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                                    April 23, 2003

Monarch Funds
Two Portland Square
Portland, Maine 04101

Ladies and Gentlemen:

         We have  acted as counsel to Monarch  Funds,  a business  trust  formed
under the laws of the Commonwealth of Massachusetts (the "Trust"), in connection
with the  filing  with the  Securities  and  Exchange  Commission  ("SEC")  of a
registration statement on Form N-14 (the "Registration Statement"),  registering
(1) Universal Class shares of beneficial  interest of Daily Assets Treasury Cash
Fund, Daily Assets  Government Cash Fund, Daily Assets Government Fund and Daily
Assets Cash Fund, (2) Institutional  Service Class shares of beneficial interest
of Daily Assets Treasury Cash Fund, Daily Assets  Government Cash Fund and Daily
Assets Cash Fund, and (3) Investor Class shares of beneficial  interest of Daily
Assets  Government  Cash Fund and Daily  Assets Cash Fund,  each a series of the
Trust (the  "Acquiring  Funds"),  (the  "Shares")  to be issued  pursuant  to an
Agreement  and  Plan of  Reorganization  between  the  Trust  on  behalf  of the
Acquiring  Funds  and  Forum  Funds  on  behalf  of its  Daily  Assets  Treasury
Obligations  Fund,  Daily  Assets  Government  Obligations  Fund,  Daily  Assets
Government  Fund and Daily  Assets Cash Fund series  (the  "Targets").  The Plan
provides for the transfer of each Target's assets to the corresponding Acquiring
Fund in  exchange  solely  for a  number  of  Shares  determined  in the  manner
specified  in the  Plan  and  the  assumption  by  the  Acquiring  Funds  of the
liabilities of the Targets.

         In  connection  with  rendering  the opinions set forth below,  we have
examined the form of Plan filed as an exhibit to the Registration Statement, the
Trust's  Declaration  of Trust,  as amended,  and Bylaws,  and the action of the
Trust that provides for the issuance of the Shares;  and we have made such other
investigation as we have deemed  appropriate.  In rendering our opinion, we also
have made the assumptions that are customary in opinion letters of this kind. We
have not verified any of those assumptions.

         Our opinion,  as set forth  herein,  is based on the facts in existence
and the laws in effect on the date hereof and is limited to the federal  laws of
the United States of America and the laws of the  Commonwealth of  Massachusetts
that, in our  experience,  generally are applicable to the issuance of shares by
entities  such as the Trust.  We express  no opinion  with  respect to any other
laws.






Monarch Funds
April 23, 2003
Page 2




         Based upon and subject to the foregoing, we are of the opinion that:

         1. The  Shares  to be  issued  pursuant  to the  Plan  have  been  duly
authorized for issuance by the Trust; and

         2. When the Shares have been issued and the consideration therefore has
been paid in accordance  with the Plan, the Shares to be issued  pursuant to the
Registration  Statement will be validly issued,  fully paid, and non-assessable.
In this  regard,  however,  we note that the Trust is a  Massachusetts  business
trust and, under certain circumstances, shareholders of a Massachusetts business
trust could be held personally liable for the obligations of the Trust.

         This opinion is rendered  solely in  connection  with the filing of the
Registration Statement. We hereby consent to the filing of this opinion with the
SEC in connection with the Registration  Statement.  In giving our consent we do
not  thereby  admit  that we are in the  category  of persons  whose  consent is
required under Section 7 of the 1933 Act or the rules and regulations of the SEC
thereunder.

                                            Very truly yours,

                                            /s/ KIRKPATRICK & LOCKHART LLP

                                            KIRKPATRICK & LOCKHART LLP