COMPOSITE EQUITY SERIES INC
NSAR-A, 1997-06-27
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<PAGE>
000 A000000 04/30/97
000 C000000 0000022864
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 COMPOSITE EQUITY SERIES, INC.
001 B000000 811-565
001 C000000 5093533402
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
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
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
<PAGE>
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     77
020 A000002 PRUDENTIAL SECURITIES
020 B000002 22-2347336
020 C000002     20
020 A000003 JEFFERIES & CO.
020 B000003 95-2622900
020 C000003     19
020 A000004 MORGAN STANLEY
020 B000004 13-2655998
020 C000004     18
020 A000005 PAINE WEBBER
020 B000005 13-2638166
020 C000005     17
020 A000006 MERRILL LYNCH ET AL
020 B000006 13-5674085
020 C000006     15
020 A000007 OPPENHEIMERR
020 B000007 13-2798343
020 C000007     11
020 A000008 SMITH BARNEY SHEARSON
020 B000008 13-2869611
020 C000008     10
020 A000009 BERNSTEIN
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020 C000009      7
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020 B000010 13-5108880
020 C000010      6
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022 C000002     42714
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022 A000003 JEFFERIES & COMPANY, INC.
022 B000003 95-2622900
022 C000003      3812
<PAGE>
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022 B000004 13-2741729
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022 C000008       929
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022 A000009 PAINE WEBBER
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<PAGE>
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080 A00AA00 UNITED PACIFIC INSURANCE COMPANY
080 B00AA00 RELIANCE NATIONAL INSURANCE COMPANY
<PAGE>
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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-31-1997
<PERIOD-START>                                               NOV-01-1996
<PERIOD-END>                                                 APR-30-1997
<INVESTMENTS-AT-COST>                                        192,537,901
<INVESTMENTS-AT-VALUE>                                       250,067,146
<RECEIVABLES>                                                  1,175,447
<ASSETS-OTHER>                                                    29,926
<OTHER-ITEMS-ASSETS>                                                   0
<TOTAL-ASSETS>                                               251,272,519
<PAYABLE-FOR-SECURITIES>                                         963,747
<SENIOR-LONG-TERM-DEBT>                                                0
<OTHER-ITEMS-LIABILITIES>                                        412,904
<TOTAL-LIABILITIES>                                            1,376,651
<SENIOR-EQUITY>                                                        0
<PAID-IN-CAPITAL-COMMON>                                     177,486,475
<SHARES-COMMON-STOCK>                                         12,009,817
<SHARES-COMMON-PRIOR>                                         10,334,058
<ACCUMULATED-NII-CURRENT>                                         82,956
<OVERDISTRIBUTION-NII>                                                 0
<ACCUMULATED-NET-GAINS>                                       14,797,192
<OVERDISTRIBUTION-GAINS>                                               0
<ACCUM-APPREC-OR-DEPREC>                                      57,529,245
<NET-ASSETS>                                                 249,895,868
<DIVIDEND-INCOME>                                              2,099,383
<INTEREST-INCOME>                                                 79,018
<OTHER-INCOME>                                                         0
<EXPENSES-NET>                                                (1,360,147)
<NET-INVESTMENT-INCOME>                                          818,254
<REALIZED-GAINS-CURRENT>                                      15,241,364
<APPREC-INCREASE-CURRENT>                                      8,457,148
<NET-CHANGE-FROM-OPS>                                         24,516,766
<EQUALIZATION>                                                         0
<DISTRIBUTIONS-OF-INCOME>                                       (984,921)
<DISTRIBUTIONS-OF-GAINS>                                     (12,746,652)
<DISTRIBUTIONS-OTHER>                                                  0
<NUMBER-OF-SHARES-SOLD>                                        1,523,244
<NUMBER-OF-SHARES-REDEEMED>                                     (615,563)
<SHARES-REINVESTED>                                              768,078
<NET-CHANGE-IN-ASSETS>                                        48,713,972
<ACCUMULATED-NII-PRIOR>                                          275,454
<ACCUMULATED-GAINS-PRIOR>                                     14,044,609
<OVERDISTRIB-NII-PRIOR>                                                0
<OVERDIST-NET-GAINS-PRIOR>                                             0
<GROSS-ADVISORY-FEES>                                            714,834
<INTEREST-EXPENSE>                                                     0
<GROSS-EXPENSE>                                                1,360,147
<AVERAGE-NET-ASSETS>                                         225,538,882
<PER-SHARE-NAV-BEGIN>                                              17.26
<PER-SHARE-NII>                                                     0.07
<PER-SHARE-GAIN-APPREC>                                             1.92
<PER-SHARE-DIVIDEND>                                               (0.09)
<PER-SHARE-DISTRIBUTIONS>                                          (1.21)
<RETURNS-OF-CAPITAL>                                                0.00
<PER-SHARE-NAV-END>                                                17.95
<EXPENSE-RATIO>                                                     1.09
<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-31-1997
<PERIOD-START>                                               NOV-01-1996
<PERIOD-END>                                                 APR-30-1997
<INVESTMENTS-AT-COST>                                        192,537,901
<INVESTMENTS-AT-VALUE>                                       250,067,146
<RECEIVABLES>                                                  1,175,447
<ASSETS-OTHER>                                                    29,926
<OTHER-ITEMS-ASSETS>                                                   0
<TOTAL-ASSETS>                                               251,272,519
<PAYABLE-FOR-SECURITIES>                                         963,747
<SENIOR-LONG-TERM-DEBT>                                                0
<OTHER-ITEMS-LIABILITIES>                                        412,904
<TOTAL-LIABILITIES>                                            1,376,651
<SENIOR-EQUITY>                                                        0
<PAID-IN-CAPITAL-COMMON>                                     177,486,475
<SHARES-COMMON-STOCK>                                          1,925,896
<SHARES-COMMON-PRIOR>                                          1,331,165
<ACCUMULATED-NII-CURRENT>                                         82,956
<OVERDISTRIBUTION-NII>                                                 0
<ACCUMULATED-NET-GAINS>                                       14,797,192
<OVERDISTRIBUTION-GAINS>                                               0
<ACCUM-APPREC-OR-DEPREC>                                      57,529,245
<NET-ASSETS>                                                 249,895,868
<DIVIDEND-INCOME>                                              2,099,383
<INTEREST-INCOME>                                                 79,018
<OTHER-INCOME>                                                         0
<EXPENSES-NET>                                                (1,360,147)
<NET-INVESTMENT-INCOME>                                          818,254
<REALIZED-GAINS-CURRENT>                                      15,241,364
<APPREC-INCREASE-CURRENT>                                      8,457,148
<NET-CHANGE-FROM-OPS>                                         24,516,766
<EQUALIZATION>                                                         0
<DISTRIBUTIONS-OF-INCOME>                                        (25,831)
<DISTRIBUTIONS-OF-GAINS>                                      (1,708,904)
<DISTRIBUTIONS-OTHER>                                                  0
<NUMBER-OF-SHARES-SOLD>                                          591,275
<NUMBER-OF-SHARES-REDEEMED>                                      (97,769)
<SHARES-REINVESTED>                                              101,225
<NET-CHANGE-IN-ASSETS>                                        48,713,972
<ACCUMULATED-NII-PRIOR>                                          275,454
<ACCUMULATED-GAINS-PRIOR>                                     14,044,609
<OVERDISTRIB-NII-PRIOR>                                                0
<OVERDIST-NET-GAINS-PRIOR>                                             0
<GROSS-ADVISORY-FEES>                                            714,834
<INTEREST-EXPENSE>                                                     0
<GROSS-EXPENSE>                                                1,360,147
<AVERAGE-NET-ASSETS>                                         225,538,882
<PER-SHARE-NAV-BEGIN>                                              17.17
<PER-SHARE-NII>                                                     0.00
<PER-SHARE-GAIN-APPREC>                                             1.90
<PER-SHARE-DIVIDEND>                                               (0.02)
<PER-SHARE-DISTRIBUTIONS>                                          (1.21)
<RETURNS-OF-CAPITAL>                                                0.00
<PER-SHARE-NAV-END>                                                17.84
<EXPENSE-RATIO>                                                     1.93
<AVG-DEBT-OUTSTANDING>                                                 0
<AVG-DEBT-PER-SHARE>                                                0.00
        

</TABLE>


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