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<PAGE> PAGE 6
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<PAGE> PAGE 7
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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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 20
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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031 A000900 0
031 B000900 0
032 000900 0
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038 000900 0
039 000900 N
040 000900 N
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<PAGE> PAGE 43
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048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 N
054 A000900 N
054 B000900 N
054 C000900 N
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 N
054 H000900 N
054 I000900 N
054 J000900 N
054 K000900 N
054 L000900 N
054 M000900 N
054 N000900 N
054 O000900 N
055 A000900 N
<PAGE> PAGE 44
055 B000900 N
056 000900 N
057 000900 N
058 A000900 N
058 B000900 N
058 C000900 N
058 D000900 N
058 E000900 N
059 000900 Y
060 A000900 N
060 B000900 N
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064 A000900 N
066 A000900 N
067 000900 N
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069 000900 N
070 A010900 Y
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070 B010900 N
070 B020900 N
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070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
<PAGE> PAGE 45
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
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070 Q020900 N
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<PAGE> PAGE 46
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008 A001001 H.M. PAYSON & CO.
008 B001001 A
008 C001001 801-3901
008 D011001 PORTLAND
008 D021001 ME
<PAGE> PAGE 47
008 D031001 04101
010 A001001 FORUM ADMINISTRATIVE SERVICES, LLC
010 C011001 PORTLAND
010 C021001 ME
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013 A001001 DELOITTE & TOUCHE LLP
013 B011001 BOSTON
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013 B031001 02110
014 A001001 FORUM FINANCIAL SERVICES, INC.
014 B001001 8-35592
015 A001001 BANKBOSTON
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<PAGE> PAGE 48
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<PAGE> PAGE 49
048 K021000 0.000
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054 J001000 Y
054 K001000 N
054 L001000 N
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054 O001000 N
055 A001000 N
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056 001000 N
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<PAGE> PAGE 50
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066 D001000 N
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070 A011000 Y
070 A021000 N
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070 H021000 N
070 I011000 N
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070 J021000 N
070 K011000 Y
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<PAGE> PAGE 51
070 R021000 N
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<PAGE> PAGE 52
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024 001100 N
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<PAGE> PAGE 53
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<PAGE> PAGE 54
049 001100 N
050 001100 N
051 001100 N
052 001100 N
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054 A001100 N
054 B001100 N
054 C001100 N
054 D001100 N
054 E001100 N
054 F001100 N
054 G001100 N
054 H001100 N
054 I001100 N
054 J001100 N
054 K001100 N
054 L001100 N
054 M001100 N
054 N001100 N
054 O001100 N
055 A001100 N
055 B001100 N
056 001100 N
057 001100 N
058 A001100 N
058 B001100 N
058 C001100 N
058 D001100 N
058 E001100 N
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<PAGE> PAGE 55
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070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 N
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070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 N
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
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070 R011100 N
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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008 A001201 FORUM ADVISORS, INC.
008 B001201 A
008 C001201 801-31487
008 D011201 PORTLAND
008 D021201 ME
008 D031201 04101
010 A001201 FORUM ADMINISTRATIVE SERVICES, INC., LLC
010 C011201 PORTLAND
010 C021201 ME
010 C031201 04101
013 A001201 DELOITTE & TOUCHE
013 B011201 BOSTON
013 B021201 MA
013 B031201 02110
014 A001201 FORUM FINANCIAL SERVICES, INC.
014 B001201 8-35592
015 A001201 THE FIRST NATIONAL BANK OF BOSTON
015 B001201 C
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015 C021201 MA
015 C031201 02021
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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070 C021200 N
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070 D021200 N
070 E011200 N
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070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
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<PAGE> PAGE 61
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070 K011200 Y
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070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
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070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
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<PAGE> PAGE 62
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074 E001200 0
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074 H001200 0
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074 K001200 0
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075 A001200 41232
075 B001200 0
076 001200 0.00
SIGNATURE DAVID GOLDSTEIN
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE OAK HALL EQUITY FUND SEMI-ANNUAL REPORT DATED AUGUST 31, 199
7 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 016
<NAME> OAK HALL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 5,584,889
<INVESTMENTS-AT-VALUE> 6,937,811
<RECEIVABLES> 22,693
<ASSETS-OTHER> 54,058
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,014,562
<PAYABLE-FOR-SECURITIES> 32,620
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,368
<TOTAL-LIABILITIES> 64,988
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,571,660
<SHARES-COMMON-STOCK> 382,445
<SHARES-COMMON-PRIOR> 529,586
<ACCUMULATED-NII-CURRENT> (48,412)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (926,586)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,352,912
<NET-ASSETS> 6,949,574
<DIVIDEND-INCOME> 17,617
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 66,029
<NET-INVESTMENT-INCOME> (48,412)
<REALIZED-GAINS-CURRENT> 418,538
<APPREC-INCREASE-CURRENT> 1,381,355
<NET-CHANGE-FROM-OPS> 1,751,481
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 464,060
<NUMBER-OF-SHARES-REDEEMED> 2,576,160
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (360,619)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,345,124)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,812
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 90,841
<AVERAGE-NET-ASSETS> 6,598,387
<PER-SHARE-NAV-BEGIN> 13.80
<PER-SHARE-NII> (.13)
<PER-SHARE-GAIN-APPREC> 4.50
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.17
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATIN EXTRACTED FROM THE AUSTING
GLOBAL EQUITY FUND SEMI-ANNUAL REPORT DATED SEPTEMBER 30,1 997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 017
<NAME> AUSTIN GLOBAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-01-1997
<INVESTMENTS-AT-COST> 9,329,982
<INVESTMENTS-AT-VALUE> 13,748,020
<RECEIVABLES> 35,797
<ASSETS-OTHER> 23,088
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,806,905
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,419
<TOTAL-LIABILITIES> 29,419
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,609,742
<SHARES-COMMON-STOCK> 839,655
<SHARES-COMMON-PRIOR> 801,074
<ACCUMULATED-NII-CURRENT> (14,713)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 764,419
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,418,038
<NET-ASSETS> 13,777,486
<DIVIDEND-INCOME> 125,538
<INTEREST-INCOME> 12,128
<OTHER-INCOME> 0
<EXPENSES-NET> 152,379
<NET-INVESTMENT-INCOME> (14,713)
<REALIZED-GAINS-CURRENT> 1,027,425
<APPREC-INCREASE-CURRENT> 1,887,380
<NET-CHANGE-FROM-OPS> 2,900,092
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 905,231
<NUMBER-OF-SHARES-REDEEMED> 317,127
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,488,196
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (263,006)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91,533
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 161,520
<AVERAGE-NET-ASSETS> 12,171,024
<PER-SHARE-NAV-BEGIN> 12.84
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 3.59
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.41
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORUM
FUNDS, INC. SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 003
<NAME> INVESTORS BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 26,551,591
<INVESTMENTS-AT-VALUE> 27,180,519
<RECEIVABLES> 1,636,191
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,816,710
<PAYABLE-FOR-SECURITIES> 1,380,713
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 257,732
<TOTAL-LIABILITIES> 1,638,445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,622,682
<SHARES-COMMON-STOCK> 2,622,957
<SHARES-COMMON-PRIOR> 2,178,639
<ACCUMULATED-NII-CURRENT> (2,108)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (71,237)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 628,928
<NET-ASSETS> 27,178,265
<DIVIDEND-INCOME> 73,072
<INTEREST-INCOME> 924,994
<OTHER-INCOME> 0
<EXPENSES-NET> 88,701
<NET-INVESTMENT-INCOME> 909,365
<REALIZED-GAINS-CURRENT> 67,392
<APPREC-INCREASE-CURRENT> 358,483
<NET-CHANGE-FROM-OPS> 1,335,240
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 909,365
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,226,575
<NUMBER-OF-SHARES-REDEEMED> 3,820,212
<SHARES-REINVESTED> 155,783
<NET-CHANGE-IN-ASSETS> 4,988,021
<ACCUMULATED-NII-PRIOR> (2,108)
<ACCUMULATED-GAINS-PRIOR> (138,629)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50,692
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 178,837
<AVERAGE-NET-ASSETS> 25,276,898
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> .17
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .37
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.36
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORUM
FUNDS, INC. SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 005
<NAME> TAXSAVER BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 18,856,177
<INVESTMENTS-AT-VALUE> 19,761,776
<RECEIVABLES> 604,189
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,365,965
<PAYABLE-FOR-SECURITIES> 243,705
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,713
<TOTAL-LIABILITIES> 309,418
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,126,945
<SHARES-COMMON-STOCK> 1,868,562
<SHARES-COMMON-PRIOR> 1,693,197
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,003
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 905,599
<NET-ASSETS> 20,056,547
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 557,170
<OTHER-INCOME> 0
<EXPENSES-NET> 58,418
<NET-INVESTMENT-INCOME> 498,752
<REALIZED-GAINS-CURRENT> 28,605
<APPREC-INCREASE-CURRENT> 429,709
<NET-CHANGE-FROM-OPS> 957,066
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 498,752
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,285,095
<NUMBER-OF-SHARES-REDEEMED> 1,642,110
<SHARES-REINVESTED> 198,241
<NET-CHANGE-IN-ASSETS> 2,299,540
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,602)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38,950
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 141,428
<AVERAGE-NET-ASSETS> 19,421,627
<PER-SHARE-NAV-BEGIN> 10.49
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .27
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.73
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORUM
FUNDS, INC. SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 007
<NAME> PAYSON BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-01-1997
<INVESTMENTS-AT-COST> 19,403,251
<INVESTMENTS-AT-VALUE> 23,048,306
<RECEIVABLES> 435,021
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,483,327
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113,491
<TOTAL-LIABILITIES> 113,491
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,510,861
<SHARES-COMMON-STOCK> 1,478,217
<SHARES-COMMON-PRIOR> 1,375,806
<ACCUMULATED-NII-CURRENT> 1,998
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,211,922
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,645,055
<NET-ASSETS> 23,369,836
<DIVIDEND-INCOME> 206,313
<INTEREST-INCOME> 224,173
<OTHER-INCOME> 0
<EXPENSES-NET> 120,968
<NET-INVESTMENT-INCOME> 309,518
<REALIZED-GAINS-CURRENT> 1,357,832
<APPREC-INCREASE-CURRENT> 2,348,433
<NET-CHANGE-FROM-OPS> 4,015,783
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 306,154
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,162,946
<NUMBER-OF-SHARES-REDEEMED> 840,964
<SHARES-REINVESTED> 175,082
<NET-CHANGE-IN-ASSETS> 5,206,693
<ACCUMULATED-NII-PRIOR> (1,366)
<ACCUMULATED-GAINS-PRIOR> 854,090
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63,184
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 167,469
<AVERAGE-NET-ASSETS> 21,003,922
<PER-SHARE-NAV-BEGIN> 13.20
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> 2.61
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .30
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.81
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORUM
FUNDS, INC. SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 008
<NAME> MAINE MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 25,127,319
<INVESTMENTS-AT-VALUE> 26,119,585
<RECEIVABLES> 506,469
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,626,054
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66,083
<TOTAL-LIABILITIES> 66,083
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,544,329
<SHARES-COMMON-STOCK> 2,420,263
<SHARES-COMMON-PRIOR> 2,406,727
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,376
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 992,266
<NET-ASSETS> 26,559,971
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 697,772
<OTHER-INCOME> 0
<EXPENSES-NET> 78,857
<NET-INVESTMENT-INCOME> 618,915
<REALIZED-GAINS-CURRENT> 64,109
<APPREC-INCREASE-CURRENT> 521,255
<NET-CHANGE-FROM-OPS> 1,204,279
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 618,915
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,933,107
<NUMBER-OF-SHARES-REDEEMED> 2,241,992
<SHARES-REINVESTED> 445,997
<NET-CHANGE-IN-ASSETS> 147,112
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (40,733)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 52,578
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 203,562
<AVERAGE-NET-ASSETS> 26,217,149
<PER-SHARE-NAV-BEGIN> 10.73
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .26
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.97
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORUM
FUNDS, INC. SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 013
<NAME> NEW HAMPSHIRE BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 10,302,898
<INVESTMENTS-AT-VALUE> 10,580,614
<RECEIVABLES> 731,230
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,311,844
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,385
<TOTAL-LIABILITIES> 14,385
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,025,215
<SHARES-COMMON-STOCK> 1,063,081
<SHARES-COMMON-PRIOR> 843,042
<ACCUMULATED-NII-CURRENT> 489
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,961)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 277,716
<NET-ASSETS> 11,297,459
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 248,501
<OTHER-INCOME> 0
<EXPENSES-NET> 28,999
<NET-INVESTMENT-INCOME> 219,502
<REALIZED-GAINS-CURRENT> 7,784
<APPREC-INCREASE-CURRENT> 270,287
<NET-CHANGE-FROM-OPS> 497,573
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 219,502
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,659,950
<NUMBER-OF-SHARES-REDEEMED> 531,350
<SHARES-REINVESTED> 200,108
<NET-CHANGE-IN-ASSETS> 2,606,779
<ACCUMULATED-NII-PRIOR> 489
<ACCUMULATED-GAINS-PRIOR> (13,745)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,366
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 95,257
<AVERAGE-NET-ASSETS> 9,641,687
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> .31
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .24
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.62
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUADRA
FUNDS SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 018
<NAME> QUADRA LIMITED MATURITY TREASURY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 534,682
<INVESTMENTS-AT-VALUE> 535,572
<RECEIVABLES> 59,450
<ASSETS-OTHER> 25,919
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 620,941
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,944
<TOTAL-LIABILITIES> 83,944
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 530,668
<SHARES-COMMON-STOCK> 53,629
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,364
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 890
<NET-ASSETS> 536,997
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,474
<OTHER-INCOME> 0
<EXPENSES-NET> 1,170
<NET-INVESTMENT-INCOME> 13,304
<REALIZED-GAINS-CURRENT> 60
<APPREC-INCREASE-CURRENT> 1,790
<NET-CHANGE-FROM-OPS> 15,154
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,304
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,450
<NUMBER-OF-SHARES-REDEEMED> 341,866
<SHARES-REINVESTED> 12,865
<NET-CHANGE-IN-ASSETS> (309,701)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,170
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 66,480
<AVERAGE-NET-ASSETS> 518,712
<PER-SHARE-NAV-BEGIN> 9.98
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .26
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> .45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUADRA
FUNDS SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 020
<NAME> QUADRA VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
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<APPREC-INCREASE-CURRENT> 55,861
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<NUMBER-OF-SHARES-SOLD> 482,303
<NUMBER-OF-SHARES-REDEEMED> 120
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUADRA
FUNDS SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 021
<NAME> QUADRA INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
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<PER-SHARE-NAV-BEGIN> 10.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUADRA
FUNDS SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 022
<NAME> QUADRA OPPORTUNISTIC BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
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<INVESTMENTS-AT-VALUE> 297,222
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 302,142
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<INTEREST-INCOME> 8,139
<OTHER-INCOME> 0
<EXPENSES-NET> 913
<NET-INVESTMENT-INCOME> 7,226
<REALIZED-GAINS-CURRENT> 38
<APPREC-INCREASE-CURRENT> 4,102
<NET-CHANGE-FROM-OPS> 11,366
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,149
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 292,203
<NUMBER-OF-SHARES-REDEEMED> 40
<SHARES-REINVESTED> 5,752
<NET-CHANGE-IN-ASSETS> 302,132
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 912
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 64,799
<AVERAGE-NET-ASSETS> 261,316
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .28
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORUM
FUNDS, INC. SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000315774
<NAME> FORUM FUNDS, INC.
<SERIES>
<NUMBER> 010
<NAME> PAYSON VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 12,145,803
<INVESTMENTS-AT-VALUE> 17,582,259
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<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,621,134
<PAYABLE-FOR-SECURITIES> 168,600
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,493
<TOTAL-LIABILITIES> 213,093
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,144,048
<SHARES-COMMON-STOCK> 864,810
<SHARES-COMMON-PRIOR> 814,041
<ACCUMULATED-NII-CURRENT> (24,646)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 852,183
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,436,456
<NET-ASSETS> 17,408,041
<DIVIDEND-INCOME> 153,472
<INTEREST-INCOME> 17,396
<OTHER-INCOME> 0
<EXPENSES-NET> 111,320
<NET-INVESTMENT-INCOME> 59,548
<REALIZED-GAINS-CURRENT> 587,418
<APPREC-INCREASE-CURRENT> 2,773,696
<NET-CHANGE-FROM-OPS> 3,420,662
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 59,804
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,634,205
<NUMBER-OF-SHARES-REDEEMED> 732,538
<SHARES-REINVESTED> 36,548
<NET-CHANGE-IN-ASSETS> 4,299,073
<ACCUMULATED-NII-PRIOR> (24,390)
<ACCUMULATED-GAINS-PRIOR> 264,765
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 61,503
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 145,247
<AVERAGE-NET-ASSETS> 15,333,761
<PER-SHARE-NAV-BEGIN> 16.10
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 4.03
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.13
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
