<PAGE>
000 B000000 03/31/99
000 C000000 0000759699
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 CORTLAND TRUST, INC.
001 B000000 811-4179
001 C000000 2128305220
002 A000000 600 FIFTH AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10020
002 D020000 2302
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 CORTLAND GENERAL MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 U.S. GOVERNMENT FUND
007 C030200 N
007 C010300 3
007 C020300 MUNICIPAL MONEY MARKET FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 REICH & TANG ASSET MANAGEMENT L.P.
008 B00AA01 A
008 C00AA01 801-47230
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10020
008 D04AA01 2302
011 A00AA01 REICH & TANG DISTRIBUTORS INC.
011 B00AA01 8-43429
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10020
011 C04AA01 2302
012 A00AA01 REICH & TANG SERVICES INC.
012 B00AA01 84-2007
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10020
012 C04AA01 2302
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 22
019 C00AA00 REICHTANGI
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 38324686
022 D000001 506480
022 A000002 MORGAN (J.P.) SECURITIES INC.
022 B000002 13-3224016
022 C000002 11791160
022 D000002 83730
022 A000003 BANK OF AMERICA NT & SA
022 B000003 94-1687665
022 C000003 1165796
022 D000003 505988
022 A000004 CHASE SECURITIES, INC.
022 B000004 13-3112953
022 C000004 534330
022 D000004 104612
022 A000005 TORONTO DOMINION SECURITIES (USA) INC.
022 B000005 22-2203727
022 C000005 598000
022 D000005 0
022 A000006 WESTDEUTSCHE LANDESBANK
022 B000006 13-2677075
022 C000006 508672
022 D000006 49810
022 A000007 PNC SECURTIES CORP.
022 B000007 25-1471636
022 C000007 531281
022 D000007 7200
022 A000008 LEHMAN BROTHERS INC.
022 B000008 13-2518466
022 C000008 344862
022 D000008 120926
022 A000009 BANC ONE CAPITAL CORPORATION
022 B000009 31-1017233
022 C000009 360000
022 D000009 0
022 A000010 CIBC OPPENHEIMER CORP.
022 B000010 13-2798343
022 C000010 291240
022 D000010 19904
023 C000000 56318768
023 D000000 1671203
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 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 Y
054 E00AA00 Y
054 F00AA00 Y
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 Y
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 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
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
028 A010100 469051
028 A020100 4555
028 A030100 0
028 A040100 412859
028 B010100 460767
028 B020100 4783
028 B030100 0
028 B040100 400021
028 C010100 476992
028 C020100 4950
028 C030100 0
028 C040100 463590
028 D010100 623570
028 D020100 4749
028 D030100 0
028 D040100 526484
028 E010100 481258
028 E020100 4518
028 E030100 0
028 E040100 496466
028 F010100 647314
028 F020100 5290
028 F030100 0
028 F040100 603308
028 G010100 3158952
028 G020100 28845
028 G030100 0
028 G040100 2902728
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 2622
044 000100 4526
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 500
048 A020100 8.000
048 B010100 500
048 B020100 7.750
048 C010100 500
048 C020100 7.500
048 D010100 0
048 D020100 7.250
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 7.0
062 E000100 0.0
062 F000100 4.1
062 G000100 2.0
062 H000100 0.0
062 I000100 51.6
062 J000100 0.0
062 K000100 0.0
062 L000100 35.3
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 49
063 B000100 0.0
064 A000100 Y
064 B000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 67897
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 9651
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 2795
072 U000100 0
072 V000100 0
072 W000100 131
072 X000100 12577
072 Y000100 174
072 Z000100 55494
072AA000100 446
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 25152
072DD020100 30732
072EE000100 0
073 A010100 0.0446
073 A020100 0.0449
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1308
074 B000100 103000
074 C000100 1380313
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 5229
074 M000100 0
074 N000100 1489850
074 O000100 15325
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1819
074 S000100 0
074 T000100 1472706
074 U010100 660653
074 U020100 813756
074 V010100 1.00
074 V020100 1.00
074 W000100 0.9988
074 X000100 101664
074 Y000100 0
075 A000100 1256062
075 B000100 0
076 000100 0.00
080 A000100 VIGILANT INSURANCE COMPANY
080 C000100 1500
081 A000100 Y
081 B000100 21
082 A000100 N
082 B000100 0
028 A010200 74733
028 A020200 648
028 A030200 0
028 A040200 59221
028 B010200 61695
028 B020200 686
028 B030200 0
028 B040200 61061
028 C010200 52388
028 C020200 641
028 C030200 0
028 C040200 64984
028 D010200 74425
028 D020200 594
028 D030200 0
028 D040200 78766
028 E010200 49050
028 E020200 545
028 E030200 0
028 E040200 52852
028 F010200 86112
028 F020200 684
028 F030200 0
028 F040200 60376
028 G010200 398403
028 G020200 3798
028 G030200 0
028 G040200 377260
028 H000200 0
029 000200 N
030 A000200 0
030 B000200 0.00
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 0
033 000200 0
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 235
044 000200 1174
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 500
048 A020200 8.000
048 B010200 500
048 B020200 7.750
048 C010200 500
048 C020200 7.500
048 D010200 0
048 D020200 7.250
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 45.1
062 D000200 55.9
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 -1.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 36
063 B000200 0.0
064 A000200 Y
064 B000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 9285
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 1372
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 410
072 U000200 0
072 V000200 0
072 W000200 35
072 X000200 1817
072 Y000200 176
072 Z000200 7644
072AA000200 21
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 2236
072DD020200 3092
072EE000200 0
073 A010200 0.0424
073 A020200 0.0433
073 B000200 0.0000
073 C000200 0.0000
074 A000200 265
074 B000200 115000
074 C000200 92815
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 620
074 M000200 0
074 N000200 208700
074 O000200 3000
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 177
074 S000200 0
074 T000200 205523
074 U010200 64519
074 U020200 79086
074 V010200 1.00
074 V020200 1.00
074 W000200 0.9986
074 X000200 7167
074 Y000200 0
075 A000200 178510
075 B000200 0
076 000200 0.00
080 A000200 VIGILANT INSURANCE COMPANY
080 C000200 600
081 A000200 Y
081 B000200 21
082 A000200 N
082 B000200 0
028 A010300 93028
028 A020300 616
028 A030300 0
028 A040300 81090
028 B010300 95369
028 B020300 618
028 B030300 0
028 B040300 78734
028 C010300 96069
028 C020300 620
028 C030300 0
028 C040300 129017
028 D010300 147780
028 D020300 578
028 D030300 0
028 D040300 111027
028 E010300 92292
028 E020300 489
028 E030300 0
028 E040300 92901
028 F010300 90790
028 F020300 639
028 F030300 0
028 F040300 94253
028 G010300 615328
028 G020300 3560
028 G030300 0
028 G040300 587022
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 328
044 000300 1837
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 500
048 A020300 8.000
048 B010300 500
048 B020300 7.750
048 C010300 500
048 C020300 7.500
048 D010300 0
048 D020300 7.250
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 100.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 51
063 B000300 0.0
064 A000300 Y
064 B000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 10303
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 2253
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 700
072 U000300 0
072 V000300 0
072 W000300 49
072 X000300 3002
072 Y000300 372
072 Z000300 7673
072AA000300 3
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 1192
072DD020300 1665
072EE000300 0
073 A010300 0.0252
073 A020300 0.0257
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 303189
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 1900
074 M000300 7
074 N000300 305096
074 O000300 1500
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 1409
074 S000300 0
074 T000300 302187
074 U010300 49237
074 U020300 70129
074 V010300 1.00
074 V020300 1.00
074 W000300 1.0000
074 X000300 2728
074 Y000300 0
075 A000300 293103
075 B000300 0
076 000300 0.00
080 A000300 VIGILANT INSURANCE COMPANY
080 C000300 750
081 A000300 Y
081 B000300 21
082 A000300 N
082 B000300 0
SIGNATURE BERNADETTE N. FINN
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000759699
<NAME> Cortland Trust, Inc.
<SERIES>
<NUMBER> 1
<NAME> Cortland General Money Market Fund/Cortland Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<PERIOD-TYPE> 12-MOS
<INVESTMENTS-AT-COST> 1483313639
<INVESTMENTS-AT-VALUE> 1483313639
<RECEIVABLES> 5229060
<ASSETS-OTHER> 1307800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1489850499
<PAYABLE-FOR-SECURITIES> 15324927
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1819552
<TOTAL-LIABILITIES> 17144479
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1474409074
<SHARES-COMMON-STOCK> 1474409074
<SHARES-COMMON-PRIOR> 1117019530
<ACCUMULATED-NII-CURRENT> 145653
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1848708)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1472706020
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 67897277
<OTHER-INCOME> 0
<EXPENSES-NET> 12403240
<NET-INVESTMENT-INCOME> 55494037
<REALIZED-GAINS-CURRENT> 446452
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 55940489
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 55883687
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5672971530
<NUMBER-OF-SHARES-REDEEMED> 5371446096
<SHARES-REINVESTED> 55864110
<NET-CHANGE-IN-ASSETS> 357446346
<ACCUMULATED-NII-PRIOR> 535303
<ACCUMULATED-GAINS-PRIOR> (2295160)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9651092
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12577064
<AVERAGE-NET-ASSETS> 1256062291
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.00
[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
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000759699
<NAME> Cortland Trust, Inc.
<SERIES>
<NUMBER> 2
<NAME> Cortland General Money Market Fund/Live Oak Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<PERIOD-TYPE> 12-MOS
<INVESTMENTS-AT-COST> 1483313639
<INVESTMENTS-AT-VALUE> 1483313639
<RECEIVABLES> 5229060
<ASSETS-OTHER> 1307800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1489850499
<PAYABLE-FOR-SECURITIES> 15324927
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1819552
<TOTAL-LIABILITIES> 17144479
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1474409074
<SHARES-COMMON-STOCK> 1474409074
<SHARES-COMMON-PRIOR> 1117019530
<ACCUMULATED-NII-CURRENT> 145653
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1848708)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1472706020
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 67897277
<OTHER-INCOME> 0
<EXPENSES-NET> 12403240
<NET-INVESTMENT-INCOME> 55494037
<REALIZED-GAINS-CURRENT> 446452
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 55940489
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 55883687
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5672971530
<NUMBER-OF-SHARES-REDEEMED> 5371446096
<SHARES-REINVESTED> 55864110
<NET-CHANGE-IN-ASSETS> 357446346
<ACCUMULATED-NII-PRIOR> 535303
<ACCUMULATED-GAINS-PRIOR> (2295160)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9651092
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12577064
<AVERAGE-NET-ASSETS> 1256062291
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.98
[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
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000759699
<NAME> Cortland Trust, Inc.
<SERIES>
<NUMBER> 3
<NAME> U.S. Government Fund/Cortland Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 207815185
<INVESTMENTS-AT-VALUE> 207815185
<RECEIVABLES> 619817
<ASSETS-OTHER> 264625
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 208699627
<PAYABLE-FOR-SECURITIES> 3000000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176175
<TOTAL-LIABILITIES> 3176175
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 205781537
<SHARES-COMMON-STOCK> 205781537
<SHARES-COMMON-PRIOR> 166740572
<ACCUMULATED-NII-CURRENT> 406139
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (664224)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 205523452
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9285434
<OTHER-INCOME> 0
<EXPENSES-NET> 1641934
<NET-INVESTMENT-INCOME> 7643500
<REALIZED-GAINS-CURRENT> 21372
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7664872
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7664638
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 811960976
<NUMBER-OF-SHARES-REDEEMED> 780583448
<SHARES-REINVESTED> 7663437
<NET-CHANGE-IN-ASSETS> 39041199
<ACCUMULATED-NII-PRIOR> 427277
<ACCUMULATED-GAINS-PRIOR> (685596)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1371830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1817458
<AVERAGE-NET-ASSETS> 178509502
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.00
[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
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000759699
<NAME> Cortland Trust, Inc.
<SERIES>
<NUMBER> 4
<NAME> U.S. Government Fund/Live Oak Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 207815185
<INVESTMENTS-AT-VALUE> 207815185
<RECEIVABLES> 619817
<ASSETS-OTHER> 264625
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 208699627
<PAYABLE-FOR-SECURITIES> 3000000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176175
<TOTAL-LIABILITIES> 3176175
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 205781537
<SHARES-COMMON-STOCK> 205781537
<SHARES-COMMON-PRIOR> 166740572
<ACCUMULATED-NII-CURRENT> 406139
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (664224)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 205523452
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9285434
<OTHER-INCOME> 0
<EXPENSES-NET> 1641934
<NET-INVESTMENT-INCOME> 7643500
<REALIZED-GAINS-CURRENT> 21372
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7664872
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7664638
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 811960976
<NUMBER-OF-SHARES-REDEEMED> 780583448
<SHARES-REINVESTED> 7663437
<NET-CHANGE-IN-ASSETS> 39041199
<ACCUMULATED-NII-PRIOR> 427277
<ACCUMULATED-GAINS-PRIOR> (685596)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1371830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1817458
<AVERAGE-NET-ASSETS> 178509502
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.91
[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
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000759699
<NAME> Cortland Trust, Inc.
<SERIES>
<NUMBER> 5
<NAME> U.S. Government Fund/Bradford Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 207815185
<INVESTMENTS-AT-VALUE> 207815185
<RECEIVABLES> 619817
<ASSETS-OTHER> 264625
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 208699627
<PAYABLE-FOR-SECURITIES> 3000000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176175
<TOTAL-LIABILITIES> 3176175
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 205781537
<SHARES-COMMON-STOCK> 205781537
<SHARES-COMMON-PRIOR> 166740572
<ACCUMULATED-NII-CURRENT> 406139
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (664224)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 205523452
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9285434
<OTHER-INCOME> 0
<EXPENSES-NET> 1641934
<NET-INVESTMENT-INCOME> 7643500
<REALIZED-GAINS-CURRENT> 21372
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7664872
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7664638
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 811960976
<NUMBER-OF-SHARES-REDEEMED> 780583448
<SHARES-REINVESTED> 7663437
<NET-CHANGE-IN-ASSETS> 39041199
<ACCUMULATED-NII-PRIOR> 427277
<ACCUMULATED-GAINS-PRIOR> (685596)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1371830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1817458
<AVERAGE-NET-ASSETS> 178509502
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.85
[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
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000759699
<NAME> Cortland Trust, Inc.
<SERIES>
<NUMBER> 6
<NAME> Municipal Money Market Fund/Cortland Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 303188427
<INVESTMENTS-AT-VALUE> 303188427
<RECEIVABLES> 1907469
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 305095896
<PAYABLE-FOR-SECURITIES> 1500000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1409366
<TOTAL-LIABILITIES> 2909366
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 302207998
<SHARES-COMMON-STOCK> 302207998
<SHARES-COMMON-PRIOR> 287816893
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21468)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 302186530
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10303356
<OTHER-INCOME> 0
<EXPENSES-NET> 2630090
<NET-INVESTMENT-INCOME> 7673266
<REALIZED-GAINS-CURRENT> 3195
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7676461
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7673266
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1215100138
<NUMBER-OF-SHARES-REDEEMED> 1208385461
<SHARES-REINVESTED> 7676428
<NET-CHANGE-IN-ASSETS> 14394300
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (24663)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2252782
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3002118
<AVERAGE-NET-ASSETS> 293103025
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.00
[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
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000759699
<NAME> Cortland Trust, Inc.
<SERIES>
<NUMBER> 7
<NAME> Municipal Money Market Fund/Live Oak Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 303188427
<INVESTMENTS-AT-VALUE> 303188427
<RECEIVABLES> 1907469
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 305095896
<PAYABLE-FOR-SECURITIES> 1500000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1409366
<TOTAL-LIABILITIES> 2909366
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 302207998
<SHARES-COMMON-STOCK> 302207998
<SHARES-COMMON-PRIOR> 287816893
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21468)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 302186530
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10303356
<OTHER-INCOME> 0
<EXPENSES-NET> 2630090
<NET-INVESTMENT-INCOME> 7673266
<REALIZED-GAINS-CURRENT> 3195
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7676461
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7673266
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1215100138
<NUMBER-OF-SHARES-REDEEMED> 1208385461
<SHARES-REINVESTED> 7676428
<NET-CHANGE-IN-ASSETS> 14394300
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (24663)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2252782
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3002118
<AVERAGE-NET-ASSETS> 293103025
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.95
[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
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000759699
<NAME> Cortland Trust, Inc.
<SERIES>
<NUMBER> 8
<NAME> Municipal Money MarketFund/Bradford Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 303188427
<INVESTMENTS-AT-VALUE> 303188427
<RECEIVABLES> 1907469
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 305095896
<PAYABLE-FOR-SECURITIES> 1500000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1409366
<TOTAL-LIABILITIES> 2909366
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 302207998
<SHARES-COMMON-STOCK> 302207998
<SHARES-COMMON-PRIOR> 287816893
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21468)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 302186530
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10303356
<OTHER-INCOME> 0
<EXPENSES-NET> 2630090
<NET-INVESTMENT-INCOME> 7673266
<REALIZED-GAINS-CURRENT> 3195
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7676461
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7673266
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1215100138
<NUMBER-OF-SHARES-REDEEMED> 1208385461
<SHARES-REINVESTED> 7676428
<NET-CHANGE-IN-ASSETS> 14394300
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (24663)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2252782
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3002118
<AVERAGE-NET-ASSETS> 293103025
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
ERNST & YOUNG LLP
787 Seventh Avenue
New York, New York 10019
(212) 773-3000
To the Shareholders and Board of Directors of
Cortland Trust, Inc.
In planning and performing our audit of the financial statements of Cortland
Trust, Inc. for the year ended March 31, 1999, we considered its 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 to comply with the requirements of Form N-SAR, and
not to provide assurance on the internal control.
The management of Cortland Trust, Inc. 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 controls. Generally, controlls 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
principals. 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 the 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 the internal control would not necessarily disclose all
matters in the 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 specific internal control components does not reduce to a relatively
low level the risk that errors 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 the internal control
and its operation, including for safeguarding securities, that we consider to be
material weaknesses as defined above as of March 31, 1999.
This report is intended solely for the information and use of the board of
directors and management of Cortland Trust, Inc. and the Securities and Exchange
Commission and is not intended to be and should not be used other than by anyone
other than these specified parties.
ERNST & YOUNG LLP
May 12, 1999