<PAGE> PAGE 1
000 A000000 06/30/99
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 MIDAS 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
007 B000000 0
007 C010100 1
007 C010200 2
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 MIDAS MANAGEMENT CORPORATION
008 B000001 A
008 C000001 801-49079
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 19103
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 MIDASFUNDS
020 A000001 LIPPER ANALYTICAL SERVICES
020 B000001 13-3627345
020 C000001 31
020 A000002 FIDELITY CAPITAL MARKETS
020 B000002 ----------
020 C000002 23
020 A000003 BULL & BEAR SECURITIES INC.
020 B000003 13-3207082
020 C000003 8
020 A000004 SALOMON SMITH BARNEY
020 B000004 13-1912900
020 C000004 5
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 66
022 A000001 SHERWOOD SECURITIES CORP.
022 B000001 13-2616318
022 C000001 5735
022 D000001 7835
022 A000002 CHASE SECURITIES INC.
022 B000002 13-3112953
022 C000002 3198
022 D000002 733
022 A000003 HERZOG HEINE GEDULD INC.
022 B000003 13-1955436
022 C000003 697
022 D000003 470
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 354
022 D000004 340
022 A000005 SCHWAB (CHARLES) CO.
022 B000005 94-1737782
022 C000005 372
<PAGE> PAGE 3
022 D000005 0
022 A000006 KNIGHT SECURITIES INC.
022 B000006 ----------
022 C000006 31
022 D000006 27
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 10387
023 D000000 9404
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 Y
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 45
028 A020000 0
028 A030000 0
028 A040000 826
028 B010000 142
028 B020000 0
028 B030000 0
028 B040000 537
028 C010000 27
028 C020000 0
028 C030000 0
028 C040000 491
028 D010000 32
028 D020000 0
028 D030000 0
028 D040000 658
028 E010000 32
<PAGE> PAGE 4
028 E020000 0
028 E030000 0
028 E040000 633
028 F010000 23
028 F020000 0
028 F030000 0
028 F040000 396
028 G010000 301
028 G020000 0
028 G030000 0
028 G040000 3541
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 Y
038 000000 0
039 000000 Y
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 100
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 169
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 10000
048 A020000 1.000
048 B010000 20000
048 B020000 0.875
048 C010000 120000
048 C020000 0.750
048 D010000 350000
048 D020000 0.625
048 E010000 0
<PAGE> PAGE 5
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 500000
048 K020000 0.500
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 N
055 B000000 Y
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 1000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
<PAGE> PAGE 6
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 Y
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 Y
<PAGE> PAGE 7
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 Y
071 A000000 18747
071 B000000 23357
071 C000000 37127
071 D000000 50
072 A000000 6
072 B000000 20
072 C000000 282
072 D000000 0
072 E000000 0
072 F000000 152
072 G000000 0
072 H000000 0
072 I000000 43
072 J000000 24
072 K000000 0
072 L000000 3
072 M000000 5
072 N000000 12
072 O000000 0
072 P000000 106
072 Q000000 0
072 R000000 12
072 S000000 4
072 T000000 169
072 U000000 0
072 V000000 0
072 W000000 8
072 X000000 538
072 Y000000 0
072 Z000000 -236
072AA000000 0
072BB000000 3039
072CC010000 3227
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 29
074 B000000 2
074 C000000 1739
074 D000000 0
<PAGE> PAGE 8
074 E000000 0
074 F000000 31143
074 G000000 0
074 H000000 0
074 I000000 635
074 J000000 88
074 K000000 0
074 L000000 4112
074 M000000 6
074 N000000 37754
074 O000000 0
074 P000000 57
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 4178
074 S000000 0
074 T000000 33519
074 U010000 1647
074 U020000 0
074 V010000 20.36
074 V020000 0.00
074 W000000 0.0000
074 X000000 5425
074 Y000000 0
075 A000000 0
075 B000000 34140
076 000000 0.00
077 A000000 Y
077 Q010000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 3000
081 A000000 Y
081 B000000 13
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
<PAGE> PAGE 9
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Midas
Special Equities Fund, Inc. Semi-Annual Report and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<CIK> 0000788422
<NAME> Midas Special Equities Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-START> Jan-01-1999
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 25,709,684
<INVESTMENTS-AT-VALUE> 33,519,132
<RECEIVABLES> 102,978
<ASSETS-OTHER> 5,625
<OTHER-ITEMS-ASSETS> 4,126,545
<TOTAL-ASSETS> 37,754,280
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,235,393
<TOTAL-LIABILITIES> 4,235,393
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,174,853
<SHARES-COMMON-STOCK> 1,646,710
<SHARES-COMMON-PRIOR> 1,809,264
<ACCUMULATED-NII-CURRENT> (236,105)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,229,309)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,809,448
<NET-ASSETS> 33,518,887
<DIVIDEND-INCOME> 282,267
<INTEREST-INCOME> 20,300
<OTHER-INCOME> 0
<EXPENSES-NET> 538,672
<NET-INVESTMENT-INCOME> (236,105)
<REALIZED-GAINS-CURRENT> (3,038,571)
<APPREC-INCREASE-CURRENT> 3,226,745
<NET-CHANGE-FROM-OPS> (47,931)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,383
<NUMBER-OF-SHARES-REDEEMED> 177,937
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,288,165)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,190,738)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 151,834
<INTEREST-EXPENSE> 106,315
<GROSS-EXPENSE> 538,672
<AVERAGE-NET-ASSETS> 34,140,062
<PER-SHARE-NAV-BEGIN> 20.34
<PER-SHARE-NII> (.14)
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.36
<EXPENSE-RATIO> 3.18
</TABLE>
