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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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050 000500 N
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058 A000500 N
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<PAGE> PAGE 25
062 G000500 0.0
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070 G010500 Y
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<PAGE> PAGE 26
070 O010500 Y
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<PAGE> PAGE 27
074 C000500 0
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024 000600 N
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<PAGE> PAGE 28
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<PAGE> PAGE 29
048 J020600 0.000
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
076 000600 0.00
SIGNATURE CORY GOSSARD
TITLE SUPERVISOR
<TABLE> <S> <C>
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<CIK> 0000915388
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<F1>Class A Shares
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<TABLE> <S> <C>
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<CIK> 0000915388
<NAME> ESC STRATEGIC FUNDS
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<NUMBER> 012
<NAME> ESC STRATEGIC INCOME FUND
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000915388
<NAME> ESC STRATEGIC FUNDS
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<NUMBER> 021
<NAME> ESC STRATEGIC GLOBAL EQUITY FUND
<S> <C>
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<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.97<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.81<F1>
<EXPENSE-RATIO> 2.98<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class D Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915388
<NAME> ESC STRATEGIC FUNDS
<SERIES>
<NUMBER> 031
<NAME> ESC STRATEGIC SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 126291429
<INVESTMENTS-AT-VALUE> 165290658
<RECEIVABLES> 896685
<ASSETS-OTHER> 61440
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166248783
<PAYABLE-FOR-SECURITIES> 902762
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 214727
<TOTAL-LIABILITIES> 1117489
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122771780
<SHARES-COMMON-STOCK> 5561203<F1>
<SHARES-COMMON-PRIOR> 4129592<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3360285
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38999229
<NET-ASSETS> 165131294
<DIVIDEND-INCOME> 430642
<INTEREST-INCOME> 1624643
<OTHER-INCOME> 0
<EXPENSES-NET> 2464452
<NET-INVESTMENT-INCOME> (409168)
<REALIZED-GAINS-CURRENT> 13586328
<APPREC-INCREASE-CURRENT> 30415943
<NET-CHANGE-FROM-OPS> 43593103
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 8972632<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1661014<F1>
<NUMBER-OF-SHARES-REDEEMED> 613954<F1>
<SHARES-REINVESTED> 384551<F1>
<NET-CHANGE-IN-ASSETS> 70251411
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1923356
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1387887
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2528712
<AVERAGE-NET-ASSETS> 106196936<F1>
<PER-SHARE-NAV-BEGIN> 17.55<F1>
<PER-SHARE-NII> 0.02<F1>
<PER-SHARE-GAIN-APPREC> 6.97<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.73<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 22.81<F1>
<EXPENSE-RATIO> 1.65<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915388
<NAME> ESC STRATEGIC FUNDS
<SERIES>
<NUMBER> 032
<NAME> ESC STRATEGIC SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 126291429
<INVESTMENTS-AT-VALUE> 165290658
<RECEIVABLES> 896685
<ASSETS-OTHER> 61440
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166248783
<PAYABLE-FOR-SECURITIES> 902762
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 214727
<TOTAL-LIABILITIES> 1117489
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122771780
<SHARES-COMMON-STOCK> 1701274<F1>
<SHARES-COMMON-PRIOR> 1290948<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3360285
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38999229
<NET-ASSETS> 165131294
<DIVIDEND-INCOME> 430642
<INTEREST-INCOME> 1624643
<OTHER-INCOME> 0
<EXPENSES-NET> 2464452
<NET-INVESTMENT-INCOME> (409168)
<REALIZED-GAINS-CURRENT> 13586328
<APPREC-INCREASE-CURRENT> 30415943
<NET-CHANGE-FROM-OPS> 43593103
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 2767599<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 428750<F1>
<NUMBER-OF-SHARES-REDEEMED> 151079<F1>
<SHARES-REINVESTED> 132655<F1>
<NET-CHANGE-IN-ASSETS> 70251411
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1923356
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1387887
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2528712
<AVERAGE-NET-ASSETS> 32784432<F1>
<PER-SHARE-NAV-BEGIN> 17.35<F1>
<PER-SHARE-NII> (0.07)<F1>
<PER-SHARE-GAIN-APPREC> 6.95<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.73<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 22.50<F1>
<EXPENSE-RATIO> 2.15<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class D Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915388
<NAME> ESC STRATEGIC FUNDS
<SERIES>
<NUMBER> 041
<NAME> ESC STRATEGIC APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 29310646
<INVESTMENTS-AT-VALUE> 41152156
<RECEIVABLES> 459801
<ASSETS-OTHER> 28484
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41640441
<PAYABLE-FOR-SECURITIES> 795194
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67352
<TOTAL-LIABILITIES> 862546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25486997
<SHARES-COMMON-STOCK> 2114008<F1>
<SHARES-COMMON-PRIOR> 3190643<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 171962
<ACCUMULATED-NET-GAINS> 3620464
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11842396
<NET-ASSETS> 40777895
<DIVIDEND-INCOME> 519880
<INTEREST-INCOME> 153397
<OTHER-INCOME> 0
<EXPENSES-NET> 892320
<NET-INVESTMENT-INCOME> (219043)
<REALIZED-GAINS-CURRENT> 12458936
<APPREC-INCREASE-CURRENT> 6933791
<NET-CHANGE-FROM-OPS> 19173684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 9402699<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 402557<F1>
<NUMBER-OF-SHARES-REDEEMED> 2074474<F1>
<SHARES-REINVESTED> 595282<F1>
<NET-CHANGE-IN-ASSETS> (8043411)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2077670
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 482226
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 897355
<AVERAGE-NET-ASSETS> 42668962<F1>
<PER-SHARE-NAV-BEGIN> 14.03<F1>
<PER-SHARE-NII> 0.02<F1>
<PER-SHARE-GAIN-APPREC> 6.02<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 4.27<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 15.80<F1>
<EXPENSE-RATIO> 1.80<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915388
<NAME> ESC STRATEGIC FUNDS
<SERIES>
<NUMBER> 042
<NAME> ESC STRATEGIC APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 29310646
<INVESTMENTS-AT-VALUE> 41152156
<RECEIVABLES> 459801
<ASSETS-OTHER> 28484
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41640441
<PAYABLE-FOR-SECURITIES> 795194
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67352
<TOTAL-LIABILITIES> 862546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25486997
<SHARES-COMMON-STOCK> 475250<F1>
<SHARES-COMMON-PRIOR> 292678<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 171962
<ACCUMULATED-NET-GAINS> 3620464
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11842396
<NET-ASSETS> 40777895
<DIVIDEND-INCOME> 519880
<INTEREST-INCOME> 153397
<OTHER-INCOME> 0
<EXPENSES-NET> 892320
<NET-INVESTMENT-INCOME> (219043)
<REALIZED-GAINS-CURRENT> 12458936
<APPREC-INCREASE-CURRENT> 6933791
<NET-CHANGE-FROM-OPS> 19173684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 1466362<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 154004<F1>
<NUMBER-OF-SHARES-REDEEMED> 75471<F1>
<SHARES-REINVESTED> 104039<F1>
<NET-CHANGE-IN-ASSETS> (8043411)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2077670
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 482226
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 897355
<AVERAGE-NET-ASSETS> 5531549<F1>
<PER-SHARE-NAV-BEGIN> 13.85<F1>
<PER-SHARE-NII> (0.08)<F1>
<PER-SHARE-GAIN-APPREC> 6.04<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 4.27<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 15.54<F1>
<EXPENSE-RATIO> 2.30<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class D Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915388
<NAME> ESC STRATEGIC FUNDS
<SERIES>
<NUMBER> 051
<NAME> ESC STRATEGIC GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 26261615
<INVESTMENTS-AT-VALUE> 30097711
<RECEIVABLES> 189103
<ASSETS-OTHER> 20452
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30307266
<PAYABLE-FOR-SECURITIES> 616086
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59981
<TOTAL-LIABILITIES> 676067
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26244024
<SHARES-COMMON-STOCK> 1458113<F1>
<SHARES-COMMON-PRIOR> 295961<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 448921
<ACCUM-APPREC-OR-DEPREC> 3836096
<NET-ASSETS> 29631199
<DIVIDEND-INCOME> 59663
<INTEREST-INCOME> 142166
<OTHER-INCOME> 0
<EXPENSES-NET> 285348
<NET-INVESTMENT-INCOME> (83519)
<REALIZED-GAINS-CURRENT> 601246
<APPREC-INCREASE-CURRENT> 3963507
<NET-CHANGE-FROM-OPS> 4481234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 660123<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1186062<F1>
<NUMBER-OF-SHARES-REDEEMED> 72221<F1>
<SHARES-REINVESTED> 48311<F1>
<NET-CHANGE-IN-ASSETS> 25475649
<ACCUMULATED-NII-PRIOR> 561
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 25751
<GROSS-ADVISORY-FEES> 199592
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 418762
<AVERAGE-NET-ASSETS> 10913961<F1>
<PER-SHARE-NAV-BEGIN> 9.64<F1>
<PER-SHARE-NII> 0.01<F1>
<PER-SHARE-GAIN-APPREC> 4.65<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0.62<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.68<F1>
<EXPENSE-RATIO> 1.62<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915388
<NAME> ESC STRATEGIC FUNDS
<SERIES>
<NUMBER> 052
<NAME> ESC STRATEGIC GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 26261615
<INVESTMENTS-AT-VALUE> 30097711
<RECEIVABLES> 189103
<ASSETS-OTHER> 20452
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30307266
<PAYABLE-FOR-SECURITIES> 616086
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59981
<TOTAL-LIABILITIES> 676067
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26244024
<SHARES-COMMON-STOCK> 711840<F1>
<SHARES-COMMON-PRIOR> 135392<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 448921
<ACCUM-APPREC-OR-DEPREC> 3836096
<NET-ASSETS> 29631199
<DIVIDEND-INCOME> 59663
<INTEREST-INCOME> 142166
<OTHER-INCOME> 0
<EXPENSES-NET> 285348
<NET-INVESTMENT-INCOME> (83519)
<REALIZED-GAINS-CURRENT> 601246
<APPREC-INCREASE-CURRENT> 3963507
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 318033<F1>
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<NUMBER-OF-SHARES-SOLD> 579982<F1>
<NUMBER-OF-SHARES-REDEEMED> 28316<F1>
<SHARES-REINVESTED> 24782<F1>
<NET-CHANGE-IN-ASSETS> 25475649
<ACCUMULATED-NII-PRIOR> 561
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 25751
<GROSS-ADVISORY-FEES> 199592
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 418762
<AVERAGE-NET-ASSETS> 5123201<F1>
<PER-SHARE-NAV-BEGIN> 9.63<F1>
<PER-SHARE-NII> (0.03)<F1>
<PER-SHARE-GAIN-APPREC> 4.63<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0.62<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.61<F1>
<EXPENSE-RATIO> 2.12<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class D Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915388
<NAME> ESC STRATEGIC FUNDS
<SERIES>
<NUMBER> 061
<NAME> ESC STRATEGIC VALUE FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> MAY-07-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 16973410
<INVESTMENTS-AT-VALUE> 18357203
<RECEIVABLES> 51302
<ASSETS-OTHER> 39984
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18448489
<PAYABLE-FOR-SECURITIES> 80215
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59149
<TOTAL-LIABILITIES> 139364
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16746586
<SHARES-COMMON-STOCK> 1199696<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 178746
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1383793
<NET-ASSETS> 18309125
<DIVIDEND-INCOME> 57625
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<EXPENSES-NET> 170985
<NET-INVESTMENT-INCOME> 31544
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<APPREC-INCREASE-CURRENT> 1383793
<NET-CHANGE-FROM-OPS> 1720448
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28213<F1>
<DISTRIBUTIONS-OF-GAINS> 98921<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1248837<F1>
<NUMBER-OF-SHARES-REDEEMED> 60086<F1>
<SHARES-REINVESTED> 10945<F1>
<NET-CHANGE-IN-ASSETS> 18309125
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 125668
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 248535
<AVERAGE-NET-ASSETS> 9068353<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> 0.04<F1>
<PER-SHARE-GAIN-APPREC> 1.60<F1>
<PER-SHARE-DIVIDEND> 0.03<F1>
<PER-SHARE-DISTRIBUTIONS> 0.10<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.51<F1>
<EXPENSE-RATIO> 1.56<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915388
<NAME> ESC STRATEGIC FUNDS
<SERIES>
<NUMBER> 062
<NAME> ESC STRATEGIC VALUE FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> MAY-07-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 16973410
<INVESTMENTS-AT-VALUE> 18357203
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<PAYABLE-FOR-SECURITIES> 80215
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<OTHER-ITEMS-LIABILITIES> 59149
<TOTAL-LIABILITIES> 139364
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16746586
<SHARES-COMMON-STOCK> 392807<F1>
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<ACCUMULATED-NET-GAINS> 178746
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1383793
<NET-ASSETS> 18309125
<DIVIDEND-INCOME> 57625
<INTEREST-INCOME> 144904
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<NET-INVESTMENT-INCOME> 31544
<REALIZED-GAINS-CURRENT> 305111
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<NUMBER-OF-SHARES-REDEEMED> 10728<F1>
<SHARES-REINVESTED> 2786<F1>
<NET-CHANGE-IN-ASSETS> 18309125
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<PER-SHARE-DISTRIBUTIONS> 0.10<F1>
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<PER-SHARE-NAV-END> 11.47<F1>
<EXPENSE-RATIO> 2.06<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class D Shares
</FN>
</TABLE>
May 19, 1998
To the Shareholders and
Board of Directors of
ESC Strategic Funds, Inc.
In planning and performing our audit of the financial
statements of ESC Strategic Income Fund, ESC Strategic
Global Equity Fund, ESC Strategic Small Cap Fund, ESC
Strategic Appreciation Fund, ESC Strategic Growth Fund
and ESC Strategic Value Fund (the "Funds", each
constituting a portfolio of ESC Strategic Funds, Inc.)
for the year ended March 31, 1998, 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 any specific
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 and its operation, including
controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of
March 31, 1998.
This report is intended solely for the information and
use of management and the Board of Directors of the
Funds and the Securities and Exchange Commission.
