<PAGE> PAGE 1
000 B000000 08/31/2000
000 C000000 0000944690
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE OLSTEIN FINANCIAL ALERT FUND
001 B000000 811-9038
001 C000000 4142873315
002 A000000 4 MANHATTANVILLE ROAD
002 B000000 PURCHASE
002 C000000 NY
002 D010000 10577
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 OLSTEIN FINANCIAL ALERT 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
008 A00AA01 OLSTEIN & ASSOCIATES, L.P.
008 B00AA01 A
008 C00AA01 801-49252
008 D01AA01 PURCHASE
008 D02AA01 NY
008 D03AA01 10577
010 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B00AA01 85-11357
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
011 A00AA01 OLSTEIN & ASSOCIATES, L.P.
011 B00AA01 8-84324
011 C01AA01 PURCHASE
011 C02AA01 NY
011 C03AA01 10577
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
<PAGE> PAGE 2
012 B00AA01 85-11357
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
014 A00AA01 ALBERT FRIED CO.
014 B00AA01 8-03337
014 A00AA02 BEAR STEARNS SECURITIES CORP.
014 B00AA02 8-43724
014 A00AA03 OLSTEIN & ASSOCIATES, L.P.
014 B00AA03 8-84324
015 A00AA01 FIRSTAR BANK, N.A.
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45202
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 SMITH BARNEY INC.
020 C000001 798
020 A000002 OLSTEIN & ASSOCIATES, L.P.
020 C000002 558
020 A000003 ALBERT FRIED CO.
020 C000003 216
020 A000004 MERRILL LYNCH
020 C000004 172
020 A000005 BEAR STEARNS SECURITIES CORP.
020 C000005 122
020 A000006 CANTOR FITZGERALD COMPANY
020 C000006 84
020 A000007 DONALDSON LUFKIN JEN/PERSHING
020 C000007 59
020 A000008 MORGAN STANLEY AND COMPANY
020 C000008 12
020 A000009 NATIONAL FINANCIAL SERVICES
020 C000009 6
020 A000010 LEHMAN BROTHERS INC.
020 C000010 5
021 000000 2046
022 A000001 FIRSTAR BANK MONEY CENTER
022 C000001 3801492
022 D000001 916
022 A000002 SMITH BARNEY INC.
022 C000002 73086
022 D000002 81959
022 A000003 MERRILL LYNCH
<PAGE> PAGE 3
022 C000003 13945
022 D000003 17032
022 A000004 CANTOR FITZGERALD COMPANY
022 C000004 16864
022 D000004 7990
022 A000005 BEAR STEARNS SECURITIES CORP
022 C000005 8947
022 D000005 5340
022 A000006 DONALDSON LUFKIN JEN/PERSHING
022 C000006 1410
022 D000006 2898
022 A000007 LEHMAN BROTHERS INC.
022 C000007 0
022 D000007 2624
022 A000008 OLSTEIN & ASSOCIATES INC.
022 C000008 0
022 D000008 214
022 A000009 MORGAN STANLEY & COMPANY
022 C000009 7
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 3915751
023 D000000 118973
024 00AA00 N
025 A00AA01 DELETE
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 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 Y
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 7818
028 A02AA00 0
028 A03AA00 0
028 A04AA00 3222
028 B01AA00 3899
028 B02AA00 0
028 B03AA00 0
<PAGE> PAGE 4
028 B04AA00 4416
028 C01AA00 7474
028 C02AA00 0
028 C03AA00 0
028 C04AA00 1410
028 D01AA00 5318
028 D02AA00 0
028 D03AA00 0
028 D04AA00 1409
028 E01AA00 9165
028 E02AA00 0
028 E03AA00 0
028 E04AA00 5337
028 F01AA00 10826
028 F02AA00 0
028 F03AA00 0
028 F04AA00 4673
028 G01AA00 44500
028 G02AA00 0
028 G03AA00 0
028 G04AA00 20467
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 Y
035 00AA00 420
036 A00AA00 Y
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 6
042 B00AA00 20
042 C00AA00 0
042 D00AA00 37
042 E00AA00 35
042 F00AA00 0
042 G00AA00 2
042 H00AA00 0
043 00AA00 3832
044 00AA00 814
045 00AA00 Y
046 00AA00 N
<PAGE> PAGE 5
047 00AA00 Y
048 00AA00 1.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
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 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
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 Y
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
<PAGE> PAGE 6
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
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
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 Y
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
<PAGE> PAGE 7
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 N
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 Y
071 A00AA00 571684
071 B00AA00 563425
071 C00AA00 355610
071 D00AA00 158
072 A00AA00 12
072 B00AA00 3347
072 C00AA00 3819
072 D00AA00 0
072 E00AA00 0
072 F00AA00 4077
072 G00AA00 264
072 H00AA00 0
072 I00AA00 120
072 J00AA00 63
072 K00AA00 0
072 L00AA00 19
072 M00AA00 20
072 N00AA00 92
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 92
072 R00AA00 30
072 S00AA00 30
072 T00AA00 4000
072 U00AA00 18
072 V00AA00 0
072 W00AA00 51
072 X00AA00 8876
072 Y00AA00 0
072 Z00AA00 -1710
072AA00AA00 129072
072BB00AA00 48920
072CC01AA00 13771
<PAGE> PAGE 8
072CC02AA00 0
072DD01AA00 0
072DD02AA00 0
072EE00AA00 74746
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 3.7371
073 C00AA00 0.0000
074 A00AA00 19
074 B00AA00 0
074 C00AA00 87419
074 D00AA00 0
074 E00AA00 0
074 F00AA00 393509
074 G00AA00 0
074 H00AA00 0
074 I00AA00 1040
074 J00AA00 11394
074 K00AA00 0
074 L00AA00 5368
074 M00AA00 19
074 N00AA00 498768
074 O00AA00 5292
074 P00AA00 402
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 2121
074 R03AA00 0
074 R04AA00 1244
074 S00AA00 0
074 T00AA00 489709
074 U01AA00 27768
074 U02AA00 1424
074 V01AA00 16.77
074 V02AA00 16.89
074 W00AA00 0.0000
074 X00AA00 5915
074 Y00AA00 4785
075 A00AA00 0
075 B00AA00 406578
076 00AA00 0.00
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
<PAGE> PAGE 9
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00 750
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
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
SIGNATURE MICHAEL LUPER
TITLE TREASURER
