<PAGE> PAGE 1
000 B000000 06/30/96
000 C000000 0000015260
000 D000000 N
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004 000000 N
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007 C010300 3
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
020 A000002 BULL & BEAR SECURITIES INC.
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
070 D010200 Y
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Semi-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> 003
<NAME> Bull & Bear US Government Fund
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1996
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<SHARES-COMMON-STOCK> 884,157
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<APPREC-INCREASE-CURRENT> (342,666)
<NET-CHANGE-FROM-OPS> 218,206
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 630,604
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56,994
<NUMBER-OF-SHARES-REDEEMED> 282,543
<SHARES-REINVESTED> 32,182
<NET-CHANGE-IN-ASSETS> (3,342,048)
<ACCUMULATED-NII-PRIOR> 1,377
<ACCUMULATED-GAINS-PRIOR> 2,701,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 103,792
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 310,894
<AVERAGE-NET-ASSETS> 14,806,072
<PER-SHARE-NAV-BEGIN> 15.20
<PER-SHARE-NII> .64
<PER-SHARE-GAIN-APPREC> (.46)
<PER-SHARE-DIVIDEND> (.64)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.74
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 9,799
<AVG-DEBT-PER-SHARE> .01
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Bull & Bear
Global Income Fund 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
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 32,275,919
<INVESTMENTS-AT-VALUE> 31,680,558
<RECEIVABLES> 1,680,558
<ASSETS-OTHER> 195,620
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,534,890
<PAYABLE-FOR-SECURITIES> 2,519,704
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,124
<TOTAL-LIABILITIES> 2,669,828
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,541,837
<SHARES-COMMON-STOCK> 3,895,331
<SHARES-COMMON-PRIOR> 4,451,937
<ACCUMULATED-NII-CURRENT> 8,108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (52,041,759)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (643,024)
<NET-ASSETS> 30,865,162
<DIVIDEND-INCOME> 449,010
<INTEREST-INCOME> 2,678,565
<OTHER-INCOME> 0
<EXPENSES-NET> 782,468
<NET-INVESTMENT-INCOME> 2,345,107
<REALIZED-GAINS-CURRENT> 1,289,435
<APPREC-INCREASE-CURRENT> (1,399,539)
<NET-CHANGE-FROM-OPS> 2,235,003
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,147,357
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 1,375,770
<NUMBER-OF-SHARES-SOLD> 357,017
<NUMBER-OF-SHARES-REDEEMED> 1,579,473
<SHARES-REINVESTED> 221,556
<NET-CHANGE-IN-ASSETS> (8,314,469)
<ACCUMULATED-NII-PRIOR> (1,419,941)
<ACCUMULATED-GAINS-PRIOR> (56,553,832)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 251,003
<INTEREST-EXPENSE> 587
<GROSS-EXPENSE> 782,468
<AVERAGE-NET-ASSETS> 35,806,048
<PER-SHARE-NAV-BEGIN> 8.00
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> .23
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (.31)
<PER-SHARE-NAV-END> 7.92
<EXPENSE-RATIO> 2.18
<AVG-DEBT-OUTSTANDING> 3,552
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Bull & Bear
Dollar Reserves Fund 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> 001
<NAME> Bull & Bear Dollar Reserves Fund
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 62,379,848
<INVESTMENTS-AT-VALUE> 62,379,848
<RECEIVABLES> 0
<ASSETS-OTHER> 213,784
<OTHER-ITEMS-ASSETS> 7,725
<TOTAL-ASSETS> 62,601,357
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134,076
<TOTAL-LIABILITIES> 134,076
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,476,133
<SHARES-COMMON-STOCK> 62,398,353
<SHARES-COMMON-PRIOR> 58,183,395
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,852)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 62,467,281
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,420,410
<OTHER-INCOME> 0
<EXPENSES-NET> 549,841
<NET-INVESTMENT-INCOME> 2,870,569
<REALIZED-GAINS-CURRENT> (108)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,870,461
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,871,484
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 122,565,315
<NUMBER-OF-SHARES-REDEEMED> 128,162,135
<SHARES-REINVESTED> 2,786,829
<NET-CHANGE-IN-ASSETS> (2,811,014)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 70,436
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 305,752
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 855,593
<AVERAGE-NET-ASSETS> 61,067,233
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
