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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE DAVID GOLDSTEIN
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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\par [ARTICLE] 6
\par }\pard \s15\widctlpar\adjustright {<LEGEND>
\par THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
\par EXTRACTED FROM THE FORUM FUNDS ANNUAL REPORT DATED
\par MAY 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY
\par BY REFERENCE TO SUCH REPORT.
\par </LEGEND>
\par <CIK> 0000315774
\par <SERIES>
\par <NUMBER> 281
\par <NAME> INVESTORS EQUITY FUND - Investor
\par
\par <S> <C>
\par }\pard \s15\qj\widctlpar\adjustright {<PERIOD-TYPE> YEAR
\par <FISCAL-YEAR-END> MAY-31-1999
\par <PERIOD-START> JUN-01-1998
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