We study the BPS states of the M-fivebrane which correspond to monopoles of
N=2 SU(2) gauge theory. Far away from the centres of the monopoles these states
may be viewed as solitons in the Seiberg-Witten effective action. It is argued
that these solutions are smooth and some properties of their moduli space are
discussed.Comment: 30 pages phyzzx. Paragraph added to the introduction and some minor
corrections. To appear in Nucl. Phys.