FARRELL ALPHA STRATEGIES
NSAR-B, 1996-05-29
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<PAGE>      PAGE  1
000 B000000 03/31/96
000 C000000 0000945523
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FARRELL ALPHA STRATEGIES
001 B000000 811-9048
001 C000000 8004717174
002 A000000 780 THIRD AVENUE 38TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 JAPAN ALPHA FUND CLASS A
007 C030100 N
007 C010200  2
007 C020200 JAPAN ALPHA FUND CLASS D
007 C030200 N
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 FARRELL-WAKO GLOBAL INVESTMENT MANAGEMENT,INC
008 B00AA01 A
008 C00AA01 801-41830
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10017
010 A00AA01 FUND/PLAN SERVICES, INC.
010 B00AA01 34910
010 C01AA01 CONSHOHOCKEN
010 C02AA01 PA
010 C03AA01 19428
011 A00AA01 FUND/PLAN BROKER SERVICES, INC.
011 B00AA01 8-41540
011 C01AA01 CONSHOHOCKEN
011 C02AA01 PA
<PAGE>      PAGE  2
011 C03AA01 19428
012 A00AA01 FUND/PLAN SERVICES, INC.
012 B00AA01 84-932
012 C01AA01 CONSHOHOCKEN
012 C02AA01 PA
012 C03AA01 19428
013 A00AA01 COOPERS & LYBRAND, L.L.P.
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 WAKO SECURITIES CO., LTD.
014 B00AA01 8-28407
015 A00AA01 SUMITOMO BANK OF NEW YORK TRUST COMPANY
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10172
015 E01AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 WAKO SECURITIES CO., LTD.
020 B000001 06-1069845
020 C000001    135
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000      135
022 A000001 SUMITOMO BANK OF NEW YORK TRUST COMPANY
022 B000001 13-3606844
022 C000001      3203
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022 C000002         0
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<PAGE>      PAGE  3
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026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
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<PAGE>      PAGE  4
048 K02AA00 0.000
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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 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
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063 B00AA00  0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
<PAGE>      PAGE  5
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067  00AA00 N
068 A00AA00 N
068 B00AA00 Y
069  00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
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
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
070 L01AA00 Y
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
074 R02AA00        0
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074 U02AA00       16
074 V01AA00     9.28
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074 W00AA00   0.0000
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074 Y00AA00        0
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075 B00AA00     4618
076  00AA00     0.00
077 A000000 Y
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077 Q020000 N
077 Q030000 N
078  000000 N
080 A00AA00 NATIONAL UNION
080 C00AA00      225
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
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085 A00AA00 N
085 B00AA00 N
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086 B010000      0
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086 C010000      0
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028 A010100         4
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028 B010100         0
028 B020100         0
<PAGE>      PAGE  8
028 B030100         0
028 B040100         0
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028 F030100         0
028 F040100         0
028 G010100         4
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028 G040100         0
028 H000100         0
029  000100 Y
030 A000100      0
030 B000100  2.75
030 C000100  0.00
031 A000100      0
031 B000100      0
032  000100      0
033  000100      0
034  000100 N
035  000100      0
036 B000100      0
037  000100 N
038  000100      0
039  000100 N
040  000100 Y
041  000100 Y
042 A000100   0
042 B000100   0
042 C000100 100
042 D000100   0
042 E000100   0
042 F000100   0
042 G000100   0
042 H000100   0
043  000100     11
044  000100      0
058 A000100 N
059  000100 Y
<PAGE>      PAGE  9
060 A000100 Y
060 B000100 Y
061  000100     1000
028 A010200         0
028 A020200         0
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028 B040200         0
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028 F040200         2
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028 G040200         2
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029  000200 N
030 A000200      0
030 B000200  0.00
030 C000200  0.00
031 A000200      0
031 B000200      0
032  000200      0
033  000200      0
034  000200 N
035  000200      0
036 B000200      0
037  000200 N
038  000200      0
039  000200 N
040  000200 N
041  000200 N
042 A000200   0
042 B000200   0
042 C000200   0
<PAGE>      PAGE  10
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200      0
044  000200      0
058 A000200 N
059  000200 Y
060 A000200 Y
060 B000200 Y
061  000200     5000
SIGNATURE   EILEEN CALIGIURI                             
TITLE       ASST.COMPLIANCE ADM 
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000945523
<NAME> FARRELL ALPHA STRATEGIES
<SERIES>
   <NUMBER> 1
   <NAME> JAPAN ALPHA FUND CLASS A
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1996
<PERIOD-START>                             APR-18-1995
<PERIOD-END>                               MAR-31-1996
<INVESTMENTS-AT-COST>                          4767276
<INVESTMENTS-AT-VALUE>                         4586365
<RECEIVABLES>                                    90869
<ASSETS-OTHER>                                  108020
<OTHER-ITEMS-ASSETS>                             77493
<TOTAL-ASSETS>                                 4862747
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        43239
<TOTAL-LIABILITIES>                              43239
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       5027114
<SHARES-COMMON-STOCK>                           502998
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                     (220121)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          43632
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (180969)
<NET-ASSETS>                                   4819508
<DIVIDEND-INCOME>                                36735
<INTEREST-INCOME>                                 1260
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  109162
<NET-INVESTMENT-INCOME>                        (71167)
<REALIZED-GAINS-CURRENT>                      (105322)
<APPREC-INCREASE-CURRENT>                     (180969)
<NET-CHANGE-FROM-OPS>                         (357458)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         502998
<NUMBER-OF-SHARES-REDEEMED>                          5
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         4819408
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            39409
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 384914
<AVERAGE-NET-ASSETS>                           4617555
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                  (.14)
<PER-SHARE-GAIN-APPREC>                          (.58)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.28
<EXPENSE-RATIO>                                   2.50
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000945523
<NAME> FARRELL ALPHA STRATEGIES
<SERIES>
   <NUMBER> 2
   <NAME> JAPAN ALPHA FUND CLASS D
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1996
<PERIOD-START>                             APR-18-1995
<PERIOD-END>                               MAR-31-1996
<INVESTMENTS-AT-COST>                          4767276
<INVESTMENTS-AT-VALUE>                         4586365
<RECEIVABLES>                                    90869
<ASSETS-OTHER>                                  108020
<OTHER-ITEMS-ASSETS>                             77493
<TOTAL-ASSETS>                                 4862747
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        43239
<TOTAL-LIABILITIES>                              43239
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        149852
<SHARES-COMMON-STOCK>                            16414
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                     (220121)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          43632 
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (180969)
<NET-ASSETS>                                   4819508
<DIVIDEND-INCOME>                                36735
<INTEREST-INCOME>                                 1260
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  109162
<NET-INVESTMENT-INCOME>                        (71167)
<REALIZED-GAINS-CURRENT>                      (105322)
<APPREC-INCREASE-CURRENT>                     (180969)
<NET-CHANGE-FROM-OPS>                         (357458)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          16743
<NUMBER-OF-SHARES-REDEEMED>                        334
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         4819408
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            39409
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 384914
<AVERAGE-NET-ASSETS>                           4617555
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                  (.12)
<PER-SHARE-GAIN-APPREC>                          (.57)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.31
<EXPENSE-RATIO>                                   2.25
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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