<PAGE> PAGE 1
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001 A000000 THE MONITOR FUNDS TRUST
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007 C010100 1
007 C020100 THE MONITOR MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 THE MONITOR OHIO MUNICIPAL MONEY MARKET FUND
007 C030200 N
007 C010300 3
007 C020300 THE MONITOR U.S. TREASURY MONEY MARKET FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C020500 THE MONITOR GROWTH FUND
007 C030500 N
007 C010600 6
007 C020600 THE MONITOR INCOME EQUITY FUND
007 C030600 N
007 C010700 7
007 C020700 THE MONITOR OHIO TAX-FREE FUND
007 C030700 N
007 C010800 8
007 C020800 THE MONITOR FIXED INCOME SECURITIES FUND
007 C030800 N
007 C010900 9
007 C020900 THE MONITOR SHORT/INTERMEDIATE FIXED INCOME
007 C030900 N
007 C011000 10
007 C021000 THE MONITOR MORTGAGE SECURITIES FUND
007 C031000 N
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
<PAGE> PAGE 2
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORPORATION
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013 B01AA01 COLUMBUS
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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 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 21
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070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 N
070 K010500 Y
070 K020500 N
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<PAGE> PAGE 22
070 L020500 Y
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<PAGE> PAGE 23
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008 B000601 A
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
070 E020600 N
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<PAGE> PAGE 27
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008 A000701 HUNTINGTON TRUST COMPANY
<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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008 A000801 HUNTINGTON TRUST COMPANY
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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008 A000901 HUNTINGTON TRUST COMPANY
008 B000901 A
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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SIGNATURE STEVE MEYER
TITLE CONTROLLER
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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.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> THE MONITOR FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> THE MONITOR FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000810695
<NAME> THE MONITOR FUNDS
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<NUMBER> 080
<NAME> FIXED INCOME SECURITIES TRUST CLASS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000810695
<NAME> THE MONITOR FUND
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<NAME> FIXED INCOME SECURITIES INVESTOR CLASS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000810695
<NAME> THE MONITOR FUND
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<NAME> SHORT/INTERMEDIATE FIXED INCOME SECURITIES TRUST CLASS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000810695
<NAME> THE MONITOR FUND
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<NAME> MORTGAGE SECURITIES TRUST CLASS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> THE MONITOR FUND
<SERIES>
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<NAME> MORTGAGE SECURITIES INVESTOR CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 65626
<INVESTMENTS-AT-VALUE> 64446
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<TOTAL-ASSETS> 65025
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<OTHER-ITEMS-LIABILITIES> 10350
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<PAID-IN-CAPITAL-COMMON> 78101
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<SHARES-COMMON-PRIOR> 636
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<OVERDISTRIBUTION-NII> (362)
<ACCUMULATED-NET-GAINS> (21884)
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<NET-CHANGE-FROM-OPS> 15673
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<NUMBER-OF-SHARES-REDEEMED> (416)
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</TABLE>
Price Waterhouse LLP
February 20, 1996
To the Trustees of The Monitor Funds
In planning and performing our audit of the financial statements of The
Monitor Funds (the "Trust") for the year ended December 31, 1995, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purposes of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Trust is responsible for establishing and
maintaining and internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to asses the
expected benefits and related costs of internal control structure polices
and procedures. Two of the objectives of an internal control structure
are to provide management with reasonable, but not absolute, assurance
that assets are appropriately safeguarded against loss from unauthorized
use or disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit preparation
of financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal control
structure, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 1995.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
/s/ Price Waterhouse LLP
Price Waterhouse LLP
February 20, 1996
To the Trustees of The Monitor Funds
We have examined the accompanying description of the specific control
objectives and the control procedures that achieve those objectives of
The Monitor Funds, (the "Trust") relating to that segment of its system
for allocating the results of operations of the Trust to separate classes of
shares and calculating the respective net asset values and dividends and
distributions (the "Multiple Class System") as of December 31, 1995.
Our examination included procedures to obtain reasonable assurance
about whether (1) the accompanying description presents fairly, in all
material respects, the aspects of the Trust's policies and procedures that
may be relevant to understanding the internal control structure relating
to the Multiple Class System, and (2) the control structure policies and
procedures included in the description were suitably designed to achieve
the control objectives specified in the description, if those policies and
procedures were complied with satisfactorily, and (3) such policies and
procedures had been placed in operation as of December 31, 1995. The
control objectives were specified by management to meet conditions in the
application, filed with the Securities and Exchange Commission, pursuant
to Section 6(c) of the Investment Company Act of 1940. Our examination
was performed in accordance with standards established by the American
Institute of Certified Public Accountants and included those procedures
we considered necessary in the circumstances to obtain a reasonable basis
for rendering our opinion.
In our opinion, the accompanying description of the Multiple Class
System presents fairly, in all material aspects, the relevant aspects of
the Trust's policies and procedures that had been placed in operations
ad December 31, 1995. Also, in our opinion, the policies and procedures,
as described, are suitably designed to provide reasonable assurance that
the specified control objectives would be achieved if the described policies
and procedures were complied with satisfactorily.
To the Trustees of The Monitor Funds
Page 2
February 20, 1996
In addition to the procedures we considered necessary to render our
opinion as expressed in the previous paragraph, we applied tests to specific
policies and procedures as listed in Section III (Control Procedures) and
in Section IV (Price Waterhouse LLP Tests of Operating Effectiveness) to
obtain evidence about the effectiveness of such policies and procedures in
meeting the control objectives, described in the Section II (Control
Objectives),for the year ended December 31, 1995. The specific policies and
procedures and the nature, timing, extent, and results of the tests are
listed in Sections III and IV, respectively, of this report. In our opinion
the policies and procedures that were tested, as described in Section III,
were operating with sufficient effectiveness to provide reasonable, but not
absolute, assurance that the control objectives specified in Section II were
achieved during the year ended December 31, 1995.
The description of specific policies and procedures of the Multiple Class
System is as of December 31, 1995, and information about tests of the
operating effectiveness of specified policies and procedures covered the
period from January 1, 1995 to December 31, 1995. Any projection of
such information to the future is subject to the risk that, because of change,
the description may no longer portray the system in existence. The
potential effectiveness of specific policies and procedures for the Multiple
Class System is subject to inherent limitations and, accordingly, errors or
irregularities may occur and not be detected. Furthermore, the projection
of any conclusions, based on our findings, to future periods is subject to
the risk that changes may alter the validity of such conclusions.
This report is intended solely for use by the Trustees and management of the
Trust, and the Securities and Exchange Commission, and should not be
used for any other purpose.
THE MONITOR FUNDS
METHODOLOGY TO BE USED FOR
NET ASSET VALUE ("NAV") AND
DIVIDEND/DISTRIBUTION DETERMINATIONS
SECTION I - BACKGROUND
The Monitor Funds (The "Trust" and individually the "Fund"), has
implemented a system of accounting for multiple classes of shares. Certain
funds of the Trust are accounted for with two separate types of classes of
shares with characteristics designed for differing distribution channels. The
Trust Shares are offered without a 12b-1 fee and Investment Shares are
offered with a 12b-1 fee.
Accounting for multiple classes of shares entails the recordkeeping required
when two classes of shareholders participate in the portfolio of one mutual
fund. Funds that adopt this structure are required to maintain records that
account for each class of shares within each fund. Since differing fees are
charged to each class, the recordkeeper must perform separate Net Asset
Value (NAV) and dividend/distribution calculations for each class of shares.
SECTION II - CONTROL OBJECTIVES
The purpose of this document is to present the manner in which the
interest of the shareholders are protected, and the NAV's, income earned
and dividend/distributions for each shareholder class are properly calculated.
In designing accounting procedures and controls regarding the allocation
of income and expenses and the calculation of NAV and dividend/
distributions for each of the classes of shares, the following objectives
must be met:
1. That the direct expenses attributable to each class of shares are correctly
recorded in the accounting records as charged to each class of shares.
2. That income, expenses and realized and unrealized gains/losses are allocated
properly to each class of shares based upon the relative percentage of
net assets by class as appropriate.
3. That the daily NAV per share for each class of shares reflects the proper
allocation of income, expense, gain and loss amounts, and the proper amount
of any direct expenses charged to each class of shares.
4. That the daily dividend rates were computed in accordance with the
procedures outlined in Section III including the proper allocation of
direct expenses.
THE MONITOR FUNDS
METHODOLOGY TO BE USED FOR
NET ASSET VALUE ("NAV") AND
DIVIDEND/DISTRIBUTION DETERMINATIONS
SECTION III - CONTROL PROCEDURES
The procedures for calculating NAV's and dividends/distributions depend
upon the dividend policy of a respective Fund. There are two primary
dividend policies presently followed by the Funds. There are those that:
1. Declare daily dividends from net investment income and declare periodic
distributions of net realized gains on investments, if any or
2. Declare dividends from net investment income other than daily and declare
periodic distributions of net realized gains on investments, if any.
The records of the Trust are maintained by either Huntington Trust
Company, N.A. or American Data Services, Inc. (the fund accounting
agents), which are responsible for preparing daily NAV computations,
updating the general ledger and investment portfolio, and maintaining
other subsidiary information as required by the Investment Company Act
of 1940 and the Securities and Exchange Commission. The following
procedures presume that the normal procedures and controls remain in
effect at the fund accounting agents for all other daily accounting functions.
In maintaining the records for the Trust, the income, expense, gain and
loss account must be allocated to each class of shares within each fund.
Net investment income and unrealized and realized gains or losses are
allocated daily to each class of shares primarily based on each such class's
relative percentage of total net assets at the beginning of the day, after such
net assets are adjusted for the prior business day's (or current business day's
in the case of the money market funds) capital shares transactions of each
class as reported by the fund's transfer agent. The allocated amounts are
accumulated by category and class of shares.
EXPENSE ACCOUNTING
A primary requirement in allocating expenses is to determine which
expenses are class level and which expenses are fund level. Fund level
expenses are primarily allocated to each class in the same manner as net
investment income and realized and unrealized gains and losses as
described in the previous paragraph.
THE MONITOR FUNDS
METHODOLOGY TO BE USED FOR
NET ASSET VALUE ("NAV") AND
DIVIDEND/DISTRIBUTION DETERMINATIONS
Prior to determining the day's NAV or dividends/distributions, the
following expense items must be calculated as indicated:
Asset based fees:
The current day's accrual is calculated using the beginning of the
day's total net assets of the fund (adjusted for current business day's
capital share transactions for money market funds), and is allocated to
each class based upon the relative percentage of net assets by class.
12b-1 Plan fees:
The current day's accrual is calculated using the beginning of day's
net assets attributable to each fund's 12b-1 Plan Shares based on the
annual fee rate of up to .25 of 1% for that class.
Other Fund Expenses
Daily accruals are determined from expense budgets or estimates
and are allocated to each class based upon the relative percentage of
net assets by class.
NAV AND DIVIDENDS/DISTRIBUTIONS
The calculation procedure for NAV and dividends/distributions
consistent with a fund's distribution policy is as follows:
1. For a fund that declares net investment income other than daily
(and declares periodic distributions of net realized gains on investments):
Dividends/Distributions
a. The maximum dividend rate for net investment income for
each class is calculated as follows:
-Determine fund's total projected undistributed net investment
income.
- Add back to such net investment income the class-specific expenses
charged directly to any class for the period to obtain the adjusted
projected undistributed net investment for the fund.
THE MONITOR FUNDS
METHODOLOGY TO BE USED FOR
NET ASSET VALUE ("NAV") AND
DIVIDEND/DISTRIBUTION DETERMINATIONS
- Divided the adjusted undistributed net investment income by the total
estimate record shares outstanding to obtain the maximum
dividend rate for the fund.
- For each class with class specific expenses, divide the expenses
charged directly to that class for the appropriate period by that class's
estimated record shares and subtract the resulting per share amount from
the adjusted net investment income per share to arrive at the maximum
divided rate for that class.
b. The maximum distribution rate for unrealized gains, if any, is
determined by dividing the fund's total undistributed net realized gains
by the total shares outstanding on the ex-dividend date.
NAV
NAV by class is determined by dividing the ending total net assets
applicable to a class by the number of shares outstanding relating to
that class.
2. For a money market fund that declares daily dividends of net
investment income:
Dividends
A determination of the maximum dividend rate by class is made by
dividing undistributed net investment income attributable to each class by
the number of shares eligible to receive dividends (dividend shares) for the
respective class.
NAV
NAV by class is determined by dividing the ending total net assets
applicable to a class by the number of shares outstanding relating to that
class.
THE MONITOR FUNDS
METHODOLOGY TO BE USED FOR
NET ASSET VALUE ("NAV") AND
DIVIDEND/DISTRIBUTION DETERMINATIONS
SECTION IV - PRICE WATERHOUSE LLP TESTS OF
OPERATING EFFECTIVENESS
The following are the tests of operating effectiveness which we performed
with respect to the Trust's system for allocating the results of operations
to separate classes of shares and calculating the respective net asset values
and dividends and distributions. We judgmentally selected days throughout
the period January 1, 1995 to December 31, 1995, in which to test the
operating effectiveness of the Trust's policies and procedures. Our performance
of the tests of operating effectiveness, described below, did not result in
any exceptions.
<TABLE>
<CAPTION>
CONTROL OBJECTIVE PRICE WATERHOUSE LLP TESTS OF
OPERATING EFFECTIVENESS
<S> <C>
1. That the direct expenses For the days selected, we obtained the Daily Allocation
attributable to each class Factor Report, the Subsidiary Accounts Posting Register,
of shares are correctly the Net Asset Value Per Share Computation for
recorded in the Subsidiary Accounts and related Fund trial balances and
accounting record as performed the following procedures:
charged to each class of
shares. We recalculated the relative class allocation
percentages.
2. That income, expenses
and realized and We recomputed the allocation of income, expenses,
unrealized gains/losses and realized and unrealized gain/loss amounts to each
are allocated properly to share class based upon the relative percentage of net
each class of shares base assets by class, as appropriate.
upon the relative
percentage of net assets
by class, as appropriate.
3. That the daily NAV per We recalculated the class level 12b-1 fees for each
share for each class of fund which represented the current day accrual
shares reflects the proper calculated using the beginning of each day's net
allocation of income, assets attributable to each class based on the
expense, gain and loss respective class rate per each fund's prospectus.
amounts, and the proper
amount of any direct We agreed the capital stock activity for each
expenses charged to each respective class to the primary accounting records.
class of shares.
We recalculated NAV by class by dividing the ending
total net assets applicable to a class by the number of
shares outstanding relating to that class.
4. That the dividend rated For the distributions selected for testing, we
were computed in recalculated the distribution rates for each class of
accordance with the shares and determined that they were computed in
procedures outlined in accordance with the procedures in Section III
Section III including the including the proper allocation of direct expenses.
proper allocation of direct
expenses.
</TABLE>
