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025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 600
028 A020400 171
028 A030400 0
028 A040400 639
028 B010400 217
028 B020400 161
028 B030400 0
028 B040400 142
028 C010400 88
028 C020400 160
028 C030400 0
028 C040400 426
028 D010400 423
028 D020400 160
028 D030400 0
028 D040400 593
028 E010400 480
028 E020400 150
028 E030400 0
028 E040400 318
028 F010400 2959
028 F020400 1555
028 F030400 0
<PAGE> PAGE 21
028 F040400 448
028 G010400 4767
028 G020400 2357
028 G030400 0
028 G040400 2566
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 3.7
062 J000400 0.0
062 K000400 0.0
062 L000400 7.5
<PAGE> PAGE 22
062 M000400 19.3
062 N000400 8.1
062 O000400 0.0
062 P000400 60.2
062 Q000400 0.0
062 R000400 1.2
063 A000400 0
063 B000400 13.8
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
<PAGE> PAGE 23
071 A000400 42232
071 B000400 42281
071 C000400 35167
071 D000400 120
072 A000400 12
072 B000400 2422
072 C000400 0
072 D000400 0
072 E000400 4
072 F000400 232
072 G000400 65
072 H000400 0
072 I000400 38
072 J000400 7
072 K000400 0
072 L000400 3
072 M000400 2
072 N000400 17
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 8
072 S000400 6
072 T000400 0
072 U000400 3
072 V000400 0
072 W000400 16
072 X000400 397
072 Y000400 10
072 Z000400 2039
072AA000400 873
072BB000400 98
072CC010400 0
072CC020400 57
072DD010400 2027
072DD020400 0
072EE000400 645
073 A010400 0.5373
073 A020400 0.0000
073 B000400 0.1645
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 1600
074 D000400 37532
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 3192
074 J000400 15
<PAGE> PAGE 24
074 K000400 0
074 L000400 561
074 M000400 8
074 N000400 42908
074 O000400 0
074 P000400 19
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 24
074 S000400 0
074 T000400 42865
074 U010400 4209
074 U020400 0
074 V010400 10.18
074 V020400 0.00
074 W000400 0.0000
074 X000400 304
074 Y000400 0
075 A000400 0
075 B000400 38733
076 000400 0.00
SIGNATURE JULIE KAMINSKI
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914325
<NAME> THE AQUINAS FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> BALANCED
<S> <C>
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<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 24,109,898
<INVESTMENTS-AT-VALUE> 27,481,633
<RECEIVABLES> 387,573
<ASSETS-OTHER> 4,343
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,873,549
<PAYABLE-FOR-SECURITIES> 8,037
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 776,211
<TOTAL-LIABILITIES> 784,248
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,271,988
<SHARES-COMMON-STOCK> 2,388,295
<SHARES-COMMON-PRIOR> 2,519,030
<ACCUMULATED-NII-CURRENT> 1,657
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 443,921
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,371,735
<NET-ASSETS> 27,089,301
<DIVIDEND-INCOME> 317,029
<INTEREST-INCOME> 791,860
<OTHER-INCOME> 500
<EXPENSES-NET> 417,445
<NET-INVESTMENT-INCOME> 691,944
<REALIZED-GAINS-CURRENT> 2,704,215
<APPREC-INCREASE-CURRENT> (1,015,004)
<NET-CHANGE-FROM-OPS> 2,381,155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 686,862
<DISTRIBUTIONS-OF-GAINS> 2,293,636
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 283,912
<NUMBER-OF-SHARES-REDEEMED> 672,925
<SHARES-REINVESTED> 258,278
<NET-CHANGE-IN-ASSETS> (2,075,132)
<ACCUMULATED-NII-PRIOR> 1,947
<ACCUMULATED-GAINS-PRIOR> 26,564
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 290,593
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 431,970
<AVERAGE-NET-ASSETS> 29,050,671
<PER-SHARE-NAV-BEGIN> 11.58
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.68
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> (0.92)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.34
<EXPENSE-RATIO> 1.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914325
<NAME> THE AQUINAS FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> EQUITY GROWTH
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 34,262,810
<INVESTMENTS-AT-VALUE> 47,262,317
<RECEIVABLES> 284,817
<ASSETS-OTHER> 9,798
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,556,932
<PAYABLE-FOR-SECURITIES> 96,019
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61,389
<TOTAL-LIABILITIES> 157,408
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,266,411
<SHARES-COMMON-STOCK> 2,698,173
<SHARES-COMMON-PRIOR> 2,381,034
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 133,606
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,999,507
<NET-ASSETS> 47,399,524
<DIVIDEND-INCOME> 179,477
<INTEREST-INCOME> 103,344
<OTHER-INCOME> 0
<EXPENSES-NET> 564,361
<NET-INVESTMENT-INCOME> (281,540)
<REALIZED-GAINS-CURRENT> 2,280,222
<APPREC-INCREASE-CURRENT> 6,035,532
<NET-CHANGE-FROM-OPS> 8,034,214
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,171,291
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 667,995
<NUMBER-OF-SHARES-REDEEMED> 475,806
<SHARES-REINVESTED> 124,950
<NET-CHANGE-IN-ASSETS> 11,409,724
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 24,300
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 396,047
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (564,361)
<AVERAGE-NET-ASSETS> 39,610,257
<PER-SHARE-NAV-BEGIN> 15.12
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> 3.40
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.85)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.57
<EXPENSE-RATIO> 1.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914325
<NAME> THE AQUINAS FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> EQUITY INCOME
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 54,759,031
<INVESTMENTS-AT-VALUE> 64,789,357
<RECEIVABLES> 162,649
<ASSETS-OTHER> 8,508
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,960,514
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,750
<TOTAL-LIABILITIES> 83,750
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,780,313
<SHARES-COMMON-STOCK> 4,910,086
<SHARES-COMMON-PRIOR> 4,943,119
<ACCUMULATED-NII-CURRENT> 1,842
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,064,283
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,030,326
<NET-ASSETS> 64,876,764
<DIVIDEND-INCOME> 1,744,536
<INTEREST-INCOME> 120,130
<OTHER-INCOME> 0
<EXPENSES-NET> 891,105
<NET-INVESTMENT-INCOME> 973,561
<REALIZED-GAINS-CURRENT> 10,191,341
<APPREC-INCREASE-CURRENT> (7,543,105)
<NET-CHANGE-FROM-OPS> 3,621,797
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 966,627
<DISTRIBUTIONS-OF-GAINS> 9,185,806
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 621,650
<NUMBER-OF-SHARES-REDEEMED> 1,405,564
<SHARES-REINVESTED> 750,881
<NET-CHANGE-IN-ASSETS> (8,717,010)
<ACCUMULATED-NII-PRIOR> 3,162
<ACCUMULATED-GAINS-PRIOR> 49,087
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 653,479
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (891,105)
<AVERAGE-NET-ASSETS> 65,354,675
<PER-SHARE-NAV-BEGIN> 14.89
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.57
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (2.25)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.21
<EXPENSE-RATIO> 1.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914325
<NAME> THE AQUINAS FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> FIXED INCOME
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 41,251,511
<INVESTMENTS-AT-VALUE> 42,324,361
<RECEIVABLES> 575,729
<ASSETS-OTHER> 8,015
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,908,105
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,008
<TOTAL-LIABILITIES> 43,008
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,779,868
<SHARES-COMMON-STOCK> 4,208,796
<SHARES-COMMON-PRIOR> 4,002,347
<ACCUMULATED-NII-CURRENT> 567
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,812
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,072,850
<NET-ASSETS> 42,865,097
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,421,855
<OTHER-INCOME> 3,800
<EXPENSES-NET> 387,107
<NET-INVESTMENT-INCOME> 2,038,548
<REALIZED-GAINS-CURRENT> 775,207
<APPREC-INCREASE-CURRENT> (56,350)
<NET-CHANGE-FROM-OPS> 2,757,405
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,027,059
<DISTRIBUTIONS-OF-GAINS> 645,008
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 994,638
<NUMBER-OF-SHARES-REDEEMED> 1,031,602
<SHARES-REINVESTED> 243,413
<NET-CHANGE-IN-ASSETS> 2,165,690
<ACCUMULATED-NII-PRIOR> 2,079
<ACCUMULATED-GAINS-PRIOR> (132,792)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 232,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (397,149)
<AVERAGE-NET-ASSETS> 38,733,457
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> (0.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Public Accountants
To the Shareholders and Board of Directors
of The Aquinas Funds, Inc.:
In planning and performing our audits of the
financial statements of Aquinas Fixed Income
Fund, Aquinas Equity Income Fund, Aquinas Equity
Growth Fund, and Aquinas Balanced Fund (the
"Funds") for the year ended December 31, 1998, we
considered their internal control, including
control activities for safeguarding securities,
in order to determine our auditing procedures for
the purpose of expressing our opinions on the
financial statements and to comply with the
requirements of Form N-SAR, not to provide
assurance on 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 internal
control, errors or irregularities may occur and
not be detected. Also, projection of any
evaluation of internal control to future periods
is subject to the risk that it may become
inadequate because of changes in conditions or
that the effectiveness of the design and
operation may deteriorate.
Our consideration of 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 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 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
Directors of The Aquinas Funds, Inc., and the
Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin.
January 22, 1999.
THE AQUINAS FUNDS, INC.
FORM N-SAR
Report for the Year Ended December 31, 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
$(13,001), $(8,254), $281,540 and $(5,372);
increase accumulated net realized gain on
investments by $14,405, $9,661, $375 and $6,778;
and decrease paid-in capital in excess of par by
$1,404, $1,407, $281,915 and $1,406 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.
