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<PAGE> PAGE 3
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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 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
024 000800 Y
025 A000801 BEAR STEARNS
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025 C000801 D
025 D000801 979
025 A000802 DEAN WITTER
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<PAGE> PAGE 23
031 A000800 0
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033 000800 1
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064 A000800 N
064 B000800 N
071 A000800 27300
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<PAGE> PAGE 24
072 L000800 11
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<PAGE> PAGE 25
074 V010800 20.94
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024 000900 Y
025 A000901 BEAR STEARNS
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025 A000904 LEHMAN BROTHERS
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025 D000904 1019
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<PAGE> PAGE 26
028 E010900 613
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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024 001000 Y
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<PAGE> PAGE 29
030 C001000 0.00
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE ROBERT DELLACROCE
TITLE CONTROLLER
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 031
<NAME> U.S. TREASURY MONEY MARKET INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 050
<NAME> GROWTH TRUST CLASS
<MULTIPLIER> 1,000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 051
<NAME> GROWTH INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 060
<NAME> INCOME EQUITY TRUST CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 070
<NAME> OHIO TAX-FREE TRUST CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 071
<NAME> OHIO TAX-FREE INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 080
<NAME> FIXED INCOME TRUST CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 081
<NAME> FIXED INCOME INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 090
<NAME> SHORT/INTERMEDIATE TRUST CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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<NET-CHANGE-FROM-OPS> 5107
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7408
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 752
<NUMBER-OF-SHARES-REDEEMED> 1210
<SHARES-REINVESTED> 162
<NET-CHANGE-IN-ASSETS> (296)
<ACCUMULATED-NII-PRIOR> 135
<ACCUMULATED-GAINS-PRIOR> (457)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 907
<AVERAGE-NET-ASSETS> 125256
<PER-SHARE-NAV-BEGIN> 20.35
<PER-SHARE-NII> 1.17
<PER-SHARE-GAIN-APPREC> (.37)
<PER-SHARE-DIVIDEND> 1.19
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.96
<EXPENSE-RATIO> .72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 100
<NAME> MORTGAGE INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 42624
<INVESTMENTS-AT-VALUE> 42991
<RECEIVABLES> 267
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43264
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2032
<TOTAL-LIABILITIES> 2032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64878
<SHARES-COMMON-STOCK> 206
<SHARES-COMMON-PRIOR> 247
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (24014)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 368
<NET-ASSETS> 41232
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3562
<OTHER-INCOME> 0
<EXPENSES-NET> 321
<NET-INVESTMENT-INCOME> 3241
<REALIZED-GAINS-CURRENT> (1934)
<APPREC-INCREASE-CURRENT> 1547
<NET-CHANGE-FROM-OPS> 2854
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 120
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8
<NUMBER-OF-SHARES-REDEEMED> 59
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> (41)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (21884)
<OVERDISTRIB-NII-PRIOR> (362)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 236
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 461
<AVERAGE-NET-ASSETS> 1831
<PER-SHARE-NAV-BEGIN> 8.12
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> .53
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.08
<EXPENSE-RATIO> .92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR FUNDS
<SERIES>
<NUMBER> 101
<NAME> MORTGAGE TRUST CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 42624
<INVESTMENTS-AT-VALUE> 42991
<RECEIVABLES> 267
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43264
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2032
<TOTAL-LIABILITIES> 2032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64878
<SHARES-COMMON-STOCK> 4907
<SHARES-COMMON-PRIOR> 6510
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (24014)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 368
<NET-ASSETS> 41232
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3562
<OTHER-INCOME> 0
<EXPENSES-NET> 321
<NET-INVESTMENT-INCOME> 3241
<REALIZED-GAINS-CURRENT> (1934)
<APPREC-INCREASE-CURRENT> 1547
<NET-CHANGE-FROM-OPS> 2854
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3067
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 320
<NUMBER-OF-SHARES-REDEEMED> 1951
<SHARES-REINVESTED> 28
<NET-CHANGE-IN-ASSETS> (1603)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (21884)
<OVERDISTRIB-NII-PRIOR> (362)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 236
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 461
<AVERAGE-NET-ASSETS> 45498
<PER-SHARE-NAV-BEGIN> 8.09
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> .54
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.06
<EXPENSE-RATIO> .67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Accountants
To the Board of Trustees of
The Monitor Funds
In planning and performing our audit of the financial statements of The
Monitor Funds (the "Funds") for the year ended December 31, 1996, 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 Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies
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, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
Columbus, Ohio
February 14, 1997
