Monarch Capital Management Inc ("Monarch") provides investment advisory services to investors. Services consist of the management of client portfolios through the use of equity (stocks) and debt (bonds) securities. Monarch has been in business since August 16, 1994. Its principal owners are members of the Meyer family: David M. Meyer, John D. Meyer and Katherine K. Moenter.
Monarch's primary business is to invest our clients' portfolios directly into stocks and bonds. We assess our clients' needs and customize an investment strategy and action plan that best helps them meet their objectives. We also consider their income needs, time horizon, their income and estate tax considerations and their tolerance for volatility. Our advice is limited to the types of investments named above. For a more detailed description of these investments, see Item 8 "Methods of Analysis, Investment Strategies, and Risk of Loss." All of Monarch's clients' assets are managed on a discretionary basis with courtesy consultation if a client requests. A client grants investment discretion to Monarch by executing a limited power of attorney with the custodian at the time the account is opened. Our clients may impose restrictions on investing in certain securities or types of securities. We also offer financial advisory services on personal and family financial matters that include:
•creating a personal balance sheet or net worth statement that details all financial assets and liabilities (debts);
•analyzing financial holdings including holdings' proportions and investment sector allocations;
•discussing a wealth transfer plan analysis that outlines the workings of a client's estate plan;
•creating a personal budget with estimated income and expenses;
•creating and implementing a financial action plan which includes the compilation of a list of decisions to consider and actions to take; and
•analyzing and discussing financial decisions such as whether to use cash or a loan for a purchase and how and when to make gifts. Since our investment

strategies and advice are based on each client's specific financial situation, the investment advice we provide to you may be different or conflicting with the advice we give to other clients regarding the same security or investment.
Rollover Recommendations Effective February 1, 2022, for purposes of complying with the DOL's Prohibited Transaction Exemption 2020-02 ("PTE 2020-02") where applicable, we are providing the following acknowledgment to you.
When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule's provisions, we must:
•Meet a professional standard of care when making investment recommendations (give prudent advice);
•Never put our financial interests ahead of yours when making recommendations (give loyal advice);
•Avoid misleading statements about conflicts of interest, fees, and investments; 4
•Follow policies and procedures designed to ensure that we give advice that is in your best interest;
•Charge no more than is reasonable for our services; and
•Give you basic information about conflicts of interest. We benefit financially from the rollover of your assets from a retirement account to an account that we manage or provide investment advice, because the assets increase our assets under management and, in turn, our advisory fees. As a fiduciary, we only recommend a rollover when we believe it is in your best interest.
Assets Under Management As of December 31, 2023, we provide continuous management services for $414,170,690 in client assets on a discretionary basis and $0 on a non-discretionary basis.