<PAGE> PAGE 1
000 B000000 08/31/97
000 C000000 0000889509
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000 F000000 Y
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000 J000000 A
001 A000000 MONARCH FUNDS
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001 C000000 8007548757
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002 C000000 ME
002 D010000 04101
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004 000000 N
005 000000 N
006 000000 N
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007 C010100 1
007 C020100 GOVERNMENT CASH FUND
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007 C010200 2
007 C020200 CASH FUND
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007 C010300 3
007 C020300 TREASURY CASH FUND
007 C030300 N
008 A00AA01 LINDEN ASSET MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-41653
008 D01AA01 BEVERLY HILLS
008 D02AA01 CA
008 D03AA01 90210
008 A00AA02 FORUM ADVISORS, INC.
008 B00AA02 S
008 C00AA02 801-31487
008 D01AA02 PORTLAND
008 D02AA02 ME
008 D03AA02 04101
010 A00AA01 FORUM FINANCIAL SERVICES, INC.
010 B00AA01 8-35592
010 C01AA01 PORTLAND
010 C02AA01 ME
010 C03AA01 04101
011 A00AA01 FORUM FINANCIAL SERVICES, INC.
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<PAGE> PAGE 2
011 C02AA01 ME
011 C03AA01 04101
012 A00AA01 FORUM FINANCIAL CORP.
012 B00AA01 84-01612
012 C01AA01 PORTLAND
012 C02AA01 ME
012 C03AA01 04101
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
015 A00AA01 IMPERIAL TRUST COMPANY
015 B00AA01 C
015 C01AA01 LOS ANGELES
015 C02AA01 CA
015 C03AA01 90012
015 E01AA01 X
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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
051 000100 N
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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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SIGNATURE ROBERT CAMPBELL
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MONARCH FUNDS 8/31/97 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> CASH FUND
<S> <C>
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<ACCUMULATED-NET-GAINS> (19,496)
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<REALIZED-GAINS-CURRENT> (8,648)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MONARCH FUNDS 8/31/97 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 023
<NAME> CASH FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> AUG-31-1997
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 387,343
<TOTAL-LIABILITIES> 387,343
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 246,993,985
<SHARES-COMMON-STOCK> 76,486,624
<SHARES-COMMON-PRIOR> 32,733,730
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19,496)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 246,974,489
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,701,507
<OTHER-INCOME> 0
<EXPENSES-NET> 882,277
<NET-INVESTMENT-INCOME> 8,819,230
<REALIZED-GAINS-CURRENT> (8,648)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,810,582
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,697,925
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 571,922,876
<NUMBER-OF-SHARES-REDEEMED> 531,004,291
<SHARES-REINVESTED> 2,834,309
<NET-CHANGE-IN-ASSETS> 121,238,615
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10,848)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 935,313
<AVERAGE-NET-ASSETS> 57,099,984
<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 FUNDS 8/31/97 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> CASH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 247,361,832
<INVESTMENTS-AT-VALUE> 247,361,832
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 247,361,832
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 387,343
<TOTAL-LIABILITIES> 387,343
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 246,993,988
<SHARES-COMMON-STOCK> 152,054,483
<SHARES-COMMON-PRIOR> 89,740,780
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19,499)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 246,974,489
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,701,507
<OTHER-INCOME> 0
<EXPENSES-NET> 882,277
<NET-INVESTMENT-INCOME> 8,819,230
<REALIZED-GAINS-CURRENT> (8,648)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,810,582
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,826,021
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 771,736,564
<NUMBER-OF-SHARES-REDEEMED> 711,898,289
<SHARES-REINVESTED> 2,475,428
<NET-CHANGE-IN-ASSETS> 121,238,615
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10,848)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 935,313
<AVERAGE-NET-ASSETS> 117,229,741
<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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^^^^^^
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MONARCH FUNDS FINANCIAL STATEMENT DATED 8/31/97 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> GOVERNMENT CASH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 476,768,745
<INVESTMENTS-AT-VALUE> 476,768,745
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 476,768,745
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,202,010
<TOTAL-LIABILITIES> 1,202,010
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 475,629,508
<SHARES-COMMON-STOCK> 230,450,715
<SHARES-COMMON-PRIOR> 249,010,624
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (62,773)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 475,566,735
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 27,216,340
<OTHER-INCOME> 0
<EXPENSES-NET> 1,204,257
<NET-INVESTMENT-INCOME> 26,012,083
<REALIZED-GAINS-CURRENT> (27,824)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 25,984,259
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,169,327
<DISTRIBUTIONS-OF-GAINS> 1,239
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,703,891,858
<NUMBER-OF-SHARES-REDEEMED> 4,729,611,744
<SHARES-REINVESTED> 7,159,556
<NET-CHANGE-IN-ASSETS> (30,056,372)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (32,358)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,419,587
<AVERAGE-NET-ASSETS> 246,090,251
<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> .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
MONARCH FUNDS ANNUAL REPORT DATED 8/31/97 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> TREASURY CASH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 71,102,520
<INVESTMENTS-AT-VALUE> 71,102,520
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,102,520
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 154,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,942,358
<SHARES-COMMON-STOCK> 40,826,735
<SHARES-COMMON-PRIOR> 79,256,691
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,915
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 70,948,273
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,525,129
<OTHER-INCOME> 0
<EXPENSES-NET> 188,874
<NET-INVESTMENT-INCOME> 2,336,255
<REALIZED-GAINS-CURRENT> 2,441
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,338,696
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,812,820
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 616,183,130
<NUMBER-OF-SHARES-REDEEMED> 654,886,646
<SHARES-REINVESTED> 273,560
<NET-CHANGE-IN-ASSETS> (12,291,881)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,474
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 270,438
<AVERAGE-NET-ASSETS> 37,112,187
<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 FUNDS ANNUAL REPORT DATED 8/31/97 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> TREASURY CASH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 71,102,520
<INVESTMENTS-AT-VALUE> 71,102,520
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,102,520
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 154,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,942,358
<SHARES-COMMON-STOCK> 30,115,623
<SHARES-COMMON-PRIOR> 3,979,989
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,915
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 70,948,273
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,525,129
<OTHER-INCOME> 0
<EXPENSES-NET> 188,874
<NET-INVESTMENT-INCOME> 2,336,255
<REALIZED-GAINS-CURRENT> 2,441
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,338,696
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 523,435
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 119,376,333
<NUMBER-OF-SHARES-REDEEMED> 93,774,543
<SHARES-REINVESTED> 533,844
<NET-CHANGE-IN-ASSETS> (12,291,881)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,474
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 270,438
<AVERAGE-NET-ASSETS> 11,487,366
<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>
