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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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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<PAGE> PAGE 10
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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 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 32
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 59
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORUM FUNDS MARCH 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
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<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORUM FUNDS MARCH 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
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<TABLE> <S> <C>
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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 FORUM FUNDS MARCH 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 008
<NAME> MAINE MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 30,785,220
<INVESTMENTS-AT-VALUE> 31,992,532
<RECEIVABLES> 732,487
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,725,019
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,773
<TOTAL-LIABILITIES> 65,773
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,430,529
<SHARES-COMMON-STOCK> 2,950,414
<SHARES-COMMON-PRIOR> 2,552,646
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,405
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,207,312
<NET-ASSETS> 32,659,246
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,504,520
<OTHER-INCOME> 0
<EXPENSES-NET> 179,755
<NET-INVESTMENT-INCOME> 1,324,765
<REALIZED-GAINS-CURRENT> 131,277
<APPREC-INCREASE-CURRENT> 43,413
<NET-CHANGE-FROM-OPS> 1,499,455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,324,765
<DISTRIBUTIONS-OF-GAINS> 139,593
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 749,695
<NUMBER-OF-SHARES-REDEEMED> 451,679
<SHARES-REINVESTED> 99,752
<NET-CHANGE-IN-ASSETS> 4,463,193
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 29,721
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 119,844
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 396,658
<AVERAGE-NET-ASSETS> 29,961,100
<PER-SHARE-NAV-BEGIN> 11.05
<PER-SHARE-NII> .49
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> .49
<PER-SHARE-DISTRIBUTIONS> .05
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 11.07
<EXPENSE-RATIO> 0.60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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 FORUM FUNDS MARCH 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 010
<NAME> PAYSON VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 13,393,611
<INVESTMENTS-AT-VALUE> 18,323,709
<RECEIVABLES> 32,806
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,356,515
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103,159
<TOTAL-LIABILITIES> 103,159
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,749,663
<SHARES-COMMON-STOCK> 945,585
<SHARES-COMMON-PRIOR> 919,046
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 573,595
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,930,098
<NET-ASSETS> 18,253,356
<DIVIDEND-INCOME> 310,028
<INTEREST-INCOME> 24,042
<OTHER-INCOME> 0
<EXPENSES-NET> 326,183
<NET-INVESTMENT-INCOME> 64,364
<REALIZED-GAINS-CURRENT> 781,466
<APPREC-INCREASE-CURRENT> (1,860,529)
<NET-CHANGE-FROM-OPS> (1,014,699)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 48,604
<DISTRIBUTIONS-OF-GAINS> 1,152,328
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155,011
<NUMBER-OF-SHARES-REDEEMED> 168,743
<SHARES-REINVESTED> 40,271
<NET-CHANGE-IN-ASSETS> (1,665,001)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 944,457
<OVERDISTRIB-NII-PRIOR> 15,760
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 148,850
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 326,183
<AVERAGE-NET-ASSETS> 18,606,298
<PER-SHARE-NAV-BEGIN> 21.67
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> (1.16)
<PER-SHARE-DIVIDEND> .07
<PER-SHARE-DISTRIBUTIONS> 1.21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.30
<EXPENSE-RATIO> 1.45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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 FORUM FUNDS MARCH 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> NEW HAMPSHIRE BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 14,479,150
<INVESTMENTS-AT-VALUE> 14,946,976
<RECEIVABLES> 291,095
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,238,071
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,857
<TOTAL-LIABILITIES> 10,857
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,761,036
<SHARES-COMMON-STOCK> 1,410,478
<SHARES-COMMON-PRIOR> 1,202,463
<ACCUMULATED-NII-CURRENT> 489
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2,137
<ACCUM-APPREC-OR-DEPREC> 467,826
<NET-ASSETS> 15,227,214
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 695,131
<OTHER-INCOME> 0
<EXPENSES-NET> 85,540
<NET-INVESTMENT-INCOME> 609,591
<REALIZED-GAINS-CURRENT> 66,571
<APPREC-INCREASE-CURRENT> 78,878
<NET-CHANGE-FROM-OPS> 755,040
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 609,591
<DISTRIBUTIONS-OF-GAINS> 80,795
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 299,466
<NUMBER-OF-SHARES-REDEEMED> 151,894
<SHARES-REINVESTED> 60,443
<NET-CHANGE-IN-ASSETS> 2,319,287
<ACCUMULATED-NII-PRIOR> 489
<ACCUMULATED-GAINS-PRIOR> 12,087
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 57,031
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217,566
<AVERAGE-NET-ASSETS> 14,257,823
<PER-SHARE-NAV-BEGIN> 10.73
<PER-SHARE-NII> .46
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> .46
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 10.80
<EXPENSE-RATIO> .60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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 FORUM FUNDS MARCH 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 024
<NAME> INVESTORS GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 12,452,857
<INVESTMENTS-AT-VALUE> 29,148,911
<RECEIVABLES> 33,305
<ASSETS-OTHER> 11,298
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,193,514
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86,921
<TOTAL-LIABILITIES> 86,921
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,251,508
<SHARES-COMMON-STOCK> 2,508,416
<SHARES-COMMON-PRIOR> 2,987,037
<ACCUMULATED-NII-CURRENT> 107
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,158,924
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,696,054
<NET-ASSETS> 29,106,593
<DIVIDEND-INCOME> 424,524
<INTEREST-INCOME> 88,365
<OTHER-INCOME> 0
<EXPENSES-NET> 350,309
<NET-INVESTMENT-INCOME> 162,580
<REALIZED-GAINS-CURRENT> 2,117,054
<APPREC-INCREASE-CURRENT> (611,134)
<NET-CHANGE-FROM-OPS> 1,668,500
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 250,935
<DISTRIBUTIONS-OF-GAINS> 958,130
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 288,754
<NUMBER-OF-SHARES-REDEEMED> 857,993
<SHARES-REINVESTED> 90,618
<NET-CHANGE-IN-ASSETS> (4,792,345)
<ACCUMULATED-NII-PRIOR> 88,462
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 207,130
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 458,073
<AVERAGE-NET-ASSETS> 31,866,204
<PER-SHARE-NAV-BEGIN> 11.35
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .61
<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> .33
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.60
<EXPENSE-RATIO> 1.10
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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 QUADRA FUNDS MARCH 31, 1999 FINANCIAL STATEMENT AND IS QUALI
FIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 023
<NAME> QUADRA GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 8,766
<INVESTMENTS-AT-VALUE> 8,766
<RECEIVABLES> 36
<ASSETS-OTHER> 24,050
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,852
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,373
<TOTAL-LIABILITIES> 32,373
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 428,682
<SHARES-COMMON-STOCK> 10
<SHARES-COMMON-PRIOR> 325,950
<ACCUMULATED-NII-CURRENT> 286
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 428,489
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 479
<DIVIDEND-INCOME> 34,090
<INTEREST-INCOME> 9,350
<OTHER-INCOME> 0
<EXPENSES-NET> 33,853
<NET-INVESTMENT-INCOME> 9,587
<REALIZED-GAINS-CURRENT> (420,998)
<APPREC-INCREASE-CURRENT> (261,555)
<NET-CHANGE-FROM-OPS> (672,966)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,900
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 276,276
<NUMBER-OF-SHARES-REDEEMED> 603,417
<SHARES-REINVESTED> 1,201
<NET-CHANGE-IN-ASSETS> (3,721,418)
<ACCUMULATED-NII-PRIOR> 3,599
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 7,490
<GROSS-ADVISORY-FEES> 33,830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 110,274
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 11.42
<PER-SHARE-NII> 38.11
<PER-SHARE-GAIN-APPREC> .00
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 49.53
<EXPENSE-RATIO> 1.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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 FORUM FUNDS MARCH 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 025
<NAME> INVESTORS HIGH GRADE BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 35,255,133
<INVESTMENTS-AT-VALUE> 35,395,131
<RECEIVABLES> 569,567
<ASSETS-OTHER> 4,087
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,968,785
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 215,076
<TOTAL-LIABILITIES> 215,076
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,420,587
<SHARES-COMMON-STOCK> 3,602,945
<SHARES-COMMON-PRIOR> 3,415,730
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 193,124
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 139,998
<NET-ASSETS> 35,753,709
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,240,472
<OTHER-INCOME> 0
<EXPENSES-NET> 245,794
<NET-INVESTMENT-INCOME> 1,994,678
<REALIZED-GAINS-CURRENT> 435,100
<APPREC-INCREASE-CURRENT> (355,589)
<NET-CHANGE-FROM-OPS> 2,074,189
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,994,678
<DISTRIBUTIONS-OF-GAINS 241,976
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 474,584
<NUMBER-OF-SHARES-REDEEMED> 288,074
<SHARES-REINVESTED> 705
<NET-CHANGE-IN-ASSETS> 1,716,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 140,442
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 392,107
<AVERAGE-NET-ASSETS> 35,110,499
<PER-SHARE-NAV-BEGIN> 9.96
<PER-SHARE-NII> .57
<PER-SHARE-GAIN-APPREC> .03
<PER-SHARE-DIVIDEND> .57
<PER-SHARE-DISTRIBUTIONS> .07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.92
<EXPENSE-RATIO> 0.70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
