BULL & BEAR FUNDS I INC
497, 1997-02-21
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BULL
 & 
BEAR ------------------------------------------------------------------
PERFORMANCE DRIVEN(R)

                           PROSPECTUS SUPPLEMENT DATED
                                FEBRUARY 20, 1997


                             U. S. AND OVERSEAS FUND
                         Prospectus dated April 30, 1996

Investment  decisions for the Fund have since February 20, 1997 been made by the
Investment Policy Committee of Bull & Bear Advisers, Inc., the
Fund's Investment Manager.




                                                                    USO-SUP-2/97

297STIC.USO

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