PRIVACY STATEMENT Pursuant to the Commodity Futures Trading Commissions new rules, financial institutions like Monarch Capital Management are required to provide privacy notices to their clients. We consider privacy to be fundamental to our relationship with our clients. We are committed to maintaining the confidentiality, integrity and security of our current and former clients' non-public information. Accordingly, we have developed internal polices to protect confidentiality while allowing clients' needs to be met. We will not disclose any non-public personal information about clients, except to our affiliates and service providers as allowed by applicable law or regulation. In the normal course of serving our clients, information we collect may be shared with companies that perform various services such as our brokers, accountants, auditors and attorneys. Specifically, we may disclose these service providers non-public personal information including:  Information Monarch Capital Management receives from clients on managed account agreements and related forms (such as name, address, social security/tax identification number, birth date, assets, income and investment experience); and Information about clients' transactions with Monarch Capital Management (such as account activity and account balances). Any party that receives this information will use it only for the services required and as allowed by applicable law or regulation, and is not permitted to share or use this information for any other purpose. To protect the personal information of individuals, we permit access only by authorized employees who need access to that information to provide services to our clients and us. In order to guard clients' non-public personal information, we maintain physical, electronic and procedural safeguards that comply with the U.S, federal standards. If the relationship between a client and Monarch Capital Management ends, Monarch Capital Management will continue to treat clients' personal information as described in this notice. An individual client's right to privacy extends to all forms of contact with Monarch Capital Management, including telephone, written correspondence and electronic media, such as the Internet. Monarch Capital Management reserves the right to change this privacy notice, and to apply changes to information previously collected, as permitted by law. Monarch Capital Management will inform clients of any such changes as required by law.