<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 887210
000 D000000 N
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001 A000000 BJB INVESTMENT FUNDS
001 B000000 811-6652
001 C000000 2122973940
002 A000000 330 MADISON AVENUE
002 B000000 NEW YORK
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002 D010000 10017
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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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
015 A00AA01 INVESTORS BANK & TRUST CO.
015 B00AA01 C
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020 A000005 BARING SECURITIES INC.
020 C000005 4
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020 A000007 FLEMING MARTIN
020 C000007 3
020 A000008 SWISS BANK CORPORATION
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020 A000009 JAMES CAPEL SECURITIES
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022 A000005 SWISS BANK
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<PAGE> PAGE 3
022 C000006 10692121
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022 A000010 BZW SECURITIES
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<PAGE> PAGE 4
054 I00AA00 N
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010 A000101 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 5
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<PAGE> PAGE 6
048 I020100 0.000
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048 K020100 0.000
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055 B000100 N
056 000100 Y
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070 B010100 N
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<PAGE> PAGE 7
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
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<PAGE> PAGE 8
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<PAGE> PAGE 9
075 A000100 0
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008 A000201 BANK JULIUS BAER & CO., LTD
008 B000201 A
008 C000201 801-xxxxxx
008 D010201 NEW YORK
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010 A000201 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 10
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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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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 October 31,1996 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> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 13,192,070
<INVESTMENTS-AT-VALUE> 14,316,950
<RECEIVABLES> 743,490
<ASSETS-OTHER> 23,975
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,084,415
<PAYABLE-FOR-SECURITIES> 350,710
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 149,473
<TOTAL-LIABILITIES> 500,183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,122,410
<SHARES-COMMON-STOCK> 1,214,595
<SHARES-COMMON-PRIOR> 1,430,581
<ACCUMULATED-NII-CURRENT> 140,813
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,068,574)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 389,583
<NET-ASSETS> 14,584,232
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,110,683
<OTHER-INCOME> 0
<EXPENSES-NET> 377,999
<NET-INVESTMENT-INCOME> 732,684
<REALIZED-GAINS-CURRENT> 570,123
<APPREC-INCREASE-CURRENT> (118,640)
<NET-CHANGE-FROM-OPS> 1,184,167
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,396,952
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 137,746
<NUMBER-OF-SHARES-REDEEMED> 426,171
<SHARES-REINVESTED> 72,439
<NET-CHANGE-IN-ASSETS> (2,742,405)
<ACCUMULATED-NII-PRIOR> 672,807
<ACCUMULATED-GAINS-PRIOR> (1,506,423)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 101,220
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 394,002
<AVERAGE-NET-ASSETS> 15,564,733
<PER-SHARE-NAV-BEGIN> 12.11
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> (1.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.01
<EXPENSE-RATIO> 2.53
<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 October 31,1996 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> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 15,220,700
<INVESTMENTS-AT-VALUE> 21,299,554
<RECEIVABLES> 416,023
<ASSETS-OTHER> 114,466
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,830,043
<PAYABLE-FOR-SECURITIES> 2,451,464
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 217,392
<TOTAL-LIABILITIES> 2,668,856
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,427,105
<SHARES-COMMON-STOCK> 1,677,125
<SHARES-COMMON-PRIOR> 952,390
<ACCUMULATED-NII-CURRENT> (891)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,562,409)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,297,382
<NET-ASSETS> 19,161,187
<DIVIDEND-INCOME> 192,320
<INTEREST-INCOME> 18,122
<OTHER-INCOME> 0
<EXPENSES-NET> 278,313
<NET-INVESTMENT-INCOME> (67,871)
<REALIZED-GAINS-CURRENT> 288,180
<APPREC-INCREASE-CURRENT> 1,079,084
<NET-CHANGE-FROM-OPS> 1,299,393
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 929,622
<NUMBER-OF-SHARES-REDEEMED> (204,887)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,517,873
<ACCUMULATED-NII-PRIOR> (48,428)
<ACCUMULATED-GAINS-PRIOR> (4,735,181)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117,362
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 288,521
<AVERAGE-NET-ASSETS> 11,730,812
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 1.32
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.43
<EXPENSE-RATIO> 2.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Trustees
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, 1996, 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, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
December 17, 1996
