Bailard, Biehl & Kaiser International Equity Fund Featured in "SmartMoney Fund Screen"

FOSTER CITY, CA, January 14, 2005 - The Bailard, Biehl & Kaiser International Equity Fund ("The Fund," ticker symbol: BBIEX) was recently featured in SmartMoney.com's "Fund Screen" on international funds. The article appeared in the Wall Street Journal's "Personal Journal" section on January 11, 2005 and on the SmartMoney Select.com Web site on January 7, 2005. The Fund was included in the listing of "International Multi-Cap" funds.

The article spotlighted "top international funds with reasonable expenses." Screening criteria included three- and five-year returns in the upper half of a fund's Lipper classification, expenses in the lower half of the fund's Lipper classification, no load and a minimum initial investment of $5,000 or lower. BB&K is not responsible for the screening conducted by SmartMoney or for the content of the articles.

The full text of the article is available on SmartMoney Select.com at this link (subscription required; free trial available).

About the Bailard, Biehl & Kaiser International Equity Fund

The Bailard, Biehl & Kaiser International Equity Fund invests in international securities in developed and emerging market countries, which have specific risks, which include, but are not limited to, changes in currency exchange rates, lack of accurate public information and the higher risks that accompany investing in securities of issuers located in emerging market countries. Investors should consider the investment objectives, risks and charges and expenses of an investment carefully before investing. The prospectus contains this and other information about the Fund. Investors should read the prospectus carefully before investing. More information on the Bailard, Biehl & Kaiser International Equity Fund (including the prospectus) is available at www.bailard.com/mutual_funds.html or by calling BB&K Fund Services, Inc. at (800) 882-8383. BB&K Fund Services, Inc. is a wholly owned subsidiary of Bailard, Biehl & Kaiser, Inc.