<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0000788422
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 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
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007 C010300 3
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 IFTC SERVICE CENTER
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 FIDUCIARY & TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 9
019 C000000 BULL&BEARF
020 A000001 BULL & BEAR SECURITIES INC.
020 B000001 13-3207082
020 C000001 38
020 A000002 LIPPER & COMPANY
020 B000002 13-3627345
020 C000002 24
020 A000003 CAPITAL INSTITUTIONAL SERVICES
020 B000003 75-1565705
020 C000003 12
020 A000004 SALOMON SMITH BARNEY
020 B000004 13-1912900
020 C000004 2
020 A000005 RAYMOND JAMES & ASSOCIATES
020 B000005 ----------
020 C000005 1
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 77
022 A000001 SHERWOOD SECURITIES CORP.
022 B000001 13-2616318
022 C000001 6254
022 D000001 3638
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 1855
022 D000002 445
022 A000003 JEFFERIES & CO. INC.
022 B000003 ----------
022 C000003 1008
022 D000003 1087
022 A000004 HERZOG HEINE GEDULD INC.
022 B000004 13-1955436
022 C000004 1989
022 D000004 0
022 A000005 SCHWAB (CHARLES) CO.
<PAGE> PAGE 3
022 B000005 94-1737782
022 C000005 1015
022 D000005 0
022 A000006 RAYMOND JAMES & ASSOCIATES
022 B000006 ----------
022 C000006 0
022 D000006 773
022 A000007 GREENWICH CAPITAL CORP.
022 B000007 ----------
022 C000007 444
022 D000007 0
022 A000008 EVEREN SECURITIES INC.
022 B000008 ----------
022 C000008 0
022 D000008 299
022 A000009 LEHMAN BROTHERS INC.
022 B000009 13-2518466
022 C000009 90
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 12669
023 D000000 6866
024 000000 N
025 D000001 0
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<PAGE> PAGE 4
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<PAGE> PAGE 5
048 A020000 1.000
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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
085 B000000 N
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SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from 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. Dollar
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Jun-30-1998
<EXCHANGE-RATE> 1.00
<INVESTMENTS-AT-COST> 47,930,758
<INVESTMENTS-AT-VALUE> 55,458,393
<RECEIVABLES> 35,634
<ASSETS-OTHER> 1,852,950
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,347,027
<PAYABLE-FOR-SECURITIES> 30,662
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,722,005
<TOTAL-LIABILITIES> 9,752,667
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,332,890
<SHARES-COMMON-STOCK> 1,769,181
<SHARES-COMMON-PRIOR> 1,915,255
<ACCUMULATED-NII-CURRENT> (647,647)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,381,482
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,527,635
<NET-ASSETS> 47,594,360
<DIVIDEND-INCOME> 154,535
<INTEREST-INCOME> 0
<OTHER-INCOME> 13,895
<EXPENSES-NET> 816,077
<NET-INVESTMENT-INCOME> (647,647)
<REALIZED-GAINS-CURRENT> 4,317,360
<APPREC-INCREASE-CURRENT> 2,956,642
<NET-CHANGE-FROM-OPS> 6,626,355
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67,290
<NUMBER-OF-SHARES-REDEEMED> 213,364
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,820,959
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 64,122
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 202,263
<INTEREST-EXPENSE> 223,395
<GROSS-EXPENSE> 820,102
<AVERAGE-NET-ASSETS> 47,588,268
<PER-SHARE-NAV-BEGIN> 23.38
<PER-SHARE-NII> (0.35)
<PER-SHARE-GAIN-APPREC> 3.87
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 26.90
<EXPENSE-RATIO> 2.52
<AVG-DEBT-OUTSTANDING> 7,003,167
<AVG-DEBT-PER-SHARE> 3.81
</TABLE>
