<PAGE> PAGE 1
000 B000000 02/28/99
000 C000000 0000934346
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 LAKE FOREST FUNDS
001 B000000 811-8906
001 C000000 7082955700
002 A000000 ONE WESTMINSTER PLACE
002 B000000 LAKE FOREST
002 C000000 IL
002 D010000 60045
002 D020000 1821
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 CORE EQUITY FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 BOBERSKI & CO.
008 B00AA01 A
008 C00AA01 801-5908
008 D01AA01 LAKE FOREST
008 D02AA01 IL
008 D03AA01 60045
010 A00AA01 AMERICAN DATA SERVICES
010 C01AA01 HAUPPAUGE
010 C02AA01 NY
010 C03AA01 11788
012 A00AA01 AMERICAN DATA SERVICES, INC
012 B00AA01 84-1964
012 C01AA01 HAUPPAUGE
012 C02AA01 NY
<PAGE> PAGE 2
012 C03AA01 11788
013 A00AA01 MCCURDY & ASSOCIATES, INC.
013 B01AA01 WESTLAKE
013 B02AA01 OH
013 B03AA01 44145
015 A00AA01 STAR BANK, N.A.
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45202
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 SMITH BARNEY
020 C000001 1
020 A000002 MORGAN STANLEY
020 C000002 1
020 A000003 DEAN WITTER
020 C000003 1
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 4
022 A000001 DEAN WITTER
022 C000001 200898
022 D000001 200898
022 A000002 MERRILL LYNCH
022 C000002 54242
022 D000002 53908
022 A000003 MORGAN STANLEY
022 C000003 13414
022 D000003 13414
022 A000004 SMITH BARNEY
022 C000004 126
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
<PAGE> PAGE 3
022 D000010 0
023 C000000 268680
023 D000000 268220
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
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
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
<PAGE> PAGE 4
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2500
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 CNA INSURANCE
080 C00AA00 250
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
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
028 A010100 1063
028 A020100 35
028 A030100 0
028 A040100 556
028 B010100 531
028 B020100 35
028 B030100 0
028 B040100 300
028 C010100 656
028 C020100 34
028 C030100 0
028 C040100 135
028 D010100 672
<PAGE> PAGE 5
028 D020100 34
028 D030100 0
028 D040100 376
028 E010100 1470
028 E020100 36
028 E030100 0
028 E040100 126
028 F010100 356
028 F020100 38
028 F030100 0
028 F040100 340
028 G010100 4748
028 G020100 212
028 G030100 0
028 G040100 1833
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.500
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
062 A000100 Y
062 B000100 0.0
<PAGE> PAGE 6
062 C000100 100.9
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
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 1
063 B000100 0.0
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
<PAGE> PAGE 7
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 444
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 43
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 43
072 Y000100 32
072 Z000100 433
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 433
072DD020100 0
072EE000100 0
073 A010100 0.0500
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
<PAGE> PAGE 8
074 A000100 0
074 B000100 0
074 C000100 11572
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 0
074 N000100 11572
074 O000100 0
074 P000100 1
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 102
074 S000100 0
074 T000100 11469
074 U010100 11469
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0000
074 X000100 337
074 Y000100 0
075 A000100 8589
075 B000100 0
076 000100 0.00
028 A010200 316
028 A020200 26
028 A030200 0
028 A040200 428
028 B010200 228
028 B020200 0
028 B030200 0
028 B040200 200
028 C010200 184
028 C020200 0
028 C030200 0
028 C040200 156
028 D010200 543
028 D020200 27
028 D030200 0
028 D040200 324
028 E010200 280
028 E020200 0
<PAGE> PAGE 9
028 E030200 0
028 E040200 245
028 F010200 270
028 F020200 0
028 F030200 0
028 F040200 277
028 G010200 1821
028 G020200 53
028 G030200 0
028 G040200 1630
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.250
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 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
<PAGE> PAGE 10
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
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 N
066 E000200 Y
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
<PAGE> PAGE 11
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 1936
071 B000200 0
071 C000200 8767
071 D000200 0
072 A000200 12
072 B000200 60
072 C000200 141
072 D000200 0
072 E000200 0
072 F000200 122
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 122
072 Y000200 0
072 Z000200 79
072AA000200 0
072BB000200 0
072CC010200 1204
072CC020200 0
072DD010200 92
072DD020200 0
072EE000200 0
073 A010200 0.2700
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0100
074 A000200 0
074 B000200 0
074 C000200 1042
074 D000200 0
074 E000200 0
<PAGE> PAGE 12
074 F000200 10312
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 84
074 M000200 0
074 N000200 11438
074 O000200 0
074 P000200 11
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 2
074 S000200 0
074 T000200 11425
074 U010200 391
074 U020200 0
074 V010200 29.23
074 V020200 0.00
074 W000200 0.0000
074 X000200 547
074 Y000200 0
075 A000200 0
075 B000200 9795
076 000200 0.00
SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934346
<NAME> LAKE FOREST FUNDS
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 11572443
<INVESTMENTS-AT-VALUE> 11572443
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11572443
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103709
<TOTAL-LIABILITIES> 103709
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11468734
<SHARES-COMMON-STOCK> 11468734
<SHARES-COMMON-PRIOR> 5331627
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11468734
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 443671
<OTHER-INCOME> 0
<EXPENSES-NET> 10718
<NET-INVESTMENT-INCOME> 432953
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 432953
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 432953
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8693271
<NUMBER-OF-SHARES-REDEEMED> 2928880
<SHARES-REINVESTED> 372716
<NET-CHANGE-IN-ASSETS> 6137107
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42946
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42946
<AVERAGE-NET-ASSETS> 8589123
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .125
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934346
<NAME> LAKE FOREST FUNDS
<SERIES>
<NUMBER> 2
<NAME> CORE EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 8544595
<INVESTMENTS-AT-VALUE> 11354729
<RECEIVABLES> 82801
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11437530
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13005
<TOTAL-LIABILITIES> 13005
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8614546
<SHARES-COMMON-STOCK> 390834
<SHARES-COMMON-PRIOR> 304718
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (155)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2810134
<NET-ASSETS> 11424525
<DIVIDEND-INCOME> 141166
<INTEREST-INCOME> 60294
<OTHER-INCOME> 0
<EXPENSES-NET> 122638
<NET-INVESTMENT-INCOME> 78822
<REALIZED-GAINS-CURRENT> 58
<APPREC-INCREASE-CURRENT> 1203756
<NET-CHANGE-FROM-OPS> 1282636
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 92166
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 6082
<NUMBER-OF-SHARES-SOLD> 181831
<NUMBER-OF-SHARES-REDEEMED> 99237
<SHARES-REINVESTED> 3521
<NET-CHANGE-IN-ASSETS> 3534272
<ACCUMULATED-NII-PRIOR> 13344
<ACCUMULATED-GAINS-PRIOR> (213)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 122638
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 122638
<AVERAGE-NET-ASSETS> 9794579
<PER-SHARE-NAV-BEGIN> 25.89
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> 3.40
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.01)
<PER-SHARE-NAV-END> 29.23
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Board of Trustees
The Lake Forest Funds:
In planning and performing our audit of the financial statements of the Lake
Forest Funds for the year ended February 28, 1999, we considered its internal
control structure, including procedures 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 the internal control structure.
The management of the Lake Forest Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition and
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for
safeguarding,that we consider to be material weaknesses as defined above as
of February 28, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
March 25, 1999
