COMPOSITE EQUITY SERIES INC
NSAR-B, 1996-12-17
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<PAGE>      PAGE  1
000 B000000 10/31/96
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     68
020 A000002 MORGAN STANLEY & COMPANY
020 B000002 13-2655998
020 C000002     52
020 A000003 MERRILL LYNCH ET AL
020 B000003 13-5674085
020 C000003     45
020 A000004 DONALDSON, LUFKIN & JENRETTE
020 B000004 13-2741729
020 C000004     39
020 A000005 JEFFERIES & COMPANY, INC.
020 B000005 95-2622900
020 C000005     36
020 A000006 PRUDENTIAL SECURITIES
020 B000006 22-2347336
020 C000006     34
020 A000007 LIPPER ANALYTICAL
020 B000007 13-2792478
020 C000007     32
020 A000008 GOLDMAN SACHS
020 B000008 13-5108880
020 C000008     20
020 A000009 SMITH BARNEY SHEARSON
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020 C000009     19
020 A000010 OPPENHEIMERR
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020 C000010     17
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<PAGE>      PAGE  3
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022 A000003 UNITED MISSOURI BANK
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022 C000003      1431
022 D000003      7355
022 A000004 DONALDSON, LUFKIN & JENRETTE
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022 C000004      4218
022 D000004      3699
022 A000005 JEFFERIES & COMPANY, INC.
022 B000005 95-2622900
022 C000005      2181
022 D000005      5526
022 A000006 MERRYLL LYNCH ET AL
022 B000006 13-5674085
022 C000006      3524
022 D000006      2516
022 A000007 MORGAN STANLEY & COMPANY
022 B000007 13-2655998
022 C000007      2927
022 D000007      2808
022 A000008 SMITH BARNEY/SHEARSON
022 B000008 13-2869611
022 C000008      2629
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022 A000010 RAGEN MACKENZIE
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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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<PAGE>      PAGE  7
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070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
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070 L02AA00 Y
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 N
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070 Q01AA00 N
070 Q02AA00 N
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<PAGE>      PAGE  9
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077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
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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
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082 B00AA00        0
083 A00AA00 N
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<PAGE>      PAGE  10
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>                                                     12-MOS
<FISCAL-YEAR-END>                                            OCT-31-1996
<PERIOD-START>                                               NOV-01-1995
<PERIOD-END>                                                 OCT-31-1996
<INVESTMENTS-AT-COST>                                        152,942,175
<INVESTMENTS-AT-VALUE>                                       202,032,592
<RECEIVABLES>                                                  1,147,367
<ASSETS-OTHER>                                                    22,516
<OTHER-ITEMS-ASSETS>                                                   0
<TOTAL-ASSETS>                                               203,202,475
<PAYABLE-FOR-SECURITIES>                                       1,774,380
<SENIOR-LONG-TERM-DEBT>                                                0
<OTHER-ITEMS-LIABILITIES>                                        246,199
<TOTAL-LIABILITIES>                                            2,020,579
<SENIOR-EQUITY>                                                        0
<PAID-IN-CAPITAL-COMMON>                                     137,822,961
<SHARES-COMMON-STOCK>                                         10,334,058
<SHARES-COMMON-PRIOR>                                          9,794,996
<ACCUMULATED-NII-CURRENT>                                        275,454
<OVERDISTRIBUTION-NII>                                                 0
<ACCUMULATED-NET-GAINS>                                       14,011,384
<OVERDISTRIBUTION-GAINS>                                               0
<ACCUM-APPREC-OR-DEPREC>                                      49,072,097
<NET-ASSETS>                                                 201,181,896
<DIVIDEND-INCOME>                                              3,570,866
<INTEREST-INCOME>                                                340,632
<OTHER-INCOME>                                                         0
<EXPENSES-NET>                                                (1,895,430)
<NET-INVESTMENT-INCOME>                                        2,016,068
<REALIZED-GAINS-CURRENT>                                      14,044,609
<APPREC-INCREASE-CURRENT>                                     18,741,419
<NET-CHANGE-FROM-OPS>                                         34,802,096
<EQUALIZATION>                                                         0
<DISTRIBUTIONS-OF-INCOME>                                     (1,970,751)
<DISTRIBUTIONS-OF-GAINS>                                      (4,850,669)
<DISTRIBUTIONS-OTHER>                                                  0
<NUMBER-OF-SHARES-SOLD>                                        2,162,456
<NUMBER-OF-SHARES-REDEEMED>                                   (1,172,395)
<SHARES-REINVESTED>                                              424,694
<NET-CHANGE-IN-ASSETS>                                        61,680,959
<ACCUMULATED-NII-PRIOR>                                          293,997
<ACCUMULATED-GAINS-PRIOR>                                      5,167,763
<OVERDISTRIB-NII-PRIOR>                                                0
<OVERDIST-NET-GAINS-PRIOR>                                             0
<GROSS-ADVISORY-FEES>                                          1,065,507
<INTEREST-EXPENSE>                                                     0
<GROSS-EXPENSE>                                                1,895,430
<AVERAGE-NET-ASSETS>                                         170,311,627
<PER-SHARE-NAV-BEGIN>                                              14.65
<PER-SHARE-NII>                                                     0.20
<PER-SHARE-GAIN-APPREC>                                             3.16
<PER-SHARE-DIVIDEND>                                               (0.21)
<PER-SHARE-DISTRIBUTIONS>                                          (0.54)
<RETURNS-OF-CAPITAL>                                                0.00
<PER-SHARE-NAV-END>                                                17.26
<EXPENSE-RATIO>                                                     1.03
<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>                                                 12-MOS
<FISCAL-YEAR-END>                                            OCT-31-1996
<PERIOD-START>                                               NOV-01-1995
<PERIOD-END>                                                 OCT-31-1996
<INVESTMENTS-AT-COST>                                        152,942,175
<INVESTMENTS-AT-VALUE>                                       202,032,592
<RECEIVABLES>                                                  1,147,367
<ASSETS-OTHER>                                                    22,516
<OTHER-ITEMS-ASSETS>                                                   0
<TOTAL-ASSETS>                                               203,202,475
<PAYABLE-FOR-SECURITIES>                                       1,774,380
<SENIOR-LONG-TERM-DEBT>                                                0
<OTHER-ITEMS-LIABILITIES>                                        246,199
<TOTAL-LIABILITIES>                                            2,020,579
<SENIOR-EQUITY>                                                        0
<PAID-IN-CAPITAL-COMMON>                                     137,822,961
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<SHARES-COMMON-PRIOR>                                            968,397
<ACCUMULATED-NII-CURRENT>                                        275,454
<OVERDISTRIBUTION-NII>                                                 0
<ACCUMULATED-NET-GAINS>                                       14,011,384
<OVERDISTRIBUTION-GAINS>                                               0
<ACCUM-APPREC-OR-DEPREC>                                      49,072,097
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<DIVIDEND-INCOME>                                              3,570,866
<INTEREST-INCOME>                                                340,632
<OTHER-INCOME>                                                         0
<EXPENSES-NET>                                                (1,895,430)
<NET-INVESTMENT-INCOME>                                        2,016,068
<REALIZED-GAINS-CURRENT>                                      14,044,609
<APPREC-INCREASE-CURRENT>                                     18,741,419
<NET-CHANGE-FROM-OPS>                                         34,802,096
<EQUALIZATION>                                                         0
<DISTRIBUTIONS-OF-INCOME>                                        (63,860)
<DISTRIBUTIONS-OF-GAINS>                                        (350,319)
<DISTRIBUTIONS-OTHER>                                                  0
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<NUMBER-OF-SHARES-REDEEMED>                                      (86,112)
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<NET-CHANGE-IN-ASSETS>                                        61,680,959
<ACCUMULATED-NII-PRIOR>                                          293,997
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<OVERDISTRIB-NII-PRIOR>                                                0
<OVERDIST-NET-GAINS-PRIOR>                                             0
<GROSS-ADVISORY-FEES>                                          1,065,507
<INTEREST-EXPENSE>                                                     0
<GROSS-EXPENSE>                                                1,895,430
<AVERAGE-NET-ASSETS>                                         170,311,627
<PER-SHARE-NAV-BEGIN>                                              14.59
<PER-SHARE-NII>                                                     0.06
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<PER-SHARE-DISTRIBUTIONS>                                          (0.54)
<RETURNS-OF-CAPITAL>                                                0.00
<PER-SHARE-NAV-END>                                                17.17
<EXPENSE-RATIO>                                                     1.94
<AVG-DEBT-OUTSTANDING>                                                 0
<AVG-DEBT-PER-SHARE>                                                0.00
        

</TABLE>


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