AQUINAS FUNDS INC
NSAR-B, 1997-02-27
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<PAGE>      PAGE  1
000 B000000 12/31/96
000 C000000 0000914325
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE AQUINAS FUNDS, INC.
001 B000000 811-8122
001 C000000 2142336655
002 A000000 5310 HARVEST HILL ROAD, SUITE 248
002 B000000 DALLAS
002 C000000 TX
002 D010000 75230
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  4
007 C010100  1
007 C020100 AQUINAS BALANCED FUND
007 C030100 N
007 C010200  2
007 C020200 AQUINAS EQUITY GROWTH FUND
007 C030200 N
007 C010300  3
007 C020300 AQUINAS EQUITY INCOME FUND
007 C030300 N
007 C010400  4
007 C020400 AQUINAS FIXED INCOME FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
010 A00AA01 SUNSTONE FINANCIAL GROUP, INC.
010 B00AA01 8-42106
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53221
012 A00AA01 DST SYSTEMS, INC.
012 B00AA01 84-00448
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 ARTHUR ANDERSEN LLP
<PAGE>      PAGE  2
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
015 A00AA01 UNITED MISSOURI BANK, N.A.
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64141
015 E01AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 AUTRANET
020 B000001 13-2961507
020 C000001     23
020 A000002 BRIDGE TRADING
020 B000002 43-1450530
020 C000002     12
020 A000003 SMITH BARNEY
020 B000003 13-3371860
020 C000003      9
020 A000004 BEAR STEARNS & CO.
020 B000004 13-3299429
020 C000004      9
020 A000005 MERRILL LYNCH
020 B000005 13-2629351
020 C000005      8
020 A000006 MORGAN STANLEY & CO.
020 B000006 13-2655998
020 C000006      7
020 A000007 LEHMAN BROTHERS
020 B000007 13-2518466
020 C000007      5
020 A000008 WILLIAM O'NEIL & CO.
020 B000008 95-2269163
020 C000008      5
020 A000009 GOLDMAN SACHS
020 B000009 13-5108880
020 C000009      4
020 A000010 ALEX BROWN
020 B000010 52-1319768
020 C000010      4
021  000000      142
022 A000001 UMB BANK, N.A.
022 B000001 43-1357092
022 C000001     84951
022 D000001     77950
022 A000002 GREENWICH CAPITAL
022 C000002     12037
022 D000002     12398
022 A000003 FIRST BOSTON
<PAGE>      PAGE  3
022 B000003 13-5659485
022 C000003      8057
022 D000003      8833
022 A000004 MERRILL LYNCH
022 B000004 13-2629351
022 C000004      6383
022 D000004      7319
022 A000005 PRUDENTIAL SECURITIES
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022 C000005      8084
022 D000005      5095
022 A000006 MORGAN STANLEY
022 B000006 13-2655998
022 C000006      4190
022 D000006      6028
022 A000007 GOLDMAN SACHS
022 B000007 13-5108880
022 C000007      5614
022 D000007      4034
022 A000008 LEHMAN BROTHERS
022 B000008 13-2518466
022 C000008      4599
022 D000008      3986
022 A000009 JP MORGAN
022 B000009 13-3224016
022 C000009      3566
022 D000009      4383
022 A000010 PAINE WEBBER
022 B000010 13-2638166
022 C000010      5724
022 D000010      1891
023 C000000     170552
023 D000000     154073
026 A000000 N
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<PAGE>      PAGE  4
038  00AA00      0
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054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
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060 A00AA00 Y
060 B00AA00 Y
061  00AA00      500
077 A000000 Y
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077 L000000 N
077 M000000 N
077 N000000 N
<PAGE>      PAGE  5
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00     1200
081 A00AA00 N
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008 A000101 AQUINAS INVESTMENT ADVISERS, INC.
008 B000101 A
008 C000101 801-45125
008 D010101 DALLAS
008 D020101 TX
008 D030101 75230
008 A000102 ATLANTIC ASSET MANAGEMENT PARTNERS, INC.
008 B000102 S
008 C000102 801-41596
008 D010102 STAMFORD
008 D020102 CT
008 D030102 06902
008 A000103 INCOME RESEARCH & MANAGEMENT, INC.
008 B000103 S
008 C000103 801-29482
008 D010103 BOSTON
008 D020103 MA
008 D030103 02110
008 A000104 JOHN MCSTAY INVESTMENT COUNCIL
008 B000104 S
008 C000104 801-20244
<PAGE>      PAGE  6
008 D010104 DALLAS
008 D020104 TX
008 D030104 75225
008 A000105 BEUTEL, GOODMAN CAPITAL MANAGEMENT
008 B000105 S
008 C000105 801-32646
008 D010105 HOUSTON
008 D020105 TX
008 D030105 77057
008 A000106 NFJ INVESTMENT GROUP, INC.
008 B000106 S
008 C000106 801-47940
008 D010106 DALLAS
008 D020106 TX
008 D030106 75201
024  000100 Y
025 A000101 BEAR STEARNS & CO.
025 B000101 13-3299429
025 C000101 E
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
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
<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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008 A000201 AQUINAS INVESTMENT ADVISERS, INC.
008 B000201 A
008 C000201 801-45125
008 D010201 DALLAS
008 D020201 TX
008 D030201 75230
008 A000202 JOHN MCSTAY INVESTMENT COUNCIL
008 B000202 S
008 C000202 801-20244
008 D010202 DALLAS
008 D020202 TX
008 D030202 75225
008 A000203 SIRACH CAPITAL MANAGEMENT, INC.
008 B000203 S
008 C000203 801-33477
008 D010203 SEATTLE
008 D020203 WA
008 D030203 98101
024  000200 Y
025 A000201 MERRILL LYNCH
025 B000201 13-2629351
025 C000201 E
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
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070 H010200 N
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070 I010200 N
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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008 A000301 AQUINAS INVESTMENT ADVISERS, INC.
008 B000301 A
008 C000301 801-45125
008 D010301 DALLAS
008 D020301 TX
008 D030301 75230
008 A000302 NFJ INVESTMENT GROUP, INC.
008 B000302 S
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008 D020302 TX
008 D030302 75201
008 A000303 BEUTEL, GOODMAN CAPITAL MANAGEMENT
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008 D010303 HOUSTON
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025 B000301 13-3299429
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<PAGE>      PAGE  16
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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074 L000300      147
074 M000300       17
074 N000300    54260
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074 Q000300        0
074 R010300        0
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074 R030300        0
074 R040300       30
074 S000300        0
074 T000300    54184
074 U010300     4087
074 U020300        0
074 V010300    13.26
074 V020300     0.00
074 W000300   0.0000
074 X000300      597
074 Y000300        0
075 A000300        0
075 B000300    47936
076  000300     0.00
008 A000401 AQUINAS INVESTMENT ADVISERS, INC.
008 B000401 A
008 C000401 801-45125
008 D010401 DALLAS
008 D020401 TX
008 D030401 75230
008 A000402 ATLANTIC ASSET MANAGEMENT PARTNERS, INC.
008 B000402 S
008 C000402 801-41596
008 D010402 STAMFORD
008 D020402 CT
008 D030402 06902
008 A000403 INCOME RESEARCH & MANAGEMENT, INC.
008 B000403 S
008 C000403 801-29482
008 D010403 BOSTON
008 D020403 MA
008 D030403 02110
024  000400 Y
025 A000401 LEHMAN BROTHERS
025 B000401 13-2581846
025 C000401 D
025 D000401     735
<PAGE>      PAGE  20
025 D000402       0
025 D000403       0
025 D000404       0
025 D000405       0
025 D000406       0
025 D000407       0
025 D000408       0
028 A010400       363
028 A020400       140
028 A030400         0
028 A040400       745
028 B010400       225
028 B020400       162
028 B030400         0
028 B040400        53
028 C010400       129
028 C020400       148
028 C030400         0
028 C040400       288
028 D010400       151
028 D020400       161
028 D030400         0
028 D040400       495
028 E010400       843
028 E020400       158
028 E030400         0
028 E040400       907
028 F010400       707
028 F020400       327
028 F030400         0
028 F040400        39
028 G010400      2418
028 G020400      1096
028 G030400         0
028 G040400      2527
028 H000400         0
045  000400 Y
046  000400 N
047  000400 Y
048  000400  0.600
048 A010400        0
048 A020400 0.000
048 B010400        0
048 B020400 0.000
048 C010400        0
048 C020400 0.000
048 D010400        0
048 D020400 0.000
048 E010400        0
048 E020400 0.000
048 F010400        0
<PAGE>      PAGE  21
048 F020400 0.000
048 G010400        0
048 G020400 0.000
048 H010400        0
048 H020400 0.000
048 I010400        0
048 I020400 0.000
048 J010400        0
048 J020400 0.000
048 K010400        0
048 K020400 0.000
049  000400 N
050  000400 N
051  000400 N
052  000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
062 A000400 Y
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.0
062 J000400   0.0
062 K000400   0.0
062 L000400   0.0
062 M000400  19.5
062 N000400  17.4
062 O000400   0.0
062 P000400  53.9
062 Q000400   0.0
062 R000400   8.0
063 A000400   0
063 B000400 12.2
064 A000400 N
064 B000400 N
066 A000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
<PAGE>      PAGE  22
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400     57777
071 B000400     56556
071 C000400     33330
071 D000400  170
072 A000400 12
072 B000400     2299
072 C000400        0
072 D000400        0
072 E000400        0
072 F000400      214
072 G000400       67
072 H000400        0
072 I000400       32
072 J000400        3
072 K000400        0
072 L000400        1
072 M000400        0
072 N000400       15
072 O000400        0
072 P000400        0
072 Q000400        0
<PAGE>      PAGE  23
072 R000400        9
072 S000400        7
072 T000400        0
072 U000400        3
072 V000400        0
072 W000400       16
072 X000400      367
072 Y000400       11
072 Z000400     1943
072AA000400      604
072BB000400      563
072CC010400        0
072CC020400      940
072DD010400     1957
072DD020400        0
072EE000400        0
073 A010400   0.5400
073 A020400   0.0000
073 B000400   0.0000
073 C000400   0.0000
074 A000400        0
074 B000400        0
074 C000400        0
074 D000400    33784
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400     2962
074 J000400        0
074 K000400        0
074 L000400      505
074 M000400       19
074 N000400    37270
074 O000400        0
074 P000400       18
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400       23
074 S000400        0
074 T000400    37229
074 U010400     3760
074 U020400        0
074 V010400     9.90
074 V020400     0.00
074 W000400   0.0000
074 X000400      202
074 Y000400        0
075 A000400        0
<PAGE>      PAGE  24
075 B000400    35718
076  000400     0.00
SIGNATURE   AMY NEWGARD                                  
TITLE       FINANCIAL ANALYST   
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914325
<NAME> THE AQUINAS FUNDS INC
<SERIES>
   <NUMBER> 1
   <NAME> BALANCED
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
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<ACCUMULATED-GAINS-PRIOR>                     (29,979)
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<EXPENSE-RATIO>                                   1.44
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914325
<NAME> THE AQUINAS FUNDS INC
<SERIES>
   <NUMBER> 2
   <NAME> GROWTH
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914325
<NAME> THE AQUINAS FUNDS INC.
<SERIES>
   <NUMBER> 3
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<INTEREST-EXPENSE>                                   0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914325
<NAME> THE AQUINAS FUNDS INC
<SERIES>
   <NUMBER> 4
   <NAME> FIXED INCOME
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
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<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-PRIOR>                        3,503,496
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<DIVIDEND-INCOME>                                    0
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<APPREC-INCREASE-CURRENT>                    (940,079)
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<EXPENSE-RATIO>                                   1.00
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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