WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Report of Independent Accountants
To the Shareholders and Board
of Directors of
Bailard, Biehl & Kaiser International
Fund Group, Inc.
In planning and performing our audit
of the financial statements of Bailard, Biehl
& Kaiser International Bond Fund and Bailard,
Biehl & Kaiser International Equity Fund
(the "Company") for the year ended September
30, 2000, 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 the Company 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 accounting principles
generally accepted in the United States of America.
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 controls may
become inadequate because of changes in conditions
or that the effectiveness of their 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
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, 2000.
This report is intended solely for the information
and use of the Board of Directors, management
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
November 22, 2000
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