<PAGE> PAGE 1
000 B000000 09/30/96
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 N
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 23
020 A000002 FIDELITY BROKERAGE SERVICES, INC.
020 B000002 04-2653569
020 C000002 9
020 A000003 MERRILL LYNCH & CO., INC.
020 B000003 13-5674085
020 C000003 9
020 A000004 BURNHAM SECURITIES, INC.
020 B000004 13-3435435
020 C000004 7
020 A000005 C.J. LAWRENCE
020 B000005 13-2730828
020 C000005 7
020 A000006 SMITH BARNEY
020 B000006 13-2919773
020 C000006 7
020 A000007 BEAR, STEARNS & CO., INC.
020 B000007 13-3299429
020 C000007 6
020 A000008 LEHMAN BROTHERS, INC.
020 B000008 04-3285551
020 C000008 6
020 A000009 CANTOR FITZGERALD & CO.
020 B000009 13-3680184
020 C000009 6
020 A000010 MORGAN STANLEY & CO., INC.
020 B000010 13-2655998
020 C000010 6
021 000000 170
022 A000001 BEAR, STEARNS & CO., INC.
022 B000001 13-3299429
022 C000001 2703
022 D000001 0
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 2203
022 D000002 0
022 A000003 FRIEDMAN BILLINGS
022 B000003 52-1630477
022 C000003 1311
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022 A000004 SMITH BARNEY
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022 C000004 1155
<PAGE> PAGE 3
022 D000004 687
022 A000005 HERZOG, HEINE & GOULD, INC.
022 B000005 13-1955436
022 C000005 1144
022 D000005 564
022 A000006 PRUDENTIAL SECURITIES, INC.
022 B000006 22-3347336
022 C000006 478
022 D000006 1142
022 A000007 MERRILL LYCH & CO., INC.
022 B000007 13-5674085
022 C000007 1174
022 D000007 285
022 A000008 KEEFE, BRUYETTE & WOODS, INC.
022 B000008 13-1964616
022 C000008 791
022 D000008 582
022 A000009 COMMONWEALTH ASSOCIATES
022 B000009 13-3467952
022 C000009 1337
022 D000009 0
022 A000010 DABNEY-RESNICK, INC.
022 B000010 04-3285551
022 C000010 1032
022 D000010 0
023 C000000 55689
023 D000000 35525
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
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026 A000000 N
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026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 3708
028 A020000 0
028 A030000 0
028 A040000 15
028 B010000 7608
<PAGE> PAGE 4
028 B020000 0
028 B030000 0
028 B040000 83
028 C010000 3839
028 C020000 0
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028 C040000 418
028 D010000 763
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<PAGE> PAGE 5
046 000000 N
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<PAGE> PAGE 6
058 A000000 N
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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 09/30/96
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> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 40,869,347
<INVESTMENTS-AT-VALUE> 45,316,217
<RECEIVABLES> 473,889
<ASSETS-OTHER> 69,528
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,859,634
<PAYABLE-FOR-SECURITIES> 397,396
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,528
<TOTAL-LIABILITIES> 474,924
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,799,147
<SHARES-COMMON-STOCK> 3,309,727
<SHARES-COMMON-PRIOR> 10,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,138,693
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,446,870
<NET-ASSETS> 45,384,710
<DIVIDEND-INCOME> 156,746
<INTEREST-INCOME> 91,184
<OTHER-INCOME> 0
<EXPENSES-NET> 341,509
<NET-INVESTMENT-INCOME> (93,579)
<REALIZED-GAINS-CURRENT> 2,217,922
<APPREC-INCREASE-CURRENT> 4,446,870
<NET-CHANGE-FROM-OPS> 6,571,213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,033
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40,407,658
<NUMBER-OF-SHARES-REDEEMED> 1,694,149
<SHARES-REINVESTED> 3,021
<NET-CHANGE-IN-ASSETS> 45,284,710
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 172,105
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 454,259
<AVERAGE-NET-ASSETS> 22,947,393
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 3.73
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.71
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
