FORUM FUNDS
INVESTORS EQUITY FUND
Supplement Dated June 6, 2000 to
Prospectus Dated October 1, 1999
On May 15, 2000, the Board of Trustees of Forum Funds (the "Trust")
voted to replace H.M. Payson & Co. ("Payson") the current adviser for Investors
Equity Fund (the "Fund") with Peoples Heritage Bank ("Peoples"), the Fund's
current sub-adviser. The Trust has distributed a proxy statement soliciting
shareholder approval of a new investment advisory agreement (the "New
Agreement") between the Trust and Peoples. The New Agreement will have
substantially the same terms as the current agreement with Payson. In addition,
advisory fees under the New Agreement will be the same as under the current
agreement with Payson. A Special Meeting of Shareholders of the Fund will be
held on July 6, 2000 to vote on the New Agreement. If the Fund's shareholders
approve the New Agreement, Peoples will replace Payson as the investment adviser
to the Fund as of the close of business on July 6, 2000.
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