<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000917323
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE FULCRUM TRUST
001 B000000 811-08278
001 C000000 5088553498
002 A000000 440 LINCOLN STREET
002 B000000 WORCESTER
002 C000000 MA
002 D010000 01653
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 THE VALUE PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 THE GROWTH PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 THE INTERNATIONAL GROWTH PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 THE STRATEGIC INCOME PORTFOLO
007 C030400 N
007 C010500 5
007 C020500 THE GLOBAL INTERACTIVE/TELECOMM PORTFOLIO
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
<PAGE> PAGE 2
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
010 A00AA01 INVESTORS BANK & TRUST COMPANY
010 B00AA01 85-720
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 B00AA02 84-1761
010 C01AA02 WESTBOROUGH
010 C02AA02 MA
010 C03AA02 01581
011 A00AA01 ALLMERICA INVESTMENTS, INC.
011 B00AA01 8-801-3984
011 C01AA01 WORCESTER
011 C02AA01 MA
011 C03AA01 01653
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02116
012 A00AA02 FIRST DATA INVESTOR SERVICES GROUP, INC.
012 B00AA02 84-1761
012 C01AA02 WESTBOROUGH
012 C02AA02 MA
012 C03AA02 01581
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 GABELLI & CO., INC.
014 B00AA01 8-01-14132
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02116
015 E01AA01 X
015 A00AA02 CITIBANK, N.A.
015 B00AA02 S
015 C01AA02 -
<PAGE> PAGE 3
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 NATIONAL AUSTRALIA BANK LTD
015 B00AA03 S
015 C01AA03 -
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 BANK AUSTRIA AG
015 B00AA04 S
015 C01AA04 -
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK
015 B00AA05 S
015 C01AA05 -
015 D01AA05 BANGLADESH
015 E04AA05 X
015 A00AA06 PARIBAS
015 B00AA06 S
015 C01AA06 -
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 BANK OF BERMUDA LIMITED
015 B00AA07 S
015 C01AA07 -
015 D01AA07 BERMUDA
015 E04AA07 X
015 A00AA08 BARCLAYS BANK OF BOTSWANA
015 B00AA08 S
015 C01AA08 -
015 D01AA08 BOTSWANA
015 E04AA08 X
015 A00AA09 BANKBOSTON BRAZIL
015 B00AA09 S
015 C01AA09 -
015 D01AA09 BRAZIL
015 E04AA09 X
015 A00AA10 ING BANK
015 B00AA10 S
015 C01AA10 -
015 D01AA10 BULGARIA
015 E04AA10 X
015 A00AA11 ROYAL BANK OF CANADA
015 B00AA11 S
015 C01AA11 -
015 D01AA11 CANADA
015 E04AA11 X
015 A00AA12 BANKBOSTON
015 B00AA12 S
015 C01AA12 SANTIAGO
015 D01AA12 CHILE
<PAGE> PAGE 4
015 E04AA12 X
015 A00AA13 STANDARD CHARTERED BANK
015 B00AA13 S
015 C01AA13 SHANGHAI
015 D01AA13 CHINA
015 E04AA13 X
015 A00AA14 STANDARD CHARTERED BANK
015 B00AA14 S
015 C01AA14 SHENZHEN
015 D01AA14 CHINA
015 E04AA14 X
015 A00AA15 CITITRUST COLOMBIA S.A.
015 B00AA15 S
015 C01AA15 -
015 D01AA15 COLOMBIA
015 E04AA15 X
015 A00AA16 BANK AUSTRIA AG
015 B00AA16 S
015 C01AA16 -
015 D01AA16 CROATIA
015 E04AA16 X
015 A00AA17 CITIBANK A.S.
015 B00AA17 S
015 C01AA17 -
015 D01AA17 CZECH REPUBLIC
015 E04AA17 X
015 A00AA18 UNIBANK A.S.
015 B00AA18 S
015 C01AA18 -
015 D01AA18 DENMARK
015 E04AA18 X
015 A00AA19 CITIBANK N.A.
015 B00AA19 S
015 C01AA19 -
015 D01AA19 ECUADOR
015 E04AA19 X
015 A00AA20 CITIBANK N.A.
015 B00AA20 S
015 C01AA20 -
015 D01AA20 EGYPT
015 E04AA20 X
015 A00AA21 HANSABANK
015 B00AA21 S
015 C01AA21 -
015 D01AA21 ESTONIA
015 E04AA21 X
015 A00AA22 EUROCLEAR / MERITA BANK
015 B00AA22 S
015 C01AA22 -
015 D01AA22 FINLAND
015 E04AA22 X
<PAGE> PAGE 5
015 A00AA23 PARIBAS
015 B00AA23 S
015 C01AA23 -
015 D01AA23 FRANCE
015 E04AA23 X
015 A00AA24 EUROCLEAR / DEUTSCHE BANK A.G.
015 B00AA24 S
015 C01AA24 -
015 D01AA24 GERMANY
015 E04AA24 X
015 A00AA25 BARCLAYS BANK OF GHANA
015 B00AA25 S
015 C01AA25 -
015 D01AA25 GHANA
015 E04AA25 X
015 A00AA26 PARIBAS
015 B00AA26 S
015 C01AA26 -
015 D01AA26 GREECE
015 E04AA26 X
015 A00AA27 STANDARD CHARTERED BANK
015 B00AA27 S
015 C01AA27 -
015 D01AA27 HONG KONG
015 E04AA27 X
015 A00AA28 CITIBANK N.A.
015 B00AA28 S
015 C01AA28 -
015 D01AA28 HUNGARY
015 E04AA28 X
015 A00AA29 EUROCLEAR
015 B00AA29 S
015 C01AA29 -
015 D01AA29 ICELAND
015 E04AA29 X
015 A00AA30 ANZ GRINDLAYS BANK
015 B00AA30 S
015 C01AA30 -
015 D01AA30 INDIA
015 E04AA30 X
015 A00AA31 STANDARD CHARTERED BANK
015 B00AA31 S
015 C01AA31 -
015 D01AA31 INDONESIA
015 E04AA31 X
015 A00AA32 BANK OF IRELAND
015 B00AA32 S
015 C01AA32 -
015 D01AA32 IRELAND
015 E04AA32 X
015 A00AA33 BANK HAPOALIM
<PAGE> PAGE 6
015 B00AA33 S
015 C01AA33 -
015 D01AA33 ISRAEL
015 E04AA33 X
015 A00AA34 PARIBAS
015 B00AA34 S
015 C01AA34 -
015 D01AA34 ITALY
015 E04AA34 X
015 A00AA35 STANDARD CHARTERED BANK
015 B00AA35 S
015 C01AA35 -
015 D01AA35 JAPAN
015 E04AA35 X
015 A00AA36 CITIBANK N.A.
015 B00AA36 S
015 C01AA36 -
015 D01AA36 JORDAN
015 E04AA36 X
015 A00AA37 ABN AMRO BANK KAZAKHSTAN
015 B00AA37 S
015 C01AA37 -
015 D01AA37 KAZAKHSTAN
015 E04AA37 X
015 A00AA38 BARCLAYS BANK KENYA
015 B00AA38 S
015 C01AA38 -
015 D01AA38 KENYA
015 E04AA38 X
015 A00AA39 STANDARD CHARTERED BANK
015 B00AA39 S
015 C01AA39 -
015 D01AA39 KOREA
015 E04AA39 X
015 A00AA40 SOCIETE GENERALE BANK
015 B00AA40 S
015 C01AA40 -
015 D01AA40 LATVIA
015 E04AA40 X
015 A00AA41 VILNIAUS BANKAS AB
015 B00AA41 S
015 C01AA41 -
015 D01AA41 LITHUANIA
015 E04AA41 X
015 A00AA42 EUROCLR/BANQUE ET CAISSE D'ESPARGNE DE L'ETAT
015 B00AA42 S
015 C01AA42 -
015 D01AA42 LUXEMBOURG
015 E04AA42 X
015 A00AA43 STANDARD CHARTERED BANK MALAYSIA BHD
015 B00AA43 S
<PAGE> PAGE 7
015 C01AA43 -
015 D01AA43 MALAYSIA
015 E04AA43 X
015 A00AA44 HONGKONG SHANGHAI BANKING CORP.
015 B00AA44 S
015 C01AA44 -
015 D01AA44 MAURITIUS
015 E04AA44 X
015 A00AA45 BANCOMER S.A.
015 B00AA45 S
015 C01AA45 -
015 D01AA45 MEXICO
015 E04AA45 X
015 A00AA46 CITIBANK MAGHREB
015 B00AA46 S
015 C01AA46 -
015 D01AA46 MOROCCO
015 E04AA46 X
015 A00AA47 MEESPIERSON
015 B00AA47 S
015 C01AA47 -
015 D01AA47 NETHERLANDS
015 E04AA47 X
015 A00AA48 NATIONAL NOMINEES LTD
015 B00AA48 S
015 C01AA48 -
015 D01AA48 NEW ZEALAND
015 E04AA48 X
015 A00AA49 UNION BANK OF NORWAY
015 B00AA49 S
015 C01AA49 -
015 D01AA49 NORWAY
015 E04AA49 X
015 A00AA50 HSBC BANK MIDDLE EAST
015 B00AA50 S
015 C01AA50 -
015 D01AA50 OMAN
015 E04AA50 X
015 A00AA51 STANDARD CHARTERED BANK
015 B00AA51 S
015 C01AA51 -
015 D01AA51 PAKISTAN
015 E04AA51 X
015 A00AA52 CITIBANK N.A.
015 B00AA52 S
015 C01AA52 -
015 D01AA52 PERU
015 E04AA52 X
015 A00AA53 STANDARD CHARTERED BANK
015 B00AA53 S
015 C01AA53 -
<PAGE> PAGE 8
015 D01AA53 PHILIPPINES
015 E04AA53 X
015 A00AA54 BANK POLSKA KASA OPIEKI
015 B00AA54 S
015 C01AA54 -
015 D01AA54 POLAND
015 E04AA54 X
015 A00AA55 CITIBANK PORTUGAL S.A.
015 B00AA55 S
015 C01AA55 -
015 D01AA55 PORTUGAL
015 E04AA55 X
015 A00AA56 BANKAUSTRIA CREDITANSTALT
015 B00AA56 S
015 C01AA56 -
015 D01AA56 ROMANIA
015 E04AA56 X
015 A00AA57 CREDIT SUISSE MOSCOW
015 B00AA57 S
015 C01AA57 -
015 D01AA57 RUSSIA
015 E04AA57 X
015 A00AA58 STANDARD CHARTERED BANK
015 B00AA58 S
015 C01AA58 -
015 D01AA58 SINGAPORE
015 E04AA58 X
015 A00AA59 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B00AA59 S
015 C01AA59 -
015 D01AA59 SLOVAK REPUBLIC
015 E04AA59 X
015 A00AA60 BANK AUSTRIA D.D. LJUBLJANA
015 B00AA60 S
015 C01AA60 -
015 D01AA60 SLOVENIA
015 E04AA60 X
015 A00AA61 STANDARD BANK OF SOUTH AFRICA
015 B00AA61 S
015 C01AA61 -
015 D01AA61 SOUTH AFRICA
015 E04AA61 X
015 A00AA62 PARIBAS
015 B00AA62 S
015 C01AA62 -
015 D01AA62 SPAIN
015 E04AA62 X
015 A00AA63 STANDARD CHARTERED BANK
015 B00AA63 S
015 C01AA63 -
015 D01AA63 SRI LANKA
<PAGE> PAGE 9
015 E04AA63 X
015 A00AA64 SVENSKA HANDELSBANKEN
015 B00AA64 S
015 C01AA64 -
015 D01AA64 SWEDEN
015 E04AA64 X
015 A00AA65 BANK LEU
015 B00AA65 S
015 C01AA65 -
015 D01AA65 SWITZERLAND
015 E04AA65 X
015 A00AA66 STANDARD CHARTERED BANK
015 B00AA66 S
015 C01AA66 -
015 D01AA66 TAIWAN
015 E04AA66 X
015 A00AA67 STANDARD CHARTERED BANK
015 B00AA67 S
015 C01AA67 -
015 D01AA67 THAILAND
015 E04AA67 X
015 A00AA68 CITIBANK, N.A.
015 B00AA68 S
015 C01AA68 -
015 D01AA68 TURKEY
015 E04AA68 X
015 A00AA69 ING BANK
015 B00AA69 S
015 C01AA69 -
015 D01AA69 UKRAINE
015 E04AA69 X
015 A00AA70 MIDLAND BANK
015 B00AA70 S
015 C01AA70 -
015 D01AA70 UNITED KINGDOM
015 E04AA70 X
015 A00AA71 CITIBANK N.A.
015 B00AA71 S
015 C01AA71 -
015 D01AA71 VENEZUELA
015 E04AA71 X
015 A00AA72 BARCLAYS BANK OF ZAMBIA
015 B00AA72 S
015 C01AA72 -
015 D01AA72 ZAMBIA
015 E04AA72 X
015 A00AA73 BARCLAYS BANK OF ZIMBABWE LTD.
015 B00AA73 S
015 C01AA73 -
015 D01AA73 ZIMBABWE
015 E04AA73 X
<PAGE> PAGE 10
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 GABELLI & CO
020 B000001 13-2885006
020 C000001 22
020 A000002 D.E. SHAW SECURITIES
020 C000002 7
020 A000003 NATWEST SECURITIES
020 C000003 5
020 A000004 J.P. MORGAN EQUITIES
020 B000004 13-3224016
020 C000004 5
020 A000005 INSTINET
020 B000005 13-3443395
020 C000005 4
020 A000006 MERRILL LYNCH
020 B000006 13-5674085
020 C000006 2
020 A000007 FRAZER LANIER CO
020 B000007 63-0699887
020 C000007 1
020 A000008 DEUTSCHE BANK SECURITIES CORP.
020 C000008 1
020 A000009 HANDELSBANKEN FONDS/OSLO
020 C000009 1
020 A000010 SCHRODER SECURITIES
020 B000010 13-2697272
020 C000010 1
021 000000 55
022 A000001 MORGAN STANLEY & CO INC
022 B000001 13-2655998
022 C000001 1368
022 D000001 1592
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 1222
022 D000002 44
022 A000003 CHASE SECURITIES, INC.
022 B000003 13-3112953
022 C000003 504
022 D000003 135
022 A000004 HSBC SECURITIES, INC.
022 B000004 13-2650272
022 C000004 359
022 D000004 199
022 A000005 DONALD J. LUFKIN
022 C000005 377
022 D000005 507
022 A000006 HERZOG HEINE GEDULD INC.
022 B000006 13-1955436
<PAGE> PAGE 11
022 C000006 447
022 D000006 152
022 A000007 GABELLI & CO.
022 B000007 13-2885006
022 C000007 346
022 D000007 134
022 A000008 FIRST BOSTON
022 B000008 13-5659485
022 C000008 199
022 D000008 0
022 A000009 DLJ CAPITAL MARKETS
022 C000009 192
022 D000009 0
022 A000010 BEAR STEARNS & CO. INC,
022 B000010 13-4946705
022 C000010 129
022 D000010 76
023 C000000 8062
023 D000000 4891
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
<PAGE> PAGE 12
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 Y
047 00AA00 N
048 00AA00 0.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 Y
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
<PAGE> PAGE 13
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 100
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 Q010000 Y
078 000000 N
080 A00AA00 GULF INSURANCE COMPANY
080 B00AA00 UNDERWRITERS AT LLOYDS & OTHERS
080 C00AA00 24100
081 A00AA00 Y
081 B00AA00 15
082 A00AA00 Y
082 B00AA00 5
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 ALLMERICA FINANCIAL INVESTMENT MNGT SRV. INC.
008 B000101 A
008 C000101 801-44189
008 D010101 WORCESTER
008 D020101 MA
008 D030101 01653
008 A000102 GAMCO INVESTORS, INC.
008 B000102 S
008 C000102 801-14132
008 D010102 RYE
008 D020102 NY
008 D030102 10580
008 A000103 DELETE
008 A000104 DELETE
<PAGE> PAGE 14
008 A000105 DELETE
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 57
028 A020100 6
028 A030100 0
028 A040100 90
028 B010100 61
028 B020100 0
028 B030100 0
028 B040100 131
028 C010100 63
028 C020100 0
028 C030100 0
028 C040100 247
028 D010100 34
028 D020100 0
028 D030100 0
028 D040100 151
028 E010100 78
028 E020100 0
028 E030100 0
028 E040100 815
028 F010100 151
028 F020100 926
028 F030100 0
028 F040100 252
028 G010100 444
028 G020100 932
028 G030100 0
028 G040100 1686
028 H000100 0
055 A000100 Y
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
<PAGE> PAGE 15
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
<PAGE> PAGE 16
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 4803
071 B000100 1248
071 C000100 8285
071 D000100 15
072 A000100 12
072 B000100 9
072 C000100 97
072 D000100 0
072 E000100 0
072 F000100 0
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 53
072 K000100 0
072 L000100 17
072 M000100 10
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 37
072 S000100 23
072 T000100 0
072 U000100 5
072 V000100 0
072 W000100 4
072 X000100 149
072 Y000100 47
072 Z000100 4
072AA000100 1146
072BB000100 0
072CC010100 0
072CC020100 546
072DD010100 6
072DD020100 0
072EE000100 926
073 A010100 0.0100
073 A020100 0.0000
073 B000100 1.7400
073 C000100 0.0000
074 A000100 0
074 B000100 119
<PAGE> PAGE 17
074 C000100 0
074 D000100 0
074 E000100 74
074 F000100 7744
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 8
074 M000100 7
074 N000100 7952
074 O000100 7
074 P000100 2
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 70
074 S000100 0
074 T000100 7873
074 U010100 613
074 U020100 0
074 V010100 12.85
074 V020100 0.00
074 W000100 0.0000
074 X000100 4
074 Y000100 0
075 A000100 0
075 B000100 8472
076 000100 0.00
008 A000201 ALLMERICA FINANCIAL INVESTMENT MNGT SRV. INC.
008 B000201 A
008 C000201 801-44189
008 D010201 WORCESTER
008 D020201 MA
008 D030201 01653
008 A000202 ANALYTIC INVESTORS, INC.
008 B000202 S
008 C000202 801-07082
008 D010202 LOS ANGELES
008 D020202 CA
008 D030202 90017
008 D040202 4211
024 000200 Y
025 A000201 J.P. MORGAN & COMPANY, INC.
025 C000201 E
025 D000201 39
025 D000202 0
025 D000203 0
025 D000204 0
<PAGE> PAGE 18
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 61
028 A020200 0
028 A030200 0
028 A040200 196
028 B010200 29
028 B020200 0
028 B030200 0
028 B040200 33
028 C010200 52
028 C020200 0
028 C030200 0
028 C040200 256
028 D010200 25
028 D020200 0
028 D030200 0
028 D040200 36
028 E010200 67
028 E020200 0
028 E030200 0
028 E040200 552
028 F010200 21
028 F020200 0
028 F030200 0
028 F040200 142
028 G010200 255
028 G020200 0
028 G030200 0
028 G040200 1215
028 H000200 0
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
<PAGE> PAGE 19
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 N
<PAGE> PAGE 20
071 A000200 15840
071 B000200 16644
071 C000200 4517
071 D000200 351
072 A000200 12
072 B000200 18
072 C000200 69
072 D000200 0
072 E000200 0
072 F000200 18
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 64
072 K000200 0
072 L000200 13
072 M000200 6
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 22
072 S000200 13
072 T000200 0
072 U000200 5
072 V000200 0
072 W000200 3
072 X000200 144
072 Y000200 67
072 Z000200 10
072AA000200 926
072BB000200 0
072CC010200 0
072CC020200 56
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 309
074 C000200 39
074 D000200 0
074 E000200 0
074 F000200 4389
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
<PAGE> PAGE 21
074 K000200 4
074 L000200 7
074 M000200 7
074 N000200 4755
074 O000200 0
074 P000200 5
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 47
074 S000200 0
074 T000200 4703
074 U010200 326
074 U020200 0
074 V010200 14.42
074 V020200 0.00
074 W000200 0.0000
074 X000200 3
074 Y000200 0
075 A000200 0
075 B000200 4947
076 000200 0.00
008 A000301 ALLMERICA FINANCIAL INVESTMENT MNGT SRV. INC.
008 B000301 A
008 C000301 801-44189
008 D010301 WORCESTER
008 D020301 MA
008 D030301 01653
008 A000302 BEE & ASSOCIATES
008 B000302 S
008 C000302 801-34538
008 D010302 DENVER
008 D020302 CO
008 D030302 80202
024 000300 N
028 A010300 54
028 A020300 0
028 A030300 0
028 A040300 36
028 B010300 73
028 B020300 0
028 B030300 0
028 B040300 73
028 C010300 3
028 C020300 0
028 C030300 0
028 C040300 76
028 D010300 26
028 D020300 0
028 D030300 0
<PAGE> PAGE 22
028 D040300 103
028 E010300 2
028 E020300 0
028 E030300 0
028 E040300 343
028 F010300 26
028 F020300 0
028 F030300 0
028 F040300 153
028 G010300 184
028 G020300 0
028 G030300 0
028 G040300 784
028 H000300 0
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
<PAGE> PAGE 23
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 Y
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 1590
071 B000300 2027
071 C000300 2778
071 D000300 57
072 A000300 12
072 B000300 6
072 C000300 60
072 D000300 0
072 E000300 0
072 F000300 35
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 55
072 K000300 0
072 L000300 25
072 M000300 3
072 N000300 0
072 O000300 0
<PAGE> PAGE 24
072 P000300 0
072 Q000300 0
072 R000300 12
072 S000300 13
072 T000300 0
072 U000300 5
072 V000300 0
072 W000300 4
072 X000300 152
072 Y000300 74
072 Z000300 -12
072AA000300 324
072BB000300 0
072CC010300 582
072CC020300 0
072DD010300 13
072DD020300 0
072EE000300 0
073 A010300 0.0400
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 43
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 2932
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 104
074 K000300 9
074 L000300 9
074 M000300 7
074 N000300 3104
074 O000300 0
074 P000300 16
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 151
074 S000300 0
074 T000300 2937
074 U010300 240
074 U020300 0
074 V010300 12.22
074 V020300 0.00
074 W000300 0.0000
074 X000300 3
<PAGE> PAGE 25
074 Y000300 0
075 A000300 0
075 B000300 2891
076 000300 0.00
008 A000401 ALLMERICA FINANCIAL INVESTMENT MNGT SRV.INC.
008 B000401 A
008 C000401 801-44189
008 D010401 WORCESTER
008 D020401 MA
008 D030401 01653
008 A000402 ALLMERICA ASSET MANAGEMENT, INC.
008 B000402 S
008 C000402 801-39824
008 D010402 WORCESTER
008 D020402 MA
008 D030402 01653
024 000400 N
025 A000401 DELETE
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 397
028 A020400 0
028 A030400 0
028 A040400 75
028 B010400 37
028 B020400 0
028 B030400 0
028 B040400 22
028 C010400 12
028 C020400 0
028 C030400 0
028 C040400 44
028 D010400 7
028 D020400 0
028 D030400 0
028 D040400 38
028 E010400 16
028 E020400 0
028 E030400 0
028 E040400 322
028 F010400 18
028 F020400 0
028 F030400 0
028 F040400 561
028 G010400 487
<PAGE> PAGE 26
028 G020400 0
028 G030400 0
028 G040400 1062
028 H000400 0
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 2.8
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 15.5
062 N000400 83.2
062 O000400 0.0
062 P000400 13.0
062 Q000400 1.5
062 R000400 0.0
063 A000400 0
063 B000400 16.7
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
<PAGE> PAGE 27
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 2886
071 B000400 2829
071 C000400 2082
071 D000400 136
072 A000400 12
072 B000400 129
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 5
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 49
072 K000400 0
072 L000400 4
072 M000400 2
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 10
072 S000400 7
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 4
072 X000400 81
072 Y000400 43
072 Z000400 91
072AA000400 0
<PAGE> PAGE 28
072BB000400 47
072CC010400 0
072CC020400 105
072DD010400 90
072DD020400 0
072EE000400 1
073 A010400 0.4500
073 A020400 0.0000
073 B000400 0.0045
073 C000400 0.0000
074 A000400 0
074 B000400 43
074 C000400 0
074 D000400 1742
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 2
074 L000400 25
074 M000400 2
074 N000400 1814
074 O000400 255
074 P000400 2
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 17
074 S000400 0
074 T000400 1540
074 U010400 163
074 U020400 0
074 V010400 9.45
074 V020400 0.00
074 W000400 0.0000
074 X000400 2
074 Y000400 0
075 A000400 0
075 B000400 2201
076 000400 0.00
008 A000501 ALLMERICA FINANCIAL INVESTMENT MNGT SRV. INC.
008 B000501 A
008 C000501 801-44189
008 D010501 WORCESTER
008 D020501 MA
008 D030501 01653
008 A000502 GAMCO INVESTORS, INC.
008 B000502 S
<PAGE> PAGE 29
008 C000502 801-14132
008 D010502 RYE
008 D020502 NY
008 D030502 10580
024 000500 N
028 A010500 364
028 A020500 0
028 A030500 0
028 A040500 408
028 B010500 607
028 B020500 0
028 B030500 0
028 B040500 683
028 C010500 67
028 C020500 0
028 C030500 0
028 C040500 652
028 D010500 122
028 D020500 0
028 D030500 0
028 D040500 76
028 E010500 731
028 E020500 0
028 E030500 0
028 E040500 342
028 F010500 47
028 F020500 0
028 F030500 0
028 F040500 593
028 G010500 1938
028 G020500 0
028 G030500 0
028 G040500 2754
028 H000500 0
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
<PAGE> PAGE 30
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 Y
066 C000500 N
066 D000500 N
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 Y
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 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
<PAGE> PAGE 31
070 R020500 N
071 A000500 5696
071 B000500 2880
071 C000500 6355
071 D000500 45
072 A000500 12
072 B000500 34
072 C000500 35
072 D000500 0
072 E000500 0
072 F000500 176
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 50
072 K000500 0
072 L000500 12
072 M000500 8
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 29
072 S000500 17
072 T000500 0
072 U000500 5
072 V000500 0
072 W000500 4
072 X000500 301
072 Y000500 22
072 Z000500 -210
072AA000500 1389
072BB000500 0
072CC010500 2113
072CC020500 0
072DD010500 2
072DD020500 0
072EE000500 1072
073 A010500 0.0044
073 A020500 0.0000
073 B000500 2.8900
073 C000500 0.0000
074 A000500 0
074 B000500 56
074 C000500 0
074 D000500 0
074 E000500 131
074 F000500 8743
074 G000500 0
074 H000500 0
074 I000500 0
<PAGE> PAGE 32
074 J000500 0
074 K000500 0
074 L000500 6
074 M000500 7
074 N000500 8943
074 O000500 55
074 P000500 56
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 50
074 S000500 0
074 T000500 8782
074 U010500 401
074 U020500 0
074 V010500 21.88
074 V020500 0.00
074 W000500 0.0000
074 X000500 4
074 Y000500 0
075 A000500 0
075 B000500 7133
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, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 7,944,908
<INVESTMENTS-AT-VALUE> 7,937,607
<RECEIVABLES> 7,475
<ASSETS-OTHER> 6,823
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,951,905
<PAYABLE-FOR-SECURITIES> 6,775
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72,443
<TOTAL-LIABILITIES> 79,218
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,726,253
<SHARES-COMMON-STOCK> 612,767
<SHARES-COMMON-PRIOR> 664,986
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 153,735
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (7,301)
<NET-ASSETS> 7,872,687
<DIVIDEND-INCOME> 96,443
<INTEREST-INCOME> 9,133
<OTHER-INCOME> 0
<EXPENSES-NET> 101,659
<NET-INVESTMENT-INCOME> 3,917
<REALIZED-GAINS-CURRENT> 1,145,729
<APPREC-INCREASE-CURRENT> (545,444)
<NET-CHANGE-FROM-OPS> 604,202
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,859
<DISTRIBUTIONS-OF-GAINS> 926,098
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 110,731
<NUMBER-OF-SHARES-REDEEMED> 236,397
<SHARES-REINVESTED> 73,447
<NET-CHANGE-IN-ASSETS> (1,116,239)
<ACCUMULATED-NII-PRIOR> 399
<ACCUMULATED-GAINS-PRIOR> (64,350)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 149,298
<AVERAGE-NET-ASSETS> 8,471,549
<PER-SHARE-NAV-BEGIN> 13.52
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.07
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 1.74
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.85
<EXPENSE-RATIO> 120
</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, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 4,356,885
<INVESTMENTS-AT-VALUE> 4,737,037
<RECEIVABLES> 10,764
<ASSETS-OTHER> 6,823
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,754,624
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,547
<TOTAL-LIABILITIES> 51,547
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,958,150
<SHARES-COMMON-STOCK> 326,187
<SHARES-COMMON-PRIOR> 388,852
<ACCUMULATED-NII-CURRENT> 10,277
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 327,273
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 407,377
<NET-ASSETS> 4,703,077
<DIVIDEND-INCOME> 68,715
<INTEREST-INCOME> 18,587
<OTHER-INCOME> 0
<EXPENSES-NET> 77,025
<NET-INVESTMENT-INCOME> 10,277
<REALIZED-GAINS-CURRENT> 926,058
<APPREC-INCREASE-CURRENT> (56,459)
<NET-CHANGE-FROM-OPS> 879,876
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 102,674
<NUMBER-OF-SHARES-REDEEMED> 165,339
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31,782
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (598,741)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,663
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 143,806
<AVERAGE-NET-ASSETS> 4,946,787
<PER-SHARE-NAV-BEGIN> 12.01
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.38
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.42
<EXPENSE-RATIO> 156
</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, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2,643,072
<INVESTMENTS-AT-VALUE> 2,975,248
<RECEIVABLES> 121,705
<ASSETS-OTHER> 7,482
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,104,435
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 167,047
<TOTAL-LIABILITIES> 167,047
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,573,831
<SHARES-COMMON-STOCK> 240,367
<SHARES-COMMON-PRIOR> 297,947
<ACCUMULATED-NII-CURRENT> 83
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 31,123
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 332,349
<NET-ASSETS> 2,937,386
<DIVIDEND-INCOME> 60,259
<INTEREST-INCOME> 6,044
<OTHER-INCOME> 0
<EXPENSES-NET> 78,421
<NET-INVESTMENT-INCOME> (12,118)
<REALIZED-GAINS-CURRENT> 323,719
<APPREC-INCREASE-CURRENT> 582,457
<NET-CHANGE-FROM-OPS> 894,058
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,007
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57,913
<NUMBER-OF-SHARES-REDEEMED> 116,733
<SHARES-REINVESTED> 1,240
<NET-CHANGE-IN-ASSETS> 272,932
<ACCUMULATED-NII-PRIOR> 13,007
<ACCUMULATED-GAINS-PRIOR> (296,037)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35,057
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 152,294
<AVERAGE-NET-ASSETS> 2,890,950
<PER-SHARE-NAV-BEGIN> 8.94
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 3.37
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.22
<EXPENSE-RATIO> 271
</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, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1,866,243
<INVESTMENTS-AT-VALUE> 1,785,547
<RECEIVABLES> 26,745
<ASSETS-OTHER> 1,657
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,813,949
<PAYABLE-FOR-SECURITIES> 254,764
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,600
<TOTAL-LIABILITIES> 274,364
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,670,546
<SHARES-COMMON-STOCK> 162,903
<SHARES-COMMON-PRIOR> 207,348
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (50,265)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (80,696)
<NET-ASSETS> 1,539,585
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 129,249
<OTHER-INCOME> 0
<EXPENSES-NET> 38,011
<NET-INVESTMENT-INCOME> 91,238
<REALIZED-GAINS-CURRENT> (47,004)
<APPREC-INCREASE-CURRENT> (105,347)
<NET-CHANGE-FROM-OPS> (61,113)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 90,266
<DISTRIBUTIONS-OF-GAINS> 1,119
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 126,164
<NUMBER-OF-SHARES-REDEEMED> 180,264
<SHARES-REINVESTED> 9,655
<NET-CHANGE-IN-ASSETS> (579,775)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,767)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,785
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 84,368
<AVERAGE-NET-ASSETS> 2,200,908
<PER-SHARE-NAV-BEGIN> 10.22
<PER-SHARE-NII> 0.45
<PER-SHARE-GAIN-APPREC> (0.77)
<PER-SHARE-DIVIDEND> 0.45
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.45
<EXPENSE-RATIO> 173
</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, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5,827,046
<INVESTMENTS-AT-VALUE> 8,929,706
<RECEIVABLES> 6,168
<ASSETS-OTHER> 6,825
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,942,699
<PAYABLE-FOR-SECURITIES> 54,687
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106,230
<TOTAL-LIABILITIES> 160,917
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,567,628
<SHARES-COMMON-STOCK> 401,313
<SHARES-COMMON-PRIOR> 342,587
<ACCUMULATED-NII-CURRENT> (2)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 111,495
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,102,661
<NET-ASSETS> 8,781,782
<DIVIDEND-INCOME> 35,443
<INTEREST-INCOME> 33,822
<OTHER-INCOME> 0
<EXPENSES-NET> 279,457
<NET-INVESTMENT-INCOME> (210,192)
<REALIZED-GAINS-CURRENT> 1,389,421
<APPREC-INCREASE-CURRENT> 2,112,984
<NET-CHANGE-FROM-OPS> 3,292,213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,612
<DISTRIBUTIONS-OF-GAINS> 1,071,940
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 202,391
<NUMBER-OF-SHARES-REDEEMED> 194,425
<SHARES-REINVESTED> 50,760
<NET-CHANGE-IN-ASSETS> 3,348,533
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5,816
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 176,236
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 300,810
<AVERAGE-NET-ASSETS> 7,133,413
<PER-SHARE-NAV-BEGIN> 15.86
<PER-SHARE-NII> (0.52)
<PER-SHARE-GAIN-APPREC> 9.43
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 2.89
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.88
<EXPENSE-RATIO> 392
</TABLE>
2
To the Board of Trustees and Shareholders of The Fulcrum Trust:
In planning and performing our audits of the financial statements of The Fulcrum
Trust (comprising the Global Interactive/Telecomm Portfolio, International
Growth Portfolio, Growth Portfolio, Value Portfolio and Strategic Income
Portfolio , hereafter referred to as the "Trust") for the year ended December
31, 1999, we considered its internal control, including control activities for
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 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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, 1999.
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers
Boston, Massachusetts
February 15, 2000
THE FULCRUM TRUST
OTHER INFORMATION
SHAREHOLDER VOTING RESULTS: (UNAUDITED)
A special meeting of the Trust's shareholders was held on November 10, 1999 at
which shareholde approved one proposal. The voting results were as follows:
Proposal 1 To approve a new Portfolio Manager Agreement, pursuant to
which Bee & Associa Incorporated would continue to serve as
Portfolio Manager for the Internation
Shares Shares Percent of Shares
Shares For Against Abstaining Voted
International Growth 282,013 716 9,702 100.00%
