<PAGE> PAGE 1
000 B000000 06/30/98
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 1
007 C010100 1
007 C020100 BULL & BEAR DOLLAR RESERVES
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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
<PAGE> PAGE 2
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19102
014 A00AA01 BULL & BEAR SECURITIES, INC.
014 B00AA01 8-31732
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 9
019 C00AA00 BULL&BEARF
020 C000001 0
020 C000002 0
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 0
022 A000001 GOLDMAN SACHS & CO.
022 B000001 13-5108880
022 C000001 39738
022 D000001 4063
022 A000002 NATIONS BANK
022 B000002 ----------
022 C000002 39323
022 D000002 2197
022 A000003 CS FIRST BOSTON CORP.
022 B000003 ----------
022 C000003 38609
022 D000003 0
022 A000004 BZW SECURITIES INC.
022 B000004 13-3551367
022 C000004 33670
022 D000004 2499
022 A000005 ZIONS NATIONAL BANK
022 B000005 ----------
022 C000005 36129
022 D000005 0
022 A000006 PAINE WEBBER
022 B000006 13-2638166
022 C000006 22647
022 D000006 749
022 A000007 BANK AMERICA SECURITIES
<PAGE> PAGE 3
022 B000007 ----------
022 C000007 21307
022 D000007 0
022 A000008 SEATTLE NORTHWEST SECURITIES CORP.
022 B000008 91-1172183
022 C000008 14328
022 D000008 0
022 A000009 RAYMOND JAMES & ASSOCIATES
022 B000009 ----------
022 C000009 11703
022 D000009 0
022 A000010 LEHMAN BROTHERS
022 B000010 13-2518466
022 C000010 9570
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<PAGE> PAGE 4
054 N00AA00 N
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059 00AA00 Y
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077 A000000 Y
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077 Q010000 Y
080 A00AA00 ICI MUTUAL INSURANCE CO.
080 C00AA00 3000
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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068 A000100 N
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<PAGE> PAGE 7
070 B010100 N
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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
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070 J020100 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
074 W000100 1.0000
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SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Bull &
Bear Dollar Reserves 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> Year
<FISCAL-YEAR-END> Jun-30-1998
<PERIOD-START> Jul-01-1997
<PERIOD-END> Jun-30-1998
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 61,034,171
<INVESTMENTS-AT-VALUE> 61,034,171
<RECEIVABLES> 627,423
<ASSETS-OTHER> 32,556
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61,694,150
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,707
<TOTAL-LIABILITIES> 91,707
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,610,246
<SHARES-COMMON-STOCK> 61,602,443
<SHARES-COMMON-PRIOR> 62,838,416
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,803)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 61,602,443
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,502,320
<OTHER-INCOME> 0
<EXPENSES-NET> 540,415
<NET-INVESTMENT-INCOME> 2,961,905
<REALIZED-GAINS-CURRENT> 774
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,962,679
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,961,905
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49,705,407
<NUMBER-OF-SHARES-REDEEMED> 53,922,843
<SHARES-REINVESTED> 2,981,463
<NET-CHANGE-IN-ASSETS> (1,305,478)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (8,576)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 314,628
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 751,640
<AVERAGE-NET-ASSETS> 62,925,633
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .048
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> .047
<PER-SHARE-DISTRIBUTIONS> 0.001
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
SHAREHOLDERS AND BOARD OF DIRECTORS
BULL & BEAR FUNDS II, INC.
NEW YORK, NEW YORK
In planning and performing our audit of the financial statements of Bull & Bear
Dollar Reserves Fund, a series of shares of Bull & Bear Funds II, Inc. for the
year ended June 30, 1998, 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 Bull & Bear Funds II, Inc. 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 become
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, 1998.
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 17, 1998
