<PAGE> PAGE 1
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<PAGE> PAGE 3
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 21
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008 A000401 AQUINAS INVESTMENT ADVISORS, INC.
008 B000401 A
008 C000401 801-45125
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 BROS.
025 B000401 13-2518466
025 C000401 D
025 D000401 1355
025 A000402 ASSOCIATES CORP.
025 C000402 D
025 D000402 533
025 A000403 NATIONS BANK CORP.
025 B000403 75-0520130
025 C000403 D
025 D000403 742
025 A000404 DONALDSON, LUFKIN & JENRETTE
025 B000404 13-2741729
025 C000404 D
025 D000404 789
025 A000405 BEAR STEARN & CO.
025 B000405 13-3299429
025 C000405 D
025 D000405 374
025 A000406 PRUDENTIAL SECURITIES
025 B000406 22-2347336
025 C000406 D
025 D000406 367
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025 D000408 0
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE JIM ZAWADA
TITLE FINANCIAL ANALYST
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</TABLE>
THE AQUINAS FUNDS, INC.
FORM N-SAR
Report for the Year Ended December 31, 1999
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
$(10,194), $(51,078), $417,323 and $(15,061);
increase (decrease) accumulated net realized gain (loss) on
investments by $(10,207), $51,090, $(417,323) and $15,074;
and decrease paid-in capital in excess of par by
$13, $12, $0 and $13 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.
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 the Aquinas Funds, Inc. (a Maryland corporation, comprising
the Aquinas Fixed Income Fund, Aquinas Equity Income Fund,
Aquinas Equity Growth Fund, and Aquinas Balanced Fund,
collectively the "Funds") for the year ended December 31, 1999,
we considered their 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, 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
fraud 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, including controls for safeguarding
securities that we consider to be material weaknesses as defined
above as of December 31, 1999.
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 21, 2000
