<PAGE> PAGE 1
000 B000000 09/30/99
000 C000000 0001002903
000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000
I000000 3.0 000 J000000 A
001 A000000 PRUDENT BEAR FUNDS, INC.
001 B000000 811-9120
001 C000000 4142873315
002 A000000 615 E. MICHIGAN STREET
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 THE PRUDENT BEAR FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 DAVID W. TICE & ASSOCIATES, INC.
008 B00AA01 A
008 C00AA01 801-31635
008 D01AA01 DALLAS
008 D02AA01 TX
008 D03AA01 75231
010 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B00AA01 85-11357
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
012 B00AA01 85-11357
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
<PAGE> PAGE 2
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
015 A00AA01 FIRSTAR BANK MILWAUKEE, N.A.
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53202
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 PAINE WEBBER
020 C000001 3035
020 A000002 BEAR STEARNS
020 C000002 633
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 3668
022 A000001 FIRSTAR BANK MONEY CENTER
022 C000001 502833
022 D000001 197520
022 A000002 PAINE WEBBER
022 C000002 96688
022 D000002 71952
022 A000003 BEAR STEARNS
022 C000003 45461
022 D000003 53858
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 644982
023 D000000 323330
024 00AA00 N
<PAGE> PAGE 3
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 Y
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 28359
028 A02AA00 0
028 A03AA00 0
028 A04AA00 29613
028 B01AA00 24018
028 B02AA00 0
028 B03AA00 0
028 B04AA00 15519
028 C01AA00 14957
028 C02AA00 0
028 C03AA00 0
028 C04AA00 19249
028 D01AA00 39005
028 D02AA00 0
028 D03AA00 0
028 D04AA00 12331
028 E01AA00 73106
028 E02AA00 0
028 E03AA00 0
028 E04AA00 55215
028 F01AA00 42820
028 F02AA00 0
028 F03AA00 0
028 F04AA00 21744
028 G01AA00 222265
028 G02AA00 0
028 G03AA00 0
028 G04AA00 153671
028 H00AA00 0
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
<PAGE> PAGE 4
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
042 A00AA00 11
042 B00AA00 8
042 C00AA00 0
042 D00AA00 81
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 309
044 00AA00 120
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 1.250
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
<PAGE> PAGE 5
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
<PAGE> PAGE 6
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 Y
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 Y
070 E01AA00 Y
070 E02AA00 Y
070 F01AA00 Y
070 F02AA00 Y
070 G01AA00 Y
070 G02AA00 Y
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 Y
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 Y
071 A00AA00 1050159
071 B00AA00 858309
071 C00AA00 159966
071 D00AA00 537
072 A00AA00 12
072 B00AA00 8978
072 C00AA00 93
072 D00AA00 0
072 E00AA00 0
<PAGE> PAGE 7
072 F00AA00 1787
072 G00AA00 95
072 H00AA00 0
072 I00AA00 136
072 J00AA00 138
072 K00AA00 0
072 L00AA00 33
072 M00AA00 3
072 N00AA00 73
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 60
072 R00AA00 31
072 S00AA00 71
072 T00AA00 358
072 U00AA00 6
072 V00AA00 0
072 W00AA00 429
072 X00AA00 3220
072 Y00AA00 0
072 Z00AA00 5851
072AA00AA00 85207
072BB00AA00 164437
072CC01AA00 1689
072CC02AA00 0
072DD01AA00 4244
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.1961
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 2189
074 B00AA00 0
074 C00AA00 28470
074 D00AA00 122311
074 E00AA00 2911
074 F00AA00 36276
074 G00AA00 10991
074 H00AA00 0
074 I00AA00 359
074 J00AA00 9526
074 K00AA00 0
074 L00AA00 147876
074 M00AA00 2939
074 N00AA00 363848
074 O00AA00 6312
074 P00AA00 193
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 133702
<PAGE> PAGE 8
074 R03AA00 0
074 R04AA00 2973
074 S00AA00 0
074 T00AA00 220668
074 U01AA00 48909
074 U02AA00 46
074 V01AA00 4.51
074 V02AA00 4.49
074 W00AA00 0.0000
074 X00AA00 4584
074 Y00AA00 157202
075 A00AA00 0
075 B00AA00 142932
076 00AA00 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INS. CO. OF PITTSBURGH PA
080 C00AA00 900
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 9
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
SIGNATURE DAVID W. TICE
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002903
<NAME> The Prudent Bear Fund - No Load Shares
<SERIES>
<NUMBER> 1
<NAME> The Prudent Bear Fund - No Load Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 198,122,355
<INVESTMENTS-AT-VALUE> 201,317,785
<RECEIVABLES> 157,401,810
<ASSETS-OTHER> 5,128,715
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 363,848,310
<PAYABLE-FOR-SECURITIES> 6,312,180
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 136,867,760
<TOTAL-LIABILITIES> 143,179,940
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 301,809,790
<SHARES-COMMON-STOCK> 48,909,331
<SHARES-COMMON-PRIOR> 23,662,896
<ACCUMULATED-NII-CURRENT> 4,103,787
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (99,718,714)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,473,507
<NET-ASSETS> 220,668,370
<DIVIDEND-INCOME> 93,436
<INTEREST-INCOME> 8,977,641
<OTHER-INCOME> 0
<EXPENSES-NET> (3,219,854)
<NET-INVESTMENT-INCOME> 5,851,223
<REALIZED-GAINS-CURRENT> (79,230,702)
<APPREC-INCREASE-CURRENT> 1,688,515
<NET-CHANGE-FROM-OPS> (77,542,187)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,243,854)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 109,523,844
<NUMBER-OF-SHARES-REDEEMED> (84,981,005)
<SHARES-REINVESTED> 703,596
<NET-CHANGE-IN-ASSETS> 46,977,007
<ACCUMULATED-NII-PRIOR> 2,492,208
<ACCUMULATED-GAINS-PRIOR> (20,488,012)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,786,648
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,219,854
<AVERAGE-NET-ASSETS> 142,874,215
<PER-SHARE-NAV-BEGIN> 7.34
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> (2.82)
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.51
<EXPENSE-RATIO> 1.97
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002903
<NAME> The Prudent Bear Fund - Class C Shares
<SERIES>
<NUMBER> 2
<NAME> The Prudent Bear Fund - Class C Shares
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> FEB-08-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 198,122,355
<INVESTMENTS-AT-VALUE> 201,317,785
<RECEIVABLES> 157,401,810
<ASSETS-OTHER> 5,128,715
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 363,848,310
<PAYABLE-FOR-SECURITIES> 6,312,180
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 136,867,760
<TOTAL-LIABILITIES> 143,179,940
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 301,809,790
<SHARES-COMMON-STOCK> 46,101
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,103,787
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (99,718,714)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,473,507
<NET-ASSETS> 220,668,370
<DIVIDEND-INCOME> 93,436
<INTEREST-INCOME> 8,977,641
<OTHER-INCOME> 0
<EXPENSES-NET> (3,219,854)
<NET-INVESTMENT-INCOME> 5,851,223
<REALIZED-GAINS-CURRENT> (79,230,702)
<APPREC-INCREASE-CURRENT> 1,688,515
<NET-CHANGE-FROM-OPS> (77,542,187)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47,147
<NUMBER-OF-SHARES-REDEEMED> (1,046)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 46,977,007
<ACCUMULATED-NII-PRIOR> 2,492,208
<ACCUMULATED-GAINS-PRIOR> (20,488,012)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,786,648
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,219,854
<AVERAGE-NET-ASSETS> 89,866
<PER-SHARE-NAV-BEGIN> 4.78
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (0.38)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.49
<EXPENSE-RATIO> 2.74
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
To the Shareholders and Board of Directors of
Prudent Bear Fund
In planning and performing our audit of the financial statements and
financial highlights of Prudent Bear Fund (hereafter referred to as the
"Fund") for the year ended September 30, 1999, we considered the Fund's
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 financial
highlights and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the 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 control activities. Generally, control
activities that are relevant to an audit pertain to the entity's
objective of preparing financial statements and financial highlights for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all
matters in 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 any specific internal control component does not reduce to a
relatively low level the risk that misstatements caused by error or fraud
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 internal
control and its operation, including control activities for safeguarding
securities, that we consider to be material weaknesses as defined above
as of September 30, 1999.
This report is intended solely for the information and use of management
and the Board of Directors of Prudent Bear Fund and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
November 12, 1999
