<PAGE> PAGE 1
000 A000000 02/28/97
000 C000000 0000889509
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 MONARCH FUNDS
001 B000000 811-6742
001 C000000 8007548757
002 A000000 TWO PORTLAND SQUARE
002 B000000 PORTLAND
002 C000000 ME
002 D010000 04101
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 MONARCH GOVERNMENT CASH FUND
007 C030100 N
007 C010200 2
007 C020200 MONARCH CASH FUND
007 C030200 N
007 C010300 3
007 C020300 MONARCH 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.
011 B00AA01 8-35592
011 C01AA01 PORTLAND
<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 02108
015 A00AA01 IMPERIAL TRUST COMPANY
015 B00AA01 C
015 C01AA01 LOS ANGELES
015 C02AA01 CA
015 C03AA01 90012
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
<PAGE> PAGE 3
023 C000000 0
023 D000000 0
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
<PAGE> PAGE 4
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 553534
028 A020100 1189
028 A030100 0
028 A040100 608704
028 B010100 655526
028 B020100 1083
028 B030100 0
028 B040100 621335
028 C010100 665194
028 C020100 1210
028 C030100 0
028 C040100 694937
028 D010100 564910
028 D020100 1178
028 D030100 0
028 D040100 647467
028 E010100 637931
028 E020100 1035
028 E030100 0
028 E040100 468975
028 F010100 558990
028 F020100 1159
028 F030100 0
028 F040100 585157
<PAGE> PAGE 5
028 G010100 3636085
028 G020100 6854
028 G030100 0
028 G040100 3626575
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 N
047 000100 N
048 000100 0.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
<PAGE> PAGE 6
053 B000100 Y
053 C000100 N
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 5000
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 100.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 3
063 B000100 0.0
064 A000100 N
064 B000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
<PAGE> PAGE 7
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 13169
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 0
072 G000100 124
072 H000100 0
072 I000100 554
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 4
072 N000100 12
<PAGE> PAGE 8
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 5
072 S000100 11
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 14
072 X000100 724
072 Y000100 97
072 Z000100 12542
072AA000100 0
072BB000100 30
072CC010100 0
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0300
073 A020100 0.0200
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 524068
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 0
074 N000100 524068
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 2112
074 S000100 0
074 T000100 521956
074 U010100 274438
074 U020100 247582
074 V010100 1.00
074 V020100 1.00
074 W000100 1.0005
<PAGE> PAGE 9
074 X000100 182
074 Y000100 0
075 A000100 500145
075 B000100 0
076 000100 0.00
028 A010200 103269
028 A020200 298
028 A030200 0
028 A040200 87023
028 B010200 150716
028 B020200 301
028 B030200 0
028 B040200 127746
028 C010200 159439
028 C020200 323
028 C030200 0
028 C040200 160671
028 D010200 227403
028 D020200 357
028 D030200 0
028 D040200 174576
028 E010200 206989
028 E020200 422
028 E030200 0
028 E040200 244660
028 F010200 131517
028 F020200 436
028 F030200 0
028 F040200 134764
028 G010200 979333
028 G020200 2137
028 G030200 0
028 G040200 929440
028 H000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 N
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
045 000200 Y
046 000200 N
<PAGE> PAGE 10
047 000200 N
048 000200 0.000
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
054 A000200 Y
054 B000200 Y
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
054 M000200 Y
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 N
057 000200 N
058 A000200 N
059 000200 Y
<PAGE> PAGE 11
060 A000200 Y
060 B000200 Y
061 000200 5000
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 100.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 3
063 B000200 0.0
064 A000200 N
064 B000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
<PAGE> PAGE 12
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 4303
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 0
072 G000200 40
072 H000200 0
072 I000200 290
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 1
072 N000200 17
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 3
072 S000200 2
072 T000200 58
072 U000200 0
072 V000200 0
072 W000200 4
072 X000200 415
072 Y000200 23
072 Z000200 3911
072AA000200 0
072BB000200 9
072CC010200 0
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0300
073 A020200 0.0200
073 B000200 0.0000
073 C000200 0.0000
<PAGE> PAGE 13
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 178409
074 J000200 0
074 K000200 0
074 L000200 0
074 M000200 0
074 N000200 178409
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 651
074 S000200 0
074 T000200 177758
074 U010200 350
074 U020200 120546
074 V010200 1.00
074 V020200 1.00
074 W000200 1.0005
074 X000200 31
074 Y000200 0
075 A000200 163304
075 B000200 0
076 000200 0.00
028 A010300 66149
028 A020300 25
028 A030300 0
028 A040300 113426
028 B010300 40895
028 B020300 34
028 B030300 0
028 B040300 43640
028 C010300 32919
028 C020300 35
028 C030300 0
028 C040300 41958
028 D010300 53717
028 D020300 32
028 D030300 0
028 D040300 41908
028 E010300 60230
028 E020300 22
<PAGE> PAGE 14
028 E030300 0
028 E040300 68933
028 F010300 46150
028 F020300 23
028 F030300 0
028 F040300 44679
028 G010300 300060
028 G020300 171
028 G030300 0
028 G040300 354544
028 H000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 N
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 N
047 000300 N
048 000300 0.000
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
<PAGE> PAGE 15
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
054 A000300 Y
054 B000300 Y
054 C000300 N
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 N
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 N
054 M000300 Y
054 N000300 N
054 O000300 N
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 5000
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 100.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 3
<PAGE> PAGE 16
063 B000300 0.0
064 A000300 N
064 B000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 963
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 0
072 G000300 9
072 H000300 0
<PAGE> PAGE 17
072 I000300 76
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 16
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 1
072 S000300 0
072 T000300 6
072 U000300 0
072 V000300 0
072 W000300 2
072 X000300 110
072 Y000300 45
072 Z000300 898
072AA000300 0
072BB000300 2
072CC010300 0
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0200
073 A020300 0.0200
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 29013
074 J000300 0
074 K000300 0
074 L000300 0
074 M000300 17
074 N000300 29030
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 106
074 S000300 0
<PAGE> PAGE 18
074 T000300 28924
074 U010300 24363
074 U020300 4560
074 V010300 1.00
074 V020300 1.00
074 W000300 1.0004
074 X000300 29
074 Y000300 0
075 A000300 37981
075 B000300 0
076 000300 0.00
SIGNATURE RICHARD BUTT
TITLE DIRECTOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MONARCH FUNDS SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> CASH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 178,408,808
<INVESTMENTS-AT-VALUE> 178,408,808
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 178,408,808
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650,815
<TOTAL-LIABILITIES> 650,815
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177,777,368
<SHARES-COMMON-STOCK> 350,449
<SHARES-COMMON-PRIOR> 3,272,212
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19,375)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 177,757,993
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,303,072
<OTHER-INCOME> 0
<EXPENSES-NET> 392,119
<NET-INVESTMENT-INCOME> 3,910,953
<REALIZED-GAINS-CURRENT> (8,527)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,902,426
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 130,043
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 359,431,000
<NUMBER-OF-SHARES-REDEEMED> 362,481,054
<SHARES-REINVESTED> 128,291
<NET-CHANGE-IN-ASSETS> 52,022,119
<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> 415,272
<AVERAGE-NET-ASSETS> 5,051,213
<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> .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 SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> CASH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 178,408,808
<INVESTMENTS-AT-VALUE> 178,408,808
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 178,408,808
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650,815
<TOTAL-LIABILITIES> 650,815
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177,777,368
<SHARES-COMMON-STOCK> 120,546,000
<SHARES-COMMON-PRIOR> 89,732,820
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19,375)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 177,757,993
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,303,072
<OTHER-INCOME> 0
<EXPENSES-NET> 392,119
<NET-INVESTMENT-INCOME> 3,910,953
<REALIZED-GAINS-CURRENT> (8,527)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,902,426
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,697,960
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 325,135,076
<NUMBER-OF-SHARES-REDEEMED> 295,321,727
<SHARES-REINVESTED> 991,872
<NET-CHANGE-IN-ASSETS> 52,022,119
<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> 415,272
<AVERAGE-NET-ASSETS> 111,190,812
<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> .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 THE
MONARCH FUNDS SEMI-ANNUAL REPORT DATED FEBRUARY 28,1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 023
<NAME> CASH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 178,408,808
<INVESTMENTS-AT-VALUE> 178,408,808
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 178,408,808
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650,815
<TOTAL-LIABILITIES> 650,815
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177,777,368
<SHARES-COMMON-STOCK> 56,880,919
<SHARES-COMMON-PRIOR> 32,733,730
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19,375)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 177,757,993
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,303,072
<OTHER-INCOME> 0
<EXPENSES-NET> 392,119
<NET-INVESTMENT-INCOME> 3,910,953
<REALIZED-GAINS-CURRENT> (8,527)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,902,426
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,082,950
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 294,767,271
<NUMBER-OF-SHARES-REDEEMED> 271,636,809
<SHARES-REINVESTED> 1,016,726
<NET-CHANGE-IN-ASSETS> 52,022,119
<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> 415,272
<AVERAGE-NET-ASSETS> 47,061,990
<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> .82
<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 SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997, AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> GOVERNMENT CASH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 524,068,022
<INVESTMENTS-AT-VALUE> 524,068,022
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 524,068,022
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,112,461
<TOTAL-LIABILITIES> 2,112,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 522,020,011
<SHARES-COMMON-STOCK> 274,437,900
<SHARES-COMMON-PRIOR> 249,010,624
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (64,450)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 521,955,561
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,168,534
<OTHER-INCOME> 0
<EXPENSES-NET> 626,097
<NET-INVESTMENT-INCOME> 12,542,437
<REALIZED-GAINS-CURRENT> (29,501)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,512,936
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,881,871
<DISTRIBUTIONS-OF-GAINS> 1,239
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,505,091,525
<NUMBER-OF-SHARES-REDEEMED> 2,482,377,000
<SHARES-REINVESTED> 2,712,751
<NET-CHANGE-IN-ASSETS> 16,332,454
<ACCUMULATED-NII-PRIOR> (32,358)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 723,521
<AVERAGE-NET-ASSETS> 224,844,238
<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> .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 SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997, AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> GOVERNMENT CASH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 524,068,022
<INVESTMENTS-AT-VALUE> 524,068,022
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 524,068,022
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,112,461
<TOTAL-LIABILITIES> 2,112,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 522,020,011
<SHARES-COMMON-STOCK> 247,551,545
<SHARES-COMMON-PRIOR> 256,243,809
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (64,450)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 521,955,561
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,168,534
<OTHER-INCOME> 0
<EXPENSES-NET> 626,097
<NET-INVESTMENT-INCOME> 12,542,437
<REALIZED-GAINS-CURRENT> (29,501)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,512,936
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,659,866
<DISTRIBUTIONS-OF-GAINS> 1,352
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,130,993,477
<NUMBER-OF-SHARES-REDEEMED> 1,144,197,804
<SHARES-REINVESTED> 4,139,872
<NET-CHANGE-IN-ASSETS> 16,332,454
<ACCUMULATED-NII-PRIOR> (32,358)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 723,521
<AVERAGE-NET-ASSETS> 275,301,078
<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> .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
THE MONARCH FUNDS SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> TREASURY CASH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 29,013,271
<INVESTMENTS-AT-VALUE> 29,013,271
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 17,293
<TOTAL-ASSETS> 29,030,564
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 106,440
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,922,866
<SHARES-COMMON-STOCK> 24,362,629
<SHARES-COMMON-PRIOR> 79,259,999
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,258
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 28,924,124
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 963,252
<OTHER-INCOME> 0
<EXPENSES-NET> 64,918
<NET-INVESTMENT-INCOME> 898,334
<REALIZED-GAINS-CURRENT> (2,216)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 896,118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 798,738
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 275,794,000
<NUMBER-OF-SHARES-REDEEMED> 330,760,631
<SHARES-REINVESTED> 72,567
<NET-CHANGE-IN-ASSETS> (54,316,030)
<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> 109,769
<AVERAGE-NET-ASSETS> 33,454,519
<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> .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
THE MONARCH FUNDS SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> TREASURY CASH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 29,013,271
<INVESTMENTS-AT-VALUE> 29,013,271
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 17,293
<TOTAL-ASSETS> 29,030,564
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 106,440
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,922,866
<SHARES-COMMON-STOCK> 4,560,237
<SHARES-COMMON-PRIOR> 3,979,989
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,258
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 28,924,124
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 963,252
<OTHER-INCOME> 0
<EXPENSES-NET> 64,918
<NET-INVESTMENT-INCOME> 898,334
<REALIZED-GAINS-CURRENT> (2,216)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 896,118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 99,596
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24,265,695
<NUMBER-OF-SHARES-REDEEMED> 23,783,599
<SHARES-REINVESTED> 98,154
<NET-CHANGE-IN-ASSETS> (54,316,030)
<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> 109,769
<AVERAGE-NET-ASSETS> 4,526,015
<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>
