COMPOSITE EQUITY SERIES INC
NSAR-A, 1996-06-18
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<PAGE>      PAGE  1
000 A000000 04/30/96
000 C000000 0000022864
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 COMPOSITE EQUITY SERIES, INC.
001 B000000 811-565
001 C000000 5093533492
002 A000000 601 W MAIN, SUITE 801
002 B000000 SPOKANE
002 C000000 WA
002 D010000 99201
002 D020000 0613
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C020100 COMPOSITE GROWTH & INCOME FUND
007 C030100 N
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 A00AA01 COMPOSITE MANAGEMENT & RESEARCH COMPANY
008 B00AA01 A
008 C00AA01 801-4855
008 D01AA01 SEATTLE
008 D02AA01 WA
008 D03AA01 98104
011 A00AA01 MURPHEY FAVRE, INC.
011 B00AA01 8-3641
011 C01AA01 SPOKANE
011 C02AA01 WA
011 C03AA01 99201
011 C04AA01 0613
012 A00AA01 MURPHEY FAVRE SECURITIES SERVICES, INC.
012 B00AA01 84-
012 C01AA01 SPOKANE
012 C02AA01 WA
<PAGE>      PAGE  2
012 C03AA01 99201
012 C04AA01 0613
013 A00AA01 LEMASTER & DANIELS
013 B01AA01 SPOKANE
013 B02AA01 WA
013 B03AA01 99201
014 A00AA01 MURPHEY FAVRE, INC.
014 B00AA01 8-3641
015 A00AA01 INVESTORS FIDUCIARY TRUST, COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   12
019 C00AA00 COMPOSITES
020 A000001 AUTRANET, PERSHING, INFOVEST
020 B000001 13-2961507
020 C000001     32
020 A000002 MORGAN STANLEY & COMPANY
020 B000002 13-2655998
020 C000002     12
020 A000003 MERRILL LYNCH ET AL
020 B000003 13-5674085
020 C000003     11
020 A000004 PRUDENTIAL SECURITIES
020 B000004 22-2347336
020 C000004     10
020 A000005 OPPENHEIMER
020 B000005 13-2798343
020 C000005      9
020 A000006 LIPPER ANALYTICAL
020 B000006 13-2792478
020 C000006      7
020 A000007 BROADCORT CAPITAL
020 B000007 13-3144415
020 C000007      5
020 A000008 SMITH BARNEY SHEARSON
020 B000008 13-2869611
020 C000008      5
020 A000009 RAGEN MACKENZIE
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020 C000009      4
020 A000010 PAINE WEBBER
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020 C000010      4
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<PAGE>      PAGE  3
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022 A000003 UNITED MISSOURI BANK
022 B000003 44-0201230
022 C000003      1431
022 D000003      5780
022 A000004 JEFFERIES & COMPANY, INC.
022 B000004 95-2622900
022 C000004       969
022 D000004      3775
022 A000005 SMITH BARNEY SHEARSON
022 B000005 13-2869611
022 C000005      2018
022 D000005       719
022 A000006 MERRYLL LYNCH ET AL
022 B000006 13-5674085
022 C000006      1906
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022 A000007 MORGAN STANLEY & COMPANY
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022 C000007       752
022 D000007      1316
022 A000008 DONALDSON, LUFKIN, & JENRETTE
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022 C000008       763
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022 C000009      1085
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022 A000010 RAGEN MACKENZIE
022 B000010 91-1374280
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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078  000000 N
080 A00AA00 UNITED PACIFIC INSURANCE COMPANY
080 B00AA00 RELIANCE NATIONAL INSURANCE COMPANY
080 C00AA00     6000
081 A00AA00 Y
081 B00AA00  11
082 A00AA00 N
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SIGNATURE   JOHN T. WEST                                 
TITLE       SECRETARY           



<TABLE> <S> <C>
                                             
<ARTICLE>                                         6
<LEGEND>                                           
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMIANNUAL REPORT AND FORM N-SAR WHICH ARE ON FILE WITH THE 
SECURITIES AND EXCHANGE COMMISSION AND IS QUALIFIED IN ITS ENTIRETY BY 
REFERENCE TO SUCH DOCUMENTS.
</LEGEND>                                          
<CIK>                                             0000022864
<NAME>                                            COMPOSITE EQUITY SERIES, INC.
<SERIES>                                           
   <NUMBER>                                       011
   <NAME>                            COMPOSITE GROWTH & INCOME FUND CLASS A
       
<S>                                                        <C>
<PERIOD-TYPE>                                                      6-MOS
<FISCAL-YEAR-END>                                            OCT-31-1996
<PERIOD-START>                                               NOV-01-1995
<PERIOD-END>                                                 APR-30-1996
<INVESTMENTS-AT-COST>                                        132,220,252
<INVESTMENTS-AT-VALUE>                                       175,828,320
<RECEIVABLES>                                                    919,716
<ASSETS-OTHER>                                                    22,783
<OTHER-ITEMS-ASSETS>                                                   0
<TOTAL-ASSETS>                                               176,770,819
<PAYABLE-FOR-SECURITIES>                                       2,022,822
<SENIOR-LONG-TERM-DEBT>                                                0
<OTHER-ITEMS-LIABILITIES>                                        382,976
<TOTAL-LIABILITIES>                                            2,405,798
<SENIOR-EQUITY>                                                        0
<PAID-IN-CAPITAL-COMMON>                                     122,736,595
<SHARES-COMMON-STOCK>                                          9,794,996
<SHARES-COMMON-PRIOR>                                          8,919,303
<ACCUMULATED-NII-CURRENT>                                              0
<OVERDISTRIBUTION-NII>                                            60,906
<ACCUMULATED-NET-GAINS>                                        8,077,079
<OVERDISTRIBUTION-GAINS>                                               0
<ACCUM-APPREC-OR-DEPREC>                                      43,612,253
<NET-ASSETS>                                                 174,365,021
<DIVIDEND-INCOME>                                              1,568,107
<INTEREST-INCOME>                                                174,872
<OTHER-INCOME>                                                         0
<EXPENSES-NET>                                                  (929,550)
<NET-INVESTMENT-INCOME>                                          813,429
<REALIZED-GAINS-CURRENT>                                       8,110,304
<APPREC-INCREASE-CURRENT>                                     13,281,576
<NET-CHANGE-FROM-OPS>                                         22,205,309
<EQUALIZATION>                                                         0
<DISTRIBUTIONS-OF-INCOME>                                     (1,121,678)
<DISTRIBUTIONS-OF-GAINS>                                      (4,850,668)
<DISTRIBUTIONS-OTHER>                                                  0
<NUMBER-OF-SHARES-SOLD>                                        1,048,063
<NUMBER-OF-SHARES-REDEEMED>                                     (549,264)
<SHARES-REINVESTED>                                              376,894
<NET-CHANGE-IN-ASSETS>                                        34,864,084
<ACCUMULATED-NII-PRIOR>                                          293,997
<ACCUMULATED-GAINS-PRIOR>                                      5,167,763
<OVERDISTRIB-NII-PRIOR>                                                0
<OVERDIST-NET-GAINS-PRIOR>                                             0
<GROSS-ADVISORY-FEES>                                            488,507
<INTEREST-EXPENSE>                                                     0
<GROSS-EXPENSE>                                                  929,550
<AVERAGE-NET-ASSETS>                                         157,361,039
<PER-SHARE-NAV-BEGIN>                                              14.65
<PER-SHARE-NII>                                                     0.09
<PER-SHARE-GAIN-APPREC>                                             2.13
<PER-SHARE-DIVIDEND>                                               (0.12)
<PER-SHARE-DISTRIBUTIONS>                                          (0.54)
<RETURNS-OF-CAPITAL>                                                0.00
<PER-SHARE-NAV-END>                                                16.21
<EXPENSE-RATIO>                                                     1.14
<AVG-DEBT-OUTSTANDING>                                                 0
<AVG-DEBT-PER-SHARE>                                                0.00
        

</TABLE>

<TABLE> <S> <C>
                                             
<ARTICLE>                                         6
<LEGEND>                                           
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMIANNUAL REPORT AND FORM N-SAR WHICH ARE ON FILE WITH THE 
SECURITIES AND EXCHANGE COMMISSION AND IS QUALIFIED IN ITS ENTIRETY BY 
REFERENCE TO SUCH DOCUMENTS.
</LEGEND>                                          
<CIK>                                             0000022864
<NAME>                                            COMPOSITE EQUITY SERIES, INC.
<SERIES>                                           
   <NUMBER>                                       012
   <NAME>                                COMPOSITE GROWTH & INCOME FUND CLASS B
       
<S>                                                        <C>
<PERIOD-TYPE>                                                 6-MOS
<FISCAL-YEAR-END>                                            OCT-31-1996
<PERIOD-START>                                               NOV-01-1995
<PERIOD-END>                                                 APR-30-1996
<INVESTMENTS-AT-COST>                                        132,220,252
<INVESTMENTS-AT-VALUE>                                       175,828,320
<RECEIVABLES>                                                    919,716
<ASSETS-OTHER>                                                    22,783
<OTHER-ITEMS-ASSETS>                                                   0
<TOTAL-ASSETS>                                               176,770,819
<PAYABLE-FOR-SECURITIES>                                       2,022,822
<SENIOR-LONG-TERM-DEBT>                                                0
<OTHER-ITEMS-LIABILITIES>                                        382,976
<TOTAL-LIABILITIES>                                            2,405,798
<SENIOR-EQUITY>                                                        0
<PAID-IN-CAPITAL-COMMON>                                     122,736,595
<SHARES-COMMON-STOCK>                                            968,397
<SHARES-COMMON-PRIOR>                                            608,089
<ACCUMULATED-NII-CURRENT>                                              0
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<ACCUMULATED-NET-GAINS>                                        8,077,079
<OVERDISTRIBUTION-GAINS>                                               0
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<NET-ASSETS>                                                 174,365,021
<DIVIDEND-INCOME>                                              1,568,107
<INTEREST-INCOME>                                                174,872
<OTHER-INCOME>                                                         0
<EXPENSES-NET>                                                  (929,550)
<NET-INVESTMENT-INCOME>                                          813,429
<REALIZED-GAINS-CURRENT>                                       8,110,304
<APPREC-INCREASE-CURRENT>                                     13,281,576
<NET-CHANGE-FROM-OPS>                                         22,205,309
<EQUALIZATION>                                                         0
<DISTRIBUTIONS-OF-INCOME>                                        (46,654)
<DISTRIBUTIONS-OF-GAINS>                                        (350,320)
<DISTRIBUTIONS-OTHER>                                                  0
<NUMBER-OF-SHARES-SOLD>                                          366,324
<NUMBER-OF-SHARES-REDEEMED>                                      (32,507)
<SHARES-REINVESTED>                                               26,491
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<ACCUMULATED-NII-PRIOR>                                          293,997
<ACCUMULATED-GAINS-PRIOR>                                      5,167,763
<OVERDISTRIB-NII-PRIOR>                                                0
<OVERDIST-NET-GAINS-PRIOR>                                             0
<GROSS-ADVISORY-FEES>                                            488,507
<INTEREST-EXPENSE>                                                     0
<GROSS-EXPENSE>                                                  929,550
<AVERAGE-NET-ASSETS>                                         157,361,039
<PER-SHARE-NAV-BEGIN>                                              14.59
<PER-SHARE-NII>                                                     0.04
<PER-SHARE-GAIN-APPREC>                                             2.12
<PER-SHARE-DIVIDEND>                                               (0.07)
<PER-SHARE-DISTRIBUTIONS>                                          (0.54)
<RETURNS-OF-CAPITAL>                                                0.00
<PER-SHARE-NAV-END>                                                16.14
<EXPENSE-RATIO>                                                     1.90
<AVG-DEBT-OUTSTANDING>                                                 0
<AVG-DEBT-PER-SHARE>                                                0.00
        

</TABLE>


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