<PAGE> PAGE 1
000 B000000 07/31/97
000 C000000 0001015303
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
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 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
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 DELOITTE AND TOUCHE LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
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 ALLCOWEN & COMPANY
020 B000001 13-5616116
020 C000001 143
020 A000002 2. GOLDMAN, SACHS & CO.
020 B000002 13-5108880
020 C000002 61
020 A000003 3. STANDARD & POOR'S SECURITIES,INC.
020 B000003 13-2671951
020 C000003 38
020 A000004 4. INSTINET CORP.
020 B000004 13-3443395
020 C000004 30
020 A000005 5. DONALDSON, LUFKIN & JENRETTE SECURITIES CP
020 B000005 13-2741729
020 C000005 16
020 A000006 6. NATIONAL FINANCIAL SERVICES CORP.
020 B000006 04-2785576
020 C000006 11
020 A000007 7. PAINEWEBBER, INC.
020 B000007 13-2638166
020 C000007 10
020 A000008 8. BEAR, STEARNS & CO., INC.
020 B000008 13-3299429
020 C000008 10
020 A000009 9. SOUNDVIEW FINANCIAL GROUP,INC.
020 B000009 13-2998183
020 C000009 5
020 A000010 10. WEDBUSH MORGAN SECURITIES, INC.
020 B000010 95-2495390
020 C000010 5
021 000000 352
<PAGE> PAGE 3
022 A000001 1. GOLDMAN SACHS & CO.
022 B000001 13-5108880
022 C000001 3316
022 D000001 1736
022 A000002 2. SMITH BARNEY INC.
022 B000002 13-1912900
022 C000002 1721
022 D000002 1011
022 A000003 3. HAMBRECHT & QUIST LLC.
022 B000003 94-3220242
022 C000003 1768
022 D000003 774
022 A000004 4. DONALDSON, LUFKIN, & JENRETTE SECURITIES
022 B000004 13-2741729
022 C000004 1195
022 D000004 1216
022 A000005 5. ALLEN & COMPANY, INC.
022 B000005 13-6176976
022 C000005 1856
022 D000005 480
022 A000006 6. MONTGOMERY SECURITIES
022 B000006 94-1701676
022 C000006 1818
022 D000006 239
022 A000007 7. HERZOG HEINE GEDULD, INC.
022 B000007 13-1955436
022 C000007 1092
022 D000007 732
022 A000008 8. BROWN(ALEX.) & SONS, INC.
022 B000008 52-1319768
022 C000008 747
022 D000008 690
022 A000009 9. MORGAN KEEGAN & CO., INC.
022 B000009 64-0474907
022 C000009 1185
022 D000009 222
022 A000010 10. OPPENHEIMER & CO., INC.
022 B000010 13-2798343
022 C000010 970
022 D000010 236
023 C000000 27296
023 D000000 14090
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
<PAGE> PAGE 4
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 1267
028 A02AA00 0
028 A03AA00 0
028 A04AA00 495
028 B01AA00 607
028 B02AA00 0
028 B03AA00 0
028 B04AA00 294
028 C01AA00 866
028 C02AA00 0
028 C03AA00 0
028 C04AA00 769
028 D01AA00 1076
028 D02AA00 0
028 D03AA00 0
028 D04AA00 399
028 E01AA00 849
028 E02AA00 0
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028 E04AA00 248
028 F01AA00 768
028 F02AA00 0
028 F03AA00 0
028 F04AA00 270
028 G01AA00 5433
028 G02AA00 0
028 G03AA00 0
028 G04AA00 2475
028 H00AA00 2254
029 00AA00 Y
030 A00AA00 351
030 B00AA00 4.50
030 C00AA00 0.00
031 A00AA00 39
031 B00AA00 0
032 00AA00 312
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
<PAGE> PAGE 5
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 100
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
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042 H00AA00 0
043 00AA00 37
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 100000
048 A02AA00 1.000
048 B01AA00 250000
048 B02AA00 0.850
048 C01AA00 500000
048 C02AA00 0.725
048 D01AA00 1000000
048 D02AA00 0.613
048 E01AA00 2000000
048 E02AA00 0.506
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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 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
<PAGE> PAGE 6
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
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 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2500
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062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
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062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
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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 N
066 D00AA00 Y
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
<PAGE> PAGE 7
070 A01AA00 N
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
071 A00AA00 146954
071 B00AA00 126205
071 C00AA00 13643
071 D00AA00 925
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<PAGE> PAGE 8
072 L00AA00 1
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072 N00AA00 46
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072 R00AA00 19
072 S00AA00 4
072 T00AA00 37
072 U00AA00 14
072 V00AA00 0
072 W00AA00 3
072 X00AA00 404
072 Y00AA00 108
072 Z00AA00 1505
072AA00AA00 0
072BB00AA00 942
072CC01AA00 2462
072CC02AA00 0
072DD01AA00 0
072DD02AA00 0
072EE00AA00 29
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 0.0225
073 C00AA00 0.0000
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074 F00AA00 22177
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074 J00AA00 591
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074 N00AA00 23312
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074 R03AA00 110
074 R04AA00 47
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074 T00AA00 22509
074 U01AA00 1568
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<PAGE> PAGE 9
074 V01AA00 14.35
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 845
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 15866
076 00AA00 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00 250
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
SIGNATURE LAURIE JEFFERYS
TITLE CORP COMPLIANCE ADM
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001015303
<NAME> POLYNOUS TRUST
<SERIES>
<NUMBER> 1
<NAME> POLYNOUS GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-12-1996
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 19,885,439
<INVESTMENTS-AT-VALUE> 22,357,714
<RECEIVABLES> 885,815
<ASSETS-OTHER> 7,974
<OTHER-ITEMS-ASSETS> 60,506
<TOTAL-ASSETS> 23,312,009
<PAYABLE-FOR-SECURITIES> 645,503
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157,451
<TOTAL-LIABILITIES> 802,954
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,512,846
<SHARES-COMMON-STOCK> 1,568,072
<SHARES-COMMON-PRIOR> 15,330
<ACCUMULATED-NII-CURRENT> 1,505,354
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (971,605)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,462,460
<NET-ASSETS> 22,509,055
<DIVIDEND-INCOME> 1,722,473
<INTEREST-INCOME> 78,642
<OTHER-INCOME> 0
<EXPENSES-NET> 295,761
<NET-INVESTMENT-INCOME> 1,505,354
<REALIZED-GAINS-CURRENT> (942,391)
<APPREC-INCREASE-CURRENT> 2,462,460
<NET-CHANGE-FROM-OPS> 3,025,423
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 29,214
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,977,549
<NUMBER-OF-SHARES-REDEEMED> 426,914
<SHARES-REINVESTED> 2,107
<NET-CHANGE-IN-ASSETS> 22,325,094
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 147,881
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 403,641
<AVERAGE-NET-ASSETS> 15,345,181
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> .96
<PER-SHARE-GAIN-APPREC> 1.41
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.35
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
