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OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND
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Two Portland Square, Portland, Maine 04101
Shareholder Inquiries
[LOGO]
Forum Shareholder Services, LLC
P.O. Box 446, Portland, Maine 04112
(207)879-0001 (800)625-4255
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SEMI-ANNUAL REPORT
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September 30, 1998
Dear Fellow Shareholder:
The quarter ending September 30, 1998 was one of the most challenging and
difficult your managers at Oak Hall can recall. The Russell 2000 Index of small
capitalization stocks was down 20.24% during the quarter with many of the stocks
in the Index down 40 - 50%. The Oak Hall Small Cap Contrarian Fund was down
25.18% during the quarter due in some small part to the fact that we had a
strong first half of the year and were thus vulnerable to the profit-taking that
ran rampant over the summer. The old adage of fear replacing greed as the
psychological underpinning of the equity market was never so apparent as it was
during the July - September period. The only positive signs were that the month
of September saw the Fund's net asset value increase more than 5% and long-term
interest rates fell below 5%, which we believe is very bullish for long-term
investing prospects. The six month total return for Oak Hall Small Cap
Contrarian Fund is down 25.36% versus the Russell 2000 which is down 23.89%. The
Fund's 1-year, 5-year and since inception (June 30, 1992) average annual total
return for the period ending September 30, 1998 is -15.13%, 5.79% and 10.15%,
respectively, compared to the Russell 2000 which had average annual total
returns of -18.89%, 8.60% and 11.94%, respectively*.
The Fund was relatively quiet during the quarter with only a few additions and
deletions. We sold Vanguard Cellular because it exceeded our price expectations
substantially; we sold Ceanic Corp. because it was taken over by a foreign
competitor and we sold Weider Nutrition because there was a substantial negative
change in the fundamentals. On the acquisition side we bought Cavalier Homes, a
manufactured housing builder; Belden, a sophisticated wire and cable
manufacturer; Pier One, a home furnishing retailer and Newpark Resources, an oil
field services company. These four stocks totaled 9.26% of the portfolio as of
September 30, 1998. Each of these new positions have solid fundamentals,
although the stock prices are down substantially from their highs. This is Oak
Hall's style of investing, and as you can imagine, we are now confronted with an
inordinately high number of new investment ideas due to the correction that has
occurred in the broad market.
As for our current investment outlook, most of the macro issues are well
documented, including the financial problems in the Pacific Rim and especially
in Japan, the spreading risk in Latin America and of course the never-ending
problems surrounding the President. Lost in the media frenzy is the simple fact
that corporate earnings are slowing from the unsustainable levels of the last
few years but still should grow at about a 5% rate, which is nothing to be
ashamed of. In the small capitalization area, which has been devastated relative
to the larger capitalization indices such as the Dow Jones Industrials and the
S&P 500 averages, earnings growth will likely be substantially higher than the
more modest levels of the larger companies.
We at Oak Hall think it is very important to point out that there are many
positive signs that are presently being ignored. Long-term interest rates are at
30-year lows. Inflation is still very benign and we believe talk of deflation is
untimely and often misinformed. Small cap stocks are at historic discounts to
large cap and represent, in many cases, extraordinary values. We remain very
optimistic about the future and intend to take full advantage of the exceptional
investment options that recent market tumult has generated.
Edward M. Cimilluca, Portfolio Manager
John Morosani, Portfolio Manager
Oak Hall Capital Advisors, Inc.
* PAST PERFORMANCE IS NOT GUARANTEE OF FUTURE RESULTS. THE FUND'S AVERAGE ANNUAL
TOTAL RETURN ASSUMES REINVESTMENT OF ALL DIVIDEND AND CAPITAL GAIN
DISTRIBUTIONS. 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. DURING THIS PERIOD SOME OF THE FUND'S FEES WERE WAIVED OR
EXPENSES REIMBURSED; WITHOUT SUCH WAIVERS OR REIMBURSEMENTS, PERFORMANCE WOULD
HAVE BEEN LOWER. THE RUSSELL 2000 IS A CAPITALIZATION WEIGHTED INDEX OF 2000
SMALL CAPITALIZATION U.S. COMPANIES. THE RUSSELL 2000 IS NOT A MANAGED
PORTFOLIO IN WHICH SHAREHOLDERS MAY INVEST.
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OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1998
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<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
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<C> <S> <C>
COMMON STOCK (94.6%)
APPAREL & ACCESSORY STORES (9.1%)
11,200 Claire's Stores, Inc........................................ $ 201,600
4,800 Footstar, Inc.(a)........................................... 108,900
8,600 Gadzooks, Inc.(a)........................................... 79,012
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389,512
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AUTOMOTIVE RETAIL (2.7%)
10,800 LoJack Corp.(a)............................................. 116,100
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BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS (7.6%)
16,300 Cavalier Homes, Inc......................................... 151,794
7,500 Champion Enterprises, Inc.(a)............................... 174,375
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326,169
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BUSINESS SERVICES (6.5%)
5,300 ADVO, Inc.(a)............................................... 129,519
6,700 Harte-Hanks, Inc............................................ 149,912
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279,431
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CONSTRUCTION-SPECIAL TRADE CONTRACTORS (5.1%)
5,000 Comfort Systems USA, Inc.(a)................................ 100,625
7,900 Watsco, Inc................................................. 118,500
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219,125
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DEPOSITORY INSTITUTIONS (2.0%)
2,000 Astoria Financial Corp...................................... 84,250
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EATING & DRINKING PLACES (5.8%)
5,200 Outback Steakhouse, Inc.(a)................................. 137,150
10,300 RARE Hospitality International, Inc.(a)..................... 110,725
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247,875
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ELECTRONIC & COMPUTER RELATED EQUIPMENT (1.6%)
5,485 Vishay Intertechnology, Inc.(a)............................. 66,163
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HEALTH SERVICES (8.4%)
14,100 American Oncology Resources, Inc.(a)........................ 142,763
18,500 Physician Reliance Network, Inc.(a)......................... 217,375
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360,138
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<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
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<C> <S> <C>
HOME FURNITURE, FURNISHINGS & EQUIPMENT
STORES (4.1%)
20,000 Bombay Co., Inc.(a)......................................... $ 106,250
9,400 Pier 1 Imports, Inc......................................... 70,500
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176,750
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INDUSTRIAL & COMMERCIAL MACHINERY (2.0%)
2,700 Pentair, Inc................................................ 87,075
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MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS;
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (3.1%)
7,600 Roper Industries, Inc....................................... 132,050
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MOTION PICTURES (2.7%)
6,300 Carmike Cinemas, Inc.(a).................................... 115,762
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OIL & GAS EXTRACTION (10.2%)
43,400 Abacan Resource Corp.(a).................................... 9,496
33,100 Meridian Resource Corp.(a).................................. 142,744
11,000 Snyder Oil Corp............................................. 175,312
18,500 Southern Pacific Petroleum NL(a)............................ 37,000
7,200 Triton Energy Ltd.(a)....................................... 71,550
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436,102
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PETROLEUM REFINING & RELATED INDUSTRIES (3.4%)
6,500 Input/Output, Inc.(a)....................................... 51,594
13,900 Newpark Resources, Inc.(a).................................. 95,563
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147,157
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PRIMARY METAL INDUSTRIES (4.9%)
5,100 Belden, Inc................................................. 68,531
8,200 Essex International, Inc.(a)................................ 140,425
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208,956
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REAL ESTATE (4.1%)
10,700 Capital Automotive REIT..................................... 125,056
6,700 Ocwen Asset Investment Corp................................. 52,344
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177,400
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</TABLE>
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SEE NOTES TO FINANCIAL STATEMENTS. FORUM FUNDS-REGISTERED TRADEMARK-
2
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OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
SEPTEMBER 30, 1998
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<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
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RETAIL SALES (5.7%)
<C> <S> <C>
11,700 Petco Animal Supplies, Inc.(a).............................. $ 105,300
5,500 Zale Corp.(a)............................................... 140,937
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246,237
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SOFTWARE (2.9%)
6,400 Inso Corp.(a)............................................... 122,400
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TEXTILE MILL PRODUCTS (2.7%)
7,200 Shaw Industries, Inc........................................ 117,000
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TOTAL COMMON STOCK (COST $4,918,134)............................................ 4,055,652
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<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
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<C> <S> <C>
SHORT-TERM HOLDINGS (5.4%)
15,135 Boston 1784 Institutional U.S. Treasury Money Market Fund... $ 15,135
215,545 Dreyfus Government Cash Management Fund..................... 215,545
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TOTAL SHORT-TERM HOLDINGS (COST $230,680)....................................... 230,680
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TOTAL INVESTMENTS (100.0%) (COST $5,148,814).................................... $ 4,286,332
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</TABLE>
(a) Non-income producing security.
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SEE NOTES TO FINANCIAL STATEMENTS. FORUM FUNDS-REGISTERED TRADEMARK-
3
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OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
SEPTEMBER 30, 1998
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<TABLE>
<S> <C>
ASSETS:
Investments (Note 2):
Investments at cost....................................................... $ 5,148,814
Net unrealized appreciation (depreciation)................................ (862,482)
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Total investments at value.............................................. 4,286,332
Interest, dividends and other receivables................................... 4,057
Receivable for securities sold.............................................. 6,713
Receivable for Fund shares sold............................................. 19,990
Receivable from Adviser (Note 3)............................................ 49,808
Prepaid expenses............................................................ 17,003
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Total assets.................................................................... 4,383,903
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LIABILITIES:
Payable to Administrator (Note 3)........................................... 7,408
Accrued fees and other expenses............................................. 47,278
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Total liabilities............................................................... 54,686
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NET ASSETS...................................................................... $ 4,329,217
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COMPONENTS OF NET ASSETS:
Paid in capital............................................................. $ 4,648,529
Undistributed net investment income (loss).................................. (19,431)
Unrealized appreciation (depreciation) on investments....................... (862,482)
Accumulated net realized gain (loss)........................................ 562,601
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NET ASSETS...................................................................... $ 4,329,217
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SHARES OF BENEFICIAL INTEREST................................................... 280,762
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NET ASSET VALUE (OFFERING AND REDEMPTION PRICE PER SHARE)....................... $ 15.42
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</TABLE>
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SEE NOTES TO FINANCIAL STATEMENTS. FORUM FUNDS-REGISTERED TRADEMARK-
4
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OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1998
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<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividend income................................................................. $ 17,202
Interest income................................................................. 7,887
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Total investment income............................................................. 25,089
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EXPENSES:
Investment advisory (Note 3).................................................... 22,223
Administration (Note 3)......................................................... 7,408
Transfer Agent (Note 3)......................................................... 8,886
Custody......................................................................... 4,907
Accounting (Note 3)............................................................. 19,000
Audit........................................................................... 9,535
Directors....................................................................... 297
Legal........................................................................... 6,486
Registration.................................................................... 7,742
Reporting....................................................................... 7,259
Miscellaneous................................................................... 4,268
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Total expenses...................................................................... 98,011
Expenses reimbursed and fees waived (Note 3).................................... (53,491)
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Net expenses........................................................................ 44,520
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NET INVESTMENT INCOME (LOSS)........................................................ (19,431)
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NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments sold.................................... 563,193
Net change in unrealized appreciation (depreciation) on investments............. (2,138,837)
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NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS.............................. (1,575,644)
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NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS..................... $ (1,595,075)
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</TABLE>
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SEE NOTES TO FINANCIAL STATEMENTS. FORUM FUNDS-REGISTERED TRADEMARK-
5
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OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND
STATEMENTS OF CHANGES IN NET ASSETS
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<TABLE>
<CAPTION>
SIX MONTHS
ENDED
SEPTEMBER 30, YEAR NINE MONTHS
1998 ENDED ENDED
(UNAUDITED) MARCH 31, 1998 MARCH 31, 1997
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<C> <S> <C> <C> <C>
NET ASSETS - Beginning of Period............. $ 7,207,925 $ 7,310,193 $ 12,257,172
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OPERATIONS:
Net investment income (loss)............. (19,431) (84,363) (81,451)
Net realized gain (loss) on investments
sold................................... 563,193 1,344,532 1,549,981
Net change in unrealized appreciation
(depreciation) on investments.......... (2,138,837) 1,304,798 (1,235,295)
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Net increase (decrease) in net assets
resulting from operations............ (1,595,075) 2,564,967 233,235
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CAPITAL SHARE TRANSACTIONS (a):
Sale of shares........................... 189,442 2,446,775 77,336
Redemption of shares..................... (1,473,075) (5,114,010) (5,257,550)
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Net increase (decrease) from capital
transactions......................... (1,283,633) (2,667,235) (5,180,214)
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Net increase (decrease)................ (2,878,708) (102,268) (4,946,979)
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NET ASSETS - End of Period (b)............... $ 4,329,217 $ 7,207,925 $ 7,310,193
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(a) Shares Issued (Redeemed)
Sale of shares........................ 9,925 138,550 5,429
Redemption of shares.................. (77,979) (319,320) (376,722)
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Net increase (decrease) in shares... $ (68,054) $ (180,770) $ (371,293)
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(b) Includes undistributed net investment
income (loss) of....................... $ (19,431.00) $ -- $ --
</TABLE>
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SEE NOTES TO FINANCIAL STATEMENTS. FORUM FUNDS-REGISTERED TRADEMARK-
6
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OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND
FINANCIAL HIGHLIGHTS
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SELECTED DATA FOR A SHARE OF THE FUND OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED NINE MONTHS
SEPTEMBER 30, YEAR ENDED ENDED YEAR ENDED YEAR ENDED YEAR ENDED
1998 MARCH 31, MARCH 31, JUNE 30, JUNE 30, JUNE 30,
(UNAUDITED) 1998 1997 1996 1995 1994
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<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period......... $ 20.66 $ 13.80 $ 13.61 $ 11.33 $ 12.55 $ 14.30
------------- ---------- ----------- ---------- ---------- ----------
Investment Operations
Net Investment Income (Loss)............... (0.07) (0.24) (0.15) (0.32)(a) (0.03)(a) (0.09)
Net Realized and Unrealized Investment Gain
(Loss) on Investments.................... (5.17) 7.10 0.34 2.60 (0.10) (0.52)
------------- ---------- ----------- ---------- ---------- ----------
Total from Investment Operations............. (5.24) 6.86 0.19 2.28 (0.13) (0.61)
Distributions from
Net Realized Gain on Investments........... -- -- -- -- (1.09) (1.14)
------------- ---------- ----------- ---------- ---------- ----------
Net Asset Value, End of Period............... $ 15.42 $ 20.66 $ 13.80 $ 13.61 $ 11.33 $ 12.55
------------- ---------- ----------- ---------- ---------- ----------
------------- ---------- ----------- ---------- ---------- ----------
Total Return................................. (25.36)% 49.71 % 1.40 % 20.12 % (1.07)% (5.14)%
Ratio/Supplementary Data:
Net Assets at End of Period (000's
omitted).................................... $ 4,329 $ 7,208 $ 7,310 $12,257 $16,399 $35,470
Ratios to Average Net Assets:
Expenses................................... 1.50 %(b) 1.93 % 2.00 %(b) 2.00 % 2.00 % 2.01 %
Expenses excluding reimbursement/waiver.... 3.31 %(b) 2.96 % 2.93 %(b) 2.44 % -- 2.17 %
Net investment income (loss)............... (0.66)%(b) (1.29)% (1.13)%(b) (1.14)% (0.23)% (0.96)%
Average Commission Rate (c).................. $0.0553 $0.0629 $0.0673 $0.0601 N/A N/A
Portfolio Turnover Rate...................... 44.91 % 100.61 % 95.05 % 157.01 % 115.33 % 168.61 %
</TABLE>
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(a) Calculated using the weighted average shares outstanding.
(b) Annualized.
(c) 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.
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FORUM FUNDS-REGISTERED TRADEMARK-
7
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OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 1998
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NOTE 1. ORGANIZATION
Forum Funds-Registered Trademark- (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 Oak Hall-Registered Trademark- Small Cap
Contrarian Fund (the "Fund"), a diversified portfolio of the Trust that
commenced operations on July 13, 1992. On February 12, 1998, Oak Hall-Registered
Trademark- Equity Fund was renamed Oak Hall-Registered Trademark- Small Cap
Contrarian Fund.
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 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.
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
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FORUM FUNDS-REGISTERED TRADEMARK-
8
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OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 1998
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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.
NOTE 3. ADVISORY FEES, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISER--The investment adviser to the Fund is Oak
Hall-Registered Trademark- Capital Advisors, L.P. (the "Adviser"). Pursuant
to an Investment Advisory Agreement, the Adviser receives an advisory fee
from the Fund at an annual rate of 0.75% of the average daily net assets of
the Fund. The Adviser has voluntarily waived a portion of its fees, and
assumed certain expenses of the Fund, so that total expenses of the Fund
would not exceed 1.50% of average net assets. For the six months ended
September 30, 1998, fees waived and expenses reimbursed were $22,223 and
$31,268, respectively.
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.
SHAREHOLDER SERVICE AGENT--The Trust has adopted a shareholder servicing
plan with respect to the Fund under which the Trust pays FAdS a shareholder
servicing fee at an annual rate of 0.25% of the average daily net assets of
the Fund. FAdS may pay any or all amounts of these payments to various
institutions that provide shareholder servicing to their clients.
DISTRIBUTOR--Forum Financial Services, Inc.-Registered Trademark- ("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.
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FORUM FUNDS-REGISTERED TRADEMARK-
9
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OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 1998
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NOTE 4. SECURITY TRANSACTIONS
Purchases and sales of investment securities, other than short-term investments,
totaled $2,473,883 and $3,597,021 respectively, for the six months ended
September 30, 1998. Brokerage transactions may be conducted through affiliates
of the Adviser. For the six months ended September 30, 1998, $25 was paid to
American Securities Corp., an affiliate of the Adviser.
For federal income tax purposes, the tax basis of investment securities owned as
of September 30, 1998, was $5,148,814 and the net unrealized depreciation of
investment securities was $862,482. The aggregate gross unrealized appreciation
for all securities in which there was an excess of market value over tax cost
was $411,786 and the aggregate gross unrealized depreciation for all securities
in which there was an excess of tax cost over market value was $1,274,268.
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FORUM FUNDS-REGISTERED TRADEMARK-
10
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INVESTMENT ADVISER
Oak Hall-Registered Trademark- Capital Advisors, L.P.
122 East 42nd Street--24th Floor
New York, New York 10168
http://www.oakhallfund.com
CUSTODIAN
Investors Bank & Trust Company
200 Clarendon Street, 16th Floor
Boston, Massachusetts 02116
TRUSTEES
John Y. Keffer
Costas Azariadis
James C. Cheng
J. Michael Parish
ADMINISTRATOR
Forum Administrative Services, LLC
Two Portland Square
Portland, Maine 04101
DISTRIBUTOR
Forum Financial Services, Inc.-Registered Trademark-
Two Portland Square
Portland, Maine 04101
THIS REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO
SHAREHOLDERS AND TO OTHERS WHO HAVE RECEIVED A
COPY OF THE OAK HALL-REGISTERED TRADEMARK- SMALL CAP CONTRARIAN FUND PROSPECTUS.
OAK HALL-REGISTERED TRADEMARK-
SMALL CAP CONTRARIAN FUND
SEMI-ANNUAL REPORT
(unaudited)
September 30, 1998
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