[1]

The Bloomberg U.S. Aggregate Bond Index is a broad-based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Investors cannot invest directly in an index. Unlike the Fund’s returns, the index does not reflect any fees or expenses.

[2]

Effective June 3, 2026, the benchmark changed from the Monarch Blue Chips Core Index to the Monarch Blue Chips Elite Index.

[3]

The S&P 500^® Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.

[4]

The Dow Jones Industrial Average® is a price-weighted stock market index tracking 30 large, well-established U.S. companies across various industries, serving as a key benchmark for overall market performance. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.

[5]

The S&P Composite 1500® Value measures constituents from the S&P Composite 1500 that are classified as value stocks based on three factors: the ratios of book value, earnings and sales to price. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.

[6]

The Bloomberg U.S. Aggregate Bond Index is a broad-based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.

[7]

The S&P Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.

[8]

The S&P 500^® Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.

[9]

The S&P Composite 1500 Index^® is a broad U.S. stock market index combining large, mid, and small-cap stocks, covering approximately 90% of U.S. market capitalization. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.

[10]

The S&P Global 1200 Index is a free-float weighted stock market index composed of seven regional indices: S&P 500 Index, S&P Asia 50 Index, S&P/ASX 50 Index, S&P Europe 350 Index, S&P Latin America 40 Index, S&P/TOPIX 150 Index and S&P/TSX 60 Index.