BULL & BEAR
Prospectus Supplement dated July 28, 1995
QUALITY GROWTH FUND
SPECIAL EQUITIES FUND
U.S. AND OVERSEAS FUND
Prospectuses dated May 1, 1995
MUNICIPAL INCOME FUND
Prospectus dated April 15, 1995
GLOBAL INCOME FUND
GOLD INVESTORS LTD.
U.S. GOVERNMENT SECURITIES FUND
Prospectuses dated November 1, 1994
The Fund is designed as a long term invest-ment.
To discourage short term trading, effective August
7, 1995, if shares of the Fund are purchased on or
after that date and redeemed within 30 days, the
Fund will deduct a redemption fee equal to one
percent of the net asset value of shares redeemed.
The fee will be retained by the Fund and used to
offset the costs that short term trading of Fund
shares imposes on the Fund and its shareholders.
If an account contains shares with different
holding periods (i.e. some shares held longer than
30 days), the shares with the longest holding
period will be redeemed first to determine if the
Fund's redemption fee applies. The fee will not
apply to shares acquired through the Dividend Sweep
Privilege and the reinvestment of dividends and
capital gains or redeemed under the Systematic
Withdrawal Plan.
All-SUP-RF-7/95
