<PAGE> PAGE 1
000 B000000 06/30/96
000 C000000 0000042031
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 BULL & BEAR GOLD INVESTORS LTD.
001 B000000 811-00835
001 C000000 2127850900
002 A000000 11 HANOVER SQUARE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10005
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
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 A000001 BULL & BEAR ADVISERS, INC.
008 B000001 A
008 C000001 801-28329
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10005
008 A000002 LION RESOURCE MANAGEMENT
008 B000002 S
008 C000002 801-34468
008 D010002 LONDON
008 D050002 ENGLAND
008 D060002 SW7 3HG
011 A000001 INVESTOR SERVICE CENTER, INC.
011 B000001 8-29751
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10005
012 A000001 DST SYSTEMS, INC.
012 B000001 84-00448
<PAGE> PAGE 2
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
013 A000001 TAIT, WELLER & BAKER
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19102
013 B040001 1707
014 A000001 BULL & BEAR SECURITIES, INC.
014 B000001 8-31732
015 A000001 INVESTORS BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02111
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 9
019 C000000 BULL&BEARF
020 A000001 ORD MINNETT INC
020 B000001 ----------
020 C000001 12
020 A000002 YORKTON SECURITIES
020 B000002 ----------
020 C000002 10
020 A000003 SCHWAB (CHARLES) CO.
020 B000003 94-1737782
020 C000003 7
020 A000004 DEAN WITTER REYNOLDS INC.
020 B000004 ----------
020 C000004 6
020 A000005 BOSTON INSTITUTIONAL SERVICES
020 B000005 04-2479358
020 C000005 3
020 A000006 BULL & BEAR SECURITIES INC.
020 B000006 13-3207082
020 C000006 3
020 A000007 PRUDENTIAL SECURITIES INC.
020 B000007 22-2347336
020 C000007 2
020 A000008 ORRELL & CO.
020 B000008 ----------
020 C000008 2
020 A000009 FIDELITY CAPITAL MARKETS CO.
020 B000009 ----------
020 C000009 1
020 A000010 SCOTIA MCLEOD INC.
020 B000010 ----------
020 C000010 1
021 000000 48
<PAGE> PAGE 3
022 A000001 FOREIGN CURRENCY TRANSACTION
022 B000001 ----------
022 C000001 6267
022 D000001 5564
022 A000002 DEAN WITTER REYNOLDS INC.
022 B000002 ----------
022 C000002 0
022 D000002 4073
022 A000003 ERNST & CO.
022 B000003 ----------
022 C000003 575
022 D000003 570
022 A000004 SOCIETE GENERALE SECURITIES CORP.
022 B000004 13-1976032
022 C000004 0
022 D000004 804
022 A000005 WARBURG ROWE & PITMAN
022 B000005 ----------
022 C000005 0
022 D000005 778
022 A000006 BURNS FRY HOARE GOVETT INC.
022 B000006 13-2692943
022 C000006 771
022 D000006 0
022 A000007 BV CAPITAL MANAGEMENT
022 B000007 ----------
022 C000007 0
022 D000007 762
022 A000008 WHITE JACK & CO.
022 B000008 ----------
022 C000008 0
022 D000008 673
022 A000009 CM OLIVER
022 B000009 ----------
022 C000009 491
022 D000009 0
022 A000010 CORNUCOPIA RESOURCES
022 B000010 ----------
022 C000010 368
022 D000010 0
023 C000000 9638
023 D000000 13837
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
<PAGE> PAGE 4
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 2951
028 A020000 0
028 A030000 0
028 A040000 2304
028 B010000 2446
028 B020000 0
028 B030000 0
028 B040000 4068
028 C010000 622
028 C020000 0
028 C030000 0
028 C040000 961
028 D010000 541
028 D020000 0
028 D030000 0
028 D040000 1113
028 E010000 662
028 E020000 0
028 E030000 0
028 E040000 1285
028 F010000 1355
028 F020000 0
028 F030000 0
028 F040000 2914
028 G010000 8577
028 G020000 0
028 G030000 0
028 G040000 12645
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 Y
<PAGE> PAGE 5
038 000000 34
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 100
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 304
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 10000
048 A020000 1.000
048 B010000 20000
048 B020000 0.875
048 C010000 120000
048 C020000 0.750
048 D010000 350000
048 D020000 0.625
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 500000
048 K020000 0.500
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
<PAGE> PAGE 6
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 Y
055 B000000 Y
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 500
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 Y
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
<PAGE> PAGE 7
070 B020000 Y
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 Y
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 Y
070 H010000 Y
070 H020000 Y
070 I010000 Y
070 I020000 Y
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 N
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 17516
071 B000000 25754
071 C000000 28771
071 D000000 61
072 A000000 12
072 B000000 27
072 C000000 409
072 D000000 0
072 E000000 0
072 F000000 277
072 G000000 0
072 H000000 0
072 I000000 75
072 J000000 64
072 K000000 0
072 L000000 32
072 M000000 8
072 N000000 40
<PAGE> PAGE 8
072 O000000 0
072 P000000 36
072 Q000000 0
072 R000000 27
072 S000000 29
072 T000000 304
072 U000000 0
072 V000000 0
072 W000000 33
072 X000000 925
072 Y000000 0
072 Z000000 -489
072AA000000 3091
072BB000000 0
072CC010000 3478
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 3217
073 A010000 0.0000
073 A020000 0.0000
073 B000000 1.6100
073 C000000 0.0000
074 A000000 1358
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 25488
074 G000000 473
074 H000000 0
074 I000000 305
074 J000000 277
074 K000000 0
074 L000000 30
074 M000000 0
074 N000000 27931
074 O000000 308
074 P000000 34
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 100
074 S000000 0
074 T000000 27489
074 U010000 1960
074 U020000 0
074 V010000 14.02
074 V020000 0.00
074 W000000 0.0000
<PAGE> PAGE 9
074 X000000 3736
074 Y000000 0
075 A000000 0
075 B000000 30369
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 CHUBB INSURANCE GROUP
080 C000000 3000
081 A000000 Y
081 B000000 12
082 A000000 Y
082 B000000 10
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE HEATHER DAHILL
TITLE COMPLIANCE ASSISTANT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Bull & Bear
Gold Investors Ltd. Annual Report and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<CIK> 0000042031
<NAME> Bull & Bear Gold Investors, Ltd.
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 20,446,237
<INVESTMENTS-AT-VALUE> 26,266,108
<RECEIVABLES> 305,180
<ASSETS-OTHER> 1,359,344
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,930,632
<PAYABLE-FOR-SECURITIES> 307,574
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134,064
<TOTAL-LIABILITIES> 441,638
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,775,693
<SHARES-COMMON-STOCK> 1,960,355
<SHARES-COMMON-PRIOR> 2,224,853
<ACCUMULATED-NII-CURRENT> (4,030)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,902,296
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,815,035
<NET-ASSETS> 27,488,994
<DIVIDEND-INCOME> 408,945
<INTEREST-INCOME> 26,755
<OTHER-INCOME> 0
<EXPENSES-NET> 925,224
<NET-INVESTMENT-INCOME> (489,524)
<REALIZED-GAINS-CURRENT> 3,091,376
<APPREC-INCREASE-CURRENT> 3,477,953
<NET-CHANGE-FROM-OPS> 6,079,805
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,216,598
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,753,718
<NUMBER-OF-SHARES-REDEEMED> 5,246,276
<SHARES-REINVESTED> 244,202
<NET-CHANGE-IN-ASSETS> (518,000)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (45,956)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 276,798
<INTEREST-EXPENSE> 35,907
<GROSS-EXPENSE> 925,224
<AVERAGE-NET-ASSETS> 30,368,813
<PER-SHARE-NAV-BEGIN> 13.13
<PER-SHARE-NII> (.22)
<PER-SHARE-GAIN-APPREC> 2.72
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.61)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.02
<EXPENSE-RATIO> 2.93
<AVG-DEBT-OUTSTANDING> 501,113
<AVG-DEBT-PER-SHARE> .26
</TABLE>
