<PAGE> PAGE 1
000 A000000 06/30/95
000 C000000 4159658300
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 BENHAM EQUITY FUNDS
001 B000000 811-5447
001 C000000 4159658300
002 A000000 1665 CHARLESTON ROAD
002 B000000 MOUNTAIN VIEW
002 C000000 CA
002 D010000 94043
002 D020000 1211
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 BENHAM GOLD EQUITIES INDEX FUND
007 C030100 N
007 C010200 2
007 C020200 BENHAM INCOME & GROWTH FUND
007 C030200 N
007 C010300 3
007 C020300 BENHAM EQUITY GROWTH FUND
007 C030300 N
007 C010400 4
007 C020400 BENHAM UTILITIES INCOME FUND
007 C030400 N
007 C010500 5
007 C020500 BENHAM GLOBAL NATURAL RESOURCES INDEX FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 INSTINET
020 B000001 133443395
020 C000001 289
020 A000002 BURNS FRY
020 B000002 132692943
020 C000002 161
020 A000003 GOLDMAN SACHS
020 B000003 135108880
<PAGE> PAGE 2
020 C000003 116
020 A000004 CANTOR FITZGERALD
020 B000004 133680184
020 C000004 85
020 A000005 LOWEN ONDAATDJI MCCUTCHEON
020 C000005 80
020 A000006 SHEARSON LEHMAN
020 B000006 132726611
020 C000006 58
020 A000007 BUNTING WARBURG
020 C000007 56
020 A000008 JAMES CAPEL
020 B000008 521348224
020 C000008 50
020 A000009 MORGAN STANLEY
020 B000009 132655998
020 C000009 37
020 A000010 CAPITAL INST. SERVICES
020 B000010 751565705
020 C000010 36
021 000000 1108
022 A000001 INSTINET
022 B000001 133443395
022 C000001 163149
022 D000001 138265
022 A000002 CANTOR FITZGERALD
022 B000002 133680184
022 C000002 43793
022 D000002 46575
022 A000003 CAPITAL INSTINET
022 B000003 751565705
022 C000003 25778
022 D000003 20887
022 A000004 BURNS FRY
022 B000004 132692943
022 C000004 18515
022 D000004 18013
022 A000005 GOLDMAN SACHS
022 B000005 135108880
022 C000005 15762
022 D000005 33757
022 A000006 LOWEN ONDAATDJI MCCUTCHEON
022 C000006 13248
022 D000006 11300
022 A000007 MORGAN STANLEY
022 B000007 132655998
022 C000007 10170
022 D000007 3475
022 A000008 SHEARSON LEHMAN
022 B000008 132726611
022 C000008 8398
<PAGE> PAGE 3
022 D000008 10967
022 A000009 MERRILL LYNCH
022 B000009 135674085
022 C000009 7752
022 D000009 5468
022 A000010 JAMES CAPEL
022 B000010 521348224
022 C000010 5122
022 D000010 12736
023 C000000 333915
023 D000000 333196
027 000000 Y
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
028 A010100 66585
<PAGE> PAGE 4
028 A020100 0
028 A030100 0
028 A040100 99940
028 B010100 28636
028 B020100 0
028 B030100 0
028 B040100 21737
028 C010100 84569
028 C020100 0
028 C030100 0
028 C040100 57733
028 D010100 75962
028 D020100 0
028 D030100 0
028 D040100 87228
028 E010100 59932
028 E020100 0
028 E030100 0
028 E040100 60535
028 F010100 48424
028 F020100 0
028 F030100 0
028 F040100 72819
028 G010100 364108
028 G020100 0
028 G030100 0
028 G040100 399992
028 H000100 0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 Y
068 B000100 Y
069 000100 Y
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
<PAGE> PAGE 5
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 108160
071 B000100 150274
071 C000100 548342
071 D000100 20
072 A000100 6
072 B000100 291
072 C000100 2233
072 D000100 0
072 E000100 0
072 F000100 881
072 G000100 0
072 H000100 0
072 I000100 627
072 J000100 2
072 K000100 61
072 L000100 39
072 M000100 7
072 N000100 36
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 19
072 S000100 12
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 43
<PAGE> PAGE 6
072 X000100 1727
072 Y000100 0
072 Z000100 797
072AA000100 0
072BB000100 14285
072CC010100 61903
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 568705
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 21176
074 K000100 0
074 L000100 997
074 M000100 9
074 N000100 590887
074 O000100 346
074 P000100 312
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 9669
074 S000100 0
074 T000100 580560
074 U010100 46683
074 U020100 0
074 V010100 12.44
074 V020100 0.00
074 W000100 0.0000
074 X000100 48499
074 Y000100 0
075 A000100 0
075 B000100 559507
076 000100 0.00
028 A010200 3852
028 A020200 521
028 A030200 0
028 A040200 7196
<PAGE> PAGE 7
028 B010200 3270
028 B020200 481
028 B030200 0
028 B040200 4353
028 C010200 3945
028 C020200 554
028 C030200 0
028 C040200 5834
028 D010200 6082
028 D020200 519
028 D030200 0
028 D040200 4224
028 E010200 8398
028 E020200 526
028 E030200 0
028 E040200 5600
028 F010200 8279
028 F020200 530
028 F030200 0
028 F040200 5639
028 G010200 33826
028 G020200 3131
028 G030200 0
028 G040200 32846
028 H000200 0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 N
070 G020200 N
070 H010200 Y
<PAGE> PAGE 8
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 91692
071 B000200 85561
071 C000200 239288
071 D000200 36
072 A000200 6
072 B000200 56
072 C000200 4003
072 D000200 0
072 E000200 0
072 F000200 379
072 G000200 0
072 H000200 0
072 I000200 335
072 J000200 8
072 K000200 29
072 L000200 17
072 M000200 5
072 N000200 27
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 9
072 S000200 7
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 22
072 X000200 838
072 Y000200 0
072 Z000200 3221
<PAGE> PAGE 9
072AA000200 7671
072BB000200 0
072CC010200 31206
072CC020200 0
072DD010200 3362
072DD020200 0
072EE000200 0
073 A010200 0.2100
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 3713
074 B000200 0
074 C000200 2574
074 D000200 0
074 E000200 0
074 F000200 260798
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 1158
074 M000200 8
074 N000200 268251
074 O000200 56
074 P000200 146
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 264
074 S000200 0
074 T000200 267785
074 U010200 16385
074 U020200 0
074 V010200 16.34
074 V020200 0.00
074 W000200 0.0000
074 X000200 28323
074 Y000200 2701
075 A000200 0
075 B000200 242403
076 000200 0.00
028 A010300 2347
028 A020300 0
028 A030300 0
028 A040300 3308
028 B010300 3900
028 B020300 0
028 B030300 0
<PAGE> PAGE 10
028 B040300 4889
028 C010300 4227
028 C020300 438
028 C030300 0
028 C040300 3816
028 D010300 5713
028 D020300 0
028 D030300 0
028 D040300 3502
028 E010300 30602
028 E020300 0
028 E030300 0
028 E040300 6771
028 F010300 13917
028 F020300 636
028 F030300 0
028 F040300 3738
028 G010300 60706
028 G020300 1074
028 G030300 0
028 G040300 26024
028 H000300 0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 Y
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 Y
070 G010300 N
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
<PAGE> PAGE 11
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 87059
071 B000300 60326
071 C000300 110970
071 D000300 54
072 A000300 6
072 B000300 69
072 C000300 1542
072 D000300 0
072 E000300 0
072 F000300 176
072 G000300 0
072 H000300 0
072 I000300 162
072 J000300 5
072 K000300 15
072 L000300 8
072 M000300 4
072 N000300 37
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 5
072 S000300 5
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 12
072 X000300 429
072 Y000300 14
072 Z000300 1196
072AA000300 4150
072BB000300 0
072CC010300 14521
<PAGE> PAGE 12
072CC020300 0
072DD010300 1112
072DD020300 0
072EE000300 0
073 A010300 0.1142
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 2917
074 B000300 0
074 C000300 10292
074 D000300 0
074 E000300 0
074 F000300 137722
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 1238
074 M000300 9
074 N000300 152178
074 O000300 0
074 P000300 85
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 145
074 S000300 0
074 T000300 151948
074 U010300 11092
074 U020300 0
074 V010300 13.70
074 V020300 0.00
074 W000300 0.0000
074 X000300 15883
074 Y000300 10794
075 A000300 0
075 B000300 113646
076 000300 0.00
028 A010400 24037
028 A020400 434
028 A030400 0
028 A040400 8540
028 B010400 11533
028 B020400 543
028 B030400 0
028 B040400 16657
028 C010400 7244
028 C020400 535
<PAGE> PAGE 13
028 C030400 0
028 C040400 12103
028 D010400 6197
028 D020400 533
028 D030400 0
028 D040400 8944
028 E010400 6733
028 E020400 523
028 E030400 0
028 E040400 9664
028 F010400 6509
028 F020400 524
028 F030400 0
028 F040400 6090
028 G010400 62253
028 G020400 3092
028 G030400 0
028 G040400 61998
028 H000400 0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
<PAGE> PAGE 14
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 62295
071 B000400 66820
071 C000400 164783
071 D000400 38
072 A000400 6
072 B000400 140
072 C000400 4238
072 D000400 0
072 E000400 0
072 F000400 264
072 G000400 0
072 H000400 0
072 I000400 292
072 J000400 6
072 K000400 29
072 L000400 11
072 M000400 4
072 N000400 20
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 7
072 S000400 6
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 22
072 X000400 661
072 Y000400 39
072 Z000400 3756
072AA000400 0
072BB000400 4313
072CC010400 20992
072CC020400 0
072DD010400 3729
072DD020400 0
<PAGE> PAGE 15
072EE000400 0
073 A010400 0.2070
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 3349
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 168626
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 883
074 M000400 23
074 N000400 172881
074 O000400 0
074 P000400 105
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 154
074 S000400 0
074 T000400 172622
074 U010400 17719
074 U020400 0
074 V010400 9.74
074 V020400 0.00
074 W000400 0.0000
074 X000400 27495
074 Y000400 0
075 A000400 0
075 B000400 167974
076 000400 0.00
028 A010500 1642
028 A020500 0
028 A030500 0
028 A040500 922
028 B010500 1691
028 B020500 0
028 B030500 0
028 B040500 1530
028 C010500 2698
028 C020500 0
028 C030500 0
028 C040500 2185
028 D010500 6313
<PAGE> PAGE 16
028 D020500 0
028 D030500 0
028 D040500 2937
028 E010500 3939
028 E020500 0
028 E030500 0
028 E040500 2858
028 F010500 1458
028 F020500 240
028 F030500 0
028 F040500 1831
028 G010500 17741
028 G020500 240
028 G030500 0
028 G040500 12263
028 H000500 0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 Y
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
<PAGE> PAGE 17
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 9497
071 B000500 4075
071 C000500 22153
071 D000500 18
072 A000500 6
072 B000500 13
072 C000500 344
072 D000500 0
072 E000500 0
072 F000500 33
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 20
072 K000500 3
072 L000500 1
072 M000500 3
072 N000500 6
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 4
072 S000500 4
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 58
072 X000500 132
072 Y000500 48
072 Z000500 273
072AA000500 0
072BB000500 52
072CC010500 647
072CC020500 0
072DD010500 251
072DD020500 0
072EE000500 0
073 A010500 0.1000
073 A020500 0.0000
<PAGE> PAGE 18
073 B000500 0.0000
073 C000500 0.0000
074 A000500 106
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 25100
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 561
074 K000500 0
074 L000500 83
074 M000500 59
074 N000500 25909
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 109
074 S000500 0
074 T000500 25800
074 U010500 2533
074 U020500 0
074 V010500 10.18
074 V020500 0.00
074 W000500 0.0000
074 X000500 347
074 Y000500 0
075 A000500 0
075 B000500 11178
076 000500 0.00
SIGNATURE ANN MCCOID
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> BENHAM GOLD EQUITIES INDEX FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 494133147
<INVESTMENTS-AT-VALUE> 568705021
<RECEIVABLES> 22173589
<ASSETS-OTHER> 9015
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 590887625
<PAYABLE-FOR-SECURITIES> 346222
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9981011
<TOTAL-LIABILITIES> 10327233
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 518262912
<SHARES-COMMON-STOCK> 46683460
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 796790
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34524455)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 96025145
<NET-ASSETS> 580560392
<DIVIDEND-INCOME> 2492392
<INTEREST-INCOME> 290404
<OTHER-INCOME> (259056)
<EXPENSES-NET> 1726950
<NET-INVESTMENT-INCOME> 796790
<REALIZED-GAINS-CURRENT> (14284740)
<APPREC-INCREASE-CURRENT> 61903037
<NET-CHANGE-FROM-OPS> 48415087
<EQUALIZATION> (7743)
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 363938880
<NUMBER-OF-SHARES-REDEEMED> 399815349
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12530875
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 880576
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1726950
<AVERAGE-NET-ASSETS> 558129320
<PER-SHARE-NAV-BEGIN> 11.33
<PER-SHARE-NII> .017
<PER-SHARE-GAIN-APPREC> 1.09
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.44
<EXPENSE-RATIO> .62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> BENHAM INCOME & GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 230368816
<INVESTMENTS-AT-VALUE> 263371845
<RECEIVABLES> 1044478
<ASSETS-OTHER> 3834999
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 268251322
<PAYABLE-FOR-SECURITIES> 56472
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 410193
<TOTAL-LIABILITIES> 466665
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 224117815
<SHARES-COMMON-STOCK> 16385271
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 83479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7844584
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35738779
<NET-ASSETS> 267784657
<DIVIDEND-INCOME> 4011015
<INTEREST-INCOME> 56056
<OTHER-INCOME> (8165)
<EXPENSES-NET> 837785
<NET-INVESTMENT-INCOME> 3221121
<REALIZED-GAINS-CURRENT> 7670648
<APPREC-INCREASE-CURRENT> 31205718
<NET-CHANGE-FROM-OPS> 42097487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3362041
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33825297
<NUMBER-OF-SHARES-REDEEMED> 32845725
<SHARES-REINVESTED> 3130841
<NET-CHANGE-IN-ASSETS> 42845859
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 378964
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 837785
<AVERAGE-NET-ASSETS> 240105778
<PER-SHARE-NAV-BEGIN> 13.92
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 2.43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.34
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> BENHAM EQUITY GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 143087437
<INVESTMENTS-AT-VALUE> 148014687
<RECEIVABLES> 773702
<ASSETS-OTHER> 3389414
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 152177803
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 230074
<TOTAL-LIABILITIES> 230074
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 131383408
<SHARES-COMMON-STOCK> 11091816
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 88810
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4605261
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15870250
<NET-ASSETS> 151947729
<DIVIDEND-INCOME> 1552589
<INTEREST-INCOME> 69481
<OTHER-INCOME> (10723)
<EXPENSES-NET> 414892
<NET-INVESTMENT-INCOME> 1196455
<REALIZED-GAINS-CURRENT> 4149583
<APPREC-INCREASE-CURRENT> 14520816
<NET-CHANGE-FROM-OPS> 19866854
<EQUALIZATION> 112217
<DISTRIBUTIONS-OF-INCOME> 1111890
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60523696
<NUMBER-OF-SHARES-REDEEMED> 25954605
<SHARES-REINVESTED> 1074232
<NET-CHANGE-IN-ASSETS> 54510504
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 175889
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 429327
<AVERAGE-NET-ASSETS> 111555013
<PER-SHARE-NAV-BEGIN> 11.53
<PER-SHARE-NII> .122
<PER-SHARE-GAIN-APPREC> 2.163
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .114
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.70
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> BENHAM UTILITY INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 165806782
<INVESTMENTS-AT-VALUE> 168625888
<RECEIVABLES> 883287
<ASSETS-OTHER> 3372067
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 172881242
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 258956
<TOTAL-LIABILITIES> 258956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 184534877
<SHARES-COMMON-STOCK> 17718621
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 138499
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14870195)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2819105
<NET-ASSETS> 172622286
<DIVIDEND-INCOME> 4257038
<INTEREST-INCOME> 140106
<OTHER-INCOME> (19021)
<EXPENSES-NET> 622145
<NET-INVESTMENT-INCOME> 3755978
<REALIZED-GAINS-CURRENT> (4313326)
<APPREC-INCREASE-CURRENT> 20991512
<NET-CHANGE-FROM-OPS> 20434164
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3728669
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 62252513
<NUMBER-OF-SHARES-REDEEMED> 61997746
<SHARES-REINVESTED> 3092359
<NET-CHANGE-IN-ASSETS> 20052621
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 264166
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 660919
<AVERAGE-NET-ASSETS> 167280110
<PER-SHARE-NAV-BEGIN> 8.79
<PER-SHARE-NII> .208
<PER-SHARE-GAIN-APPREC> .949
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .207
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.74
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> BENHAM GLOBAL NATURAL RESOURCES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 24455462
<INVESTMENTS-AT-VALUE> 19079325
<RECEIVABLES> 123214
<ASSETS-OTHER> 111259
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19313798
<PAYABLE-FOR-SECURITIES> 137976
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 204076
<TOTAL-LIABILITIES> 342052
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19473668
<SHARES-COMMON-STOCK> 1973763
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3763
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (505685)
<NET-ASSETS> 18971746
<DIVIDEND-INCOME> 80909
<INTEREST-INCOME> 19503
<OTHER-INCOME> (3186)
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 97226
<REALIZED-GAINS-CURRENT> (12380)
<APPREC-INCREASE-CURRENT> (505685)
<NET-CHANGE-FROM-OPS> (420839)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 81083
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32515471
<NUMBER-OF-SHARES-REDEEMED> 13113286
<SHARES-REINVESTED> 71483
<NET-CHANGE-IN-ASSETS> 18971746
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13333
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 84338
<AVERAGE-NET-ASSETS> 22541536
<PER-SHARE-NAV-BEGIN> 9.61
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> .43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .10
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
