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FORUM
FUNDS
----------------------------------
SEMI-ANNUAL REPORT
----------------------------------
SEPTEMBER 30, 1998
Austin Global
Equity Fund
<PAGE>
AUSTIN GLOBAL EQUITY FUND
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Two Portland Square Shareholder Inquiries
Portland, ME 04101 Forum Shareholder Services, LLC
800-943-6786 P.O. Box 446
Portland, ME 04112
207-879-0001
SEMI-ANNUAL REPORT September 30, 1998
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Dear Fellow Shareholder:
As you probably already know, your Austin Global Equity Fund was not immune to
the gyrations that have occurred in world securities markets. For the six months
from March 31 to September 30, 1998, the Fund declined 8.42% versus a decline of
10.20% in the MSCI World Index and a 6.95% decline in the S&P 500 Index. The
Fund, being a global fund, is better measured against the MSCI World Index, but
I cite the S&P 500's performance since it is so widely recognized.
As we continue our strategy of investing in selected privatization companies, we
initiated purchases of the newly privatized Societe Europeenne des Satellites, a
Luxembourg company, that meets our criterion of being able to become a very
successful commercial enterprise. This is our first investment in Luxembourg,
whose strategic geographical location, importance to the European Economic
Council, outstanding economic achievement in past decades, and political
stability make it a likely focus of continuing attention from us in the future.
We have also invested in the privatized Spanish landline telephone company,
Telefonica, and the recently privatized Brazil Telecomm.
The Federal Reserve lowered interest rates throughout the year, continuing until
September 29th. Other central banks of developed nations have followed suit and
lowered rates. Well publicized low inflation and ample labor supply throughout
the globe, together with excess capacity, apparently assures that lower interest
rates will not ignite a spiral of inflation. We believe that these trends,
coupled with low energy, agriculture and metal prices, will stimulate economic
activity in the United States and abroad. Undertakings by Japan and other Asian
Pacific countries should add to economic recovery in that region. As we have
noted before, Europe is also displaying increasing signs of continued growth. We
anticipate continued improvement in markets throughout the world in coming
months and will continue to pursue the investment policies outlined in previous
reports.
In the six-month period of March 31, 1998 to September 30, 1998 we began to
purchase cyclical, consumer and retail securities. We also purchased, for the
first time, French hotel and luxury goods companies. We also added to existing
positions in the portfolio and reduced or eliminated others.
Your Fund remains in the limelight. In the September 30, 1998 edition of the
Wall Street Journal, the Fund was ranked among the top 15 of all global funds,
ranking 12th out of 90 global funds in the Journal's Mutual Fund
Scorecard/Global category for the period ended September 24, 1998.* Most
pleasing in the period was the news that the Fund was awarded the coveted 5 star
designation by Morningstar, among 819 international equity funds, for the three
year period ended 9/30/98. Morningstar is the highly regarded and widely
utilized mutual fund ranking system in the United States.**
<PAGE>
AUSTIN GLOBAL EQUITY FUND
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Finally, we have included an informational piece about the Roth IRA. If you have
any questions or would like additional information about your no-load Fund, the
Roth IRA or other matters please call Forum Financial Services, Inc., the Fund's
distributor, at (800) 943-6786. We thank you for your investment and look
forward to helping you reach your investment goals.
Warmest Regards,
Peter A. Vlachos
President
Austin Investment Management, Inc.
*The Wall Street Journal rankings are provided by Lipper Analytical Services,
Inc., an industry research firm whose rankings are based on total return
performance and do not reflect the effect of sales charges. As of 9/30/98, the
Fund was ranked 35 out of 203 global funds for the 1-year period.
**Morningstar proprietary ratings reflect historical risk-adjusted performance
as of 9/30/98 and are subject to change monthly. Furthermore, these ratings are
calculated based on risk and return ratios for 3-, 5-, and 10-year average
annual returns (if applicable) in excess of 90-day T-bill returns with
appropriate fee adjustments, and a risk factor that reflects fund performance
below 90-day T-bill returns and considers all sales charges and fees (if
applicable). The top 10% of funds in an investment category receive five stars.
Average annual total returns of the Fund for the 1-, 3-year and since inception
(12/8/93) periods ending 9/30/98 were .23%, 13.17%, and 13.24% respectively.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that, when redeemed, an investor's shares may
be worth more or less than their original cost. The Fund's average total return
assumes reinvestment of all dividends and capital gain distributions.
2
<PAGE>
AUSTIN GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1998
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<TABLE>
<S> <C> <C>
SHARES/FACE VALUE
----------------- ---------------
COMMON STOCK (87.4%)
AUSTRALIA (0.9%)
Telstra Corp. Ltd., ADR 2,500 $ 139,063
---------------
BERMUDA (0.7%)
Knightsbridge Tankers Ltd. 5,000 107,500
---------------
BRAZIL (1.7%)
Telecomunicacoes Brasileiras SA - Telebras, ADR 4,000 281,750
---------------
CANADA (0.6%)
Gulf Canada Resources Ltd. (a) 25,000 103,125
---------------
FINLAND (1.5%)
Nokia Corp., ADR 3,000 235,312
---------------
FRANCE (6.6%)
Air Liquide 1,125 178,240
Immobiliere Marseillaise 100 180,024
L'OREAL, ADR 1,000 92,956
Simco SA 1,500 116,953
Societe du Louvre 5,000 373,786
Taittinger SA 167 120,346
---------------
1,062,305
---------------
GERMANY (6.3%)
RWE AG 8,000 371,195
SAP AG 1,500 635,413
---------------
1,006,608
---------------
HONG KONG (0.6%)
Hong Kong and China Gas Co. Ltd., ADR 79,200 97,099
---------------
IRELAND (2.1%)
Esat Telecom Group plc (a) 10,000 335,000
---------------
ITALY (6.0%)
Telecom Italia Mobile SpA 150,000 873,255
Telecom Italia SpA 7 48
Telecom Italia SpA, ADR 1,277 85,559
---------------
958,862
---------------
JAPAN (5.3%)
Bank of Tokyo-Mitsubishi Ltd., ADR 30,000 196,875
Nippon Telegraph & Telephone Corp., ADR 2,500 91,563
Nisshinbo Industries, Inc. (a) 20,000 66,118
Tokio Marine & Fire Insurance Co. Ltd., ADR 11,000 489,500
---------------
844,056
---------------
LUXEMBOURG (3.6%)
Societe Europeenne des Satellites (a) 3,500 587,562
---------------
</TABLE>
See Notes to Financial Statements. 3 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
SEPTEMBER 30, 1998
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<TABLE>
<S> <C> <C>
Shares/Face Value
----------------- ---------------
MALAYSIA (0.4%)
Nestle (Malaysia) Berhad 10,000 35,790
Telekom Malaysia Berhad 15,000 23,685
---------------
59,475
---------------
NETHERLANDS (7.6%)
Aegon NV, ADR 9,066 706,015
KLM Royal Dutch Airlines 2,071 51,257
Koninklijke KPN NV, ADR 5,667 170,010
Royal Dutch Petroleum Co. 6,000 285,750
---------------
1,213,032
---------------
SPAIN (1.0%)
Telefonica SA, ADR 1,500 161,906
---------------
SWITZERLAND (3.3%)
Bank Fuer International Zahlungsausgleich 35 213,012
Roche Holdings Ltd., ADR 3,000 322,904
---------------
535,916
---------------
UNITED KINGDOM (10.8%)
Allied Zurich plc, ADR (a) 12,500 255,546
BTP plc 30,000 163,143
British American Tobacco plc (a) 12,500 189,063
British Energy plc 90,000 881,730
Rio Tinto plc, ADR 5,000 245,000
---------------
1,734,482
---------------
UNITED STATES (28.4%)
Ascend Communications, Inc. (a) 3,000 136,500
Bank of New York Co., Inc. 30,000 821,250
Chris-Craft Industries, Inc. (a) 6,304 278,558
Cisco Systems, Inc. (a) 9,000 556,312
Home Depot, Inc. 3,000 118,500
Intel Corp. 4,000 343,000
Johnson & Johnson 2,000 156,500
Kos Pharmaceuticals, Inc. (a) 22,000 130,625
Liberty Financial Cos., Inc. 7,500 197,813
Lucent Technologies, Inc. 4,000 276,250
MCI Worldcom, Inc. (a) 10,000 488,750
Microsoft Corp. (a) 2,000 220,125
New Era of Networks, Inc. (a) 4,000 163,000
NEXTLINK Communications, Inc. (a) 10,000 233,750
Philip Morris Cos., Inc. 3,000 138,188
Schlumberger Ltd. 6,000 301,875
---------------
4,560,996
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TOTAL COMMON STOCK (COST $11,004,600) 14,024,049
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FIXED RATE CONVERTIBLE BONDS (1.4%)
Koninklijke Ahold NV, 3.00%, 9/30/03 (cost $216,532) 400,000 224,129
---------------
</TABLE>
See Notes to Financial Statements. 4 FORUM FUNDS (R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONCLUDED)
SEPTEMBER 30, 1998
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<TABLE>
<S> <C> <C>
SHARES/FACE VALUE
----------------- ---------------
SHORT-TERM HOLDINGS (11.2%)
Boston 1784 Institutional US Treasury Money Market Fund 896,338 896,338
Dreyfus Government Cash Management Fund 896,338 896,338
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TOTAL SHORT-TERM HOLDINGS (COST $1,792,676) 1,792,676
---------------
TOTAL INVESTMENTS (100.0%) (COST $13,013,808) $ 16,040,854
===============
</TABLE>
(a) Non-income producing security.
ADR - American Depositary Receipts
See Notes to Financial Statements. 5 FORUM FUNDS (R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
SEPTEMBER 30, 1998
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<TABLE>
<S> <C>
ASSETS:
Investments (Note 2):
Investments at cost $ 13,013,808
Net unrealized appreciation (depreciation) 3,027,046
------------------
Total investments at value 16,040,854
Cash 29,229
Receivable for Fund shares issued 22,350
Receivable for investments sold 227,992
Interest, dividends and other receivables 36,298
Prepaid expenses 10,983
Organization costs, net of amortization (Note 2) 1,499
------------------
Total assets 16,369,205
------------------
LIABILITIES:
Payable to adviser (Note 3) 20,646
Payable to other related parties (Note 3) 3,442
Accrued expenses and other liabilities 15,802
------------------
Total liabilities 39,890
------------------
NET ASSETS $ 16,329,315
==================
COMPONENTS OF NET ASSETS:
Paid in capital $ 12,635,609
Undistributed (distribution in excess of) net investment income (42,216)
Unrealized appreciation (depreciation) on investments 3,027,047
Accumulated net realized gain (loss) 708,875
------------------
NET ASSETS $ 16,329,315
==================
SHARES OF BENEFICIAL INTEREST: 1,095,878
==================
NET ASSET VALUE (OFFERING AND REDEMPTION PRICE PER SHARE): $ 14.90
==================
</TABLE>
See Notes to Financial Statements. 6 FORUM FUNDS (R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1998
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<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividend income $ 155,120
Interest income 19,888
------------------
Total investment income 175,008
------------------
EXPENSES:
Investment advisory (Note 3) 130,256
Administration (Note 3) 21,709
Transfer agent (Note 3) 10,198
Custody 4,479
Accounting (Note 3) 18,000
Audit 9,258
Legal 12,593
Trustees 765
Amortization of organization costs (Note 2) 3,984
Miscellaneous 5,982
------------------
Total expenses 217,224
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NET INVESTMENT INCOME (LOSS) (42,216)
------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments sold 387,473
Net change in unrealized appreciation (depreciation) on investments (1,983,159)
------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (1,595,686)
------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (1,637,902)
==================
</TABLE>
See Notes to Financial Statements. 7 FORUM FUNDS (R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
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<TABLE>
<S> <C> <C> <C>
Six Months
Ended Year Nine Months
September 30, 1998 Ended Ended
(unaudited) March 31, 1998 March 31, 1997
-------------------- -------------------- --------------------
NET ASSETS - Beginning of Period $ 15,378,962 $ 10,289,290 $ 10,325,740
- -------------------------------- -------------------- -------------------- --------------------
OPERATIONS:
Net investment income (loss) (42,216) (65,277) (85,800)
Net realized gain (loss) on investments sold 387,473 1,816,799 (304,425)
Net change in unrealized appreciation (depreciation)
on investments (1,983,159) 2,479,548 965,563
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations (1,637,902) 4,231,070 575,338
-------------------- -------------------- --------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments - (1,232,391) (842,069)
-------------------- -------------------- --------------------
CAPITAL SHARE TRANSACTIONS (a):
Sale of shares 2,733,828 1,230,491 214,455
Reinvestment of distributions - 1,232,391 841,133
Redemption of shares (145,573) (371,889) (825,307)
-------------------- -------------------- --------------------
Net increase (decrease) from capital transactions 2,588,255 2,090,993 230,281
-------------------- -------------------- --------------------
Net increase (decrease) in net assets 950,353 5,089,672 (36,450)
-------------------- -------------------- --------------------
NET ASSETS - End of Period $ 16,329,315 $ 15,378,962 $ 10,289,290
- -------------------------- ==================== ==================== ====================
(a) Shares Issued (Redeemed)
Sale of shares 159,293 81,338 15,520
Reinvestment of distributions - 88,280 63,196
Redemption of shares (8,683) (25,424) (60,694)
-------------------- -------------------- --------------------
==================== ==================== ====================
Net increase (decrease) in shares 150,610 144,194 18,022
==================== ==================== ====================
</TABLE>
See Notes to Financial Statements. 8 FORUM FUNDS (R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
FINANCIAL HIGHLIGHTS
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Selected pershare data and ratios for a share
outstanding throughout each period.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Six Nine
Months Year Months Year Year Period
Ended Ended Ended Ended Ended Ended
September 30, March 31, March 31, June 30, June 30, June 30,
1998 1998 1997 1996 1995 1994 (a)
--------- ---------- --------- ---------- --------- ---------
Net Asset Value, Beginning of Period $16.27 $12.84 $13.19 $11.60 $9.80 $10.00
--------- ---------- --------- ---------- --------- ---------
Investment Operations
Net Investment Income (Loss) (0.04) (0.07) (0.11) (0.12) 0.04 (b) (0.03)
Net Realized and Unrealized Gain (Loss)
on Investments (1.33) 4.95 0.86 1.98 1.76 (0.17)
--------- ---------- --------- ---------- --------- ---------
Total from Investment Operations (1.37) 4.88 0.75 1.86 1.80 (0.20)
Distributions from
Net Realized Gain on Investments - (1.45) (1.10) (0.27) - -
--------- ---------- --------- ---------- --------- ---------
Net Asset Value, End of Period $14.90 $16.27 $12.84 $13.19 $11.60 $9.80
========= ========== ========= ========== ========= =========
Total Return (8.42)% 39.88% 5.38% 16.22% 18.37% 3.57% (c)
Ratio/Supplementary Data:
Net Assets at End of Period (000's omitted) $16,329 $15,379 $10,289 $10,326 $8,474 $7,646
Ratios to Average Net Assets:
Expenses 2.50% (c) 2.50% 2.50% (c) 2.50% 2.50% 2.36% (c)
Expenses excluding reimbursement/waiver 2.50% (c) 2.69% 3.38% (c) 3.25% 3.19% 4.18% (c)
Net investment income (loss) (0.49)% (c) (0.50)% (1.09)% (c) (0.98)% (0.41)% (0.83)% (c)
Average Commission Rate (d) $0.0811 $0.0681 $0.0383 $0.0542 N/A N/A
Portfolio Turnover Rate 39.84% 57.37% 44.79% 93.55% 35.31% 2.49%
</TABLE>
- -------------------------------------------------
(a) For the period December 8, 1993 (commencement of operations) through June
30, 1994.
(b) Calculated using the weighted average shares outstanding.
(c) Annualized.
(d) 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. 9 FORUM FUNDS (R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 1998
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NOTE 1. ORGANIZATION
Forum Funds(R) (the "Trust") is a Delaware business trust that is registered as
an open-end management investment company under the Investment Company Act (the
"Act"). The Trust currently has twenty-three active investment portfolios. The
Fund is authorized under the Trust's Trust Instrument to issue an unlimited
number of shares of beneficial interest without par value. These financial
statements relate to 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.
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, the 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 ask 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 that mature in sixty 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 to shareholders of net investment
income and net capital gain, if any, are declared and paid annually.
Distributions are based on amounts calculated in accordance with applicable
federal income tax regulations, which may differ from generally accepted
accounting principles. These differences are due primarily to differing
treatments of income and gain on various investment securities held by the Fund,
timing differences and differing characterizations of distributions made by the
Fund.
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.
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.
10 FORUM FUNDS (R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
SEPTEMBER 30, 1998
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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 ask 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 Fund may enter into forward contracts to purchase or sell foreign currencies
to protect the U.S. dollar value of its portfolio from possible adverse
movements in foreign exchange rates and exchange control regulations. 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 Fund 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.
ADMINISTRATOR - The administrator of the Fund is Forum Administrative Services,
LLC ("FAdS"). For its services, FAdS 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 may be charged to the Fund by FAdS. For the six months ended
September 30, 1998, the amount charged to the Fund was $0.
TRANSFER AGENT - The transfer agent and dividend disbursing agent for the Fund
is Forum Shareholder Services, LLC ("FSS"). FSS receives an annual fee of
$12,000 plus certain shareholder account fees.
DISTRIBUTOR - Forum Financial Services, Inc.(R) ("FFSI"), a registered
broker-dealer and a member of the National Association Services Dealers, Inc.,
acts as the Fund's distributor. FFSI receives no compensation for its
distribution services.
Other Service Providers - Forum Accounting Services, LLC ("FAcS") provides fund
accounting services to the Fund. For its services, FAcS receives an annual fee
of $36,000 plus certain amounts based upon the asset level of the Fund as well
as the number and type of portfolio transactions.
11 FORUM FUNDS(R)
<PAGE>
AUSTIN GLOBAL EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONCLUDED)
SEPTEMBER 30, 1998
- --------------------------------------------------------------------------------
NOTE 4. SECURITY TRANSACTIONS
Cost of purchases and proceeds from sales of securities, other than short-term
investments, totaled $7,479,263 and $6,397,710 respectively, for the six months
ended September 30, 1998.
For federal income tax purposes, the tax basis of investment securities owned as
of September 30, 1998, was $13,013,808. The aggregate gross unrealized
appreciation for all securities in which there was an excess of market value
over tax cost was $4,431,742 and the aggregate gross unrealized depreciation for
all securities in which there was an excess of tax cost over market value was
$1,404,696.
12 FORUM FUNDS(R)
<PAGE>
Investment Adviser
Austin Investment Management, Inc.
375 Park Avenue, Suite 2207
New York, NY 10152-2207
Custodian
Investors Bank & Trust Company
200 Clarendon Street, 16th Floor
Boston, MA 02116
Trustees
John Y. Keffer
Costas Azariadis
James C. Cheng
J. Michael Parish
Administrator
Forum Administrative Services, LLC
Two Portland Square
Portland, ME 04101
[Logo]
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.
