Gold Investors
11 Hanover Square, New York, NY 10005
1-800-847-4200
1-212-363-1100
http://www.bull-and-bear.com
Investing in Mining Shares
and Gold, Platinum and
Silver Bullion for Long
Term Capital Appreciation
Semi-Annual Report
December 31, 1996
February 21, 1997
Dear Shareowner:
We are very pleased to welcome our many new shareowners to Bull & Bear Gold
Investors. Interestingly, many of our shareowners have invested in the Fund
through discount brokerage firms, including Charles Schwab & Co., Fidelity
Investments, Waterhouse Securities, Jack White & Co., and Bull & Bear
Securities.Also noteworthy is the extent to which shareowners have taken
advantage of the Bull & Bear No-Fee IRA(R) and qualified 403(b) and defined
contribution (Keogh) plans. Presently, more than one-third of the Fund's net
assets are held through these types of shareowner retirement plans.
Net Asset Value Gains
1996 proved to be a difficult environment for precious metals, with gold
and silver bullion registering declines of -4.89% and -8.14%, respectively, and
the XAU, a representative index of North American gold producers, recording
results of -.03% for the year. Despite these declines in precious metals and the
XAU, Bull & Bear Gold Investors' total return for the year was a gain of +4.26%.
As we move into 1997, we have seen some of the recovery we anticipated from
earlier depressed levels in the prices of gold and mining shares, as evidenced
by a gain in the Fund's net asset value per share year-to-date of +7.07%.
Review and Outlook
The U.S. dollar was strong throughout most of 1996, which put downward
pressure on the gold price. And although European and Japanese economies have
been weak, equity markets in most of the world have been strong, diverting
investor attention away from precious metals. Further central bank
dishoarding and producer forward selling also contributed to weakness in the
gold price in the fourth quarter. Nevertheless, the demand for gold remains
strong, at near record levels according to the World Gold Council.
It is also clear that inflation concerns are now rising. As a result of
strong economic growth in the United States, most recently reflected by
above-trend jumps in reported wage rates. In addition, growth in the U.S. Money
Supply continues to climb, which is often precursored by inflation which is a
broad definition of the money suppy, grew by 8.5% over the past 12 months. This
relatively high rate of monetary growth -- the highest in 10 years --
suggests very strongly that inflation is in the pipeline.
Affordable Plans for Growing Your Account
In view of the bullish imbalance of gold demand exceeding mine output,
plus the potential for a rise in the inflation rate, we see this as an
attractive time to add to your investment. We particularly favor establishing a
program of steady monthly investing, which also permits shareowners to take
advantage of dollar cost averaging. To make investing in the Fund as easy, safe,
convenient and affordable as possible, we offer the Bull & Bear Automatic
Investment Program with three different Plans to facilitate an automatic monthly
investment of $100 or more into your Fund account.
- The Bull & Bear Bank Transfer Plan lets you purchase Fund
shares on a certain day each month by transferring
electronically the dollar amount you specify from your regular
checking account, NOW account, or bank money market deposit
account.
- In the Bull & Bear Salary Investing Plan, part or all of your
salary may be invested electronically in shares of the Fund on
each pay date, depending upon your employer's direct deposit
program.
- The Bull & Bear Government Direct Deposit Plan allows you to
deposit automatically part or all of certain U.S. Government
payments into your Fund account. Eligible U.S. Government
payments include Social Security, pension benefits, military
or retirement benefits, salary, veteran's benefits and most
other recurring payments.
For information on any of these free services, simply give us a call
and we will help you get started.
If you have any questions or would like information on any of the Bull
& Bear Funds, the Bull & Bear No-Fee IRA(R) or opening a discount brokerage
account at Bull & Bear Securities, where you can earn 200 American Airlines(R)
AAdvantage(R) miles on every trade, we would be very pleased to hear from you.
Just call 1-800-847-4200, and an Investor Service Center Representative will be
glad to assist you, as always, without any obligation on your part.
Sincerely,
Kjeld Thygesen James Turk
Portfolio Manager Strategic Advisor
<PAGE>
Mutual Funds
Bull & Bear Dollar A high quality moneymarket fund investing in U.S.
Reserves Government securities. Income is generally free from
state income
and intangible
personalproperty
taxes. Free,
unlimited
check writing
with only a
$250 minimum
per check.
Bull & Bear Gold Seeks long term capital appreciation in investments
Investors with the potential to provide a hedge against inflation
and preserve the purchasing power of the dollar.
Bull & Bear Invests aggressively for maximum capital appreciation.
Special Equities Fund
Bull & Bear Invests worldwide for the highest possible total return.
U.S. and Overseas Fund
Call our toll-free number for a prospectus containing more complete
information, including charges and expenses. Please read it carefully before
you invest.
Closed-end investment companies
listed on the American Stock Exchange
Bull & Bear Global Income Fund Investing for a high level of income from a
global portfolio of primarily investment grade fixed income securities.
Bull & Bear Municipal Investing for the highest possible income exempt from
Income Fund Federal income tax that is consistent with preservation of
principal.
Bull & Bear U.S. Government Securities Fund Investing for a high level of
current income, liquidity and safety of principal.
Discount Brokerage
Services
Bull & Bear
ecurities, Inc.
Receive the investment information you need and the low commissions you expect.
Plus you can earn American Airlines(R)AAdvantage(R) miles every time you trade.
And you can save an additional 10% off our already low commission rates when you
use Bull & Bear PC OnLine Investment CenterSM and/or Bull & Bear TeleQuote/
TeleTrade SM. (There is no check writing minimum for Bull & Bear Performance
Plus(R) accounts.)
Call Toll Free1-800-VIP-4200 Total Return
Performance. For the period ended December 31,
1996, Bull & Bear Dollar Reserves' 7-day
compound yield was 4.75% on a current yield of
4.64%. Past performance does not guarantee
future results. Investment return will
fluctuate, and there can be no assurance a net
asset value of $1.00 per share will be able to
be maintained.
<PAGE>
BULL & BEAR GOLD INVESTORS LTD.
SCHEDULE OF PORTFOLIO INVESTMENTS - DECEMBER 31, 1996
(UNAUDITED)
SHARES MARKET
VALUE
BULLION (1.6%)
Gold
998.309 Troy Ounces $ 368,027
-----------
TOTAL BULLION (COST: $380,455) 368,027
------------
COMMON STOCKS AND WARRANTS (97.0%)
NORTH AMERICA (77.1%)
100,000 Banro Resource Corp. Special Warrants* 291,715
25,000 Barrick Gold Corp. 718,750
75,000 Birim oldfields Inc. Special Warrants* (1) 65,636
200,000 Canyon Resources Corp.* 525,000
140,000 Colossal Resources Corp.* 840,000
250,000 Cornucopia Resources Ltd.* 176,900
275,000 Dayton Mining Corp.* 1,839,063
150,000 Eaglecrest Explorations Ltd.* 200,265
46,000 Eaglec est Explorations Ltd.* (1) 39,918
160,000 Eden Roc Mineral Corp.* 208,944
100,000 Fairmile Gold Corp.* 164,150
100,000 Fairmile Gold Corp. Units* (1) 106,695
45,000 Getchell Gold Corp.* 1,726,875
50,000 Glenmore Highlands Inc.* 383,025
200,000 Golden Bear Minerals Inc. Special Warrants* (1) 143,568
57,500 Golden Cycle Gold Corp.* (2) 632,500
50,000 Golden Knight Resources Inc. Special Warrants* 240,760
20,000 Golden Star Resources Ltd.* 260,000
400,000 Goldstake Explorations, Inc.* 452,320
85,000 Greenstone Resources Ltd.* 998,750
200,000 Holmer Gold Mines Ltd. Special Warrants* (1) 194,924
50,000 Homestake Mining Co. 712,500
100,000 Kenrich Mining Corp. Units* 28,450
150,000 Minorca Resources Inc.* 327,210
150,000 Miramar Mining Corp.* 656,250
30,000 Newmont Mining Corp. 1,342,500
2,000,000 Oxus Resources Corp. Units (1) 195,000
103,000 REA Gold Corp.* 135,188
400,000 Rio Narcea Gold Mines Ltd.* 1,123,520
50,000 River Gold Mines Ltd.* 145,915
50,000 Trillion Resources Ltd. Units* 202,454
11,000 Valerie Gold Resources Ltd. Special Warrants* 62,998
200,200 Viceroy Resources Corp.* 890,970
500,000 Vista Gold Corp.* 687,500
100,000 West Africa Mining Exploration Corp. Inc.* 437,740
200,000 Western Pacific Mining Exploration Inc. Units* (1) $ 500,874
------------
17,658,827
AUSTRALIA (4.1%)
300,000 Emperor Mines Ltd.* 583,770
250,000 Normandy Mining Ltd. 345,500
------------
929,270
ISRAEL (1.1%)
300,000 Glencar Explorations PLC* 256,680
------------
MEXICO (1.9%)
125,000 Industrias Penoles S.A.* 443,013
------------
SOUTH AFRICA (12.8%)
751,664 Blyvooruitzicht Gold Mining Co. Ltd.* 762,744
75,000 Driefontein Consolidated Ltd. ADR 750,000
50,000 Free State Consolidated Gold Mines Ltd. ADR 359,375
170,000 Vaal Reefs Exploration & Mining Co. Ltd. ADR 1,051,875
------------
2,923,994
Total Common Stocks and Warrants (cost: $20,965,931) 22,211,784
-----------
Contracts OPTIONS (1.4%)
250 Blyvooruiticht Gold Mining Co. Ltd. due 12/31/00* 176,778
400 Normandy Mining Ltd., due 4/30/01 133,442
------------
Total Options (cost: $338,410) 310,220
TOTAL INVESTMENTS (COST: $21,684,796) $22,890,031
(100.0%)
* Indicates non-income producing security.
(1) Restricted security (see note 4).
(2) Affiliated company.
See accomanying notes to financial statements
GOLD INVESTORS LTD.
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1996 (Unaudited)
ASSETS:
Investments at market value (cost: $21,684,796) (note 1) $22,890,031
======================================================== ===========
Receivables:
============
Investment securities sold 1,555,745
========================== =========
Fund shares sold 28,073
================ ======
Dividends 11,813
========= ======
Other assets 3,917
============ -------------
Total assets 24,489,579
============ ------------
LIABILITIES:
Payables:
Demand note payable to bank 1,646,441
=========================== =========
Investment securities purchased 68,773
=============================== ======
Fund shares redeemed 13,524
==================== ======
Accrued expenses 55,243
================ ======
Accrued management and distribution fees 21,075
======================================== -------------
Total liabilities 1,805,056
================= -------------
NET ASSETS: (applicable to 2,196,512 outstanding shares:
500,000,000 shares of $.01 $22,684,523
par value authorized)
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($22,684,523 _ 2,196,512) $10.33
======
At December 31, 1996, net assets consisted of:
Paid-in capital $20,801,922
Undistributed net realized gain on investments 976,137
Accumulated deficit in net investment income (298,481)
Net unrealized appreciation on investments and foreign 1,204,945
currencies -------------
$22,684,523
See accompanying notes to financial statements.
GOLD INVESTORS LTD.
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended December 31, 1996 (Unaudited)
INVESTMENT INCOME:
Dividends (net of foreign taxes of $263) $ 90,816
========================================== ============
Interest
4,308
Total investment income 95,124
EXPENSES:
Distribution (note 3) 136,188
======================= =======
Investment management (note 3) 125,467
================================ =======
Professional (note 3) 31,219
======================= ======
Interest (note 5) 18,905
=================== ======
Printing 16,158
========== ======
Transfer agent 15,068
================ ======
Custodian 14,604
=========== ======
Shareholder administration (note 3) 12,303
===================================== ======
Registration (note 3) 11,755
======================= ======
Directors 6,028
=========== =====
Other
=======
1,881
Total expenses
389,576
Net investment loss
(294,452)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FOREIGN CURRENCIES AND FUTURES:
Net realized loss from foreign currency and futures
transactions (90,863)
==================================================
Net realized gain from security transactions 2,317,963
============================================ =========
Unrealized depreciation of investments and foreign
currencies during the (4,610,090)
============================================ -------------
period
======
Net realized and unrealized loss on investments,
foreign currencies and (2,382,990)
========================================== -------------
futures
=======
Net decrease in net assets resulting from operations $(2,677,442)
==================================================== ============
See accompanying notes to financial statements.
GOLD INVESTORS LTD.
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended December 31, 1996 (Unaudited) and the Year Ended June
30, 1996
<TABLE>
JUNE 30,
DECEMBER 31, 1996
1996
OPERATIONS:
<S> <C> <C>
Net investment loss $ (294,452) $ (489,524)
=================== ============== ==============
Net realized loss from foreign currency and futures transactions (90,863) (583,523)
================================================================ ======== =========
Net realized gain from security transactions 2,317,963 3,674,899
============================================ ========= ==========
Unrealized appreciation (depreciation) of investments and foreign
currencies during the period (4,610,090) 3,477,953
================================ -------------- ------------
Net increase (decrease) in net assets resulting from operations............. (2,677,442) 6,079,805
=============================================================== =========== =========
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net realized gains ($2.27 and $1.61 per share, (4,153,259) (3,216,598)
================================================================= =========== ===========
respectively)
CAPITAL SHARE TRANSACTIONS:
Change in net assets resulting from capital share transactions (a) 2,026,230 (4,381,207)
================================================================== ------------- ------------
Total decrease in net assets (4,804,471) (1,518,000)
============================ =========== ===========
NET ASSETS:
Beginning of period 27,488,994 29,006,994
=================== ------------ ------------
End of period (including accumulated deficit in net investment income
=====================================================================
of $298,481 and $4,030, respectively) $22,684,523 $27,488,994
================================================= =========== ===========
- --------------
(a) Transactions in capital shares were as follows:
</TABLE>
<TABLE>
DECEMBER 31, JUNE 30,
1996 1996
------------------= ----
Shares Value Shares Value
<S> <C> <C> <C> <C>
Shares sold 297,072 $4,260,185 4,753,718 $65,651,412
=========== ======= ========== ============ ===========
Shares issued in reinvestment of 375,803 3,855,738 244,202 2,950,243
================================ ======= ========= ======= =========
distributions
Shares redeemed (436,718) (6,089,693) (5,246,276) (72,982,862)
=============== --------- ------------ ----------- ------------
Net increase (decrease) 236,157 $2,026,230 $ (4,381,207)
======================= ======= ========== ==== =============
(248,356)
</TABLE>
See accompanying notes to financial statements.
GOLD INVESTORS LTD.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
(1) The Fund is a Maryland Corporation registered under the Investment Company
Act of 1940, as amended, as a non-diversified, open-end management investment
company. The investment objective of the Fund is long term capital appreciation.
The Fund seeks to achieve its investment objective by investing in securities of
companies involved directly or indirectly in mining, processing or dealing in
gold or other precious metals and in gold, platinum and silver bullion as set
forth in its prospectus. Income is the secondary objective. The following is a
summary of significant accounting policies consistently followed by the Fund in
the preparation of its financial statements. With respect to security valuation,
investments in securities traded on a national securities exchange and
securities traded on the Nasdaq National Market System ("NMS") are valued at the
last quoted sales price on the day the valuations are made. Such securities that
are not traded on a particular day, securities traded in the over-the-counter
market that are not on the NMS, and bullion are valued at the mean between the
last reported bid and asked prices. Foreign securities, currencies and gold,
platinum and silver coins are valued in U.S. dollars. Securities and bullion for
which quotations are not readily available and other assets are valued as
determined in good faith by or under the direction of the Board of Directors.
Security transactions are accounted for on the trade date (the date the order to
buy or sell is executed). Dividend income and distributions to shareholders are
recorded on the ex-dividend date. Interest income is recorded on an accrual
basis. Discounts and premiums on securities purchased are amortized over the
life of the respective securities. In preparing financial statements in
conformity with generally accepted accounting principles, management makes
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements, as well as the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
(2) The Fund intends to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute
substantially all of its taxable investment income and net capital gains, if
any, after utilization of any capital loss carryforward, to its shareholders and
therefore no Federal income tax provision is required. Based upon Federal income
tax cost of $21,684,796, gross unrealized appreciation and gross unrealized
depreciation were $4,481,972 and $3,276,737, respectively at December 31, 1996.
Distributions paid to shareholders differ from net realized gains from security
transactions as determined for financial reporting purposes principally as a
result of utilization of capital loss carryforwards, wash sales, and capital
gains distributions paid in the subsequent year.
(3) The Fund retains Bull & Bear Advisers, Inc. as its Investment Manager. Under
the terms of the Investment Management Agreement, the Investment Manager
receives a management fee, payable monthly, based on the average daily net
assets of the Fund at an annual rate of 1% on the first $10 million, 7/8 of 1%
over $10 million up to $30 million, 3/4 of 1% over $30 million up to $150
million, 5/8 of 1% over $150 million up to $500 million, and 1/2 of 1% over $500
million. The Investment Manager has agreed to waive all or part of its fee or
reimburse the Fund monthly if and to the extent the aggregate operating expenses
of the Fund exceed the most restrictive limit imposed by any state in which
shares of the Fund are qualified for sale, although currently the Fund is not
subject to any such limits. Pursuant to the Investment Management Agreement, the
Investment Manager retains Lion Resource Management Limited (the "Subadviser")
regarding portfolio investments. Pursuant to the Subadvisory agreement, the
Subadviser advises and consults with the Investment Manager regarding the
selection, clearing and safekeeping of the Fund's portfolio investments and
assists in pricing and generally monitoring such investments. The Subadviser
also provides the Investment Manager with advice as to allocating the Fund's
portfolio assets among various countries, including the United States and among
equities, bullion and other types of investments, including recommendations of
specific investments. The Investment Manager, not the Fund, pays the Subadviser
monthly a percentage of the Investment Manager's net fees based upon the Fund's
performance and net assets. Certain officers and directors of the Fund are
officers and directors of the Investment Manager and Investor Service Center,
Inc., the Fund's distributor. The Fund reimbursed the Investment Manager $5,348
for providing certain administrative and accounting services at cost for the six
months ended December 31, 1996. During the six months ended December 31, 1996,
the Fund paid $4,415 to Bull & Bear Securities, Inc., an affiliate of the
Investment Manager in commissions for brokerage services.
The Fund has adopted a plan of distribution pursuant to Rule 12b-1 under the
Investment Company Act of 1940 (the "Plan"). Pursuant to the Plan, the Fund pays
the Distributor a distribution fee in an amount of three-quarters of one percent
per annum of the Fund's average daily net assets and a service fee in an amount
of one-quarter of one percent per annum of the Fund's average daily net assets.
The fee for service activities is intended to cover personal services provided
to shareholders in the Fund and the maintenance of shareholder accounts. The fee
for distribution activities is to cover all other activities and expenses
primarily intended to result in the sale of the Fund's shares. Investor Service
Center also received $12,303 for shareholder administration services which it
provided to the Fund at cost for the six months ended December 31, 1996.
GOLD INVESTORS LTD.
<PAGE>
(4) Purchases and proceeds of sales of securities other than short term notes
and bullion aggregated $6,111,461 and $4,833,403, respectively, for the six
months ended December 31, 1996. On December 31, 1996, the Fund held certain
securities which are subject to restrictions on resale. Investments in
restricted securities are valued at fair value as determined in good faith by or
under the direction of the Board of Directors. Date of acquisition and cost of
restricted securities are as follows:
<TABLE>
Date of
Shares Acquisition Cost Value
------ ----------- =---- =-----
<S> <C> <C> <C> <C>
75,000 Birim Goldfields Inc. Special Warrants 10/18/96 $ 122,313 $ 65,636
====== ====================================== ======== =========== ============
46,000 Eaglecrest Explorations Ltd. 12/30/96 68,913 39,918
====== ============================ ======== ====== ======
100,000 Fairmile Gold Corp. Units 3/21/96 146,827 106,695
======= ========================= ======= ======= =======
200,000 Golden Bear Minerals Inc. Special 9/9/96 233,075 143,568
======= ================================= ====== ======= =======
Warrants
200,000 Holmer Gold Mines Ltd. Special Warrants 11/19/96 238,290 194,924
======= ======================================= ======== ======= =======
2,000,000 Oxus Resources Corp. Units 8/15/96 300,000 195,000
========= ========================== ======= ======= =======
200,000 Western Pacific Mining Exploration Inc. 12/5/96 294,551 500,874
======= ======================================= ======= ------------ ------------
Units
$1,403,969 $1,246,616
========== ==========
</TABLE>
At December 31, 1996, the total value of restricted securities represent 5.50%
of net assets.
(5) The Fund has a committed bank line of credit. At December 31, 1996, there
was no balance outstanding and the interest rate was equal to the Federal
Reserve Funds Rate plus 1.75 percentage points. For the six months ended
December 31, 1996, the weighted average interest rate was 7.10% based on the
balances outstanding during the year and the weighted average amount outstanding
was $528,863. Included in interest expense is $492 for commitment fees related
to this line of credit.
GOLD INVESTORS LTD.
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
Six Months
Ended Years Ended June 30, 1996
December 31,
1996*
1996 1995 1994 1993 1992
============ ------======= -----======= ---------===== -
PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period........... $ 14.02 $ 13.13 $ 15.71 $ 16.98 $ 11.62 $ 12.49
====================================== -------- -------- -------- --------- -------- --------
Income from investment operations:
Net investment income (loss)..................... (.13) (.22) -- (.11) (.03) (.10)
============================ ===== ===== == ===== ===== =====
Net realized and unrealized gain (loss) (1.29) 2.72 (1.13) (1.05) 5.39 (.72)
======================================= ---------- ---------- =========== ----------= ---------- =========
on investments...................................
Total from investment operations............. (1.42) 2.50 (1.13) (1.16) 5.36 (.82)
==================================== ---------- ---------- =========== ----------= ---------- =========
Less distributions:
Distributions from net investment income......... -- -- -- -- (.05)
======================================== ========= ========== ============= ========= ============== ======
--
Distributions from net realized gains on (2.27) (1.61) (1.45) (.11) --
======================================== ---------- =========== ----------= -----------= ====--------- -----
investments...................................... --
=========== --
Total distributions............................ (2.27) (1.61) (1.45) (.11) -- (.05)
===================== ---------- =========== ----------= -----------= -----------==== --------=
Net asset value at end of period................. $ 10.33 $ 14.02 $ 13.13 $ 15.71 $ 16.98 $ 11.62
================================ ======= ======== ======== ======== ======== ========
TOTAL RETURN (10.02)% 21.01% (8.01)% (6.92)% 46.13% (6.57)%
========== ========= ========== ========== ========= =======
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000's $22,685 $27,489 $29,007 $36,603 $47,489 $24,939
======= ======= ======= ======= ======= =======
omitted)
Ratio of expenses to average net 2.72%** 2.93% 2.82% 2.54% 3.01% 2.96%
========= ========== ========== ========== ========== ======
assets (a)
Ratio of net investment income (loss) to (2.02)%** (1.49)% .12% (.65)% (.61)%
===== ========== =========== ========== ====== =======
average net assets............................... (.27)%
====
Portfolio turnover rate.......................... 18% 61% 158% 129% 97%
== ======= ========== ========== ======== ========
156%
===
Average commission per share....................... $ .0221 $ .0202
======= ========
(aRatios including interest expense were 2.86%**, 3.05%, 2.93%, 2.57%, 3.03% and
2.98% for the six months ending December 31, 1996 and for the years ending June
30, 1996, 1995, 1994, 1993 and 1992, respectively.
(bRatios including interest expense were (2.16)%**, (1.61)%, .01%, (.68)%, (.29)% and (.63)% for the six
months ending December 31, 1996 and for the years ending June 30, 1996, 1995, 1994, 1993 and 1992,
respectively.
* Unaudited.
**Annualized.
</TABLE>
GOLD INVESTORS LTD.
<PAGE>
Gold investors
11 Hanover Square
New York, NY 10005
1-800-847-4200 1-212-363-1100 http://www.bull-and-bear.com Call toll-free for
Fund performance, telephone purchases, exchanges among the Bull & Bear Funds,
and to obtain information concerning your account.
1-800-847-4200
1-212-363-1100
This report and the financial statements contained herein are submitted for the
general information of the shareholders of the Fund. The report is not
authorized for distribution to prospective investors in the Fund unless preceded
or accompanied by an effective Prospectus.
GOLD INVESTORS LTD.
<PAGE>
