BJB INVESTMENT FUNDS
NSAR-A, 1998-06-25
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<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
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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
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022 C000001    316164
022 D000001      1325
022 A000002 BROWN BROTHERS HARRIMAN & CO
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022 D000002      7956
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<PAGE>      PAGE  3
022 A000006 SALOMON BROTHERS
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022 A000010 J.P. MORGAN
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022 D000010       438
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054 E00AA00 N
054 F00AA00 N
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<PAGE>      PAGE  4
054 H00AA00 Y
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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
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<PAGE>      PAGE  5
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<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
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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
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072 A000100  6
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<PAGE>      PAGE  8
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074 Y000100        0
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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
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010 C020201 MA
010 C030201 02116
028 A010200      1745
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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
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062 F000200   0.0
062 G000200   0.0
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<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
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072 Y000200      128
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072EE000200        0
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073 A020200   0.0000
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<PAGE>      PAGE  13
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074 V010200    17.32
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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
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<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>


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