INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this Post-Effective
Amendment No. 20 to Registration Statement No. 33-43089 of Smith
Breeden Series Fund on Form N-1A of our reports dated May 12, 2000
for Smith Breeden Short Duration U.S. Government Fund and Smith
Breeden Intermediate Duration U.S. Government Fund of the Smith
Breeden Series Fund, appearing in the annual report to shareholders of
Smith Breeden Mutual Funds for the year ended March 31, 2000, and
to the reference to us under the headings "Financial Highlights" in the
Prospectus and "Experts" and "Independent Public Accountants"
appearing in the Statement of Additional Information, which are part of
such Registration Statement.
Deloitte & Touche LLP
New York, New York
June 2, 200
