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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934 for the Period Ended June 30, 2001
                                      -------------

                                       or

[ ]  Transition Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934 for the Transition  Period From _________ to _________

                        Commission File Number 000-30967
                                               ---------

                             BERTHEL GROWTH TRUST II
                           --------------------------
             (Exact name of Registrant as specified in its charter)

          DELAWARE                                               42-6603601
          --------                                               ---------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                              Identification No.)

                     701 Tama Street, Marion, Iowa     52302
                     ----------------------------------------
               (Address of principal executive offices) (Zip Code)

                                 (319) 447-5700
                                 --------------
               Registrant's telephone number, including area code


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. Yes  X   No
                                       ---     ---

                      Applicable Only to Corporate Issuers

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
Shares of Beneficial Interest - 1,000 shares as of July 13, 2001


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                             BERTHEL GROWTH TRUST II
                                      INDEX

                                                                          PAGE
                                                                          ----
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

        Statements of Assets and Liabilities -
        June 30, 2001 and December 31, 2000                                 3

        Statement of Operations -
        three and six months ended June 30, 2001                            4

        Statements of Changes in Net Assets (Liabilities) - six months
        ended June 30, 2001 and period from June 15, 2000 (date of
        inception) to June 30, 2000                                         5

        Statements of Cash Flows -
        six months ended June 30, 2001 and period from
        June 15, 2000 (date of inception) to June 30, 2000                  6

        Notes to Financial Statements                                       7

Item 2. Management's Discussion and Analysis of Financial
        Condition and Results of Operations                                 8

Item 3. Quantitative and Qualitative Disclosures About Market Risk          8



PART II. OTHER INFORMATION

Item 1. Legal Proceedings                                                   8



SIGNATURES                                                                  9


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                             BERTHEL GROWTH TRUST II
                STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

<TABLE>
<CAPTION>
                                                           June 30, 2001    December 31, 2000
                                                           -------------    -----------------
<S>                                                        <C>              <C>
ASSETS
Cash                                                         $   6,947         $   9,947
Deferred offering costs                                        380,157           270,721
Other assets                                                     6,478               -0-
                                                             ---------         ---------
TOTAL ASSETS                                                   393,582           280,668
                                                             ---------         ---------


LIABILITIES
Due to affiliate                                               382,157           272,721
Accrued liabilities                                             27,809             6,500
                                                             ---------         ---------
TOTAL LIABILITIES                                              409,966           279,221
                                                             ---------         ---------


NET ASSETS (LIABILITIES)
     (equivalent to $(16.38) per share
     at June 30, 2001 and $1.45 per share
     at December 31, 2000)                                   $ (16,384)        $   1,447
                                                             =========         =========

Net assets (liabilities) consist of:
Shares of beneficial interest (3,000,000 shares
     authorized; 1,000 shares issued and outstanding)        $  10,000         $  10,000
Undistributed net investment loss                              (26,384)           (8,553)
                                                             ---------         ---------
                                                             $ (16,384)        $   1,447
                                                             =========         =========
</TABLE>

See notes to financial statements.


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                             BERTHEL GROWTH TRUST II
                       STATEMENT OF OPERATIONS (UNAUDITED)

                                  Three Months Ended     Six Months Ended
                                    June 30, 2001          June 30, 2001
                                  ------------------     ----------------
EXPENSES:
     Accounting                        $ 7,236                $12,672
     Other expenses                      5,159                  5,159
                                       -------                -------
Total expenses                          12,395                 17,831
                                       -------                -------

Net decrease in net assets             $12,395                $17,831
                                       =======                =======

Per beneficial share amounts:
Net decrease in net assets             $ 12.40                $ 17.83
                                       =======                =======

Weighted average shares                  1,000                  1,000
                                       =======                =======

See notes to financial statements.


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                             BERTHEL GROWTH TRUST II
          STATEMENTS OF CHANGES IN NET ASSETS (LIABILITIES) (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                   June 15, 2000
                                                        Six Months Ended         (date of inception)
                                                          June 30, 2001           to June 30, 2000
                                                        ----------------         -------------------
<S>                                                     <C>                      <C>
Net assets at beginning of period                       $         1,447          $               -0-

Proceeds from sale of shares of beneficial interest                 -0-                       10,000

Net decrease in net assets                                      (17,831)                         -0-
                                                        ---------------          -------------------

Net assets (liabilities) at end of period               $       (16,384)         $            10,000
                                                        ===============          ===================
</TABLE>


See notes to financial statements.


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                             BERTHEL GROWTH TRUST II
                      STATEMENTS OF CASH FLOWS (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                        June 15, 2000
                                                            Six Months Ended         (date of inception)
                                                             June 30, 2001            to June 30, 2000
                                                            ----------------         -------------------
<S>                                                         <C>                      <C>
OPERATING ACTIVITIES:
Net decrease in net assets                                   $      (17,831)           $            -0-
Adjustments to reconcile net decrease in net assets
     to net cash flows from operating activities:
Changes in operating assets and liabilities
     Deferred offering costs                                       (109,436)                        -0-
     Other assets                                                    (6,478)                        -0-
     Due to affiliate                                               109,436                         -0-
     Accrued liabilities                                             21,309                         -0-
                                                             ---------------           ----------------
Net cash flows from operating activities                            (3,000)                         -0-
                                                             ---------------           ----------------

FINANCING ACTIVITIES:
Proceeds from sale of shares of beneficial interest                     -0-                      10,000
                                                             ---------------           ----------------

NET INCREASE (DECREASE) IN CASH                                     (3,000)                      10,000

CASH AT BEGINNING OF PERIOD                                           9,947                         -0-
                                                             ---------------           ----------------

CASH AT END OF PERIOD                                        $        6,947            $         10,000
                                                             ===============           ================
</TABLE>

See notes to financial statements.

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BERTHEL GROWTH TRUST II
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

NOTE A - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America
for interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not include all information
and footnotes required by generally accepted accounting principles for complete
financial statements and should be read in conjunction with the Trust's Form
10-K filed with the Securities and Exchange Commission for the year ended
December 31, 2000. In the opinion of management, all adjustments (consisting of
normal recurring accruals) considered necessary for a fair representation have
been included. Operating results for the three months ended June 30, 2001 are
not necessarily indicative of the results that may be expected for the year
ended December 31, 2001.

The preparation of the Trust's financial statements in conformity with
accounting principles generally accepted in the United States of America
necessarily requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.


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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
As the Trust is only in its offering phase, a discussion of operating results,
liquidity, and capital resources would not be meaningful.

The Trust is offering shares at $10 per share, with a minimum offering of
$6,000,000 (600,000 shares). On March 20, 2001, the Trust filed for an automatic
extension of 90 days for the offering of shares. The Trust filed for its second
of two automatic extensions of 90 days on June 13, 2001, extending the offering
until September 16, 2001, at which time the offering will terminate unless
action is taken to amend the terms of the offering. Until the minimum offering
has been achieved, funds paid by subscribers are deposited in an
interest-bearing bank escrow account with Firstar Bank, N.A. If the Trust is not
successful in reaching the minimum offering, all subscribers' funds will be
promptly returned in full, along with each subscriber's share of any interest
earned on their investment, without any deduction for any expenses. Through July
13, 2001, a total of $764,500 has been raised. No assurance can be given that
the Trust will be successful in raising the minimum offering amount.

If the Trust has not received subscriptions for at least 600,000 shares
($6,000,000) when the offering terminates, the Trust will promptly refund any
subscription amounts received with interest, if any, actually earned thereon.

Offering costs incurred by the Trust Advisor for the period June 15, 2000 (date
of inception) to June 30, 2001 totalled $380,157. These costs have been reported
as an asset and will be deducted upon the receipt of proceeds from the
subsequent sale of share by the Trust beyond the initial $10,000 capitalization.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable


                            PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
None.


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                                   SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                           BERTHEL GROWTH TRUST II
                                           -----------------------
                                                (Registrant)



Date:    August 3, 2001                    /s/ Ronald O. Brendengen
         --------------                    -------------------------------------
                                           Ronald O. Brendengen, Chief Financial
                                           Officer, Treasurer


Date:    August 3, 2001                    /s/ Daniel P. Wegmann
         --------------                    -------------------------------------
                                           Daniel P. Wegmann, Controller


Date:    August 3, 2001                    /s/ Henry Royer
         --------------                    -------------------------------------
                                           Henry Royer, President


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