<PAGE> PAGE 1
000 B000000 05/31/2000
000 C000000 0001059788
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 PUGET SOUND ALTERNATIVE INVESTMENT SERIES
001 B000000 811-08751
001 C000000 2068558888
002 A000000 911 HILDEBRAND LANE NE, SUITE 102
002 B000000 BAINBRIDGE ISLAND
002 C000000 WA
002 D010000 98110
003 000000 N
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 Y
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
008 A00AA01 PUGET SOUND ASSET MANAGEMENT CO., LLC
008 B00AA01 A
008 C00AA01 801-55506
008 D01AA01 BAINBRIDGE
008 D02AA01 WA
008 D03AA01 98110
008 A00AA02 FIDUCIARY ASSET MANAGEMENT COMPANY
008 B00AA02 S
008 C00AA02 801-000000
008 D01AA02 SEATTLE
008 D02AA02 WA
008 D03AA02 98101
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION, LLC.
010 C01AA01 GLENDORA
010 C02AA01 CA
010 C03AA01 91741
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
<PAGE> PAGE 2
011 B00AA01 8-42809
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
012 A00AA01 NATIONAL FINANCIAL DATA SERVICES
012 B00AA01 84-0000000
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 SAN FRANCISCO
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 BRIDGE TRADING COMPANY
020 B000001 43-1450530
020 C000001 60
020 A000002 ROSENBLATT & COMPANY
020 B000002 13-2975865
020 C000002 24
020 A000003 WESTMINISTER SECURITIES
020 B000003 13-2697772
020 C000003 23
020 A000004 INSTINET CORPORATION
020 B000004 13-3443395
020 C000004 9
020 A000005 PRINCETON SECURITIES GROUP
020 B000005 22-2849863
020 C000005 9
020 A000006 BALLENTINE
020 C000006 6
020 A000007 SPEAR LEEDS & KELLOGG SECURITIES
020 B000007 13-5515160
020 C000007 4
020 A000008 ELKINS MCSHERRY
020 C000008 3
020 A000009 JEFFERIES & COMPANY
020 B000009 95-2622900
020 C000009 1
020 A000010 A W BIRCH FLOOR
020 C000010 1
021 000000 141
022 A000001 BEAR STEARNS SECURITIES
<PAGE> PAGE 3
022 B000001 13-3299429
022 C000001 2450879
022 D000001 0
022 A000002 SHERWOOD SECURITIES
022 B000002 13-2616318
022 C000002 5153
022 D000002 6940
022 A000003 JEFFERIES & COMPANY
022 B000003 95-2622900
022 C000003 90
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 2456123
023 D000000 6940
024 00AA00 N
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 437
028 A02AA00 854
028 A03AA00 0
028 A04AA00 907
028 B01AA00 691
028 B02AA00 0
028 B03AA00 0
028 B04AA00 427
028 C01AA00 180
028 C02AA00 0
028 C03AA00 0
028 C04AA00 758
028 D01AA00 351
<PAGE> PAGE 4
028 D02AA00 0
028 D03AA00 0
028 D04AA00 620
028 E01AA00 514
028 E02AA00 0
028 E03AA00 0
028 E04AA00 4128
028 F01AA00 178
028 F02AA00 0
028 F03AA00 0
028 F04AA00 16633
028 G01AA00 2351
028 G02AA00 854
028 G03AA00 0
028 G04AA00 23473
028 H00AA00 7
029 00AA00 Y
030 A00AA00 0
030 B00AA00 3.00
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 18
042 D00AA00 82
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 12
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
<PAGE> PAGE 5
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 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 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
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 2500
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
<PAGE> PAGE 6
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
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 N
<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 111616
071 B00AA00 138949
071 C00AA00 18180
071 D00AA00 614
072 A00AA00 12
072 B00AA00 1130
072 C00AA00 219
072 D00AA00 0
072 E00AA00 0
072 F00AA00 422
072 G00AA00 34
072 H00AA00 0
072 I00AA00 64
072 J00AA00 3
072 K00AA00 0
072 L00AA00 0
072 M00AA00 19
072 N00AA00 33
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 51
072 R00AA00 19
072 S00AA00 75
072 T00AA00 12
072 U00AA00 17
072 V00AA00 0
072 W00AA00 222
072 X00AA00 971
072 Y00AA00 274
072 Z00AA00 652
072AA00AA00 79
072BB00AA00 0
072CC01AA00 0
072CC02AA00 0
072DD01AA00 855
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 0
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 0
074 K00AA00 0
074 L00AA00 0
074 M00AA00 0
074 N00AA00 0
074 O00AA00 0
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 0
074 S00AA00 0
074 T00AA00 0
074 U01AA00 0
074 U02AA00 0
074 V01AA00 0.00
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 0
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 21803
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 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00 450
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 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
SIGNATURE DOUG MANTELLI
TITLE ASSISTANT TREASURER
