BAILLIE GIFFORD INTERNATIONAL FUND INC
NSAR-B, 1997-03-03
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<PAGE>       PAGE  1
000 B000000 12/31/96
000 C000000 0000869759
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE GBG FUNDS, INC.
001 B000000 811-6231
001 C000000 2125981282
002 A000000 201 PARK AVE. SOUTH
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10003
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 BAILLIE GIFFORD INTERNATIONAL FUND
007 C030100 N
007 C010200  2
007 C020200 BAILLIE GIFFORD EMERGING MARKETS 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
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015 A00AA01 BHF BANK AG
015 B00AA01 S
015 C01AA01 FRANKFURT
015 D01AA01 GERMANY
015 E04AA01 X
015 A00AA02 SEOUL BANK
015 B00AA02 S
015 C01AA02 SEOUL
015 D01AA02 KOREA
015 E04AA02 X
020 A000001 NIKKO SECURITIES INTERNATIONAL, INC..
020 B000001 94-1302123
020 C000001    102
020 A000002 WARBURG SECURITIES
020 B000002 13-3243112
<PAGE>        PAGE  2
020 C000002     66
020 A000003 MERRILL LYNCH, PIERCE, FENNER, SMITH & CO.
020 B000003 13-5674085
020 C000003     59
020 A000004 UBS SECURITIES, INC.
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020 C000004     55
020 A000005 ROBERT FLEMING, INC..
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020 A000006 JAMES CAPEL & CO.
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020 C000010     20
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022 A000001 STATE STREET BANK & TRUST CO.
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022 B000002 13-2518466
022 C000002   1229945
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022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
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022 B000004 13-3224016
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022 C000006    137609
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022 A000007 FORD MOTOR CREDIT CORP.
022 B000007 38-1612444
022 C000007    117996
<PAGE>        PAGE  3
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022 B000010 94-1302123
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<PAGE>        PAGE  4
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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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SIGNATURE   FRANK L. PEPE                                
TITLE       TREASURER           
 

<TABLE> <S> <C>


<ARTICLE> 6
<LEGEND>
THE GBG FUNDS, INC
     This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1996, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
   <NUMBER> 1
   <NAME> BAILLIE GIFFORD INTERNATIONAL FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                           372046
<INVESTMENTS-AT-VALUE>                          450086
<RECEIVABLES>                                     1984
<ASSETS-OTHER>                                    7764
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  459834
<PAYABLE-FOR-SECURITIES>                          2368
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         1263
<TOTAL-LIABILITIES>                               3631
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        374762
<SHARES-COMMON-STOCK>                            26432
<SHARES-COMMON-PRIOR>                            20648
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                          (1630)
<ACCUMULATED-NET-GAINS>                            974
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         77987
<NET-ASSETS>                                    456203
<DIVIDEND-INCOME>                                 6759
<INTEREST-INCOME>                                  566
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    3727
<NET-INVESTMENT-INCOME>                           3598
<REALIZED-GAINS-CURRENT>                          6851
<APPREC-INCREASE-CURRENT>                        45984
<NET-CHANGE-FROM-OPS>                            56433
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       (6098)
<DISTRIBUTIONS-OF-GAINS>                        (5631)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           8700
<NUMBER-OF-SHARES-REDEEMED>                     (3603)
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   3727
<AVERAGE-NET-ASSETS>                            381079
<PER-SHARE-NAV-BEGIN>                            15.37
<PER-SHARE-NII>                                   0.15
<PER-SHARE-GAIN-APPREC>                           2.21
<PER-SHARE-DIVIDEND>                            (0.24)
<PER-SHARE-DISTRIBUTIONS>                       (0.23)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.26
<EXPENSE-RATIO>                                    .98
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE> 6
<LEGEND>
THE GBG FUNDS, INC.
     This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1996, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
   <NUMBER> 2
   <NAME> BAILLIE GIFFORD EMERGING MARKETS FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                            58705
<INVESTMENTS-AT-VALUE>                           66832
<RECEIVABLES>                                      220
<ASSETS-OTHER>                                     233
<OTHER-ITEMS-ASSETS>                                 1
<TOTAL-ASSETS>                                   67286
<PAYABLE-FOR-SECURITIES>                             0
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<OTHER-ITEMS-LIABILITIES>                          224
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<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                             6365
<SHARES-COMMON-PRIOR>                             4043
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<OVERDISTRIBUTION-GAINS>                         (626)
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<DISTRIBUTIONS-OTHER>                                0
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<NUMBER-OF-SHARES-REDEEMED>                     (1924)
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<ACCUMULATED-NII-PRIOR>                              0
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<PER-SHARE-NAV-BEGIN>                             8.46
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<EXPENSE-RATIO>                                   1.53
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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