BULL & BEAR
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Performance Driven
Prospectus Supplement dated
December 12, 1996
GLOBAL INCOME FUND
Prospectus dated November 1, 1996
On December 12, 1996, the Board of Directors
approved a proposal to convert the Fund from
open-end to closed-end status. As a closed-end
fund, it is expected that the Fund's shares would
be listed on the American Stock Exchange or
traded on Nasdaq and they would no longer be
redeemable at net asset value. Proxy materials
providing detailed information concerning the
proposal will be mailed to shareowners of record
and available to investors in December 1996.
