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SIGNATURE ARTHUR POLTRACK
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,164,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (18,985)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (141,450)
<AVERAGE-NET-ASSETS> 922
<PER-SHARE-NAV-BEGIN> 12.20
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 0.32
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.50
<EXPENSE-RATIO> 2.06
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001065750
<NAME> THE SIMMS FUNDS
<SERIES>
<NUMBER> 2
<NAME> SIMMS INTERNATIONAL EQUITY FUND - CLASS Y
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-11-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 5,001,044
<INVESTMENTS-AT-VALUE> 5,528,797
<RECEIVABLES> 67,102
<ASSETS-OTHER> 20,414
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,616,313
<PAYABLE-FOR-SECURITIES> 55,878
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,155
<TOTAL-LIABILITIES> 102,033
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,775,975
<SHARES-COMMON-STOCK> 490,571
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 12,584
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 197,968
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 527,753
<NET-ASSETS> 5,514,280
<DIVIDEND-INCOME> 55,702
<INTEREST-INCOME> 6,546
<OTHER-INCOME> 0
<EXPENSES-NET> (49,696)
<NET-INVESTMENT-INCOME> 12,552
<REALIZED-GAINS-CURRENT> (129,222)
<APPREC-INCREASE-CURRENT> 527,753
<NET-CHANGE-FROM-OPS> 411,083
<EQUALIZATION> 9,152
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 567,689
<NUMBER-OF-SHARES-REDEEMED> (82,118)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,464,280
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (30,313)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (167,697)
<AVERAGE-NET-ASSETS> 5,408,259
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.88
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.91
<EXPENSE-RATIO> 1.63
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001065750
<NAME> THE SIMMS FUNDS
<SERIES>
<NUMBER> 2
<NAME> SIMMS INTERNATIONAL EQUITY FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> FEB-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 5,001,044
<INVESTMENTS-AT-VALUE> 5,528,797
<RECEIVABLES> 67,102
<ASSETS-OTHER> 20,414
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,616,313
<PAYABLE-FOR-SECURITIES> 55,878
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,155
<TOTAL-LIABILITIES> 102,033
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,775,975
<SHARES-COMMON-STOCK> 14,751
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 12,584
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 197,968
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 527,753
<NET-ASSETS> 5,514,280
<DIVIDEND-INCOME> 55,702
<INTEREST-INCOME> 6,546
<OTHER-INCOME> 0
<EXPENSES-NET> (49,696)
<NET-INVESTMENT-INCOME> 12,552
<REALIZED-GAINS-CURRENT> (129,222)
<APPREC-INCREASE-CURRENT> 527,753
<NET-CHANGE-FROM-OPS> 411,083
<EQUALIZATION> 9,152
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,751
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,464,280
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (30,313)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (167,697)
<AVERAGE-NET-ASSETS> 92,859
<PER-SHARE-NAV-BEGIN> 10.54
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.88
<EXPENSE-RATIO> 2.38
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001065750
<NAME> THE SIMMS FUNDS
<SERIES>
<NUMBER> 3
<NAME> SIMMS GLOBAL EQUITY FUND - CLASS Y
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-18-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 848,593
<INVESTMENTS-AT-VALUE> 925,253
<RECEIVABLES> 25,094
<ASSETS-OTHER> 14,202
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 964,549
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,710
<TOTAL-LIABILITIES> 43,710
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 860,083
<SHARES-COMMON-STOCK> 68,975
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 903
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (16,807)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 76,660
<NET-ASSETS> 920,839
<DIVIDEND-INCOME> 3,819
<INTEREST-INCOME> 1,826
<OTHER-INCOME> 0
<EXPENSES-NET> (4,742)
<NET-INVESTMENT-INCOME> 903
<REALIZED-GAINS-CURRENT> (16,807)
<APPREC-INCREASE-CURRENT> 76,660
<NET-CHANGE-FROM-OPS> 60,756
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69,021
<NUMBER-OF-SHARES-REDEEMED> (47)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 920,829
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,040)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (112,484)
<AVERAGE-NET-ASSETS> 508,291
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.27
<EXPENSE-RATIO> 1.48
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001065750
<NAME> THE SIMMS FUNDS
<SERIES>
<NUMBER> 3
<NAME> SIMMS GLOBAL EQUITY FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> FEB-19-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 848,593
<INVESTMENTS-AT-VALUE> 925,253
<RECEIVABLES> 25,094
<ASSETS-OTHER> 14,202
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 964,549
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,710
<TOTAL-LIABILITIES> 43,710
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 860,083
<SHARES-COMMON-STOCK> 12,764
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 903
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (16,807)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 76,660
<NET-ASSETS> 920,839
<DIVIDEND-INCOME> 3,819
<INTEREST-INCOME> 1,826
<OTHER-INCOME> 0
<EXPENSES-NET> (4,742)
<NET-INVESTMENT-INCOME> 903
<REALIZED-GAINS-CURRENT> (16,807)
<APPREC-INCREASE-CURRENT> 76,660
<NET-CHANGE-FROM-OPS> 60,756
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,764
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 920,829
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,040)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (112,484)
<AVERAGE-NET-ASSETS> 91,099
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> (0.00)
<PER-SHARE-GAIN-APPREC> 0.81
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.22
<EXPENSE-RATIO> 2.23
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
ON INTERNAL CONTROL
To the Board of Trustees of
The Simms Funds
In planning and performing our audits of the financial statements and financial
highlights of the U.S. Equity Fund, the International Equity Fund and the Global
Equity Fund (constituting The Simms Funds, hereafter referred to as the "Funds")
for the periods from December 11, 1998 (commencement of operations) to June 30,
1999 for the U.S. Equity Fund and the International Equity Fund, and from
December 18, 1998 (commencement of operations) to June 30, 1999 for the Global
Equity Fund, we considered the Funds' 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 financial highlights and to comply with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of the Funds 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, 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 internal control, errors or fraud 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 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 and financial highlights 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 and its operation, including control
activities for safeguarding securities, that we consider to be ma erial
weaknesses as defined above as of June 30, 1999.
This report is intended solely for the information and use of management and the
Board of Trustees of The Simms Funds and the Securities and Exchange Commission.
July 30, 1999
