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SIGNATURE DAVID GOLDSTEIN
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 38,505,410
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,457,237)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,992,484,737
<NUMBER-OF-SHARES-REDEEMED> (4,977,278,007)
<SHARES-REINVESTED> 8,688,552
<NET-CHANGE-IN-ASSETS> 35,525,592
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> ( 34,950)
<OVERDIST-NET-GAINS-PRIOR> ( 71,499)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,852,545
<AVERAGE-NET-ASSETS> 829,851,833
<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> .18
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
TABLE>
</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 THE MONARCH FUNDS ANNUAL REPORT DATED AUGUST 31, 1999 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000889509
<SERIES>
<NUMBER>022
<NAME> CASH FUND INSTITUTIONAL
<S> <C>
<PERIOD-TYPE> YR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-1-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 938,573,107
<INVESTMENTS-AT-VALUE> 938,573,107
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,521
<TOTAL-ASSETS> 938,582,628
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,047,789
<TOTAL-LIABILITIES> 1,047,789
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 937,553,982
<SHARES-COMMON-STOCK> 569,421,752
<SHARES-COMMON-PRIOR> 299,232,745
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> ( 19,143)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 937,534,839
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,858,734
<OTHER-INCOME> 0
<EXPENSES-NET> (3,522,449)
<NET-INVESTMENT-INCOME> 31,487,584
<REALIZED-GAINS-CURRENT> (540)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 31,487,044
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18,027,323)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,884,729,920
<NUMBER-OF-SHARES-REDEEMED> (1,625,948,769)
<SHARES-REINVESTED> 11,407,856
<NET-CHANGE-IN-ASSETS> 364,889,919
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (18,603)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,713,479
<AVERAGE-NET-ASSETS> 698,443,005
<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>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE MONARCH FUNDS ANNUAL REPORT DATED AUGUST 31, 1999 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000889509
<SERIES>
<NUMBER>023
<NAME> CASH FUND INVESTOR
<S> <C>
<PERIOD-TYPE> YR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-1-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 938,573,107
<INVESTMENTS-AT-VALUE> 938,573,107
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,521
<TOTAL-ASSETS> 938,582,628
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,047,789
<TOTAL-LIABILITIES> 1,047,789
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 937,553,982
<SHARES-COMMON-STOCK> 269,426,422
<SHARES-COMMON-PRIOR> 181,759,799
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> ( 19,143)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 937,534,839
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,858,734
<OTHER-INCOME> 0
<EXPENSES-NET> (3,522,449)
<NET-INVESTMENT-INCOME> 31,487,584
<REALIZED-GAINS-CURRENT> (540)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 31,487,044
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,312,039)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,768,540,044
<NUMBER-OF-SHARES-REDEEMED> (1,691,175,653)
<SHARES-REINVESTED> 10,302,231
<NET-CHANGE-IN-ASSETS> 364,889,919
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (18,603)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,713,479
<AVERAGE-NET-ASSETS> 698,443,005
<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>
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 THE MONARCH FUNDS ANNUAL REPORT DATED AUGUST 31, 1999 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000889509
<SERIES>
<NUMBER>021
<NAME> CASH FUND UNIVERSAL
<S> <C>
<PERIOD-TYPE> YR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-1-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 938,573,107
<INVESTMENTS-AT-VALUE> 938,573,107
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,521
<TOTAL-ASSETS> 938,582,628
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,047,789
<TOTAL-LIABILITIES> 1,047,789
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 937,553,982
<SHARES-COMMON-STOCK> 98,705,805
<SHARES-COMMON-PRIOR> 91,670,975
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> ( 19,143)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 937,534,839
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,858,734
<OTHER-INCOME> 0
<EXPENSES-NET> (3,522,449)
<NET-INVESTMENT-INCOME> 31,487,584
<REALIZED-GAINS-CURRENT> (540)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 31,487,044
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,148,222)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,617,048,054
<NUMBER-OF-SHARES-REDEEMED> (1,612,097,627)
<SHARES-REINVESTED> 2,084,403
<NET-CHANGE-IN-ASSETS> 364,889,919
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (18,603)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,713,479
<AVERAGE-NET-ASSETS> 698,443,005
<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> .18
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</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 THE MONARCH FUNDS ANNUAL REPORT DATED AUGUST 31,1999 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000889509
<SERIES>
<NUMBER>032
<NAME>TREASURY CASH FUND INSTITUTIONAL
<S> <C>
<PERIOD-TYPE> YR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-1-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 288,047,582
<INVESTMENTS-AT-VALUE> 288,047,582
<RECEIVABLES> 0
<ASSETS-OTHER> 3,206
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 288,050,788
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 292,712
<TOTAL-LIABILITIES> 292,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 287,751,243
<SHARES-COMMON-STOCK> 55,129,247
<SHARES-COMMON-PRIOR> 91,115,366
<ACCUMULATED-NII-CURRENT> 12,848
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,015)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 287,758,076
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,747,355
<OTHER-INCOME> 0
<EXPENSES-NET> (1,125,682)
<NET-INVESTMENT-INCOME> 8,344,852
<REALIZED-GAINS-CURRENT> (6,015)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,338,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,087,529)
<DISTRIBUTIONS-OF-GAINS> (2,466)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,124,348,109
<NUMBER-OF-SHARES-REDEEMED> (1,160,952,295)
<SHARES-REINVESTED> 618,067
<NET-CHANGE-IN-ASSETS> 138,678,809
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 12,848
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,320,043
<AVERAGE-NET-ASSETS> 200,447,633
<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> .45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</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 THE MONARCH FUNDS ANNUAL REPORT DATED AUGUST 31,1999 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000889509
<SERIES>
<NUMBER>033
<NAME>TREASURY CASH FUND INVESTOR
<S> <C>
<PERIOD-TYPE> YR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-1-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 288,047,582
<INVESTMENTS-AT-VALUE> 288,047,582
<RECEIVABLES> 0
<ASSETS-OTHER> 3,206
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 288,050,788
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 292,712
<TOTAL-LIABILITIES> 292,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 287,751,243
<SHARES-COMMON-STOCK> 232,621,997
<SHARES-COMMON-PRIOR> 57,951,053
<ACCUMULATED-NII-CURRENT> 12,848
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,015)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 287,758,076
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 9,747,355
<EXPENSES-NET> (1,125,682)
<NET-INVESTMENT-INCOME> 8,344,852
<REALIZED-GAINS-CURRENT> (6,015)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,338,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,244,477)
<DISTRIBUTIONS-OF-GAINS> (10,380)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 942,002,721
<NUMBER-OF-SHARES-REDEEMED> (772,580,277)
<SHARES-REINVESTED> 5,248,499
<NET-CHANGE-IN-ASSETS> 138,678,809
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 12,848
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,320,043
<AVERAGE-NET-ASSETS> 200,447,633
<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>
The Board of Trustees and Shareholders
Monarch Funds
In planning and performing our audit of the
financial statements of Treasury Cash Fund,
Government Cash Fund and Cash Fund, series
of Monarch Funds, for the year ended August
31, 1999, we considered their internal control,
including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our
opinion on the financial statements and to
comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of Monarch Funds is responsible
for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that
are fairly presented in conformity with generally
accepted accounting principles. Those controls
include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal
control, errors or irregularities may occur
and not be detected. Also, projection of any
evaluation of internal control to future periods
is subject to the risks that it may become
inadequate because of changes in conditions or
that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal
control that might be material weaknesses under
standards established by the American Institute
of Certified Public Accountants. A material
weakness is a condition in which the design or
operation of one or more of the internal control
components does not reduce to a relatively low
level the risk that errors or irregularities in
amounts that would be material in relation to the
financial statements being audited may occur and
not be detected within a timely period by employees
in the normal course of performing their assigned
functions. However, we noted no matters involving
internal control and its operation, including
controls for safeguarding securities, that we
consider to be material weaknesses as defined above.
This report is intended solely for the information
and use of management, the Board of Trustees of
Monarch Funds and the Securities and Exchange
Commission and is not intended to be and should
not be used by anyone other than those specified
parties.
October 8, 1999
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