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<PAGE> PAGE 2
012 C03AA01 04101
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10048
014 A00AA01 FORUM FINANCIAL SERVICES, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE MICHAEL MARTINS
TITLE ASST. TREASURER
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM CUTLER APPROVED LIST EQUITY FUND DATED 6/30/96 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
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<NAME> CUTLER APPROVED LIST EQUITY FUND
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<TABLE> <S> <C>
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<LEGEND>
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<NAME> CUTLER EQUITY INCOME FUND
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 440,764
<AVERAGE-NET-ASSETS> 45,026,490
<PER-SHARE-NAV-BEGIN> 10.96
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> 2.13
<PER-SHARE-DIVIDEND> .35
<PER-SHARE-DISTRIBUTIONS> .14
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.95
<EXPENSE-RATIO> .98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
CUTLER GOVERNMENT SECURITIES FUND DATED 6/30/96 AND IS QUALIFIED
IN INTS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 030
<NAME> CUTLER GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 6,494,703
<INVESTMENTS-AT-VALUE> 6,289,131
<RECEIVABLES> 99,859
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,388,990
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,723
<TOTAL-LIABILITIES> 8,723
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,623,239
<SHARES-COMMON-STOCK> 650,527
<SHARES-COMMON-PRIOR> 672,700
<ACCUMULATED-NII-CURRENT> 1,713
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (39,113)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (205,572)
<NET-ASSETS> 6,380,267
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 413,936
<OTHER-INCOME> 0
<EXPENSES-NET> 49,667
<NET-INVESTMENT-INCOME> 364,269
<REALIZED-GAINS-CURRENT> (36,871)
<APPREC-INCREASE-CURRENT> (152,375)
<NET-CHANGE-FROM-OPS> 175,023
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 362,556
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,066,999
<NUMBER-OF-SHARES-REDEEMED> 1,628,925
<SHARES-REINVESTED> 334,143
<NET-CHANGE-IN-ASSETS> (415,316)
<ACCUMULATED-NII-PRIOR> 276,319
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,509
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 94,421
<AVERAGE-NET-ASSETS> 6,603,743
<PER-SHARE-NAV-BEGIN> 10.10
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> (.29)
<PER-SHARE-DIVIDEND> .55
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.81
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
