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<PAGE> PAGE 8
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<PAGE> PAGE 20
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<PER-SHARE-DIVIDEND> 0.68
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.74
<EXPENSE-RATIO> 0.70
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FORUM FUNDS ANNUAL REPORT DATED MARCH 31, 2000
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 005
<NAME> TAXSAVER BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 28625633
<INVESTMENTS-AT-VALUE> 28090323
<RECEIVABLES> 1215431
<ASSETS-OTHER> 660
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29306414
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 125987
<TOTAL-LIABILITIES> 125987
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30016501
<SHARES-COMMON-STOCK> 2902211
<SHARES-COMMON-PRIOR> 3529978
<ACCUMULATED-NII-CURRENT> 8267
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 309031
<ACCUM-APPREC-OR-DEPREC> (535310)
<NET-ASSETS> 29180427
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1728220
<OTHER-INCOME> 0
<EXPENSES-NET> 197050
<NET-INVESTMENT-INCOME> 1531170
<REALIZED-GAINS-CURRENT> (309031)
<APPREC-INCREASE-CURRENT> (1523558)
<NET-CHANGE-FROM-OPS> (301419)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1531170
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 273055
<NUMBER-OF-SHARES-REDEEMED> 944871
<SHARES-REINVESTED> 44049
<NET-CHANGE-IN-ASSETS> (8266752)
<ACCUMULATED-NII-PRIOR> 8267
<ACCUMULATED-GAINS-PRIOR> 90195
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130990
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 379755
<AVERAGE-NET-ASSETS> 32747390
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> (0.56)
<PER-SHARE-DIVIDEND> 0.48
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FORUM FUNDS ANNUAL REPORT DATED MARCH 31, 2000
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 007
<NAME> PAYSON BALANCED FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 17890544
<INVESTMENTS-AT-VALUE> 18593579
<RECEIVABLES> 558706
<ASSETS-OTHER> 430
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19152715
<PAYABLE-FOR-SECURITIES> 447910
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108581
<TOTAL-LIABILITIES> 556491
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18062070
<SHARES-COMMON-STOCK> 1497205
<SHARES-COMMON-PRIOR> 1857478
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 31502
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 137379
<ACCUM-APPREC-OR-DEPREC> 703035
<NET-ASSETS> 18596224
<DIVIDEND-INCOME> 284401
<INTEREST-INCOME> 411482
<OTHER-INCOME> 0
<EXPENSES-NET> 250158
<NET-INVESTMENT-INCOME> 445725
<REALIZED-GAINS-CURRENT> (32807)
<APPREC-INCREASE-CURRENT> 447875
<NET-CHANGE-FROM-OPS> 860793
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 476806
<DISTRIBUTIONS-OF-GAINS> 521443
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 54532
<NUMBER-OF-SHARES-REDEEMED> 471568
<SHARES-REINVESTED> 56763
<NET-CHANGE-IN-ASSETS> (4592849)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 416450
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130187
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 330260
<AVERAGE-NET-ASSETS> 21697752
<PER-SHARE-NAV-BEGIN> 12.48
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 0.27
<PER-SHARE-DIVIDEND> 0.27
<PER-SHARE-DISTRIBUTIONS> 0.33
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.42
<EXPENSE-RATIO> 1.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FORUM FUNDS ANNUAL REPORT DATED MARCH 31, 2000
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-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 31584494
<INVESTMENTS-AT-VALUE> 31572436
<RECEIVABLES> 640752
<ASSETS-OTHER> 655
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32213843
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 275890
<TOTAL-LIABILITIES> 275890
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32068492
<SHARES-COMMON-STOCK> 3006812
<SHARES-COMMON-PRIOR> 2950414
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 15
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 118466
<ACCUM-APPREC-OR-DEPREC> (12058)
<NET-ASSETS> 31937953
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1658522
<OTHER-INCOME> 0
<EXPENSES-NET> 195420
<NET-INVESTMENT-INCOME> 1463102
<REALIZED-GAINS-CURRENT> (117360)
<APPREC-INCREASE-CURRENT> (1219370)
<NET-CHANGE-FROM-OPS> 126372
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1463117
<DISTRIBUTIONS-OF-GAINS> 22511
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 589162
<NUMBER-OF-SHARES-REDEEMED> 617405
<SHARES-REINVESTED> 84641
<NET-CHANGE-IN-ASSETS> (721293)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 21405
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129914
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 426079
<AVERAGE-NET-ASSETS> 32478608
<PER-SHARE-NAV-BEGIN> 11.07
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> (0.44)
<PER-SHARE-DIVIDEND> 0.48
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.62
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FORUM FUNDS ANNUAL REPORT DATED MARCH 31, 2000
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-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 13527378
<INVESTMENTS-AT-VALUE> 20031441
<RECEIVABLES> 25289
<ASSETS-OTHER> 408
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20057138
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69686
<TOTAL-LIABILITIES> 69686
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12107659
<SHARES-COMMON-STOCK> 914296
<SHARES-COMMON-PRIOR> 945585
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 54
<ACCUMULATED-NET-GAINS> 1375784
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6504063
<NET-ASSETS> 19987452
<DIVIDEND-INCOME> 300057
<INTEREST-INCOME> 26064
<OTHER-INCOME> 0
<EXPENSES-NET> 283642
<NET-INVESTMENT-INCOME> 42479
<REALIZED-GAINS-CURRENT> 1413947
<APPREC-INCREASE-CURRENT> 1573965
<NET-CHANGE-FROM-OPS> 3030391
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 42533
<DISTRIBUTIONS-OF-GAINS> 611758
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 94054
<NUMBER-OF-SHARES-REDEEMED> 145485
<SHARES-REINVESTED> 20141
<NET-CHANGE-IN-ASSETS> 1734096
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 573595
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 156197
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 341203
<AVERAGE-NET-ASSETS> 19524649
<PER-SHARE-NAV-BEGIN> 19.30
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 3.19
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0.63
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.86
<EXPENSE-RATIO> 1.45
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FORUM FUNDS ANNUAL REPORT DATED MARCH 31, 2000
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-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 11598611
<INVESTMENTS-AT-VALUE> 11459178
<RECEIVABLES> 223593
<ASSETS-OTHER> 3760
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11686531
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42073
<TOTAL-LIABILITIES> 42073
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11882875
<SHARES-COMMON-STOCK> 1127452
<SHARES-COMMON-PRIOR> 1410478
<ACCUMULATED-NII-CURRENT> 489
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 99473
<ACCUM-APPREC-OR-DEPREC> (139433)
<NET-ASSETS> 11644458
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 737990
<OTHER-INCOME> 0
<EXPENSES-NET> 87740
<NET-INVESTMENT-INCOME> 650250
<REALIZED-GAINS-CURRENT> (94841)
<APPREC-INCREASE-CURRENT> (607259)
<NET-CHANGE-FROM-OPS> (51850)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 650250
<DISTRIBUTIONS-OF-GAINS> 2495
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 193804
<NUMBER-OF-SHARES-REDEEMED> 521842
<SHARES-REINVESTED> 45012
<NET-CHANGE-IN-ASSETS> (3582756)
<ACCUMULATED-NII-PRIOR> 489
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2137
<GROSS-ADVISORY-FEES> 58328
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 231399
<AVERAGE-NET-ASSETS> 14582078
<PER-SHARE-NAV-BEGIN> 10.80
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> (0.47)
<PER-SHARE-DIVIDEND> 0.47
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FORUM FUNDS ANNUAL REPORT DATED MARCH 31, 2000
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-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 5953960
<INVESTMENTS-AT-VALUE> 20844269
<RECEIVABLES> 18655
<ASSETS-OTHER> 8775
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20871699
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48855
<TOTAL-LIABILITIES> 48855
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3204773
<SHARES-COMMON-STOCK> 1800028
<SHARES-COMMON-PRIOR> 2508416
<ACCUMULATED-NII-CURRENT> 940
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2726822
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14890309
<NET-ASSETS> 20822844
<DIVIDEND-INCOME> 333345
<INTEREST-INCOME> 43938
<OTHER-INCOME> 0
<EXPENSES-NET> 277743
<NET-INVESTMENT-INCOME> 99540
<REALIZED-GAINS-CURRENT> 3086739
<APPREC-INCREASE-CURRENT> (1805745)
<NET-CHANGE-FROM-OPS> 1380534
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 98707
<DISTRIBUTIONS-OF-GAINS> 1518841
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8052
<NUMBER-OF-SHARES-REDEEMED> 854576
<SHARES-REINVESTED> 138136
<NET-CHANGE-IN-ASSETS> (8283749)
<ACCUMULATED-NII-PRIOR> 107
<ACCUMULATED-GAINS-PRIOR> 1158924
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 163737
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 374457
<AVERAGE-NET-ASSETS> 25190299
<PER-SHARE-NAV-BEGIN> 11.6
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.67
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.70
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.57
<EXPENSE-RATIO> 1.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FORUM FUNDS ANNUAL REPORT DATED MARCH 31, 2000
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-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 29122907
<INVESTMENTS-AT-VALUE> 27947974
<RECEIVABLES> 485517
<ASSETS-OTHER> 3721
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28437212
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 203148
<TOTAL-LIABILITIES> 203148
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29709620
<SHARES-COMMON-STOCK> 2984835
<SHARES-COMMON-PRIOR> 3602945
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 27
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 300596
<ACCUM-APPREC-OR-DEPREC> (1174933)
<NET-ASSETS> 28234064
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2127096
<OTHER-INCOME> 0
<EXPENSES-NET> 231775
<NET-INVESTMENT-INCOME> 1895321
<REALIZED-GAINS-CURRENT> (300596)
<APPREC-INCREASE-CURRENT> (1314931)
<NET-CHANGE-FROM-OPS> 279794
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1895348
<DISTRIBUTIONS-OF-GAINS> 106552
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 198970
<NUMBER-OF-SHARES-REDEEMED> 830502
<SHARES-REINVESTED> 13422
<NET-CHANGE-IN-ASSETS> (7519645)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 193124
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 132059
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 376684
<AVERAGE-NET-ASSETS> 33014632
<PER-SHARE-NAV-BEGIN> 9.92
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> (0.43)
<PER-SHARE-DIVIDEND> 0.55
<PER-SHARE-DISTRIBUTIONS> 0.03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.46
<EXPENSE-RATIO> 0.70
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders of
Forum Funds:
In planning and performing our audit of the financial statements of
Forum Funds (the "Funds") (including Austin Global Equity Fund, Investors High
Grade Bond Fund, Investors Bond Fund, TaxSaver Bond Fund, Maine Municipal Bond
Fund, New Hampshire Bond Fund, Investors Growth Fund, Payson Balanced Fund and
Payson Value Fund) for the year ended March 31, 2000 (on which we have issued
our report dated May 12, 2000), we considered its internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to provide
assurance on the Funds' internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements
due to error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions or
that the degree of compliance with policies or procedures deteriorate.
Our consideration of the Funds' internal control would not necessarily
disclose all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
Funds' internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
March 31, 2000.
This report is intended solely for the information and use of
management, the trustees and shareholders of Forum Funds, and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
DELOITTE & TOUCHE LLP
May 12, 2000
