<PAGE> PAGE 1
000 A000000 01/31/99
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 345 CALIFORNIA ST, SUITE 1220
002 B000000 SAN FRANCISCO
002 C000000 CA
002 D010000 94104
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 94104
010 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 B00AA01 84-1761
010 C01AA01 KING OF PRUSSIA
010 C02AA01 PA
010 C03AA01 19406
010 C04AA01 0903
011 A00AA01 POLYNOUS SECURITIES, LLC
011 B00AA01 8-50805
011 C01AA01 SAN FRANCISCO
011 C02AA01 CA
011 C03AA01 94104
<PAGE> PAGE 2
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
012 B00AA01 84-1761
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
014 A00AA01 POLYNOUS SECURITIES, LLC.
014 B00AA01 8-50805
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 7
020 A000002 BEAR, STEARNS AND CO., INC.
020 B000002 13-3299429
020 C000002 6
020 A000003 INSTINET CORP.
020 B000003 13-3443395
020 C000003 5
020 A000004 PAINEWEBBER INC.
020 B000004 13-2638166
020 C000004 4
020 A000005 WEDBUSH MORGAN SECURITIES, INC.
020 B000005 95-2495390
020 C000005 1
020 A000006 O'NEIL, WILLIAM & CO., INC.
020 B000006 95-2269163
020 C000006 1
020 A000007 JDL SECURITIES
020 B000007 33-0446425
020 C000007 1
020 A000008 INVESTMENT TECHNOLOGY GROUP
020 C000008 1
020 A000009 MCDONALD & CO. SECURITIES, INC.
020 B000009 34-0642435
020 C000009 1
020 C000010 0
021 000000 27
022 A000001 OPPENHEIMER& CO., INC.
022 B000001 13-2527171
<PAGE> PAGE 3
022 C000001 1306
022 D000001 227
022 A000002 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000002 13-2741729
022 C000002 468
022 D000002 946
022 A000003 MCDONALD & CO. SECURITIES, INC.
022 B000003 34-0642435
022 C000003 964
022 D000003 362
022 A000004 BT ALEX BROWN
022 B000004 52-1319768
022 C000004 369
022 D000004 848
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 312
022 D000005 565
022 A000006 PIPER JAFFRAY & HOPWOOD
022 B000006 41-0953246
022 C000006 245
022 D000006 547
022 A000007 HERZOG, HEINE & GEDULD, INC.
022 B000007 13-1955436
022 C000007 140
022 D000007 628
022 A000008 WARBURG, BRINKMAN, WIRTZ & COMPANY
022 C000008 234
022 D000008 504
022 A000009 MONTGOMERY SECURITIES
022 B000009 94-1701676
022 C000009 219
022 D000009 402
022 A000010 ROBERTSON STEPHENS INVESTMENT MANAGEMENT
022 C000010 65
022 D000010 523
023 C000000 6995
023 D000000 9619
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
026 B000000 Y
026 C000000 Y
026 D000000 Y
<PAGE> PAGE 4
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 280
028 A02AA00 0
028 A03AA00 0
028 A04AA00 2065
028 B01AA00 409
028 B02AA00 0
028 B03AA00 0
028 B04AA00 772
028 C01AA00 132
028 C02AA00 0
028 C03AA00 0
028 C04AA00 556
028 D01AA00 164
028 D02AA00 0
028 D03AA00 0
028 D04AA00 340
028 E01AA00 121
028 E02AA00 0
028 E03AA00 0
028 E04AA00 394
028 F01AA00 99
028 F02AA00 0
028 F03AA00 0
028 F04AA00 451
028 G01AA00 1205
028 G02AA00 0
028 G03AA00 0
028 G04AA00 4578
028 H00AA00 788
029 00AA00 Y
030 A00AA00 35
030 B00AA00 4.50
030 C00AA00 0.00
031 A00AA00 4
031 B00AA00 0
032 00AA00 31
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
<PAGE> PAGE 5
042 A00AA00 0
042 B00AA00 0
042 C00AA00 100
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 27
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 150000
048 B02AA00 0.750
048 C01AA00 250000
048 C02AA00 0.600
048 D01AA00 500000
048 D02AA00 0.500
048 E01AA00 0
048 E02AA00 0.400
048 F01AA00 0
048 F02AA00 0.000
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
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
<PAGE> PAGE 6
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
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
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 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
<PAGE> PAGE 7
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 N
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
071 A00AA00 9261
071 B00AA00 13733
071 C00AA00 19949
071 D00AA00 46
072 A00AA00 6
072 B00AA00 32
072 C00AA00 15
072 D00AA00 0
072 E00AA00 0
072 F00AA00 106
072 G00AA00 25
072 H00AA00 0
072 I00AA00 20
072 J00AA00 8
072 K00AA00 0
072 L00AA00 3
072 M00AA00 3
072 N00AA00 13
072 O00AA00 0
<PAGE> PAGE 8
072 P00AA00 0
072 Q00AA00 13
072 R00AA00 11
072 S00AA00 12
072 T00AA00 26
072 U00AA00 8
072 V00AA00 0
072 W00AA00 4
072 X00AA00 252
072 Y00AA00 50
072 Z00AA00 -155
072AA00AA00 0
072BB00AA00 2368
072CC01AA00 0
072CC02AA00 42
072DD01AA00 0
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 0
074 C00AA00 2105
074 D00AA00 0
074 E00AA00 0
074 F00AA00 19007
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 239
074 K00AA00 0
074 L00AA00 6
074 M00AA00 46
074 N00AA00 21403
074 O00AA00 156
074 P00AA00 10
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 51
074 S00AA00 0
074 T00AA00 21186
074 U01AA00 1811
074 U02AA00 0
074 V01AA00 11.70
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 1393
<PAGE> PAGE 9
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 21625
076 00AA00 0.00
077 A000000 Y
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
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 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> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-START> AUG-01-1998
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 22952553
<INVESTMENTS-AT-VALUE> 21111367
<RECEIVABLES> 245457
<ASSETS-OTHER> 7884
<OTHER-ITEMS-ASSETS> 37964
<TOTAL-ASSETS> 21402672
<PAYABLE-FOR-SECURITIES> 155665
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60935
<TOTAL-LIABILITIES> 216600
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23874384
<SHARES-COMMON-STOCK> 1810198
<SHARES-COMMON-PRIOR> 2110232
<ACCUMULATED-NII-CURRENT> (155276)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (691850)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1841186)
<NET-ASSETS> 21186072
<DIVIDEND-INCOME> 14927
<INTEREST-INCOME> 31479
<OTHER-INCOME> 0
<EXPENSES-NET> 201682
<NET-INVESTMENT-INCOME> (155276)
<REALIZED-GAINS-CURRENT> (2367770)
<APPREC-INCREASE-CURRENT> (42203)
<NET-CHANGE-FROM-OPS> (2565249)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 109491
<NUMBER-OF-SHARES-REDEEMED> (409525)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3372562)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1675920
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 106149
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 251636
<AVERAGE-NET-ASSETS> 21056789
<PER-SHARE-NAV-BEGIN> 12.85
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> (1.06)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.70
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
