Genetic analysis of productivity traits in Pinzguaer cows was carried out on data described in part I. A total of 12338 and 7416 daughters (paternal half-sisters) by 1614 and 11-1-4 sires in the first and second iactations, respectively, were used to i.,.stinrate the Kenetic and phenotypic variation and ctivariation and between 100-day and 303-da_y yield and percenLage milk traits, Means of milk trait) in yalley-pasture re-00m. were higher than corresponding ones under *wage. The coefficients of variation (CV) of -yield traits were nearly twice as large as the CV of percentage traits. The CV of fat percentage was relatively high compared with that of protein. The sire of cow affected (P .z 0.00i) all milk traits studied. Estimates of heritability in the 1st lactation were ranged from 0.30 to 152 for yield traits and from 0.0S to 0,37 for percentage traits. Generally, estimates of heritability for milk traits in the 2nd lactation were lower than the corresponding estimates in the 1st lactation. Generic and phenotypic correlations between yield traits were positive and high Genetic correlations between percentage traits were positive and relatively high while estimates between yield and percentage traits