<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000710977
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
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007 C010600 6
007 C010700 7
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<PAGE> PAGE 2
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011 A00AA01 MOSAIC FUNDS DISTRIBUTOR, LLC
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<PAGE> PAGE 3
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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 I020100 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE RICHARD MASON
TITLE GENERAL COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the registrant's
current Form NSAR, Annual Report and Prospectus and is qualified in its entirety
by reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> MOSAIC EQUITY TRUST
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<SHARES-COMMON-PRIOR> 994
<ACCUMULATED-NII-CURRENT> (2)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 445
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,392
<NET-ASSETS> 8,789
<DIVIDEND-INCOME> 60
<INTEREST-INCOME> 48
<OTHER-INCOME> 0
<EXPENSES-NET> 110
<NET-INVESTMENT-INCOME> (2)
<REALIZED-GAINS-CURRENT> 579
<APPREC-INCREASE-CURRENT> 118
<NET-CHANGE-FROM-OPS> 695
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,439
<NUMBER-OF-SHARES-REDEEMED> 10,552
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,418)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (134)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 66
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 110
<AVERAGE-NET-ASSETS> 8,860
<PER-SHARE-NAV-BEGIN> 8.74
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.83
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 1.24
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the registrant's
current Form NSAR, Annual Report and Prospectus and is qualified in its entirety
by reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> MOSAIC EQUITY TRUST
<SERIES>
<NUMBER> 2
<NAME> INVESTORS FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 26,291
<INVESTMENTS-AT-VALUE> 29,745
<RECEIVABLES> 298
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,054
<PAYABLE-FOR-SECURITIES> 728
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 728
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,568
<SHARES-COMMON-STOCK> 1,390
<SHARES-COMMON-PRIOR> 1,217
<ACCUMULATED-NII-CURRENT> (9)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,313
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,454
<NET-ASSETS> 29,326
<DIVIDEND-INCOME> 235
<INTEREST-INCOME> 106
<OTHER-INCOME> 0
<EXPENSES-NET> 350
<NET-INVESTMENT-INCOME> (9)
<REALIZED-GAINS-CURRENT> 5,544
<APPREC-INCREASE-CURRENT> (3,969)
<NET-CHANGE-FROM-OPS> 1,566
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 5,080
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,657
<NUMBER-OF-SHARES-REDEEMED> (20,213)
<SHARES-REINVESTED> 4,869
<NET-CHANGE-IN-ASSETS> (201)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 849
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 228
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 350
<AVERAGE-NET-ASSETS> 30,642
<PER-SHARE-NAV-BEGIN> 24.26
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 1.21
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 4.36
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.10
<EXPENSE-RATIO> 1.14
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the registrant's
current Form NSAR, Annual Report and Prospectus and is qualified in its entirety
by reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> MOSAIC EQUITY TRUST
<SERIES>
<NUMBER> 3
<NAME> BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 23,954
<INVESTMENTS-AT-VALUE> 25,596
<RECEIVABLES> 150
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7
<TOTAL-ASSETS> 25,753
<PAYABLE-FOR-SECURITIES> 424
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3
<TOTAL-LIABILITIES> 427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,337
<SHARES-COMMON-STOCK> 1,208
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 620
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,642
<NET-ASSETS> 25,326
<DIVIDEND-INCOME> 126
<INTEREST-INCOME> 577
<OTHER-INCOME> 1
<EXPENSES-NET> 303
<NET-INVESTMENT-INCOME> 401
<REALIZED-GAINS-CURRENT> 2,442
<APPREC-INCREASE-CURRENT> (2,119)
<NET-CHANGE-FROM-OPS> 724
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 401
<DISTRIBUTIONS-OF-GAINS> 2,244
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,499
<NUMBER-OF-SHARES-REDEEMED> 3,497
<SHARES-REINVESTED> 2,510
<NET-CHANGE-IN-ASSETS> 591
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 422
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 190
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 303
<AVERAGE-NET-ASSETS> 25,491
<PER-SHARE-NAV-BEGIN> 20.47
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 0.31
<PER-SHARE-DIVIDEND> 0.33
<PER-SHARE-DISTRIBUTIONS> 1.83
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.95
<EXPENSE-RATIO> 1.19
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the registrant's
current Form NSAR, Annual Report and Prospectus and is qualified in its entirety
by reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> MOSAIC EQUITY TRUST
<SERIES>
<NUMBER> 4
<NAME> FORESIGHT FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2,535
<INVESTMENTS-AT-VALUE> 2,582
<RECEIVABLES> 1
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2
<TOTAL-ASSETS> 2,585
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,731
<SHARES-COMMON-STOCK> 225
<SHARES-COMMON-PRIOR> 276
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (192)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45
<NET-ASSETS> 2,585
<DIVIDEND-INCOME> 5
<INTEREST-INCOME> 115
<OTHER-INCOME> 0
<EXPENSES-NET> 37
<NET-INVESTMENT-INCOME> 83
<REALIZED-GAINS-CURRENT> 91
<APPREC-INCREASE-CURRENT> (206)
<NET-CHANGE-FROM-OPS> (32)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 83
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 548
<NUMBER-OF-SHARES-REDEEMED> 1,223
<SHARES-REINVESTED> 81
<NET-CHANGE-IN-ASSETS> (709)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (284)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37
<AVERAGE-NET-ASSETS> 3,027
<PER-SHARE-NAV-BEGIN> 11.95
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> (0.49)
<PER-SHARE-DIVIDEND> 0.37
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.46
<EXPENSE-RATIO> 1.24
</TABLE>
Deloitte & Touche LLP
Two Prudential Plaza
180 North Stetson Avenue
Chicago, Illinois 60601-6779
Telephone: (312) 946-3000
Facsimile: (312) 946-2600
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
MOSAIC EQUITY TRUST:
In planning and performing our audits of the financial statements of Mosaic
Equity Trust, including Investors Fund, Balanced Fund, Mid-Cap Growth Fund
and Foresight Fund (collectively the "Funds") for the year ended December 31,
1999, (on which we have issued our report dated February 15, 2000), we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the Funds'
internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions
or that the degree of compliance with policies or procedures deteriorates.
Our consideration of the Funds' internal control would not necessarily
disclose all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to
a relatively low level the risk that misstatements due to error or fraud in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we noted
no matters involving the Funds' internal control and its operation, including
controls for safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees of Mosaic Equity Trust, and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.
DELOITTE & TOUCHE LLP
(signature)
Chicago, Illinois
February 15, 2000
Deloitte Touche Tohmatsu
