<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 Y
070 P010500 Y
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 3672
071 B000500 2298
071 C000500 3529
071 D000500 65
072 A000500 12
072 B000500 19
072 C000500 30
072 D000500 0
<PAGE> PAGE 22
072 E000500 0
072 F000500 76
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 9
072 K000500 0
072 L000500 17
072 M000500 8
072 N000500 1
072 O000500 0
072 P000500 0
072 Q000500 49
072 R000500 21
072 S000500 30
072 T000500 0
072 U000500 5
072 V000500 0
072 W000500 3
072 X000500 219
072 Y000500 90
072 Z000500 -80
072AA000500 560
072BB000500 0
072CC010500 592
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 465
073 A010500 0.0000
073 A020500 0.0000
073 B000500 1.4919
073 C000500 0.0000
074 A000500 660
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 125
074 F000500 4657
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 27
074 K000500 15
074 L000500 7
074 M000500 11
074 N000500 5502
074 O000500 14
074 P000500 19
074 Q000500 0
074 R010500 0
<PAGE> PAGE 23
074 R020500 0
074 R030500 0
074 R040500 36
074 S000500 0
074 T000500 5433
074 U010500 343
074 U020500 0
074 V010500 15.86
074 V020500 0.00
074 W000500 0.0000
074 X000500 4
074 Y000500 0
075 A000500 0
075 B000500 3880
076 000500 0.00
SIGNATURE GEORGE M. BOYD
TITLE FUND LEGAL COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The Fulcrum Trust
form N-SAR for the period ended December 31, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> Fulcrum Trust Value Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 8,152,686
<INVESTMENTS-AT-VALUE> 8,690,829
<RECEIVABLES> 38,161
<ASSETS-OTHER> 336,434
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,065,424
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 76,498
<TOTAL-LIABILITIES> 76,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,514,734
<SHARES-COMMON-STOCK> 664,986
<SHARES-COMMON-PRIOR> 487,816
<ACCUMULATED-NII-CURRENT> 399
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (64,350)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 538,143
<NET-ASSETS> 8,988,926
<DIVIDEND-INCOME> 82,706
<INTEREST-INCOME> 28,434
<OTHER-INCOME> 0
<EXPENSES-NET> 110,741
<NET-INVESTMENT-INCOME> 399
<REALIZED-GAINS-CURRENT> 532,066
<APPREC-INCREASE-CURRENT> (8,738)
<NET-CHANGE-FROM-OPS> 523,727
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 611,642
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 330,785
<NUMBER-OF-SHARES-REDEEMED> (198,954)
<SHARES-REINVESTED> 45,339
<NET-CHANGE-IN-ASSETS> 2,395,805
<ACCUMULATED-NII-PRIOR> 23
<ACCUMULATED-GAINS-PRIOR> 15,203
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,869
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 258,233
<AVERAGE-NET-ASSETS> 7,840,351
<PER-SHARE-NAV-BEGIN> 13.50
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.99
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.52
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The Fulcrum Trust
form N-SAR for the period ended December 31, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> Fulcrum Trust Growth Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 3,982,494
<INVESTMENTS-AT-VALUE> 4,446,330
<RECEIVABLES> 87,711
<ASSETS-OTHER> 187,563
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,721,604
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50,309
<TOTAL-LIABILITIES> 50,309
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,806,200
<SHARES-COMMON-STOCK> 388,852
<SHARES-COMMON-PRIOR> 373,580
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (598,741)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 463,836
<NET-ASSETS> 4,671,295
<DIVIDEND-INCOME> 31,660
<INTEREST-INCOME> 7,641
<OTHER-INCOME> 0
<EXPENSES-NET> 57,910
<NET-INVESTMENT-INCOME> (18,609)
<REALIZED-GAINS-CURRENT> (217,499)
<APPREC-INCREASE-CURRENT> 187,404
<NET-CHANGE-FROM-OPS> (48,704)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 171,896
<NUMBER-OF-SHARES-REDEEMED> (156,624)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 197,414
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (381,286)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 19,853
<GROSS-EXPENSE> 239,744
<AVERAGE-NET-ASSETS> 4,755,973
<PER-SHARE-NAV-BEGIN> 11.95
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.01
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The Fulcrum Trust
form N-SAR for the period ended December 31, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> Fulcrum Trust International Growth Portfol
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,704,921
<INVESTMENTS-AT-VALUE> 2,454,841
<RECEIVABLES> 25,495
<ASSETS-OTHER> 222,805
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,703,141
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,687
<TOTAL-LIABILITIES> 38,687
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,197,592
<SHARES-COMMON-STOCK> 297,947
<SHARES-COMMON-PRIOR> 329,943
<ACCUMULATED-NII-CURRENT> 13,007
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (296,037)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (250,108)
<NET-ASSETS> 2,664,454
<DIVIDEND-INCOME> 50,462
<INTEREST-INCOME> 8,121
<OTHER-INCOME> 0
<EXPENSES-NET> 42,995
<NET-INVESTMENT-INCOME> 15,588
<REALIZED-GAINS-CURRENT> (291,313)
<APPREC-INCREASE-CURRENT> 25,567
<NET-CHANGE-FROM-OPS> (250,158)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 95,378
<NUMBER-OF-SHARES-REDEEMED> (127,374)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (550,271)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (94)
<OVERDIST-NET-GAINS-PRIOR> (7,211)
<GROSS-ADVISORY-FEES> 1,485
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144,843
<AVERAGE-NET-ASSETS> 2,815,555
<PER-SHARE-NAV-BEGIN> 9.72
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.83)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.94
<EXPENSE-RATIO> 1.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The Fulcrum Trust
form N-SAR for the period ended December 31, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 014
<NAME> Fulcrum Trust Strategic Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,869,611
<INVESTMENTS-AT-VALUE> 1,894,262
<RECEIVABLES> 40,460
<ASSETS-OTHER> 238,269
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,172,991
<PAYABLE-FOR-SECURITIES> 24,542
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,089
<TOTAL-LIABILITIES> 53,631
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,098,476
<SHARES-COMMON-STOCK> 207,348
<SHARES-COMMON-PRIOR> 273,302
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,767)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,651
<NET-ASSETS> 2,119,360
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 84,097
<OTHER-INCOME> 0
<EXPENSES-NET> 33,804
<NET-INVESTMENT-INCOME> 50,293
<REALIZED-GAINS-CURRENT> (12,556)
<APPREC-INCREASE-CURRENT> 52,055
<NET-CHANGE-FROM-OPS> 89,792
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,856
<DISTRIBUTIONS-OF-GAINS> 49,760
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112,047
<NUMBER-OF-SHARES-REDEEMED> (183,153)
<SHARES-REINVESTED> 5,152
<NET-CHANGE-IN-ASSETS> (588,514)
<ACCUMULATED-NII-PRIOR> 1,131
<ACCUMULATED-GAINS-PRIOR> 9,981
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,354
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 111,090
<AVERAGE-NET-ASSETS> 1,551,096
<PER-SHARE-NAV-BEGIN> 9.88
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.39
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.28
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.22
<EXPENSE-RATIO> 2.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The Fulcrum Trust
form N-SAR for the period ended December 31, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 015
<NAME> Fulcrum Trust Global Interactive/Telecomm Po
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 3,792,888
<INVESTMENTS-AT-VALUE> 4,782,565
<RECEIVABLES> 49,188
<ASSETS-OTHER> 669,926
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,501,679
<PAYABLE-FOR-SECURITIES> 13,296
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,134
<TOTAL-LIABILITIES> 68,430
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,437,756
<SHARES-COMMON-STOCK> 342,587
<SHARES-COMMON-PRIOR> 226,425
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,816
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 989,677
<NET-ASSETS> 5,433,249
<DIVIDEND-INCOME> 30,458
<INTEREST-INCOME> 18,996
<OTHER-INCOME> 0
<EXPENSES-NET> 129,255
<NET-INVESTMENT-INCOME> (79,801)
<REALIZED-GAINS-CURRENT> 560,131
<APPREC-INCREASE-CURRENT> 591,625
<NET-CHANGE-FROM-OPS> 1,071,955
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 464,938
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 195,105
<NUMBER-OF-SHARES-REDEEMED> (108,258)
<SHARES-REINVESTED> 29,315
<NET-CHANGE-IN-ASSETS> 2,410,190
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (89)
<OVERDIST-NET-GAINS-PRIOR> (9,487)
<GROSS-ADVISORY-FEES> 76,082
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 219,240
<AVERAGE-NET-ASSETS> 3,879,573
<PER-SHARE-NAV-BEGIN> 13.32
<PER-SHARE-NII> (0.23)
<PER-SHARE-GAIN-APPREC> 4.26
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 1.49
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.86
<EXPENSE-RATIO> 3.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
To the Shareholders and Board of Trustees of The Fulcrum Trust:
In planning and performing our audits of the financial statements of The Fulcrum
Trust for the year ended December 31, 1998, we considered its internal control,
including control activities over safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of The Fulcrum Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management and the
Board of Directors of The Fulcrum Trust and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 10, 1999
77D. Policies with Respect to Security Investment
At the Trust's special meeting of shareholders held on June 8, 1998,
shareholders of Global Strategic Income Portfolio changed the Portfolio's
investment objective to reduce the global emphasis, adopted new non-fundamental
investment policies consistent with the new investment objective and changed the
name of the Portfolio to the Strategic Income Portfolio.
The new policies allow the Portfolio to allocate its assets among debt
securities in three separate areas: 1) investment grade corporate debt
securities and securities issued or guaranteed as to principal or interest by
the U.S. Government or its agencies or instrumentalities; 2) below investment
grade corporate debt securities; and 3) foreign securities which include
government debt of developed and emerging markets, corporate obligations of
foreign companies, and debt obligations of supranational entities. The Portfolio
will select particular debt securities based on their relative value merits.
The new investment policies differs from the current ones by eliminating certain
policies specific to foreign securities. The change is consistent with the new
investment objective's decreased focus of foreign fixed-income securities.
77C. Matters Submitted to a Vote of Security Holders
A special meeting of the Trust's shareholders was held on September 15, 1998 at
which shareholders approved one proposal. The voting results were as follows:
Proposal 1 To approve a new Portfolio Manager Agreement, pursuant to
which Analytic Investors, Inc. would serve as Portfolio
Manager to The Growth Portfolio.
<TABLE>
<S> <C> <C> <C> <C>
Shares Against Shares Abstaining Percent of Shares Voted
Shares For
Growth 405,014 4,350 11,994 100.00%
</TABLE>
