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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<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
SIGNATURE ROBERT DISCOLO
TITLE CFO
The Board of Directors
BJB Investment Funds:
In planning and performing our audit of the financial statements
of the BJB Global Income Fund and the BJB International Equity
Fund for the year ended October 31, 1995, 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, not to provide assurance on the internal control
structure.
The management of the BJB Global Income Fund and the BJB
International Equity Fund 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 benefit 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 risks 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 October 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
December 8, 1995
<PAGE>
The Board of Trustees
BJB Investment Funds:
We have examined the accompanying description of the operations and control
procedures of the BJB Investment Funds (Funds), entitled Procedures for Multiple
Class Distribution and Calculation of Net Asset Value and Dividend/Distribution
Determination (Control Procedures). Our examination included procedures to
obtain reasonable assurance about whether (1) the accompanying description
presents fairly, in all material respects, the Fund's Control Procedures, (2)
the Control Procedures in the description were suitably designed to achieve the
control objectives specified in the description, if those Control Procedures
were complied with satisfactorily, and (3) such Control Procedures had been
placed in operation as of October 31, 1995. The control objectives were
specified by the Funds. Our examination was performed in accordance with
standards established by the American Institute of Certified Public Accountants
and included those procedures we considered necessary in the circumstances to
obtain a reasonable basis for rendering our opinion.
In our opinion, the accompanying description presents fairly, in all material
respects, the relevant aspects of the Funds' Control Procedures that had been
placed in operation as of October 31, 1995. Also, in our opinion, the policies
and procedures, as described, are suitably designed to provide reasonable
assurance that the specified control objectives would be achieved if the
described Control Procedures were complied with satisfactorily.
In addition to the procedures we considered necessary to render our opinion as
expressed in the previous paragraph, we applied tests to policies and procedures
to obtain evidence about their effectiveness in meeting the control objectives
during the period from November 1, 1994 to October 31, 1995. In our opinion,
the policies and procedures that were tested as described in the Control
Procedures were operating with sufficient effectiveness to provide reasonable,
but not absolute, assurance that the control objectives specified were achieved
during the period from November 1, 1994 to October 31, 1995.
The description of the Funds' Control Procedures is as of October 31, 1995, and
information about tests of the operating effectiveness of specified procedures
covers the periods described in the above paragraph. Any projection of such
information to the future is subject to the risk that, because of change, the
description may no longer portray the system in existence. The potential
effectiveness of specified policies and procedures is subject to inherent
limitations and accordingly, errors or irregularities may occur and not be
detected. Furthermore, the projection of any conclusions, based on our
findings, to future periods is subject to the risk that changes may alter the
validity of such conclusions.
<PAGE>
This report is intended solely for the use of management of the Funds and the
Securities and Exchange Commission as it relates to the annual reporting
required under the order granted under Section 6(c) of the Investment Company
Act of 1940 for an exemption from the provisions of Section 18(f), 18(g) and
18(i) of such Act and Rule 22c-1 thereunder and should not be used for any other
purpose.
KPMG Peat Marwick LLP
December 8, 1995
<PAGE>
PROCEDURES FOR MULTIPLE CLASS DISTRIBUTION AND CALCULATION OF NET
ASSET VALUE AND DIVIDEND/DISTRIBUTION DETERMINATION
Description of the System
The Fund has implemented a plan which allows the issuance of separate classes
of shares under a Multiple Class Distribution System (the "System").
The System enables the Fund to offer shares for purchase by the public:
Class A Shares - with an initial sales charge, subject to a fee pursuant to
a distribution plan adopted in accordance with Rule 12b-1
under the Investment Company Act of 1940 ("12b-1 Plan"); and
Class B Shares - without an initial sales charge, subject to a fee pursuant
to a distribution plan adopted in accordance with
Rule 12b-1.
Currently, the Class A and B shareholders pay a service fee to the distributor
pursuant to the Funds' 12b-1 Plan at annual rates of up to 0.25% and 0.75% of
their respective aggregate average daily net assets. In addition, Class B
shareholders pay an annual distribution fee at an annual rate up to 0.25% of
the aggregate average daily net assets. The Class A and B shares of the Funds
have identical voting, dividend, liquidation and other rights, preferences,
powers, restrictions, limitations, qualifications and terms and conditions,
except as set forth below:
o each class has a different designation;
o each class has different sales charges;
o each class of shares offered in connection with a 12b-1 Plan bears the
expense of the payments with respect to such class;
o each class of shares bears other class expenses, if any, specifically
attributable to a particular class limited to: (a) transfer agent fees
directly attributable to a specific class; (b) printing and postage
expenses related to preparing and distributing materials such as
shareholder reports, prospectuses and proxies to current shareholders;
(c) litigation or other legal expenses relating solely to one class of
shares; and (d) Trustees' fees incurred as a result of issues relating
to one class of shares;
o only the holders of the shares of the class involved are entitled to vote
on matters pertaining to their respective 12b-1 Plan (for example, with
respect to the adoption, amendment or termination of the 12b-1 Plan in
accordance with the procedures set forth in Rule 12b-1); and
o each class has different exchange privileges.
Net Asset Value and Dividend/Distribution Determination
3
<PAGE>
PROCEDURES FOR MULTIPLE CLASS DISTRIBUTION AND CALCULATION OF NET
ASSET VALUE AND DIVIDEND/DISTRIBUTION DETERMINATION
The Funds maintain records that account for all classes of shares. The Class A
and B shares are charged with a fee pursuant to their respective 12b-1 Plan on
a daily basis. Thus, a separate Net Asset Value ("NAV") and dividends, if
available, are calculated for each class of shares. Prior to determining the
daily NAV or dividends, income and expense items are allocated to each class of
shares.
Investment income and unrealized and realized gains or losses are allocated
daily to each class of shares based on the percentage of net assets. Such
balances are accumulated by class of shares.
On a daily basis, expenses are attributable to each class of shares depending
on the nature of the expenditures. These expenditures fall into two categories:
(1) expenses attributable to all classes that are allocated based on net assets
at the beginning of the day (e.g., legal, audit, etc.), and (2) certain
expenses that have a different cost for one class versus the others (e.g.,
12b-1 fees) which are allocated to specific classes. The following expense
items are calculated as indicated:
Management Fees Multiply the beginning of the day's net assets for the
Funds by the daily factor based on the annual approved fee
rate. The net assets used will be based on the combined net
assets of all classes of shares (i.e., the total net assets
of the Funds). The daily amount calculated is allocated
among classes based on their respective proportion to total
combined net assets.
12b-1 Fees Calculate the current day's accrual by multiplying the
beginning of the day's net assets for each respective class
of shares by the daily factor based on the annual approved
fee rate.
All Other Expenses Determine the daily accrual from Fund level expense budget
and allocate to each respective class of shares (for
common expenses). Common expenses are allocated among
classes based on their respective proportion to total
combined net assets and class specific expenses are
allocated to each specific class.
Internal Control Objectives
In designing accounting procedures and controls regarding the allocation of
income and expenses and the calculation of NAV and dividends and distributions
for the respective classes of shares, the following objectives must be met:
1. Control policies and procedures provide reasonable assurance that class
specific expenses incurred by each class of shares are allocated
appropriately to each respective shares;
2. Control policies and procedures provide reasonable assurance that
investment income, common operating expenses, and realized and unrealized
capital gains and losses are allocated appropriately to each class of
shares; and
4
<PAGE>
PROCEDURES FOR MULTIPLE CLASS DISTRIBUTION AND CALCULATION OF NET
ASSET VALUE AND DIVIDEND/DISTRIBUTION DETERMINATION
3. Control policies and procedures provide reasonable assurance that dividend
rates and daily NAV per share for each class of shares reflect the
appropriate allocation of investment income, operating expenses and
realized and unrealized capital gains and losses, including the appropriate
amount of any class specific expenses charged to each respective class of
shares.
Control Policies and Procedures
Set forth below are the control policies and procedures which have been
implemented to satisfy the objectives described above. These policies and
procedures presume that the normal control policies and procedures remain in
effect at United Advisors, Inc., the Funds' transfer agent, and at the Funds,
for all other daily fund accounting.
Presented as Exhibit I is an example of the daily calculation (the "Allocation
Worksheet") which is produced for each class of shares, regardless of their
dividend policy, to assist in pricing the Funds.
The primary purpose of the Allocation Worksheet is to compute the allocation
percentages by class and to apply such percentages to the various components of
the daily net investment income (except for expenses directly attributable to a
particular class) and realized/unrealized gains/losses, and to assist in the
determination of distributable net investment income and net realized gain and
loss amounts. Additionally, the Allocation Worksheet allocates information
from the Fund-level trial balance to arrive at the day's ending balances for
each class.
The Allocation Worksheet will be maintained for the Funds in total and by class
in order to compute each class's NAV. The Allocation Worksheet also includes a
calculation of each class's NAV and acts as an additional verification
procedure.
Objectives:
1. Class-level expenses are allocated to the correct class of shares.
2. Income, fund-level expenses and realized/unrealized gains/losses are
allocated properly to each class.
3. Dividend rates and daily per share NAVs for each class of shares reflect
the proper allocation of income, expenses, and gain/loss amounts, including
the proper amount of class-level expenses charged to each class of shares.
Control Procedures:
1. Class-level expenses are determined by rates ("12b-1 fees"). The rates for
the 12b-1 fees are input into the Allocation Worksheet by the fund
accountant. The Allocation Worksheet input is verified by a second
individual.
5
<PAGE>
PROCEDURES FOR MULTIPLE CLASS DISTRIBUTION AND CALCULATION OF NET
ASSET VALUE AND DIVIDEND/DISTRIBUTION DETERMINATION
2. Fund-level income, expenses and gains/losses are input into the total fund
column of the Allocation Worksheet. The class-level allocation of
fund-level income, expenses and gains/losses is calculated by the
Allocation Worksheet based on the allocation percentages. The Allocation
Worksheet input is verified by a second individual.
3. In order to calculate the allocation percentages the capital stock activity
is reported by the transfer agent for each class on a trade date plus one
basis. Information reported to the fund accountant by the transfer agent
includes share and dollar opening balances, activity for the day, and
closing balances. Control procedures within the transfer agent function
are not included in this exhibit.
4. From the Allocation Worksheet the sum of each class's net assets, shares
outstanding, net investment income, expenses, and gains/losses is agreed
daily to the trial balance for the Fund.
5. Net assets used for allocation for each class are compared to the prior
day's ending balance on the Allocation Worksheet adjusted for the day's
activity (shares outstanding for each class are compared to daily summary
sheets received from the transfer agent).
6. Relative amounts of NAV are checked by the fund accountant and supervisor
for reasonableness against anticipated differences.
7. Performance of the above procedures is evidenced by the fund accountant
and supervisor initialing the daily net asset value calculations on the
Allocation Worksheet.
6
<PAGE>
PROCEDURES FOR MULTIPLE CLASS DISTRIBUTION AND CALCULATION OF NET
ASSET VALUE AND DIVIDEND/DISTRIBUTION DETERMINATION
Financial Statement Disclosure
Statements of Assets and Liabilities
o Assets, liabilities and net assets will be disclosed on a combined basis.
The composition of net assets will be presented as follows:
Net assets consist of:
Undistributed net investment income $_______
Accumulated net realized gains (losses) _______
Unrealized appreciation (depreciation) on investments _______
Par value _______
Paid in capital in excess of par value _______
Net assets $_______
o Net asset value per share data will be presented for each class.
Net asset value:
Class A Shares
Net asset value and redemption price per share $_______
Statement of Operations
o A standard reporting format on a combined basis will be utilized with the
addition of explicit disclosures on class specific expenses for
distribution and shareholder servicing fees.
Statements of Changes in Net Assets
o A standard reporting format on a combined basis will be utilized with the
addition of explicit disclosure of dividends and distributions paid to
each class and transactions in fund shares for each class.
Financial Highlights
7
<PAGE>
PROCEDURES FOR MULTIPLE CLASS DISTRIBUTION AND CALCULATION OF NET
ASSET VALUE AND DIVIDEND/DISTRIBUTION DETERMINATION
o For each of the required reporting periods, various per share data and
ratios (except for portfolio turnover which is calculated at the fund
level) will be shown for each class.
Notes to Financial Statements
In addition to the standard footnotes, the notes to the financial statements
will include additional disclosure as follows:
o Footnote describing each class of shares and their respective attributes.
o Footnote describing the distribution agreements will incorporate data on
each class's 12b-1 fee arrangements ("Services Plan") including the amounts
earned by the distributor for the period.
o Footnote disclosing the transactions in fund shares will include the
appropriate information for each class of shares for the most recent
period and the prior year.
8
<PAGE>
Exhibit 1
ALLOCATION WORKSHEET
Total
Fund Class A Class B
---- ------- -------
1. Prior Day NAV per share $ xx.xxxx xx.xxxx
2. Shares outstanding prior day x,xxx.xx x,xxx.xx x,xxx.xx
3. Capital share activity (shares) x,xxx.xx x,xxx.xx x,xxx.xx
4. Adjusted shares outstanding x,xxx.xx x,xxx.xx x,xxx.xx
5. Adjusted net assets $ x,xxx.xx x,xxx.xx x,xxx.xx
6. Percentage net assets by class xx.xx% xx.xx% xx.xx%
7. Gross investment income (1) $ x,xxx.xx x,xxx.xx x,xxx.xx
8. Management fee(1) (x,xxx.xx) (x,xxx.xx) (x,xxx.xx)
9. 12b-1 fee(2) (x,xxx.xx) (x,xxx.xx) (x,xxx.xx)
10. Other expenses(1) (x,xxx.xx) (x,xxx.xx) (x,xxx.xx)
11. Total expenses (x,xxx.xx) (x,xxx.xx) (x,xxx.xx)
12. Daily net investment income x,xxx.xx x,xxx.xx x,xxx.xx
13. Dividend from net investment income (x,xxx.xx) (x,xxx.xx) (x,xxx.xx)
14. Undistributed net income (daily) x,xxx.xx x,xxx.xx x,xxx.xx
15. Capital stock activity (dollars) x,xxx.xx x,xxx.xx x,xxx.xx
16. Capital gain distribution (dollars) (x,xxx.xx) (x,xxx.xx) (x,xxx.xx)
17. Realized gain/(loss)(1) x,xxx.xx x,xxx.xx x,xxx.xx
18. Subtotal for daily net asset change x,xxx.xx x,xxx.xx x,xxx.xx
19. Unrealized gain/(loss)(1) x,xxx.xx x,xxx.xx x,xxx.xx
20. Daily net asset change x,xxx.xx x,xxx.xx x,xxx.xx
21. Prior day net assets x,xxx.xx x,xxx.xx x,xxx.xx
22. Current day net assets x,xxx.xx x,xxx.xx x,xxx.xx
23. NAV per share xx.xxxxx xx.xxxxx
24. Maximum sales load xx.xx%
23. Offering price per share(3) xx.xxxxx
(1) Allocation based upon the percentage of net assets per share class.
(2) Allocation based upon the service fee percentage for each class
participating in the service plan.
(3) Effective September 19,1995, Class A shares discontinued sales charges
on purchases of shares.
9
<PAGE>
Exhibit 1
(continued)
CALCULATION SUMMARY
For Allocation Worksheet
1. Prior day NAV per share Prior day's net asset value by class;
obtained from the prior day's Allocation
Worksheet.
2. Shares outstanding prior day Prior day's shares outstanding by class;
obtained from prior day's Allocation
Worksheet.
3. Capital share activity (shares) Capital share activity by class (in
shares); obtained from the transfer
agent's daily capital share activity
report.
4. Adjusted shares outstanding Current day's shares outstanding by
class; sum of lines 2 and 3.
5. Adjusted net assets Current day's adjusted net assets by
class; line 1 multiplied by line 4.
6. Percentage net assets by class Current day's percentage of net assets by
class; class adjusted net assets divided
by total fund adjusted net assets.
7. Gross investment income Current day's gross investment income;
total fund amount obtained from trial
balance; class amounts allocated based on
class net asset percentages (line 6).
8. Management fee Current day's management fee; total fund
amount obtained from trial balance; class
amounts allocated based on class net
asset percentages (line 6).
9. 12b-1 fee Current day's 12b-1 fee; class adjusted
net assets multiplied by rate applicable
to respective classes.
10. Other expense Current day's other allocated expenses;
total fund amount obtained from trial
balance; class amounts allocated based on
class net asset percentages (line 6).
11. Total expenses Current day's total expenses by class;
sum of lines 8 to 10.
12. Daily net investment income Current day's net investment income by
class; line 7 less line 11.
<PAGE>
Exhibit 1
(continued)
CALCULATION SUMMARY
For Allocation Worksheet
13. Dividend from net investment income Current day's dividend from net
investment income; calculated by
funds' management, ratified by funds'
trustees and recorded on ex-dividend
date.
14. Undistributed net income (daily) Current day's net investment income
not distributed by class; line 12
less line 13.
15. Capital share activity (dollars) Capital share activity by class (in
dollars) obtained from the transfer
agent's daily capital share activity
report.
16. Capital gain distribution Current day's distributions from
realized capital gains; calculated by
funds' management, ratified by funds'
trustees and recorded on ex-dividend
date.
17. Realized gain/(loss) Current day's realized gain/(loss);
total fund amount obtained from trial
balance; class amounts allocated based
on class net asset percentages
(line 6).
18. Subtotal for daily net asset change Current day's change in net assets by
class excluding current day's change
in unrealized gain/(loss); sum of
lines 14 to 17.
19. Unrealized gain/(loss) Current day's unrealized gain/(loss);
total fund amount obtained by
subtracting prior day's unrealized
gain/(loss) from current day's
unrealized gain/(loss); class amounts
allocated based on class net asset
percentages (line 6).
20. Daily net asset change Current day's change in net assets by
class; line 18 plus line 19.
21. Prior day's net assets Prior day's net assets by class;
obtained from prior day's Allocation
Worksheet.
22. Current day's net assets Current day's net assets by class;
line 20 plus line 21.
23. NAV per share Current day's NAV per share by class;
line 22 divided by line 4.
24. Maximum sales load Sales load by class; obtained from
funds' prospectus (if applicable).
<PAGE>
Exhibit 1
(continued)
CALCULATION SUMMARY
For Allocation Worksheet
25. Offering price per share Current day's offering price per share
by class; line 23 divided by one minus
line 24 (if applicable).
<PAGE>
Exhibit II
BJB INVESTMENT FUNDS
Tests of Effectiveness of the Procedures for Multiple Class Distribution and
Calculation of Net Asset Value Dividend/Distribution Determination
<TABLE>
<CAPTION>
Control Objectives Control Procedures Test of Procedures Results
- ------------------ ------------------ ------------------ -------
<S> <C> <C> <C>
1. Class-level 1. Class-level expenses are 1. KPMG recalculated for the days No exceptions were noted as a
expenses are determined by rates selected, the 12b-1 fees for each result of the procedures
allocated to the ("12b-1 fee"). The rates for class and agreed the result to the performed.
correct class the 12b-1 fee are input into Allocation Worksheet.
of shares. the Allocation Worksheet by
the fund accountant. The
Allocation Worksheet input is
verified by a second individual.
2. Income fund-level 1. Fund-level income, expenses and 1a. KPMG recalculated the total No exceptions were noted as a
expenses and gains/losses are input into percentage of assets by class for result of the procedures
realized/unrealized the total fund column of the each of the days chosen by performed.
gains/losses are Allocation Worksheet. The dividing each class's net assets
allocated properly class-level action of fund-level by the total fund net assets
to each class. income, expenses and for the day.
gains/losses is calculated by
the Allocation Worksheet based 1b. KPMG recalculated, for the days
on the allocation percentages. selected, the daily fund-level
The Allocation Worksheet input income, expenses and gains/losses
is verified by a second allocated to each class based
individual. upon the total percentage for
each class tested in step 1a.
above.
2. In order to calculate the 2a. On a test basis, for the days No exceptions were noted as a
allocation percentages the selected, KPMG obtained the daily result of the procedures
capital stock activity is capital share activity reports performed.
reported by the transfer agent received from the transfer agent.
for each class on a trade-date We agreed the capital stock shares
plus one basis. Information and dollars to the change in dollars
reported to the fund accountant in net assets per the Allocation
by the transfer agent includes Worksheet.
share and dollar opening
balances, activity for the day 2b. We obtained the daily capital share
and closing balances. Control activity reports from the transfer
procedures within the transfer agent for the days selected and
agent function are not included agreed the daily net capital stock
in this exhibit. activity for each class to the
change in net assets from the prior
day's Allocation Worksheet.
3. From the Allocation Worksheet 3. KPMG agreed daily income and No exceptions were noted as a
the sum of each class's net expenses for the Fund for the days result of the procedures
assets, shares outstanding, net selected to the Fund's trial performed.
investment income, expenses, balance. The trial balance is the
and gains/losses is agreed primary accounting system for
daily to the trial balance for interim periods.
the Fund.
4. Net assets used for allocation 4. KPMG obtained the prior day's No exceptions were noted as a
for each class are compared to Allocation Worksheet and agreed the result of the procedures
the prior day's ending balance prior day's net assets by class to performed.
on the Allocation Worksheet the current day's Allocation
adjusted for the day's activity Worksheet adjusted for the day's
(shares outstanding for each capital share activity.
class are compared to daily
summary sheets received from the
transfer agent).
5. Relative movements of NAV are 5. KPMG reviewed the Allocation No exceptions were noted as a
checked by the fund accountant Worksheet for the days selected and result of the procedures
and supervisor for observed that the fund accountant performed.
reasonableness against and supervisor initialed the daily
anticipated differences. net asset value calculations on the
Allocation Worksheet.
</TABLE>
<PAGE>
Exhibit II
BJB INVESTMENT FUNDS
Tests of Effectiveness of the Procedures for Multiple Class Distribution and
Calculation of Net Asset Value Dividend/Distribution Determination
<TABLE>
<CAPTION>
Control Objectives Control Procedures Test of Procedures Results
- ------------------ ------------------ ------------------ -------
<S> <C> <C> <C>
3. Dividend rates and 1. Performance of the above 1. KPMG reviewed the Allocation No exceptions were noted as a
daily per share procedure is evidenced by the Worksheet for the days selected result of the procedures
NAVs for each fund accountant and supervisor and observed that the fund performed.
class of shares initialing the daily net asset accountant and supervisor
reflect the proper value calculations of the initialed the daily net asset
allocation of Allocation Worksheet. value calculations on the
income, expenses, Allocation Worksheet.
and gain/loss
amounts, including
the proper amount of
class-level expenses
charged to each
class of shares.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from form N-SAR
for the period ended October 31, 1995 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> BJB GLOBAL INCOME FUND Class A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 16434522
<INVESTMENTS-AT-VALUE> 16972898
<RECEIVABLES> 844522
<ASSETS-OTHER> 49506
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18610465
<PAYABLE-FOR-SECURITIES> 1097275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 186553
<TOTAL-LIABILITIES> 1283828
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17652030
<SHARES-COMMON-STOCK> 1430581
<SHARES-COMMON-PRIOR> 2564843
<ACCUMULATED-NII-CURRENT> 672807
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1506423)
<ACCUM-APPREC-OR-DEPREC> 508223
<NET-ASSETS> 17326637
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1452007
<OTHER-INCOME> 0
<EXPENSES-NET> 410872
<NET-INVESTMENT-INCOME> 1041135
<REALIZED-GAINS-CURRENT> 930422
<APPREC-INCREASE-CURRENT> 439503
<NET-CHANGE-FROM-OPS> 2411060
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 950161
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 58447
<NUMBER-OF-SHARES-REDEEMED> 1241882
<SHARES-REINVESTED> 49173
<NET-CHANGE-IN-ASSETS> (11317548)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1697)
<OVERDIST-NET-GAINS-PRIOR> (2555448)
<GROSS-ADVISORY-FEES> 130501
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 431595
<AVERAGE-NET-ASSETS> 20053647
<PER-SHARE-NAV-BEGIN> 11.16
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> 0.92
<PER-SHARE-DIVIDEND> .56
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.11
<EXPENSE-RATIO> 2.15
<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 N-sar
for the period ended October 31, 1995 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> BJB INTERNATIONAL EQUITY FUND Class A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 8425835
<INVESTMENTS-AT-VALUE> 8619455
<RECEIVABLES> 73013
<ASSETS-OTHER> 20513
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9812302
<PAYABLE-FOR-SECURITIES> 94425
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74563
<TOTAL-LIABILITIES> 168988
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14208625
<SHARES-COMMON-STOCK> 952390
<SHARES-COMMON-PRIOR> 1313043
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (48428)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4735181)
<ACCUM-APPREC-OR-DEPREC> 218298
<NET-ASSETS> 9643314
<DIVIDEND-INCOME> 179223
<INTEREST-INCOME> 12264
<OTHER-INCOME> 0
<EXPENSES-NET> 250005
<NET-INVESTMENT-INCOME> (58518)
<REALIZED-GAINS-CURRENT> (2069254)
<APPREC-INCREASE-CURRENT> 479443
<NET-CHANGE-FROM-OPS> (1648329)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 267288
<NUMBER-OF-SHARES-REDEEMED> 627941
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (5202288)
<ACCUMULATED-NII-PRIOR> 146420
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2902682)
<GROSS-ADVISORY-FEES> 93521
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 266452
<AVERAGE-NET-ASSETS> 9355286
<PER-SHARE-NAV-BEGIN> 11.30
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> (1.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 2.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
