<PAGE> PAGE 1
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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 7
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<PAGE> PAGE 8
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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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SIGNATURE MICHAEL MARTINS
TITLE DIRECTOR-FUND ACCT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Monarch
Funds Annual Report dated 8/31/95 and is qualified in its entirety by reference
to such report.
</LEGEND>
<CIK> 0000889509
<NAME> MONARCH FUNDS
<SERIES>
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<NAME> MONARCH CASH FUND
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<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial information extracted from the Monarch
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</LEGEND>
<CIK> 0000889509
<NAME> MONARCH FUNDS
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<PER-SHARE-GAIN-APPREC> 0
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<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Monarch
Funds Annual Report dated 8/31/95 and is qualified in its entirety by reference
to such report.
</LEGEND>
<CIK> 0000889509
<NAME> MONARCH FUNDS
<SERIES>
<NUMBER> 023
<NAME> MONARCH CASH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 104,935,828
<INVESTMENTS-AT-VALUE> 104,935,828
<RECEIVABLES> 588,630
<ASSETS-OTHER> 8,888
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105,533,346
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541,264
<TOTAL-LIABILITIES> 541,264
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,009,350
<SHARES-COMMON-STOCK> 105,009,350
<SHARES-COMMON-PRIOR> 77,900,324
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,268)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 104,992,082
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,252,189
<OTHER-INCOME> 0
<EXPENSES-NET> 423,963
<NET-INVESTMENT-INCOME> 4,828,226
<REALIZED-GAINS-CURRENT> 7,730
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,835,956
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,828,226
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 874,484,360
<NUMBER-OF-SHARES-REDEEMED> 848,782,825
<SHARES-REINVESTED> 1,407,492
<NET-CHANGE-IN-ASSETS> 27,109,027
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 7,642
<GROSS-ADVISORY-FEES> 37,794
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 597,527
<AVERAGE-NET-ASSETS> 90,484,617
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Monarch
Funds Annual Report dated 8/31/95 and is qualified in its entirety by reference
to such report.
</LEGEND>
<CIK> 0000889509
<NAME> MONARCH FUNDS
<SERIES>
<NUMBER> 011
<NAME> MONARCH GOVERNMENT CASH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 369,545,677
<INVESTMENTS-AT-VALUE> 369,545,677
<RECEIVABLES> 1,178,443
<ASSETS-OTHER> 14,618
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 370,738,738
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,572,367
<TOTAL-LIABILITIES> 1,572,367
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 369,210,450
<SHARES-COMMON-STOCK> 369,210,450
<SHARES-COMMON-PRIOR> 220,574,862
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44,079)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 369,166,371
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,762,647
<OTHER-INCOME> 0
<EXPENSES-NET> 1,008,996
<NET-INVESTMENT-INCOME> 11,753,651
<REALIZED-GAINS-CURRENT> (4,812)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,748,839
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,753,651
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,816,496,643
<NUMBER-OF-SHARES-REDEEMED> 2,674,264,890
<SHARES-REINVESTED> 6,403,835
<NET-CHANGE-IN-ASSETS> 148,635,588
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 60,478
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91,590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,349,316
<AVERAGE-NET-ASSETS> 217,297,317
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Monarch
Funds Annual Report dated 8/31/95 and is qualified in its entirety by reference
to such report.
</LEGEND>
<CIK> 0000889509
<NAME> MONARCH FUNDS
<SERIES>
<NUMBER> 012
<NAME> MONARCH GOVERNMENT CASH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 369,545,677
<INVESTMENTS-AT-VALUE> 369,545,677
<RECEIVABLES> 1,178,443
<ASSETS-OTHER> 14,618
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 370,738,738
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,572,367
<TOTAL-LIABILITIES> 1,572,367
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 369,210,450
<SHARES-COMMON-STOCK> 369,210,450
<SHARES-COMMON-PRIOR> 220,574,862
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44,079)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 369,166,371
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,762,647
<OTHER-INCOME> 0
<EXPENSES-NET> 1,008,996
<NET-INVESTMENT-INCOME> 11,753,651
<REALIZED-GAINS-CURRENT> (4,812)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,748,839
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,753,651
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,816,496,643
<NUMBER-OF-SHARES-REDEEMED> 2,674,264,890
<SHARES-REINVESTED> 6,403,835
<NET-CHANGE-IN-ASSETS> 148,635,588
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 60,478
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91,590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,349,316
<AVERAGE-NET-ASSETS> 217,297,317
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from th Monarch
Funds Annual Report dated 8/31/95 and is qualified in its entirety by reference
to such report.
</LEGEND>
<CIK> 0000889509
<NAME> MONARCH FUNDS
<SERIES>
<NUMBER> 032
<NAME> MONARCH TREASURY CASH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 28,669,084
<INVESTMENTS-AT-VALUE> 28,669,084
<RECEIVABLES> 0
<ASSETS-OTHER> 3,210
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,672,294
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 131,892
<TOTAL-LIABILITIES> 131,892
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,523,052
<SHARES-COMMON-STOCK> 28,523,052
<SHARES-COMMON-PRIOR> 41,195,547
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,262
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 28,530,314
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,214,050
<OTHER-INCOME> 0
<EXPENSES-NET> 91,105
<NET-INVESTMENT-INCOME> 1,122,945
<REALIZED-GAINS-CURRENT> 8,770
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,131,715
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,122,945
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 415,123,664
<NUMBER-OF-SHARES-REDEEMED> 427,945,998
<SHARES-REINVESTED> 149,839
<NET-CHANGE-IN-ASSETS> (12,672,495)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 388
<GROSS-ADVISORY-FEES> 9,149
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 186,778
<AVERAGE-NET-ASSETS> 21,691,368
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
