<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000867575
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 THE FAHNESTOCK FUNDS
001 B000000 811-6166
001 C000000 2126685770
002 A000000 125 BROAD STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10004
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
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
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 7
020 A000002 BURNHAM SECURITIES, INC.
020 B000002 13-3435435
020 C000002 7
020 A000003 SMITH BARNEY, INC.
020 B000003 13-1912900
020 C000003 4
020 A000004 JANNEY MONTGOMERY SCOTT, INC.
020 B000004 23-0731260
020 C000004 4
020 A000005 HOWARD, WEIL, LABOUISSE, FRIEDRICHS INC.
020 B000005 72-0696314
020 C000005 3
020 A000006 CLEARY, GULL, REILAND & MCDEVITT INC.
020 B000006 39-1567700
<PAGE> PAGE 2
020 C000006 3
020 A000007 LEHMAN BROTHERS, INC.
020 B000007 13-2518466
020 C000007 2
020 A000008 PRUDENTIAL SECURITIES INC.
020 B000008 22-2347336
020 C000008 2
020 A000009 FURMAN SELZ LLC
020 B000009 13-3856626
020 C000009 2
020 A000010 JOSEPHTHAL LYON & ROSS, INC.
020 B000010 13-2948997
020 C000010 1
021 000000 44
022 A000001 ADAMS, HARKNESS, AND HILL, INC.
022 B000001 04-2149932
022 C000001 3143
022 D000001 1857
022 A000002 SMITH BARNEY, INC.
022 B000002 13-1912900
022 C000002 3111
022 D000002 1452
022 A000003 BURNHAM SECURITIES, INC.
022 B000003 13-3435435
022 C000003 1592
022 D000003 2394
022 A000004 WIG SECURITIES
022 C000004 1898
022 D000004 1898
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 1781
022 D000005 1136
022 A000006 STEPHENS INC.
022 B000006 71-0211822
022 C000006 1466
022 D000006 943
022 A000007 HOWARD, WEIL, LABOUISSE, FRIEDRICHS INC.
022 B000007 04-2566229
022 C000007 1960
022 D000007 389
022 A000008 JANNEY MONTGOMERY SCOTT, INC.
022 B000008 23-0731260
022 C000008 1750
022 D000008 467
022 A000009 LEHMAN BROTHERS, INC.
022 B000009 13-2518466
022 C000009 1553
022 D000009 200
022 A000010 MORGAN KEEGAN & COMPANY, INC.
022 B000010 64-0474907
<PAGE> PAGE 3
022 C000010 1634
022 D000010 62
023 C000000 28174
023 D000000 15712
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
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 N
077 Q020000 N
077 Q030000 N
078 000000 N
008 A000101 HUDSON CAPITAL ADVISORS, INC.
008 B000101 A
008 C000101 801-31427
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10022
010 A000101 FAHNESTOCK & CO., INC.
010 B000101 801-04077
010 C010101 NEW YORK
010 C020101 NY
010 C030101 10004
011 A000101 FAHNESTOCK & CO., INC.
011 B000101 8-04077
011 C010101 NEW YORK
011 C020101 NY
011 C030101 10004
012 A000101 INVESTORS FIDUCIARY TRUST CO.
<PAGE> PAGE 4
012 B000101 85-00535
012 C010101 KANSAS CITY
012 C020101 MO
012 C030101 64105
013 A000101 COOPERS & LYBRAND LLP
013 B010101 NEW YORK
013 B020101 NY
013 B030101 10019
014 A000101 FAHNESTOCK & CO., INC.
014 B000101 8-04077
015 A000101 INVESTORS FIDUCIARY TRUST
015 B000101 C
015 C010101 KANSAS CITY
015 C020101 MO
015 C030101 64105
015 E010101 X
018 000100 Y
019 A000100 Y
019 B000100 1
019 C000100 FAHNESTOCK
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 888
028 A020100 0
028 A030100 0
028 A040100 343
028 B010100 4875
028 B020100 0
028 B030100 0
028 B040100 372
028 C010100 2102
028 C020100 0
028 C030100 0
028 C040100 104
028 D010100 3225
028 D020100 0
028 D030100 0
028 D040100 688
028 E010100 2690
028 E020100 0
028 E030100 0
028 E040100 267
028 F010100 2168
028 F020100 4190
<PAGE> PAGE 5
028 F030100 0
028 F040100 2135
028 G010100 15948
028 G020100 4190
028 G030100 0
028 G040100 3909
028 H000100 600
029 000100 Y
030 A000100 27
030 B000100 4.50
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 27
034 000100 Y
035 000100 0
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 30
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 70
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 71
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 25000
048 A020100 1.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
<PAGE> PAGE 6
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 25000
048 K020100 0.750
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 N
053 C000100 Y
054 A000100 Y
054 B000100 Y
054 C000100 Y
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 100
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
<PAGE> PAGE 7
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
<PAGE> PAGE 8
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 26276
071 B000100 12537
071 C000100 25074
071 D000100 50
072 A000100 12
072 B000100 120
072 C000100 48
072 D000100 0
072 E000100 0
072 F000100 252
072 G000100 0
072 H000100 0
072 I000100 154
072 J000100 10
072 K000100 0
072 L000100 0
072 M000100 18
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 52
072 S000100 162
072 T000100 71
072 U000100 0
072 V000100 0
072 W000100 61
072 X000100 780
072 Y000100 264
072 Z000100 -348
072AA000100 4616
072BB000100 0
072CC010100 3301
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 2.2700
073 C000100 0.0000
074 A000100 0
074 B000100 293
074 C000100 0
074 D000100 0
074 E000100 0
<PAGE> PAGE 9
074 F000100 37072
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 478
074 M000100 0
074 N000100 37843
074 O000100 6
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 541
074 S000100 0
074 T000100 37296
074 U010100 1813
074 U020100 493
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 1608
074 Y000100 0
075 A000100 0
075 B000100 25208
076 000100 0.00
080 A000100 NATL UNION FIRE INSURANCE CO OF PITTSBURGH PA
080 C000100 0
081 A000100 Y
081 B000100 290
082 A000100 N
082 B000100 0
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 Y
085 B000100 N
SIGNATURE RUSSELL L. POLLACK
TITLE SECRETARY
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> The Fahnestock Funds
Hudson Capital Appreciation Fund
Class A
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 30,871,831
<INVESTMENTS-AT-VALUE> 37,365,330
<RECEIVABLES> 478,112
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,843,442
<PAYABLE-FOR-SECURITIES> 5,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541,560
<TOTAL-LIABILITIES> 547,060
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,880,894
<SHARES-COMMON-STOCK> 1,812,846
<SHARES-COMMON-PRIOR> 1,320,487
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (347,769)
<ACCUMULATED-NET-GAINS> 269,758
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,493,499
<NET-ASSETS> 29,325,173
<DIVIDEND-INCOME> 47,975
<INTEREST-INCOME> 120,382
<OTHER-INCOME> 0
<EXPENSES-NET> 516,126
<NET-INVESTMENT-INCOME> (347,769)
<REALIZED-GAINS-CURRENT> 4,615,862
<APPREC-INCREASE-CURRENT> 3,300,887
<NET-CHANGE-FROM-OPS> 7,568,980
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,480,078
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 643,522
<NUMBER-OF-SHARES-REDEEMED> 251,609
<SHARES-REINVESTED> 215,020
<NET-CHANGE-IN-ASSETS> 21,625,662
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,083,827
<OVERDISTRIB-NII-PRIOR> (132,565)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 252,355
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 779,977
<AVERAGE-NET-ASSETS> 25,208,000
<PER-SHARE-NAV-BEGIN> 12.990
<PER-SHARE-NII> (0.210)
<PER-SHARE-GAIN-APPREC> 5.670
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 2.270
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.180
<EXPENSE-RATIO> 2.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> The Fahnestock Funds
Hudson Capital Appreciation Fund
Class B
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 30,871,831
<INVESTMENTS-AT-VALUE> 37,365,330
<RECEIVABLES> 478,112
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,843,442
<PAYABLE-FOR-SECURITIES> 5,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541,560
<TOTAL-LIABILITIES> 547,060
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,880,894
<SHARES-COMMON-STOCK> 131,929
<SHARES-COMMON-PRIOR> 19,371
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (347,769)
<ACCUMULATED-NET-GAINS> 269,758
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,493,499
<NET-ASSETS> 2,125,491
<DIVIDEND-INCOME> 47,975
<INTEREST-INCOME> 120,382
<OTHER-INCOME> 0
<EXPENSES-NET> 516,126
<NET-INVESTMENT-INCOME> (347,769)
<REALIZED-GAINS-CURRENT> 4,615,862
<APPREC-INCREASE-CURRENT> 3,300,887
<NET-CHANGE-FROM-OPS> 7,568,980
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 233,027
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 118,105
<NUMBER-OF-SHARES-REDEEMED> 1,130
<SHARES-REINVESTED> 14,954
<NET-CHANGE-IN-ASSETS> 21,625,662
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,083,827
<OVERDISTRIB-NII-PRIOR> (132,565)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 252,355
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 779,977
<AVERAGE-NET-ASSETS> 25,208,000
<PER-SHARE-NAV-BEGIN> 13.540
<PER-SHARE-NII> (0.090)
<PER-SHARE-GAIN-APPREC> 4.930
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 2.270
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.110
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> The Fahnestock Funds
Hudson Capital Appreciation Fund
Class N
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 30,871,831
<INVESTMENTS-AT-VALUE> 37,365,330
<RECEIVABLES> 478,112
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,843,442
<PAYABLE-FOR-SECURITIES> 5,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541,560
<TOTAL-LIABILITIES> 547,060
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,880,894
<SHARES-COMMON-STOCK> 361,383
<SHARES-COMMON-PRIOR> 11,012
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (347,769)
<ACCUMULATED-NET-GAINS> 269,758
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,493,499
<NET-ASSETS> 5,845,718
<DIVIDEND-INCOME> 47,975
<INTEREST-INCOME> 120,382
<OTHER-INCOME> 0
<EXPENSES-NET> 516,126
<NET-INVESTMENT-INCOME> (347,769)
<REALIZED-GAINS-CURRENT> 4,615,862
<APPREC-INCREASE-CURRENT> 3,300,887
<NET-CHANGE-FROM-OPS> 7,568,980
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 649,346
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 386,089
<NUMBER-OF-SHARES-REDEEMED> 66,402
<SHARES-REINVESTED> 41,696
<NET-CHANGE-IN-ASSETS> 21,625,662
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,083,827
<OVERDISTRIB-NII-PRIOR> (132,565)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 252,355
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 779,977
<AVERAGE-NET-ASSETS> 25,208,000
<PER-SHARE-NAV-BEGIN> 13.540
<PER-SHARE-NII> (0.180)
<PER-SHARE-GAIN-APPREC> 5.590
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 2.770
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.180
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
