SHARES OF BENEFICIAL INTEREST NO PAR VALUEShares of Beneficial Interest Certificate • December 19th, 1997 • Monarch Funds
FULLY PAID AND NON-ASSESSABLE SHARES OF BENEFICIAL INTEREST NO PAR VALUE ------------_________________________________________---------- established as a separate series of Monarch Funds, a Delaware business trust (hereinafter called the "Trust"), under a Trust Instrument made July 10, 1992, as amended from time to time. The holder and every transferee or assignee of this Certificate or of the Shares presented hereby or any interest therein accepts and agrees to be bound by the provisions of such Trust Instrument and all amendments thereto (copies of which are on file at the principal office of the Trust) and such Bylaws of the Trust as may from time to time be adopted by the Trustees (copies of which are on file at the principal office of the Trust), all of which provisions are hereby incorporated by reference as fully as if set forth herein in their entirety. Written obligations of the Trust made by the Trustees are made by them not individually, but as such Trustees and obligations
