<PAGE> PAGE 1
000 B000000 06/30/98
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 FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 9
019 C000000 BULL&BEARF
020 A000001 BULL & BEAR SECURITIES INC.
020 B000001 13-3207082
020 C000001 39
020 A000002 CAPITAL INSTITUTIONAL SERVICES
020 B000002 75-1565705
020 C000002 12
020 A000003 SMITH BARNEY INC.
020 B000003 13-1912900
020 C000003 10
020 A000004 CHARLES SCHWAB CO.
020 B000004 94-1737782
020 C000004 6
020 A000005 LIPPER & CO.
020 B000005 13-3627305
020 C000005 5
020 A000006 RBC DOMINION SECURITIES INC.
020 B000006 13-5033225
020 C000006 4
020 A000007 TORONTO DOMINION SECURITIES INC.
020 B000007 ----------
020 C000007 3
020 A000008 T.D. SECURITIES INC.
020 B000008 22-2203727
020 C000008 2
020 A000009 PRUDENTIAL SECURITIES INC.
020 B000009 22-2347336
020 C000009 2
020 A000010 NESBITT BURNS SECURITIES INC.
020 B000010 ----------
020 C000010 2
021 000000 90
<PAGE> PAGE 3
022 A000001 LEHMAN BROTHERS INC.
022 B000001 13-2518466
022 C000001 2998
022 D000001 0
022 A000002 RAND INTERNATIONAL SECURITIES
022 B000002 13-3843950
022 C000002 696
022 D000002 1697
022 A000003 SHERWOOD SECURITIES CORP.
022 B000003 13-2616318
022 C000003 1169
022 D000003 834
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 540
022 D000004 167
022 A000005 PRUDENTIAL SECURITIES INC.
022 B000005 22-2347336
022 C000005 495
022 D000005 0
022 A000006 RAYMOND JAMES & ASSOCIATES
022 B000006 ----------
022 C000006 296
022 D000006 149
022 A000007 MERRILL LYNCH, PIERE, FENNER & SMITH
022 B000007 13-5674085
022 C000007 0
022 D000007 323
022 A000008 HERZOG HEINE GEDULD, INC.
022 B000008 13-1955436
022 C000008 201
022 D000008 114
022 A000009 CRUTTENDON & ROTH
022 B000009 ----------
022 C000009 115
022 D000009 0
022 A000010 BZW SECURITIES INC.
022 B000010 13-3551367
022 C000010 69
022 D000010 0
023 C000000 6812
023 D000000 3335
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 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 Y
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 406
028 A020000 0
028 A030000 0
028 A040000 257
028 B010000 344
028 B020000 0
028 B030000 0
028 B040000 292
028 C010000 527
028 C020000 0
028 C030000 0
028 C040000 245
028 D010000 492
028 D020000 0
028 D030000 0
028 D040000 436
028 E010000 54
028 E020000 0
028 E030000 0
028 E040000 408
028 F010000 159
028 F020000 0
028 F030000 0
028 F040000 264
028 G010000 1982
028 G020000 0
028 G030000 0
028 G040000 1902
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 12
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 112
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 N
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 Y
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 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
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 Y
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 15152
071 B000000 16125
071 C000000 11150
071 D000000 136
072 A000000 12
072 B000000 20
072 C000000 141
072 D000000 0
072 E000000 0
072 F000000 110
072 G000000 0
072 H000000 0
072 I000000 61
072 J000000 18
072 K000000 0
072 L000000 15
072 M000000 9
072 N000000 26
<PAGE> PAGE 8
072 O000000 0
072 P000000 34
072 Q000000 0
072 R000000 18
072 S000000 10
072 T000000 112
072 U000000 0
072 V000000 0
072 W000000 12
072 X000000 425
072 Y000000 0
072 Z000000 -264
072AA000000 0
072BB000000 10925
072CC010000 4613
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 836
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.4100
073 C000000 0.0000
074 A000000 52
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 9018
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 31
074 M000000 396
074 N000000 9497
074 O000000 0
074 P000000 8
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1165
074 S000000 0
074 T000000 8324
074 U010000 2271
074 U020000 0
074 V010000 3.67
074 V020000 0.00
074 W000000 0.0000
<PAGE> PAGE 9
074 X000000 2707
074 Y000000 0
075 A000000 0
075 B000000 11322
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A000000 ICI MUTUTAL INSURANCE CO.
080 C000000 3000
081 A000000 Y
081 B000000 13
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<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-30-1998
<PERIOD-START> Jul-01-1997
<PERIOD-END> Jun-30-1998
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 10,901,335
<INVESTMENTS-AT-VALUE> 9,018,068
<RECEIVABLES> 31,196
<ASSETS-OTHER> 448,397
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,497,661
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,173,533
<TOTAL-LIABILITIES> 1,173,533
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,190,403
<SHARES-COMMON-STOCK> 2,271,207
<SHARES-COMMON-PRIOR> 2,130,886
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,979,502)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,883,267)
<NET-ASSETS> 8,324,128
<DIVIDEND-INCOME> 141,145
<INTEREST-INCOME> 20,053
<OTHER-INCOME> 0
<EXPENSES-NET> 425,557
<NET-INVESTMENT-INCOME> (264,359)
<REALIZED-GAINS-CURRENT> (10,925,256)
<APPREC-INCREASE-CURRENT> 4,613,405
<NET-CHANGE-FROM-OPS> (6,576,210)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 835,640
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 808,491
<NUMBER-OF-SHARES-REDEEMED> 861,998
<SHARES-REINVESTED> 193,827
<NET-CHANGE-IN-ASSETS> (6,892,530)
<ACCUMULATED-NII-PRIOR> (3,266)
<ACCUMULATED-GAINS-PRIOR> 831,883
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 109,871
<INTEREST-EXPENSE> 33,835
<GROSS-EXPENSE> 433,504
<AVERAGE-NET-ASSETS> 11,321,577
<PER-SHARE-NAV-BEGIN> 7.14
<PER-SHARE-NII> (.12)
<PER-SHARE-GAIN-APPREC> (2.94)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.41)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 3.67
<EXPENSE-RATIO> 3.57
<AVG-DEBT-OUTSTANDING> 618,636
<AVG-DEBT-PER-SHARE> .28
</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
SHAREHOLDERS AND BOARD OF DIRECTORS
BULL & BEAR GOLD INVESTORS LTD.
NEW YORK, NEW YORK
In planning and performing our audit of the financial statements of Bull & Bear
Gold Investors Ltd. for the year ended June 30, 1998, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Fund 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 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
June 30, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
PHILADELPHIA, PENNSYLVANIA
JULY 17, 1998
