POLYNOUS TRUST
NSAR-A, 1998-03-23
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<PAGE>      PAGE  1
000 A000000 01/31/98
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 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
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 PA
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 STANDARD & POOR'S SECURITIES, INC.
020 B000001 13-2671951
020 C000001      6
020 A000002 PAINEWEBBER, INC.
020 B000002 13-2638166
020 C000002      5
020 A000003 BEAR STEARNS & CO., INC.
020 B000003 13-3299429
020 C000003      3
020 A000004 MC DONALD & CO. SECURITIES, INC.
020 B000004 34-0642435
020 C000004      3
020 A000005 BT ALEX. BROWN, INC.
020 B000005 52-1319768
020 C000005      2
020 A000006 WEDBUSH, MORGAN SECURITIES, INC.
020 B000006 95-2495390
020 C000006      2
020 A000007 INSTINET CORP.
020 B000007 13-3443395
020 C000007      2
020 A000008 PACIFIC SECURITIES, INC.
020 C000008      2
020 A000009 SOUNDVIEW FINANCIAL GROUP, INC.
020 B000009 13-2998183
020 C000009      2
020 A000010 O'NEIL (WILLIAM) & CO., INC.
020 B000010 95-2269163
020 C000010      1
021  000000       32
022 A000001 MONTOGOMERY SECURITES
<PAGE>      PAGE  3
022 B000001 94-1701676
022 C000001      1269
022 D000001      1255
022 A000002 BT ALEX. BROWN, INC.
022 B000002 52-1319768
022 C000002      1367
022 D000002      1151
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003      1212
022 D000003      1242
022 A000004 SOUNDVIEW FINANCIAL GROUP, INC.
022 B000004 13-2998183
022 C000004      1268
022 D000004      1080
022 A000005 MORGAN KEEGAN & CO., INC.
022 B000005 64-0474907
022 C000005      1810
022 D000005       269
022 A000006 MC DONALD & CO., SECURITIES, INC.
022 B000006 34-0642435
022 C000006      1433
022 D000006       383
022 A000007 SMITH BARNEY, INC.
022 B000007 13-1912900
022 C000007       676
022 D000007      1022
022 A000008 HAMBRECT & QUIST, INC.
022 B000008 94-3220242
022 C000008       878
022 D000008       352
022 A000009 BAIRD, (ROBERT W.) CO., INC.
022 B000009 39-6037917
022 C000009       637
022 D000009       435
022 A000010 BEAR, STERNS & CO., INC.
022 B000010 13-3299429
022 C000010         0
022 D000010      1060
023 C000000      16686
023 D000000      13861
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
026 A000000 N
<PAGE>      PAGE  4
026 B000000 Y
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026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
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028 E01AA00       748
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028 E04AA00      1398
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029  00AA00 Y
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030 B00AA00  4.50
030 C00AA00  0.00
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<PAGE>      PAGE  5
039  00AA00 N
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<PAGE>      PAGE  6
054 F00AA00 N
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<PAGE>      PAGE  7
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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 N
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 Y
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070 R01AA00 Y
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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SIGNATURE   EILEEN CALIGIURI                             
TITLE       CORP COMPLIANCE ADM 
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001015303
<NAME> POLYNOUS TRUST
<SERIES>
   <NUMBER> 1
   <NAME> POLYNOUS GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-START>                             AUG-01-1997
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                         23809526
<INVESTMENTS-AT-VALUE>                        24814878
<RECEIVABLES>                                  1120865
<ASSETS-OTHER>                                    1582
<OTHER-ITEMS-ASSETS>                             52951
<TOTAL-ASSETS>                                25990276
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       115132
<TOTAL-LIABILITIES>                             115132
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      24299137
<SHARES-COMMON-STOCK>                          1902926
<SHARES-COMMON-PRIOR>                          1568072
<ACCUMULATED-NII-CURRENT>                     (118896)
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<OVERDISTRIBUTION-GAINS>                             0
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  255175
<NET-INVESTMENT-INCOME>                       (118835)
<REALIZED-GAINS-CURRENT>                       2523219
<APPREC-INCREASE-CURRENT>                    (1508222)
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      1505415
<DISTRIBUTIONS-OF-GAINS>                        810949
<DISTRIBUTIONS-OTHER>                                0
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<ACCUMULATED-GAINS-PRIOR>                     (971605)
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<PER-SHARE-NII>                                  (.14)
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</TABLE>


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