INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this Post-Effective
Amendment No. 19 to Registration Statement No. 33-44909 of Smith
Breeden Trust on Form N-1A of our report dated May 12, 2000 for
Smith Breeden U.S. Equity Market Plus Fund of the Smith Breeden
Trust, 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, 2000
