<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000796532
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 I, INC.
001 B000000 811-4741
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 U.S. AND OVERSEAS FUND
007 C030100 N
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
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.
<PAGE> PAGE 2
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 INC.
020 B000001 13-3207082
020 C000001 18
020 A000002 CAPITAL INSTITUTIONAL SERVICES
020 B000002 75-1565705
020 C000002 10
020 A000003 LIPPER & CO.
020 B000003 13-3627345
020 C000003 5
020 A000004 BARING SECURITIES
020 B000004 ----------
020 C000004 5
020 A000005 RBC DOMINION SECURITIES INC.
020 B000005 ----------
020 C000005 2
020 A000006 MERRILL LYNCH
020 B000006 13-5674085
020 C000006 1
020 A000007 BUCKINGHAM RESEARCH GROUP INC.
020 B000007 13-3134008
020 C000007 1
020 A000008 RAYMOND JAMES & ASSOCIATES
020 B000008 ----------
020 C000008 1
020 A000009 DONALSON, LUFKIN & JENRETTE
020 B000009 13-2741729
<PAGE> PAGE 3
020 C000009 1
020 A000010 LEWIS NICOUD & ASSOCIATES
020 B000010 ----------
020 C000010 1
021 000000 47
022 A000001 SHERWOOD SECURITIES CORP.
022 B000001 13-2616318
022 C000001 1419
022 D000001 1505
022 A000002 HERZOG HEINE GEDULD INC.
022 B000002 13-1955436
022 C000002 696
022 D000002 1211
022 A000003 RAYMOND JAMES & ASSOCIATES
022 B000003 ----------
022 C000003 449
022 D000003 317
022 A000004 FOREIGN CURRENCY TRANSACTIONS
022 B000004 ----------
022 C000004 665
022 D000004 55
022 A000005 INVESTORS BANK & TRUST
022 B000005 ----------
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022 A000006 LEWIS NICOUD & ASSOCIATES
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022 D000006 218
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007 214
022 D000007 215
022 A000008 COWEN & CO.
022 B000008 13-5616116
022 C000008 0
022 D000008 405
022 A000009 GOLDMAN SACHS & CO.
022 B000009 13-5108880
022 C000009 223
022 D000009 65
022 A000010 FIRST ALBANY CORP.
022 B000010 14-1391446
022 C000010 0
022 D000010 286
023 C000000 4382
023 D000000 5923
024 00AA00 N
025 D00AA01 0
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<PAGE> PAGE 4
025 D00AA04 0
025 D00AA05 0
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026 G010000 N
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050 00AA00 N
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052 00AA00 N
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054 B00AA00 Y
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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 N
060 B00AA00 N
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<PAGE> PAGE 5
062 B00AA00 0.0
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077 A000000 Y
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080 A00AA00 ICI MUTUAL INSURANCE CO.
080 C00AA00 3000
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082 A00AA00 Y
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084 A00AA00 N
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085 A00AA00 Y
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028 A010100 176
028 A020100 0
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<PAGE> PAGE 6
028 B020100 0
028 B030100 0
028 B040100 263
028 C010100 9
028 C020100 0
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028 D020100 0
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037 000100 Y
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<PAGE> PAGE 7
048 E010100 0
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048 J020100 0.000
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048 K020100 0.500
055 A000100 Y
055 B000100 Y
056 000100 N
057 000100 N
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
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070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
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070 K020100 Y
<PAGE> PAGE 8
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
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070 O010100 Y
070 O020100 Y
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070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 12915
071 B000100 14135
071 C000100 8681
071 D000100 149
072 A000100 6
072 B000100 17
072 C000100 61
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072 F000100 46
072 G000100 0
072 H000100 0
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072 P000100 2
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072 R000100 11
072 S000100 2
072 T000100 46
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072 V000100 0
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<PAGE> PAGE 9
073 A010100 0.0000
073 A020100 0.0000
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073 C000100 0.0000
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074 F000100 9164
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074 N000100 9202
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074 T000100 8877
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<PAGE> PAGE 10
028 D030200 0
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045 000200 N
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<PAGE> PAGE 11
055 B000200 N
056 000200 N
057 000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 N
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
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<PAGE> PAGE 12
072 D000200 0
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<PAGE> PAGE 13
074 R010200 0
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<PAGE> PAGE 14
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SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted form Bull & Bear
U.S. and Overseas Fund Semi-Annual Report and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<CIK> 0000796532
<NAME> Bull & Bear Funds I, Inc.
<SERIES>
<NUMBER> 1
<NAME> Bull & Bear U.S. and Overseas Fund
<MULTIPLIER> 1
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-01-1997
<PERIOD-END> Jun-30-1997
<EXCHANGE-RATE> 1.00
<INVESTMENTS-AT-COST> 8,455,965
<INVESTMENTS-AT-VALUE> 9,163,844
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<ASSETS-OTHER> 10,034
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 325,435
<TOTAL-LIABILITIES> 325,435
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 1,099,546
<SHARES-COMMON-PRIOR> 1,243,151
<ACCUMULATED-NII-CURRENT> (72,903)
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 707,879
<NET-ASSETS> 8,877,033
<DIVIDEND-INCOME> 60,841
<INTEREST-INCOME> 17,649
<OTHER-INCOME> 0
<EXPENSES-NET> 151,393
<NET-INVESTMENT-INCOME> (72,903)
<REALIZED-GAINS-CURRENT> 809,473
<APPREC-INCREASE-CURRENT> (469,355)
<NET-CHANGE-FROM-OPS> 340,118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 109,207
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,389
<NUMBER-OF-SHARES-REDEEMED> 189,039
<SHARES-REINVESTED> 12,045
<NET-CHANGE-IN-ASSETS> (959,099)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 77,652
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 46,033
<INTEREST-EXPENSE> 1,995
<GROSS-EXPENSE> 151,393
<AVERAGE-NET-ASSETS> 9,289,051
<PER-SHARE-NAV-BEGIN> 7.91
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> .32
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.07
<EXPENSE-RATIO> 3.29
<AVG-DEBT-OUTSTANDING> 80,865
<AVG-DEBT-PER-SHARE> .07
</TABLE>
