000 A000000 06/30/96
000 C000000 867575
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE FAHNESTOCK FUNDS
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001 C000000 2126685770
002 A000000 110 WALL STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10005
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 HUDSON CAPITAL APPRECIATION FUND
007 C030100 N
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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008 A00AA01 HUDSON CAPITAL ADVISORS INC.
008 B00AA01 A
008 C00AA01 801-31427
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10022
010 A00AA01 FAHNESTOCK & CO. INC.
010 B00AA01 81-04077
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10005
011 A00AA01 FAHNESTOCK & CO. INC.
011 B00AA01 8-04077
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10005
012 A00AA01 INVESTORS FIDUCIARY TRUST CO.
<PAGE>
012 B00AA01 85-00535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 FAHNESTOCK & CO. INC.
014 B00AA01 8-04077
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 1
019 C00AA00 FAHNESTOCK
020 A000001 SMITH BARNEY INC.
020 B000001 13-1912900
020 C000001 4
020 A000002 BURNHAM SECURITIES, INC.
020 B000002 13-3435435
020 C000002 3
020 A000003 FAHNESTOCK & CO.
020 B000003 13-5657518
020 C000003 3
020 A000004 STEPHENS INC.CO., INC.
020 B000004 71-0211822
020 C000004 3
020 A000005 JOSEPHTHAL LYON & ROSS INCORPORATED
020 B000005 13-2948997
020 C000005 2
020 A000006 MORGAN KEEGAN & COMPANY, INCORPORATED
020 B000006 64-0474907
020 C000006 1
020 A000007 VALUE INVESTING PARTNERS
020 B000007 13-3643948
020 C000007 1
020 A000008 ADAMS, HARKNESS & HILL, INC.
020 B000008 04-2149932
020 C000008 1
020 A000009 BAIRD (ROBERT W.) & CO. INCORPORATED
020 B000009 39-6037917
020 C000009 1
020 A000010 HOWARD, WEIL, LABOUISSE, FRIEDRICHS INC.
020 B000010 72-0696314
020 C000010 1
021 000000 20
<PAGE>
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022 B000001 13-5108880
022 C000001 0
022 D000001 916
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022 B000002 64-0474907
022 C000002 611
022 D000002 103
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022 B000003 71-0211822
022 C000003 371
022 D000003 328
022 A000004 HERZOG, HEINE, GEDULD, INC.
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022 C000004 400
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022 C000005 326
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022 B000007 04-2149932
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022 C000008 70
022 D000008 130
022 A000009 RODMAN & RENSHAW, INC.
022 B000009 36-2679547
022 C000009 158
022 D000009 0
022 A000010 JANNEY MONTGOMERY SCOTT, INC.
022 B000010 23-0731260
022 C000010 135
022 D000010 0
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080 C00AA00 250
081 A00AA00 N
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SIGNATURE RUSSELL L. POLLACK
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000867575
<NAME> The Fahnestock Funds
<SERIES>
<NUMBER> 1
<NAME> Hudson Capital Appreciation Fund
<S> <C>
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<PERIOD-TYPE> SEMI
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<INVESTMENTS-AT-VALUE> 13872732
<RECEIVABLES> 63135
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 826
<TOTAL-ASSETS> 13936693
<PAYABLE-FOR-SECURITIES> 102685
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 243158
<TOTAL-LIABILITIES> 345843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9951989
<SHARES-COMMON-STOCK> 999164
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<ACCUMULATED-NII-CURRENT> (60502)
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<INTEREST-INCOME> 39220
<OTHER-INCOME> 0
<EXPENSES-NET> 158615
<NET-INVESTMENT-INCOME> (60502)
<REALIZED-GAINS-CURRENT> 1885864
<APPREC-INCREASE-CURRENT> 415118
<NET-CHANGE-FROM-OPS> 2240480
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 92173
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1493625
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<AVERAGE-NET-ASSETS> 12831044
<PER-SHARE-NAV-BEGIN> 11.39
<PER-SHARE-NII> (0.06)
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>