<PAGE> PAGE 1
000 A000000 04/30/96
000 C000000 887210
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 BJB INVESTMENT FUNDS
001 B000000 811-6652
001 C000000 2122973940
002 A000000 330 MADISON AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 BJB GLOBAL INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 BJB INTERNATIONAL EQUITY 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
011 A00AA01 FUNDS DISTRIBUTOR, INC
011 B00AA01 8-xxxxxxxx
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
012 A00AA01 UNIFIED ADVISORS, INC
012 B00AA01 85-xxxxxxx
012 C01AA01 INDIANAPOLIS
012 C02AA01 IN
012 C03AA01 46204
012 C04AA01 1873
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
<PAGE> PAGE 2
014 A00AA01 JULIUS BAER SECURITIES INC.
014 B00AA01 8-11526
014 A00AA02 BANK JULIUS BAER
014 B00AA02 8-xxxxxxxx
014 A00AA03 DELETE
015 A00AA01 INVESTORS BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02111
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 MORGAN STANLEY
020 C000001 9
020 A000002 WARBURG SECURITIES
020 C000002 7
020 A000003 FLEMING MARTIN
020 C000003 3
020 A000004 BARING SECURITIES INC.
020 C000004 3
020 A000005 JARDINE FLEMING
020 C000005 3
020 A000006 NOMURA SECURITIES
020 B000006 13-2464226
020 C000006 2
020 A000007 JAMES CAPEL SECURITIES INC.
020 C000007 2
020 A000008 ROBERT FLEMING INC.
020 C000008 1
020 A000009 JULIUS BAER FRANKFURT
020 C000009 1
020 A000010 MORGAN GRENFELL
020 B000010 13-2655998
020 C000010 1
021 000000 33
022 A000001 CITIBANK
022 C000001 29149
022 D000001 5250
022 A000002 MORGAN STANLEY
022 C000002 8820
022 D000002 4646
022 A000003 BROWN BROTHERS HARRIMAN & CO.
022 C000003 11133
022 D000003 1578
022 A000004 MERRILL LYNCH
022 C000004 5805
022 D000004 4510
022 A000005 SBC LONDON
022 C000005 5714
<PAGE> PAGE 3
022 D000005 4580
022 A000006 SALOMON BROTHERS INTERNATIONAL
022 C000006 4099
022 D000006 2855
022 A000007 UNION BANK OF SWITZERLAND
022 C000007 4194
022 D000007 2424
022 A000008 BZW SECURITIES INC.
022 C000008 2600
022 D000008 2576
022 A000009 BAIN SECURITIES
022 C000009 2048
022 D000009 2074
022 A000010 INVESTORS BANK & TRUST
022 C000010 1523
022 D000010 1617
023 C000000 93776
023 D000000 48510
024 00AA00 N
025 D00AA01 0
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 N
026 C000000 N
026 D000000 N
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 Y
035 00AA00 0
036 A00AA00 N
036 B00AA00 0
037 00AA00 N
038 00AA00 0
<PAGE> PAGE 4
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
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 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
077 A000000 Y
077 B000000 Y
077 P000000 Y
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE CO
080 C00AA00 875
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
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
008 A000101 JULIUS BAER INVESTMENT MANAGEMENT INC.
008 B000101 A
008 C000101 801-18766
008 D010101 LONDON
008 D050101 UNITED KINGDOM
008 D060101 EC3A7NE
008 A000102 DELETE
010 A000101 INVESTORS BANK & TRUST COMPANY
010 C010101 BOSTON
010 C020101 MA
010 C030101 02111
<PAGE> PAGE 5
010 A000102 BANK JULIUS BAER & CO., LTD
010 C010102 NEW YORK
010 C020102 NY
010 C030102 10017
028 A010100 58
028 A020100 42
028 A030100 0
028 A040100 813
028 B010100 52
028 B020100 401
028 B030100 0
028 B040100 68
028 C010100 149
028 C020100 44
028 C030100 0
028 C040100 37
028 D010100 198
028 D020100 45
028 D030100 0
028 D040100 275
028 E010100 83
028 E020100 44
028 E030100 0
028 E040100 153
028 F010100 112
028 F020100 40
028 F030100 0
028 F040100 1265
028 G010100 652
028 G020100 616
028 G030100 0
028 G040100 2611
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 100
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 21
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.650
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
<PAGE> PAGE 6
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
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 N
060 B000100 N
061 000100 2500
062 A000100 Y
062 B000100 2.4
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 8.6
062 N000100 18.2
062 O000100 0.0
062 P000100 8.4
062 Q000100 55.3
062 R000100 0.0
063 A000100 0
<PAGE> PAGE 7
063 B000100 7.9
064 A000100 N
064 B000100 N
066 A000100 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 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 15153
071 B000100 17565
071 C000100 15358
071 D000100 99
072 A000100 6
072 B000100 594
072 C000100 0
<PAGE> PAGE 8
072 D000100 0
072 E000100 0
072 F000100 54
072 G000100 54
072 H000100 0
072 I000100 12
072 J000100 0
072 K000100 0
072 L000100 19
072 M000100 5
072 N000100 4
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 12
072 S000100 4
072 T000100 21
072 U000100 11
072 V000100 0
072 W000100 9
072 X000100 205
072 Y000100 17
072 Z000100 405
072AA000100 524
072BB000100 0
072CC010100 0
072CC020100 524
072DD010100 1011
072DD020100 0
072EE000100 0
073 A010100 0.0500
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 928
074 B000100 0
074 C000100 375
074 D000100 14033
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 404
074 M000100 30
074 N000100 15770
074 O000100 155
074 P000100 26
074 Q000100 0
<PAGE> PAGE 9
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 84
074 S000100 0
074 T000100 15505
074 U010100 1328
074 U020100 0
074 V010100 11.67
074 V020100 0.00
074 W000100 0.0000
074 X000100 52
074 Y000100 0
075 A000100 0
075 B000100 16794
076 000100 0.00
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 Y
085 B000100 N
008 A000201 BANK JULIUS BAER & CO., LTD
008 B000201 A
008 C000201 801-xxxxxx
008 D010201 NEW YORK
008 D020201 NY
008 D030201 10017
010 A000201 INVESTORS BANK & TRUST COMPANY
010 C010201 BOSTON
010 C020201 MA
010 C030201 02111
028 A010200 110
028 A020200 0
028 A030200 0
028 A040200 252
028 B010200 337
028 B020200 0
028 B030200 0
028 B040200 163
028 C010200 306
028 C020200 0
028 C030200 0
028 C040200 145
028 D010200 552
028 D020200 0
028 D030200 0
028 D040200 62
028 E010200 323
028 E020200 0
028 E030200 0
<PAGE> PAGE 10
028 E040200 221
028 F010200 439
028 F020200 0
028 F030200 0
028 F040200 396
028 G010200 2067
028 G020200 0
028 G030200 0
028 G040200 1239
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 100
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 13
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.000
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
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
<PAGE> PAGE 11
053 B000200 Y
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 2500
062 A000200 N
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 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 D000200 Y
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 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
<PAGE> PAGE 12
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 5491
071 B000200 3657
071 C000200 9807
071 D000200 37
072 A000200 6
072 B000200 3
072 C000200 79
072 D000200 0
072 E000200 0
072 F000200 52
072 G000200 46
072 H000200 0
072 I000200 10
072 J000200 0
072 K000200 0
072 L000200 12
072 M000200 4
072 N000200 5
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 5
072 S000200 5
072 T000200 13
072 U000200 4
072 V000200 0
072 W000200 3
072 X000200 159
072 Y000200 37
072 Z000200 -40
<PAGE> PAGE 13
072AA000200 222
072BB000200 0
072CC010200 802
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 329
074 B000200 0
074 C000200 0
074 D000200 15
074 E000200 0
074 F000200 11417
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 56
074 M000200 14
074 N000200 11831
074 O000200 265
074 P000200 14
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 95
074 S000200 0
074 T000200 11457
074 U010200 1031
074 U020200 0
074 V010200 11.12
074 V020200 0.00
074 W000200 0.0000
074 X000200 14
074 Y000200 0
075 A000200 0
075 B000200 10386
076 000200 0.00
083 A000200 N
083 B000200 0
084 A000200 N
084 B000200 0
085 A000200 Y
085 B000200 N
<PAGE> PAGE 14
SIGNATURE ROBERT DISCOLO
TITLE CFO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from form N-sar
for the period ended April 30, 1996 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> BJB Global Income Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 14,479,039
<INVESTMENTS-AT-VALUE> 14,408,493
<RECEIVABLES> 404,180
<ASSETS-OTHER> 957,801
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,770,474
<PAYABLE-FOR-SECURITIES> 154,985
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110,620
<TOTAL-LIABILITIES> 265,605
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,436,191
<SHARES-COMMON-STOCK> 1,328,060
<SHARES-COMMON-PRIOR> 1,430,581
<ACCUMULATED-NII-CURRENT> 66,832
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (982,206)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15,948)
<NET-ASSETS> 15,504,869
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 593,828
<OTHER-INCOME> 0
<EXPENSES-NET> 188,434
<NET-INVESTMENT-INCOME> 405,394
<REALIZED-GAINS-CURRENT> 524,217
<APPREC-INCREASE-CURRENT> (524,171)
<NET-CHANGE-FROM-OPS> 405,440
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,011,369
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 54,796
<NUMBER-OF-SHARES-REDEEMED> 209,061
<SHARES-REINVESTED> 51,744
<NET-CHANGE-IN-ASSETS> (1,821,768)
<ACCUMULATED-NII-PRIOR> 672,807
<ACCUMULATED-GAINS-PRIOR> (1,506,423)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54,366
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 205,187
<AVERAGE-NET-ASSETS> 16,794,038
<PER-SHARE-NAV-BEGIN> 12.11
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.73)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.67
<EXPENSE-RATIO> 2.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from form NSAR
for the period ended April 30, 1996 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> BJB International Equity Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 10,388,274
<INVESTMENTS-AT-VALUE> 11,432,233
<RECEIVABLES> 55,561
<ASSETS-OTHER> 342,929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,830,723
<PAYABLE-FOR-SECURITIES> 264,890
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,809
<TOTAL-LIABILITIES> 373,699
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,037,418
<SHARES-COMMON-STOCK> 1,030,764
<SHARES-COMMON-PRIOR> 952,390
<ACCUMULATED-NII-CURRENT> (88,043)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,513,036)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,020,685
<NET-ASSETS> 11,457,024
<DIVIDEND-INCOME> 79,409
<INTEREST-INCOME> 3,214
<OTHER-INCOME> 0
<EXPENSES-NET> 122,238
<NET-INVESTMENT-INCOME> (39,615)
<REALIZED-GAINS-CURRENT> 222,145
<APPREC-INCREASE-CURRENT> 802,387
<NET-CHANGE-FROM-OPS> 984,917
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 195,489
<NUMBER-OF-SHARES-REDEEMED> (117,115)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,813,710
<ACCUMULATED-NII-PRIOR> (48,428)
<ACCUMULATED-GAINS-PRIOR> (4,735,181)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51,644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 133,425
<AVERAGE-NET-ASSETS> 10,385,663
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.12
<EXPENSE-RATIO> 2.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
