SMITH BREEDEN SERIES FUND
NSAR-A, 1994-12-14
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<PAGE>      PAGE  1
000 A000000 09/30/94
000 C000000 0000879947
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SMITH BREEDEN SERIES FUND
001 B000000 811-6431
001 C000000 9199677221
002 A000000 100 EUROPA DRIVE
002 B000000 CHAPEL HILL
002 C000000 NC
002 D010000 27514
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 SMITH BREEDEN SHORT DURATION US GOVT SERIES
007 C030100 N
007 C010200  2
007 C020200 SMITH BREEDEN INT. DURATION US GOVT SERIES
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 SMITH BREEDEN ASSOCIATES
008 B00AA01 A
008 C00AA01 801-17567
008 D01AA01 OVERLAND PARK
008 D02AA01 KS
008 D03AA01 66210
010 A00AA01 SMITH BREEDEN ASSOCIATES, INC.
010 C01AA01 CHAPEL HILL
010 C02AA01 NC
010 C03AA01 27514
011 A00AA01 FUND/PLAN BROKER SERVICES, INC.
011 B00AA01 8-41540
011 C01AA01 CONSHOHOCKEN
011 C02AA01 PA
011 C03AA01 19428
<PAGE>      PAGE  2
012 A00AA01 FUND/PLAN SERVICES, INC.
012 B00AA01 84-932
012 C01AA01 CONSHOHOCKEN
012 C02AA01 PA
012 C03AA01 19428
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 PRINCETON
013 B02AA01 NJ
013 B03AA01 08540
015 A00AA01 BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    4
019 C00AA00 SBAAFAMILY
020 A000001 DEAN WITTER REYNOLDS, INC.
020 B000001 94-1671384
020 C000001      1
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020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
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022 B000001 13-2655998
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022 D000001     31452
022 A000002 GOLDMAN SACHS
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022 D000002     31618
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022 C000003     34515
022 D000003     30431
022 A000004 JP MORGAN
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022 D000004     19340
022 A000005 PRUDENTIAL
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022 C000005      8841
<PAGE>      PAGE  3
022 D000005      6340
022 A000006 KIDDER
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022 A000007 FIRST BOSTON
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022 A000008 DLJ
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<PAGE>      PAGE  4
046  00AA00 N
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054 B00AA00 Y
054 C00AA00 Y
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054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
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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
<PAGE>      PAGE  5
058 A00AA00 N
059  00AA00 N
060 A00AA00 Y
060 B00AA00 Y
061  00AA00     1000
077 A000000 Y
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<PAGE>      PAGE  6
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070 D020100 N
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<PAGE>      PAGE  7
070 F020100 N
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070 I020100 N
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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062 N000200 110.0
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<PAGE>      PAGE  10
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200   0
063 B000200 15.0
064 A000200 Y
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 Y
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 Y
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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SIGNATURE   MARIANTHE S. MEWKILL                         
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 001
   <NAME> SMITH BREEDEN SHORT DURATION US GOV'T SERIES
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1995
<PERIOD-END>                               SEP-30-1994
<INVESTMENTS-AT-COST>                        210778886
<INVESTMENTS-AT-VALUE>                       208621664
<RECEIVABLES>                                     5129
<ASSETS-OTHER>                                   30330
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               208657123
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          963
<TOTAL-LIABILITIES>                                963
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     211546078
<SHARES-COMMON-STOCK>                         21174914
<SHARES-COMMON-PRIOR>                         22044896
<ACCUMULATED-NII-CURRENT>                        17203
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (749898)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (2157223)
<NET-ASSETS>                                 208656160
<DIVIDEND-INCOME>                              6662564
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  223777
<NET-INVESTMENT-INCOME>                        6438787
<REALIZED-GAINS-CURRENT>                      (366206)
<APPREC-INCREASE-CURRENT>                     (544545)
<NET-CHANGE-FROM-OPS>                          5528036
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (6421583)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        2536160
<NUMBER-OF-SHARES-REDEEMED>                  (3680319)
<SHARES-REINVESTED>                             274177
<NET-CHANGE-IN-ASSETS>                       (9511331)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (383692)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 295153
<AVERAGE-NET-ASSETS>                         219654698
<PER-SHARE-NAV-BEGIN>                             9.90
<PER-SHARE-NII>                                   .288
<PER-SHARE-GAIN-APPREC>                         (.051)
<PER-SHARE-DIVIDEND>                            (.288)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.85
<EXPENSE-RATIO>                                    .10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 002
   <NAME> SMITH BREEDEN INTERMEDIATE DURATION US GOV'T SERIES
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1995
<PERIOD-END>                               SEP-30-1994
<INVESTMENTS-AT-COST>                         37438417
<INVESTMENTS-AT-VALUE>                        63771676
<RECEIVABLES>                                  2691733
<ASSETS-OTHER>                                  242730
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                66706139
<PAYABLE-FOR-SECURITIES>                      33016441
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                              72298
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      34532582
<SHARES-COMMON-STOCK>                          3514903
<SHARES-COMMON-PRIOR>                           677154
<ACCUMULATED-NII-CURRENT>                         3936
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (463686)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (455432)
<NET-ASSETS>                                  33617400
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               348854
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   20732
<NET-INVESTMENT-INCOME>                         328122
<REALIZED-GAINS-CURRENT>                      (323053)
<APPREC-INCREASE-CURRENT>                     (114760)
<NET-CHANGE-FROM-OPS>                         (109691)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (328122)
<DISTRIBUTIONS-OF-GAINS>                      (169078)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        3237455
<NUMBER-OF-SHARES-REDEEMED>                   (443269)
<SHARES-REINVESTED>                              43563
<NET-CHANGE-IN-ASSETS>                        26837735
<ACCUMULATED-NII-PRIOR>                           3937
<ACCUMULATED-GAINS-PRIOR>                        28445
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            14410
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  81796
<AVERAGE-NET-ASSETS>                          12165848
<PER-SHARE-NAV-BEGIN>                            10.01
<PER-SHARE-NII>                                   .328
<PER-SHARE-GAIN-APPREC>                         (.314)
<PER-SHARE-DIVIDEND>                            (.333)
<PER-SHARE-DISTRIBUTIONS>                       (.131)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.56
<EXPENSE-RATIO>                                    .21
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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