<PAGE> PAGE 1
000 A000000 04/30/98
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 MERRILL LYNCH
020 C000001 33
020 A000002 GOLDMAN SACHS
020 C000002 24
020 A000003 SBC WARBURG SECURITIES
020 C000003 23
020 A000004 MORGAN STANLEY
020 C000004 21
020 A000005 JULIUS BAER SECURITIES
020 C000005 14
020 A000006 ROBERT FLEMING
020 C000006 9
020 A000007 JARDINE FLEMING
020 C000007 8
020 A000008 TELESIS SECURITIES
020 C000008 7
020 A000009 EGNATIA SECURITIES
020 C000009 6
020 A000010 SALOMON BROTHERS
020 C000010 5
021 000000 156
022 A000001 INVESTORS BANK & TRUST
022 C000001 316164
022 D000001 1325
022 A000002 BROWN BROTHERS HARRIMAN & CO
022 C000002 96067
022 D000002 7956
022 A000003 GOLDMAN SACHS
022 C000003 3895
022 D000003 3462
022 A000004 MERRILL LYNCH
022 C000004 4221
022 D000004 2402
022 A000005 MORGAN STANLEY
022 C000005 2892
022 D000005 585
<PAGE> PAGE 3
022 A000006 SALOMON BROTHERS
022 C000006 1736
022 D000006 995
022 A000007 SBC WARBURG SECURITIES
022 C000007 465
022 D000007 1391
022 A000008 CITIBANK
022 C000008 1339
022 D000008 287
022 A000009 ABN AMRO SECURITIES
022 C000009 859
022 D000009 575
022 A000010 J.P. MORGAN
022 C000010 939
022 D000010 438
023 C000000 459064
023 D000000 45672
024 00AA00 N
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 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
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
<PAGE> PAGE 4
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 N
078 000000 N
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 02116
010 A000102 BANK JULIUS BAER & CO., LTD
010 C010102 NEW YORK
010 C020102 NY
010 C030102 10017
028 A010100 7
028 A020100 37
028 A030100 0
028 A040100 116
028 B010100 36
028 B020100 37
028 B030100 0
028 B040100 660
028 C010100 4
028 C020100 37
028 C030100 0
028 C040100 230
028 D010100 135
028 D020100 39
<PAGE> PAGE 5
028 D030100 0
028 D040100 53
028 E010100 27
028 E020100 39
028 E030100 0
028 E040100 228
028 F010100 452
028 F020100 40
028 F030100 0
028 F040100 28
028 G010100 661
028 G020100 229
028 G030100 0
028 G040100 1315
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 14
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
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
<PAGE> PAGE 6
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
055 A000100 Y
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 0.0
062 C000100 0.0
062 D000100 3.5
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 37.6
062 N000100 16.0
062 O000100 0.0
062 P000100 7.4
062 Q000100 33.6
062 R000100 0.0
063 A000100 0
063 B000100 12.2
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
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
<PAGE> PAGE 7
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 9610
071 B000100 10417
071 C000100 10875
071 D000100 88
072 A000100 6
072 B000100 347
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 37
072 G000100 20
072 H000100 0
072 I000100 9
072 J000100 0
072 K000100 0
072 L000100 4
072 M000100 6
072 N000100 4
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 9
072 T000100 14
072 U000100 0
<PAGE> PAGE 8
072 V000100 0
072 W000100 3
072 X000100 106
072 Y000100 0
072 Z000100 241
072AA000100 273
072BB000100 0
072CC010100 0
072CC020100 241
072DD010100 288
072DD020100 0
072EE000100 0
073 A010100 0.3000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 33
074 B000100 401
074 C000100 0
074 D000100 10836
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 247
074 M000100 1
074 N000100 11518
074 O000100 0
074 P000100 18
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 51
074 S000100 0
074 T000100 11449
074 U010100 980
074 U020100 0
074 V010100 11.69
074 V020100 0.00
074 W000100 0.0000
074 X000100 19
074 Y000100 0
075 A000100 0
075 B000100 11324
076 000100 0.00
008 A000201 BANK JULIUS BAER & CO., LTD
008 B000201 A
<PAGE> PAGE 9
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 1745
028 A020200 0
028 A030200 0
028 A040200 327
028 B010200 802
028 B020200 497
028 B030200 0
028 B040200 1625
028 C010200 4703
028 C020200 0
028 C030200 0
028 C040200 4061
028 D010200 1927
028 D020200 0
028 D030200 0
028 D040200 345
028 E010200 3044
028 E020200 0
028 E030200 0
028 E040200 234
028 F010200 3069
028 F020200 0
028 F030200 0
028 F040200 1020
028 G010200 15290
028 G020200 497
028 G030200 0
028 G040200 7612
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 64
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.000
<PAGE> PAGE 10
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 Y
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
<PAGE> PAGE 11
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
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 36466
071 B000200 29618
071 C000200 50523
<PAGE> PAGE 12
071 D000200 59
072 A000200 6
072 B000200 61
072 C000200 356
072 D000200 0
072 E000200 0
072 F000200 255
072 G000200 109
072 H000200 0
072 I000200 10
072 J000200 0
072 K000200 0
072 L000200 16
072 M000200 6
072 N000200 9
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 26
072 T000200 64
072 U000200 3
072 V000200 0
072 W000200 10
072 X000200 508
072 Y000200 128
072 Z000200 37
072AA000200 2387
072BB000200 0
072CC010200 11827
072CC020200 0
072DD010200 502
072DD020200 0
072EE000200 0
073 A010200 0.1500
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 16
074 E000200 0
074 F000200 62285
074 G000200 0
074 H000200 0
074 I000200 203
074 J000200 4848
074 K000200 0
074 L000200 496
074 M000200 4
<PAGE> PAGE 13
074 N000200 67852
074 O000200 1291
074 P000200 72
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 263
074 S000200 0
074 T000200 66226
074 U010200 3824
074 U020200 0
074 V010200 17.32
074 V020200 0.00
074 W000200 0.0000
074 X000200 18
074 Y000200 0
075 A000200 0
075 B000200 51731
076 000200 0.00
SIGNATURE MICHAEL QUAIN
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from
form N-SAR for the six months ended April 30,1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> BJB Global Income Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 11,212,241
<INVESTMENTS-AT-VALUE> 11,236,396
<RECEIVABLES> 246,855
<ASSETS-OTHER> 34,448
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,517,699
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,095
<TOTAL-LIABILITIES> 69,095
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,255,870
<SHARES-COMMON-STOCK> 979,724
<SHARES-COMMON-PRIOR> 1,015,819
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (73,741)
<ACCUMULATED-NET-GAINS> (733,066)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (459)
<NET-ASSETS> 11,448,604
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 347,191
<OTHER-INCOME> 0
<EXPENSES-NET> 106,345
<NET-INVESTMENT-INCOME> 240,846
<REALIZED-GAINS-CURRENT> 272,801
<APPREC-INCREASE-CURRENT> (241,208)
<NET-CHANGE-FROM-OPS> 272,439
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (288,312)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56,485
<NUMBER-OF-SHARES-REDEEMED> 112,207
<SHARES-REINVESTED> 19,626
<NET-CHANGE-IN-ASSETS> (440,751)
<ACCUMULATED-NII-PRIOR> (26,275)
<ACCUMULATED-GAINS-PRIOR> (1,005,867)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,501
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 106,345
<AVERAGE-NET-ASSETS> 11,324,287
<PER-SHARE-NAV-BEGIN> 11.70
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.04
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.69
<EXPENSE-RATIO> 1.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from
form N-SAR for the six months ended April 30,1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> BJB International Equity Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 45,773,405
<INVESTMENTS-AT-VALUE> 62,503,940
<RECEIVABLES> 5,343,511
<ASSETS-OTHER> 4,738
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,852,189
<PAYABLE-FOR-SECURITIES> 1,290,727
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 335,370
<TOTAL-LIABILITIES> 1,626,097
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,500,998
<SHARES-COMMON-STOCK> 3,823,836
<SHARES-COMMON-PRIOR> 3,302,528
<ACCUMULATED-NII-CURRENT> 68,884
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,860,232)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,516,442
<NET-ASSETS> 66,226,092
<DIVIDEND-INCOME> 356,121
<INTEREST-INCOME> 61,162
<OTHER-INCOME> 0
<EXPENSES-NET> 380,495
<NET-INVESTMENT-INCOME> 36,788
<REALIZED-GAINS-CURRENT> 2,387,357
<APPREC-INCREASE-CURRENT> 11,826,680
<NET-CHANGE-FROM-OPS> 14,250,825
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (501,882)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,020,642
<NUMBER-OF-SHARES-REDEEMED> 535,444
<SHARES-REINVESTED> 36,110
<NET-CHANGE-IN-ASSETS> 21,924,355
<ACCUMULATED-NII-PRIOR> 533,978
<ACCUMULATED-GAINS-PRIOR> (4,247,589)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 255,046
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 508,018
<AVERAGE-NET-ASSETS> 51,730,735
<PER-SHARE-NAV-BEGIN> 13.41
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 4.05
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.32
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>