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<PAGE> PAGE 14
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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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 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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SIGNATURE DAVID GOLDSTEIN
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<LEGEND>
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "203,079 "
<AVERAGE-NET-ASSETS> "20,594,301 "
<PER-SHARE-NAV-BEGIN> 8.61
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.51
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.11
<EXPENSE-RATIO> 1.75
[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
"BIA FUNDS SEMI-ANNUAL REPORT DATED NOVEMBER 30, 1999"
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 351
<NAME> BIA SMALL-CAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-START> JUN-01-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> "50,222,398 "
<INVESTMENTS-AT-VALUE> "64,651,411 "
<RECEIVABLES> "176,782 "
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "64,828,193 "
<PAYABLE-FOR-SECURITIES> "56,201 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "65,289 "
<TOTAL-LIABILITIES> "121,490 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "46,771,739 "
<SHARES-COMMON-STOCK> "5,259,176 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(188,525)"
<ACCUMULATED-NET-GAINS> "3,694,476 "
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "14,429,013 "
<NET-ASSETS> "64,706,703 "
<DIVIDEND-INCOME> "4,113 "
<INTEREST-INCOME> "73,612 "
<OTHER-INCOME> 0
<EXPENSES-NET> "(266,250)"
<NET-INVESTMENT-INCOME> "(188,525)"
<REALIZED-GAINS-CURRENT> "3,694,476 "
<APPREC-INCREASE-CURRENT> "8,348,255 "
<NET-CHANGE-FROM-OPS> "11,854,206 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "5,491,534 "
<NUMBER-OF-SHARES-REDEEMED> "(232,358)"
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> "64,706,703 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "213,319 "
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "294,437 "
<AVERAGE-NET-ASSETS> "50,370,721 "
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 2.34
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.30
<EXPENSE-RATIO> 1.25
[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
"BIA FUNDS SEMI-ANNUAL REPORT DATED NOVEMBER 30, 1999"
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 361
<NAME> BIA GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-START> JUN-01-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> "17,488,908 "
<INVESTMENTS-AT-VALUE> "21,566,213 "
<RECEIVABLES> "164,171 "
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "21,730,384 "
<PAYABLE-FOR-SECURITIES> "595,515 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "15,632 "
<TOTAL-LIABILITIES> "611,147 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "17,133,808 "
<SHARES-COMMON-STOCK> "2,042,636 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> "7,858 "
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(99,734)"
<ACCUM-APPREC-OR-DEPREC> "4,077,305 "
<NET-ASSETS> "21,119,237 "
<DIVIDEND-INCOME> "71,771 "
<INTEREST-INCOME> "20,480 "
<OTHER-INCOME> 0
<EXPENSES-NET> "(73,509)"
<NET-INVESTMENT-INCOME> "18,742 "
<REALIZED-GAINS-CURRENT> "(99,734)"
<APPREC-INCREASE-CURRENT> "692,981 "
<NET-CHANGE-FROM-OPS> "611,989 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(10,884)"
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "2,102,150 "
<NUMBER-OF-SHARES-REDEEMED> "(59,516)"
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> "21,119,237 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "55,067 "
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "126,428 "
<AVERAGE-NET-ASSETS> "17,337,287 "
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.34
<EXPENSE-RATIO> 1.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Exhibit list for 5/31 FYE Series of Forum Funds
Semi-Annual Filing of Form N-SAR
Attachment 77C Submission of Matters to a Vote
of Security Holders
Attachment 77I
Terms of New or Amended Securities
Exhibit 77Q1(a) Amendment to Trust Instrument
Exhibit 77Q1(e)
New Investment Advisory Contract
5/31 FYE Series of Forum Funds
Semi-Annual Filing of Form N-SAR
Attachment 77C
Matters Submitted to a Vote of Securities
Holders
A Consent and Action in Lieu of Meeting of
Shareholders was executed on June 25, 1999
for the following purpose:
To approve the proposed Investment Advisory
Agreement between Forum Funds and Brown
Investment Advisory & Trust Company with
respect
to BIA Small-Cap Growth Fund and BIA
Growth Equity Fund.
Attachment 77I
Terms of New Securities
BIA Small-Cap Growth Fund and BIA Growth
Equity
Fund are new series of Forum Funds
(the "Trust").
The Prospectus and Statement of Additional
Information for BIA Small-Cap Growth Fund
and BIA Growth Equity Fund are incorporated
by
reference as filed in Post-Effective
Amendment
No. 72 to the Trust's Registration Statement
on
June 16, 1999 via EDGAR,
accession number 0001004402-99-000308.
Exhibit 77Q1(a)
Amendments to Trust Instrument
By Consent and Action in Lieu of Meeting of
the
Board of Trustees dated June 25, 1999, the
Trust's Board of Trustees approved the
following
material amendments to the Trust's Trust
Instrument:
Section 11.04A Termination of the Trust;
Termination of Series Established Prior to
May 1, 1999 or Classes thereof.
(a) This Trust and each Series (or class)
shall continue without limitation of time
but
subject to the provisions of this
Subsection 11.04.
(b) The Trustees, subject to a
Majority
Shareholder Vote of each
Series
(or class) affected by the
matter
or, if applicable, to a
Majority
Shareholder Vote of the
Trust, may
determine to terminate the
Trust or
any Series (or class)
created before
May 1, 1999. The Trustees
may
determine
to terminate a series
(or class)
created
after May 1, 1999 without a
shareholder
vote. After any such
determination,
the
Trustees may require the
redemption
of all
Shares of the Trust,
Series or class
thereof or take such other
action as
they
deem necessary to eliminate
all
outstanding
shares of the Trust or
Series
(or class),
as the case may be.
(c) The Trustees may, in
contemplation
of the
termination of the Trust or
a Series
created
before May 1, 1999, and
subject to a
Majority
Shareholder Vote of each
such Series
affected
by the matter or, if
applicable, to
a Majority
Shareholder Vote of the
Trust: (i)
sell and
convey all or any portion
of the
assets of the
Trust or the Series to
another person
(as defined in the 1940 Act),
organized
under
the laws of any jurisdiction,
or to
a separate
series thereof, for adequate
consideration,
which may include the
assumption of
all
outstanding and contingent
liabilities
of
the Trust or any affected
Series,
and which
may include shares of
beneficial
interest,
stock or other ownership
interests
of such
person or series thereof;
or (ii)
sell and
convert into money all or
any portion
of the
assets of the Trust or the
affected
Series.
The Trustees may terminate
a Series
created
after May 1, 1999 pursuant
to (i)
and/or (ii)
above without shareholder
vote.
Upon paying or
making reasonable provision
for the
payment of
all known liabilities of the
Trust or
any affect
Series, the Trustees shall
distribute
the
remaining proceeds or assets
(as the case may be) of each
Series
(or class) ratably among the
Shareholders
of all Series or the affected
Series
subject
to Section 2.08 and the
preferences,
rights
and privileges of each class
of the
Series.
(d) At any time that there are no outstanding
shares
of the
Trust, a Series or a class thereof, the
Trustees
may
abolish the Trust, Series (or class), as
applicable,
and, if applicable the establishment and
designation thereof.
(e) Upon completion of the
distribution
of the
remaining proceeds or the
remaining
assets
of the Trust or a Series
(or class) as
provided
in Subsection 11.04(c),
the Trust or
any
affected Series (or class)
shall
terminate.
Upon such termination, the
Trustees
and the
Trust shall be discharged of
any
and all
further liabilities and
duties
hereunder and
the right, title and interest
of
all parties
with respect to the Trust or
Series
shall be
cancelled and discharged.
(e) Upon termination of the Trust, following
completion of
winding up of its business, the Trustees
shall cause a
certificate of cancellation of the
Trust's
certificate
of trust to be filed in accordance with
the
Delaware Act,
which certificate of cancellation may be
signed by any one
Trustee.
Section 11.04B Termination of
Series
Established After May 1, 1999 or Classes
thereof:
For Series or classes, established after
May 1, 1999 or
classes thereof:
(a) Each Series or class thereof
shall continue
without limitation of time
but
subject to the
provisions of this Section
11.04B(b).
The Trustees may provide that
any Series or class
thereof shall have a limited
life and shall
automatically terminate as
determined by the
Trustees.
(b) The Trustees may determine to
terminate the
operations of any Series or
class thereof.
After such determination, the
Trustees may
require the redemption of all
Shares of a
Series or class or take such
other action
as they deem necessary in
order
to eliminate
all Outstanding Shares of that
Series or class,
as the case may be.
(c) The Trustees may at any time,
in contemplation
of the termination a Series:
(i) sell and convey
all or any portion of the
assets
of the affected
Series to another person
organized
under the
laws of any jurisdiction,
or to
a separate
series of shares thereof,
for
adequate
consideration, which may
include
the assumption
of all outstanding and
contingent
liabilities
of any affected Series,
and which
may include
shares of beneficial interest,
stock
or other
ownership interest of such
person
or series
thereof; or (ii) sell and
convert
into money
all or any portion of the
assets
of
any affected
Series. Upon paying or
making
reasonable
provision for the payment
of all
known
liabilities any affected
Series,
the Trustees
shall distribute the
remaining
proceeds or
assets (as the case may be)
ratably among
the Shareholders of the
affected
Series subject
to Section 2.08 and the
preferences,
rights and
privileges of each class
of the
Series.
(d) At any time that there are
no
Outstanding Shares
of a Series or a class, the
Trustees may abolish
the Series or class, as
applicable, and, if
applicable, the establishment
and designation
thereof.
(e) Upon completion of the
distribution
of the
remaining proceeds or the
remaining
assets
of a Series as provided in
Subsection
11.04B(c),
any affected Series shall
terminate.
Upon the
abolishment of a Series or
a class
as provided
in Subsection 11.04B(d), a
Series or
a class,
as applicable, shall terminate.
Upon such
termination, the Trustees
and the
Trust shall
be discharged of any and all
further
liabilities
and duties hereunder and the
right,
title and
interest of all parties with
respect
to the
Series or class shall be
canceled and
discharged.
(f) Upon termination of the Trust,
following
completion of winding up
of its
business, the
Trustees shall cause a
certificate
of cancellation
of the Trust's certificate
of trust
to be filed
in accordance with the
Delaware Act,
which
certificate of cancellation
may be
signed by
any Trustee.
Section 11.05A Reorganization of
the Trust.
Notwithstanding anything else
herein, the
Trustees,
in order to change the form of
organization
of the
Trust, may, without prior
Shareholder
approval; (a)
cause the Trust to merge or
consolidate
with or into
one or more trusts, partnerships,
associations
or
corporations so long as the
surviving or
resulting
entity is an open-end management
investment
company
under the 1940 Act, or is a series
thereof,
that will
succeed to or assume the Trust's
registration
under that
Act and which is formed, organized
or existing
under the
laws of a state, commonwealth,
possession or
colony of
the United States; or (b) cause the
Trust to
incorporate
under the laws of Delaware. Any
agreement of
merger or
consolidation or certificate of
merger may be
signed by
a majority of Trustees and facsimile
signatures
conveyed
by electronic or telecommunication
means shall
be valid.
Pursuant to and in accordance with
the provisions
of
Section 3815(f) of the Delaware Act,
and
notwithstanding
anything to the contrary contained in this
Trust
Instrument,
an agreement of merger or consolidation
approved by
the Trustees
in accordance with this Section 11.05 may
effect any
amendment
to the Trust Instrument or effect the
adoption of a
new trust
instrument of the Trust if it is the
surviving or
resulting
trust in the merger or consolidation.
Section 11.05B Reorganization
of Series
Created After
May 1, 1999. For Series established after
May 1, 1999, and
notwithstanding anything else in this Trust
Instrument, the
Trustees may (i) cause any such Series
to merge
or consolidate
with or into one or more entities, if the
surviving
or resulting
entity is another company registered as
an open-end
management
investment company under the 1940 Act,
or a series
thereof and
(ii) cause any or all Shares of a Series
to be
exchanged under
or pursuant to any state of federal statute
to
the extent
permitted by law.
Pursuant to and in accordance with
the
provisions of
Section 3815(f) of the Delaware Act, and
notwithstanding
anything to the contrary contained in this
Trust Instrument,
an agreement of merger or consolidation
approved by the
Trustees in accordance with this
Section 11.05B(b)
may effect
any amendment to the Trust Instrument.
Exhibit 77Q1(e)
New Investment Advisory Contract
The Investment Advisory Agreement between
Forum Funds and
Brown Investment Advisory & Trust Company
with
respect to
BIA Small-Cap Growth Fund and
BIA Growth Equity Fund,
Exhibit 23(d)(7) to Post-Effective
Amendment No. 73 to
the Trust's Registration Statement, is
incorporated by
reference as filed via EDGAR on
July 30, 1999,
accession number 0001004402-99-000341.
C:\TEMP\FF SE 0531 se-annual in 1299.doc
