<PAGE> PAGE 1
000 B000000 07/31/98
000 C000000 0001015303
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000 F000000 Y
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000 I000000 3.0
000 J000000 A
001 A000000 POLYNOUS TRUST
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002 B000000 SAN FRANCISCO
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002 D010000 94108
003 000000 N
004 000000 N
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007 C020100 POLYNOUS GROWTH FUND
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010 C01AA01 KING OF PRUSSIA
010 C02AA01 PA
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010 C04AA01 0903
011 A00AA01 FPS BROKER SERVICES, INC.
011 B00AA01 8-41540
011 C01AA01 KING OF PRUSSIA
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011 C03AA01 19406
<PAGE> PAGE 2
011 C04AA01 0903
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
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<PAGE> PAGE 3
022 A000001 MONTOGOMERY SECURITES
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SIGNATURE DAVID PETERS
TITLE COMPLIANCE ADMINISTR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001015303
<NAME> POLYNOUS GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-1-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 27760183
<INVESTMENTS-AT-VALUE> 25961200
<RECEIVABLES> 41905
<ASSETS-OTHER> 11347
<OTHER-ITEMS-ASSETS> 1531332
<TOTAL-ASSETS> 27545784
<PAYABLE-FOR-SECURITIES> 311875
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110026
<TOTAL-LIABILITIES> 421901
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27246946
<SHARES-COMMON-STOCK> 2110232
<SHARES-COMMON-PRIOR> 1568072
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<OVERDISTRIBUTION-GAINS> 0
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<INTEREST-INCOME> 115438
<OTHER-INCOME> 0
<EXPENSES-NET> 553261
<NET-INVESTMENT-INCOME> (282690)
<REALIZED-GAINS-CURRENT> 3458474
<APPREC-INCREASE-CURRENT> (4261443)
<NET-CHANGE-FROM-OPS> (1085659)
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<DISTRIBUTIONS-OF-GAINS> 810949
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<PER-SHARE-NAV-BEGIN> 14.35
<PER-SHARE-NII> (.21)
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> .88
<PER-SHARE-DISTRIBUTIONS> .48
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</TABLE>
Polynous Growth Fund
Independent Auditors' Report
The Board of Trustees and Shareholders,
Polynous Growth Fund
(a series of Polynous Trust):
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Polynous Growth Fund (the "Fund") as of
July 31, 1998 and the related statement of operations for the year ended,
and the statements of changes in net assets and financial highlights for
the year ended July 31, 1998 and for the period August 12, 1996 through
July 31, 1997. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express
an opinion of these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures
included confirmation of securities owned as of July 31, 1998 by correspondence
with the custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We beleive that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Polynous Growth
Fund at July 31, 1998, the results of its operations for the year then
ended, and the changes in its net assets and financial highlights for the
periods presented in conformity with generally accepted accounting principles.
Deloitte & Touche LLP
San Francisco, California
September 21, 1998
