We have acted as counsel for Forum Funds, a Delaware business trust

 

                                                                    Exhibit 10

                           SEWARD & KISSEL
                          1200 G Street, NW
                         Washington, DC 20005

                          Phone: 202/737-8833
                        Facsimile: 202/737-5184

                                      January 5, 1996

Forum Funds
Two Portland Square
Portland, Maine 04101

Dear Sir or Madam:

      We have acted as counsel for Forum Funds, a Delaware business trust
with transferable shares (the "Trust"), in connection with the organization
of the Trust, the registration of the Trust under the Investment Company Act
of 1940 (the "1940 Act") and the registration of an indefinite number of
shares of beneficial interest of its Daily Assets Treasury Fund, Maine
Municipal Bond Fund, New Hampshire Bond Fund, Investors Bond Fund, TaxSaver
Bond Fund, Payson Value Fund and Payson Balanced Fund (the "Funds") under the
Securities Act of 1933.

     As counsel for the Trust, we have participated in the preparation of the
Registration Statement on Form N-1A (the "Registration Statement") and the
prospectuses contained therein (the "Prospectuses") relating to such shares
and have examined and relied upon such records of the Trust and such other
documents, including certificates as to factual matters, as we have deemed
necessary to render the opinions expressed herein.

     Based on such examination, we are of the opinion that:

     1. The Trust has been duly organized and is validly existing as a
business trust with transferable shares of the type commonly called a
Delaware business trust.

     2. The Trust is authorized to issue an unlimited number of shares. The
currently issued and outstanding shares of each class of the Daily Assets
Treasury Fund, Maine Municipal Bond Fund, New Hampshire Bond Fund, Investors
Bond Fund, TaxSaver Bond Fund, Payson Value Fund and Payson Balanced Fund of
the Trust have been validly and legally issued and are fully paid and
non-assessable shares of beneficial interest of the Trust (the "Outstanding
Shares"). The shares to be offered for sale by the Prospectuses (the
"Registered Shares") and the Outstanding Shares have been duly and validly
authorized by all requisite action of the Trustees of the Trust and no action
of the shareholders of the Trust is or was required in connection therewith.

     3. When the Registered Shares have been duly sold, issued, and paid for
as contemplated by the Prospectuses, they will be validly and legally issued,
fully paid and non-assessable by the Trust.

     Our opinion above stated is expressed as members of the bar of the
District of Columbia and the State of New York. This opinion does not extend
to the securities or "blue sky" laws of any state.

     We hereby consent to the filing of this opinion with the Securities and
Exchange Commission as an exhibit to the Registration Statement and to the
reference to our firm under the caption "Counsel" in the Statement of
Additional Information of the Funds.

                                  Very truly yours,

                                  /s/ Seward & Kissel 

Basic Info X:

Name: We have acted as counsel for Forum Funds, a Delaware business trust
Type: trust
Date: Jan. 5, 1996
Company: FORUM FUNDS INC
State: Maine

Other info:

Date:

  • January 5 , 1996

Organization:

  • Payson Value Fund
  • District of Columbia
  • Securities and Exchange Commission
  • s Seward & Kissel

Location:

  • NW Washington
  • DC
  • Portland Square Portland
  • Delaware
  • Maine
  • New Hampshire
  • New York