<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000808069
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 THE EHRENKRANTZ TRUST
001 B000000 811-10888
001 C000000 2124658075
002 A000000 598 MADISON AVENUE, 14TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10022
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
019 B000000 0
020 A000001 EHRENKRANTZ KING NUSSBAUM, INC
020 B000001 13-3335342
020 C000001 3
020 A000002 CLEARING AT GRUNTAL & CO., LLC
020 B000002 13-3179859
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 3
022 C000001 0
022 D000001 0
022 C000002 0
<PAGE> PAGE 2
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
027 000000 Y
028 A010000 5
028 A020000 0
028 A030000 0
028 A040000 179
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 46
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 93
028 D010000 1
028 D020000 0
028 D030000 0
028 D040000 16
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 24
028 F010000 1
028 F020000 0
028 F030000 0
<PAGE> PAGE 3
028 F040000 29
028 G010000 7
028 G020000 0
028 G030000 0
028 G040000 388
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
061 000000 0
062 A000000 N
<PAGE> PAGE 4
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 E000000 Y
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 Y
<PAGE> PAGE 5
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1685
071 B000000 1839
071 C000000 2271
071 D000000 74
072 A000000 12
072 B000000 192
072 C000000 21
072 D000000 0
072 E000000 0
072 F000000 58
072 G000000 0
072 H000000 0
072 I000000 45
072 J000000 4
072 K000000 0
072 L000000 3
072 M000000 0
072 N000000 8
072 O000000 5
072 P000000 0
072 Q000000 0
072 R000000 7
072 S000000 22
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 153
072 Y000000 0
072 Z000000 60
072AA000000 1042
072BB000000 163
072CC010000 260
072CC020000 0
072DD010000 56
072DD020000 0
072EE000000 879
073 A010000 0.0490
073 A020000 0.0000
073 B000000 0.7680
073 C000000 0.0000
074 A000000 3304
074 B000000 0
074 C000000 0
074 D000000 0
<PAGE> PAGE 6
074 E000000 0
074 F000000 2311
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 17
074 M000000 0
074 N000000 5632
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 11
074 R040000 35
074 S000000 0
074 T000000 5586
074 U010000 1143
074 U020000 0
074 V010000 4.98
074 V020000 0.00
074 W000000 0.0000
074 X000000 147
074 Y000000 0
075 A000000 0
075 B000000 5974
076 000000 0.00
077 A000000 Y
077 B000000 Y
080 A000000 HARTFORD INSURANCE CO.
080 C000000 300
081 A000000 Y
081 B000000 1
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
<PAGE> PAGE 7
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE THOMAS C. HENRY
TITLE GENERAL COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,162,625
<INVESTMENTS-AT-VALUE> 2,311,363
<RECEIVABLES> 17,001
<ASSETS-OTHER> 3,303,625
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,631,989
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,037
<TOTAL-LIABILITIES> 46,037
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,404,667
<SHARES-COMMON-STOCK> 1,122,312
<SHARES-COMMON-PRIOR> 1,164,284
<ACCUMULATED-NII-CURRENT> 31,380
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,167
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 148,738
<NET-ASSETS> 5,585,952
<DIVIDEND-INCOME> 21,018
<INTEREST-INCOME> 191,578
<OTHER-INCOME> 629
<EXPENSES-NET> 153,019
<NET-INVESTMENT-INCOME> 60,206
<REALIZED-GAINS-CURRENT> 878,869
<APPREC-INCREASE-CURRENT> (424,354)
<NET-CHANGE-FROM-OPS> 514,721
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 54,272
<DISTRIBUTIONS-OF-GAINS> 878,869
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,574
<NUMBER-OF-SHARES-REDEEMED> 232,004
<SHARES-REINVESTED> 186,458
<NET-CHANGE-IN-ASSETS> (776,795)
<ACCUMULATED-NII-PRIOR> 25,444
<ACCUMULATED-GAINS-PRIOR> 2,475
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 57,922
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 153,019
<AVERAGE-NET-ASSETS> 5,974,350
<PER-SHARE-NAV-BEGIN> 5.47
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .40
<PER-SHARE-DIVIDEND> .94
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.98
<EXPENSE-RATIO> 2.5
<AVG-DEBT-OUTSTANDING> 30,343
<AVG-DEBT-PER-SHARE> .03
</TABLE>
Roy G. Hale
Certified Public Accountant
PO Box 2634
La Plata, MD 20646
301-870-3374
Shareholders and Board of Directors
The Ehrenkrantz Trust
New York, NY
I have made an evaluation of the internal control structure of The
Ehrenkrantz Growth Fund in effect at December 31, 1997. My evaluation was
conducted in accordance with standards established by the American Institute
of Certified Public Accountants.
The management of the Ehrenkrantz Growth Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of control procedures. The
objectives of a system are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
the preparation of financial statements in accordance with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the system to future periods is subject
to the risk that procedures may become inadequate because of changes in
conditions or that the degree of compliance with the procedures may
deteriorate.
In my opinion, the internal control structure of The Ehrenkrantz
Growth Fund in effect at December 31, 1997, taken as a whole, was
sufficient to meet the objectives stated above insofar as those objectives
pertain to the prevention or detection of errors or irregularities in
amounts that would be material in relation to the financial statements.
/s/ Roy G Hale
Roy G. Hale
Certified Public Accountant
February 20, 1998
La Plata, Maryland
