FORUM FUNDS
NSAR-B, 1998-08-13
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<PAGE>      PAGE  1
000 B000000 05/31/98
000 C000000 0000315774
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000  ORUM FUNDS, INC.
001 B000000 811-3023
001 C000000 2078791900
002 A000000 2 PORTLAND SQUARE
002 B000000 PORTLAND
002 C000000 ME
002 D010000 04101
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010 A00AA01 FORUM ADMINISTRATIVE SERVICES, LLC
010 C01AA01 PORTLAND
010 C02AA01 ME
010 C03AA01 04101
011 A00AA01 FORUM FINANCIAL SERVICES, INC.
011 B00AA01 8-35592
011 C01AA01 PORTLAND
011 C02AA01 ME
011 C03AA01 04101
012 A00AA01 FORUM SHAREHOLDER SERVICES, LLC
012 B00AA01 84-01612
012 C01AA01 PORTLAND
012 C02AA01 ME
012 C03AA01 04101
013 A00AA01 DELOITTE & TOUCHE, LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
018  00AA00 Y
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020 A000001 SMITH BARNEY, INC.
020 B000001 13-1912900
020 C000001      3
<PAGE>      PAGE  2
020 A000002 ROBINSON HUMPHREY
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022 A000001 SMITH BARNEY, INC.
022 B000001 13-1912900
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<PAGE>      PAGE  3
077 G000000 N
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077 O000000 N
077 P000000 N
077 Q010000 Y
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078  000000 N
080 A00AA00 GULF INSURANCE CO.
080 C00AA00      750
081 A00AA00 N
081 B00AA00   0
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082 B00AA00       10
083 A00AA00 N
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084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
SIGNATURE   DAVID GOLDSTEIN                              
TITLE       SECRETARY           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FORUM FUNDS ANNUAL REPORT DATED MAY 31, 1998 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
   <NUMBER> 028
   <NAME> INVESTORS EQUITY FUND
       
<S>                                            <C>
<PERIOD-TYPE>                                 YEAR
<FISCAL-YEAR-END>                          MAY-31-1998
<PERIOD-END>                               MAY-31-1998
<INVESTMENTS-AT-COST>                       15,185,353
<INVESTMENTS-AT-VALUE>                      30,076,551
<RECEIVABLES>                                   41,088
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             3,093
<TOTAL-ASSETS>                              30,120,732
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       30,389
<TOTAL-LIABILITIES>                             30,389
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    14,467,824
<SHARES-COMMON-STOCK>                        2,631,444
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        5,923
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        725,398
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    14,891,198
<NET-ASSETS>                                30,090,343
<DIVIDEND-INCOME>                               68,964
<INTEREST-INCOME>                               12,448
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  75,559
<NET-INVESTMENT-INCOME>                          5,853
<REALIZED-GAINS-CURRENT>                       725,398
<APPREC-INCREASE-CURRENT>                      194,080
<NET-CHANGE-FROM-OPS>                          925,331
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     30,869,882
<NUMBER-OF-SHARES-REDEEMED>                  1,704,870
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      30,090,343
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           44,695
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                143,995
<AVERAGE-NET-ASSETS>                        15,210,970
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                           1.43
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.43
<EXPENSE-RATIO>                                   1.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FORUM FUNDS ANNUAL REPORT DATED MAY 31, 1998 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
   <NUMBER> 029
   <NAME> INTERNATIONAL EQUITY FUND
       
<S>                                            <C>
<PERIOD-TYPE>                                 YEAR
<FISCAL-YEAR-END>                          MAY-31-1998
<PERIOD-END>                               MAY-31-1998
<INVESTMENTS-AT-COST>                            7,566
<INVESTMENTS-AT-VALUE>                           8,885
<RECEIVABLES>                                    6,833
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             5,675
<TOTAL-ASSETS>                                  21,393
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       12,532
<TOTAL-LIABILITIES>                             12,532
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         7,500
<SHARES-COMMON-STOCK>                              737
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                           33
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              9
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         1,319
<NET-ASSETS>                                     8,861
<DIVIDEND-INCOME>                                   60
<INTEREST-INCOME>                                   17
<OTHER-INCOME>                                       2
<EXPENSES-NET>                                      46
<NET-INVESTMENT-INCOME>                             33
<REALIZED-GAINS-CURRENT>                             9
<APPREC-INCREASE-CURRENT>                        1,319
<NET-CHANGE-FROM-OPS>                            1,361
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          7,500
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                           8,861
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 22,974
<AVERAGE-NET-ASSETS>                             7,747
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .04
<PER-SHARE-GAIN-APPREC>                           1.98
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.02
<EXPENSE-RATIO>                                   1.36
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FORUM FUNDS ANNUAL REPORT DATED MAY 31, 1998 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
   <NUMBER> 031
   <NAME> EQUITY INDEX FUND
       
<S>                                            <C>
<PERIOD-TYPE>                                 YEAR
<FISCAL-YEAR-END>                          MAY-31-1998
<PERIOD-END>                               MAY-31-1998
<INVESTMENTS-AT-COST>                        4,476,971
<INVESTMENTS-AT-VALUE>                       5,038,846
<RECEIVABLES>                                    8,885
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             2,407
<TOTAL-ASSETS>                               5,050,138
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       12,532
<TOTAL-LIABILITIES>                             12,532
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     4,447,400
<SHARES-COMMON-STOCK>                          430,967
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       28,354
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           (23)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       561,875
<NET-ASSETS>                                 5,037,606
<DIVIDEND-INCOME>                               29,516
<INTEREST-INCOME>                                3,005
<OTHER-INCOME>                                     769
<EXPENSES-NET>                                   4,936
<NET-INVESTMENT-INCOME>                         28,354
<REALIZED-GAINS-CURRENT>                          (23)
<APPREC-INCREASE-CURRENT>                      561,875
<NET-CHANGE-FROM-OPS>                          590,206
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      4,452,945
<NUMBER-OF-SHARES-REDEEMED>                      5,545
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       5,037,606
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 45,119
<AVERAGE-NET-ASSETS>                         4,607,722
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .07
<PER-SHARE-GAIN-APPREC>                           1.62
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.69
<EXPENSE-RATIO>                                    .25
<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
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FORUM FUNDS ANNUAL REPORT DATED MAY 31, 1998 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
   <NUMBER> 032
   <NAME> SMALL COMPANY OPPORTUNITIES FUND
       
<S>                                            <C>
<PERIOD-TYPE>                                 YEAR
<FISCAL-YEAR-END>                          MAY-31-1998
<PERIOD-END>                               MAY-31-1998
<INVESTMENTS-AT-COST>                            5,009
<INVESTMENTS-AT-VALUE>                           4,859
<RECEIVABLES>                                    3,014
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             5,079
<TOTAL-ASSETS>                                  12,952
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        8,100
<TOTAL-LIABILITIES>                              8,100
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         5,000
<SHARES-COMMON-STOCK>                              500
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                          (8)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             10
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         (150)
<NET-ASSETS>                                     4,852
<DIVIDEND-INCOME>                                    6
<INTEREST-INCOME>                                    2
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      16
<NET-INVESTMENT-INCOME>                            (8)
<REALIZED-GAINS-CURRENT>                            10
<APPREC-INCREASE-CURRENT>                        (150)
<NET-CHANGE-FROM-OPS>                            (148)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          5,000
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                           4,852
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                2
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 15,746
<AVERAGE-NET-ASSETS>                             5,048
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                  (.01)
<PER-SHARE-GAIN-APPREC>                          (.29)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.70
<EXPENSE-RATIO>                                   1.87
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FORUM FUNDS ANNUAL REPORT DATED MAY 31, 1998 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
   <NUMBER> 032
   <NAME> EMERGING MARKETS FUND
       
<S>                                            <C>
<PERIOD-TYPE>                                 YEAR
<FISCAL-YEAR-END>                          MAY-31-1998
<PERIOD-END>                               MAY-31-1998
<INVESTMENTS-AT-COST>                            7,698
<INVESTMENTS-AT-VALUE>                           7,091
<RECEIVABLES>                                   10,200
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             2,324
<TOTAL-ASSETS>                                  19,615
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       12,532
<TOTAL-LIABILITIES>                             12,532
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         7,500
<SHARES-COMMON-STOCK>                              763
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                           33
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            157
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         (607)
<NET-ASSETS>                                     7,083
<DIVIDEND-INCOME>                                   70
<INTEREST-INCOME>                                   16
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      53
<NET-INVESTMENT-INCOME>                             33
<REALIZED-GAINS-CURRENT>                           157
<APPREC-INCREASE-CURRENT>                        (607)
<NET-CHANGE-FROM-OPS>                            (417)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          7,500
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                           7,083
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 18,881
<AVERAGE-NET-ASSETS>                             7,218
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .04
<PER-SHARE-GAIN-APPREC>                          (.76)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.28
<EXPENSE-RATIO>                                   1.69
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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