Exhibit 99.10(d)
FORUM FUNDS
Rule 18f-3 Multi-Class Plan
APPENDIX A
| Fund | Share Class | Date Adopted | Date(s) Amended |
| Absolute Strategies Fund | Institutional | 03/24/2005 | 06/24/2009 |
| | | 03/24/2005 | 06/24/2009 |
| A | 09/14/2004 | 06/24/2009 |
| | Investor | 09/14/2004 | 06/24/2009 |
| Brown Advisory Core International Fund | Institutional | 08/01/2002 | 06/24/2009 |
| Brown Advisory Flexible Value Fund | Institutional | | 06/24/2009 |
| | A | 08/06/2006 | 06/24/2009 |
| Brown Advisory Growth Equity Fund | Institutional | 08/01/2002 | 06/24/2009 |
| | A | 08/01/2002 | 06/24/2009 |
| Brown Advisory Intermediate Income Fund | Institutional | 08/01/2002 | 06/24/2009 |
| | A | 08/01/2002 | 06/24/2009 |
| Brown Advisory Maryland Bond Fund | Institutional | 08/01/2002 | 06/24/2009 |
| Brown Advisory Opportunity Fund | Institutional | 08/01/2002 | 06/24/2009 |
| | A | 08/01/2002 | 06/24/2009 |
| Brown Advisory Small Cap Fundamental Value Fund | Institutional | 08/01/2002 | 06/24/2009 |
| | A | 08/01/2002 | 06/24/2009 |
| Brown Advisory Small Cap Growth Fund | Institutional | 08/01/2002 | 06/24/2009 |
| | A | 08/01/2002 | 06/24/2009 |
| | D | 08/01/2002 | 06/24/2009 |
| Brown Advisory Small Cap Value Fund | Institutional | 08/01/2002 | 06/24/2009 |
| | A | 08/01/2002 | 06/24/2009 |
| Brown Advisory Value Equity Fund | Institutional | 08/01/2002 | 06/24/2009 |
| | A | 08/01/2002 | 06/24/2009 |
| Dover Long/Short Sector Fund | Institutional | 08/21/2007 | 06/24/2009 |
| | | 08/21/2007 | 06/24/2009 |
| Golden Large Cap Core Fund | Institutional | 06/08/2005 | 06/24/2009 |
| | Investor | 06/08/2005 | 06/24/2009 |
| Golden Small Cap Core Fund | Institutional | 06/08/2005 | 06/24/2009 |
| | Investor | 06/08/2005 | 06/24/2009 |
| Grisanti Brown Value Fund | I Shares | 12/28/2007 | 06/24/2009 |
| | Investor | 12/28/2007 | 06/24/2009 |
| Lou Holland Growth Fund | A Shares | 10/08/2009 | |
| | C Shares | 10/08/2009 | |
| | Institutional Shares | 10/08/2009 | |
| | Investor Shares | 10/08/2009 | |
| Liberty Street Horizon Fund | Institutional | 04/20/2007 | 06/24/2009 |
| | A | 04/20/2007 | 06/24/2009 |
| | C | 03/24/2005 | 06/24/2009 |
| Merk Hard Currency Fund | Investor | 03/24/2005 | 06/24/2009 |
| Merk Asian Currency Fund | Investor | 02/07/2008 | 06/24/2009 |
| Waterville Large Cap Value Fund | Institutional Shares | 10/08/2009 | |
| | Investor Shares | 10/08/2009 | |
| Merk Hard Currency Fund | Investor | 03/24/2005 | 06/24/2009 |
| Merk Asian Currency Fund | Investor | 02/07/2008 | 06/24/2009 |
| Waterville Large Cap Value Fund | Institutional Shares | 10/08/2009 | |
| | Investor Shares | 10/08/2009 | |
1 Class A shares and Class C shares were converted into Class R shares on or about August 1, 2008 and July 31, 2009, respectively.
2 C Shares of Auxier Focus Fund were converted into Investor Shares on or about August 27, 2008 and the Fund’s Rule 18f-3 Multi-Class Plan was amended at that time to reflect the elimination of the C Shares.
3 On or about November 13, 2008, the Flag Investors – Equity Opportunity Fund was reorganized as the Brown Advisory Flexible Value Fund. Prior to the reorganization, on August 8, 2006, the Flag Investors – Equity Opportunity Fund adopted the Fund’s original rule 18f-3 Multi-Class Plan. Following the reorganization, on February 12, 2009, an amended Rule 18f-3 Multi-Class Plan was adopted for the Brown Advisory Funds, including the Brown Advisory Flexible Value Fund.
4 A shares of Dover Long/Short Sector Fund were converted into Investor Shares on or about June 13, 2008 and the Fund’s Rule 18f-3 Multi-Class plan was amended at that time to reflect the elimination of A shares.
FORUM FUNDS
Rule 18f-3 Multi-Class Plan
APPENDIX B
| Fund | Class | Exchange Option(s) |
| Absolute Strategies Fund | Institutional | Absolute Funds - Institutional5 |
| | Investor | |
| Institutional | Brown Advisory Funds – Institutional7 |
| | A | Brown Advisory Funds – A |
| | D | |
| Institutional | Golden Funds – Institutional |
| | Investor | Golden Funds - Investor |
| Merk Hard Currency Fund | Institutional | Merk Funds9 - Institutional |
| | Investor | |
5 For purposes of this Appendix B, the term “Absolute Funds” is defined to mean any series of the Trust advised by Absolute Investment Advisors LLC or an entity controlling, controlled by or under common control with Absolute Investment Advisors LLC.
6 For purposes of this Appendix B, the term “Brown Advisory Funds” is defined to mean all series of the Trust advised by Brown Investment Advisory Incorporated or an entity controlling, controlled by or under common control with Brown Investment Advisory Incorporated.
7 Holders of Institutional Shares and A Shares of a Brown Advisory Fund may exchange such Shares for the Shares of another Brown Advisory Fund that does not offer Shares of different classes.
8 For purposes of this section 5, the term “Golden Funds” is defined to mean all series of the Trust advised by Golden Capital Management, LLC or an entity controlling, controlled by or under common control with Golden Capital Management, LLC.
9 For purposes of this section 5, the term “Merk Funds” is defined to mean all series of the Trust advised by Merk Investments, LLC or an entity controlling, controlled by or under common control with Merk Investments, LLC.
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