<PAGE>
August 15, 1996
Fellow Shareowners:
Bull & Bear Special Equities Fund's total return for the first six months of
1996 was +7.83%, versus +10.40% for the Russell 2000 Small Company Stock Index
("Russell 2000"). This compares with the Fund's total return for 1995 of
+40.47%, versus a total return for the Russell 2000 of +28.45%. For the periods
ending June 30, 1996, the Fund's total return was +24.12% for the past year and
averaged a compounded +18.73% per year for the past five years.
As the year began, the stock market was buoyed by favorable corporate
earnings, lower interest rates, and record net sales of mutual funds. Harsh
weather conditions in the Northern states held the economy back in the first
several months, as did a major General Motors strike. We expected this to lead
to a moderately improved second quarter, with good prospects for a long, steady
recovery. When March employment numbers showed a major surge in employment,
however, the bond market declined precipitously and stock market averages began
to slide on expectations of a second quarter surge in economic growth from a
high level of early tax refunds and a surge in mortgage refinancing. Meanwhile,
inflation worries gained strength, reflecting the low level of unemployment and
political rhetoric about increasing the minimum wage. Yet, the consistent
reports of low inflation rates kept interest rates unchanged. Stock market
weakness was contained and averages were stable for several months. With the
April employment report showing a sharp slowdown in job creation, inflation
concern subsided sharply, the bond market rallied, and stock market averages
rose to new highs.
On July 5th, the government reported another strong employment gain, with the
unemployment rate falling to 5.3%, together with a significant surge in monthly
wage income. This news sent bond and equity prices down sharply. Investors
feared that wage pressures would lead to immediate monetary tightening by the
Federal Reserve, which would in turn put pressure on corporate profit margins.
Disappointing earnings reports from a number of technology and health care
companies in the second week of July added
<PAGE>
sharply to corporate profit concern. Stocks continued to tumble in a barrage of
selling impacted also by very heavy computerized program trading. Especially
hard hit were smaller capitalization issues in general, and health care and
technology stocks in particular. On July 16th, the Dow Jones Industrial Average
was down more than 167 points and the Nasdaq Composite Index was down almost 52
points intraday on huge volume before markets began to rally. The Dow Average
had retreated as much as 10% intraday from its closing high on May 22nd and the
Nasdaq Composite Index 19.6% from its intraday high set on June 6th. We believe
that we have essentially seen the market lows for this year. While further
testing periods may occur, we do not foresee underlying economic trends
sustaining the level of bearishness currently affecting stock prices. We look
for slowing in growth over the summer months with no sustained wage pressures of
consequence, continued commodity price moderation and gains approaching double
digits in corporate profits. Consequently, we do not expect Federal Reserve
monetary tightening in the near future. With stock market averages having been
sharply lower in recent months, many industry sectors and specific issues still
trade at bear market valuations.
We expect a more benign economic backdrop and see this presently depressed
period as an attractive opportunity to add to your investment. With respect to
achieving your long range financial goals, we continue to favor building your
account on a regular basis, which can be done safely, automatically and
conveniently through the Bull & Bear Bank Transfer Plan, Bull & Bear Salary
Investing Plan, and/or Bull & Bear Government Direct Deposit Plan. For
information on any of these free services, simply give us a call and we will be
very pleased to help you get started.
If you have any questions or would like information on any of the Bull & Bear
Funds, the Bull & Bear No-Fee IRA/(R)/ or opening a discount brokerage account
at Bull & Bear Securities, where you can earn American Airlines/ (R)/
AAdvantage/(R)/ miles on every trade, we would be very pleased to hear from you.
Just call 1-800-847-4200, and an Investor Service Representative will be glad to
assist you, as always, without any obligation on your part.
Sincerely,
[SIGNATURE OF ROBERT D. ANDERSON] [SIGNATURE OF BRETT B. SNEED]
Robert D. Anderson Brett B. Sneed
Vice Chairman Senior Vice President
Portfolio Manager
2
<PAGE>
[LOGO OF BULL & BEAR APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C> <C>
- -------------------------------------------------------------------------------
INCOME FUNDS-- MONEY . BULL & BEAR A high quality money
MARKET, DOLLAR RESERVES market fund investing in
U.S. GOVERNMENT, U.S. Government
MUNICIPAL AND securities. Income is
GLOBAL generally free from state
income and intangible
. Monthly Dividends property taxes. (For Bull
& Bear Performance
. Free, Unlimited Plus/(R)/ discount
Check Writing ----
($250 minimum brokerage accounts, there
per check) is no check writing
minimum.)
. BULL & BEAR Investing for a high level
U.S. GOVERNMENT of current income,
SECURITIES FUND liquidity and safety of
principal.
. BULL & BEAR Investing for the highest
MUNICIPAL INCOME FUND possible income exempt
from Federal income tax
that is consistent with
preservation of principal.
. BULL & BEAR Investing for a high level
GLOBAL INCOME FUND of income from a global
portfolio of primarily
investment grade fixed
income securities.
- -------------------------------------------------------------------------------
GROWTH FUNDS-- . BULL & BEAR Invests worldwide for the
U.S., GLOBAL U.S. AND OVERSEAS FUND highest possible total
AND PRECIOUS return.
METALS
. BULL & BEAR Invests aggressively for
SPECIAL EQUITIES FUND maximum capital
appreciation.
. BULL & BEAR Seeks long term capital
GOLD INVESTORS appreciation in
investments with the
potential to provide a
hedge against inflation
and preserve the
purchasing power of the
dollar.
Call our toll-free number for a prospectus
containing more complete information, including
charges and expenses. Please read it carefully
before you invest.
- -------------------------------------------------------------------------------
DISCOUNT . BULL & BEAR Receive the investment
BROKERAGE SECURITIES, INC. information you need and
SERVICES the low commissions you
expect. Plus you can earn
American Airlines/(R)/
Call Toll Free AAdvantage/(R)/ miles
1-800-VIP-4200 every time you trade. And
you can save an additional
10% off our already low
commission rates when you
use Bull & Bear PC OnLine
Investment Center/SM/
and/or Bull & Bear
TeleQuote/TeleTrade/SM/.
(There is no check writing
minimum for Bull & Bear
Performance Plus/(R)/
-----
accounts.)
Total Return Performance. For the periods ended June
30, 1996, Bull & Bear Special Equities Fund's total
return for one year was 24.12%, average annual total
return for the past five years was 18.73%, for the
past ten years was 9.26% and for the life of the
Fund (from March 20, 1986) was 11.62%. The Russell
2000 Index is unmanaged and fully invested in common
stocks. Past performance does not guarantee future
results. Investment return will fluctuate, so shares
when redeemed may be worth more or less than their
cost. Dollar cost averaging does not assure a profit
or protect against loss in a declining market, and
investors should consider their ability to make
purchases when prices are low.
</TABLE>
3
<PAGE>
BULL & BEAR SPECIAL EQUITIES FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS--JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
SHARES MARKET VALUE
- ------- -------------
<S> <C> <C>
COMMON STOCKS (100.0%)
AIR TRANSPORTATION (4.5%)
50,000 Atlantic Southeast Airlines, Inc. . . . . . . . . . $1,412,500
90,000 Trans World Airlines, Inc.* . . . . . . . . . . . . 1,282,500
------------
2,695,000
------------
BIOLOGICAL PRODUCTS (4.4%)
145,000 North American Vaccine, Inc.* . . . . . . . . . . . 2,646,250
------------
BUSINESS CREDIT (1.0%)
100,000 Financing For Science International, Inc.* . . . . . 612,500
------------
COMMUNICATIONS EQUIPMENT (14.0%)
35,000 DSC Communications Corp.* . . . . . . . . . . . . . 1,054,375
75,000 Fastcomm Communications Corp.* . . . . . . . . . . . 1,359,375
32,000 Glenayre Technologies, Inc.* . . . . . . . . . . . . 1,600,000
34,000 Lucent Technologies, Inc. . . . . . . . . . . . . . 1,287,750
22,000 Motorola, Inc. . . . . . . . . . . . . . . . . . . . 1,383,250
30,000 Northern Telecom Ltd. . . . . . . . . . . . . . . . 1,631,250
------------
8,316,000
------------
COMMUNICATIONS-SERVICES (2.8%)
170,000 IDT Corp.* . . . . . . . . . . . . . . . . . . . . . 1,636,250
------------
COMMUNICATIONS-SOFTWARE (2.9%)
60,000 NICE-Systems Ltd.* . . . . . . . . . . . . . . . . . 1,140,000
65,000 Voice Control Systems, Inc.* . . . . . . . . . . . . 593,125
------------
1,733,125
------------
COMPUTER INTEGRATED SYSTEMS DESIGN (2.3%)
65,000 Network Equipment Technologies, Inc.* . . . . . . . 1,381,250
------------
COMPUTER PROCESSING & DATA PREPARATION SERVICES
(2.2%)
28,000 Affiliated Computer Services, Inc.* . . . . . . . . 1,316,000
------------
COMPUTER SOFTWARE (15.0%)
25,000 BMC Software, Inc.* . . . . . . . . . . . . . . . . 1,493,750
72,000 Cellular Technical Services Company* . . . . . . . . 1,269,000
24,000 Computer Associates International, Inc. . . . . . . 1,710,000
160,000 Computervision Corp.* . . . . . . . . . . . . . . . 1,600,000
60,000 Informix Corp.* . . . . . . . . . . . . . . . . . . 1,350,000
90,000 System Software Associates, Inc. . . . . . . . . . . 1,530,000
------------
8,952,750
------------
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
SHARES MARKET VALUE
- ------- -------------
<S> <C> <C>
CONSUMER SERVICES, INC. (2.5%)
42,000 CUC International, Inc.* . . . . . . . . . . . . . . $1,491,000
----------
DIAGNOSTIC PRODUCTS (3.7%)
78,000 Neoprobe Corp.* . . . . . . . . . . . . . . . . . . 1,374,750
80,000 Ostex International, Inc.* . . . . . . . . . . . . . 840,000
----------
2,214,750
----------
DRILLING OIL & GAS WELLS (2.6%)
70,000 Reading & Bates Corp.* . . . . . . . . . . . . . . . 1,548,750
----------
ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS (3.2%)
125,000 Imatron, Inc.* . . . . . . . . . . . . . . . . . . . 718,750
70,000 Ventritex, Inc.* . . . . . . . . . . . . . . . . . . 1,198,750
----------
1,917,500
----------
ENGINEERING SERVICES (.6%)
126,500 Essex Corp. Units* . . . . . . . . . . . . . . . . . 328,500
----------
HOSPITAL AND MEDICAL SERVICE PLANS (2.9%)
55,000 Apria Healthcare Group, Inc.* . . . . . . . . . . . 1,725,625
----------
OIL AND GAS EXPLORATION & PRODUCTION (1.9%)
80,000 Ensearch Exploration, Inc.* . . . . . . . . . . . . 860,000
100,000 Harken Energy Corp.* . . . . . . . . . . . . . . . . 281,250
----------
1,141,250
----------
OIL & GAS FIELD MACHINERY & EQUIPMENT (2.5%)
50,000 Smith International, Inc.* . . . . . . . . . . . . . 1,506,250
----------
ORTHOPEDIC, PROSTHETIC AND SURGICAL PRODUCTS (2.2%)
48,000 Sofamor Danek Group, Inc.* . . . . . . . . . . . . . 1,332,000
----------
PERSONAL CREDIT INSTITUTIONS (13.1%)
500,000 AmeriCredit Corp.* . . . . . . . . . . . . . . . . . 7,812,500
----------
PHARMACEUTICALS (2.0%)
135,000 ICOS Corp.* . . . . . . . . . . . . . . . . . . . . 1,181,250
----------
RETAIL (9.2%)
32,000 Consolidated Stores Corp.* . . . . . . . . . . . . . 1,176,000
40,000 Dollar General Corp. . . . . . . . . . . . . . . . . 1,170,000
65,000 Longhorn Steaks, Inc.* . . . . . . . . . . . . . . . 1,625,000
60,000 Renters Choice, Inc.* . . . . . . . . . . . . . . . 1,530,000
----------
5,501,000
----------
SEMI-CONDUCTOR EQUIPMENT (1.7%)
160,000 R.F. Power Products, Inc.* . . . . . . . . . . . . . 1,010,000
----------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
SHARES MARKET VALUE
- ------- ------------
<S> <C> <C>
SURGICAL & MEDICAL INSTRUMENTS & APPARATUS (2.8%)
50,000 Autonomous Technologies Corp.* . . . . . . . . . . . $ 293,750
115,000 Circon Corp.* . . . . . . . . . . . . . . . . . . . 1,351,250
-----------
1,645,000
-----------
TOTAL INVESTMENTS (COST: $54,355,022) (100.0%) . . $59,644,500
===========
</TABLE>
- ---------
* Indicates non-income producing security.
See accompanying notes to financial statements.
6
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investment at market value (cost:
$54,355,022) (note 1) . . . . . . . . . $59,644,500
Receivables:
Investment securities sold . . . . . . . 3,311,550
Fund shares sold . . . . . . . . . . . . 16,380
Dividends and interest . . . . . . . . . 12,940
-----------
Total assets . . . . . . . . . . . . . 62,985,370
-----------
LIABILITIES:
Payables:
Bank loan . . . . . . . . . . . . . . . 3,047,215
Investment securities purchased . . . . 2,452,964
Fund shares redeemed . . . . . . . . . . 13,795
Accrued management and distribution
fees . . . . . . . . . . . . . . . . . . 48,247
Accrued expenses . . . . . . . . . . . . 108,775
-----------
Total liabilities . . . . . . . . . . . 5,670,996
-----------
NET ASSETS: (applicable to 2,090,865
outstanding shares: 500,000,000 shares of
$.01 par value authorized) . . . . . . . $57,314,374
===========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ($57,314,374 / 2,090,865) $27.41
======
At June 30, 1996 net assets consisted of:
Paid-in capital . . . . . . . . . . . . . $44,996,095
Accumulated deficit in net investment
income . . . . . . . . . . . . . . . . . (715,538)
Accumulated net realized gain on
investments. . . . . . . . . . . . . . . 7,744,339
Net unrealized appreciation on
investments. . . . . . . . . . . . . . . 5,289,478
-----------
$57,314,374
===========
</TABLE>
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . $ 35,855
Interest . . . . . . . . . . . . . . . 10,500
-----------
Total investment income . . . . . . . 46,355
-----------
EXPENSES:
Distribution (note 3) . . . . . . . . . 283,140
Investment management (note 3) . . . . 237,252
Interest (note 5) . . . . . . . . . . . 82,859
Custodian . . . . . . . . . . . . . . . 32,909
Shareholder administration (note 3) . . 32,402
Transfer agent . . . . . . . . . . . . 32,035
Professional (note 3) . . . . . . . . . 25,267
Registration (note 3) . . . . . . . . . 18,852
Directors . . . . . . . . . . . . . . . 5,984
Other . . . . . . . . . . . . . . . . . 11,193
-----------
Total expenses . . . . . . . . . . . 761,893
-----------
Net investment loss . . . . . . . . . (715,538)
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain from security
transactions . . . . . . . . . . . . . 7,777,459
Unrealized depreciation of investments
during the period . . . . . . . . . . (2,885,946)
-----------
Net realized and unrealized gain on
investments. . . . . . . . . . . . . 4,891,513
-----------
Net increase in net assets resulting
from operations . . . . . . . . . . $ 4,175,975
===========
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
For the Six Months Ended June 30, 1996 (Unaudited) and the Year Ended December
31, 1995
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1996 1995
----------- -------------
<S> <C> <C>
OPERATIONS:
Net investment loss . . . . . . . . . . . . . . $ (715,538) $(1,893,065)
Net realized gain from security transactions . 7,777,459 14,970,525
Unrealized appreciation (depreciation) of
investments and futures contracts during the
period . . . . . . . . . . . . . . . . . . . . (2,885,946) 4,972,715
----------- -----------
Net increase in net assets resulting from
operations . . . . . . . . . . . . . . . . . . 4,175,975 18,050,175
DISTRIBUTIONS TO SHAREHOLDERS:
Distribution from realized gains ($1.39 per
share) . . . . . . . . . . . . . . . . . . . . -- (2,913,388)
CAPITAL SHARE TRANSACTIONS:
Decrease in net assets resulting from capital
share transactions (a) . . . . . . . . . . . . (3,201,152) (4,411,285)
----------- -----------
Total change in net assets . . . . . . . . . . 974,823 10,725,502
NET ASSETS:
Beginning of year . . . . . . . . . . . . . . . 56,339,551 45,614,049
----------- -----------
End of year (including accumulated deficit in
net investment income of $715,538 in 1996) . . $57,314,374 $56,339,551
=========== ===========
</TABLE>
- ---------
(a) Transactions in capital shares were as follows:
<TABLE>
<CAPTION>
JUNE 30,1996 DECEMBER 31,1995
---------------------- ---------------------------
SHARES VALUE SHARES VALUE
--------- ------------ ----------- --------------
<S> <C> <C> <C> <C>
Shares sold . . . . 135,319 $ 3,634,802 6,008,412 $ 129,150,027
Shares issued in
reinvestment of
distributions . . . -- -- 108,692 2,697,731
Shares redeemed . . (260,884) (6,835,954) (6,287,493) (136,259,043)
-------- ----------- ---------- -------------
Net decrease . . . . (125,565) $(3,201,152) (170,389) $ (4,411,285)
======== =========== ========== =============
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(1) The Fund is registered under the Investment Company Act of 1940, as amended,
as a non-diversified, open-end management investment company. The investment
objective of the Fund is capital appreciation. The Fund seeks capital
appreciation by investing aggressively, depending on the assessment of economic
and market factors, in equity securities, warrants, convertible securities and
debt instruments. The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements. With respect to security valuation, securities traded on a national
securities exchange and securities traded on the Nasdaq National Market System
("NMS") are valued at the last reported sales price on the day the valuations
are made. Such securities that are not traded on a particular day and securities
traded in the over-the-counter market that are not on NMS are valued at the mean
between the current bid and asked prices. Securities for which quotations are
not readily available and other assets are valued at fair value as determined in
good faith by or under the direction of the Board of Directors. Securities
denominated in foreign currencies are translated into U.S. dollars at prevailing
exchange rates. Debt obligations with remaining maturities of 60 days or less
are valued at cost adjusted for amortization of premiums and accretion of
discounts. Futures contracts are marked to market daily and the variation margin
is recorded as an unrealized gain or loss. When a contract is closed, a realized
gain or loss is recorded equal to the difference between the opening and closing
value of the contract. Investment transactions are accounted for on the trade
date (date the order to buy or sell is executed). Dividend income and
distributions to shareholders are recorded on the ex-dividend date and interest
income is recorded on the accrual basis. In preparing financial statements in
conformity with generally accepted accounting principles, management makes
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements, as well as the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
(2) The Fund intends to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute
substantially all its taxable investment income and net capital gains, if any,
after utilization of any capital loss carryforward, to its shareholders and
therefore no Federal income tax provision is required. Based on Federal income
tax cost of $54,355,022, gross unrealized appreciation and gross unrealized
depreciation were $8,550,594 and $3,261,116, respectively at June 30, 1996.
Distributions paid to shareholders during the year ended December 31, 1995
differ from net realized gains from security transactions as determined for
financial reporting purposes principally as a result of utilization of capital
loss carryforwards and wash sales.
(3) The Fund retains Bull & Bear Advisers, Inc. as its Investment Manager. Under
the Investment Management Agreement, the Investment Manager receives a
management fee, payable monthly, based on the average daily net assets of the
Fund at the annual rate of 1% on the first $10 million, 7/8 of 1% from $10
million to $30 million, 3/4 of 1% from $30 million to $150 million, 5/8 of 1%
from $150 million to $500 million, and 1/2 of 1% over $500 million. The
Investment Manager has undertaken that the operating expenses of the Fund for
each fiscal year (including management fees but excluding taxes, interest,
brokerage commissions and distribution plan expenses), expressed as a percentage
of average daily net assets, will not exceed the lowest rate prescribed by any
state in which shares of the Fund are qualified for sale. Currently such
limitation is 2.5% of the first $30 million of such assets, 2% of the next $70
million and 1.5% of the remaining net assets. If the Fund's expenses exceed such
rates, the Investment Manager will reimburse the Fund for any excess. Certain
officers and directors of the
9
<PAGE>
Fund are officers and directors of the Investment Manager and Investor Service
Center, Inc., the Fund's Distributor. For the six months ended June 30, 1996 the
Fund paid $6,442 to Bull & Bear Securities, Inc., an affiliate of the Investment
Manager as commissions for brokerage services. The Fund reimbursed the
Investment Manager $11,074 for providing certain administrative and accounting
services at cost for the six months ended June 30, 1996.
The Fund has adopted a plan of distribution pursuant to Rule 12b-1 under the
Investment Company Act of 1940 (the "Plan"). Pursuant to the Plan, the Fund pays
the Distributor a distribution fee in an amount of three-quarters of one percent
per annum of the Fund's average daily net assets and a service fee in an amount
of one-quarter of one percent per annum of the Fund's average daily net assets.
The fee for service activities is intended to cover personal services provided
to shareholders in the Fund and the maintenance of shareholder accounts. The fee
for distribution activities is to cover all other activities and expenses
primarily intended to result in the sale of the Fund's shares. Investor Service
Center also received $32,402 for shareholder administration services which it
provided to the Fund at cost for the six months ended June 30, 1996.
(4) Purchases and proceeds of sales of securities other than short term notes
aggregated $97,122,900 and $97,104,673, respectively.
(5) The Fund has a committed bank line of credit. As part of the agreement the
Fund is required to pledge securities it holds in its portfolio if there is an
outstanding balance. At June 30, 1996, the balance outstanding was $3,047,215
and the interest rate was equal to the Federal Reserve Funds Rate plus 1.75
percent. For the six months ended June 30, 1996, the weighted average interest
rate was 7.12% based on the balances outstanding during the period and the
weighted average amount outstanding was $2,092,557. Included in interest expense
is $9,101 for commitment fees related to this line of credit.
10
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, 1996 -------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992 1991
------------- ------- ------- ------- ------- --------
PER SHARE DATA*
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period . . . . . . . $ 25.42 $ 19.11 $ 23.13 $ 24.88 $ 19.38 $ 13.79
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment loss . . . . . . . . . . . . . . . . (.34) (.81) (.55) (.76) (.58) (.36)
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . . . 2.33 8.51 (3.28) 4.65 6.08 5.95
------- ------- ------- ------- ------- -------
Total from investment operations . . . . . . . . . 1.99 7.70 (3.83) 3.89 5.50 5.59
Less distributions:
Distributions from net realized gains on investments -- (1.39) (.19) (5.64) -- --
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value . . . . 1.99 6.31 (4.02) (1.75) 5.50 5.59
------- ------- ------- ------- ------- -------
Net asset value at end of period . . . . . . . . . . $ 27.41 $ 25.42 $ 19.11 $ 23.13 $ 24.88 $ 19.38
======= ======= ======= ======= ======= =======
TOTAL RETURN . . . . . . . . . . . . . . . . . . . . . 7.8% 40.5% (16.5)% 16.4% 28.4% 40.5%
======= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000's omitted) . . . . . $57,314 $56,340 $45,614 $73,957 $68,314 $16,738
======= ======= ======= ======= ======= =======
Ratio of expenses to average net assets(a) . . . . . 2.43%** 2.88% 2.92% 2.74% 3.07% 2.83%
======= ======= ======= ======= ======= =======
Ratio of net investment loss to average net assets(b) 2.27%** 2.70% 2.43% 2.73% 2.78% 2.11%
======= ======= ======= ======= ======= =======
Portfolio turnover rate . . . . . . . . . . . . . . . 154% 319% 309% 256% 261% 384%
======= ======= ======= ======= ======= =======
Average commission per share . . . . . . . . . . . . $ .07
======= ======= ======= ======= ======= =======
</TABLE>
- ---------
* Per share net investment loss and net realized and unrealized gain (loss) on
investments have been computed using the average number of shares
outstanding. These computations had no effect on net asset value per share.
** Annualized.
(a) Ratios including interest expense were 2.69% and 3.67% for the six months
ended June 30, 1996 and for the year
ended December 31, 1995, respectively.
(b) Ratios including interest expense were 2.53% and 3.49% for the six months
ended June 30, 1996 and for the year
ended December 31, 1995, respectively.
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