<PAGE> PAGE 1
000 A000000 03/31/96
000 C000000 0000944515
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 CRM SMALL CAP VALUE FUND
001 B000000 811-9034
001 C000000 2078798910
002 A000000 2 PORTLAND SQUARE
002 B000000 PORTLAND
002 C000000 ME
002 D010000 04101
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
008 A000001 CRM ADVISORS, LLC
008 B000001 A
008 C000001 801-19007
008 D010001 WHITE PLAINS
008 D020001 NY
008 D030001 10604
010 A000001 FORUM FINANCIAL SERVICES INC.
010 B000001 8-35592
010 C010001 PORTLAND
010 C020001 ME
010 C030001 04101
011 A000001 FORUM FINANCIAL SERVICES INC.
011 B000001 8-35592
011 C010001 PORTLAND
011 C020001 ME
011 C030001 04101
012 A000001 FORUM FINANCIAL CORPORATION
012 B000001 84-01612
012 C010001 PORTLAND
012 C020001 ME
012 C030001 04101
013 A000001 ERNST & YOUNG, LLP
013 B010001 WHITE PLAINS
013 B020001 NY
013 B030001 10601
015 A000001 FIRST NATIONAL BANK OF BOSTON
015 B000001 C
015 C010001 CANTON
015 C020001 MA
<PAGE> PAGE 2
015 C030001 02021
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 INSTINET CORPORATION
020 B000001 13-3443395
020 C000001 8
020 A000002 FIDELITY BROKERAGE SERVICES, INC.
020 B000002 04-2653569
020 C000002 6
020 A000003 GOLDMAN SACHS
020 B000003 13-5108880
020 C000003 3
020 A000004 SMITH BARNEY
020 B000004 13-2919773
020 C000004 3
020 A000005 C.J. LAWRENCE
020 B000005 13-2730828
020 C000005 3
020 A000006 BEAR, STEARNS & CO., INC.
020 B000006 13-3299429
020 C000006 3
020 A000007 DONALDSON, LUFKIN, JENRETTE
020 B000007 13-2741729
020 C000007 3
020 A000008 BAIRD (ROBERT W.) & CO., INC.
020 B000008 39-6037917
020 C000008 2
020 A000009 PRUDENTIAL SECURITIES, INC.
020 B000009 22-3347336
020 C000009 2
020 A000010 SHEMANO GROUP, INC.
020 B000010 94-3189408
020 C000010 2
021 000000 63
022 A000001 BEAR, STEARNS & CO., INC.
022 B000001 13-3299429
022 C000001 2020
022 D000001 0
022 A000002 KEEFE, BRUYETTE & WOODS, INC.
022 B000002 13-1964616
022 C000002 791
022 D000002 230
022 A000003 MERRILL LYNCH & CO., INC.
022 B000003 13-5674085
022 C000003 328
022 D000003 197
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 525
<PAGE> PAGE 3
022 D000004 0
022 A000005 DABNEY-RESNICK, INC.
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022 C000005 490
022 D000005 0
022 A000006 NEUBERGER & BERMAN
022 B000006 13-5521910
022 C000006 428
022 D000006 0
022 A000007 OPPENHEIMER & CO., INC.
022 B000007 13-2798343
022 C000007 398
022 D000007 0
022 A000008 MORGAN KEEGAN & CO., INC.
022 B000008 64-0474907
022 C000008 348
022 D000008 0
022 A000009 BURNHAM SECURITIES, INC.
022 B000009 13-3435435
022 C000009 150
022 D000009 180
022 A000010 SMITH BARNEY
022 B000010 13-2919773
022 C000010 300
022 D000010 0
023 C000000 20483
023 D000000 9071
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 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
028 A010000 2476
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 1810
<PAGE> PAGE 4
028 B020000 0
028 B030000 0
028 B040000 7
028 C010000 3201
028 C020000 0
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028 D010000 3440
028 D020000 3
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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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SIGNATURE MIKE MARTINS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM CRM SMALL CAP VALUE FUND DATED 03/31/96
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 010
<NAME> CRM SMALL CAP VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 23,287,449
<INVESTMENTS-AT-VALUE> 25,152,353
<RECEIVABLES> 368,260
<ASSETS-OTHER> 79,668
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,600,281
<PAYABLE-FOR-SECURITIES> 2,348,300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,705
<TOTAL-LIABILITIES> 2,377,005
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,097,038
<SHARES-COMMON-STOCK> 1,938,311
<SHARES-COMMON-PRIOR> 10,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 25,086
<ACCUMULATED-NET-GAINS> 286,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,864,904
<NET-ASSETS> 23,223,276
<DIVIDEND-INCOME> 38,213
<INTEREST-INCOME> 23,221
<OTHER-INCOME> 0
<EXPENSES-NET> 83,487
<NET-INVESTMENT-INCOME> (22,053)
<REALIZED-GAINS-CURRENT> 286,420
<APPREC-INCREASE-CURRENT> 1,864,904
<NET-CHANGE-FROM-OPS> 2,129,271
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,033
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,038,348
<NUMBER-OF-SHARES-REDEEMED> 44,331
<SHARES-REINVESTED> 3,021
<NET-CHANGE-IN-ASSETS> 20,997,038
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32,994
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 134,852
<AVERAGE-NET-ASSETS> 8,798,440
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 1.99
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
