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<PAGE> PAGE 3
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<PAGE> PAGE 5
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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-31-1998
[PERIOD-START] SEP-01-1997
[PERIOD-END] AUG-31-1998
[INVESTMENTS-AT-COST] 23617573
[INVESTMENTS-AT-VALUE] 21875970
[RECEIVABLES] 44752
[ASSETS-OTHER] 110022
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 22030744
[PAYABLE-FOR-SECURITIES] 319524
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 232251
[TOTAL-LIABILITIES] 551775
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 23291582
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 25113
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (96123)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (1741603)
[NET-ASSETS] 21478969
[DIVIDEND-INCOME] 213329
[INTEREST-INCOME] 15862
[OTHER-INCOME] 0
[EXPENSES-NET] 193383
[NET-INVESTMENT-INCOME] 35808
[REALIZED-GAINS-CURRENT] (95395)
[APPREC-INCREASE-CURRENT] (1747710)
[NET-CHANGE-FROM-OPS] (1807297)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 16000
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1514495
[NUMBER-OF-SHARES-REDEEMED] 150179
[SHARES-REINVESTED] 1291
[NET-CHANGE-IN-ASSETS] 17243025
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 128907
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 350665
[AVERAGE-NET-ASSETS] 12937894
[PER-SHARE-NAV-BEGIN] 11.87
[PER-SHARE-NII] 0.02
[PER-SHARE-GAIN-APPREC] 0.60
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.02
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.47
[EXPENSE-RATIO] 1.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
To the Shareholders and
Board of Trustees of the
Purisima Total Return Fund
September 29, 1998
In planning and performing our audit of the financial statements of the Purisima Total Return Fund (the "Fund") for
the year ended August 31, 1998, we considered its internal control, including control activities for safeguarding se
curities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statement
s and to comply with the requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining internal control. In fulfilling this resp
onsibility, 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 prepar
ing financial statements for external purposes that are fairly presented in conformity with generally accepted accou
nting principles. Those control activities include the safeguarding of assets against unauthorized acquisition, use or disp
osition.
Because of inherent limitations in internal control, errors or fraud may occur and not be detected. Also, projectio
n of any evaluation of internal control to future periods is subject to the risk that it may become inadequate because of ch
anges 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 m
aterial weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakne
ss 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 internal control, inc
luding control activities for safeguarding securities, that we consider to be material weaknesses as defined above as of Aug
ust 31, 1998.
This report is intended solely for the information and use of management and the Board of Trustees of the Purisima T
otal Return Fund and the Securities and Exchange Commission.
PRICEWATERHOUSECOOPERS LLP
</TABLE>
