<PAGE> PAGE 1
000 A000000 10/30/1999
000 C000000 0001077962
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 THE OPTIMAL FUND
001 B000000 811-09219
001 C000000 6108321061
002 A000000 213-G VT ROUTE 115
002 B000000 JERICHO
002 C000000 VT
002 D010000 05465
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 LEVERAGED INDEX MANAGEMENT COMPANY
008 B000001 A
008 C000001 801-xxxx
008 D010001 JERICHO
008 D020001 VT
008 D030001 05465
010 A000001 DECLARATION SERVICE COMPANY
010 B000001 84-1737
010 C010001 CONSHOHOCKEN
010 C020001 PA
010 C030001 19428
011 A000001 DECLARATION DISTRIBUTORS, INC.
011 B000001 8-41590
011 C010001 CONSHOHOCKEN
011 C020001 PA
011 C030001 19428
012 A000001 DECLARATION SERVICE COMPANY
012 B000001 84-1737
012 C010001 CONSHOHOCKEN
<PAGE> PAGE 2
012 C020001 PA
012 C030001 19428
015 A000001 FIRST UNION BANK
015 B000001 C
015 C010001 PHILADELPHIA
015 C020001 PA
015 C030001 19107
015 E010001 X
018 000000 N
019 A000000 N
019 B000000 0
020 A000001 WATERHOUSE SECURITIES
020 C000001 1
021 000000 0
022 A000001 WATERHOUSE SECURITIES
022 C000001 199
022 D000001 0
023 C000000 199
023 D000000 0
024 000000 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 116
028 C020000 0
028 C030000 116
028 C040000 0
028 D010000 5
028 D020000 0
028 D030000 5
028 D040000 0
028 E010000 10
028 E020000 0
028 E030000 10
028 E040000 0
028 F010000 13
<PAGE> PAGE 3
028 F020000 0
028 F030000 13
028 F040000 0
028 G010000 144
028 G020000 0
028 G030000 144
028 G040000 0
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
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 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.500
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
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
<PAGE> PAGE 4
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 N
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 500
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
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
<PAGE> PAGE 5
062 R000000 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 N
070 A020000 N
070 B010000 Y
070 B020000 Y
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 Y
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 Y
070 H010000 Y
070 H020000 Y
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 16
071 B000000 5
071 C000000 8
<PAGE> PAGE 6
071 D000000 66
072 A000000 6
072 B000000 1
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 0
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 0
072 K000000 0
072 L000000 0
072 M000000 0
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 0
072 S000000 0
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 1
072 Y000000 0
072 Z000000 0
072AA000000 0
072BB000000 2
072CC010000 0
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 15
074 B000000 0
074 C000000 110
074 D000000 0
074 E000000 0
074 F000000 10
074 G000000 0
074 H000000 5
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 1
074 M000000 0
<PAGE> PAGE 7
074 N000000 141
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 141
074 U010000 0
074 U020000 0
074 V010000 9.76
074 V020000 0.00
074 W000000 0.0000
074 X000000 16
074 Y000000 0
075 A000000 0
075 B000000 120
076 000000 0.00
077 A000000 N
SIGNATURE MITCHELL MAYNARD
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 126,022
<INVESTMENTS-AT-VALUE> 124,968
<RECEIVABLES> 1,360
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 141,573
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115
<TOTAL-LIABILITIES> 115
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 143,835
<SHARES-COMMON-STOCK> 14,492
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 299
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,394)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (282)
<NET-ASSETS> 141,458
<DIVIDEND-INCOME> 260
<INTEREST-INCOME> 931
<OTHER-INCOME> 0
<EXPENSES-NET> 892
<NET-INVESTMENT-INCOME> 299
<REALIZED-GAINS-CURRENT> (2,394)
<APPREC-INCREASE-CURRENT> (282)
<NET-CHANGE-FROM-OPS> (2,377)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,492
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 141,458
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 182
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 892
<AVERAGE-NET-ASSETS> 120,284
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.26)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 2.53
</TABLE>
