SMITH BREEDEN TRUST
NSAR-A, 1999-11-22
Previous: RANES INTERNATIONAL HOLDINGS INC, 10KSB, 1999-11-22
Next: MIDISOFT CORPORATION, PRE 14A, 1999-11-22



<PAGE>      PAGE  1
000 A000000 09/30/99
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  1
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 Y
007 C010300  3
007 C020300 SMITH BREEDEN HIGH YIELD BOND FUND
007 C030300 Y
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 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 FIRST DATA DISTRIBUTORS, INC.
011 B00AA01 8-45467
011 C01AA01 WESTBOROUGH
<PAGE>      PAGE  2
011 C02AA01 MA
011 C03AA01 01581
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
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    3
019 C00AA00 SBAAFAMILY
020 A000001 CARR FUTURES
020 B000001 36-3517294
020 C000001     53
020 A000002 HILLIARD LYONS
020 B000002 61-0734935
020 C000002     19
020 A000003 JP MORGAN
020 B000003 13-3224016
020 C000003      1
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       73
022 A000001 MORGAN STANLEY
022 B000001 13-2655998
022 C000001    517603
022 D000001     40712
022 A000002 FREDDIE MAC
022 B000002 52-0904874
022 C000002     39752
022 D000002         0
022 A000003 MERRILL LYNCH
022 B000003 13-3180817
022 C000003    168657
022 D000003         0
022 A000004 BANK OF AMERICA
<PAGE>      PAGE  3
022 B000004 56-1684171
022 C000004    128800
022 D000004     87608
022 A000005 BEAR STEARNS
022 B000005 13-3604093
022 C000005    275876
022 D000005        92
022 A000006 SALOMON
022 B000006 13-3082694
022 C000006     22939
022 D000006     67328
022 A000007 COUNTRYWIDE
022 B000007 95-3667085
022 C000007     34316
022 D000007     21966
022 A000008 HILLIARD LYONS
022 B000008 61-0734935
022 C000008      1186
022 D000008      9911
022 A000009 JP MORGAN
022 B000009 13-3224016
022 C000009     38893
022 D000009     30562
022 A000010 FIRST BOSTON
022 B000010 13-5659485
022 C000010     97329
022 D000010     74933
023 C000000    1340707
023 D000000     349594
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
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
<PAGE>      PAGE  4
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 Y
040  00AA00 Y
041  00AA00 N
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 Y
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00        0
077 A000000 N
078  000000 N
080 A00AA00 CHUBB
080 C00AA00     2500
081 A00AA00 Y
081 B00AA00   2
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
<PAGE>      PAGE  5
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
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      9771
028 A020100         0
028 A030100         0
028 A040100      3979
028 B010100      7420
028 B020100         0
028 B030100         0
028 B040100      4127
028 C010100     26267
028 C020100     17853
028 C030100         0
028 C040100      6393
028 D010100     12211
028 D020100         0
028 D030100         0
028 D040100      8157
028 E010100      5429
028 E020100         0
028 E030100         0
028 E040100      4234
028 F010100      6267
028 F020100      2334
028 F030100         0
028 F040100      9375
028 G010100     67365
028 G020100     20187
028 G030100         0
028 G040100     36265
028 H000100         0
042 A000100   0
042 B000100   0
042 C000100   0
042 D000100   0
042 E000100   0
042 F000100   0
042 G000100   0
<PAGE>      PAGE  6
042 H000100   0
043  000100      0
044  000100    300
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.700
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
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
055 A000100 Y
055 B000100 N
056  000100 Y
057  000100 N
062 A000100 Y
062 B000100   0.0
062 C000100   7.0
062 D000100   8.9
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100   0.0
062 N000100 105.6
062 O000100   0.0
062 P000100   6.5
062 Q000100   0.0
062 R000100   0.7
<PAGE>      PAGE  7
063 A000100   0
063 B000100 21.7
064 A000100 Y
064 B000100 N
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 Y
066 F000100 N
066 G000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 Y
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 Y
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 Y
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 Y
<PAGE>      PAGE  8
071 A000100    353919
071 B000100    280988
071 C000100    217693
071 D000100  129
072 A000100  6
072 B000100     6361
072 C000100        0
072 D000100        0
072 E000100        0
072 F000100      742
072 G000100        0
072 H000100        0
072 I000100       91
072 J000100       37
072 K000100        0
072 L000100        0
072 M000100       92
072 N000100       23
072 O000100        0
072 P000100        0
072 Q000100       34
072 R000100       22
072 S000100       18
072 T000100        0
072 U000100        0
072 V000100        0
072 W000100        4
072 X000100     1063
072 Y000100      130
072 Z000100     5428
072AA000100    10805
072BB000100        0
072CC010100        0
072CC020100    18807
072DD010100     3520
072DD020100        0
072EE000100    17144
073 A010100   0.2660
073 A020100   0.0000
073 B000100   1.4730
073 C000100   0.0000
074 A000100     1100
074 B000100    19000
074 C000100    14963
074 D000100   250279
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100       42
074 I000100     1376
074 J000100    40686
<PAGE>      PAGE  9
074 K000100        0
074 L000100     3301
074 M000100      111
074 N000100   330858
074 O000100   105630
074 P000100      106
074 Q000100        0
074 R010100        0
074 R020100    10625
074 R030100        0
074 R040100      863
074 S000100        0
074 T000100   213634
074 U010100    14229
074 U020100        0
074 V010100    15.01
074 V020100     0.00
074 W000100   0.0000
074 X000100     8453
074 Y000100   208177
075 A000100        0
075 B000100   208673
076  000100     0.00
028 A010200        38
028 A020200         0
028 A030200         0
028 A040200       162
028 B010200        13
028 B020200         0
028 B030200         0
028 B040200       322
028 C010200         6
028 C020200         0
028 C030200         0
028 C040200       868
028 D010200         5
028 D020200         0
028 D030200         0
028 D040200      2421
028 E010200         0
028 E020200         0
028 E030200         0
028 E040200      3240
028 F010200         0
028 F020200         0
028 F030200         0
028 F040200         0
028 G010200        62
028 G020200         0
028 G030200         0
028 G040200      7013
<PAGE>      PAGE  10
028 H000200         0
042 A000200   0
042 B000200   0
042 C000200   0
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200      0
044  000200      1
045  000200 Y
046  000200 N
047  000200 Y
048  000200  1.500
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
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
055 A000200 Y
055 B000200 Y
056  000200 Y
057  000200 N
062 A000200 N
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
<PAGE>      PAGE  11
062 K000200   0.0
062 L000200   0.0
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   0
063 B000200  0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 Y
<PAGE>      PAGE  12
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200      1188
071 B000200     10116
071 C000200      6108
071 D000200   19
072 A000200  5
072 B000200      -13
072 C000200       62
072 D000200        0
072 E000200        0
072 F000200       34
072 G000200        0
072 H000200        0
072 I000200        7
072 J000200        4
072 K000200        0
072 L000200        0
072 M000200        0
072 N000200        3
072 O000200        0
072 P000200       32
072 Q000200        8
072 R000200        0
072 S000200        1
072 T000200        0
072 U000200        5
072 V000200        0
072 W000200        2
072 X000200       96
072 Y000200       32
072 Z000200      -15
072AA000200      164
072BB000200        0
072CC010200        0
072CC020200       40
072DD010200        0
072DD020200        0
072EE000200        0
073 A010200   0.0000
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200      241
074 B000200        0
074 C000200        0
074 D000200        0
<PAGE>      PAGE  13
074 E000200        0
074 F000200        0
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200        0
074 K000200        0
074 L000200        0
074 M000200        0
074 N000200      241
074 O000200        0
074 P000200        0
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200      241
074 S000200        0
074 T000200        0
074 U010200        0
074 U020200        0
074 V010200     0.00
074 V020200     0.00
074 W000200   0.0000
074 X000200        0
074 Y000200        0
075 A000200        0
075 B000200     4973
076  000200     0.00
028 A010300         0
028 A020300        14
028 A030300         0
028 A040300         0
028 B010300        11
028 B020300        15
028 B030300         0
028 B040300         0
028 C010300         1
028 C020300        13
028 C030300         0
028 C040300         0
028 D010300         0
028 D020300        16
028 D030300         0
028 D040300       141
028 E010300         0
028 E020300         0
028 E030300         0
028 E040300      1958
028 F010300         0
028 F020300         0
<PAGE>      PAGE  14
028 F030300         0
028 F040300         0
028 G010300        12
028 G020300        58
028 G030300         0
028 G040300      2099
028 H000300         0
042 A000300   0
042 B000300   0
042 C000300   0
042 D000300   0
042 E000300   0
042 F000300   0
042 G000300   0
042 H000300   0
043  000300      0
044  000300     10
045  000300 Y
046  000300 N
047  000300 Y
048  000300  0.700
048 A010300        0
048 A020300 0.000
048 B010300        0
048 B020300 0.000
048 C010300        0
048 C020300 0.000
048 D010300        0
048 D020300 0.000
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
055 A000300 N
055 B000300 Y
056  000300 Y
057  000300 N
062 A000300 Y
062 B000300   0.0
062 C000300   0.0
062 D000300   0.0
<PAGE>      PAGE  15
062 E000300   0.0
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   0
063 B000300  0.0
064 A000300 N
064 B000300 N
066 A000300 N
067  000300 N
068 A000300 N
068 B000300 N
069  000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
<PAGE>      PAGE  16
070 O010300 Y
070 O020300 Y
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300         0
071 B000300      2040
071 C000300      1708
071 D000300    0
072 A000300  5
072 B000300       72
072 C000300        0
072 D000300        0
072 E000300        0
072 F000300        6
072 G000300        0
072 H000300        0
072 I000300        6
072 J000300        1
072 K000300        0
072 L000300        0
072 M000300        0
072 N000300        3
072 O000300        0
072 P000300        1
072 Q000300       10
072 R000300       -2
072 S000300       -1
072 T000300        0
072 U000300        0
072 V000300        0
072 W000300        3
072 X000300       27
072 Y000300       18
072 Z000300       63
072AA000300        0
072BB000300      167
072CC010300       75
072CC020300        0
072DD010300       63
072DD020300        0
072EE000300        0
073 A010300   0.2980
073 A020300   0.0000
073 B000300   0.0000
073 C000300   0.0000
074 A000300      523
074 B000300        0
<PAGE>      PAGE  17
074 C000300        0
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        0
074 M000300        0
074 N000300      523
074 O000300        0
074 P000300        9
074 Q000300        0
074 R010300        0
074 R020300        0
074 R030300        0
074 R040300      514
074 S000300        0
074 T000300        0
074 U010300        0
074 U020300        0
074 V010300     0.00
074 V020300     0.00
074 W000300   0.0000
074 X000300        0
074 Y000300        0
075 A000300        0
075 B000300     1748
076  000300     0.00
SIGNATURE   MARIANTHE S. MEWKILL
TITLE       TREASURER


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

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

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-2000
<PERIOD-END>                               SEP-30-1999
<INVESTMENTS-AT-COST>                        274597180
<INVESTMENTS-AT-VALUE>                       285660322
<RECEIVABLES>                                 43986634
<ASSETS-OTHER>                                 1211087
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               330858043
<PAYABLE-FOR-SECURITIES>                     105630073
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                     11594284
<TOTAL-LIABILITIES>                          117224357
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     219464363
<SHARES-COMMON-STOCK>                         14229447
<SHARES-COMMON-PRIOR>                         11058974
<ACCUMULATED-NII-CURRENT>                      3022019
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        8887064
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    (17739760)
<NET-ASSETS>                                 213633686
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              6361436
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  933065
<NET-INVESTMENT-INCOME>                        5428371
<REALIZED-GAINS-CURRENT>                      10805262
<APPREC-INCREASE-CURRENT>                   (18806937)
<NET-CHANGE-FROM-OPS>                        (2573304)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      3520042
<DISTRIBUTIONS-OF-GAINS>                      17144014
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        4117041
<NUMBER-OF-SHARES-REDEEMED>                    2230649
<SHARES-REINVESTED>                            1284081
<NET-CHANGE-IN-ASSETS>                        28049565
<ACCUMULATED-NII-PRIOR>                        1113690
<ACCUMULATED-GAINS-PRIOR>                     15225816
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           742211
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                1063024
<AVERAGE-NET-ASSETS>                         208673293
<PER-SHARE-NAV-BEGIN>                            16.78
<PER-SHARE-NII>                                   .377
<PER-SHARE-GAIN-APPREC>                         (.409)
<PER-SHARE-DIVIDEND>                              .266
<PER-SHARE-DISTRIBUTIONS>                        1.473
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.01
<EXPENSE-RATIO>                                    .88
[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
<SERIES>
   <NUMBER> 2
   <NAME> SMITH BREEDEN FINANCIAL SERVICES FUND

<S>                             <C>
<PERIOD-TYPE>                   5-MOS
<FISCAL-YEAR-END>                          AUG-31-1999
<PERIOD-END>                               AUG-31-1999
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                      190
<ASSETS-OTHER>                                  240686
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  240876
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       240876
<TOTAL-LIABILITIES>                             240876
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         97125
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                           768736
<ACCUMULATED-NII-CURRENT>                      (13166)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (83959)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                                62278
<INTEREST-INCOME>                              (13014)
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   64495
<NET-INVESTMENT-INCOME>                        (15231)
<REALIZED-GAINS-CURRENT>                        164419
<APPREC-INCREASE-CURRENT>                      (40219)
<NET-CHANGE-FROM-OPS>                           108969
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           6680
<NUMBER-OF-SHARES-REDEEMED>                     775416
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       (6842414)
<ACCUMULATED-NII-PRIOR>                           2066
<ACCUMULATED-GAINS-PRIOR>                     (248379)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            33752
<INTEREST-EXPENSE>                               32072
<GROSS-EXPENSE>                                  96089
<AVERAGE-NET-ASSETS>                           4973295
<PER-SHARE-NAV-BEGIN>                             8.90
<PER-SHARE-NII>                                 (.567)
<PER-SHARE-GAIN-APPREC>                        (8.333)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                   1.45
[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
<SERIES>
   <NUMBER> 3
   <NAME> SMITH BREEDEN HIGH YIELD BOND FUND

<S>                             <C>
<PERIOD-TYPE>                   5-MOS
<FISCAL-YEAR-END>                          AUG-31-1999
<PERIOD-END>                               AUG-31-1999
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            522879
<TOTAL-ASSETS>                                  522879
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       522879
<TOTAL-LIABILITIES>                             522879
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        166440
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                           243392
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (166440)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                72088
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    8855
<NET-INVESTMENT-INCOME>                          63233
<REALIZED-GAINS-CURRENT>                      (166899)
<APPREC-INCREASE-CURRENT>                        74644
<NET-CHANGE-FROM-OPS>                          (29022)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        63233
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           1356
<NUMBER-OF-SHARES-REDEEMED>                     251477
<SHARES-REINVESTED>                               6729
<NET-CHANGE-IN-ASSETS>                       (2121386)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                          459
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             5940
<INTEREST-EXPENSE>                                 538
<GROSS-EXPENSE>                                  26643
<AVERAGE-NET-ASSETS>                           1747990
<PER-SHARE-NAV-BEGIN>                             8.72
<PER-SHARE-NII>                                   .298
<PER-SHARE-GAIN-APPREC>                         (8.72)
<PER-SHARE-DIVIDEND>                              .298
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                    .99
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission