<PAGE> PAGE 1
000 A000000 12/31/96
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 Y
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
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
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 DEAN WITTER REYNOLDS, INC.
020 B000001 ----------
020 C000001 3
<PAGE> PAGE 4
020 A000002 BULL & BEAR SECURITIES INC.
020 B000002 13-3207082
020 C000002 1
020 A000003 SMITH BARNEY INC.
020 B000003 13-1912900
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 4
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001 27314
022 D000001 8437
022 A000002 NATIONSBANK
022 B000002 ----------
022 C000002 28766
022 D000002 4740
022 A000003 BZW SECURITIES
022 B000003 13-3551367
022 C000003 13724
022 D000003 12969
022 A000004 CHASE MANHATTAN BANK
022 B000004 ----------
022 C000004 12670
022 D000004 12759
022 A000005 BEAR STEARNS & CO.
022 B000005 13-4946705
022 C000005 11102
022 D000005 12224
022 A000006 GOLDMAN SACHS & CO.
022 B000006 13-5108880
022 C000006 14439
022 D000006 8785
022 A000007 SALOMON BROTHERS INC.
022 B000007 13-3082694
022 C000007 17242
022 D000007 3226
022 A000008 BANKERS TRUST SECURITIES CORP.
022 B000008 13-4941274
022 C000008 9554
022 D000008 5934
022 A000009 PRUDENTIAL SECURITIES INC.
022 B000009 22-2347336
022 C000009 11606
022 D000009 3486
022 A000010 BANK OF AMERICA SECURITIES
<PAGE> PAGE 5
022 B000010 95-4035346
022 C000010 9486
022 D000010 4083
023 C000000 214517
023 D000000 121479
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
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
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 Y
060 B00AA00 Y
061 00AA00 500
077 A000000 Y
077 C000000 Y
077 Q010000 Y
080 A00AA00 ICI MUTUAL INSURANCE CO.
080 C00AA00 3000
081 A00AA00 Y
<PAGE> PAGE 6
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
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 7951
028 A020100 247
028 A030100 0
028 A040100 5753
028 B010100 4683
028 B020100 267
028 B030100 0
028 B040100 5957
028 C010100 8386
028 C020100 227
028 C030100 0
028 C040100 5506
028 D010100 6547
028 D020100 254
028 D030100 0
028 D040100 8114
028 E010100 3294
028 E020100 241
028 E030100 0
028 E040100 5374
028 F010100 5339
<PAGE> PAGE 7
028 F020100 246
028 F030100 0
028 F040100 5233
028 G010100 36200
028 G020100 1482
028 G030100 0
028 G040100 35937
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 250000
048 A020100 0.500
048 B010100 250000
048 B020100 0.450
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 500000
048 K020100 0.400
049 000100 N
050 000100 N
<PAGE> PAGE 8
051 000100 N
052 000100 N
053 A000100 N
055 A000100 Y
055 B000100 N
056 000100 N
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 99.8
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 35
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
<PAGE> PAGE 9
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 1758
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 162
072 G000100 0
072 H000100 0
072 I000100 63
072 J000100 24
072 K000100 0
072 L000100 13
072 M000100 5
072 N000100 21
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 10
072 S000100 10
072 T000100 81
072 U000100 0
072 V000100 0
072 W000100 6
072 X000100 395
072 Y000100 162
072 Z000100 1525
072AA000100 0
072BB000100 0
<PAGE> PAGE 10
072CC010100 0
072CC020100 0
072DD010100 1524
072DD020100 0
072EE000100 0
073 A010100 0.0240
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 59
074 B000100 0
074 C000100 63536
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 722
074 M000100 5
074 N000100 64322
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 109
074 S000100 0
074 T000100 64213
074 U010100 64143
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0009
074 X000100 3529
074 Y000100 0
075 A000100 64359
075 B000100 0
076 000100 0.00
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
<PAGE> PAGE 11
028 A010200 35
028 A020200 123
028 A030200 0
028 A040200 714
028 B010200 203
028 B020200 123
028 B030200 0
028 B040200 327
028 C010200 380
028 C020200 122
028 C030200 0
028 C040200 577
028 D010200 56
028 D020200 122
028 D030200 0
028 D040200 596
028 E010200 94
028 E020200 121
028 E030200 0
028 E040200 545
028 F010200 58
028 F020200 119
028 F030200 0
028 F040200 820
028 G010200 826
028 G020200 730
028 G030200 0
028 G040200 3579
028 H000200 0
037 000200 Y
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 100
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 78
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
<PAGE> PAGE 12
048 B020200 0.625
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
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 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 0.0
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 0.1
062 M000200 3.3
062 N000200 0.0
062 O000200 0.0
062 P000200 71.9
062 Q000200 36.2
062 R000200 4.4
063 A000200 0
063 B000200 12.7
064 A000200 N
064 B000200 N
066 A000200 N
<PAGE> PAGE 13
067 000200 N
068 A000200 N
068 B000200 Y
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 Y
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 70157
071 B000200 68539
071 C000200 31440
071 D000200 218
072 A000200 6
072 B000200 1243
072 C000200 45
072 D000200 0
072 E000200 0
072 F000200 109
072 G000200 0
<PAGE> PAGE 14
072 H000200 0
072 I000200 57
072 J000200 39
072 K000200 0
072 L000200 3
072 M000200 6
072 N000200 15
072 O000200 0
072 P000200 29
072 Q000200 0
072 R000200 10
072 S000200 10
072 T000200 78
072 U000200 0
072 V000200 0
072 W000200 2
072 X000200 358
072 Y000200 0
072 Z000200 930
072AA000200 631
072BB000200 0
072CC010200 986
072CC020200 0
072DD010200 1015
072DD020200 0
072EE000200 0
073 A010200 0.2700
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 49
074 B000200 0
074 C000200 0
074 D000200 32831
074 E000200 1330
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 2309
074 K000200 0
074 L000200 549
074 M000200 2
074 N000200 37070
074 O000200 3449
074 P000200 20
074 Q000200 0
074 R010200 3080
074 R020200 0
074 R030200 0
074 R040200 148
<PAGE> PAGE 15
074 S000200 0
074 T000200 30373
074 U010200 3647
074 U020200 0
074 V010200 8.33
074 V020200 0.00
074 W000200 0.0000
074 X000200 3358
074 Y000200 0
075 A000200 0
075 B000200 30762
076 000200 0.00
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 59
028 A020300 36
028 A030300 0
028 A040300 113
028 B010300 33
028 B020300 35
028 B030300 0
028 B040300 242
028 C010300 27
028 C020300 30
028 C030300 0
028 C040300 1687
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 557
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 4
028 F010300 0
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 119
028 G020300 101
028 G030300 0
028 G040300 2603
028 H000300 0
037 000300 Y
<PAGE> PAGE 16
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 100
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 8
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 250000
048 A020300 0.700
048 B010300 250000
048 B020300 0.625
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
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 Y
056 000300 N
057 000300 N
062 A000300 Y
062 B000300 0.0
<PAGE> PAGE 17
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
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
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
070 D010300 Y
070 D020300 N
070 E010300 Y
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
<PAGE> PAGE 18
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
070 R020300 N
071 A000300 8873
071 B000300 8844
071 C000300 11549
071 D000300 77
072 A000300 3
072 B000300 211
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 23
072 G000300 0
072 H000300 0
072 I000300 11
072 J000300 8
072 K000300 0
072 L000300 3
072 M000300 3
072 N000300 7
072 O000300 0
072 P000300 1
072 Q000300 0
072 R000300 5
072 S000300 2
072 T000300 8
072 U000300 0
072 V000300 0
072 W000300 5
072 X000300 75
072 Y000300 0
072 Z000300 136
072AA000300 0
072BB000300 63
072CC010300 0
072CC020300 110
072DD010300 134
072DD020300 0
072EE000300 0
073 A010300 0.1600
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
<PAGE> PAGE 19
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 0
074 M000300 0
074 N000300 0
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 0
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 0
075 A000300 0
075 B000300 12736
076 000300 0.00
SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Bull & Bear
Dollar Reserves Fund 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> 001
<NAME> Bull & Bear Dollar Reserves Fund
<MULTIPLIER> 1
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Jun-30-1997
<PERIOD-START> Jul-01-1996
<PERIOD-END> Dec-31-1996
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 63,536,369
<INVESTMENTS-AT-VALUE> 63,536,369
<RECEIVABLES> 722,357
<ASSETS-OTHER> 63,765
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,322,491
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,934
<TOTAL-LIABILITIES> 108,934
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,221,160
<SHARES-COMMON-STOCK> 64,143,379
<SHARES-COMMON-PRIOR> 62,398,353
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,603)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 64,213,557
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,757,795
<OTHER-INCOME> 0
<EXPENSES-NET> 232,860
<NET-INVESTMENT-INCOME> 1,524,935
<REALIZED-GAINS-CURRENT> 392
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,525,327
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,524,078
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36,199,913
<NUMBER-OF-SHARES-REDEEMED> 35,936,536
<SHARES-REINVESTED> 1,481,650
<NET-CHANGE-IN-ASSETS> 1,746,276
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (8,852)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 162,212
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 395,072
<AVERAGE-NET-ASSETS> 64,359,391
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .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> .72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Bull &
Bear Global Income Fund 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> 002
<NAME> Bull & Bear Global Income Fund
<MULTIPLIER> 1
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Jun-30-1997
<PERIOD-START> Jul-01-1996
<PERIOD-END> Dec-31-1996
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 33,814,971
<INVESTMENTS-AT-VALUE> 34,161,358
<RECEIVABLES> 2,858,144
<ASSETS-OTHER> 50,912
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,070,414
<PAYABLE-FOR-SECURITIES> 3,448,750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,248,792
<TOTAL-LIABILITIES> 6,697,542
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,518,218
<SHARES-COMMON-STOCK> 3,647,093
<SHARES-COMMON-PRIOR> 3,895,331
<ACCUMULATED-NII-CURRENT> (77,483)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (51,410,671)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (342,808)
<NET-ASSETS> 30,372,872
<DIVIDEND-INCOME> 44,814
<INTEREST-INCOME> 1,243,491
<OTHER-INCOME> 0
<EXPENSES-NET> 358,057
<NET-INVESTMENT-INCOME> 930,248
<REALIZED-GAINS-CURRENT> 631,088
<APPREC-INCREASE-CURRENT> 985,832
<NET-CHANGE-FROM-OPS> 2,547,168
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,015,840
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 101,803
<NUMBER-OF-SHARES-REDEEMED> 439,899
<SHARES-REINVESTED> 89,858
<NET-CHANGE-IN-ASSETS> (492,290)
<ACCUMULATED-NII-PRIOR> 8,108
<ACCUMULATED-GAINS-PRIOR> (52,041,759)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 108,551
<INTEREST-EXPENSE> 28,866
<GROSS-EXPENSE> 358,057
<AVERAGE-NET-ASSETS> 30,762,129
<PER-SHARE-NAV-BEGIN> 7.92
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> .43
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.33
<EXPENSE-RATIO> 2.31
<AVG-DEBT-OUTSTANDING> 976,368
<AVG-DEBT-PER-SHARE> .26
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Bull
& Bear U.S. Government Securities Fund, Inc. Semi-Annual Report and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000015260
<NAME> Bull & Bear U.S. Government Securities Fund, Inc.
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Jun-30-1997
<PERIOD-START> Jul-01-1996
<PERIOD-END> Dec-31-1996
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 10,627,918
<INVESTMENTS-AT-VALUE> 10,652,502
<RECEIVABLES> 128,056
<ASSETS-OTHER> 60,671
<OTHER-ITEMS-ASSETS> 816
<TOTAL-ASSETS> 10,842,045
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90,556
<TOTAL-LIABILITIES> 90,556
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,499,372
<SHARES-COMMON-STOCK> 726,009
<SHARES-COMMON-PRIOR> 884,157
<ACCUMULATED-NII-CURRENT> 3,930
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,776,397)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,584
<NET-ASSETS> 10,751,489
<DIVIDEND-INCOME> 9,375
<INTEREST-INCOME> 380,511
<OTHER-INCOME> 0
<EXPENSES-NET> 121,979
<NET-INVESTMENT-INCOME> 267,907
<REALIZED-GAINS-CURRENT> (6,214)
<APPREC-INCREASE-CURRENT> 126,651
<NET-CHANGE-FROM-OPS> 388,344
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 263,976
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,064
<NUMBER-OF-SHARES-REDEEMED> 176,906
<SHARES-REINVESTED> 10,694
<NET-CHANGE-IN-ASSETS> (2,283,747)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,770,184)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41,583
<INTEREST-EXPENSE> 179
<GROSS-EXPENSE> 121,979
<AVERAGE-NET-ASSETS> 11,784,230
<PER-SHARE-NAV-BEGIN> 14.74
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.81
<EXPENSE-RATIO> 2.05
<AVG-DEBT-OUTSTANDING> 12,019
<AVG-DEBT-PER-SHARE> .02
</TABLE>
BULL & BEAR U.S. GOVERNMENT SECURITIES FUND
A Special Meeting of Shareholders ("Special Meeting") of Bull & Bear U.S.
Government Securities Fund, a series of Bull & Bear Funds II, Inc. ("Prior
Fund") was held on September 19, 1996 pursuant to notice given to all
shareholders of record at the close of business on August 8, 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 374,572 shares voting
in favor of the conversion, 89,682 shares voting against the conversion, and
29,886 shares abstaining.
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.
