<PAGE> PAGE 1
000 A000000 02/29/96
000 C000000 0000889509
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008 A00AA02 FORUM ADVISORS, INC.
008 B00AA02 S
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008 D02AA02 ME
008 D03AA02 04101
010 A00AA01 FORUM FINANCIAL SERVICES, INC.
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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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SIGNATURE MICHAEL MARTINS
TITLE DIRECTOR-FUND ACCT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Monarch
Funds Semi Annual Report dated February 29, 1996 and is qualified in its
entirety by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> FDS FOR MONARCH GOVT CASH (I)
<S> <C>
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<NUMBER-OF-SHARES-SOLD> 2378559972
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Monarch
Funds Semi Annual Report dated February 29, 1996 and is qualified in its
entirety by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 010
<NAME> FDS FOR MONARCH GOVT CASH (U)
<S> <C>
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<SHARES-COMMON-PRIOR> 369166371
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<ACCUMULATED-NET-GAINS> (35017)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Monarch
Funds Semi Annual Report dated February 29, 1996 and is qualified in its
entirety by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 002
<NAME> FDS FOR MONARCH CASH (I)
<S> <C>
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<SHARES-COMMON-STOCK> 107571249
<SHARES-COMMON-PRIOR> 104992082
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15256)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 107555993
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2933387
<OTHER-INCOME> 0
<EXPENSES-NET> 230961
<NET-INVESTMENT-INCOME> 2727413
<REALIZED-GAINS-CURRENT> 2012
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2729425
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2727413
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 551791986
<NUMBER-OF-SHARES-REDEEMED> 550523648
<SHARES-REINVESTED> 1293561
<NET-CHANGE-IN-ASSETS> 2562899
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7730
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230961
<AVERAGE-NET-ASSETS> 103558872
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .12
<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
Funds Semi Annual Report dated February 29, 1996 and is qualified in its
entirety by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 020
<NAME> FDS FOR MONARCH CASH (INV)
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 107945319
<INVESTMENTS-AT-VALUE> 107945319
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 107945319
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 389326
<TOTAL-LIABILITIES> 389326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107571249
<SHARES-COMMON-STOCK> 107571249
<SHARES-COMMON-PRIOR> 104992082
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15256)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 107555993
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2933387
<OTHER-INCOME> 0
<EXPENSES-NET> 230961
<NET-INVESTMENT-INCOME> 2727413
<REALIZED-GAINS-CURRENT> 2012
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2729425
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2727413
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 551791986
<NUMBER-OF-SHARES-REDEEMED> 550523648
<SHARES-REINVESTED> 2561899
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 7730
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230961
<AVERAGE-NET-ASSETS> 103558872
<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> .12
<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
Funds Semi Annual Report dated February 29, 1996 and is qualified in its
entirety by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FDS FOR MONARCH CASH (U)
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 107945319
<INVESTMENTS-AT-VALUE> 107945319
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 107945319
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 389326
<TOTAL-LIABILITIES> 389326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107571249
<SHARES-COMMON-STOCK> 107571249
<SHARES-COMMON-PRIOR> 104992082
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15256)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 107555993
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2933387
<OTHER-INCOME> 0
<EXPENSES-NET> 230961
<NET-INVESTMENT-INCOME> 2727413
<REALIZED-GAINS-CURRENT> 2012
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2729425
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2727413
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 551791986
<NUMBER-OF-SHARES-REDEEMED> 550523648
<SHARES-REINVESTED> 1293561
<NET-CHANGE-IN-ASSETS> 2561899
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7730
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230961
<AVERAGE-NET-ASSETS> 103558872
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .02
<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
Funds Semi Annual Report dated February 29, 1996 and is qualified in its
entirety by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 003
<NAME> FDS FOR MONARCH TREASURY (I)
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 43739103
<INVESTMENTS-AT-VALUE> 43739103
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43739103
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 162836
<TOTAL-LIABILITIES> 162836
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43565532
<SHARES-COMMON-STOCK> 43565532
<SHARES-COMMON-PRIOR> 28530314
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10735
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 43576267
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 959336
<OTHER-INCOME> 0
<EXPENSES-NET> 83399
<NET-INVESTMENT-INCOME> 907526
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 907526
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 907526
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 354573336
<NUMBER-OF-SHARES-REDEEMED> 339664900
<SHARES-REINVESTED> 134044
<NET-CHANGE-IN-ASSETS> 15042480
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 8770
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83399
<AVERAGE-NET-ASSETS> 35278686
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .11
<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
Funds Semi Annual Report dated February 29, 1996 and is qualified in its
entirety by reference to such report.
</LEGEND>
<SERIES>
<NUMBER> 030
<NAME> FDS FOR MONARCH TRAESURY (INV)
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 43739103
<INVESTMENTS-AT-VALUE> 43739103
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43739103
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 162836
<TOTAL-LIABILITIES> 162836
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43565532
<SHARES-COMMON-STOCK> 43565532
<SHARES-COMMON-PRIOR> 28530314
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10735
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 43576267
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 959336
<OTHER-INCOME> 0
<EXPENSES-NET> 83399
<NET-INVESTMENT-INCOME> 907526
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 907526
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 907526
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 354573336
<NUMBER-OF-SHARES-REDEEMED> 339664900
<SHARES-REINVESTED> 134044
<NET-CHANGE-IN-ASSETS> 15042480
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 8770
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83399
<AVERAGE-NET-ASSETS> 35278686
<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> .555
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
