<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0000796532
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 FUNDS I, INC.
001 B000000 811-4741
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 Y
007 B000000 1
007 C010100 1
007 C020100 BULL & BEAR U.S. AND OVERSEAS 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
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 BULL & BEAR ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-28329
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10005
011 A00AA01 INVESTOR SERVICE CENTER, INC.
<PAGE> PAGE 2
011 B00AA01 8-29751
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10005
012 A00AA01 DST SYSTEMS, INC.
012 B00AA01 84-00448
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 TAIT, WELLER & BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 BULL & BEAR SECURITIES, INC.
014 B00AA01 8-31732
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 9
019 C00AA00 BULL&BEARF
020 A000001 BULL & BEAR SECURITIES INC.
020 B000001 13-3207082
020 C000001 8
020 A000002 CAPITAL INSTITUTIONAL SERVICES
020 B000002 75-1565705
020 C000002 7
020 A000003 LIPPER & CO.
020 B000003 13-3627345
020 C000003 2
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 18
022 A000001 SHERWOOD SECURITIES CORP.
022 B000001 13-2616318
022 C000001 688
022 D000001 1099
022 A000002 HERZOG HEINE GEDULD INC.
022 B000002 13-1955436
022 C000002 179
022 D000002 220
022 A000003 GOLDMAN SACHS & CO.
<PAGE> PAGE 3
022 B000003 13-5108880
022 C000003 229
022 D000003 59
022 A000004 SALOMON SMITH BARNEY
022 B000004 13-1912900
022 C000004 269
022 D000004 0
022 A000005 MERRILL LYNCH
022 B000005 13-5674085
022 C000005 77
022 D000005 0
022 A000006 EVEREN SECURITIES INC.
022 B000006 ----------
022 C000006 0
022 D000006 74
022 A000007 PRUDENTIAL SECURITIES INC.
022 B000007 22-2347336
022 C000007 0
022 D000007 69
022 A000008 GREENWICH CAPITAL CORP.
022 B000008 ----------
022 C000008 49
022 D000008 0
022 A000009 BARCLAY & CO.
022 B000009 58-1550508
022 C000009 30
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 1521
023 D000000 1522
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025 D00AA04 0
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026 G020000 N
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<PAGE> PAGE 4
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
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 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
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062 A00AA00 N
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062 D00AA00 0.0
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062 I00AA00 0.0
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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
<PAGE> PAGE 5
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE CO.
080 C00AA00 3000
081 A00AA00 Y
081 B00AA00 13
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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028 C010100 8
028 C020100 0
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<PAGE> PAGE 6
028 F010100 11
028 F020100 228
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028 G010100 94
028 G020100 228
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037 000100 Y
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042 C000100 0
042 D000100 100
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042 F000100 0
042 G000100 0
042 H000100 0
043 000100 79
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045 000100 Y
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047 000100 Y
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048 A010100 10000
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048 B010100 20000
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048 I010100 0
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048 J020100 0.000
048 K010100 500000
048 K020100 0.500
055 A000100 N
<PAGE> PAGE 7
055 B000100 N
056 000100 N
057 000100 N
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 Y
070 O010100 Y
070 O020100 Y
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 5366
<PAGE> PAGE 8
071 B000100 6772
071 C000100 7723
071 D000100 69
072 A000100 12
072 B000100 22
072 C000100 133
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072 J000100 11
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073 A020100 0.0000
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073 C000100 0.0000
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<PAGE> PAGE 9
074 L000100 9
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074 T000100 7340
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076 000100 0.00
028 A010200 0
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<PAGE> PAGE 10
038 000200 0
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042 D000200 0
042 E000200 0
042 F000200 0
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043 000200 0
044 000200 0
045 000200 N
048 000200 0.000
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
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048 C020200 0.000
048 D010200 0
048 D020200 0.000
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048 E020200 0.000
048 F010200 0
048 F020200 0.000
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048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
055 A000200 N
055 B000200 N
056 000200 N
057 000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 N
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
<PAGE> PAGE 11
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 0
072 C000200 0
072 D000200 0
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072 H000200 0
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072 J000200 0
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072 M000200 0
072 N000200 0
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<PAGE> PAGE 12
072 S000200 0
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072DD020200 0
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073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
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074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 0
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074 O000200 0
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074 R020200 0
074 R030200 0
074 R040200 0
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074 T000200 0
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074 V010200 0.00
074 V020200 0.00
074 W000200 0.0000
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<PAGE> PAGE 13
076 000200 0.00
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 0
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 0
028 C020300 0
028 C030300 0
028 C040300 0
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 0
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 0
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028 G030300 0
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042 A000300 0
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042 C000300 0
042 D000300 0
042 E000300 0
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043 000300 0
044 000300 0
SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Bull &
Bear U.S. and Overseas Fund, a series of Bull & Bear Funds I, Inc. Annual Report
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000796532
<NAME> Bull & Bear Funds I, Inc.
<SERIES>
<NUMBER> 1
<NAME> Bull & Bear U.S. and Overseas Fund
<MULTIPLIER> 1
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Dec-31-1998
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 6,261,318
<INVESTMENTS-AT-VALUE> 6,964,736
<RECEIVABLES> 9,238
<ASSETS-OTHER> 404,571
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,378,545
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,665
<TOTAL-LIABILITIES> 38,665
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,586,598
<SHARES-COMMON-STOCK> 1,024,356
<SHARES-COMMON-PRIOR> 1,149,191
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28,142
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 725,140
<NET-ASSETS> 7,339,880
<DIVIDEND-INCOME> 132,873
<INTEREST-INCOME> 21,737
<OTHER-INCOME> 0
<EXPENSES-NET> 263,852
<NET-INVESTMENT-INCOME> (109,242)
<REALIZED-GAINS-CURRENT> 259,779
<APPREC-INCREASE-CURRENT> (38,013)
<NET-CHANGE-FROM-OPS> 112,524
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (253,359)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,554
<NUMBER-OF-SHARES-REDEEMED> 191,752
<SHARES-REINVESTED> 33,361
<NET-CHANGE-IN-ASSETS> (1,105,765)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 79,269
<INTEREST-EXPENSE> 1,677
<GROSS-EXPENSE> 263,852
<AVERAGE-NET-ASSETS> 7,923,672
<PER-SHARE-NAV-BEGIN> 7.35
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> .18
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .26
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 7.17
<EXPENSE-RATIO> 3.33
<AVG-DEBT-OUTSTANDING> 11,858
<AVG-DEBT-PER-SHARE> 0.01
</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Shareholders and Board of Directors
Bull & Bear U.S. and Overseas Fund
New York, New York
In planning and performing our audit of the financial statements of Bull & Bear
U.S. and Overseas Fund, a series of shares of Bull & Bear Funds I, Inc., for the
year ended December 31, 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
December 31, 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
January 15, 1999
