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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 5
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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 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 year ended October 31,1997 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> 12-mos
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 11,469,556
<INVESTMENTS-AT-VALUE> 11,659,827
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,624
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<SHARES-COMMON-STOCK> 1,015,819
<SHARES-COMMON-PRIOR> 1,214,595
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<ACCUMULATED-NET-GAINS> (1,005,867)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 240,749
<NET-ASSETS> 11,889,355
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 889,032
<OTHER-INCOME> 0
<EXPENSES-NET> 280,279
<NET-INVESTMENT-INCOME> 608,753
<REALIZED-GAINS-CURRENT> (75,438)
<APPREC-INCREASE-CURRENT> (148,834)
<NET-CHANGE-FROM-OPS> 384,481
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (700,402)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (114,208)
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<NUMBER-OF-SHARES-REDEEMED> 534,288
<SHARES-REINVESTED> 48,186
<NET-CHANGE-IN-ASSETS> (2,694,877)
<ACCUMULATED-NII-PRIOR> 140,813
<ACCUMULATED-GAINS-PRIOR> (1,068,574)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91,644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 280,279
<AVERAGE-NET-ASSETS> 14,098,889
<PER-SHARE-NAV-BEGIN> 12.01
<PER-SHARE-NII> 0.50
<PER-SHARE-GAIN-APPREC> (0.13)
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<RETURNS-OF-CAPITAL> (0.10)
<PER-SHARE-NAV-END> 11.70
<EXPENSE-RATIO> 1.99
<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 year ended October 31,1997 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> 12-mos
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 41,142,809
<INVESTMENTS-AT-VALUE> 45,935,375
<RECEIVABLES> 2,595,091
<ASSETS-OTHER> 979,056
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 4,978,952
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 228,833
<TOTAL-LIABILITIES> 5,207,785
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,325,586
<SHARES-COMMON-STOCK> 3,302,528
<SHARES-COMMON-PRIOR> 1,677,125
<ACCUMULATED-NII-CURRENT> 533,978
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,247,589)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,689,762
<NET-ASSETS> 44,301,737
<DIVIDEND-INCOME> 565,811
<INTEREST-INCOME> 55,454
<OTHER-INCOME> 0
<EXPENSES-NET> 622,113
<NET-INVESTMENT-INCOME> (848)
<REALIZED-GAINS-CURRENT> 917,721
<APPREC-INCREASE-CURRENT> 3,392,380
<NET-CHANGE-FROM-OPS> 4,309,253
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (67,184)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,093,850
<NUMBER-OF-SHARES-REDEEMED> (468,551)
<SHARES-REINVESTED> 104
<NET-CHANGE-IN-ASSETS> 25,140,550
<ACCUMULATED-NII-PRIOR> (891)
<ACCUMULATED-GAINS-PRIOR> (4,562,409)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 346,856
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 795,541
<AVERAGE-NET-ASSETS> 34,684,669
<PER-SHARE-NAV-BEGIN> 11.43
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 2.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.41
<EXPENSE-RATIO> 1.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Page 1
The Board of Trustees
BJB Investment Funds:
In planning and performing our audit of the financial statements of BJB Global
Income Fund and BJB International Equity Fund, portfolios of the BJB Investment
Funds, for the year ended October 31, 1997, we considered their internal
control, including control activities 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 internal control.
The management of BJB Global Income Fund and BJB International Equity Fund is
responsible for establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized acquisitions, use or
disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 would not necessarily disclose all
matters in the internal control 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 one or
more of the internal control components 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 and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management, the
Board of Trustees of BJB Investment Funds and the Securities and Exchange
Commission.
Boston, Massachusetts
December 5, 1997
