INCOME> 0
<EXPENSES-NET> 657529
<NET-INVESTMENT-INCOME> 2422922
<REALIZED-GAINS-CURRENT> (1060981)
<APPREC-INCREASE-CURRENT> 3101285
<NET-CHANGE-FROM-OPS> 4463226
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5517608)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 620554
<NUMBER-OF-SHARES-REDEEMED> (639517)
<SHARES-REINVESTED> 573511
<NET-CHANGE-IN-ASSETS> 3125783
<ACCUMULATED-NII-PRIOR> 2464716
<ACCUMULATED-GAINS-PRIOR> (15714916)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 391334
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 697319
<AVERAGE-NET-ASSETS> 54352598
<PER-SHARE-NAV-BEGIN> 8.20
<PER-SHARE-NII> (0.39)
<PER-SHARE-GAIN-APPREC> (0.47)
<PER-SHARE-DIVIDEND> (0.86)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.99
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
November 18, 1998
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, 1998, we considered their internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinions
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 Funds 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 structures, 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 Directors of the Funds and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
