<PAGE> PAGE 1
000 B000000 05/31/99
000 C000000 0001057119
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000 F000000 Y
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000 J000000 A
001 A000000 SECURITIES MANAGEMENT & TIMING FUNDS
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002 C000000 MI
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007 C020100 THE SMT FUND
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<PAGE> PAGE 2
012 B00AA01 84-00142
012 C01AA01 INDIANAPOLIS
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013 A00AA01 MCCURDY & ASSOCIATES CPA'S INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE CAROL HIGHSMITH
TITLE ADMINISTRATOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> SMT Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 32327201
<INVESTMENTS-AT-VALUE> 32385347
<RECEIVABLES> 16475478
<ASSETS-OTHER> 35212
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48896037
<PAYABLE-FOR-SECURITIES> 32249667
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 116380
<TOTAL-LIABILITIES> 32366047
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14701857
<SHARES-COMMON-STOCK> 1349619
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (211439)
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> (211439)
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<APPREC-INCREASE-CURRENT> 58146
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 979918
<DISTRIBUTIONS-OTHER> 0
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<SHARES-REINVESTED> 87885
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.22)
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<PER-SHARE-DIVIDEND> .0
<PER-SHARE-DISTRIBUTIONS> .97
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</TABLE>
Board of Trustees
The SMT Fund
In planning and performing our audit of the financial statements of the SMT Fund
for the year ended May 31, 1999, we considered its internal control structure,
including procedures 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 internal control structure.
The management of the SMT Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and transactions are executed in accordance
with management's authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
May 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
June 22, 1999
