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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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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE JOHN SIEBERT
TITLE SUPERVISOR,FIN ADMIN
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<PER-SHARE-GAIN-APPREC> 1.26<F1>
<PER-SHARE-DIVIDEND> .35<F1>
<PER-SHARE-DISTRIBUTIONS> .27<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.76<F1>
<EXPENSE-RATIO> 2.98<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Premium Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000929189
<NAME> IBJ FUNDS TRUST
<SERIES>
<NUMBER> 042
<NAME> IBJ GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 55957246
<INVESTMENTS-AT-VALUE> 64702885
<RECEIVABLES> 1712948
<ASSETS-OTHER> 18223
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66434056
<PAYABLE-FOR-SECURITIES> 1951370
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 233072
<TOTAL-LIABILITIES> 2184442
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52446191
<SHARES-COMMON-STOCK> 5032961<F1>
<SHARES-COMMON-PRIOR> 4292094<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 9267
<ACCUMULATED-NET-GAINS> 3067051
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8745639
<NET-ASSETS> 64249614
<DIVIDEND-INCOME> 572564
<INTEREST-INCOME> 1687563
<OTHER-INCOME> 0
<EXPENSES-NET> 563776
<NET-INVESTMENT-INCOME> 1696351
<REALIZED-GAINS-CURRENT> 3067207
<APPREC-INCREASE-CURRENT> 3016124
<NET-CHANGE-FROM-OPS> 7779682
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1692277<F1>
<DISTRIBUTIONS-OF-GAINS> 1173072<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1505811<F1>
<NUMBER-OF-SHARES-REDEEMED> 1005584<F1>
<SHARES-REINVESTED> 240640<F1>
<NET-CHANGE-IN-ASSETS> 13651281
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1173268
<OVERDISTRIB-NII-PRIOR> 12866
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 341198
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 620521
<AVERAGE-NET-ASSETS> 56908000<F1>
<PER-SHARE-NAV-BEGIN> 11.79<F1>
<PER-SHARE-NII> .34<F1>
<PER-SHARE-GAIN-APPREC> 1.26<F1>
<PER-SHARE-DIVIDEND> .36<F1>
<PER-SHARE-DISTRIBUTIONS> .27<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.76<F1>
<EXPENSE-RATIO> 2.98<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Service Class
</FN>
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees
IBJ Funds Trust
In planning and performing our audit of the financial statements
and financial highlights of IBJ Funds Trust for the year ended
November 30, 1996, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and financial highlights
and to comply with the requirements of Form N-SAR, not to
provide assurance on the internal control structure.
The management of IBJ Funds Trust 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 benefits 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 risk 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 and financial highlights
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 November 30, 1996.
This report is intended solely for the information and use of
management of IBJ Funds Trust and the Securities and Exchange
Commission.
Coopers & Lybrand L.L.P.
New York, New York
January 22, 1997
