UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM N-PX

          ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

                   Investment Company Act file number 811-6742

                                  MONARCH FUNDS
                               Two Portland Square
                              Portland, Maine 04101
                                 (207) 879-1900

                                David M. Whitaker
                          Citigroup Fund Services, LLC
                               Two Portland Square
                              Portland, Maine 04101

                       Date of fiscal year end: August 31

             Date of reporting period: July 1, 2004 - June 30, 2005






The following  funds invest solely in  non-voting  securities  and, as a result,
have no matters to report on Form N-PX.

Daily Assets Treasury Fund

Daily Assets Government Obligations Fund

Daily Assets Government Fund

Daily Assets Cash Fund




SIGNATURES

Pursuant  to the  requirements  of the  Investment  Company  Act  of  1940,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

MONARCH FUNDS

By:     /s/ Simon D. Collier
        ___________________________
         Simon D. Collier, President and Principal Executive Officer

Date:   August 23, 2005
        __________________________