[LOGO]
FORUM
FUNDS
[PICTURE GRAPHICS
LEFT HALF OF
COVER]
--------------------
SEMI-ANNUAL REPORT
--------------------
SEPTEMBER 30, 1997
AUSTIN GLOBAL
EQUITY FUND
<PAGE>
AUSTIN GLOBAL EQUITY FUND
- --------------------------------------------------------------------------------
Two Portland Square Shareholder Inquiries
Portland, ME 04101 Forum Financial Corp.
P.O. Box 446
Portland, ME 04112
207-879-0001
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT SEPTEMBER 30, 1997
- --------------------------------------------------------------------------------
Dear Shareholder:
We are pleased to present your Fund's operating results for the six months ended
September 30, 1997. For this period, the Austin Global Equity Fund achieved a
total return, the sum of securities appreciation together with dividend and
interest income, of 27.80% which compares favorably with the 17.07% for the
Morningstar World Stock Average ("MWSF") and 18.34% for the Morgan Stanley
Capital International World ("MSCI") Index. The Fund earned a 5 star rating for
its overall risk-adjusted performance from Morningstar and was rated among 601
international equity funds for the 3-year period ended 9/30/97.1
For the one year period ended September 30, 1997, the Fund's total return was
34.69%, compared to 22.66% for the MWSF and 24.12% for the MSCI Index. Since its
inception on December 9, 1993, the Fund's average annualized total return is
16.93%, compared to 12.68% for the MWSF and 15.35% for the MSCI.2
We believe we have produced a record to date that is deserving of your continued
support. The Fund has recently received recognition of its performance from the
general press.
Regards,
Peter A. Vlachos
Austin Investment Management, Inc.
__________________________
1 Morningstar proprietary ratings reflect historical adjusted performance as of
9/30/97. Morningstar ratings may change monthly and are calculated from the
Fund's 3 year average annual return (with fee adjustments) in excess of 90-day
Treasury bill returns, and a risk factor that reflects fund performance below
90-day Treasury bill returns. The Fund's rating for the 3 year period is 5
stars. Ten percent of the funds in an investment category receive 5 stars, the
next 22.5% receive 4 stars.
2 Past performance is no guarantee of future results. Investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost. The Fund's
adviser has waived a portion of its fees. In the absence of these waivers,
performance figures would be lower. Forum Financial Services, Inc. is the Fund's
distributor.
<PAGE>
AUSTIN GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
COMMON STOCKS (91.6%) SHARES/FACE VALUE
BRAZIL (1.9%)
Telecomunicacoes SA Telebras, Brasileiras, ADR 2,000 $ 257,500
-------------
CANADA (1.5%)
Northern Telecom Ltd. 2,000 207,875
-------------
FRANCE (3.9%)
AXA, UAP, ADR 5,000 169,687
Societe BIC, SA 2,000 148,005
Companie Generale de Geophisique, SA, ADR 8,000 219,000
------------
536,692
------------
GERMANY (5.6%)
RWE AG 8,000 387,501
SAP AG 1,500 385,576
------------
773,077
------------
HONG KONG (1.1%)
Hong Kong and China Gas Co., Ltd., ADR 72,000 148,399
------------
ITALY (5.8%)
Telecom Italia Mobile SpA 150,000 595,425
Telecom Italia SpA, ADR 2,777 186,406
Telecom Italia SpA 7 46
-----------
781,877
-----------
JAPAN (4.4%)
Nippon Telegraph & Telephone, ADR 2,500 115,000
Nisshinbo Industries, Inc.(a) 20,000 132,362
Tokio Marine & Fire Insurance Co., ADR 6,000 363,000
-----------
610,362
-----------
MALAYSIA (0.7%)
Nestle (Malaysia) Berhad 9,500 55,976
Telekom Malaysia Berhad 15,000 45,581
-----------
101,557
-----------
NETHERLANDS (10.2%)
Aegon NV, ADR 6,388 509,044
Philips Electronics NV 4,000 336,000
Royal Dutch Petroleum Co. 6,000 333,000
Royal PTT Nederland NV, ADR 5,573 217,696
-----------
1,395,740
-----------
NEW ZEALAND (1.5%)
Telecom Corp. of New Zealand Ltd., ADR 5,000 202,500
-----------
RUSSIA (3.0%)
Lukoil Holding, ADR 2,500 245,562
Vimpel Communications 4,000 167,000
-----------
412,562
-----------
SINGAPORE (0.6%)
Development Bank of Singapore 5,000 50,980
Fraser & Neave, Ltd. 6,000 34,313
-----------
85,293
-----------
</TABLE>
See Notes to Financial Statements. 2 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997 (CONTINUED) (UNAUDITED)
<TABLE>
<S> <C> <C>
COMMON STOCKS (CONTINUED) SHARES/FACE VALUE
SWITZERLAND (3.2%)
Bank Fuer International Zahlungsausgleich 25 $ 171,283
Roche Holdings, Ltd., ADR 3,000 266,479
--------------
437,762
--------------
UNITED KINGDOM (15.4%)
B.A.T. Industries plc, ADR 15,000 267,188
Boosey & Hawkes plc 15,000 193,848
British Energy plc 90,000 490,680
EMI Group plc 9,000 177,080
HSBC Holdings plc, ADR 1,000 334,690
Lambert Fenchurch Group plc(a) 20,000 40,708
National Power plc, ADR 5,000 179,375
Reuters Holdings plc, ADR 2,500 178,125
Rio Tinto plc, ADR 4,000 255,750
-------------
2,117,444
-------------
UNITED STATES (32.8%)
Chris-Craft Industries, Inc.(a) 5,150 271,341
Cisco Systems, Inc.(a) 4,000 292,250
Intel Corp. 6,000 553,875
Knightsbridge Tankers Ltd. 5,000 141,563
Kos Pharmaceuticals, Inc.(a) 12,000 429,000
Liberty Financial Cos., Inc. 5,000 262,500
Lucent Technologies Inc. 2,000 162,750
McGraw-Hill Cos., Inc. 5,000 338,437
NeoPath, Inc.(a) 10,000 195,000
Oracle Corp.(a) 12,750 464,578
Philip Morris Cos., Inc. 6,000 249,375
Prentiss Properties Trust 4,000 115,500
Schlumberger, Ltd. 6,000 505,125
Tejas Gas Corp.(a) 6,000 360,376
The Walt Disney Co. 2,098 169,151
--------------
4,510,821
--------------
TOTAL COMMON STOCKS (COST $8,789,973) 12,579,461
--------------
PREFERRED STOCK (2.1%)
UNITED STATES (2.1%)
Cablevision System Corp. 10,000 292,500
--------------
TOTAL PREFERRED STOCK (COST $275,200) 292,500
--------------
WARRANTS (4.8%)
UNITED STATES (4.8%)
Bank of New York(a) 5,000 665,000
--------------
TOTAL WARRANTS (COST $53,750) 665,000
--------------
</TABLE>
See Notes to Financial Statements. 3 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997 (CONCLUDED) (UNAUDITED)
<TABLE>
<S> <C> <C>
SHARES/FACE VALUE
SHORT-TERM HOLDINGS (1.5%)
Boston 1784 Institutional U.S. Treasury Money Market Fund 211,059 $ 211,059
-------------
TOTAL SHORT-TERM HOLDINGS (COST $211,059) 211,059
-------------
TOTAL INVESTMENTS (100.0%) (COST $9,329,982) $13,748,020
=============
</TABLE>
(a) Non-income producing security.
ADR American Depositary Receipts.
See Notes to Financial Statements. 4 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments (Note 2):
Investments at cost $ 9,329,982
Net unrealized appreciation (depreciation) 4,418,038
------------------
Total investments at value 13,748,020
Interest, dividends and other receivables 35,797
Organization costs, net of amortization (Note 2) 23,088
------------------
Total assets 13,806,905
------------------
LIABILITIES:
Payable to adviser (Note 3) 7,337
Payable to other related parties (Note 3) 2,746
Accrued expenses and other liabilities 19,336
------------------
Total liabilities 29,419
------------------
NET ASSETS $ 13,777,486
==================
COMPONENTS OF NET ASSETS:
Paid in capital $ 8,609,742
Undistributed (distribution in excess of ) net investment income (14,713)
Unrealized appreciation (depreciation) on investments 4,418,038
Accumulated net realized gain (loss) 764,419
------------------
NET ASSETS $ 13,777,486
==================
SHARES OF BENEFICIAL INTEREST: 839,655
==================
NET ASSET VALUE (OFFERING AND REDEMPTION
PRICE PER SHARE): $ 16.41
==================
</TABLE>
See Notes to Financial Statements. 5 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
STATEMENT OF OPERATIONS
SIX MONTHS ENDED
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividend income $ 125,538
Interest income 12,128
------------------
Total investment income 137,666
------------------
EXPENSES:
Investment advisory (Note 3) 91,533
Administration (Note 3) 15,255
Distribution (Note 3) 31
Transfer agent (Note 3) 10,472
Custody 2,138
Accounting (Note 3) 18,000
Audit 10,500
Legal 3,045
Trustees 781
Amortization of organization costs (Note 2) 3,985
Miscellaneous 5,780
------------------
Total expenses 161,520
Fee waived (Note 3) (9,141)
------------------
Net expenses 152,379
------------------
NET INVESTMENT INCOME (LOSS) (14,713)
------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments sold 1,027,425
Net change in unrealized appreciation (depreciation) on investments 1,887,380
------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 2,914,805
------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 2,900,092
==================
</TABLE>
See Notes to Financial Statements. 6 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<S> <C> <C> <C>
Six Months Nine Months Year
Ended Ended Ended
September 30, 1997 March 31, 1997 June 30, 1996
------------------- ----------------- ------------------
NET ASSETS - BEGINNING OF PERIOD $ 10,289,290 $ 10,325,740 $ 8,473,594
- --------------------------------
------------------- ----------------- ------------------
OPERATIONS:
Net investment income (loss) (14,713) (85,800) (87,925)
Net realized gain (loss) on investments sold 1,027,425 (304,425) 1,258,826
Net change in unrealized appreciation (depreciation)
on investments 1,887,380 965,563 229,692
------------------- ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations 2,900,092 575,338 1,400,593
------------------- ----------------- ------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments - (842,069) (199,483)
------------------- ----------------- ------------------
CAPITAL SHARE TRANSACTIONS (a):
Sale of shares 905,231 214,455 842,317
Reinvestment of distributions - 841,133 198,975
Redemption of shares (317,127) (825,307) (390,256)
------------------- ----------------- ------------------
Net increase (decrease) from capital transactions 588,104 230,281 651,036
------------------- ----------------- ------------------
Net increase (decrease) 3,488,196 (36,450) 1,852,146
------------------- ----------------- ------------------
NET ASSETS - END OF PERIOD (INCLUDING LINE B) (UNAUDITED) $ 13,777,486 $ 10,289,290 $ 10,325,740
- ---------------------------------------------------------
=================== ================= ==================
(a) Shares Issued (Redeemed)
Sale of shares 60,539 15,520 68,184
Reinvestment of distributions - 63,196 16,550
Redemption of shares (21,958) (60,694) (32,250)
------------------- -----------------
=================== ================= ==================
Net increase (decrease) in shares 38,581 18,022 52,484
=================== ================= ==================
(b) Accumulated undistributed (distribution in excess of)
net investment income: $ (14,713) $ - $ -
=================== ================= ==================
</TABLE>
See Notes to Financial Statements. 7 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for a share
outstanding throughout each period.
<TABLE>
<S> <C> <C> <C> <C> <C>
Six Months Nine Months Year Year Period
Ended Ended Ended Ended Ended
September 30, March 31, June 30, June 30, June 30,
1997(a) 1997 1996 1995 1994(b)
-------------- -------------- ---------- --------- ----------
Net Asset Value, Beginning of Period $12.84 $13.19 $11.60 $9.80 $10.00
-------------- -------------- ---------- --------- ----------
Investment Operations
Net Investment Income (Loss) (0.02) (0.11) (0.12) 0.04(c) (0.03)
Net Realized and Unrealized Gain (Loss)
on Investments 3.59 0.86 1.98 1.76 (0.17)
-------------- -------------- ---------- --------- ----------
Total from Investment Operations 3.57 0.75 1.86 1.80 (0.20)
Distributions from
Net Realized Gain on Investments - (1.10) (0.27) - -
-------------- -------------- ---------- --------- ----------
Net Asset Value, End of Period $16.41 $12.84 $13.19 $11.60 $9.80
============== ============== ========== ========= ==========
Total Return 27.80%(d) 5.38%(d) 16.22% 18.37% (3.57%(e))
Ratio/Supplementary Data:
Net Assets at End of Period (000's omitted) $13,777 $10,289 $10,326 $8,474 $7,646
Ratios to Average Net Assets:
Expenses including reimbursement/waiver 2.50%(e) 2.50%(e) 2.50% 2.50% 2.36%(e)
Expenses excluding reimbursement/waiver 2.65%(e) 3.38%(e) 3.25% 3.19% 4.18%(e)
Net investment income (loss) including
reimbursement/waiver (0.24%)(e) (1.09%)(e) (0.98%) 0.41% (0.83%)(e)
Average Commission Rate (f) $0.0683 $0.0383 $0.0542 N/A N/A
Portfolio Turnover Rate 26.05% 44.79% 93.55% 35.31% 2.49%
</TABLE>
- -----------------------------------------
(a) Unaudited.
(b) For the period December 8, 1993 (commencement of operations) through June
30, 1994.
(c) Calculated using the weighted average shares outstanding.
(d) Not annualized.
(e) Annualized.
(f) For the fiscal years beginning on or after September 1, 1995, the Fund is
required to disclose average commission per share paid to brokers on the
purchase and sale of equity securities.
See Notes to Financial Statements. 8 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997 (UNAUDITED)
NOTE 1. ORGANIZATION
Forum Funds(R) (the "Trust") is an open-end management investment company
organized as a Delaware business trust. The Trust currently has fourteen active
investment portfolios (the "Funds"). The Trust Instrument of the Trust
authorizes each Fund to issue an unlimited number of shares of beneficial
interest without par value. Included in this report is Austin Global Equity Fund
(the "Fund"), a diversified portfolio of the Trust that commenced operations on
December 8, 1993.
Effective November 25, 1996, the Fund was reorganized as a series of the Trust.
As a result of this reorganization, the Fund's fiscal year end changed from June
30 to March 31. See Note 5.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with generally accepted
accounting principles which require management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of increase and decrease in net assets from operations
during the fiscal period. Actual results could differ from those estimates.
The following represent significant accounting policies of the Fund:
SECURITY VALUATION - Securities held by the Fund for which market quotations are
readily available are valued using the last reported sales price provided by
independent pricing services. If no sales are reported, the mean of the last bid
and asked price is used. In the absence of readily available market quotations,
securities are valued at fair value as determined by the Board of Trustees.
Securities with a maturity of 60 days or less are valued at amortized cost.
INTEREST AND DIVIDEND INCOME - Interest income is accrued as earned. Dividends
on securities held by the Fund are recorded on the ex-dividend date.
DISTRIBUTIONS TO SHAREHOLDERS - Distributions from net investment income and
capital gain, if any, are declared and paid at least annually. Distributions are
based on amounts calculated in accordance with applicable income tax
regulations.
ORGANIZATION COSTS - The costs incurred by the Fund in connection with its
organization and registration of shares have been capitalized and are being
amortized using the straight-line method over a five year period beginning with
the commencement of the Fund's operations. Certain of these costs were paid by
Forum Financial Services, Inc.(R) ("FFSI"), a registered broker-dealer and a
member of the National Association Services Dealers, Inc., and have been
reimbursed by the Fund.
FEDERAL TAXES - The Fund intends to qualify and continue to qualify each year as
a regulated investment company and distribute all of its taxable income. In
addition, by distributing in each calendar year substantially all of its net
investment income, capital gain and certain other amounts, if any, the Fund will
not be subject to a federal excise tax. Therefore, no federal income tax
provision is required.
EXPENSE ALLOCATION - The Trust accounts separately for the assets and
liabilities and operations of each Fund. Expenses that are directly attributable
to more than one Fund are allocated among the respective Funds.
REALIZED GAIN AND LOSS - Security transactions are recorded on trade date.
Realized gain and loss on investments sold are determined on the basis of
identified cost.
9 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997 (CONTINUED) (UNAUDITED)
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
FOREIGN CURRENCY TRANSLATION - The books and records of the Fund are maintained
in United States dollars.
Foreign currency amounts are translated into U.S. dollars at the mean of the bid
and asked prices of such currencies against U.S. dollars as follows: (I) assets
and liabilities at the rate of exchange at the end of the respective period; and
(ii) purchases and sales of securities and income and expenses at the rate of
exchange prevailing on the dates of such transactions. The portion of the
results of operations arising from changes in the exchange rates and the portion
due to fluctuations arising from changes in the market prices of securities are
not isolated. Such fluctuations are included with the net realized and
unrealized gain or loss on investments.
The Portfolio may enter into forward contracts to purchase or sell foreign
currencies to protect against the effect on the U.S. dollar value of the
underlying portfolio of possible adverse movements in foreign exchange rates.
Risks associated with such contracts include the movement in value of the
foreign currency relative to the U.S. dollar and the ability of the counterparty
to perform. Fluctuations in the value of such contracts are recorded as
unrealized gain or loss; realized gain or loss include net gain or loss on
contracts which have terminated by settlement or by the Portfolio entering into
offsetting commitments.
Foreign security and currency transactions may involve certain considerations
and risks not typically associated with those of U.S. companies as a result of,
among other factors, the level of governmental supervision and regulation of
foreign securities markets and the possibility of political and economic
instability.
NOTE 3. ADVISORY FEES, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISER - The investment adviser to the Fund is Austin Investment
Management, Inc. ("Adviser"). Pursuant to an Investment Advisory Agreement, the
Adviser receives an advisory fee from the Fund at an annual rate of 1.50% of the
average daily net assets of the Fund. The Adviser has voluntarily waived a
portion of their fees, so that total expenses of the Fund would not exceed 2.50%
of average net assets. For the period ended September 30, 1997, fees waived were
$9,141.
ADMINISTRATIVE AND OTHER SERVICES - Effective June 19, 1997, the administrator
of the Fund is Forum Administrative Services, Limited Liability Company ("FAS").
For its services, FAS receives an administrative fee at an annual rate of 0.25%
of the average daily net assets of the Fund. In addition, certain legal expenses
of $116 were charges tot the Fund by FAS. FFSI acts as the distributor of the
Fund's shares. Prior to June 19, 1997, FFSI served as the administrator of the
Fund pursuant to the same terms and compensation as FAS.
Forum Financial Corp.(R) ("FFC"), an affiliate of FAS and FFSI, serves as the
Company's transfer agent and dividenD disbursing agent, and for those services
receives an annual fee of $12,000 plus certain shareholder account fees.
Effective June 19, 1997, Forum Accounting Services, Limited Liability Company
("FAcS") acts as the fund accountant. For its services, FAcS receives $36,000
plus certain adjustments based on the type and volume of portfolio transactions.
Prior to June 19, 1997, FFC served as the fund accountant pursuant to the same
terms and compensation as FAcS.
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1
under the Investment Company Act of 1940 with respect to the Fund. Under the
Plan, the Fund may reimburse FFSI for the distribution expenses incurred by FFSI
on behalf of the Fund. The Fund may not reimburse FFSI for any distribution
expenses in any fiscal year of the Fund in excess of 0.25% of the average daily
net assets of the Fund.
10 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997 (CONCLUDED) (UNAUDITED)
NOTE 4. SECURITY TRANSACTIONS
Cost of purchases and proceeds from sales of securities, other than short-term
investments, totaled $3,567,396 and $3,047,541 respectively, for the period
ended September 30, 1997.
For federal income tax purposes, the tax cost basis of investment securities
owned as of September 30, 1997, was $9,329,982. The aggregate gross unrealized
appreciation for all securities in which there was an excess of market value
over tax cost was $4,587,768 and the aggregate gross unrealized depreciation for
all securities in which there was an excess of tax cost over market value was
$169,730.
As of September 30, 1997, Austin Global Equity Fund had capital loss carryovers
available to offset future capital gains of $221,856 to expire in 2004.
NOTE 5. ACQUISITION OF STONE BRIDGE FUNDS
At a meeting on October 15, 1996, the Board of Trustees of the Trust approved an
Agreement and Plan of Reorganization (the "Agreement") for the acquisition of
The Stone Bridge Funds, Inc. ("Stone Bridge") by the Trust. Pursuant to the
Agreement, all of the assets and liabilities of the Stone Bridge Austin Global
Equity Fund were transferred to the Forum Austin Global Equity Fund in exchange
for shares of Forum Austin Global Equity Fund. The net assets attributed to
Stone Bridge Austin Global Equity Fund were exchanged for 829,444 shares of
Forum Austin Global Equity Fund. The reorganization, which qualified as a
tax-free reorganization for federal income tax purposes, was completed on
November 25, 1996, following the approval of the reorganization by Stone Bridge
shareholders. The results of operations occurring prior to the date of merger
reflected in the accompanying financial statements are the results of operations
of the Stone Bridge Austin Global Equity Fund. The following is a summary of the
Net Assets, Shares Outstanding, Net Asset Value per share, and Unrealized
Appreciation associated with the transaction:
<TABLE>
<S> <C> <C>
Before Acquisition After Acquisition
------------------------------------ ------------------------
Forum Austin Stone Bridge Austin Forum Austin
Global Equity Global Equity Global Equity
------------- ------------------- -------------
Net Assets $ 10.00 $ 11,095,887 $ 11,095,897
Shares Outstanding 1.00 829,444 829,445
Net Asset Value, per share 10.00 13.38 13.38
Unrealized Appreciation - $ 2,842,016 $ 2,842,016
</TABLE>
11 FORUM FUNDS(R)
<PAGE>
INVESTMENT ADVISER
Austin Investment Management, Inc.
375 Park Avenue, Suite 2207
New York, NY 10152-2207
CUSTODIAN
BankBoston, N.A.
P.O. Box 1959
Boston, Massachusetts 02105
TRUSTEES
John Y. Keffer
Costas Azaridis
James C. Cheng
J. Michael Parish
DISTRIBUTOR
Forum Financial Services, Inc.(R)
Two Portland Square
Portland, ME 04101
THIS REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS AND TO OTHERS
WHO HAVE RECEIVED A COPY OF THE AUSTIN GLOBAL EQUITY FUND PROSPECTUS.
