<PAGE> PAGE 1
000 A000000 12/31/95
000 C000000 0000015260
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 II, INC.
001 B000000 811-2474
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 3
007 C010100 1
007 C020100 BULL & BEAR DOLLAR RESERVES
007 C030100 N
007 C010200 2
007 C020200 BULL & BEAR GLOBAL INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 BULL & BEAR U.S. GOVERNMENT SECURITIES FUND
007 C030300 N
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
007 C012100 21
007 C012200 22
007 C012300 23
<PAGE> PAGE 2
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
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007 C017200 72
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007 C017400 74
<PAGE> PAGE 3
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
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.
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 19102
014 A00AA01 BULL & BEAR SECURITIES, INC.
014 B00AA01 8-31732
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02111
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 9
019 C00AA00 BULL&BEARF
020 A000001 BULL & BEAR SECURITIES
020 B000001 13-3207082
020 C000001 3
<PAGE> PAGE 4
020 A000002 DEAN WITTER, REYNOLDS, INC.
020 B000002 N
020 C000002 2
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 5
022 A000001 B.Z.W. SECURITIES
022 B000001 13-3551367
022 C000001 354768
022 D000001 116929
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 217525
022 D000002 38016
022 A000003 PAINE WEBBER INC.
022 B000003 13-2638166
022 C000003 61820
022 D000003 16319
022 A000004 BANKERS TRUST
022 B000004 13-4941274
022 C000004 30593
022 D000004 14465
022 A000005 BANK OF AMERICA
022 B000005 94-1687665
022 C000005 24069
022 D000005 11891
022 A000006 DEAN WITTER, REYNOLDS, INC
022 B000006 N
022 C000006 21993
022 D000006 11404
022 A000007 FIRST BOSTON
022 B000007 N
022 C000007 16451
022 D000007 15116
022 A000008 DILLON READ
022 B000008 13-1939216
022 C000008 20206
022 D000008 7692
022 A000009 BEAR STERNS
022 B000009 13-4946705
022 C000009 15880
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<PAGE> PAGE 5
022 D000010 6856
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054 J00AA00 Y
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054 L00AA00 N
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054 N00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 500
077 A000000 N
080 A00AA00 CHUBB INSURANCE COMPANY
080 C00AA00 2500
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081 B00AA00 11
082 A00AA00 Y
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<PAGE> PAGE 6
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
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<PAGE> PAGE 7
028 G020100 1473
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048 I020100 0.000
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050 000100 N
051 000100 N
052 000100 N
053 A000100 N
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<PAGE> PAGE 8
055 B000100 N
056 000100 N
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 100.0
062 D000100 0.0
062 E000100 0.0
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062 G000100 0.0
062 H000100 0.0
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062 J000100 0.0
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062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 64
063 B000100 0.0
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
<PAGE> PAGE 9
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 Y
070 M020100 N
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070 O010100 Y
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070 P020100 N
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<PAGE> PAGE 10
072EE000100 0
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024 000200 Y
025 A000201 LEHMAN BROTHERS
025 B000201 13-2518466
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<PAGE> PAGE 11
028 A020200 167
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028 A040200 1357
028 B010200 277
028 B020200 166
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028 G020200 976
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037 000200 N
038 000200 0
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043 000200 94
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 250000
048 A020200 0.700
048 B010200 250000
048 B020200 0.625
<PAGE> PAGE 12
048 C010200 0
048 C020200 0.000
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048 D020200 0.000
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048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
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048 J020200 0.000
048 K010200 500000
048 K020200 0.500
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
055 A000200 N
055 B000200 Y
056 000200 N
057 000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.4
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 5.9
062 N000200 0.0
062 O000200 0.0
062 P000200 79.8
062 Q000200 8.2
062 R000200 6.4
063 A000200 0
063 B000200 10.5
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
<PAGE> PAGE 13
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 Y
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 Y
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 107256
071 B000200 106815
071 C000200 36086
071 D000200 296
072 A000200 6
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072 C000200 389
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<PAGE> PAGE 14
072 I000200 75
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<PAGE> PAGE 15
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076 000200 0.00
024 000300 N
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037 000300 N
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<PAGE> PAGE 16
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043 000300 19
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048 I020300 0.000
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048 J020300 0.000
048 K010300 500000
048 K020300 0.500
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
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<PAGE> PAGE 17
062 L000300 0.0
062 M000300 31.7
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062 O000300 0.0
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063 A000300 0
063 B000300 7.7
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
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070 D020300 N
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070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 Y
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
<PAGE> PAGE 18
070 R020300 N
071 A000300 57976
071 B000300 58898
071 C000300 14603
071 D000300 397
072 A000300 6
072 B000300 509
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072 D000300 0
072 E000300 0
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072 J000300 8
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072 S000300 6
072 T000300 19
072 U000300 0
072 V000300 0
072 W000300 9
072 X000300 158
072 Y000300 0
072 Z000300 351
072AA000300 265
072BB000300 0
072CC010300 162
072CC020300 0
072DD010300 354
072DD020300 0
072EE000300 0
073 A010300 0.3500
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 9
074 B000300 0
074 C000300 0
074 D000300 15266
074 E000300 0
074 F000300 0
074 G000300 0
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074 I000300 0
<PAGE> PAGE 19
074 J000300 0
074 K000300 0
074 L000300 187
074 M000300 0
074 N000300 15462
074 O000300 0
074 P000300 10
074 Q000300 0
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074 R020300 0
074 R030300 0
074 R040300 48
074 S000300 0
074 T000300 15404
074 U010300 985
074 U020300 0
074 V010300 15.63
074 V020300 0.00
074 W000300 0.0000
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075 A000300 0
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076 000300 0.00
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 information extracted from Semi Annual Report and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Bull & Bear Dollar Reserves
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 58,232,794
<INVESTMENTS-AT-VALUE> 58,232,794
<RECEIVABLES> 0
<ASSETS-OTHER> 3,138
<OTHER-ITEMS-ASSETS> 370,361
<TOTAL-ASSETS> 58,606,293
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 352,853
<TOTAL-LIABILITIES> 352,853
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,182,911
<SHARES-COMMON-STOCK> 58,183,395
<SHARES-COMMON-PRIOR> 65,208,343
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 70,529
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 58,253,440
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,796,655
<OTHER-INCOME> 0
<EXPENSES-NET> 296,829
<NET-INVESTMENT-INCOME> 1,499,826
<REALIZED-GAINS-CURRENT> 93
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,499,919
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,499,826
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85,309,338
<NUMBER-OF-SHARES-REDEEMED> 93,807,145
<SHARES-REINVESTED> 1,472,859
<NET-CHANGE-IN-ASSETS> (7,024,855)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 70,436
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 155,676
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 452,816
<AVERAGE-NET-ASSETS> 62,399,827
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary information extracted from Semi Annual Report and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Bull & Bear Global Income
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 35,933,320
<INVESTMENTS-AT-VALUE> 36,666,830
<RECEIVABLES> 1,163,087
<ASSETS-OTHER> 1,645
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,831,562
<PAYABLE-FOR-SECURITIES> 1,130,741
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 248,131
<TOTAL-LIABILITIES> 1,378,872
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,807,622
<SHARES-COMMON-STOCK> 4,451,937
<SHARES-COMMON-PRIOR> 4,896,231
<ACCUMULATED-NII-CURRENT> (1,430,993)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (55,658,071)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 734,132
<NET-ASSETS> 36,452,690
<DIVIDEND-INCOME> 388,732
<INTEREST-INCOME> 1,420,904
<OTHER-INCOME> 0
<EXPENSES-NET> 421,767
<NET-INVESTMENT-INCOME> 1,387,869
<REALIZED-GAINS-CURRENT> 895,761
<APPREC-INCREASE-CURRENT> (22,383)
<NET-CHANGE-FROM-OPS> 2,261,247
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,398,921
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218,574
<NUMBER-OF-SHARES-REDEEMED> 784,653
<SHARES-REINVESTED> 121,785
<NET-CHANGE-IN-ASSETS> (2,726,941)
<ACCUMULATED-NII-PRIOR> (1,419,941)
<ACCUMULATED-GAINS-PRIOR> (56,553,832)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 132,107
<INTEREST-EXPENSE> 596
<GROSS-EXPENSE> 422,266
<AVERAGE-NET-ASSETS> 37,834,148
<PER-SHARE-NAV-BEGIN> 8.00
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.19
<EXPENSE-RATIO> 2.24
<AVG-DEBT-OUTSTANDING> 7,065
<AVG-DEBT-PER-SHARE> 0.002
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary information extracted from Semi Annual Report and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Bull & Bear US Government
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 14,863,786
<INVESTMENTS-AT-VALUE> 15,266,056
<RECEIVABLES> 186,543
<ASSETS-OTHER> 8,882
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,461,481
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57,768
<TOTAL-LIABILITIES> 57,768
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,439,996
<SHARES-COMMON-STOCK> 985,498
<SHARES-COMMON-PRIOR> 1,077,514
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,256
<ACCUMULATED-NET-GAINS> (2,437,296)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 402,270
<NET-ASSETS> 15,403,714
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 509,194
<OTHER-INCOME> 0
<EXPENSES-NET> 157,988
<NET-INVESTMENT-INCOME> 351,206
<REALIZED-GAINS-CURRENT> 264,610
<APPREC-INCREASE-CURRENT> 161,671
<NET-CHANGE-FROM-OPS> 777,487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 353,839
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,204
<NUMBER-OF-SHARES-REDEEMED> 144,135
<SHARES-REINVESTED> 17,905
<NET-CHANGE-IN-ASSETS> (973,570)
<ACCUMULATED-NII-PRIOR> 1,377
<ACCUMULATED-GAINS-PRIOR> 2,701,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54,359
<INTEREST-EXPENSE> 293
<GROSS-EXPENSE> 158,519
<AVERAGE-NET-ASSETS> 15,571,471
<PER-SHARE-NAV-BEGIN> 15.20
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.35)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.63
<EXPENSE-RATIO> 2.04
<AVG-DEBT-OUTSTANDING> 3,826
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
