<PAGE> PAGE 1
000 A000000 11/30/98
000 C000000 1059788
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PUGET SOUND ALTERNATIVE INVESTMENT SERIES
001 B000000 811-8751
001 C000000 6144708000
002 A000000 3435 STELZER RD
002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 PUGET SOUND MARKET NEUTRAL PORTFOLIO
007 C030100 N
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
010 A00AA01 BISYS FUND SERVICES OHIO, INC.
010 B00AA01 000000000
010 C01AA01 COLUMBUS
010 C02AA01 OH
010 C03AA01 43219
011 A00AA01 BISYS FUND SERVICES, L.P.
011 B00AA01 8-00000000
011 C01AA01 COLUMBUS
011 C02AA01 OH
011 C03AA01 43219
012 A00AA01 BISYS FUND SERVICES, INC.
012 B00AA01 84-0000000
012 C01AA01 COLUMBUS
012 C02AA01 OH
012 C03AA01 43219
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 SAN FRANCISCO
<PAGE> PAGE 2
013 B02AA01 CA
013 B03AA01 94105
015 A00AA01 CUSTODIAL TRUST COMPANY
015 B00AA01 C
015 C01AA01 PRINCETON
015 C02AA01 NJ
015 C03AA01 08540
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 HENDERSON BROTHERS, INC.
020 C000001 22
020 A000002 PRINCETON EQUITY SECURITIES, INC.
020 B000002 22-2537129
020 C000002 9
020 A000003 BRIDGE TRADING CO.
020 B000003 43-1450530
020 C000003 8
020 A000004 BALLANTINE SECURITIES
020 C000004 7
020 A000005 INSTINET CORP.
020 B000005 13-3443395
020 C000005 7
020 A000006 JEFFRIES & CO., INC.
020 B000006 95-2622900
020 C000006 3
020 A000007 ELKINS, MCSHERRY & CO., INC.
020 B000007 95-3971320
020 C000007 1
020 A000008 ROSENBLATT, RICHARD, & CO.
020 B000008 13-2975865
020 C000008 1
020 A000009 BRANDT (ROBERT) & CO.
020 B000009 95-2650507
020 C000009 1
020 A000010 JONES & ASSOCIATES
020 B000010 95-3583143
020 C000010 1
021 000000 62
022 A000001 SHERWOOD SECURITIES
022 B000001 13-2616318
022 C000001 13931
022 D000001 4977
022 A000002 FEDERATED SECURITIES
022 B000002 25-1203925
022 C000002 416
022 D000002 300
022 A000003 ARTEMIS
022 B000003 13-2958859
022 C000003 407
<PAGE> PAGE 3
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 82886
023 D000000 43315
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 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
028 A01AA00 105
028 A02AA00 0
028 A03AA00 0
028 A04AA00 0
028 B01AA00 2243
028 B02AA00 0
028 B03AA00 0
028 B04AA00 0
028 C01AA00 4034
028 C02AA00 0
028 C03AA00 0
028 C04AA00 981
028 D01AA00 1289
028 D02AA00 0
028 D03AA00 0
<PAGE> PAGE 4
028 D04AA00 17
028 E01AA00 871
028 E02AA00 0
028 E03AA00 0
028 E04AA00 97
028 F01AA00 501
028 F02AA00 0
028 F03AA00 0
028 F04AA00 127
028 G01AA00 9043
028 G02AA00 0
028 G03AA00 0
028 G04AA00 1222
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 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 100
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 N
047 00AA00 Y
048 00AA00 2.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
<PAGE> PAGE 5
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 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2500
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
<PAGE> PAGE 6
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 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 Y
<PAGE> PAGE 7
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 Y
071 A00AA00 36426
071 B00AA00 34179
071 C00AA00 10030
071 D00AA00 341
072 A00AA00 6
072 B00AA00 106
072 C00AA00 23
072 D00AA00 0
072 E00AA00 0
072 F00AA00 43
072 G00AA00 3
072 H00AA00 0
072 I00AA00 9
072 J00AA00 12
072 K00AA00 0
072 L00AA00 14
072 M00AA00 0
072 N00AA00 0
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 10
072 R00AA00 4
072 S00AA00 4
072 T00AA00 0
072 U00AA00 0
072 V00AA00 0
072 W00AA00 58
072 X00AA00 157
072 Y00AA00 79
072 Z00AA00 51
072AA00AA00 366
072BB00AA00 0
072CC01AA00 0
072CC02AA00 298
072DD01AA00 0
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 0.0000
<PAGE> PAGE 8
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 0
074 C00AA00 0
074 D00AA00 0
074 E00AA00 0
074 F00AA00 7390
074 G00AA00 0
074 H00AA00 0
074 I00AA00 6769
074 J00AA00 288
074 K00AA00 0
074 L00AA00 20
074 M00AA00 48
074 N00AA00 14515
074 O00AA00 214
074 P00AA00 21
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 6321
074 R03AA00 0
074 R04AA00 19
074 S00AA00 0
074 T00AA00 7940
074 U01AA00 769
074 U02AA00 10
074 V01AA00 10.20
074 V02AA00 10.17
074 W00AA00 0.0000
074 X00AA00 5
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 5005
076 00AA00 0.00
077 A000000 Y
077 B000000 N
077 C000000 N
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
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
<PAGE> PAGE 9
077 Q020000 N
077 Q030000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 A00AA00 N
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
008 A000101 PUGET SOUND ASSET MANAGEMENT CO. LLC
008 B000101 A
008 C000101 801-000000
008 D010101 SEATTLE
008 D020101 WA
008 D030101 98104
008 A000102 FIDUCIARY ASSET MANANGEMENT CO.
008 B000102 S
008 C000102 801-000000
008 D010102 SEATTLE
008 D020102 WA
008 D030102 98101
SIGNATURE NICOLE FISHER
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001059788
<NAME> PUGET SOUND MARKET NEUTRAL PORTFOLIO
<SERIES>
<NUMBER> 012
<NAME> PUGET SOUND MARKET NEUTRAL PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-29-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 7071390
<INVESTMENTS-AT-VALUE> 7389919
<RECEIVABLES> 307854
<ASSETS-OTHER> 6817262
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14515035
<PAYABLE-FOR-SECURITIES> 214012
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6360681
<TOTAL-LIABILITIES> 6574693
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7821703
<SHARES-COMMON-STOCK> 9990<F2>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 51349
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 366158
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (298868)
<NET-ASSETS> 7940342
<DIVIDEND-INCOME> 22303
<INTEREST-INCOME> 106221
<OTHER-INCOME> 0
<EXPENSES-NET> 77175
<NET-INVESTMENT-INCOME> 51349
<REALIZED-GAINS-CURRENT> 366158
<APPREC-INCREASE-CURRENT> (298868)
<NET-CHANGE-FROM-OPS> 118639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 792383
<NUMBER-OF-SHARES-REDEEMED> (23555)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7840342
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42512
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 156832
<AVERAGE-NET-ASSETS> 145161<F2>
<PER-SHARE-NAV-BEGIN> 10.00<F2>
<PER-SHARE-NII> .11<F2>
<PER-SHARE-GAIN-APPREC> .06<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 10.17<F2>
<EXPENSE-RATIO> 2.62<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Investor Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001059788
<NAME> PUGET SOUND MARKET NEUTRAL PORTFOLIO
<SERIES>
<NUMBER> 011
<NAME> PUGET SOUND MARKET NEUTRAL PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-29-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 7071390
<INVESTMENTS-AT-VALUE> 7389919
<RECEIVABLES> 307854
<ASSETS-OTHER> 6817262
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14515035
<PAYABLE-FOR-SECURITIES> 214012
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6360681
<TOTAL-LIABILITIES> 6574693
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7821703
<SHARES-COMMON-STOCK> 768838<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 51349
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 366158
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (298868)
<NET-ASSETS> 7940342
<DIVIDEND-INCOME> 22303
<INTEREST-INCOME> 106221
<OTHER-INCOME> 0
<EXPENSES-NET> 77175
<NET-INVESTMENT-INCOME> 51349
<REALIZED-GAINS-CURRENT> 366158
<APPREC-INCREASE-CURRENT> (298868)
<NET-CHANGE-FROM-OPS> 118639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 792383
<NUMBER-OF-SHARES-REDEEMED> (23555)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7840342
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42512
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 156832
<AVERAGE-NET-ASSETS> 4910839<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .10<F1>
<PER-SHARE-GAIN-APPREC> .10<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.20<F1>
<EXPENSE-RATIO> 2.17<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>