SMITH BREEDEN TRUST
NSAR-A, 1998-11-30
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<PAGE>      PAGE  1
000 A000000 09/30/98
000 C000000 0000882443
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 TRUST
001 B000000 811-6520
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 EQUITY MARKET PLUS FUND
007 C030100 N
007 C010200  2
007 C020200 SMITH BREEDEN FINANCIAL SERVICES FUND
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
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008 B00AA01 A
008 C00AA01 801-17567
008 D01AA01 CHAPEL HILL
008 D02AA01 NC
008 D03AA01 27514
010 A00AA01 SMITH BREEDEN ASSOCIATES, INC
010 C01AA01 CHAPEL HILL
010 C02AA01 NC
010 C03AA01 27514
011 A00AA01 FPS BROKER SERVICES, INC.
011 B00AA01 8-41540
011 C01AA01 KING OF PRUSSIA
011 C02AA01 PA
011 C03AA01 19406
<PAGE>      PAGE  2
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP INC.
012 B00AA01 84-1761
012 C01AA01 KING OF PRUSSIA
012 C02AA01 PA
012 C03AA01 19406
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 PRINCETON
013 B02AA01 NJ
013 B03AA01 08540
015 A00AA01 BANK OF NEW YORK
015 B00AA01 C
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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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<PAGE>      PAGE  10
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<PAGE>      PAGE  12
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SIGNATURE   MARIANTHE S. MEWKILL                         
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> SMITH BREEDEN EQUITY MARKET PLUS FUND
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 2
   <NAME> SMITH BREEDEN FINANCIAL SERVICES FUND
       
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</TABLE>


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