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<PAGE> PAGE 2
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SIGNATURE RITA DAM
TITLE ASSISTANT TREASURER
[ARTICLE] 6
[CIK] 0001019946
[NAME] THE PURISIMA FUNDS
[SERIES]
[NUMBER] 1
[NAME] PURISIMA TOTAL RETURN FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] AUG-31-1997
[PERIOD-END] AUG-31-1997
[INVESTMENTS-AT-COST] 4,445,140
[INVESTMENTS-AT-VALUE] 4,451,247
[RECEIVABLES] 290,239
[ASSETS-OTHER] 120,915
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 4,862,401
[PAYABLE-FOR-SECURITIES] 317,784
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 308,673
[TOTAL-LIABILITIES] 626,457
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 4,225,260
[SHARES-COMMON-STOCK] 356,856
[SHARES-COMMON-PRIOR] 10,000
[ACCUMULATED-NII-CURRENT] 5,305
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (728)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 6,107
[NET-ASSETS] 4,235,944
[DIVIDEND-INCOME] 15,963
[INTEREST-INCOME] 3,335
[OTHER-INCOME] 0
[EXPENSES-NET] 13,993
[NET-INVESTMENT-INCOME] 5,305
[REALIZED-GAINS-CURRENT] (728)
[APPREC-INCREASE-CURRENT] 6,107
[NET-CHANGE-FROM-OPS] 10,684
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 350,497
[NUMBER-OF-SHARES-REDEEMED] 3,641
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 4,135,944
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 9,327
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 197,278
[AVERAGE-NET-ASSETS] 1,115,105
[PER-SHARE-NAV-BEGIN] 10.00
[PER-SHARE-NII] .02
[PER-SHARE-GAIN-APPREC] 1.85
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.87
[EXPENSE-RATIO] 1.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report on Internal Control
To the Board of Trustees of
Purisima Total Return Fund
In planning and performing our audit of the financial statements of the
Purisima Total Return Fund (the "Fund") for the period from October 28, 1996
(inception) to August 31, 1997, we considered its internal control
structure, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, and not to provide assurance on
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 control activities. Generally, control activities 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 control
activities include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may deteriorate.
Our consideration of 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 any specific internal control components does
not reduce to a relatively low level the risk that errors or
irregularities 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 internal control,
including control activities for safeguarding securities, that we consider
to be material weaknesses as define above as of August 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
Los Angeles, California
October 17, 1997
