<PAGE> PAGE 1
000 A000000 01/31/97
000 C000000 0001015303
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 POLYNOUS TRUST
001 B000000 811-07649
001 C000000 4159563384
002 A000000 88 KEARNY STREET
002 B000000 SAN FRANCISCO
002 C000000 CA
002 D010000 94108
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010100 1
007 C020100 POLYNOUS GROWTH 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 POLYNOUS CAPITAL MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-49411
008 D01AA01 SAN FRANCISCO
008 D02AA01 CA
008 D03AA01 94108
010 A00AA01 FPS SERVICES, INC.
010 B00AA01 34910
010 C01AA01 KING OF PRUSSIA
010 C02AA01 CA
010 C03AA01 19406
010 C04AA01 0903
011 A00AA01 FPS BROKER SERVICES, INC.
011 B00AA01 8-41540
011 C01AA01 KING OF PRUSSIA
011 C02AA01 PA
011 C03AA01 19406
<PAGE> PAGE 2
011 C04AA01 0903
012 A00AA01 FPS SERVICES, INC.
012 B00AA01 84-932
012 C01AA01 KING OF PRUSSIA
012 C02AA01 PA
012 C03AA01 19406
012 C04AA01 0903
013 A00AA01 ERNST AND YOUNG,LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94104
015 A00AA01 BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 1. STANDARD & POORS SECURITIES, INC.
020 B000001 13-2671951
020 C000001 23
020 A000002 2. DONALDSON, LUFKIN & JENRETTE, INC.
020 B000002 13-2741729
020 C000002 15
020 A000003 3. INSTINET CORP.
020 B000003 13-3443395
020 C000003 14
020 A000004 4. NATIONAL FINANCIAL SERVICES CORP.
020 B000004 04-2785576
020 C000004 5
020 A000005 5. PAINE, WEBBER, JACKSON & CURTIS, INC.
020 B000005 13-2638166
020 C000005 5
020 A000006 6. WEDBUSH MORGAN SECURITIES, INC.
020 B000006 95-2495390
020 C000006 4
020 A000007 7. BEAR STEARNS & CO.
020 B000007 13-3299429
020 C000007 2
020 A000008 8. JOHNSON RICE & COMPANY LLC
020 B000008 72-1091384
020 C000008 2
020 A000009 9. WILLIAM O'NEIL & CO., INC.
020 B000009 95-2269163
020 C000009 2
020 A000010 10. SOUNDVIEW FINANCIAL GROUP. INC.
020 B000010 13-2998183
020 C000010 1
021 000000 75
<PAGE> PAGE 3
022 A000001 1. GOLDMAN SACHS & CO.
022 B000001 13-5108880
022 C000001 1213
022 D000001 840
022 A000002 2. ALLEN & CO.
022 B000002 13-6176976
022 C000002 1462
022 D000002 0
022 A000003 3. ALEX BROWN & SONS, INC.
022 B000003 52-1319768
022 C000003 561
022 D000003 563
022 A000004 4. MONTGOMERY SECURITIES
022 B000004 94-1701676
022 C000004 815
022 D000004 239
022 A000005 5. CANTOR FITZGERALD & CO.
022 B000005 13-3680184
022 C000005 955
022 D000005 35
022 A000006 6. PIPER, JAFFRAY & HOPWOOD
022 B000006 41-0953246
022 C000006 984
022 D000006 0
022 A000007 7. HERZOG HEINE GEDULD, INC.
022 B000007 13-1955436
022 C000007 351
022 D000007 517
022 A000008 8. RAUSCHER, PIERCE REFSNES, INC.
022 B000008 75-1828470
022 C000008 722
022 D000008 104
022 A000009 9. DONALDSON, LUFKIN & JENRETTE
022 B000009 13-2741729
022 C000009 131
022 D000009 660
022 A000010 10. JOHNSON RICE & COMPANY
022 B000010 72-1091384
022 C000010 631
022 D000010 0
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE LAURIE JEFFERYS
TITLE CORP COMPLIANCE ADM
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001015303
<NAME> POLYNOUS TRUST
<SERIES>
<NUMBER> 1
<NAME> POLYNOUS GROWTH FUND CLASS A
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<S> <C>
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<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-12-1996
<PERIOD-END> JAN-31-1997
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<ACCUMULATED-NII-CURRENT> (28457)
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<NET-INVESTMENT-INCOME> (28457)
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<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
