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<PAGE> PAGE 2
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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 10
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<PAGE> PAGE 11
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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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SIGNATURE MICHAEL MARTINS
TITLE DIRECTOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial informatin extracted from Monarch
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<NAME> MONARCH GOVERNMENT CASH FUNDS
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial information extracted from Monarch
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by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> MONARCH GOVERNMENT CASH FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Monarch
Govenment Cash Funds dated August 31,1996 and is qualified in its entirety by
by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> MONARCH GOVERNMENT CASH FUNDS
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<OTHER-ITEMS-LIABILITIES> 2476687
<TOTAL-LIABILITIES> 2476687
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 505655465
<SHARES-COMMON-STOCK> 505623107
<SHARES-COMMON-PRIOR> 136445014
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (32358)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 505623107
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25938232
<OTHER-INCOME> 0
<EXPENSES-NET> 630236
<NET-INVESTMENT-INCOME> 24095466
<REALIZED-GAINS-CURRENT> 11722
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 24107188
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 500001
<NUMBER-OF-SHARES-REDEEMED> (111566)
<SHARES-REINVESTED> 4978
<NET-CHANGE-IN-ASSETS> 136456736
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (44079)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1399804
<AVERAGE-NET-ASSETS> 313301
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.02)
<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 Monarch
Cash Funds dated August 31, 1996 and is qualified in its entirety by
reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> MONARCH CASH FUNDS
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 126282923
<INVESTMENTS-AT-VALUE> 126282923
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126282923
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 547049
<TOTAL-LIABILITIES> 547049
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125746722
<SHARES-COMMON-STOCK> 125735874
<SHARES-COMMON-PRIOR> 20737371
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10848)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 125735874
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6342523
<OTHER-INCOME> 0
<EXPENSES-NET> 168818
<NET-INVESTMENT-INCOME> 5685345
<REALIZED-GAINS-CURRENT> 6421
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5691766
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 475099981
<NUMBER-OF-SHARES-REDEEMED> (498649997)
<SHARES-REINVESTED> 284455
<NET-CHANGE-IN-ASSETS> 20743792
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (17268)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 529628
<AVERAGE-NET-ASSETS> 6423590
<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> .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 Monarch
Cash Funds dated August 31, 1996 and is qualified in its entirety by
reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> MONARCH CASH FUNDS
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 126282923
<INVESTMENTS-AT-VALUE> 126282923
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126282923
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 547049
<TOTAL-LIABILITIES> 547049
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125746722
<SHARES-COMMON-STOCK> 125735874
<SHARES-COMMON-PRIOR> 20737371
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10848)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 125735874
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6342523
<OTHER-INCOME> 0
<EXPENSES-NET> 168818
<NET-INVESTMENT-INCOME> 5685345
<REALIZED-GAINS-CURRENT> 6421
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5691766
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 489479393
<NUMBER-OF-SHARES-REDEEMED> (475637963)
<SHARES-REINVESTED> 2092801
<NET-CHANGE-IN-ASSETS> 20743792
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17268
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 529628
<AVERAGE-NET-ASSETS> 90890780
<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> .57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Monarch
Cash Funds dated August 31, 1996 and is qualified in its entirety by
reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 023
<NAME> MONARCH CASH FUNDS
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 126282923
<INVESTMENTS-AT-VALUE> 126282923
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126282923
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 547049
<TOTAL-LIABILITIES> 547049
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125746722
<SHARES-COMMON-STOCK> 125735874
<SHARES-COMMON-PRIOR> 20737371
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10848)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 125735874
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6342523
<OTHER-INCOME> 0
<EXPENSES-NET> 168818
<NET-INVESTMENT-INCOME> 5685345
<REALIZED-GAINS-CURRENT> 6421
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5691766
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 219952023
<NUMBER-OF-SHARES-REDEEMED> (192458234)
<SHARES-REINVESTED> 574912
<NET-CHANGE-IN-ASSETS> 20743792
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (17268)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 529628
<AVERAGE-NET-ASSETS> 14935919
<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> .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 Monarch
Treasury Cash Funds dated August 31, 1996 and is qualified in its entirety
by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> MONARCH TREASURY CASH FUNDS
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 83471666
<INVESTMENTS-AT-VALUE> 83471666
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83471666
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 231512
<TOTAL-LIABILITIES> 231512
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83236680
<SHARES-COMMON-STOCK> 83240154
<SHARES-COMMON-PRIOR> 54713628
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3474
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 83240154
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2093289
<OTHER-INCOME> 0
<EXPENSES-NET> 2035977
<NET-INVESTMENT-INCOME> 1914180
<REALIZED-GAINS-CURRENT> 3474
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1917654
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 740875976
<NUMBER-OF-SHARES-REDEEMED> (690427404)
<SHARES-REINVESTED> 285067
<NET-CHANGE-IN-ASSETS> 54709840
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7262
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 200476
<AVERAGE-NET-ASSETS> 36359841
<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> .45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Monarch
Treasury Cash Funds dated August 31, 1996 and is qualified in its entirety
by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> MONARCH TREASURY CASH FUNDS
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 83471666
<INVESTMENTS-AT-VALUE> 83471666
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83471666
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 231512
<TOTAL-LIABILITIES> 231512
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83236680
<SHARES-COMMON-STOCK> 83240154
<SHARES-COMMON-PRIOR> 54713628
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3474
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 83240154
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2093289
<OTHER-INCOME> 0
<EXPENSES-NET> 2035977
<NET-INVESTMENT-INCOME> 1914180
<REALIZED-GAINS-CURRENT> 3474
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1917654
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22912928
<NUMBER-OF-SHARES-REDEEMED> (19001559)
<SHARES-REINVESTED> 68620
<NET-CHANGE-IN-ASSETS> 54709840
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7262
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 200476
<AVERAGE-NET-ASSETS> 2387830
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>