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<PAGE> PAGE 9
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<PAGE> PAGE 13
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008 D010401 DALLAS
008 D020401 TX
008 D030401 75230
008 A000402 ATLANTIC ASSET MANAGEMENT PARTNERS, LLC.
008 B000402 S
008 C000402 801-49941
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 1001
025 A000402 CHASE MANHATTON
025 C000402 D
025 D000402 377
025 A000403 BEAR STEARN & CO.
025 C000403 D
025 D000403 404
<PAGE> PAGE 21
025 A000404 SALOMON BROTHERS
025 B000404 13-3082694
025 C000404 D
025 D000404 413
025 A000405 ASSOCIATES CORP.
025 C000405 D
025 D000405 565
025 A000406 CITICORP
025 C000406 D
025 D000406 642
025 D000407 0
025 D000408 0
028 A010400 316
028 A020400 174
028 A030400 0
028 A040400 360
028 B010400 136
028 B020400 159
028 B030400 0
028 B040400 1675
028 C010400 5590
028 C020400 154
028 C030400 0
028 C040400 5764
028 D010400 195
028 D020400 173
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028 D040400 189
028 E010400 794
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028 F020400 339
028 F030400 0
028 F040400 149
028 G010400 7595
028 G020400 1160
028 G030400 0
028 G040400 8558
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
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048 A010400 0
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048 B020400 0.000
048 C010400 0
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<PAGE> PAGE 22
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 4.9
062 J000400 0.0
062 K000400 0.0
062 L000400 3.0
062 M000400 13.1
062 N000400 11.7
062 O000400 0.0
062 P000400 65.9
062 Q000400 0.0
062 R000400 1.4
063 A000400 0
063 B000400 13.2
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
<PAGE> PAGE 23
070 A020400 Y
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 38503
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071 C000400 35786
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072 A000400 12
072 B000400 2529
072 C000400 0
072 D000400 0
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<PAGE> PAGE 24
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072 P000400 0
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072 T000400 0
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072 V000400 0
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072 X000400 407
072 Y000400 23
072 Z000400 2145
072AA000400 480
072BB000400 167
072CC010400 752
072CC020400 0
072DD010400 2135
072DD020400 0
072EE000400 0
073 A010400 0.5486
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 2000
074 D000400 36894
074 E000400 0
074 F000400 0
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074 U010400 4002
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<PAGE> PAGE 25
074 V020400 0.00
074 W000400 0.0000
074 X000400 224
074 Y000400 0
075 A000400 0
075 B000400 38635
076 000400 0.00
074 A002400 0
074 B002400 0
074 C002400 0
074 D002400 0
074 E002400 0
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SIGNATURE FREDDIE JACOBS
TITLE FINANCIAL ANALYST
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ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the 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, 1997, 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, and 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 judgements by management are required to assess
the expected benefits and related costs of control activities.
Generally, control activities 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 control activities 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 the 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 the specific internal
control structure elements does not reduce to a relatively low level
the risk that errors or irregularities 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 internal control,
including control activities for safeguarding securities that we
consider to be material weaknesses as defined above as of
December 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
\S\ Arthur Andersen
LLP
Results of the Shareholder Meeting
A meeting of the shareholders of the Funds was held on August 14,
1997. Directors elected by the shareholders at the meeting were as
follows: Michael R. Corboy, Thomas J. Marquez, Sr. Imelda Gonzalez
CDP, John L. Strauss, and Charles Clark, Jr. The matters voted on by
the shareholders of record as of June 20, 1997 and the results of the
shareholders' vote at the August 14, 1997 meeting were as follows:
A. Election Directors
For Withheld
Michael R. Corboy
Fixed Income Fund 3,739,081
Equity Income Fund 3,659,691 75,634
Equity Growth Fund 1,503,273 43,421
Balanced Fund 2,116,485
Thomas J. Marquez
Fixed Income Fund 3,739,081
Equity Income Fund 3,659,691 75,634
Equity Growth Fund 1,503,273 43,421
Balanced Fund 2,116,485
Sr. Imelda Gonzalez CDP
Fixed Income Fund 3,739,055 26
Equity Income Fund 3,659,766 75,559
Equity Growth Fund 1,487,789 58,905
Balanced Fund 2,116,113 372
John L. Strauss
Fixed Income Fund 3,739,081
Equity Income Fund 3,734,988 337
Equity Growth Fund 1,543,000 3,694
Balanced Fund 2,116,485
Charles Clark, Jr.
Fixed Income Fund 3,739,081
Equity Income Fund 3,734,988 377
Equity Growth Fund 1,543,000 3,694
Balanced Fund 2,116,485
B. Proposal to approve a new portfolio management (sub-advisory)
agreement between the Company, Aquinas Investment Advisers,
Inc. and Atlantic Asset Management Partners, L.L.C. for each of the
Aquinas Fixed Income Fund and the Aquinas Balanced Fund.
For Against Abstain
Fixed Income Fund 3,739,055 26
Balanced Fund 2,110,197 192 6,096
THE AQUINAS FUNDS, INC.
FORM N-SAR
Report for the Year Ended December 31, 1997
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 $(12,751), $(2,772), $192,777 and $(2,759);
increase (decrease) accumulated net realized gain on investments by
$13,978, $4,176, $(191,371) and $4,165; and decrease paid-in capital in
excess of par by $1,407, $1,404, $1,406 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.
