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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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 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 33
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<PAGE> PAGE 34
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<NUMBER-OF-SHARES-SOLD> 239,331
<NUMBER-OF-SHARES-REDEEMED> 5,891
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,324,721
<ACCUMULATED-NII-PRIOR> 28,354
<ACCUMULATED-GAINS-PRIOR> 561,875
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,185
<AVERAGE-NET-ASSETS> 6,062,537
<PER-SHARE-NAV-BEGIN> 11.69
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.86
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.59
<EXPENSE-RATIO> .25%
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 FORUM FUNDS SEMI-ANNUAL REPORT DATED NOVEMBER 30, 1998 AND I
S QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> SMALL COMPANY OPPORTUNITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 7,097
<INVESTMENTS-AT-VALUE> 7,096
<RECEIVABLES> 728
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4,553
<TOTAL-ASSETS> 12,377
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,257
<TOTAL-LIABILITIES> 5,257
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON 7,920
<SHARES-COMMON-STOCK> 869
<SHARES-COMMON-PRIOR> 500
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 8
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 791
<ACCUM-APPREC-OR-DEPREC> (1)
<NET-ASSETS> 7,120
<DIVIDEND-INCOME> 24
<INTEREST-INCOME> 7
<OTHER-INCOME> (23)
<EXPENSES-NET> 17
<NET-INVESTMENT-INCOME> (9)
<REALIZED-GAINS-CURRENT> (803)
<APPREC-INCREASE-CURRENT> 149
<NET-CHANGE-FROM-OPS> (663)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 388
<NUMBER-OF-SHARES-REDEEMED> 19
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 10
<OVERDISTRIB-NII-PRIOR> 8
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,330
<AVERAGE-NET-ASSETS> 5,471
<PER-SHARE-NAV-BEGIN> 9.70
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (1.50)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.20
<EXPENSE-RATIO> 1.49%
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 FORUM FUNDS SEMI-ANNUAL REPORT DATED NOVEMBER 30, 1998 AND I
S QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> EMERGING MARKETS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 6,201
<INVESTMENTS-AT-VALUE> 6,193
<RECEIVABLES> 466
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,069
<TOTAL-ASSETS> 8,728
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,548
<TOTAL-LIABILITIES> 2,548
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,500
<SHARES-COMMON-STOCK> 763
<SHARES-COMMON-PRIOR> 763
<ACCUMULATED-NII-CURRENT> 55
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,367
<ACCUM-APPREC-OR-DEPREC> (8)
<NET-ASSETS> 6,180
<DIVIDEND-INCOME> 43
<INTEREST-INCOME> 28
<OTHER-INCOME> (44)
<EXPENSES-NET> 5
<NET-INVESTMENT-INCOME> 22
<REALIZED-GAINS-CURRENT> (1,524)
<APPREC-INCREASE-CURRENT> 599
<NET-CHANGE-FROM-OPS> (903)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (903)
<ACCUMULATED-NII-PRIOR> 33
<ACCUMULATED-GAINS-PRIOR 157
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,053
<AVERAGE-NET-ASSETS> 5,980
<PER-SHARE-NAV-BEGIN> 9.28
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (1.21)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-E 8.10
<EXPENSE-RATIO 1.63%
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 FORUM FUNDS SEMI-ANNUAL REPORT DATED NOVEMBER 30, 1998 AND I
S QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 0378
<NAME> POLARIS GLOBAL VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 19,117,433
<INVESTMENTS-AT-VALUE> 20,087,499
<RECEIVABLES> 363,800
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 37,333
<TOTAL-ASSETS> 20,488,632
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,080
<TOTAL-LIABILITIES> 33,080
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,928,024
<SHARES-COMMON-STOCK> 2,397,382
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,344
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 553,360
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 970,824
<NET-ASSETS> 20,455,552
<DIVIDEND-INCOME> 163,616
<INTEREST-INCOME> 19,044
<OTHER-INCOME> 0
<EXPENSES-NET> 179,316
<NET-INVESTMENT-INCOME> 3,344
<REALIZED-GAINS-CURRENT> 553,360
<APPREC-INCREASE-CURRENT> 970,824
<NET-CHANGE-FROM-OPS> 1,527,528
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,745,626
<NUMBER-OF-SHARES-REDEEMED> 705,507
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,567,647
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 102,368
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 206,239
<AVERAGE-NET-ASSETS> 20,417,587
<PER-SHARE-NAV-BEGIN> 7.72
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.81
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.53
<EXPENSE-RATIO> 1.75%
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 FORUM FUNDS SEMI-ANNUAL REPORT DATED NOVEMBER 30, 1998 AND I
S QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 028
<NAME> INVESTORS EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 14,402,708
<INVESTMENTS-AT-VALUE> 30,698,453
<RECEIVABLES> 34,594
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,753
<TOTAL-ASSETS> 30,735,800
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 99,389
<TOTAL-LIABILITIES> 99,389
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,330,243
<SHARES-COMMON-STOCK> 2,629,069
<SHARES-COMMON-PRIOR> 2,631,444
<ACCUMULATED-NII-CURRENT> 10,423
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,295,745
<NET-ASSETS> 30,636,411
<DIVIDEND-INCOME> 150,956
<INTEREST-INCOME> 12,956
<OTHER-INCOME> 0
<EXPENSES-NET> 159,412
<NET-INVESTMENT-INCOME> 4,500
<REALIZED-GAINS-CURRENT> 1,841,810
<APPREC-INCREASE-CURRENT> 1,404,547
<NET-CHANGE-FROM-OPS> 3,250,857
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,567,208
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81,753
<NUMBER-OF-SHARES-REDEEMED> 301,055
<SHARES-REINVESTED> 216,927
<NET-CHANGE-IN-ASSETS> 546,068
<ACCUMULATED-NII-PRIOR> 5,923
<ACCUMULATED-GAINS-PRIOR 725,398
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 94,189
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 224,620
<AVERAGE-NET-ASSETS> 28,901,926
<PER-SHARE-NAV-BEGIN> 11.43
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTS> 1.06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-E 11.65
<EXPENSE-RATIO 1.10%
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
0
</TABLE>
