<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000788422
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 BULL & BEAR SPECIAL EQUITIES FUND, INC.
001 B000000 811-4625
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 N
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007 C010100 1
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 BULL & BEAR ADVISERS, INC.
008 B000001 A
008 C000001 801-28329
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10005
011 A000001 INVESTOR SERVICE CENTER, INC.
011 B000001 8-29751
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10005
012 A000001 DST SYSTEMS,INC.
012 B000001 84-00448
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
013 A000001 TAIT, WELLER & BAKER
013 B010001 PHILADELPHIA
013 B020001 PA
<PAGE> PAGE 2
013 B030001 19102
014 A000001 BULL & BEAR SECURITIES, INC.
014 B000001 8-31732
015 A000001 INVESTORS BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02111
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 9
019 C000000 BULL&BEARF
020 A000001 CAPITAL INSTITUTIONAL SVCS
020 B000001 75-1565705
020 C000001 22
020 A000002 BEAR STEARNS & CO.
020 B000002 13-4946705
020 C000002 18
020 A000003 DERBY SECURITIES INC.
020 B000003 13-3003602
020 C000003 17
020 A000004 CORRESPONDENT SERVICES CORP.
020 B000004 N
020 C000004 16
020 A000005 BROADCOURT CAP CORP.
020 B000005 13-3144415
020 C000005 13
020 A000006 RBC DOMINION SECURITIES INC.
020 B000006 N
020 C000006 13
020 A000007 BOSTON INSTITUTIONAL SERVICES
020 B000007 04-2479358
020 C000007 11
020 A000008 EDWARDS (AG) & SONS INC.
020 B000008 N
020 C000008 10
020 A000009 OPPENHEIMER & CO. INC.
020 B000009 13-2798343
020 C000009 9
020 A000010 PERSHING
020 B000010 13-2741729
020 C000010 8
021 000000 222
022 A000001 HERZOG HEINE GEDULD, INC.
022 B000001 13-1955436
022 C000001 5398
022 D000001 12905
022 A000002 JOSEPHTHOL LYON & ROSS
022 B000002 13-1850914
022 C000002 10681
<PAGE> PAGE 3
022 D000002 4188
022 A000003 FIRST ALBANY CORP
022 B000003 14-1391446
022 C000003 8472
022 D000003 2575
022 A000004 COWEN & COMPANY
022 B000004 13-5616116
022 C000004 3207
022 D000004 6909
022 A000005 LEWCO SECURITIES
022 B000005 N
022 C000005 5317
022 D000005 4779
022 A000006 PERSHING
022 B000006 13-2741729
022 C000006 5161
022 D000006 4745
022 A000007 SHERWOOD SECURITIES CORP.
022 B000007 13-2616318
022 C000007 779
022 D000007 7646
022 A000008 ROBINSON HUMPHREY
022 B000008 N
022 C000008 2388
022 D000008 2853
022 A000009 HANIFEN IMHOFF INC.
022 B000009 N
022 C000009 1231
022 D000009 3346
022 A000010 SOUNDVIEW FINANCIAL GROUP
022 B000010 13-2998183
022 C000010 2104
022 D000010 1623
023 C000000 56738
023 D000000 66400
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025 D000001 0
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<PAGE> PAGE 4
026 G020000 N
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
080 A000000 CHUBB INSURANCE GROUP
080 C000000 3000
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SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Bull & Bear
Special Equities Fund Semi Annual Report and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<CIK> 0000788422
<NAME> Bull & Bear Special Equities Fund,Inc.
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 54,355,022
<INVESTMENTS-AT-VALUE> 59,644,500
<RECEIVABLES> 3,340,870
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,985,370
<PAYABLE-FOR-SECURITIES> 2,452,964
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,218,032
<TOTAL-LIABILITIES> 5,670,996
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,996,095
<SHARES-COMMON-STOCK> 2,090,865
<SHARES-COMMON-PRIOR> 2,216,430
<ACCUMULATED-NII-CURRENT> (715,538)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,744,339
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,288,478
<NET-ASSETS> 57,314,374
<DIVIDEND-INCOME> 35,855
<INTEREST-INCOME> 10,500
<OTHER-INCOME> 0
<EXPENSES-NET> 761,893
<NET-INVESTMENT-INCOME> (715,538)
<REALIZED-GAINS-CURRENT> 7,777,459
<APPREC-INCREASE-CURRENT> (2,885,946)
<NET-CHANGE-FROM-OPS> 4,175,975
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 135,319
<NUMBER-OF-SHARES-REDEEMED> 260,884
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 974,823
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (33,120)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 237,252
<INTEREST-EXPENSE> 82,859
<GROSS-EXPENSE> 761,893
<AVERAGE-NET-ASSETS> 56,948,415
<PER-SHARE-NAV-BEGIN> 25.42
<PER-SHARE-NII> (.34)
<PER-SHARE-GAIN-APPREC> 2.33
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 27.41
<EXPENSE-RATIO> 2.43
<AVG-DEBT-OUTSTANDING> 2,092,557
<AVG-DEBT-PER-SHARE> 1.00
</TABLE>
