<PAGE> PAGE 1
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000 C000000 0001015303
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE THOMAS CALABRIA
TITLE COMPLIANCE ADMINISTR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001015303
<NAME> POLYNOUS TRUST
<SERIES>
<NUMBER> 1
<NAME> POLYNOUS GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-START> AUG-01-1998
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 17485451
<INVESTMENTS-AT-VALUE> 15749894
<RECEIVABLES> 164301
<ASSETS-OTHER> 4478
<OTHER-ITEMS-ASSETS> 1296402
<TOTAL-ASSETS> 17215075
<PAYABLE-FOR-SECURITIES> 434736
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78328
<TOTAL-LIABILITIES> 513064
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20902124
<SHARES-COMMON-STOCK> 1547634
<SHARES-COMMON-PRIOR> 2110232
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2464556)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1735557)
<NET-ASSETS> 16702011
<DIVIDEND-INCOME> 29451
<INTEREST-INCOME> 63961
<OTHER-INCOME> 0
<EXPENSES-NET> 368546
<NET-INVESTMENT-INCOME> (275134)
<REALIZED-GAINS-CURRENT> (2454384)
<APPREC-INCREASE-CURRENT> 63426
<NET-CHANGE-FROM-OPS> (2666092)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1405281
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155836
<NUMBER-OF-SHARES-REDEEMED> 850444
<SHARES-REINVESTED> 132010
<NET-CHANGE-IN-ASSETS> (10421872)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1675920
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 468668
<AVERAGE-NET-ASSETS> 19404081
<PER-SHARE-NAV-BEGIN> 12.85
<PER-SHARE-NII> (0.18)
<PER-SHARE-GAIN-APPREC> (1.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.87)
<RETURNS-OF-CAPITAL> 0
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</TABLE>
The Board of Trustees
Polynous Growth Fund
(a series of Polynous Trust):
In planning and performing our audit of the financial statements
of Polynous Growth Fund (the "Fund") for the year ended July 31,
1999 (on which we have issued our report dated September 3, 1999),
we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to
provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in any internal control, misstatements
due to error or fraud may occur and not be detected. Also, projections
of any evaluation of internal control to future periods are subject to
the risk that internal control may become inadequate because of changes
in conditions, or that the degree of compliance with policies or
procedures may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would be material
in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the Fund's internal control and its operations, including
controls for safeguarding securities, that we consider to be material
weaknesses as defined above as of July 31, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these
specified parties.
DELOITTE & TOUCHE LLP
San Francisco, California
September 3, 1999
