BJB INVESTMENT FUNDS
NSAR-A, 1997-06-26
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<PAGE>      PAGE  1
000 A000000 04/30/97
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 UNION BANK OF SWITZERLAND
014 B00AA03 8-xxxxxxxx
015 A00AA01 INVESTORS BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02116
015 E01AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 MORGAN STANLEY
020 C000001     15
020 A000002 ROBERT FLEMING
020 C000002     13
020 A000003 SBC WARBURG SECURITIES
020 C000003     10
020 A000004 JARDINE FLEMING
020 C000004      5
020 A000005 ING BARING SECURITIES
020 C000005      5
020 A000006 MERRILL LYNCH GLOBAL SECURITIES
020 C000006      4
020 A000007 TELESIS SECURITIES
020 C000007      1
020 A000008 CITIBANK
020 C000008      1
020 C000009      0
020 C000010      0
021  000000       56
022 A000001 INVESTORS BANK & TRUST
022 C000001    211696
022 D000001       239
022 A000002 BROWN BROTHERS HARRIMAN & CO
022 C000002     46211
022 D000002      5247
022 A000003 CITIBANK
022 C000003     13098
022 D000003      4632
022 A000004 UNION BANK OF SWITZERLAND
022 C000004      6013
022 D000004      2443
022 A000005 SBC WARBURG
022 C000005      5074
022 D000005      1988
022 A000006 MORGAN STANLEY
022 C000006      3597
<PAGE>      PAGE  3
022 D000006      2216
022 A000007 MERRILL LYNCH
022 C000007      3585
022 D000007      1901
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022 A000010 WESTPAC
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022 D000010       774
023 C000000     307866
023 D000000      42463
024  00AA00 N
026 A000000 N
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026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
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026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
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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
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<PAGE>      PAGE  4
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
077 A000000 N
078  000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE CO
080 C00AA00      875
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
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086 A010000      0
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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 02116
010 A000102 BANK JULIUS BAER & CO., LTD
010 C010102 NEW YORK
010 C020102 NY
010 C030102 10017
028 A010100        33
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028 C020100        51
<PAGE>      PAGE  5
028 C030100         0
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047  000100 Y
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048 F010100        0
048 F020100 0.000
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048 I020100 0.000
<PAGE>      PAGE  6
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   4.0
062 C000100   0.0
062 D000100   5.0
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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  27.9
062 N000100  20.1
062 O000100   0.0
062 P000100   9.8
062 Q000100  36.6
062 R000100   0.0
063 A000100   0
063 B000100  7.1
064 A000100 N
064 B000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
<PAGE>      PAGE  7
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     10509
071 B000100      9220
071 C000100     13620
071 D000100   67
072 A000100  6
072 B000100      497
072 C000100        0
072 D000100        0
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072 F000100       48
072 G000100       33
072 H000100        0
072 I000100       12
072 J000100        0
072 K000100        0
072 L000100        5
072 M000100        6
072 N000100        4
072 O000100        0
072 P000100        0
072 Q000100        0
<PAGE>      PAGE  8
072 R000100        0
072 S000100        3
072 T000100       18
072 U000100       11
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073 A010100   0.3600
073 A020100   0.0000
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073 C000100   0.0000
074 A000100      140
074 B000100      739
074 C000100      582
074 D000100    14041
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074 P000100       24
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074 R040100       75
074 S000100        0
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074 U020100        0
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074 W000100   0.0000
074 X000100       35
074 Y000100        0
075 A000100        0
<PAGE>      PAGE  9
075 B000100    14909
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 02116
028 A010200      2607
028 A020200         0
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028 A040200       777
028 B010200       529
028 B020200         1
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028 B040200       850
028 C010200       854
028 C020200         0
028 C030200         0
028 C040200        10
028 D010200      5226
028 D020200         0
028 D030200         0
028 D040200       634
028 E010200       469
028 E020200         0
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028 F010200      5527
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028 G010200     15212
028 G020200         1
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028 G040200      2441
028 H000200         0
042 A000200   0
042 B000200   0
042 C000200   0
042 D000200 100
<PAGE>      PAGE  10
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200     31
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
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
<PAGE>      PAGE  11
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 Y
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
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
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
<PAGE>      PAGE  12
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200     18806
071 B000200      3625
071 C000200     24475
071 D000200   15
072 A000200  6
072 B000200       32
072 C000200      188
072 D000200        0
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072 G000200       92
072 H000200        0
072 I000200       12
072 J000200        0
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072 M000200        6
072 N000200        5
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072 P000200        0
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072 R000200        0
072 S000200       33
072 T000200       31
072 U000200        3
072 V000200        0
072 W000200        5
072 X000200      324
072 Y000200       62
072 Z000200      -43
072AA000200      883
072BB000200        0
072CC010200     1517
072CC020200        0
072DD010200     1397
072DD020200        0
072EE000200        0
073 A010200   0.0370
073 A020200   0.0000
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073 C000200   0.0000
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074 B000200     6346
074 C000200        0
<PAGE>      PAGE  13
074 D000200       17
074 E000200        0
074 F000200    33277
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200        0
074 K000200        0
074 L000200      123
074 M000200       10
074 N000200    39802
074 O000200     5322
074 P000200       35
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200       96
074 S000200        0
074 T000200    34349
074 U010200     2712
074 U020200        0
074 V010200    12.66
074 V020200     0.00
074 W000200   0.0000
074 X000200       19
074 Y000200        0
075 A000200        0
075 B000200    25037
076  000200     0.00
083 A000200 N
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084 A000200 N
084 B000200        0
085 A000200 Y
085 B000200 N
SIGNATURE   ROBERT DISCOLO                               
TITLE       CFO                 
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from form N-sar
for the six months ended April 30,1997 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-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                       15,515,411
<INVESTMENTS-AT-VALUE>                      15,362,635
<RECEIVABLES>                                  609,301
<ASSETS-OTHER>                                 144,988
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              16,116,924
<PAYABLE-FOR-SECURITIES>                     1,153,754
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       99,068
<TOTAL-LIABILITIES>                          1,252,822
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    15,979,578
<SHARES-COMMON-STOCK>                        1,286,106
<SHARES-COMMON-PRIOR>                        1,214,595
<ACCUMULATED-NII-CURRENT>                       34,544
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (980,341)        
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (169,679)
<NET-ASSETS>                                14,864,102
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              497,388
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 149,092
<NET-INVESTMENT-INCOME>                        348,296
<REALIZED-GAINS-CURRENT>                        88,233
<APPREC-INCREASE-CURRENT>                    (559,262)
<NET-CHANGE-FROM-OPS>                        (122,733)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (454,565)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        131,031
<NUMBER-OF-SHARES-REDEEMED>                     84,881
<SHARES-REINVESTED>                             25,361
<NET-CHANGE-IN-ASSETS>                         279,870
<ACCUMULATED-NII-PRIOR>                        140,813
<ACCUMULATED-GAINS-PRIOR>                  (1,068,574)          
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           48,052
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                149,092
<AVERAGE-NET-ASSETS>                        14,909,055
<PER-SHARE-NAV-BEGIN>                            12.01
<PER-SHARE-NII>                                   0.28
<PER-SHARE-GAIN-APPREC>                         (0.37)
<PER-SHARE-DIVIDEND>                            (0.36)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                              11.56
<EXPENSE-RATIO>                                   2.02
<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 six months ended April 30,1997 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-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                       36,851,632
<INVESTMENTS-AT-VALUE>                      39,640,553
<RECEIVABLES>                                  122,476
<ASSETS-OTHER>                                  38,494
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              39,801,523
<PAYABLE-FOR-SECURITIES>                     5,321,902
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      130,763
<TOTAL-LIABILITIES>                          5,452,665
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    35,324,833
<SHARES-COMMON-STOCK>                        2,712,129
<SHARES-COMMON-PRIOR>                        1,677,125
<ACCUMULATED-NII-CURRENT>                    (110,705)       
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                    (3,679,503)         
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,814,233
<NET-ASSETS>                                34,348,858
<DIVIDEND-INCOME>                              187,755
<INTEREST-INCOME>                               31,807
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 262,192
<NET-INVESTMENT-INCOME>                       (42,630)
<REALIZED-GAINS-CURRENT>                       882,906
<APPREC-INCREASE-CURRENT>                    1,516,851
<NET-CHANGE-FROM-OPS>                        2,357,127
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (67,184)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,226,142
<NUMBER-OF-SHARES-REDEEMED>                  (191,241)
<SHARES-REINVESTED>                                105
<NET-CHANGE-IN-ASSETS>                      15,187,671
<ACCUMULATED-NII-PRIOR>                          (891)      
<ACCUMULATED-GAINS-PRIOR>                  (4,562,409)          
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          123,756
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                324,070
<AVERAGE-NET-ASSETS>                        25,036,989
<PER-SHARE-NAV-BEGIN>                            11.43
<PER-SHARE-NII>                                 (0.02)
<PER-SHARE-GAIN-APPREC>                           1.29
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (0.04)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.66
<EXPENSE-RATIO>                                   2.11
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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