<PAGE> PAGE 1
000 A000000 03/31/95
000 C000000 796227
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 EASTCLIFF FUNDS, INC.
001 B000000 811-4722
001 C000000 6123387881
002 A000000 900 SECOND AVE. SOUTH, 300 INT'L CENTRE
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 EASTCLIFF TOTAL RETURN FUND
007 C030100 N
008 A00AA01 RESOURCE CAPITAL ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-21423
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55402
010 A00AA01 FIDUCIARY MANAGEMENT, INC.
010 B00AA01 801-15164
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
012 A00AA01 FIRSTAR TRUST COMPANY
012 B00AA01 85-00410
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
015 A00AA01 FIRSTAR TRUST COMPANY
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53202
015 E01AA01 X
<PAGE> PAGE 2
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 THE ROBINSON-HUMPHREY COMPANY, INC.
020 B000001 94-2524501
020 C000001 6
020 A000002 ROBERT W. BAIRD & CO., INCORPORATED
020 B000002 39-6037917
020 C000002 2
020 A000003 SMITH BARNEY HARRIS UPHAM & CO., INC.
020 B000003 13-1912900
020 C000003 1
020 A000004 PAINE WEBBER CAPITAL MARKETS
020 B000004 13-2638166
020 C000004 1
020 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000005 13-2741729
020 C000005 1
020 A000006 CLEARY, GULL, REILAND & MCDEVITT INC.
020 B000006 39-1567700
020 C000006 1
020 A000007 H. G. WELLINGTON & CO., INC.
020 B000007 13-3216715
020 C000007 0
020 A000008 A. G. EDWARDS & SONS, INC.
020 B000008 43-0895447
020 C000008 0
020 A000009 DAIN BOSWORTH INCORPORATED
020 B000009 41-0212020
020 C000009 0
020 A000010 STANDARD & POORS SECURITIES
020 B000010 13-2671951
020 C000010 0
021 000000 13
022 A000001 FIRSTAR TRUST COMPANY
022 B000001 39-6039160
022 C000001 7523
022 D000001 7067
022 A000002 FIRSTAR NATIONAL BANK
022 B000002 39-0281260
022 C000002 5056
022 D000002 7120
022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000003 13-5674085
022 C000003 5984
022 D000003 214
022 A000004 CREWS ASSOCIATES
022 C000004 500
022 D000004 0
022 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000005 13-2741729
<PAGE> PAGE 3
022 C000005 266
022 D000005 0
022 A000006 ROBERT W. BAIRD & CO., INCORPORATED
022 B000006 39-6037917
022 C000006 0
022 D000006 187
022 A000007 SMITH BARNEY HARRIS UPHAM & CO., INC.
022 B000007 13-1912900
022 C000007 166
022 D000007 0
022 A000008 THE ROBINSON-HUMPHREY COMPANY, INC.
022 B000008 94-2524501
022 C000008 153
022 D000008 0
022 A000009 ALEX BROWN & SONS
022 B000009 52-0256630
022 C000009 0
022 D000009 89
022 A000010 CLEARY, GULL, REILAND & MCDEVITT INC.
022 B000010 39-1567700
022 C000010 0
022 D000010 66
023 C000000 19649
023 D000000 14762
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 2
028 A02AA00 145
028 A03AA00 0
028 A04AA00 1
028 B01AA00 4
028 B02AA00 0
028 B03AA00 0
028 B04AA00 465
<PAGE> PAGE 4
028 C01AA00 3
028 C02AA00 6
028 C03AA00 0
028 C04AA00 1175
028 D01AA00 6601
028 D02AA00 0
028 D03AA00 0
028 D04AA00 50
028 E01AA00 2786
028 E02AA00 0
028 E03AA00 0
028 E04AA00 366
028 F01AA00 1387
028 F02AA00 0
028 F03AA00 0
028 F04AA00 126
028 G01AA00 10783
028 G02AA00 151
028 G03AA00 0
028 G04AA00 2183
028 H00AA00 0
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 Y
047 00AA00 Y
048 00AA00 0.000
<PAGE> PAGE 5
048 A01AA00 30000
048 A02AA00 1.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 30000
048 K02AA00 0.750
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 N
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 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
<PAGE> PAGE 6
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 N
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 Y
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
<PAGE> PAGE 7
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
071 A00AA00 8193
071 B00AA00 2415
071 C00AA00 2522
071 D00AA00 96
072 A00AA00 6
072 B00AA00 91
072 C00AA00 12
072 D00AA00 0
072 E00AA00 0
072 F00AA00 24
072 G00AA00 5
072 H00AA00 0
072 I00AA00 6
072 J00AA00 4
072 K00AA00 1
072 L00AA00 2
072 M00AA00 0
072 N00AA00 10
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 2
072 S00AA00 5
072 T00AA00 0
072 U00AA00 0
072 V00AA00 0
072 W00AA00 5
072 X00AA00 64
072 Y00AA00 19
072 Z00AA00 58
072AA00AA00 153
072BB00AA00 0
072CC01AA00 0
072CC02AA00 92
072DD01AA00 24
<PAGE> PAGE 8
072DD02AA00 0
072EE00AA00 132
073 A01AA00 0.1383
073 A02AA00 0.0000
073 B00AA00 0.6705
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 0
074 C00AA00 4955
074 D00AA00 897
074 E00AA00 0
074 F00AA00 7171
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 0
074 K00AA00 0
074 L00AA00 19
074 M00AA00 0
074 N00AA00 13042
074 O00AA00 1843
074 P00AA00 5
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 2
074 S00AA00 0
074 T00AA00 11192
074 U01AA00 999
074 U02AA00 0
074 V01AA00 11.21
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 139
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 4481
076 00AA00 0.00
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
<PAGE> PAGE 9
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
SIGNATURE DONALD S. WILSON
TITLE SECRETARY
