<PAGE> PAGE 1
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007 C020300 THE MONITOR U.S. TREASURY MONEY MARKET FUND
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007 C020700 THE MONITOR OHIO TAX-FREE FUND
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007 C020800 THE MONITOR FIXED INCOME SECURITIES FUND
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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 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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SIGNATURE ROBERT DELLACROCE
TITLE CONTROLLER
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<NAME> MONITOR
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<NAME> OHIO TAX FREE FUND TRUST SHARES
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<NAME> MONITOR
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<NAME> MONITOR
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<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 623
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 890
<AVERAGE-NET-ASSETS> 124578
<PER-SHARE-NAV-BEGIN> 19.96
<PER-SHARE-NII> 1.19
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> 1.19
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.04
<EXPENSE-RATIO> .71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR
<SERIES>
<NUMBER> 100
<NAME> MORTGAGE SECURITIES FUND TRUST SHARES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 39088
<INVESTMENTS-AT-VALUE> 39940
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<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 2005
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<TOTAL-LIABILITIES> 2087
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37057
<SHARES-COMMON-STOCK> 4498
<SHARES-COMMON-PRIOR> 4907
<ACCUMULATED-NII-CURRENT> 26
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (23662)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 852
<NET-ASSETS> 38139
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2884
<OTHER-INCOME> 0
<EXPENSES-NET> 273
<NET-INVESTMENT-INCOME> 2611
<REALIZED-GAINS-CURRENT> 303
<APPREC-INCREASE-CURRENT> 484
<NET-CHANGE-FROM-OPS> 3398
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2454
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2800
<NUMBER-OF-SHARES-REDEEMED> 6332
<SHARES-REINVESTED> 187
<NET-CHANGE-IN-ASSETS> (3345)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 205
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 358
<AVERAGE-NET-ASSETS> 39561
<PER-SHARE-NAV-BEGIN> 8.06
<PER-SHARE-NII> .52
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> .50
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.24
<EXPENSE-RATIO> .66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810695
<NAME> MONITOR
<SERIES>
<NUMBER> 101
<NAME> MORTGAGE SECURITIES FUND INVESTMENT SHARES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 39088
<INVESTMENTS-AT-VALUE> 39940
<RECEIVABLES> 286
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40226
<PAYABLE-FOR-SECURITIES> 2005
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82
<TOTAL-LIABILITIES> 2087
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1082
<SHARES-COMMON-STOCK> 131
<SHARES-COMMON-PRIOR> 206
<ACCUMULATED-NII-CURRENT> 26
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (23662)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 852
<NET-ASSETS> 38139
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2884
<OTHER-INCOME> 0
<EXPENSES-NET> 273
<NET-INVESTMENT-INCOME> 2611
<REALIZED-GAINS-CURRENT> 303
<APPREC-INCREASE-CURRENT> 484
<NET-CHANGE-FROM-OPS> 3398
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 82
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13
<NUMBER-OF-SHARES-REDEEMED> 678
<SHARES-REINVESTED> 55
<NET-CHANGE-IN-ASSETS> (610)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 205
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 358
<AVERAGE-NET-ASSETS> 1371
<PER-SHARE-NAV-BEGIN> 8.08
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> .17
<PER-SHARE-DIVIDEND> .49
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.26
<EXPENSE-RATIO> .91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Trustees of the
Monitor Funds:
In planning and performing our audit of the financial
statements of the Monitor Funds for the year ended
December 31, 1997, we considered its internal
controls, including procedures for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance
on the internal controls.
The management of the Monitor Funds is responsible
for establishing and maintaining internal controls.
In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of internal
control policies and procedures. Two of the
objectives of internal controls are to provide
management with reasonable, but not absolute,
assurance that assets are 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 controls,
errors or irregularities may occur and not be detected.
Also, projection of any evaluation of internal controls
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 controls would not
necessarily disclose all matters in the internal
controls 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 controls 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 controls, including
procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as
of December 31, 1997.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
Columbus, Ohio
February 13, 1998
