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SIGNATURE JOSEPH LEUNG
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Bull &
Bear Global Income Fund, Inc. Annual Report and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<CIK> 0000015260
<NAME> Bull & Bear Funds II, Inc.
<SERIES>
<NUMBER> 002
<NAME> Bull & Bear Global Income Fund, Inc.
<MULTIPLIER> 1
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 32,156,665
<INVESTMENTS-AT-VALUE> 32,329,978
<RECEIVABLES> 5,441,824
<ASSETS-OTHER> 482,385
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,254,187
<PAYABLE-FOR-SECURITIES> 5,232,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,660,767
<TOTAL-LIABILITIES> 12,893,267
<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 171,521
<NET-ASSETS> 25,360,920
<DIVIDEND-INCOME> 55,664
<INTEREST-INCOME> 2,524,310
<OTHER-INCOME> 0
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<ACCUMULATED-GAINS-PRIOR> (52,041,759)
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</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
SHAREHOLDERS AND BOARD OF DIRECTORS
BULL & BEAR GLOBAL INCOME FUND
NEW YORK, NEW YORK
In planning and performing our audit of the financial statements of Bull & Bear
Global Income Fund for the year ended June 30, 1997, 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 be come
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, 1997.
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 11, 1997
BULL & BEAR GLOBAL INCOME FUND
A Special Meeting of Shareholders ("Special Meeting") of Bull & Bear Global
Income Fund, a series of Bull & Bear Funds II, Inc. ("Prior Fund") was held on
January 22, 1997 pursuant to notice given to all shareholders of record at the
close of business on December 13, 1996. At the Special Meeting, shareholders
approved a proposal to convert Prior Fund from a diversified series of a
registered open-end management investment company to a registered closed-end
management investment company with 1,538,959 shares voting in favor of the
conversion, 495,212 shares voting against the conversion, and 177,794 shares
abstaining.
