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028 A020400 0
028 A030400 0
028 A040400 5830
028 B010400 671
028 B020400 143
028 B030400 0
028 B040400 527
028 C010400 2382
028 C020400 158
028 C030400 0
028 C040400 131
028 D010400 786
028 D020400 157
028 D030400 0
028 D040400 425
028 E010400 697
028 E020400 158
028 E030400 0
028 E040400 893
028 F010400 458
028 F020400 138
028 F030400 0
028 F040400 234
028 G010400 5427
028 G020400 754
028 G030400 0
<PAGE> PAGE 21
028 G040400 8040
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
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 5.1
062 J000400 0.0
062 K000400 0.0
062 L000400 1.3
062 M000400 19.0
062 N000400 8.6
062 O000400 0.0
062 P000400 65.0
<PAGE> PAGE 22
062 Q000400 0.0
062 R000400 1.0
063 A000400 0
063 B000400 12.9
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
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 21434
071 B000400 22351
071 C000400 34381
071 D000400 62
<PAGE> PAGE 23
072 A000400 6
072 B000400 1196
072 C000400 0
072 D000400 0
072 E000400 4
072 F000400 112
072 G000400 31
072 H000400 0
072 I000400 15
072 J000400 3
072 K000400 0
072 L000400 2
072 M000400 0
072 N000400 8
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 3
072 S000400 3
072 T000400 0
072 U000400 2
072 V000400 0
072 W000400 9
072 X000400 188
072 Y000400 2
072 Z000400 1014
072AA000400 571
072BB000400 25
072CC010400 0
072CC020400 188
072DD010400 1004
072DD020400 0
072EE000400 0
073 A010400 0.2725
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 2000
074 D000400 36325
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 491
074 J000400 0
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<PAGE> PAGE 24
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074 P000400 19
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 206
074 S000400 0
074 T000400 39209
074 U010400 3823
074 U020400 0
074 V010400 10.26
074 V020400 0.00
074 W000400 0.0000
074 X000400 239
074 Y000400 0
075 A000400 0
075 B000400 38089
076 000400 0.00
074 A002400 0
074 B002400 0
074 C002400 0
074 D002400 0
074 E002400 0
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SIGNATURE JOHN EFFENHEIM
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914325
<NAME> THE AQUINAS FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> BALANCED
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<INVESTMENTS-AT-VALUE> 29,575,802
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<OTHER-ITEMS-LIABILITIES> 316,106
<TOTAL-LIABILITIES> 419,796
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<PAID-IN-CAPITAL-COMMON> 23,615,351
<SHARES-COMMON-STOCK> 2,421,240
<SHARES-COMMON-PRIOR> 2,519,030
<ACCUMULATED-NII-CURRENT> 3,549
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<ACCUMULATED-NET-GAINS> 2,116,234
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,774,366
<NET-ASSETS> 29,509,500
<DIVIDEND-INCOME> 171,553
<INTEREST-INCOME> 394,385
<OTHER-INCOME> 500
<EXPENSES-NET> (206,662)
<NET-INVESTMENT-INCOME> 359,776
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<APPREC-INCREASE-CURRENT> (612,373)
<NET-CHANGE-FROM-OPS> 1,837,503
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 214,007
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<INVESTMENTS-AT-COST> 32,331,350
<INVESTMENTS-AT-VALUE> 42,982,596
<RECEIVABLES> 144,916
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<SHARES-COMMON-STOCK> 2,437,760
<SHARES-COMMON-PRIOR> 2,381,034
<ACCUMULATED-NII-CURRENT> (132,177)
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 42,964,359
<DIVIDEND-INCOME> 85,723
<INTEREST-INCOME> 48,594
<OTHER-INCOME> 0
<EXPENSES-NET> (266,494)
<NET-INVESTMENT-INCOME> (132,177)
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 393,045
<NUMBER-OF-SHARES-REDEEMED> (336,315)
<SHARES-REINVESTED> (4)
<NET-CHANGE-IN-ASSETS> 6,974,559
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<GROSS-ADVISORY-FEES> 192,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 266,494
<AVERAGE-NET-ASSETS> 39,032,254
<PER-SHARE-NAV-BEGIN> 15.12
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 2.55
<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 17.62
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<CIK> 0000914325
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<SERIES>
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<NAME> EQUITY INCOME
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<INVESTMENTS-AT-COST> 54,045,054
<INVESTMENTS-AT-VALUE> 66,455,961
<RECEIVABLES> 868,985
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<TOTAL-LIABILITIES> 943,049
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,685,330
<SHARES-COMMON-STOCK> 4,281,199
<SHARES-COMMON-PRIOR> 4,943,119
<ACCUMULATED-NII-CURRENT> 430
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<ACCUMULATED-NET-GAINS> 8,316,210
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,410,907
<NET-ASSETS> 66,412,877
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<INTEREST-INCOME> 61,808
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 556,546
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<APPREC-INCREASE-CURRENT> (5,162,524)
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<SHARES-REINVESTED> 16,710
<NET-CHANGE-IN-ASSETS> (7,180,897)
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<SERIES>
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<NAME> FIXED INCOME
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 37,874,927
<INVESTMENTS-AT-VALUE> 38,815,876
<RECEIVABLES> 604,635
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 225,215
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,842,062
<SHARES-COMMON-STOCK> 3,823,156
<SHARES-COMMON-PRIOR> 4,002,347
<ACCUMULATED-NII-CURRENT> 12,085
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,196,154
<OTHER-INCOME> 3,800
<EXPENSES-NET> (185,884)
<NET-INVESTMENT-INCOME> 1,014,070
<REALIZED-GAINS-CURRENT> 546,051
<APPREC-INCREASE-CURRENT> (188,251)
<NET-CHANGE-FROM-OPS> 1,371,870
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,004,064
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 530,794
<NUMBER-OF-SHARES-REDEEMED> (783,893)
<SHARES-REINVESTED> 73,908
<NET-CHANGE-IN-ASSETS> (1,491,052)
<ACCUMULATED-NII-PRIOR> 2,079
<ACCUMULATED-GAINS-PRIOR> (132,792)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 111,643
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 187,814
<AVERAGE-NET-ASSETS> 38,089,354
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 1.00
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</TABLE>
THE AQUINAS FUNDS, INC.
FORM N-SAR
Report for the Six Months Ending June 30, 1998
Item 77J - Revaluation of Assets or Restatement of Capital Share
Accounts
In accordance with the provisions of Statement of Position 93-2,
"Determination, Disclosure and Financial Statement Presentation of
Income, Capital Gain and Return of Capital Distributions by Investment
Companies," the Funds are required to report the accumulated net
investment income (loss) and accumulated net capital gain (loss)
accounts to approximate amounts available for future distributions on
a tax basis (or to offset future realized capital gains).
Accordingly, reclassifications were recorded to increase (decrease)
undistributed net investment income by $(7,039), $(256), $132,177 and
$(3,119); increase (decrease) accumulated net realized gain on
investments by $7,735, $954, $(131,418) and $3,817; and decrease
paid-in capital in excess of par by $696, $698, $759 and $698 for the
Fixed Income, Equity Income, Equity Growth and Balanced Funds,
respectively.
These reclassifications have no impact on the net asset values of the
Funds and are designed to present the Funds' capital accounts on a tax
basis.
