<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0000710977
000 D000000 N
000 E000000 NF
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000 G000000 N
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003 000000 N
004 000000 N
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006 000000 N
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007 B000000 4
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007 C020100 MID-CAP GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 INVESTORS FUND
007 C030200 N
007 C010300 3
007 C020300 BALANCED FUND
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007 C010400 4
007 C020400 FORESIGHT FUND
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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<PAGE> PAGE 2
008 D01AA02 MADISON
008 D02AA02 WI
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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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054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
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054 O00AA00 N
055 A00AA00 N
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056 00AA00 Y
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<PAGE> PAGE 5
062 R00AA00 0.0
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<PAGE> PAGE 6
028 F040100 1337
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048 I020100 0.000
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050 000100 N
051 000100 N
052 000100 N
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<PAGE> PAGE 7
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
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070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 8481
071 B000100 9491
071 C000100 9595
071 D000100 88
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<PAGE> PAGE 8
072 F000100 82
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074 G000100 0
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074 L000100 9
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074 O000100 0
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<PAGE> PAGE 9
074 R030100 0
074 R040100 122
074 S000100 0
074 T000100 10207
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<PAGE> PAGE 10
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048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
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050 000200 N
051 000200 N
052 000200 N
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066 G000200 N
067 000200 N
068 A000200 N
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069 000200 N
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070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
<PAGE> PAGE 11
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
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071 B000200 23076
071 C000200 24647
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072 A000200 12
072 B000200 122
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<PAGE> PAGE 12
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<PAGE> PAGE 13
028 B010300 417
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<PAGE> PAGE 14
049 000300 N
050 000300 N
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070 E020300 N
070 F010300 N
070 F020300 N
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070 G020300 N
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070 I020300 N
070 J010300 Y
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<PAGE> PAGE 15
070 P010300 N
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
068 A000400 N
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070 G020400 N
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070 I010400 N
070 I020400 N
070 J010400 Y
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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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<NAME> MID-CAP GROWTH FUND
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<SHARES-COMMON-PRIOR> 1,557
<ACCUMULATED-NII-CURRENT> (10)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (124)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,274
<NET-ASSETS> 10,207
<DIVIDEND-INCOME> 60
<INTEREST-INCOME> 67
<OTHER-INCOME> 0
<EXPENSES-NET> 135
<NET-INVESTMENT-INCOME> (10)
<REALIZED-GAINS-CURRENT> 575
<APPREC-INCREASE-CURRENT> 140
<NET-CHANGE-FROM-OPS> 705
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,192
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,986
<NUMBER-OF-SHARES-REDEEMED> 8,911
<SHARES-REINVESTED> 1,151
<NET-CHANGE-IN-ASSETS> (1,261)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 493
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135
<AVERAGE-NET-ASSETS> 10,843
<PER-SHARE-NAV-BEGIN> 9.25
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.64
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.14
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.74
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Deloitte & Touche LLP
University Square
117 Campus Drive Telephone: (609) 520-2300
Princeton, New Jersey 08540 Facsimile: (609) 520-2413
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of
Mosaic Equity Trust:
In planning and performing our audit of the financial statements of the
Investors, Balanced, Mid-Cap Growth and Foresight Funds of the Mosaic Equity
Trust (the "Trust") for the year ended December 31, 1998, (on which we have
issued our report dated February 10, 1999), 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 Trust's internal control.
The management of the Trust 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 may deteriorate.
Our consideration of the Trust's 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 misstatements caused by 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 Trust's internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
(signature)
Deloitte & Touche LLP
February 10, 1999
Deloitte Touche
Tohmatsu
International
<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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 22,232
<INVESTMENTS-AT-VALUE> 29,656
<RECEIVABLES> 51
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,707
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 180
<TOTAL-LIABILITIES> 180
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,256
<SHARES-COMMON-STOCK> 1,217
<SHARES-COMMON-PRIOR> 1,440
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 849
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,423
<NET-ASSETS> 19,528
<DIVIDEND-INCOME> 221
<INTEREST-INCOME> 123
<OTHER-INCOME> 14
<EXPENSES-NET> 310
<NET-INVESTMENT-INCOME> 47
<REALIZED-GAINS-CURRENT> 3,052
<APPREC-INCREASE-CURRENT> 1,536
<NET-CHANGE-FROM-OPS> 4,634
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 47
<DISTRIBUTIONS-OF-GAINS> 2,505
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,539
<NUMBER-OF-SHARES-REDEEMED> 14,752
<SHARES-REINVESTED> 2,455
<NET-CHANGE-IN-ASSETS> 4,326
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 302
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 202
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 310
<AVERAGE-NET-ASSETS> 26,820
<PER-SHARE-NAV-BEGIN> 22.37
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 4.13
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 2.24
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.26
<EXPENSE-RATIO> 1.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 20,941
<INVESTMENTS-AT-VALUE> 24,702
<RECEIVABLES> 149
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,851
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 116
<TOTAL-LIABILITIES> 116
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,553
<SHARES-COMMON-STOCK> 1,208
<SHARES-COMMON-PRIOR> 764
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 422
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,761
<NET-ASSETS> 24,735
<DIVIDEND-INCOME> 107
<INTEREST-INCOME> 505
<OTHER-INCOME> 13
<EXPENSES-NET> 248
<NET-INVESTMENT-INCOME> 376
<REALIZED-GAINS-CURRENT> 1,729
<APPREC-INCREASE-CURRENT> 865
<NET-CHANGE-FROM-OPS> 2,970
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 376
<DISTRIBUTIONS-OF-GAINS> 1,761
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,105
<NUMBER-OF-SHARES-REDEEMED> 3,623
<SHARES-REINVESTED> 2,018
<NET-CHANGE-IN-ASSETS> 7,333
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 454
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 155
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 248
<AVERAGE-NET-ASSETS> 20,568
<PER-SHARE-NAV-BEGIN> 19.48
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 2.56
<PER-SHARE-DIVIDEND> 0.37
<PER-SHARE-DISTRIBUTIONS> 1.57
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.47
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This financial data 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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,953
<INVESTMENTS-AT-VALUE> 3,205
<RECEIVABLES> 91
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,296
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2
<TOTAL-LIABILITIES> 2
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,325
<SHARES-COMMON-STOCK> 276
<SHARES-COMMON-PRIOR> 1,937
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (284)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 252
<NET-ASSETS> 3,294
<DIVIDEND-INCOME> 7
<INTEREST-INCOME> 82
<OTHER-INCOME> 0
<EXPENSES-NET> 30
<NET-INVESTMENT-INCOME> 59
<REALIZED-GAINS-CURRENT> 128
<APPREC-INCREASE-CURRENT> 252
<NET-CHANGE-FROM-OPS> 439
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 59
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,589
<NUMBER-OF-SHARES-REDEEMED> 646
<SHARES-REINVESTED> 57
<NET-CHANGE-IN-ASSETS> 1,379
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (412)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 30
<AVERAGE-NET-ASSETS> 2,291
<PER-SHARE-NAV-BEGIN> 10.46
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> 0.22
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.95
<EXPENSE-RATIO> 1.3
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
