<PAGE> PAGE 1
000 B000000 03/31/96
000 C000000 0000915388
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 ESC STRATEGIC FUNDS, INC.
001 B000000 811-8166
001 C000000 2128083512
002 A000000 237 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 ESC STRATEGIC ASSET PRESERVATION FUND
007 C030100 N
007 C010200 2
007 C020200 ESC STRATEGIC GLOBAL EQUITY FUND
007 C030200 N
007 C010300 3
007 C020300 ESC STRATEGIC INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 ESC STRATEGIC SMALL CAP FUND
007 C030400 N
007 C010500 5
007 C020500 ESC STRATEGIC APPRECIATION FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 FURMAN SELZ LLC
010 B00AA01 8-17741
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10017
011 A00AA01 EQUITABLE SECURITIES CORP
011 B00AA01 8-00000
011 C01AA01 NASHVILLE
011 C02AA01 TN
<PAGE> PAGE 2
011 C03AA01 37219
012 A00AA01 FURMAN SELZ LLC
012 B00AA01 84-5417000
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10017
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
015 A00AA01 INVESTORS FIDUCIARY TRUST CO.
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 5
019 C00AA00 ESCSTRATEG
020 A000001 EQUITABLE SECURITIES
020 B000001 62-0871146
020 C000001 43
020 A000002 INSTINET CORP
020 B000002 13-3443395
020 C000002 38
020 A000003 MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 B000003 13-5674085
020 C000003 10
020 A000004 INTERSTATE/JOHNSON LANE CORP.
020 B000004 56-0276690
020 C000004 8
020 A000005 PAINE WEBBER
020 B000005 13-2638166
020 C000005 7
020 A000006 JEFFRIES & CO.
020 B000006 95-2622900
020 C000006 6
020 A000007 SMITH NEWCOURT
020 B000007 13-3169769
020 C000007 6
020 A000008 PERSHING SECURITIES
020 B000008 13-2741729
020 C000008 6
020 A000009 AUTRANETTE/JOHNSON LANE CORP.
020 B000009 13-2961507
020 C000009 4
020 A000010 ALLIED RESEARCH
020 C000010 4
021 000000 132
022 A000001 INDUSTRIAL BANK OF JAPAN
<PAGE> PAGE 3
022 C000001 434816
022 D000001 0
022 A000002 CHASE SECURITIES INC.
022 B000002 13-3112953
022 C000002 57304
022 D000002 26929
022 A000003 MCDONALD & CO. SECURITIES
022 B000003 34-0642435
022 C000003 13729
022 D000003 11057
022 A000004 SMITH BARNEY HARRIS UPHAM & CO
022 B000004 13-1912900
022 C000004 7296
022 D000004 11998
022 A000005 LONDON FREELAND
022 C000005 8626
022 D000005 12
022 A000006 ADAMS HARKNESS & HILL, INC.
022 B000006 04-2149932
022 C000006 4338
022 D000006 3503
022 A000007 ROBINSON HUMPHERY
022 B000007 13-2518466
022 C000007 5837
022 D000007 1666
022 A000008 PIPER JAFFRAY
022 B000008 41-0953246
022 C000008 4558
022 D000008 2809
022 A000009 J.C. BRADFORD
022 B000009 62-0136910
022 C000009 4293
022 D000009 2511
022 A000010 SWISS BANK CORP
022 B000010 13-2639550
022 C000010 2320
022 D000010 3924
023 C000000 543117
023 D000000 64409
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
<PAGE> PAGE 4
078 000000 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
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 EQUITABLE SECURITIES CORPORATION
008 B000101 A
008 C000101 801-17212
008 D010101 NASHVILLE
008 D020101 TN
008 D030101 37219
014 A000101 EQUITABLE SECURITIES CORP
014 B000101 8-00000
014 A000102 FURMAN SELZ LLC
014 B000102 8-17741
024 000100 Y
025 A000101 SMITH BARNEY
025 B000101 13-1912900
025 C000101 D
025 D000101 250
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 44
028 A020100 60
028 A030100 0
028 A040100 2
028 B010100 151
028 B020100 60
028 B030100 0
028 B040100 125
028 C010100 59
028 C020100 58
028 C030100 0
028 C040100 177
028 D010100 329
028 D020100 63
028 D030100 0
028 D040100 30
<PAGE> PAGE 5
028 E010100 27
028 E020100 61
028 E030100 0
028 E040100 84
028 F010100 44
028 F020100 61
028 F030100 0
028 F040100 41
028 G010100 654
028 G020100 363
028 G030100 0
028 G040100 457
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 100
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 11
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.500
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
<PAGE> PAGE 6
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
054 A000100 Y
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 Y
062 B000100 1.9
062 C000100 1.8
062 D000100 0.0
062 E000100 0.8
062 F000100 0.0
<PAGE> PAGE 7
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 22.5
062 M000100 0.0
062 N000100 24.6
062 O000100 8.0
062 P000100 39.7
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 2.1
064 A000100 Y
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
<PAGE> PAGE 8
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 6813
071 B000100 4806
071 C000100 11958
071 D000100 40
072 A000100 12
072 B000100 821
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 64
072 G000100 19
072 H000100 0
072 I000100 12
072 J000100 13
072 K000100 0
072 L000100 3
072 M000100 4
072 N000100 7
072 O000100 0
072 P000100 0
072 Q000100 34
072 R000100 16
072 S000100 7
072 T000100 11
072 U000100 9
072 V000100 0
072 W000100 3
072 X000100 202
072 Y000100 87
072 Z000100 706
072AA000100 1
072BB000100 0
072CC010100 128
072CC020100 0
072DD010100 706
072DD020100 0
072EE000100 0
073 A010100 0.5600
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 365
074 B000100 0
074 C000100 3321
074 D000100 9830
<PAGE> PAGE 9
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 11
074 L000100 211
074 M000100 27
074 N000100 13765
074 O000100 489
074 P000100 4
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 31
074 S000100 0
074 T000100 13241
074 U010100 1324
074 U020100 0
074 V010100 10.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 20
074 Y000100 473
075 A000100 0
075 B000100 12765
076 000100 0.00
080 A000100 RELIANCE INSURANCE COMPANY
080 C000100 1500
081 A000100 Y
081 B000100 4
082 A000100 N
082 B000100 0
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 Y
085 B000100 N
008 A000201 EQUITABLE SECURITIES CORPORATION
008 B000201 A
008 C000201 801-17212
008 D010201 NASHVILLE
008 D020201 TN
008 D030201 37219
014 A000201 EQUITABLE SECURITIES
014 B000201 8-00000000
014 A000202 FURMAN SELZ LLC
014 B000202 8-17741
<PAGE> PAGE 10
024 000200 Y
025 A000201 PAINE WEBBER
025 B000201 13-2638166
025 C000201 E
025 D000201 75
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 81
028 A020200 0
028 A030200 0
028 A040200 30
028 B010200 81
028 B020200 0
028 B030200 0
028 B040200 4
028 C010200 145
028 C020200 289
028 C030200 0
028 C040200 26
028 D010200 355
028 D020200 0
028 D030200 0
028 D040200 3
028 E010200 983
028 E020200 0
028 E030200 0
028 E040200 255
028 F010200 391
028 F020200 0
028 F030200 0
028 F040200 101
028 G010200 2036
028 G020200 289
028 G030200 0
028 G040200 419
028 H000200 1201
029 000200 Y
030 A000200 36
030 B000200 4.50
030 C000200 0.00
031 A000200 20
031 B000200 0
032 000200 16
033 000200 0
034 000200 N
035 000200 0
<PAGE> PAGE 11
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 100
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 44
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.000
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
054 A000200 Y
054 B000200 N
<PAGE> PAGE 12
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
054 M000200 Y
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 1000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
<PAGE> PAGE 13
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 Y
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 17576
071 B000200 12528
071 C000200 13614
071 D000200 92
072 A000200 12
072 B000200 89
072 C000200 228
072 D000200 0
072 E000200 0
072 F000200 157
072 G000200 24
072 H000200 0
072 I000200 16
<PAGE> PAGE 14
072 J000200 44
072 K000200 0
072 L000200 8
072 M000200 4
072 N000200 17
072 O000200 0
072 P000200 0
072 Q000200 40
072 R000200 19
072 S000200 8
072 T000200 44
072 U000200 9
072 V000200 0
072 W000200 4
072 X000200 394
072 Y000200 11
072 Z000200 -66
072AA000200 900
072BB000200 0
072CC010200 1134
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 359
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.2400
073 C000200 0.0000
074 A000200 561
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 16322
074 G000200 0
074 H000200 0
074 I000200 1527
074 J000200 185
074 K000200 0
074 L000200 57
074 M000200 28
074 N000200 18680
074 O000200 289
074 P000200 31
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 38
074 S000200 0
074 T000200 18322
<PAGE> PAGE 15
074 U010200 1321
074 U020200 337
074 V010200 11.08
074 V020200 10.95
074 W000200 0.0000
074 X000200 293
074 Y000200 0
075 A000200 0
075 B000200 15684
076 000200 0.00
080 A000200 RELIANCE INSURANCE COMPANY
080 C000200 1500
081 A000200 Y
081 B000200 4
082 A000200 N
082 B000200 0
083 A000200 N
083 B000200 0
084 A000200 N
084 B000200 0
085 A000200 Y
085 B000200 N
008 A000301 EQUITABLE SECURITES CORPORATION
008 B000301 A
008 C000301 801-17212
008 D010301 NASHVILLE
008 D020301 TN
008 D030301 37219
014 A000301 EQUITABLE SECURITIES CORP.
014 B000301 8-00000
014 A000302 FURMAN SELZ LLC
014 B000302 8-17741
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 438
028 A020300 0
028 A030300 0
028 A040300 10
028 B010300 174
028 B020300 164
028 B030300 0
028 B040300 134
028 C010300 454
028 C020300 869
<PAGE> PAGE 16
028 C030300 0
028 C040300 185
028 D010300 569
028 D020300 134
028 D030300 0
028 D040300 109
028 E010300 390
028 E020300 175
028 E030300 0
028 E040300 1102
028 F010300 350
028 F020300 301
028 F030300 0
028 F040300 543
028 G010300 2375
028 G020300 1643
028 G030300 0
028 G040300 2083
028 H000300 1106
029 000300 Y
030 A000300 33
030 B000300 4.50
030 C000300 0.00
031 A000300 18
031 B000300 0
032 000300 15
033 000300 0
034 000300 N
035 000300 0
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 100
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 43
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 1.000
048 A010300 0
048 A020300 0.000
<PAGE> PAGE 17
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
054 A000300 Y
054 B000300 N
054 C000300 N
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 N
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 N
054 M000300 Y
054 N000300 N
054 O000300 N
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 1000
<PAGE> PAGE 18
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 1.6
062 M000300 8.3
062 N000300 12.7
062 O000300 0.0
062 P000300 42.0
062 Q000300 19.8
062 R000300 1.5
063 A000300 0
063 B000300 9.8
064 A000300 Y
064 B000300 Y
065 000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
<PAGE> PAGE 19
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 46127
071 B000300 43312
071 C000300 31410
071 D000300 138
072 A000300 12
072 B000300 2792
072 C000300 43
072 D000300 0
072 E000300 0
072 F000300 373
072 G000300 56
072 H000300 0
072 I000300 15
072 J000300 28
072 K000300 0
072 L000300 7
072 M000300 4
072 N000300 23
072 O000300 0
072 P000300 0
072 Q000300 40
072 R000300 16
072 S000300 18
072 T000300 43
072 U000300 9
072 V000300 0
072 W000300 40
072 X000300 672
072 Y000300 16
072 Z000300 2179
072AA000300 742
072BB000300 0
072CC010300 0
072CC020300 286
072DD010300 2105
072DD020300 74
072EE000300 771
073 A010300 0.5900
<PAGE> PAGE 20
073 A020300 0.5400
073 B000300 0.2100
073 C000300 0.0000
074 A000300 4653
074 B000300 0
074 C000300 615
074 D000300 31764
074 E000300 537
074 F000300 27
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 816
074 M000300 27
074 N000300 38439
074 O000300 0
074 P000300 51
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 51
074 S000300 0
074 T000300 38337
074 U010300 3730
074 U020300 146
074 V010300 9.89
074 V020300 9.89
074 W000300 0.0000
074 X000300 146
074 Y000300 0
075 A000300 0
075 B000300 37224
076 000300 0.00
080 A000300 RELIANCE INSURANCE COMPANY
080 C000300 1500
081 A000300 Y
081 B000300 4
082 A000300 N
082 B000300 0
083 A000300 N
083 B000300 0
084 A000300 N
084 B000300 0
085 A000300 Y
085 B000300 N
008 A000401 EQUITABLE SECURITIES CORPORATION
008 B000401 A
008 C000401 801-17212
<PAGE> PAGE 21
008 D010401 NASHVILLE
008 D020401 TN
008 D030401 37219
014 A000401 EQUITABLE SECURITIES CORP
014 B000401 8-00000
014 A000402 FURMAN SELZ LLC
014 B000402 8-17741
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 2015
028 A020400 0
028 A030400 0
028 A040400 142
028 B010400 521
028 B020400 0
028 B030400 0
028 B040400 36
028 C010400 1767
028 C020400 742
028 C030400 0
028 C040400 39
028 D010400 3321
028 D020400 0
028 D030400 0
028 D040400 221
028 E010400 2091
028 E020400 0
028 E030400 0
028 E040400 133
028 F010400 2306
028 F020400 0
028 F030400 0
028 F040400 391
028 G010400 12021
028 G020400 742
028 G030400 0
028 G040400 962
028 H000400 7129
029 000400 Y
030 A000400 217
030 B000400 4.50
030 C000400 0.00
031 A000400 121
031 B000400 0
<PAGE> PAGE 22
032 000400 96
033 000400 0
034 000400 N
035 000400 0
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 100
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 78
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 1.000
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
<PAGE> PAGE 23
053 B000400 Y
053 C000400 N
054 A000400 Y
054 B000400 N
054 C000400 N
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 N
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 1000
062 A000400 N
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 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
<PAGE> PAGE 24
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 30502
071 B000400 18579
071 C000400 18230
071 D000400 102
072 A000400 12
072 B000400 192
072 C000400 81
072 D000400 0
072 E000400 0
<PAGE> PAGE 25
072 F000400 225
072 G000400 34
072 H000400 0
072 I000400 24
072 J000400 21
072 K000400 0
072 L000400 28
072 M000400 4
072 N000400 27
072 O000400 0
072 P000400 0
072 Q000400 32
072 R000400 16
072 S000400 10
072 T000400 78
072 U000400 11
072 V000400 0
072 W000400 15
072 X000400 525
072 Y000400 45
072 Z000400 -207
072AA000400 2358
072BB000400 0
072CC010400 6354
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 838
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.4800
073 C000400 0.0000
074 A000400 7455
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 29661
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 476
074 K000400 0
074 L000400 346
074 M000400 35
074 N000400 37973
074 O000400 106
074 P000400 61
074 Q000400 0
074 R010400 0
074 R020400 0
<PAGE> PAGE 26
074 R030400 0
074 R040400 69
074 S000400 0
074 T000400 37737
074 U010400 1816
074 U020400 564
074 V010400 15.88
074 V020400 15.76
074 W000400 0.0000
074 X000400 938
074 Y000400 190
075 A000400 0
075 B000400 22718
076 000400 0.00
080 A000400 RELIANCE INSURANCE COMPANY
080 C000400 1500
081 A000400 Y
081 B000400 4
082 A000400 N
082 B000400 0
083 A000400 N
083 B000400 0
084 A000400 N
084 B000400 0
085 A000400 Y
085 B000400 N
008 A000501 EQUITABLE SECURITIES CORPORATION
008 B000501 A
008 C000501 801-17212
008 D010501 NASHVILLE
008 D020501 TN
008 D030501 37219
014 A000501 EQUITABLE SECURITIES CORP.
014 B000501 8-00000000
014 A000502 FURMAN SELZ LLC
014 B000502 8-17741
024 000500 Y
025 A000501 PAINE WEBBER
025 B000501 13-2638166
025 C000501 E
025 D000501 108
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 433
028 A020500 0
028 A030500 0
<PAGE> PAGE 27
028 A040500 19
028 B010500 385
028 B020500 0
028 B030500 0
028 B040500 259
028 C010500 327
028 C020500 546
028 C030500 0
028 C040500 353
028 D010500 885
028 D020500 0
028 D030500 0
028 D040500 234
028 E010500 784
028 E020500 0
028 E030500 0
028 E040500 178
028 F010500 599
028 F020500 0
028 F030500 0
028 F040500 737
028 G010500 3413
028 G020500 546
028 G030500 0
028 G040500 1780
028 H000500 1500
029 000500 Y
030 A000500 47
030 B000500 4.50
030 C000500 0.00
031 A000500 26
031 B000500 0
032 000500 21
033 000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 100
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 71
<PAGE> PAGE 28
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 1.000
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
054 A000500 Y
054 B000500 N
054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 N
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 N
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 N
055 B000500 N
<PAGE> PAGE 29
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
<PAGE> PAGE 30
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 Y
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 24214
071 B000500 16974
071 C000500 21796
071 D000500 78
072 A000500 12
072 B000500 85
072 C000500 296
072 D000500 0
072 E000500 0
072 F000500 237
072 G000500 36
072 H000500 0
072 I000500 16
072 J000500 24
072 K000500 0
072 L000500 11
072 M000500 4
072 N000500 24
072 O000500 0
072 P000500 0
072 Q000500 39
072 R000500 16
072 S000500 12
072 T000500 71
072 U000500 9
072 V000500 0
072 W000500 8
072 X000500 507
<PAGE> PAGE 31
072 Y000500 25
072 Z000500 -101
072AA000500 1696
072BB000500 0
072CC010500 3346
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 623
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.3100
073 C000500 0.0000
074 A000500 1241
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 26855
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 49
074 M000500 29
074 N000500 28174
074 O000500 54
074 P000500 38
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 39
074 S000500 0
074 T000500 28043
074 U010500 1964
074 U020500 192
074 V010500 13.02
074 V020500 12.91
074 W000500 0.0000
074 X000500 295
074 Y000500 0
075 A000500 0
075 B000500 23640
076 000500 0.00
080 A000500 RELIANCE INSURNACE COMPANY
080 C000500 1500
081 A000500 Y
081 B000500 4
082 A000500 N
<PAGE> PAGE 32
082 B000500 0
083 A000500 N
083 B000500 0
084 A000500 N
084 B000500 0
085 A000500 Y
085 B000500 N
SIGNATURE JOHN J PILEGGI
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> ESC STRATEGIC ASSET PRESERVATION FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 13094
<INVESTMENTS-AT-VALUE> 13151
<RECEIVABLES> 222
<ASSETS-OTHER> 392
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13765
<PAYABLE-FOR-SECURITIES> 489
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35
<TOTAL-LIABILITIES> 524
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13195
<SHARES-COMMON-STOCK> 1324
<SHARES-COMMON-PRIOR> 1206
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 56
<NET-ASSETS> 13241
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 821
<OTHER-INCOME> 0
<EXPENSES-NET> 115
<NET-INVESTMENT-INCOME> 706
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 128
<NET-CHANGE-FROM-OPS> 835
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 706
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 104
<NUMBER-OF-SHARES-REDEEMED> 56
<SHARES-REINVESTED> 70
<NET-CHANGE-IN-ASSETS> 1317
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> (20)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 64
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 202
<AVERAGE-NET-ASSETS> 12765
<PER-SHARE-NAV-BEGIN> 9.89
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> 0.56
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> ESC STRATEGIC GLOBAL EQUITY FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 16490
<INVESTMENTS-AT-VALUE> 17849
<RECEIVABLES> 242
<ASSETS-OTHER> 589
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18680
<PAYABLE-FOR-SECURITIES> 289
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68
<TOTAL-LIABILITIES> 358
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16786
<SHARES-COMMON-STOCK> 1321
<SHARES-COMMON-PRIOR> 931
<ACCUMULATED-NII-CURRENT> 84
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 94
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1359
<NET-ASSETS> 18322
<DIVIDEND-INCOME> 228
<INTEREST-INCOME> 89
<OTHER-INCOME> 0
<EXPENSES-NET> 393
<NET-INVESTMENT-INCOME> (66)
<REALIZED-GAINS-CURRENT> 900
<APPREC-INCREASE-CURRENT> 1134
<NET-CHANGE-FROM-OPS> 1967
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 283
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 393
<NUMBER-OF-SHARES-REDEEMED> 22
<SHARES-REINVESTED> 20
<NET-CHANGE-IN-ASSETS> 5787
<ACCUMULATED-NII-PRIOR> (8)
<ACCUMULATED-GAINS-PRIOR> (295)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 157
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 393
<AVERAGE-NET-ASSETS> 12098
<PER-SHARE-NAV-BEGIN> 9.90
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 1.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.24
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> 2.37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> ESC STRATEGIC GLOBAL EQUITY FUND - CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 16490
<INVESTMENTS-AT-VALUE> 17849
<RECEIVABLES> 242
<ASSETS-OTHER> 589
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18680
<PAYABLE-FOR-SECURITIES> 289
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68
<TOTAL-LIABILITIES> 358
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16786
<SHARES-COMMON-STOCK> 337
<SHARES-COMMON-PRIOR> 338
<ACCUMULATED-NII-CURRENT> 84
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 94
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1359
<NET-ASSETS> 18322
<DIVIDEND-INCOME> 228
<INTEREST-INCOME> 89
<OTHER-INCOME> 0
<EXPENSES-NET> 393
<NET-INVESTMENT-INCOME> (66)
<REALIZED-GAINS-CURRENT> 900
<APPREC-INCREASE-CURRENT> 1134
<NET-CHANGE-FROM-OPS> 1967
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 76
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39
<NUMBER-OF-SHARES-REDEEMED> 48
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 5787
<ACCUMULATED-NII-PRIOR> (8)
<ACCUMULATED-GAINS-PRIOR> (295)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 157
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 393
<AVERAGE-NET-ASSETS> 3586
<PER-SHARE-NAV-BEGIN> 9.82
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> 1.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .24
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.95
<EXPENSE-RATIO> 2.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> ESC STRATEGIC INCOME FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 33259
<INVESTMENTS-AT-VALUE> 32943
<RECEIVABLES> 817
<ASSETS-OTHER> 4679
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38439
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 102
<TOTAL-LIABILITIES> 102
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38516
<SHARES-COMMON-STOCK> 3730
<SHARES-COMMON-PRIOR> 3256
<ACCUMULATED-NII-CURRENT> 509
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (373)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (315)
<NET-ASSETS> 38337
<DIVIDEND-INCOME> 43
<INTEREST-INCOME> 2792
<OTHER-INCOME> 0
<EXPENSES-NET> 657
<NET-INVESTMENT-INCOME> 2179
<REALIZED-GAINS-CURRENT> 742
<APPREC-INCREASE-CURRENT> (286)
<NET-CHANGE-FROM-OPS> 2635
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2105
<DISTRIBUTIONS-OF-GAINS> 742
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 422
<NUMBER-OF-SHARES-REDEEMED> 207
<SHARES-REINVESTED> 259
<NET-CHANGE-IN-ASSETS> 4723
<ACCUMULATED-NII-PRIOR> 149
<ACCUMULATED-GAINS-PRIOR> 12
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 373
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 673
<AVERAGE-NET-ASSETS> 35846
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.16
<PER-SHARE-DIVIDEND> 0.59
<PER-SHARE-DISTRIBUTIONS> 0.21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.89
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> ESC STRATEGIC INCOME FUND - CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 33259
<INVESTMENTS-AT-VALUE> 32943
<RECEIVABLES> 817
<ASSETS-OTHER> 4679
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38439
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 102
<TOTAL-LIABILITIES> 102
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38516
<SHARES-COMMON-STOCK> 146
<SHARES-COMMON-PRIOR> 125
<ACCUMULATED-NII-CURRENT> 509
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (373)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (315)
<NET-ASSETS> 38337
<DIVIDEND-INCOME> 43
<INTEREST-INCOME> 2792
<OTHER-INCOME> 0
<EXPENSES-NET> 657
<NET-INVESTMENT-INCOME> 2179
<REALIZED-GAINS-CURRENT> 742
<APPREC-INCREASE-CURRENT> (286)
<NET-CHANGE-FROM-OPS> 2635
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 74
<DISTRIBUTIONS-OF-GAINS> 29
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39
<NUMBER-OF-SHARES-REDEEMED> 48
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 4723
<ACCUMULATED-NII-PRIOR> 149
<ACCUMULATED-GAINS-PRIOR> 12
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 373
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 673
<AVERAGE-NET-ASSETS> 1378
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0.16
<PER-SHARE-DIVIDEND> 0.54
<PER-SHARE-DISTRIBUTIONS> 0.21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.89
<EXPENSE-RATIO> 2.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> ESC STRATEGIC SMALL CAP FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 22769
<INVESTMENTS-AT-VALUE> 29661
<RECEIVABLES> 822
<ASSETS-OTHER> 7490
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37973
<PAYABLE-FOR-SECURITIES> 106
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 129
<TOTAL-LIABILITIES> 235
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31415
<SHARES-COMMON-STOCK> 1816
<SHARES-COMMON-PRIOR> 781
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1808
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6892
<NET-ASSETS> 37737
<DIVIDEND-INCOME> 81
<INTEREST-INCOME> 192
<OTHER-INCOME> 0
<EXPENSES-NET> 480
<NET-INVESTMENT-INCOME> (207)
<REALIZED-GAINS-CURRENT> 2358
<APPREC-INCREASE-CURRENT> 6354
<NET-CHANGE-FROM-OPS> 8505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 649
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1060
<NUMBER-OF-SHARES-REDEEMED> 63
<SHARES-REINVESTED> 39
<NET-CHANGE-IN-ASSETS> 25585
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 487
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 524
<AVERAGE-NET-ASSETS> 17494
<PER-SHARE-NAV-BEGIN> 11.25
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 5.19
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.48
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.88
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> ESC STRATEGIC SMALL CAP FUND - CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 22769
<INVESTMENTS-AT-VALUE> 29661
<RECEIVABLES> 822
<ASSETS-OTHER> 7490
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37973
<PAYABLE-FOR-SECURITIES> 106
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 129
<TOTAL-LIABILITIES> 235
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31415
<SHARES-COMMON-STOCK> 564
<SHARES-COMMON-PRIOR> 300
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1808
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6892
<NET-ASSETS> 37737
<DIVIDEND-INCOME> 81
<INTEREST-INCOME> 192
<OTHER-INCOME> 0
<EXPENSES-NET> 480
<NET-INVESTMENT-INCOME> (207)
<REALIZED-GAINS-CURRENT> 2358
<APPREC-INCREASE-CURRENT> 6354
<NET-CHANGE-FROM-OPS> 8505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 189
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 280
<NUMBER-OF-SHARES-REDEEMED> 29
<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> 25585
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 487
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 524
<AVERAGE-NET-ASSETS> 5223
<PER-SHARE-NAV-BEGIN> 11.22
<PER-SHARE-NII> (0.16)
<PER-SHARE-GAIN-APPREC> 5.18
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.48
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.76
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> ESC STRATEGIC APPRECIATION FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 22698
<INVESTMENTS-AT-VALUE> 26855
<RECEIVABLES> 49
<ASSETS-OTHER> 1270
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28174
<PAYABLE-FOR-SECURITIES> 54
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77
<TOTAL-LIABILITIES> 131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22852
<SHARES-COMMON-STOCK> 1964
<SHARES-COMMON-PRIOR> 1418
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1033
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4157
<NET-ASSETS> 28043
<DIVIDEND-INCOME> 296
<INTEREST-INCOME> 85
<OTHER-INCOME> 0
<EXPENSES-NET> 482
<NET-INVESTMENT-INCOME> (101)
<REALIZED-GAINS-CURRENT> 1696
<APPREC-INCREASE-CURRENT> 3346
<NET-CHANGE-FROM-OPS> 4941
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 573
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 670
<NUMBER-OF-SHARES-REDEEMED> 165
<SHARES-REINVESTED> 40
<NET-CHANGE-IN-ASSETS> 11224
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 57
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 237
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 507
<AVERAGE-NET-ASSETS> 21584
<PER-SHARE-NAV-BEGIN> 10.67
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 2.71
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.31
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.02
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> ESC STRATEGIC APPRECIATION FUND - CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 22698
<INVESTMENTS-AT-VALUE> 26855
<RECEIVABLES> 49
<ASSETS-OTHER> 1270
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28174
<PAYABLE-FOR-SECURITIES> 54
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77
<TOTAL-LIABILITIES> 131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22852
<SHARES-COMMON-STOCK> 192
<SHARES-COMMON-PRIOR> 159
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1033
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4157
<NET-ASSETS> 28043
<DIVIDEND-INCOME> 296
<INTEREST-INCOME> 85
<OTHER-INCOME> 0
<EXPENSES-NET> 482
<NET-INVESTMENT-INCOME> (101)
<REALIZED-GAINS-CURRENT> 1696
<APPREC-INCREASE-CURRENT> 3346
<NET-CHANGE-FROM-OPS> 4941
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 51
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 55
<NUMBER-OF-SHARES-REDEEMED> 27
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 11224
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 57
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 237
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 507
<AVERAGE-NET-ASSETS> 2055
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> 2.68
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.31
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.91
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
May 16, 1996
To the Directors of ESC Strategic Funds, Inc.
In planning and performing our audit of the financial
statements of ESC Strategic Funds, Inc. (the "Funds") for
the year ended March 31, 1996, we considered its internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purposes of expressing our opinion on the
financial statements and to comply with the requirements
of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Funds 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 internal control
structure policies and procedures. Two of the objectives
of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets
are appropriately safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial
statements in conformity 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
structure 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 structure would
not necessarily disclose all matters in the internal
control structure 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 structure, including
procedures for safeguarding securities, that we consider
to be material weaknesses as defined above as of March 31,
1996.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
