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AS OF JANUARY 1, 2021 Investment Funds Description P Series of the Wespath Funds Trust

a general agency of The United Methodist Church

INVESTMENT FUNDS DESCRIPTION P Series of the Wespath Funds Trust

As of January 1, 2021 (Containing performance and other information as of December 31, 2020, unless otherwise noted)

The information contained in this Investment Funds Description – P Series is intended for (1) organizations that are controlled by or associated with The United Methodist Church (the “Church”) that elect to or are required to sponsor retirement and/or health and welfare benefit plans and programs for clergy and lay employees of a church or a tax-exempt convention or association of churches consistent with Section 414(e) of the Internal Revenue Code (each a “Church Plan”) administered by the General Board of Pension and Health Benefits of The United Methodist Church, Incorporated in Illinois, a general agency of the Church doing business under the assumed name of Wespath Benefits and Investments (“WBI”) (such Church Plans hereafter referred to as the “Benefit Plans”) for the benefit of their employees (such organizations hereafter referred to as the “Plan Sponsors”); (2) the Benefit Plans; (3) individuals who are eligible to participate in the Benefit Plans, as a result of their employment (or former employment) with a Plan Sponsor, or beneficiaries of such individuals (“Participants”); and (4) other investors approved by the Fund Manager under exceptional circumstances. Plan Sponsors, Benefit Plans, Participants and other investors approved by the Fund Manager under exceptional circumstances are collectively referred to herein as “Eligible Investors.” All such Eligible Investors shall qualify as permissible investors in a fund excepted from the definition of “investment company” under Section 3(c)(14) of the Investment Company Act of 1940, as amended (the “1940 Act”).

The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Investment Funds Description – P Series. Any representation to the contrary is a criminal offense.

The Investment Funds Description – P Series, together with any Supplements thereto, represent the full disclosure with respect to the Funds and should be read together before investing.

Neither WBI nor UMC Benefit Board, Inc., an Illinois not for profit corporation (the “Fund Manager”), are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or under any comparable local, state or federal law or statute.

Neither the Wespath Funds Trust nor any Fund is registered as an investment company under the 1940 Act in reliance upon exclusions from the definition of an investment company under the 1940 Act. WBI, the Fund Manager, the Wespath Funds Trust and the Funds are not subject to registration, regulation, or reporting under the 1940 Act, the Securities Act of 1933, as amended (the “1933 Act”), the Securities Exchange Act of 1934, as amended, the Advisers Act or any state securities laws. Investors in the Funds, therefore, will not be afforded the protections of provisions of those laws and related regulations.

The information presented herein has been developed internally by WBI and/or obtained from sources believed to be reliable; however, neither WBI, the Fund Manager, Wespath Funds Trust nor any Fund guarantees the accuracy, adequacy or completeness of such information. Information presented is subject to change continually and without notice of any kind and may no longer be true after the date indicated. Any forward-looking statements speak only as of the date they are made, and neither WBI, the Fund Manager, Wespath Funds Trust nor any Fund assumes any duty to and does not undertake to update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. This Investment Funds Description – P Series is dated January 1, 2021 and contains performance and other information as of December 31, 2020, unless otherwise noted.

Investment Funds Description – P Series ii

TABLE OF CONTENTS OVERVIEW OF THE FUNDS ...... 1 PRINCIPAL INVESTMENT STRATEGIES ...... 4

INVESTMENT POLICY ...... 4 BENCHMARK AND UNIVERSE...... 4 BALANCED FUND ...... 5

MULTIPLE ASSET FUND – P SERIES ...... 5 Overview ...... 5 Investment and Performance Objectives ...... 5 Principal Investment Strategies ...... 5 Principal Investment Risks ...... 6 Fees and Expenses ...... 6 Fund Turnover...... 8 Fund Performance...... 8 Management ...... 10 Disclosure of Portfolio Holdings ...... 10 EQUITY FUNDS...... 11

INTERNATIONAL EQUITY FUND – P SERIES ...... 11 Overview ...... 11 Investment and Performance Objectives ...... 11 Principal Investment Strategies ...... 11 Principal Investment Risks ...... 12 Fees and Expenses ...... 12 Fund Turnover...... 14 Fund Performance...... 14 Management ...... 15 Disclosure of Portfolio Holdings ...... 15 U.S. EQUITY FUND – P SERIES ...... 16 Overview ...... 16 Investment and Performance Objectives ...... 16 Principal Investment Strategies ...... 16 Principal Investment Risks ...... 17 Fees and Expenses ...... 17 Fund Turnover...... 19 Fund Performance...... 19 Management ...... 20 Disclosure of Portfolio Holdings ...... 20 U.S. EQUITY INDEX FUND – P SERIES ...... 21 Overview ...... 21 Investment and Performance Objectives ...... 21 Principal Investment Strategies ...... 21 Principal Investment Risks ...... 21 Fees and Expenses ...... 22

Investment Funds Description – P Series iii

Fund Turnover...... 23 Fund Performance...... 23 Management ...... 25 Disclosure of Portfolio Holdings ...... 25 FIXED INCOME FUNDS ...... 26

EXTENDED TERM FIXED INCOME FUND – P SERIES ...... 26 Overview ...... 26 Investment and Performance Objectives ...... 26 Principal Investment Strategies ...... 26 Principal Investment Risks ...... 27 Fees and Expenses ...... 27 Fund Turnover...... 28 Fund Performance...... 29 Management ...... 30 Disclosure of Portfolio Holdings ...... 30 FIXED INCOME FUND – P SERIES ...... 31 Overview ...... 31 Investment and Performance Objectives ...... 31 Principal Investment Strategies ...... 31 Principal Investment Risks ...... 32 Fees and Expenses ...... 32 Fund Turnover...... 33 Fund Performance...... 33 Management ...... 35 Disclosure of Portfolio Holdings ...... 35 INFLATION PROTECTION FUND – P SERIES ...... 36 Overview ...... 36 Investment and Performance Objectives ...... 36 Principal Investment Strategies ...... 36 Principal Investment Risks ...... 38 Fees and Expenses ...... 38 Fund Turnover...... 39 Fund Performance...... 39 Management ...... 41 Disclosure of Portfolio Holdings ...... 41 SHORT TERM INVESTMENT FUND – P SERIES ...... 42 Overview ...... 42 Investment and Performance Objectives ...... 42 Principal Investment Strategies ...... 42 Principal Investment Risks ...... 43 Fees and Expenses ...... 43 Fund Turnover...... 44 Fund Performance...... 44 Management ...... 45 Disclosure of Portfolio Holdings ...... 45

Investment Funds Description – P Series iv

STABLE VALUE FUND – P SERIES ...... 46 Overview ...... 46 Investment and Performance Objectives ...... 46 Principal Investment Strategies ...... 46 Principal Investment Risks ...... 47 Fees and Expenses ...... 47 Fund Turnover...... 48 Fund Performance...... 48 Management ...... 50 Disclosure of Portfolio Holdings ...... 50 SOCIAL VALUES CHOICE SUITE OF FUNDS ...... 51

SOCIAL VALUES CHOICE BOND FUND – P SERIES ...... 51 Overview ...... 51 Investment and Performance Objectives ...... 51 Principal Investment Strategies ...... 51 Principal Investment Risks ...... 52 Fees and Expenses ...... 52 Fund Turnover...... 53 Fund Performance...... 54 Management ...... 55 Disclosure of Portfolio Holdings ...... 55 SOCIAL VALUES CHOICE EQUITY FUND – P SERIES ...... 56 Overview ...... 56 Investment and Performance Objectives ...... 56 Principal Investment Strategies ...... 56 Principal Investment Risks ...... 57 Fees and Expenses ...... 57 Fund Turnover...... 58 Fund Performance...... 58 Management ...... 59 Disclosure of Portfolio Holdings ...... 59 U.S. TREASURY INFLATION PROTECTION FUND – P SERIES ...... 60 Overview ...... 60 Investment and Performance Objectives ...... 60 Principal Investment Strategies ...... 60 Principal Investment Risks ...... 61 Fees and Expenses ...... 61 Fund Turnover...... 62 Fund Performance...... 62 Management ...... 64 Disclosure of Portfolio Holdings ...... 64 ADDITIONAL INFORMATION ABOUT THE FUNDS’ PRINCIPAL INVESTMENT STRATEGIES ...... 65

RESIDUAL CASH/CASH SWEEP ...... 65 FUTURES ...... 65

Investment Funds Description – P Series v

SECURITIES LENDING ...... 65 SUSTAINABLE INVESTMENT STRATEGIES ...... 66 POSITIVE SOCIAL PURPOSE (PSP) LENDING PROGRAM ...... 66 INVESTMENT RISKS OF THE FUNDS ...... 68 FEES AND EXPENSES OF THE FUNDS ...... 70 PERFORMANCE HISTORY OF THE FUNDS ...... 71

FUNDS RISK AND RETURN ...... 71 SUMMARY TABLE OF RETURNS ...... 72 OTHER INFORMATION ...... 74

MANAGEMENT OF THE FUNDS ...... 74 Fund Manager ...... 74 Board of Directors ...... 74 Officers ...... 76 Subadvisors ...... 76 OVERSIGHT OF SUBADVISORS ...... 76 INVESTMENT MANAGEMENT ...... 76 SHAREHOLDER INFORMATION ...... 77

VALUING UNITS ...... 77 INTERFUND TRANSFERS ...... 78 FUNDS TRANSACTIONS ...... 79 PURCHASE AND REDEMPTION PROCEDURES ...... 79 CASH MANAGEMENT...... 80 TRANSACTION EXECUTION ...... 80 SALES COMMISSIONS ...... 80 PROXY VOTING POLICIES OF THE FUNDS ...... 80 SERVICE PROVIDERS ...... 81 LIFESTAGE INVESTMENT MANAGEMENT ...... 81 LIFESTAGE FUND ALLOCATION ...... 82 LEGAL MATTERS ...... 82 PRIVACY POLICIES ...... 82 BUSINESS CONTINUITY PLAN ...... 83 UNITED METHODIST PERSONAL INVESTMENT PLAN UNITHOLDER INFORMATION ...... 83 HORIZON 401(K) PLAN UNITHOLDER INFORMATION ...... 83 UNITHOLDER CONTACT WITH FUND MANAGER ...... 83 EXHIBIT 1 ...... 84

GLOSSARY OF TERMS ...... 84 EXHIBIT 2 ...... 97

SUBADVISORS ...... 97 EXHIBIT 3 ...... 100

PSP LENDING INTERMEDIARIES ...... 100

Investment Funds Description – P Series vi

Overview of the Funds

The Delaware Statutory Trust Act requires that each Overview of the Funds Delaware statutory trust has one trustee residing in Delaware. For this purpose only, BNY Mellon Trust All capitalized terms are defined in the body of this of Delaware (the “Resident Trustee”) has been Investment Funds Description – P Series or in the named as the Delaware resident trustee. The Fund Glossary of Terms, attached hereto as Exhibit 1. Manager, not the Resident Trustee, is responsible for and fulfills all trustee obligations for the Trust, This Investment Funds Description – P Series with respect to the Funds. includes descriptions of, and information with respect to, the following funds: Units of the Funds are available to organizations that • Multiple Asset Fund – P Series (“MAF-P”) are controlled by or associated with The United Methodist Church (the “Church”) that elect, or are • International Equity Fund – P Series (“IEF-P”) required, to sponsor retirement and/or health and • U.S. Equity Fund – P Series (“USEF-P”) welfare benefits and programs for clergy and lay • U.S. Equity Index Fund – P Series (“USEIF-P”) employees of a church or a tax-exempt convention • Extended Term Fixed Income Fund – P Series or association of churches consistent with Section (“ETFIF-P”) 414(e) of the Internal Revenue Code (each a • Fixed Income Fund – P Series (“FIF-P”) “Church Plan”) administered by the General Board • Inflation Protection Fund – P Series (“IPF-P”) of Pension and Health Benefits of The United • Short Term Investment Fund – P Series (“STIF-P”) Methodist Church, Incorporated in Illinois, a general • Stable Value Fund – P Series (“SVF-P”) agency of the Church doing business under the • Social Values Choice Bond Fund – P Series assumed name of Wespath Benefits and Investments (“SVCBF-P”) (“WBI”) (such Church Plans hereafter referred to as • Social Values Choice Equity Fund – P Series “Benefit Plans”) for the benefit of their employees (“SVCEF-P”) (such organizations hereafter referred to as the • U.S. Treasury Inflation Protection Fund – P Series “Plan Sponsors”). (“USTPF-P”) In addition, Units of the Funds are available to Each fund may sometimes be referred to herein individuals who are eligible to participate in the individually as the “Fund” or collectively, the “Funds,” Benefit Plans administered by WBI as a result of the “P Series” or by its individual fund name. their employment (or former employment) with a Plan Sponsor, or beneficiaries of such individuals Each of the Funds is a series of the Wespath Funds (“Participants”). Participants (other than beneficiaries) Trust, a Delaware statutory trust established under may voluntarily make contributions in the Funds, the Delaware Statutory Trust Act (the “Trust”). UMC and certain Participants may also have pension Benefit Board, Inc., an Illinois not-for-profit corporation, contributions invested in the Funds on their behalf. serves as the administrative trustee and the overall fund manager for the P Series of Funds of the Trust Units of the Funds are also available to other (hereinafter referred to as the “Trustee” or “Fund investors approved by the Fund Manager under Manager”). Each series of the Trust will be referred exceptional circumstances. Plan Sponsors, to in this document by its individual fund name. Participants and other investors approved by the Fund Manager under exceptional circumstances are collectively referred to herein as “Eligible Investors.” Units of the Funds are also available to Benefit Plans.

Investment Funds Description – P Series 1

Overview of the Funds

All such Eligible Investors shall qualify as permissible The Funds are neither insured nor guaranteed by investors in a fund excepted from the definition of the U.S. government. The Securities and Exchange “investment company” under Section 3(c)(14) of Commission has not approved or disapproved the the Investment Company Act of 1940, as amended Funds or passed upon the accuracy or adequacy of (the “1940 Act”). this document. Any representation to the contrary is a criminal offense. The Fund Manager manages the Funds on behalf of WBI. The Fund Manager obtains services from WBI. This Investment Funds Description – P Series includes important information about the Funds The Fund Manager also engages other service that you should know before investing. You should providers for the Funds, including hiring and read this Investment Funds Description – P Series monitoring Subadvisors. The Fund Manager in its entirety and keep it for future reference. directly, or indirectly through its service providers, conducts the business and operations of the Funds Neither WBI nor the Fund Manager are registered by making decisions regarding how, where and as investment advisers under the Investment when the money in the Funds is invested, and all Advisers Act of 1940, as amended (the “Advisers other investment and other decisions related to the Act”), or under any comparable local, state or money in the Funds. No Eligible Investors in the federal law or statute. Funds shall have a right to make any such decisions. Neither the Trust nor the Funds are registered as The Fund Manager may establish additional funds investment companies under the 1940 Act, in within the P Series at any time in the future, reliance upon exclusions from the definition of an without approval of the unitholders of the investment company. respective funds. None of WBI, the Fund Manager, the Trust nor the The Fund Manager may change the number or Funds are subject to registration, regulation, or nature of the Funds and establish rules and reporting under the 1940 Act, the 1933 Act, the procedures regarding an Eligible Investor’s 1934 Act, the Advisers Act or state securities laws. withdrawals from, and deposits into, the Funds Eligible Investors investing in the Funds will not be (“Rules”), from time to time, at its discretion. afforded the protections of provisions of those laws These Rules may address topics including, but not and related regulations, other than anti-fraud limited to, deposit amounts, frequency of provisions. withdrawals, times and dates for trading, changes in types, timing and calculation of fees, and security procedures. Except as otherwise required by law, the Fund Manager will provide 30 days prior notice on its website, or through other written communications, of a material change in the Rules.

Investment Funds Description – P Series 2

Overview of the Funds

The information in this Investment Funds Description – No person has been authorized by WBI, the Fund P Series is subject to change without notice. Such Manager nor the Funds to give any information changes may be set forth in a supplement to this or to make any representations with respect to Investment Funds Description – P Series (each, a the Funds, other than those contained in this “Supplement”). Each Supplement that states that it Investment Funds Description – P Series or any is to be incorporated by reference into this Investment Supplement or update to this Investment Funds Funds Description – P Series is hereby incorporated, Description – P Series approved as such by the and references to this Investment Funds Description – Fund Manager or the Funds. To the extent anyone P Series shall refer to the Investment Funds Description – has or receives from any person, any writings or P Series as so supplemented. All duties to update this statements that are inconsistent with this Investment Funds Description – P Series are hereby Investment Funds Description – P Series, the terms disclaimed and no subsequent delivery of this and provisions of this Investment Funds Description – Investment Funds Description – P Series shall be P Series shall govern. deemed a representation that there has been no change since the date hereof. Except as expressly This document is updated annually and, unless expressly stated to the contrary therein, any Supplement stated, all information is as of December 31, 2020. or update to this Investment Funds Description – P Series shall be deemed to address only the specific subject matter thereof and shall not be deemed a representation that there has been no other change in the affairs, prospects or attributes of the Funds.

Investment Funds Description – P Series 3

Principal Investment Strategies and Principal Investment Risks of the Funds

Principal Investment BENCHMARK AND UNIVERSE

Strategies Throughout this Investment Funds Description – P Series, the term “Benchmark” is used as a NVESTMENT OLICY reference for evaluating each Fund’s performance. I P A Benchmark is a standard comprised of a broad universe of securities with characteristics similar Each Fund’s investment program is administered to the securities held by a Fund that investors may in accordance with the Fund Manager Investment use to evaluate how well a Fund has performed. Policy (“Investment Policy”). The Investment Each Benchmark is based on one or more securities Policy is available at www.wespath.org/ market indices. These indices are unmanaged and retirement-investments/publications-and-reports. are not subject to fees and expenses typically The Fund Manager selects and manages investments associated with managed accounts or investment in a manner that is consistent with the Investment funds. Historical returns are no guarantee of future Policy’s “Sustainable Investment Strategies.” results.

The Fund Manager’s approach to investing honors The term “Universe” may also be used as a the values of the Church and integrates the reference for evaluating a Fund’s performance. consideration of Environmental, Social and A Universe is a group of comparable funds and/or Governance (“ESG”) factors into the investment a collection of portfolios identified by the Fund management process as a means of seeking to Manager that have a similar investment strategy improve long-term investment results. See the and a similar Benchmark as the subject Fund. Sustainable Investment Strategies section of this A Universe comparison may be useful to an Investment Funds Description – P Series for more Eligible Investor because it may allow the investor information about the Sustainable Investment to compare the performance of the subject Fund Strategies. to similar funds offered by other providers. Historical returns are no guarantee of future results.

Wilshire Associates (through data it received from Lipper, Inc.) and BNY Mellon provide Universe data for the Funds.

The Fund Manager may change the investment objective or the principal investment strategies, or both, of any Fund without the approval of Eligible Investors. Any changes that are made will be reflected in the Investment Funds Description – P Series. If there is a material change to the investment objective or principal investment strategy, an investor should consider whether a Fund remains an appropriate investment for the investor. There is no guarantee that any Fund will achieve its investment objective.

Investment Funds Description – P Series 4

Principal Investment Strategies and Principal Investment Risks of the Funds

• 10% of the investment returns of the Inflation Balanced Fund Protection Fund – P Series Custom Benchmark consisting of:

MULTIPLE ASSET FUND – P SERIES ─ 80% Bloomberg Barclays World Government Inflation Linked Bond Index (Hedged) Overview ─ 10% Bloomberg Barclays Emerging Market The Multiple Asset Fund – P Series (MAF-P) is a Tradeable Inflation Linked Bond Index (Unhedged) balanced, broadly diversified, multiple-asset-class ─ 10% Bloomberg Commodity Index fund of funds that primarily holds Units in four other P Series Funds. Balanced Funds generally rank Principal Investment Strategies moderate to high on the risk-return spectrum. MAF-P MAF-P is a fund-of-funds which seeks to achieve its is designed for investors with a relatively long time investment objective by primarily holding an allocation horizon who seek long-term investment growth among four other P Series Funds in accordance with and income from exposure to a broadly diversified the following pre-specified allocation targets: portfolio of assets. Investors in MAF-P should be willing to experience some fluctuations in the value • 35% U.S. Equity Fund – P Series of the Fund, though not as much as from holding a • 30% International Equity Fund – P Series fund comprised exclusively of Equities. • 25% Fixed Income Fund – P Series • 10% Inflation Protection Fund – P Series Investment and Performance Objectives MAF-P’s investment objective is to attain current The actual allocation will likely diverge from the income and capital appreciation by investing in a pre-specified allocation due to market fluctuations. broad mix of investments. The Fund Manager will periodically rebalance MAF-P to plus or minus 3% of the pre-specified percentage The performance objective of MAF-P is to outperform allocation if the allocation falls outside the targets as the investment return of its Benchmark by 50 basis follows: points (0.50 percentage points) per year, net of Annual Fund Operating Expenses, averaged over a • U.S. Equity Fund – P Series holdings will be market cycle of five to seven years. rebalanced if the Fund’s percentage allocation falls outside of a target range of 32–38% of MAF-P The MAF-P Benchmark is a blended index based on: • International Equity Fund – P Series holdings will be rebalanced if the Fund’s percentage allocation • 35% of the investment returns of the Russell 3000 falls outside of a target range of 27–33% of Index MAF-P • 30% of the investment returns of the MSCI All • Fixed Income Fund – P Series holdings will be Country World Index (ACWI) ex USA Investable rebalanced if the Fund’s percentage allocation falls Market Index (IMI) Net outside of a target range of 23–27% of MAF-P • Inflation Protection Fund – P Series holdings will • 25% of the investment returns of the Bloomberg Barclays U.S. Universal Index (excluding Mortgage be rebalanced if the Fund’s percentage allocation Backed Securities) falls outside of a target range of 8–12% of MAF-P

Investment Funds Description – P Series 5

Principal Investment Strategies and Principal Investment Risks of the Funds

In addition, the total Equity holdings in MAF-P investment return may also be less than that of (U.S. Equity Fund – P Series and International Equity its Benchmark return due to expenses of the Fund – P Series holdings combined) have a target underlying Funds, the timing of the underlying range of 62–68%. The total Fixed Income holdings in Funds’ purchase or sale of securities (including MAF-P (Fixed Income Fund – P Series and Inflation timing factors due to cash flows in and out of the Protection Fund – P Series holdings combined) have underlying Funds), performance differences a target range of 32–38%. The Fund Manager will attributable to Exclusions, and differences in rebalance MAF-P if the percentage allocation for how and when the underlying Funds’ Units and Equity or Fixed Income holdings falls outside those Benchmarks are valued. target ranges. MAF-P’s investment program is administered in During aberrant market conditions, the Fund Manager accordance with the Investment Policy of the Fund may temporarily elect to suspend rebalancing back to Manager available at www.wespath.org/retirement- the pre-specified allocations. The Fund Manager will investments/publications-and-reports. The resume rebalancing once market conditions have sustainable investment approach adopted by the improved. The Fund Manager may change the pre- Fund Manager honors the values of the Church and specified target allocations from time to time. Any integrates the consideration of ESG factors into the such modifications will be included in a Supplement investment management process as a means of to this Investment Funds Description – P Series. seeking to improve long-term investment results. Exchange-traded Derivatives may also be used to help keep exposures within allocation target ranges. Some Principal Investment Risks Derivatives and other investments used by MAF-P may Given the broad array of Asset Classes in which not align with certain elements of the Investment MAF-P’s underlying Funds invest, many risk factors Policy’s Sustainable Investment Strategies. MAF-P may can impact the performance of the Fund. MAF-P’s also hold Units of the Sweep Account. The Fund may Unit value adjusts daily based on the Fair Values of also invest up to 5% of its assets in alternative the underlying Funds which MAF-P holds. MAF-P’s investment strategies, which it will consider as an Unit value is likely to increase or decrease during the element of the Fund’s allocation to Equities. period that an investor owns Units of MAF-P. This means that an investor may experience gains or In determining the Fund allocation guidelines, the losses on an investment in MAF-P. It is possible to Fund Manager considers the objectives of Eligible lose money on an investment in MAF-P. Factors that Investors that invest in MAF-P, including the need may influence the value of the underlying Funds in for Diversification, as well as the relatively long time which MAF-P invests and, hence, MAF-P’s Unit horizon and relatively high expected return normally value, are set forth in the Investment Risks of the associated with such funds. Consideration is also given Funds section of this Investment Funds Description – to the typical Asset Allocation of similar funds. P Series.

Some of the underlying Subadvisors of the Funds in which MAF-P invests make Active Investment Fees and Expenses Strategy decisions and may invest in securities that The following table describes the fees and expenses are not in their individual Subadvisor Benchmarks expected to be charged to the Fund that will affect and/or hold securities using a different allocation returns for investors that buy and hold Units of than the individual Subadvisor Benchmarks. MAF-P. When considering investment in MAF-P, These differences may result in deviations from fees and expenses are only one of many factors Subadvisor Benchmark performance. MAF-P’s that Eligible Investors should consider.

Investment Funds Description – P Series 6

Principal Investment Strategies and Principal Investment Risks of the Funds

Annual Fund Operating Expenses Median Fund Annual Operating Expense Comparison: (Expenses that you are expected to incur each year as a For comparative purposes, the median annual fund percentage of the value of your investment) (1) operating expense for a group of mutual funds that As a % Per $1,000 have a similar investment strategy and similar Management Fee(2) 0.32% $3.20 Benchmarks as MAF-P (the “Universe”) and are Custody Fee3) 0.01% $0.10 directly available to investors or available through an Administrative and Overhead 0.26% $2.60 investment adviser, as provided by Wilshire Associates Expenses (3) and Lipper, was 1.06% as of December 31, 2020. Wilshire Associates and Lipper utilized all mutual Total Annual Fund Operating 0.59% $5.90 Expenses (4) funds included in the pre-defined Lipper classification universes of “Mixed Asset Target Allocation (1) The Annual Fund Operating Expenses information set forth Moderate” and “Mixed Asset Target Allocation above is based on actual asset balances, fees and expenses, Aggressive Growth” to construct this Universe. and various other factors. This information is as of For further comparison, the median annual operating December 31, 2020. The Fund Manager expects that the expense of the institutional share classes of the Annual Fund Operating Expenses for 2021 will not be materially different. There is no guarantee that the Fund’s funds that comprise the Universe was 0.80% as of actual Annual Fund Operating Expenses will match the December 31, 2020. Investments in institutional amounts reflected. Actual Annual Fund Operating Expenses share classes of funds are only directly available to may vary depending on, among other things, market institutional clients and require a materially higher events, Fund size, transaction costs, timing of Fund inflows and outflows, and applicable third-party fees. level of investment. This comparison is provided for (2) The Management Fee indicated is the combined fees that information purposes only. Investors in the Fund the Fund Manager expects to pay the Fund’s Subadvisor(s). should understand that the registered investment (3) The Custody Fee and Administrative and Overhead companies that comprise the Universe are subject to Expenses represent certain Fund direct expenses and the additional expenses, including the cost of maintaining Fund’s pro rata portion of other expenses incurred by the an active registration under the 1940 Act and the overall WBI organization in connection with providing 1933 Act, and expenses related to compliance with the investment, operating and administrative support to the Fund and other Funds, and the cost of WBI and its 1940 Act and the regulations thereunder. In addition, subsidiaries’ other activities and operations for the period registered investment companies typically charge ending December 31, 2020. advisory fees that include both out of pocket (4) Uninvested cash in MAF-P is held as Units of the Sweep expenses and a profit margin. Account. The table does not reflect expenses estimated to be incurred in connection with investments in the Sweep Account. If it did, the overall fees and expenses would be Example: higher resulting from an estimated 0.07% fee on assets in This example is intended to help you compare the the Sweep Account. Please see Additional Information cost of investing in MAF-P with the cost of investing About the Funds’ Principal Investment Strategies—Residual in other funds. The example assumes that you Cash/Cash Sweep. Expenses of MAF-P are incurred initially invest $10,000 in MAF-P for the time periods primarily by the Funds in which MAF-P invests. All these Funds are offered by the Fund Manager. Therefore, MAF-P, indicated and then redeem all your Units at the end as a shareholder of such Funds, bears its pro rata share of of those periods. The example also assumes that the expenses of the Funds. MAF-P may also incur expenses your investment has a 5% return each year from alternate investment strategies. All expenses incurred (net of expenses) and that MAF-P’s Annual Fund by MAF-P are reflected in the Unit price calculated for the Fund. The Unit price is multiplied by the number of Units Operating Expenses are 0.59%. Although your actual held in each investor’s account to determine the total costs may be higher or lower, based on these value of the investor’s holdings in the Fund. More information assumptions, your costs would be as follows: about the calculation of these expenses is available in the definition of Expense Ratio set forth in the Glossary of 1 Year 3 Years 5 Years 10 Years Terms in Exhibit 1. $62 $196 $344 $784

Investment Funds Description – P Series 7

Principal Investment Strategies and Principal Investment Risks of the Funds

The cumulative impact of fees and expenses can The investments of the Fund may vary substantially substantially reduce account growth. from those of its Benchmark. The Benchmark is comprised of broad-based securities market indices, Eligible Investors are not charged loads or commissions, which are unmanaged and are not subject to fees redemption fees, exchange fees or similar fees in and expenses typically associated with managed connection with the Units of the Fund. However, the accounts or investment funds. Fund reserves the right to charge a redemption fee in the future. This information was produced using data from sources believed to be accurate. The bar chart and The 5% investment return assumption is presented table assume reinvestment of dividends, interest and for the purpose of facilitating fee comparisons and other distributions. The Fund is neither insured nor does not reflect the Fund Manager’s return guaranteed by the U.S. government. expectations for this Fund. Monthly updates of Fund performance are generally Fund Turnover available no later than the second business day of each month for the prior month-end. Quarterly The Turnover Ratio is the percentage of investment updates of the Fund’s performance are provided at holdings in a fund that have been replaced in a given the beginning of each January, April, July and October year. It is a measure of a fund’s trading activity, for the prior quarter-end. Eligible Investors can find which is computed by dividing the lesser of the historical and more current fund performance at annual cost of all purchases or sales proceeds by www.wespath.org/fund-performance. the average monthly net assets for the year. The MAF-P Turnover Ratio for the period ending Calendar Year Return December 31, 2020 was 44.8%. 25% 21.08% 17.98% Fund Performance 20% 17.08% 18.21% 14.60% 13.76% The following bar chart and table provide some 15% indication of the risk of investing in the Fund by 10% 8.41% showing changes in the Fund’s year-to-year 4.10% 5% performance and by showing how the Fund’s

compounded annual rates of return for one year, 0% Rate of (net Return of fees) five years, 10 years and since its inception compare -5% -1.01% -2.56% with those of its Benchmark and the median for a -10% -6.14% Universe of multi-asset funds. The Fund’s inception date was May 1, 2002. The MAF-P fund balance as of December 31, 2020 was $7,278.5 million.

Historical returns are not indicative of future performance. Investment performance is presented net of fees—that is, after the deduction of Management Fees, the Custody Fee, and

Administrative and Overhead Expenses. Investment returns on qualified retirement plans are generally tax-deferred.

Investment Funds Description – P Series 8

Principal Investment Strategies and Principal Investment Risks of the Funds

Compounded Annual Return On January 1, 2016, the Benchmark for MAF-P became (for the Periods Ending December 31, 2020, Net of Annual Fund 40% Russell 3000 Index, 25% MSCI All Country World Index Operating Expenses) (ACWI) (ex-USA) (IMI), 25% Bloomberg Barclays U.S. Universal Index ex-MBS, and 10% Inflation Protection Fund 1 Yr 5 Yrs 10 Yrs Inception – P Series (IPF-P) Custom Benchmark. On January 1, 2017, Multiple Asset 18.21% 11.43% 8.68% 7.94% the Benchmark for the Multiple Asset Fund-P became 35% Fund – P Series Russell 3000 Index, 30% MSCI ACWI ex-USA IMI net, 25% MAF-P 14.17% 10.37% 8.58% 7.44% Bloomberg Barclays U.S. Universal Index ex-MBS and 10% Benchmark (1) (IPF-P) Custom Benchmark. The IPF-P Custom Benchmark consists of 80% Bloomberg Barclays World Government Lipper Multiple 11.57% 8.42% 7.41% 6.28% Inflation Linked Bond Index (Hedged), 10% Bloomberg Asset Fund Barclays Emerging Market Tradeable Inflation Linked Bond Universe Median Index (Unhedged) and 10% Bloomberg Commodity Index. Return (2) The Benchmark data reported above is a blend of the Number of Funds 718 617 459 159 Benchmarks referenced above based on the period for in Universe which each respective Benchmark applies. Universe Rank of 9% 12% 13% 3% (2) Lipper Multiple Asset Fund Universe is a group of mutual MAF-P funds comparable to MAF-P. Lipper utilized all mutual funds included in the pre-defined Lipper classification Inception date for MAF-P was May 1, 2002. Universe ranks universes of “Mixed Asset Target Allocation Moderate” organized strongest (1%) to weakest (100%). and “Mixed Asset Target Allocation Aggressive Growth” to construct this Universe. This comparison is provided for Best Quarter: June 30, 2020 16.52% information purposes only. Investors in the Fund should Worst Quarter: March 31, 2020 -15.93% understand that the registered investment companies that comprise the Lipper Multiple Asset Fund Universe (1) Prior to January 1, 2006, the Benchmark for MAF-P was are subject to additional expenses, including the cost of comprised of four components: 47% Russell 3000 Index maintaining an active registration under the 1940 Act (measures the performance of the 3,000 largest funds and the 1933 Act, and expenses related to compliance based on total market value of U.S. companies, with the 1940 Act and the regulations thereunder. representing approximately 98% of the companies In exchange for such expenses, the investors in those available for investment in the U.S. Equity market); registered investment companies receive the protections 15% MSCI EAFE Index (measures Equity market afforded to shareholders of such funds under the performance in developed markets, excluding the U.S. 1933 Act, the 1940 Act and other applicable federal and Canada); 3% MSCI Emerging Markets Index (measures law and regulation. Equity market performance in the global Emerging Markets); and 35% Lehman U.S. Universal Index (measures performance of a broad segment of the U.S. Fixed Income market). Beginning January 1, 2006, the Benchmark for MAF-P became 45% Russell 3000 Index, 20% MSCI All Country World Index (ACWI) ex-USA, 25% Lehman U.S. Universal Index (excluding Mortgage Backed Securities), and 10% Barclays Capital U.S. Government Inflation Linked Bond Index. On January 1, 2008, the MSCI ACWI ex-USA was replaced with the MSCI ACWI ex-USA IMI. On September 20, 2008, the Lehman U.S. Universal Index excluding Mortgage Backed Securities became the Barclays Capital U.S. Universal Index ex-Mortgage Backed Securities (ex-MBS) when Barclays Capital bought Lehman Brothers’ North American investment banking, capital markets and private investments management businesses. On January 1, 2014, the Benchmark for MAF-P became 40% Russell 3000 Index, 25% MSCI All Country World Index (ACWI) ex-USA Investable Market Index (IMI), 25% Barclays Capital U.S. Universal Index ex-MBS, and 10% Barclays Capital U.S. Government Inflation Linked Bond Index.

Investment Funds Description – P Series 9

Principal Investment Strategies and Principal Investment Risks of the Funds

Management Disclosure of Portfolio Holdings Investment Manager Information concerning the Fund’s portfolio UMC Benefit Board, Inc. provides investment holdings is available at www.wespath.org/fund- management services as Fund Manager, including the performance/maf. A complete listing of the Fund’s selection and monitoring of external Subadvisors. portfolio holdings as of the end of each quarter is posted approximately 30 days after the end of the Subadvisors quarter and remains posted until replaced by the Each of the underlying Funds within MAF-P engages information for the succeeding quarter. In addition, Subadvisors. A list of the investment managers from time to time, additional information regarding who act as Subadvisors to each Fund is included in the investments may be posted on the main page of Exhibit 2. Periodic updates of the list are available the website, or the Fund pages of the website. on the individual webpages for each Fund, accessed here: www.wespath.org/retirement-investments/ investment-information/funds.

Investment Funds Description – P Series 10

Principal Investment Strategies and Principal Investment Risks of the Funds

IEF-P seeks to achieve its investment objective by Equity Funds investing primarily in Equities of companies based outside the U.S.—in both developed countries INTERNATIONAL EQUITY FUND – P SERIES and Emerging Markets. Although there is no strict standard that defines whether a country is considered developed, the guideline is inclusive Overview of any country in the MSCI World All Cap Index. The International Equity Fund – P Series (IEF-P) Emerging Markets are generally those with lesser- primarily invests in Equities of non-U.S. domiciled developed economies, lower levels of market companies traded on a stock exchange, non-U.S. Liquidity and efficiency, or those which lack strict Equity index Futures and, to a lesser extent, regulatory and accounting standards on par with non-U.S. Private Equity and Private Real Estate. developed countries. Inclusion of a country in the Non-U.S. Equity funds are generally among the MSCI Emerging Markets Index is usually a good highest ranking on the risk-return spectrum. indication of a country’s status as an Emerging IEF-P is designed for investors who seek long-term Market. investment growth through exposure to companies based in developed and lesser-developed non-U.S. The Subadvisors decide how to allocate Fund assets countries and who are willing to accept the risk of among different countries, including the U.S. IEF-P potentially wide fluctuations in the Unit price of may also hold Equity index Futures, publicly traded the Fund. Real Estate Investment Trusts (“REITs”) and currency Forwards. Up to 10% of IEF-P may invest in Alternative Investment and Performance Objectives Investments, such as Private Equity and Private Real Estate, for which daily price valuation data is not The investment objective of IEF-P is to attain generally available. Market fluctuations in the public long‐term capital appreciation from a diversified Equities portfolios in the Fund may result in IEF-P at portfolio of primarily non-U.S. domiciled companies times holding a higher percentage of its value in traded on a stock exchange, non-U.S. Equity index Private Equity and Private Real Estate than specified Futures and, to a lesser extent, non-U.S. Private in the Investment Policy. For information on the Equity and Private Real Estate. pricing of Alternative Investments, please refer to the Shareholder Information–Valuing Units section The performance objective of IEF-P is to outperform of this Investment Funds Description – P Series. the investment returns of its Benchmark, the MSCI All Country World Index (ACWI) ex USA Investable IEF-P may also hold Equity Futures to seek to match Market Index (IMI) Net, by 75 basis points (0.75 the daily price changes in the value of the IEF-P percentage points) per year, net of Annual Fund Benchmark. Operating Expenses, averaged over a market cycle of five to seven years. IEF-P’s Subadvisors each have a unique portfolio management focus, including but not limited to, Principal Investment Strategies international developed Equity, Emerging The Fund Manager acts as the investment manager International Equity, international Private Real to IEF-P and has engaged multiple external Estate and international Private Equity. investment management firms to act as Subadvisors to the Fund.

Investment Funds Description – P Series 11

Principal Investment Strategies and Principal Investment Risks of the Funds

Allocation decisions are guided by the Investment Principal Investment Risks Policy. Individual Subadvisors may apply qualitative and/or quantitative factors in evaluating the merits IEF-P is subject to risks inherent in the Equity markets, of purchasing and/or selling specific investments as well as risks inherent in investing internationally. and may also use other investment strategies. The IEF-P’s Unit value changes daily based on the Fair Subadvisors managing IEF-P have unique Benchmarks. Values of the securities held in IEF-P. The market value Subadvisor Benchmarks may be different than the may change based on changes in the value of the Benchmark of IEF-P. The Fund Manager uses these security in its local Equity market, as well as changes Subadvisor Benchmarks to evaluate the Subadvisors’ in the exchange rate from the local currency to the performance. U.S. dollar. IEF-P’s Unit value is likely to increase or decrease during the period that an investor owns The passively managed components of IEF-P attempt Units of IEF-P. This means that an investor may to match the returns of their respective Benchmarks, experience gains or losses on an investment in IEF-P. though returns will differ because of the impact of It is possible to lose money by investing in IEF-P. excluding Equities based on the Fund Manager’s Factors that may influence the value of IEF-P-owned guidelines for Exclusions. In addition, the passively securities and, hence, IEF-P’s Unit value, include: managed components of IEF-P may apply a sampling Alternative Investments Risk, Country Risk, Credit approach to create a portfolio that seeks to match and Counterparty Risk, Currency Risk, Derivatives the overall characteristics of the Benchmark without Risk, Equity Securities Risk, Investment Style Risk, investing in all the Equities in the Benchmark. Liquidity Risk, Manager Risk, Market Risk, and Security-Specific Risk. IEF-P also may experience the Some of the Subadvisors make Active Investment additional risks set forth in the Investment Risks of Strategy decisions and may invest in securities that the Funds section of this Investment Funds are not in the Fund’s Benchmark. These differences Description – P Series. may result in deviations from Subadvisor Benchmark performance and may result in IEF-P Fees and Expenses underperforming its overall Benchmark. IEF-P’s The following table describes the fees and expenses investment return may also be less than that of its expected to be charged to the Fund that will affect Benchmark return due to expenses of the Fund, the returns for investors that buy and hold Units of timing of the Fund’s purchase or sale of securities IEF-P. When considering investment in IEF-P, fees (including timing factors due to cash flows in and out and expenses are only one of many factors that of the Fund), and differences in how and when the Eligible Investors should consider. Fund’s Units and Benchmark are valued.

IEF-P’s investment program is administered in accordance with the Investment Policy of the Fund Manager available at www.wespath.org/retirement- investments/publications-and-reports. The sustainable investment approach adhered to by the Fund Manager honors the values of the Church and integrates the consideration of ESG factors into the investment management process as a means of seeking to improve long-term investment results.

Investment Funds Description – P Series 12

Principal Investment Strategies and Principal Investment Risks of the Funds

Annual Fund Operating Expenses Median Fund Annual Operating Expense Comparison: (Expenses that you are expected to incur each year as a For comparative purposes, the median annual percentage of the value of your investment) (1) operating expense for a group of mutual funds As a % Per $1,000 that have a similar investment strategy and similar Management Fee (2) 0.49% $4.90 Benchmarks as IEF-P (the “Universe”) and are directly Custody Fee (3) 0.01% $0.10 available to investors or through an investment Administrative and Overhead 0.26% $2.60 adviser, as provided by Wilshire Associates and Expenses (3) Lipper, was 0.88% as of December 31, 2020. Wilshire Total Annual Fund Operating 0.76% $7.60 Associates and Lipper used all mutual funds included Expenses (4) in the pre-defined Lipper classification universes of “Int’l Multi-Cap Core” to construct this Universe. (1) The Annual Fund Operating Expenses information set forth above is based on actual asset balances, fees and expenses, For further comparison, the median annual operating and various other factors. This information is as of expense of the institutional share classes of the December 31, 2020. The Fund Manager expects that the Annual Fund Operating Expenses for 2021 will not be funds that comprise the Universe was 0.84% as of materially different. There is no guarantee that the Fund’s December 31, 2020. Investments in institutional actual Annual Fund Operating Expenses will match the share classes of funds are only directly available to amounts reflected. Actual Annual Fund Operating Expenses institutional clients and require a materially higher may vary depending on, among other things, market level of investment. This comparison is provided for events, Fund size, transaction costs, timing of Fund inflows and outflows, and applicable third party fees. information purposes only. Investors in the Fund should understand that the registered investment (2) The Management Fee indicated is the combined fees that the Fund Manager expects to pay the Fund’s Subadvisor(s). companies that comprise the Universe are subject to additional expenses, including the cost of (3) The Custody Fee and Administrative and Overhead Expenses represent certain Fund direct expenses and maintaining an active registration under the 1940 the Fund’s pro rata portion of other expenses incurred by Act and the 1933 Act, and expenses related to the overall WBI organization in connection with providing compliance with the 1940 Act and the regulations investment, operating and administrative support to thereunder. the Fund and other Funds, and the cost of WBI and its subsidiaries’ other activities and operations for the period ending December 31, 2020. Example: (4) Uninvested cash in IEF-P is held as Units of the Sweep This example is intended to help you compare the cost Account. The table does not reflect expenses estimated to of investing in IEF-P with the cost of investing in other be incurred in connection with investments in the Sweep funds. The example assumes that you initially invest Account. If it did, the overall fees and expenses would be $10,000 in IEF-P for the time periods indicated and then higher resulting from an estimated 0.07% fee on assets in redeem all your Units at the end of those periods. The the Sweep Account. Please see Additional Information About the Funds’ Principal Investment Strategies—Residual example also assumes that your investment has a 5% Cash/Cash Sweep. All expenses of IEF-P are expected to be return each year (net of expenses) and that IEF-P’s paid directly out of IEF-P and are reflected in the Unit price Annual Fund Operating Expenses are 0.76%. Although calculated for the Fund. The Unit price is multiplied by the your actual costs may be higher or lower, based on number of Units held in each investor’s account to determine the total value of the investor’s holdings in the these assumptions, your costs would be as follows: Fund. More information about the calculation of these expenses is available in the definition of Expense Ratio set 1 Year 3 Years 5 Years 10 Years forth in the Glossary of Terms in Exhibit 1. $80 $253 $444 $1,011

The cumulative impact of fees and expenses can substantially reduce account growth.

Investment Funds Description – P Series 13

Principal Investment Strategies and Principal Investment Risks of the Funds

Eligible Investors are not charged loads or commissions, The investments of the Fund may vary substantially redemption fees, exchange fees or similar fees in from those of its Benchmark. The Benchmark is connection with the Units of the Fund. However, the comprised of broad-based securities market indices, Fund reserves the right to charge a redemption fee which are unmanaged and are not subject to fees in the future. and expenses typically associated with managed accounts or investment funds. The 5% investment return assumption is presented for the purpose of facilitating fee comparisons and This information was produced using data from does not reflect the Fund Manager’s return sources believed to be accurate. The bar chart and expectations for this Fund. table assume reinvestment of dividends, interest and other distributions. The Fund is neither insured Fund Turnover nor guaranteed by the U.S. government.

The Turnover Ratio is the percentage of investment Monthly updates of Fund performance are generally holdings in a fund that have been replaced in a given available no later than the second business day of year. It is a measure of a fund’s trading activity, each month for the prior month-end. Quarterly which is computed by dividing the lesser of the updates of the Fund’s performance are provided annual cost of all purchases or sales proceeds by the at the beginning of each January, April, July and average monthly net assets for the year. The IEF-P October for the prior quarter-end. Eligible Investors Turnover Ratio was 33.6% for the period ending can find historical and more current fund performance December 31, 2020. at www.wespath.org/fund-performance.

Fund Performance Calendar Year Return The following bar chart and table provide some 40% indication of the risk of investing in the Fund by 30.56% 30% showing changes in the Fund’s year-to-year 25.23% 16.51% performance and by showing how the Fund’s 19.67% 19.67% 20% 16.35% compounded annual rates of return for one year, 6.02% five years, 10 years and since its inception compare 10% with those of its Benchmark, a blended non-U.S. 0% Equity index (described below), and the median for a Universe of non-U.S. Equity funds. The Fund’s Rate of (net Return of fees) -10% -5.92% -6.46% inception date was December 31, 1997. The IEF-P -20% -15.85% -13.78% fund balance as of December 31, 2020 was

$5,877.1 million. Historical returns are not indicative of future performance. Investment performance is presented net of fees—that is, after the deduction of Management Fees, the Custody Fee, and Administrative and Overhead Expenses. Investment returns on qualified retirement plans are generally tax-deferred.

Investment Funds Description – P Series 14

Principal Investment Strategies and Principal Investment Risks of the Funds

Compounded Annual Return Management (for the Periods Ending December 31, 2020, Net of Annual Fund Operating Expenses) Investment Manager 1 Yr 5 Yrs 10 Yrs Inception UMC Benefit Board, Inc. provides investment management services as the Fund Manager, including International Equity 19.67% 12.33% 6.33% 7.17% Fund – P Series the selection and monitoring of external Subadvisors.

IEF-P Benchmark (1) 11.12% 8.98% 5.06% 5.54% Subadvisor Lipper International 7.86% 7.34% 4.99% 4.82% Equity Funds Universe Median IEF-P has multiple Subadvisors with no single Return (2) Subadvisor responsible for investing 25% or more Number of Funds in 376 287 178 34 of the Fund’s net assets. Universe Universe Rank of 3% 1% 7% 10% A list of the investment managers who act as IEF-P Subadvisors to each Fund as of December 31, 2020 Inception date for IEF-P was December 31, 1997. is included in Exhibit 2. Periodic updates of the list Universe ranks organized strongest (1%) to weakest (100%). are available on the individual webpages for each Fund, accessed here: www.wespath.org/ Best Quarter: June 30, 2009 29.84% retirement-investments/investment- Worst Quarter: December 31, 2008 -24.08% information/funds.

(1) The Benchmark for IEF-P became the MSCI All Country World Index (ACWI) ex USA Investable Market Index (IMI) on Disclosure of Portfolio Holdings January 1, 2008. From January 1, 2006 through December 31, 2007, the benchmark was the MSCI ACWI ex USA Information concerning the Fund’s portfolio Index. Prior to 2006, the benchmark was the MSCI EAFE holdings is available at www.wespath.org/fund- Index. The Benchmark data reported above is a blend of performance/ief. A complete listing of the Fund’s the Benchmarks referenced above based on the period portfolio holdings as of the end of each quarter is for which each respective Benchmark applies. posted approximately 30 days after the end of the (2) Lipper International Equity Funds Universe is a group of quarter and remains posted until replaced by the mutual funds comparable to IEF-P. Lipper utilized all information for the succeeding quarter. In addition, mutual funds included in the pre-defined Lipper classification universes of “Int’l Multi-Cap Core” to construct from time to time, additional information regarding this Universe. This comparison is provided for information the investments may be posted on the main page of purposes only. Investors in the Fund should understand that the website, or the Fund pages of the website. the registered investment companies that comprise the Lipper International Equity Funds Universe are subject to additional expenses, including the cost of maintaining an active registration under the 1940 Act and the 1933 Act, and expenses related to compliance with the 1940 Act and the regulations thereunder. In exchange for such expenses, the investors in those registered investment companies receive the protections afforded to shareholders of such funds under the 1933 Act, the 1940 Act and other applicable federal law and regulation.

Investment Funds Description – P Series 15

Principal Investment Strategies and Principal Investment Risks of the Funds

U.S. EQUITY FUND – P SERIES invest in Equities traded on a U.S. Equity exchange but issued by companies domiciled in foreign

countries. Up to 10% of USEF-P may invest in Overview Alternative Investments, such as Private Equity and The U.S. Equity Fund – P Series (USEF-P) primarily Private Real Estate, for which daily price valuation invests in Equities of companies domiciled in the data is not generally available. Market fluctuations U.S. and traded on a regulated U.S. stock exchange in the public Equities portfolios in the Fund may and, to a lesser extent, U.S. Private Equity and U.S. result in USEF-P at times holding a higher percentage Private Real Estate. Equity funds generally rank high of its value in Private Equity and Private Real Estate on the risk-return spectrum. USEF-P is designed for than specified in the Investment Policy. For investors who seek long-term investment growth information on the pricing of Alternative through exposure to the broad U.S. Equity market Investments, please refer to the Shareholder and who are willing to accept the risk of potentially Information–Valuing Units section of this Investment wide fluctuations in the Unit price of the Fund. Funds Description – P Series.

Investment and Performance Objectives USEF-P may also hold Units of the Sweep Account. USEF-P utilizes an Equity Futures overlay strategy on The investment objective of USEF-P is to obtain its cash and Cash Equivalent holdings to reflect daily long-term capital appreciation by investing in a price changes in the value of the USEF-P Benchmark. broadly diversified portfolio that primarily includes Equities of companies domiciled in the U.S. and Equity investments in the U.S. are often classified by traded on a regulated U.S. stock exchange, and to a size, style and strategy. lesser extent, U.S. Private Equity and U.S. Private Real Estate. The performance objective of USEF-P is Size classification refers to the total market value of to outperform the investment returns of its Benchmark, the issuing company. Market value equals the number the Russell 3000 Index, by 35 basis points (0.35 of outstanding shares of a company multiplied by the percentage points), per year, net of Annual Fund current market price of its stock. Equity securities Operating Expenses, averaged over a market cycle may be referred to as “Large Cap,” “Mid Cap” or of five to seven years. “Small Cap,” which are generally defined in a manner similar to the applicable Russell Indices. Principal Investment Strategies Style classification refers to the basis on which a The Fund Manager acts as the investment manager decision is made to invest in an Equity security. to USEF-P and has engaged multiple external Equity securities that are considered to have an investment management firms to act as Subadvisors Equity price perceived as an attractive value, based to the Fund. on the fundamental characteristics of the company,

are classified as “Value Equity” investments. Equity USEF-P seeks to achieve its investment objective securities issued by companies that are expected to through exposure to the broad U.S. Equity market. experience revenue and/or earnings growth greater The Fund is primarily comprised of Equities and, than their competitors or industry peers, or derive to a lesser extent, Equity index Futures. Equity index sales from products or services that are growing Futures held by USEF-P are not subject to elements faster than the general economy, are classified as of the Investment Policy’s Sustainable Investment “Growth Equity” investments. Strategies. USEF-P primarily invests in Equities of companies domiciled in the U.S. and traded on a regulated U.S. stock exchange. USEF-P also may

Investment Funds Description – P Series 16

Principal Investment Strategies and Principal Investment Risks of the Funds

Strategy classification refers to the use of Passive or USEF-P’s investment program is administered in Active Investment Strategies. accordance with the Investment Policy of the Fund Manager available at www.wespath.org/retirement- Individual Subadvisors may use qualitative and/or investments/publications-and-reports. The quantitative factors in evaluating the merits of sustainable investment approach adhered to by the purchasing and/or selling specific investments and Fund Manager honors the values of the Church and may also use other investment strategies. integrates the consideration of ESG factors into the investment management process as a means of The Subadvisors managing USEF-P have unique seeking to improve long-term investment results. Benchmarks. These Subadvisor Benchmarks may be different than the Benchmark of USEF-P. The Fund Principal Investment Risks Manager uses these Subadvisor Benchmarks to evaluate the Subadvisors’ performance. USEF-P is subject to risks inherent in the U.S. Equity market. USEF-P’s Unit value changes daily based on The passively managed components of USEF-P the Fair Values of the securities held in USEF-P. attempt to match the returns of their respective USEF-P’s Unit value is likely to increase or decrease Benchmarks, though returns will differ because of during the period that an investor owns Units of the impact of excluding Equities of companies based USEF-P. This means that an investor may experience on the Fund Manager’s guidelines for Exclusions. In gains or losses on an investment in USEF-P. It is addition, the passively managed components of possible to lose money by investing in USEF-P. USEF-P may apply a sampling approach to create a Factors that may influence the value of USEF-P-owned portfolio that seeks to match the overall securities and, hence, USEF-P’s Unit value, include: characteristics of the Benchmark without investing Alternative Investments Risk, Country Risk, Credit in all the Equities in the Benchmark. and Counterparty Risk, Derivatives Risk, Equity Securities Risk, Investment Style Risk, Liquidity Risk, Some of the Subadvisors make Active Investment Manager Risk, Market Risk and Security-Specific Risk. Strategy decisions and may invest in securities that USEF-P also may experience the additional risks set are not in the Fund’s Benchmark or may invest in forth in the Investment Risks of the Funds section of securities in a different allocation than the Benchmark. this Investment Funds Description – P Series. These differences may result in deviations from Subadvisor Benchmark performance and may result Fees and Expenses in USEF-P underperforming its overall Benchmark. The following table describes the fees and expenses USEF-P’s investment return may also be less than expected to be charged to the Fund that will affect that of its Benchmark return due to expenses of the returns for investors that buy and hold Units of Fund, the timing of the Fund’s purchase or sale of USEF-P. When considering investment in USEF-P, securities (including timing factors due to cash flows fees and expenses are only one of many factors in and out of the Fund), and differences in how and that Eligible Investors should consider. when the Fund’s Units and Benchmark are valued.

Investment Funds Description – P Series 17

Principal Investment Strategies and Principal Investment Risks of the Funds

Annual Fund Operating Expenses Median Fund Annual Operating Expense Comparison: (Expenses that you are expected to incur each year as a For comparative purposes, the median annual percentage of the value of your investment) (1) operating expense for a group of mutual funds that As a % Per $1,000 have a similar investment strategy and similar Management Fee (2) 0.29% $2.90 Benchmarks as USEF-P (the “Universe”) and are directly available to investors or through an (3) Custody Fee 0.01% $0.10 investment adviser, as provided by Wilshire Administrative and 0.26% $2.60 Associates and Lipper, was 0.86% as of December Overhead Expenses (3) 31, 2020. This Universe consists of a Lipper Total Annual Fund Operating 0.56% $5.60 predefined Universe of “Multi-Cap Core” funds. For Expenses (4) further comparison, the median annual operating expense of the institutional share classes of the (1) The Annual Fund Operating Expenses information set forth funds that comprise the Universe was 0.73% as of above is based on actual asset balances, fees and expenses, December 31, 2020. Investments in institutional and various other factors. This information is as of share classes of funds are only directly available to December 31, 2020. The Fund Manager expects that the institutional clients and require a materially higher Annual Fund Operating Expenses for 2021 will not be materially different. There is no guarantee that the Fund’s level of investment. This comparison is provided for actual Annual Fund Operating Expenses will match the information purposes only. Investors in the Fund amounts reflected. Actual Annual Fund Operating Expenses should understand that the registered investment may vary depending on, among other things, market companies that comprise the Universe are subject events, Fund size, transaction costs, timing of Fund inflows and outflows, and applicable third party fees. to additional expenses, including the cost of maintaining an active registration under the 1940 (2) The Management Fee indicated is the combined fees that Act and the 1933 Act, and expenses related to the Fund Manager expects to pay the Fund’s Subadvisor(s). compliance with the 1940 Act and the regulations (3) The Custody Fee and Administrative and Overhead thereunder. Expenses represent certain Fund direct expenses and the Fund’s pro rata portion of other expenses incurred by the overall WBI organization in connection with providing Example: investment, operating and administrative support to the This example is intended to help you compare the Fund and other Funds, and the cost of WBI and its cost of investing in USEF-P with the cost of investing subsidiaries’ other activities and operations for the period in other funds. The example assumes that you ending December 31, 2020. initially invest $10,000 in USEF-P for the time (4) Uninvested cash in USEF-P is held as Units of the Sweep periods indicated and then redeem all your Units at Account. The table does not reflect expenses estimated to be incurred in connection with investments in the Sweep the end of those periods. The example also assumes Account. If it did, the overall fees and expenses would be that your investment has a 5% return each year higher resulting from an estimated 0.07% fee on assets in (net of expenses) and that USEF-P’s Annual Fund the Sweep Account. Please see Additional Information Operating Expenses are 0.56%. Although your actual About the Funds’ Principal Investment Strategies—Residual costs may be higher or lower, based on these Cash/Cash Sweep. All expenses of USEF-P are expected to be paid directly out of USEF-P and are reflected in the Unit assumptions, your costs would be as follows: price calculated for the Fund. The Unit price is multiplied by the number of Units held in each investor’s account to 1 Year 3 Years 5 Years 10 Years determine the total value of the investor’s holdings in the $59 $186 $327 $744 Fund. More information about the calculation of these expenses is available in the definition of Expense Ratio set forth in the Glossary of Terms in Exhibit 1. The cumulative impact of fees and expenses can substantially reduce account growth.

Investment Funds Description – P Series 18

Principal Investment Strategies and Principal Investment Risks of the Funds

Eligible Investors are not charged loads or commissions, The investments of the Fund may vary substantially redemption fees, exchange fees or similar fees in from those of its Benchmark. The Benchmark is connection with the Units of the Fund. However, the comprised of broad-based securities market indices, Fund reserves the right to charge a redemption fee in which are unmanaged and are not subject to fees the future. and expenses typically associated with managed accounts or investment funds. The 5% investment return assumption is presented for the purpose of facilitating fee comparisons and This information was produced using data from does not reflect the Fund Manager’s return sources believed to be accurate. The bar chart and expectations for this Fund. table assume reinvestment of dividends, interest and other distributions. The Fund is neither insured Fund Turnover nor guaranteed by the U.S. government.

The Turnover Ratio is the percentage of investment Monthly updates of Fund performance are generally holdings in a fund that have been replaced in a given available no later than the second business day of year. It is a measure of a fund’s trading activity, each month for the prior month-end. Quarterly which is computed by dividing the lesser of the updates of the Fund’s performance are provided at annual cost of all purchases or sales proceeds by the the beginning of each January, April, July and average monthly net assets for the year. The USEF-P October for the prior quarter-end. Eligible Investors Turnover Ratio was 28.26% for the period ending can find historical and more current fund performance December 31, 2020. at www.wespath.org/fund-performance.

Fund Performance Calendar Year Return The following bar chart and table provide some 40% indication of the risk of investing in the Fund by 34.29% 29.55% showing changes in the Fund’s year-to-year 30% 26.17% performance and by showing how the Fund’s 18.09% 19.92% compounded annual rates of return for one year, five 20% 15.05% years, 10 years and since its inception compare with 10.76% 11.53% those of its Benchmark, the Russell 3000 Index, 10% and the median for a Universe of U.S. Equity funds. 0.08%

Rate of (net Return of fees) 0% The Fund’s inception date was December 31, 1997. -0.73% The USEF-P balance as of December 31, 2020 was -10% -5.48% $7,447.6 million.

Historical returns are not indicative of future performance. Investment performance is presented net of fees—that is, after the deduction of

Management Fees, the Custody Fee, and Administrative and Overhead Expenses. Investment returns on qualified retirement plans are generally tax-deferred.

Investment Funds Description – P Series 19

Principal Investment Strategies and Principal Investment Risks of the Funds

Compounded Annual Return Management (for the Periods Ending December 31, 2020, Net of Annual Fund Operating Expenses) Investment Manager Inceptio UMC Benefit Board, Inc. provides investment 1 Yr 5 Yrs 10 Yrs n management services as Fund Manager, including U.S. Equity Fund – 26.17% 15.62% 13.39% 8.20% the selection and monitoring of external Subadvisors. P Series USEF-P 20.89% 15.43% 13.79% 8.30% Subadvisor Benchmark (1) USEF-P has multiple Subadvisors with no single Lipper Multi-Cap 16.93% 13.23% 12.17% 7.69% Subadvisor responsible for investing 25% or more Core Universe of the Fund’s net assets. Median Return (2) Number of Funds 654 509 351 85 A list of the investment managers who act as in Universe Subadvisors to each Fund as of December 31, 2020 Universe Rank of 9% 9% 22% 30% is included in Exhibit 2. Periodic updates of the list USEF-P are available on the individual webpages for each Fund, accessed here: www.wespath.org/retirement- Inception date for USEF-P was December 31, 1997. investments/investment-information/funds. Universe ranks organized strongest (1%) to weakest (100%).

Best Quarter: June 30, 2020 24.33% Disclosure of Portfolio Holdings Worst Quarter: December 31, 2008 -22.20% Information concerning the Fund’s portfolio (1) The Benchmark for USEF-P is the Russell 3000 Index, holdings is available at www.wespath.org/fund- which measures the performance of the 3,000 largest performance/usef. A complete listing of the Fund’s (based on total market value) U.S. companies, representing portfolio holdings as of the end of each quarter is approximately 98% of the companies available for posted approximately 30 days after the end of the investment in the U.S. Equity market. quarter and remains posted until replaced by the (2) Lipper Multi-Cap Core Universe is a group of mutual funds information for the succeeding quarter. In addition, which follow similar investment strategies as USEF-P. This Universe consists of a Lipper predefined Universe of from time to time, additional information regarding “Multi-Cap Core” funds. This comparison is provided for the investments may be posted on the main page of information purposes only. Investors in the Fund should the website, or the Fund pages of the website. understand that the registered investment companies that comprise the Lipper Multi-Cap Core Universe are subject to additional expenses, including the cost of maintaining an active registration under the 1940 Act and the 1933 Act, and expenses related to compliance with the 1940 Act and the regulations thereunder. In exchange for such expenses, the investors in those registered investment companies receive the protections afforded to shareholders of such funds under the 1933 Act, the 1940 Act and other applicable federal law and regulation.

Investment Funds Description – P Series 20

Principal Investment Strategies and Principal Investment Risks of the Funds

U.S. EQUITY INDEX FUND – P SERIES USEIF-P applies a sampling approach to create a fund that seeks to match the overall characteristics of

the Benchmark and achieve efficiencies without Overview investing in all the Equities in the Benchmark. These The U.S. Equity Index Fund – P Series (USEIF-P) differences may result in deviations from Subadvisor invests in U.S. Equities. Equity funds generally Benchmark performance and may result in USEIF-P rank high on the risk-return spectrum. USEIF-P is underperforming its overall Benchmark. designed for investors with a relatively long time USEIF-P’s investment return may also be less than horizon who seek long-term investment growth that of its Benchmark return due to expenses of the through exposure to Equities of companies primarily Fund, the timing of the Fund’s purchase or sale of domiciled in the U.S. and traded on a regulated U.S. securities (including timing factors due to cash flows stock exchange, and who are willing to accept the in and out of the Fund), performance differences risk of potentially wide fluctuations in the Unit attributable to Exclusions, and differences in how and price of the Fund. USEIF-P is designed for Eligible when the Fund’s Units and Benchmark are valued. Investors other than Participants who have a tolerance for equity-like volatility. The Fund is not USEIF-P’s investment program is administered in directly available to Participants. Participants have accordance with the Investment Policy of the Fund indirect exposure to USEIF-P through investments Manager available at www.wespath.org/retirement- in USEF-P. investments/publications-and-reports. The sustainable investment approach adhered to by the Fund Manager Investment and Performance Objectives honors the values of the Church and integrates the USEIF-P’s investment objective is to attain long‐term consideration of ESG factors into the investment capital appreciation available from a passively management process as a means of seeking to managed, broadly diversified portfolio comprised improve long-term investment results. primarily of Equities of companies domiciled in the U.S. and traded on a regulated U.S. stock exchange. Principal Investment Risks The performance objective of USEIF-P is to produce USEIF-P is subject to risks inherent in the U.S. Equity a return that matches that of the performance of market. USEIF-P’s Unit value changes daily based on its Benchmark, the Russell 3000 Index, per year, the Fair Values of the securities held in USEIF-P. net of Annual Fund Operating Expenses, averaged USEIF-P’s Unit value is likely to increase or decrease over a market cycle of five to seven years. during the time period that an investor owns Units of

USEIF-P. This means that an investor may experience Principal Investment Strategies gains or losses on an investment in USEIF-P. It is The Fund Manager acts as the investment manager possible to lose money by investing in USEIF-P. to USEIF-P and has engaged BlackRock Financial Factors that may influence the value of USEIF-P- Management, Inc. to act as the Subadvisor to owned securities and, hence, USEIF-P’s Unit value, the Fund. include: Credit and Counterparty Risk, Derivatives Risk, Equity Securities Risk, Liquidity Risk, Market USEIF-P employs a Passive Investment Strategy Risk, and Security-Specific Risk. USEIF-P also may that seeks to achieve its investment objective experience the additional risks set forth in the by investing primarily in Equities of companies Investment Risks of the Funds section of this domiciled in the U.S. and traded on a regulated Investment Funds Description – P Series. U.S. stock exchange. USEIF-P may also hold Units of the Sweep Account.

Investment Funds Description – P Series 21

Principal Investment Strategies and Principal Investment Risks of the Funds

Fees and Expenses (4) Uninvested cash in USEIF-P is held as Units of the Sweep Account. The table does not reflect expenses estimated to The following table describes the fees and expenses be incurred in connection with investments in the Sweep expected to be charged to the Fund that will affect Account. If it did, the overall fees and expenses would be higher resulting from an estimated 0.07% fee on assets in returns for investors that buy and hold Units of the Sweep Account. Please see Additional Information USEIF-P. When considering investment in USEIF-P, About the Funds’ Principal Investment Strategies—Residual fees and expenses are only one of many factors that Cash/Cash Sweep. All expenses of USEIF-P are expected to Eligible Investors (which do not include Participants be paid directly out of USEIF-P and are reflected in the Unit for USEIF-P) should consider. price calculated for the Fund. The Unit price is multiplied by the number of Units held in each investor’s account to determine the total value of the investor’s holdings in the Annual Fund Operating Expenses Fund. More information about the calculation of these (Expenses that you are expected to incur each year as a expenses is available in the definition of Expense Ratio set percentage of the value of your investment) (1) forth in the Glossary of Terms in Exhibit 1. As a % Per $1,000 Management Fee (2) 0.04% $0.40 Median Fund Annual Operating Expense Comparison: For comparative purposes, the median annual Custody Fee (3) 0.01% $0.10 operating expense for a group of mutual funds that Administrative and Overhead 0.26% $2.60 have a similar investment strategy and similar Expenses (3) Benchmarks as USEIF-P (the “Universe”) and are Total Annual Fund Operating 0.31% $3.10 directly available to investors or through an Expenses (4) investment adviser, as provided by Wilshire Associates and Lipper, was 0.30% as of December (1) The Annual Fund Operating Expenses information set forth above is based on actual asset balances, fees and 31, 2020. This Universe consists of a Lipper expenses, and various other factors. This information is predefined Universe of S&P 500 Index funds. For as of December 31, 2020. The Fund Manager expects that further comparison, the median annual operating the Annual Fund Operating Expenses for 2021 will not be expense of the institutional share classes of the materially different. There is no guarantee that the Fund’s funds that comprise the Universe was 0.17% as of actual Annual Fund Operating Expenses will match the amounts reflected. Actual Annual Fund Operating Expenses December 31, 2020. Investments in institutional may vary depending on, among other things, market share classes of funds are only directly available to events, Fund size, transaction costs, timing of Fund institutional clients and require a materially higher inflows and outflows, and applicable third party fees. level of investment. This comparison is provided for (2) The Management Fee indicated is the combined fees information purposes only. Investors in the Fund that the Fund Manager expects to pay the Fund’s should understand that the registered investment Subadvisor(s). companies that comprise the Universe are subject (3) The Custody Fee and Administrative and Overhead Expenses represent certain Fund direct expenses and to additional expenses, including the cost of the Fund’s pro rata portion of other expenses incurred by maintaining an active registration under the 1940 the overall WBI organization in connection with providing Act and the Securities Act of 1933 and the 1933 Act, investment, operating and administrative support to and expenses related to compliance with the 1940 the Fund and other Funds, and the cost of WBI and its Act and the regulations thereunder. subsidiaries’ other activities and operations for the period ending December 31, 2020.

Investment Funds Description – P Series 22

Principal Investment Strategies and Principal Investment Risks of the Funds

Example: Fund Performance This example is intended to help you compare the cost of investing in USEIF-P with the cost of investing in The following bar chart and table provide some other funds. The example assumes that you initially indication of the risk of investing in the Fund by invest $10,000 in USEIF-P for the time periods showing changes in the Fund’s year-to-year indicated and then redeem all your Units at the end performance and by showing how the Fund’s of those periods. The example also assumes that compounded annual rates of returns for one year, your investment has a 5% return each year five years, 10 years and since its inception compare (net of expenses) and that USEIF-P’s Annual Fund with those of its Benchmark, the Russell 3000 Index. Operating Expenses are 0.31%. Although your actual The Fund’s inception date was December 31, 2014. costs may be higher or lower, based on these The USEIF-P fund balance as of December 31, 2020 assumptions, your costs would be as follows: was $70.9 million.

1 Year 3 Years 5 Years 10 Years Historical returns are not indicative of future $33 $103 $180 $411 performance. Investment performance is presented net of fees—that is, after the deduction of The cumulative impact of fees and expenses can Management Fees, the Custody Fee, and substantially reduce account growth. Administrative and Overhead Expenses. Investment returns on qualified retirement plans are generally Eligible Investors (which do not include Participants tax-deferred. for USEIF-P) are not charged loads or commissions, redemption fees, exchange fees or similar fees in The investments of the Fund may vary from those connection with the Units of the Fund. However, the of its Benchmark. The Benchmark is comprised of Fund reserves the right to charge a redemption fee in broad-based securities market indices, which are the future. unmanaged and are not subject to fees and expenses typically associated with managed The 5% investment return assumption is presented accounts or investment funds. for the purpose of facilitating fee comparisons and does not reflect the Fund Manager’s return This information was produced using data from expectations for this Fund. sources believed to be accurate. The bar chart and table assume reinvestment of dividends, interest Fund Turnover and other distributions. The Fund is neither insured nor guaranteed by the U.S. government. The Turnover Ratio is the percentage of investment holdings in a fund that have been replaced in a given Monthly updates of Fund performance are generally year. It is a measure of a fund’s trading activity, available no later than the second business day of which is computed by dividing the lesser of the each month for the prior month-end. Quarterly annual cost of all purchases or sales proceeds by updates of the Fund’s performance are provided the average monthly net assets for the year. at the beginning of each January, April, July and The USEIF-P Turnover Ratio was 2.4% for the October for the prior quarter-end. Eligible Investors period ending December 31, 2020. (which do not include Participants) can find

historical and more current fund performance at

www.wespath.org/fund-performance.

Investment Funds Description – P Series 23

Principal Investment Strategies and Principal Investment Risks of the Funds

Calendar Year Return 40% 33.08% 40% 30.88% 30.88% 30% 30% 21.18% (net of (net fees) 20.34% 20.34% 21.18% 20% 16.87% 16.20%

20% Return 12.45% 12.35% 12.35% 10% 10% ofRate 0.62%

0% Rate of (net Return of fees) 0% -0.16% -0.16% -10% -4.99% -10% -4.99%

Compounded Annual Return Compounded Annual Return (for the Periods Ending December 31, 2020, Net of Annual Fund (for the Periods Ending December 31, 2020, Net of Annual Fund Operating Expenses) Operating Expenses) 1 Yr 5 Yrs Inception 1 Yr 5 Yrs 10 Yrs U.S. Equity Index Fund – 21.18% 15.29% 12.56% USEIF-P Current Strategy 21.18% 15.29% 13.68% P Series USEIF-P Benchmark (1) 20.89% 15.43% 13.79% USEIF-P Benchmark (1) (2) 20.89% 15.43% 12.79% Lipper Multi-Cap Core 16.93% 13.23% 12.10% Universe Median Return (2) Inception date for USEIF-P was December 31, 2014. Number of Funds 652 510 352 Universe ranks organized strongest (1%) to weakest (100%). Rank 24% 16% 13% Best Quarter: June 30, 2020 22.21% Worst Quarter: March 31, 2020 -20.87% (1) The Benchmark for USEIF-P is the Russell 3000 Index.

(1) Performance Data for Fund from January 2015 and (2) Lipper Multi-Cap Core Universe is a group of mutual funds Prior Russell 3000 Index assets Using Current Strategy. comparable to USEIF-P. This Universe consists of a Lipper predefined Universe of “Multi-Cap Core” funds. This (2) The Benchmark for USEIF-P is the Russell 3000 Index. comparison is provided for information purposes only. Investors in the Fund should understand that the Prior to January 1, 2015, the Russell 3000 Index assets registered investment companies that comprise the resided within the U.S. Equity Fund – P Series Lipper Multi-Cap Core Universe are subject to additional (USEF-P) and were managed with the same expenses, including the cost of maintaining an active registration under the 1940 Act and the 1933 Act, and investment strategy that USEIF-P applies. For the expenses related to compliance with the 1940 Act and the years 2015 to 2018, the following bar chart shows the regulations thereunder. In exchange for such expenses, annual performance of the Fund, and for returns prior the investors in those registered investment companies to January 1, 2015, the bar chart shows the annual receive the protections afforded to shareholders of such performance for the Russell 3000 Index assets within funds under the 1933 Act, the 1940 Act and other applicable federal law and regulation. USEF-P. The table shows the compounded annual rates of return for one, five and 10 years for the Fund and Russell 3000 Index assets compared with those of USEIF-P’s Benchmark, the Russell 3000 Index, and the median for a Universe of U.S. Equity funds. USEIF-P Current Strategy

Investment Funds Description – P Series 24

Principal Investment Strategies and Principal Investment Risks of the Funds

Management Disclosure of Portfolio Holdings Investment Manager Information concerning the Fund’s portfolio UMC Benefit Board, Inc. provides investment holdings is available at www.wespath.org/fund- management services as Fund Manager, including the performance/useif. A complete listing of the Fund’s selection and monitoring of external Subadvisors. portfolio holdings as of the end of each quarter is posted approximately 30 days after the end of the Subadvisor quarter and remains posted until replaced by the BlackRock Financial Management, Inc. is the primary information for the succeeding quarter. In addition, Subadvisor of USEIF-P. from time to time, additional information regarding the investments may be posted on the main page of A list of the investment managers who act as the website, or the Fund pages of the website. Subadvisors to each Fund as of December 31, 2020 is included in Exhibit 2. Periodic updates of the list are available on the individual webpages for each Fund, accessed here: www.wespath.org/ retirement-investments/investment- information/funds.

Investment Funds Description – P Series 25

Principal Investment Strategies and Principal Investment Risks of the Funds

ETFIF-P seeks to achieve its investment objective by Fixed Income Funds investing primarily in long-term Fixed Income securities such as U.S. government bonds, agency EXTENDED TERM FIXED INCOME FUND – bonds, corporate bonds and Securitized Products. The corporate bonds held are primarily of companies P SERIES that are domiciled in the U.S. and that are primarily Investment Grade. ETFIF-P may hold Loan Participation Overview interests secured by mortgages and other types of Loan Participations originated through the Fund The Extended Term Fixed Income Fund – P Series Manager’s PSP Lending Program, which invests in (ETFIF-P) invests in Fixed Income securities. affordable housing and community development Extended term Fixed Income funds are generally in facilities in the U.S., as well as institutions focused on the moderate range on the risk-return spectrum. microfinance opportunities in developing countries. ETFIF-P is designed for investors with a desire for exposure to long-term interest rates, who seek a Up to 5% of ETFIF-P may be invested in Alternative greater portion of their investment return from Investments, for which daily price valuation data current income rather than capital appreciation is not generally available. For information on the but exhibit willingness to incur some risk. pricing of Alternative Investments, please refer to

the Shareholder Information–Valuing Units section Investment and Performance Objectives of this Investment Funds Description – P Series. The investment objective of ETFIF-P is to earn current income while preserving capital and Finally, ETFIF-P may also hold Futures, Forwards providing exposure to long-term interest rates and Swaps in the interest rate, currency and credit by investing in a diversified mix of fixed income default markets, as well as Units of the Sweep securities. The performance objective of ETFIF-P Account. is to outperform the investment returns of its Benchmark, the Bloomberg Barclays U.S. Long ETFIF-P will tactically maintain Duration shorter than Government/Credit Index, by 50 basis points the Duration of the Fund Benchmark by holding (0.50 percentage points) per year, net of Annual Fixed Income securities that are shorter-term than Fund Operating Expenses, averaged the Fixed Income securities included in the Fund over a market cycle of five to seven years. Benchmark. The Fund may use Futures, Forwards, and Swaps in the interest rate market to reduce Principal Investment Strategies exposure to longer-term rates until interest rates for longer-term Fixed Income securities increase. ETFIF- The Fund Manager acts as the investment manager P will maintain this strategy for as long as the Yield for to ETFIF-P and has engaged multiple external the most recently issued 30-year U.S. Treasury Bond investment management firms to act as Subadvisors remains below 5%. ETFIF-P will increase Duration as to the Fund. the Yield for the most recently issued 30-year U.S. Treasury Bond approaches 5%, and once the Yield reaches 5%, the Fund will no longer implement this tactical lower Duration strategy. ETFIF-P employs a combination of Active and Enhanced Investment Strategies.

Investment Funds Description – P Series 26

Principal Investment Strategies and Principal Investment Risks of the Funds

Allocation decisions are guided by the Investment Principal Investment Risks Policy. Individual Subadvisors may apply qualitative and/or quantitative factors in evaluating the merits ETFIF-P is subject to risks inherent in the Fixed of purchasing and/or selling specific investments Income market. ETFIF-P’s Unit value adjusts daily and may also use other investment strategies. based on the Fair Values of the securities held in The Subadvisors managing ETFIF-P have unique ETFIF-P. ETFIP-P’s Unit value is likely to increase or Benchmarks. These Subadvisor Benchmarks may be decrease during the time period that an investor different than the Benchmark of ETFIF-P as a whole. owns Units of ETFIF-P. This means that an investor The Fund Manager uses these Subadvisor Benchmarks may experience gains or losses on an investment to evaluate the Subadvisors’ performance. in ETFIF-P. It is possible to lose money by investing in ETFIF-P. Factors that may influence the value of Subadvisors who make Active Investment Strategy ETFIF-P-owned securities, and, hence, ETFIF-P’s Unit decisions and Enhanced Investment Strategy value, include: Credit and Counterparty Risk, decisions may invest in securities that are not in Country Risk, Currency Risk, Deflation/Inflation the Fund’s Benchmark or may invest in securities Risk, Derivatives Risk, Interest Rate Risk, in a different allocation than the Benchmark. Investment Style Risk, Liquidity Risk, Market Risk, These differences may result in deviations from Prepayment Risk, Security-Specific Risk and Yield Subadvisor Benchmark performance and may result Curve Risk. ETFIF-P also may experience the in ETFIF-P underperforming its overall Benchmark. additional risks set forth in the Investment Risks ETFIF-P’s investment return may also be less than of the Funds section of this Investment Funds that of its Benchmark return due to expenses of the Description – P Series. Fund, the timing of the Fund’s purchase or sale of securities (including timing factors due to cash flows Fees and Expenses in and out of the Fund), and differences in how and The following table describes the fees and expenses when the Fund’s Units and Benchmark are valued. expected to be charged to the Fund that will affect returns for investors that buy and hold Units of ETFIF-P’s investment program is administered in ETFIF-P. When considering investment in ETFIF-P, accordance with the Investment Policy of the Fund fees and expenses are only one of several factors Manager available at www.wespath.org/ that Eligible Investors should consider. retirement-investments/publications-and-reports. The sustainable investment approach adhered to by Annual Fund Operating Expenses the Fund Manager honors the values of the Church (Expenses that you incur each year as a percentage and integrates the consideration of ESG factors into of the value of your investment) (1) the investment management process as a means of As a % Per $1,000 seeking to improve long-term investment results. Management Fee (2) 0.11% $1.10 Custody Fee (3) 0.01% $0.10

Administrative and Overhead 0.26% $2.60 Expenses (3)

Total Annual Fund Operating 0.38% $3.80

Expenses (4)

Investment Funds Description – P Series 27

Principal Investment Strategies and Principal Investment Risks of the Funds

(1) The Annual Fund Operating Expenses information set Example: forth above is based on actual asset balances, fees and This example is intended to help you compare the expenses, and various other factors. This information is as of December 31, 2020. The Fund Manager expects that cost of investing in ETFIF-P with the cost of investing the Annual Fund Operating Expenses for 2021 will not be in comparable mutual funds. The example assumes materially different. There is no guarantee that the Fund’s that you initially invest $10,000 in ETFIF-P for the actual Annual Fund Operating Expenses will match the time periods indicated and then redeem all your amounts reflected. Actual Annual Fund Operating Expenses Units at the end of those periods. The example also may vary depending on, among other things, market events, Fund size, transaction costs, timing of Fund inflows assumes that your investment has a 5% return each and outflows, and applicable third party fees. year (net of expenses) and that ETFIF-P’s Annual (2) The Management Fee indicated is the combined fees that Fund Operating Expenses are 0.38%. Although your the Fund Manager expects to pay the Fund’s Subadvisor(s). actual costs may be higher or lower, based on these (3) The Custody Fee and Administrative and Overhead assumptions, your costs would be as follows: Expenses represent certain Fund direct expenses and the Fund’s pro rata portion of other expenses incurred by the 1 Year 3 Years 5 Years 10 Years overall WBI organization in connection with providing investment, operating and administrative support to the $40 $126 $221 $504 Fund and other Funds, and the cost of WBI and its subsidiaries’ other activities and operations for the period The cumulative impact of fees and expenses can ending December 31, 2020. substantially reduce account growth. (4) Uninvested cash in ETFIF-P is held as Units of the Sweep Account. The table does not reflect expenses estimated to be incurred in connection with investments in the Sweep Eligible Investors are not charged loads or Account. If it did, the overall fees and expenses would be commissions, redemption fees, exchange fees or higher resulting from an estimated 0.07% fee on assets in similar fees in connection with the Units of the Fund. the Sweep Account. Please see Additional Information However, the Fund reserves the right to charge a About the Funds’ Principal Investment Strategies—Residual redemption fee in the future. Cash/Cash Sweep. All expenses of ETFIF-P are expected to be paid directly out of ETFIF-P and are reflected in the Unit price calculated for the Fund. The Unit price is multiplied The 5% investment return assumption is presented by the number of Units held in each investor’s account to for the purpose of facilitating fee comparisons and determine the total value of the investor’s holdings in the does not reflect the Fund Manager’s return Fund. More information about the calculation of these expenses is available in the definition of Expense Ratio set expectations for this Fund. forth in the Glossary of Terms in Exhibit 1. Fund Turnover Median Fund Annual Operating Expense Comparison: The Turnover Ratio is the percentage of investment The Fund Manager is unable to provide the holdings in a fund that have been replaced in a given median annual operating expenses for a group of year. It is a measure of a fund’s trading activity, comparable funds since Wilshire Associates and which is computed by dividing the lesser of the Lipper do not provide a pre-defined classification annual cost of all purchases or sales proceeds by universe for long duration government/credit the average monthly net assets for the year. strategies. The ETFIF-P Turnover Ratio was 50.9% for the period ending December 31, 2020.

Investment Funds Description – P Series 28

Principal Investment Strategies and Principal Investment Risks of the Funds

Fund Performance Calendar Year Return* The following bar chart and table provide some indication of the risk of investing in the Fund by 16% 14.04% 14% 12.10% showing changes in the Fund’s year-to-year 12% performance, and by showing how the Fund’s 10% 7.62% 8% compounded annual rates of return for one year and 5.44% 6% since inception compare with that of its Benchmark, 4% the Bloomberg Barclays U.S. Long Government/ 2%

0% Rate of (net Return of fees) Credit Index. The Fund’s inception date was -2% -1.75% May 29, 2015. The ETFIF-P fund balance as of -4% -2.23% 2015 2016 2017 2018 2019 2020 December 31, 2020 was $1,339.9 million.

*2015 returns reflect performance from the Fund’s inception date of Historical returns are not indicative of future May 29, 2015 through year-end. performance. Investment performance is presented net of fees—that is, after the deduction of Compounded Annual Return Management Fees, the Custody Fee, and (for the Periods Ending December 31, 2020, Net of Annual Fund Administrative and Overhead Expenses. Investment Operating Expenses) returns on qualified retirement plans are generally tax-deferred. 1 Yr 5 Yrs Inception Extended Term Fixed 12.10% 7.24% 6.11% The investments of the Fund may vary substantially Income Fund – P Series from those of its Benchmark. The Benchmark is (1) comprised of broad-based securities market indices, ETFIF-P Benchmark 16.12% 9.35% 7.84% which are unmanaged and are not subject to fees and expenses typically associated with managed Inception date for ETFIF-P was May 29, 2015. accounts or investment funds. Best Quarter: June 30, 2020 5.76% Worst Quarter: December 31, 2016 -4.78% This information was produced using data from sources believed to be accurate. The bar chart and (1) On August 24, 2016, Bloomberg acquired Barclays Global table assume reinvestment of dividends, interest Family of Fixed Income Benchmark Indices and rebranded and other distributions. The Fund is neither insured them as Bloomberg Barclays Indices. Prior to August 24, 2016, the Benchmark was known as the Barclays Capital nor guaranteed by the U.S. government. U.S. Long Government/Credit Index.

Monthly updates of Fund performance are generally available no later than the second business day of each month for the prior month-end. Quarterly updates of the Fund’s performance are provided at the beginning of each January, April, July and October for the prior quarter-end. Eligible Investors can find historical and more current fund performance at www.wespath.org/fund- performance.

Investment Funds Description – P Series 29

Principal Investment Strategies and Principal Investment Risks of the Funds

Management Disclosure of Portfolio Holdings Investment Manager Information concerning the Fund’s portfolio holdings UMC Benefit Board, Inc. provides investment will be available at www.wespath.org/fund- management services to the Fund on behalf of performance/etfif. A complete listing of the Fund’s the Fund Manager. portfolio holdings as of the end of each quarter is posted approximately 30 days after the end of the Subadvisor quarter and remains posted until replaced by the ETFIF-P has multiple Subadvisors. Neuberger information for the succeeding quarter. In addition, Berman Investment Advisers and PGIM Fixed from time to time, additional information regarding Income are the primary Subadvisors to the Fund, the investments may be posted on the main page of representing the management of approximately the website, or the Fund pages of the website. 80% of the net assets of the Fund.

A list of the investment managers who act as Subadvisors to each Fund as of December 31, 2020 is included in Exhibit 2. Periodic updates of the list are available on the individual webpages for each Fund, accessed here: www.wespath.org/ retirement-investments/investment- information/funds.

Investment Funds Description – P Series 30

Principal Investment Strategies and Principal Investment Risks of the Funds

FIXED INCOME FUND – P SERIES Up to 5% of FIF-P may be invested in Alternative Investments, for which daily price valuation data

is not generally available. For information on the Overview pricing of Alternative Investments, please refer to The Fixed Income Fund – P Series (FIF-P) invests in the Shareholder Information–Valuing Units section Fixed Income securities. Fixed Income funds are of this Investment Funds Description – P Series. generally in the moderate range on the risk-return spectrum. FIF-P is designed for investors who seek a FIF-P may also hold Futures, Forwards and Swaps greater portion of their investment return from in the interest rate, currency and credit default current income, rather than capital appreciation, markets, as well as Units of the Sweep Account. but exhibit willingness to incur some risk. FIF-P employs a combination of Active and Enhanced Investment Strategies. Investment and Performance Objectives Allocation decisions are guided by the Investment The investment objective of FIF-P is to earn current Policy. Individual Subadvisors may apply qualitative income while preserving capital by primarily investing and/or quantitative factors in evaluating the merits in a diversified mix of Fixed Income securities. of purchasing and/or selling specific investments The performance objective of FIF-P is to outperform and may also use other investment strategies. The the investment returns of its Benchmark, the Subadvisors managing FIF-P have unique Benchmarks. Bloomberg Barclays U.S. Universal Index (excluding These Subadvisor Benchmarks may be different than Mortgage Backed Securities [ex-MBS]), by 50 basis the Benchmark of FIF-P as a whole. The Fund points (0.50 percentage points) per year, net of Manager uses these Subadvisor Benchmarks to Annual Fund Operating Expenses, averaged over a evaluate the Subadvisors’ performance. market cycle of five to seven years. Subadvisors who make Active Investment Strategy Principal Investment Strategies decisions and Enhanced Investment Strategy decisions may invest in securities that are not in The Fund Manager acts as the Investment Manager the Fund’s Benchmark or may invest in securities to FIF-P and has engaged multiple external in a different allocation than the Benchmark. investment management firms to act as Subadvisors These differences may result in deviations from to the Fund. Subadvisor Benchmark performance and may result

in FIF-P underperforming its overall Benchmark. FIF-P seeks to achieve its investment objective by FIF-P’s investment return may also be less than investing primarily in Fixed Income securities such as that of its Benchmark return due to expenses of the U.S. and non-U.S. government bonds, agency bonds, Fund, the timing of the Fund’s purchase or sale of corporate bonds, Emerging Market debt and securities (including timing factors due to cash flows Securitized Products. The corporate bonds held are in and out of the Fund), and differences in how and primarily of companies that are domiciled in the U.S. when the Fund’s Units and Benchmark are valued. and that are rated either Investment Grade or High

Yield. FIF-P also holds Loan Participation interests secured by mortgages and other types of Loan

Participations originated through the PSP Lending

Program, which invests in affordable housing and community development facilities in the U.S., as well as institutions focused on microfinance opportunities in developing countries.

Investment Funds Description – P Series 31

Principal Investment Strategies and Principal Investment Risks of the Funds

FIF-P’s investment program is administered in Annual Fund Operating Expenses accordance with the Investment Policy of the Fund (Expenses that you are expected to incur each year as a Manager available at www.wespath.org/retirement- percentage of the value of your investment) (1) investments/publications-and-reports. The As a % Per $1,000 sustainable investment approach adhered to by the Management Fee (2) 0.20% $2.00 Fund Manager honors the values of the Church and Custody Fee (3) 0.01% $0.10 integrates the consideration of ESG factors into the investment management process as a means Administrative and Overhead 0.26% $2.60 Expenses (3) of seeking to improve long-term investment results. Total Annual Fund Operating 0.47% $4.70 (4) Principal Investment Risks Expenses

FIF-P is subject to risks inherent in the Fixed Income (1) The Annual Fund Operating Expenses information set market. FIF-P’s Unit value adjusts daily based on the forth above is based on actual asset balances, fees and expenses, and various other factors. This information is Fair Values of the securities held in FIF-P. FIF-P’s as of December 31, 2020. The Fund Manager expects that Unit value is likely to increase or decrease during the the Annual Fund Operating Expenses for 2021 will not be time period that an investor owns Units of FIF-P. materially different. There is no guarantee that the Fund’s This means that an investor may experience gains or actual Annual Fund Operating Expenses will match the amounts reflected. Actual Annual Fund Operating Expenses losses on an investment in FIF-P. It is possible to lose may vary depending on, among other things, market money by investing in FIF-P. Factors that may events, Fund size, transaction costs, timing of Fund inflows influence the value of FIF-P-owned securities, and outflows, and applicable third party fees. and, hence, FIF-P’s Unit value, include: Alternative (2) The Management Fee indicated is the combined fees that Investments Risk, Country Risk, Credit and the Fund Manager expects to pay the Fund’s Subadvisor(s). Counterparty Risk, Currency Risk, Deflation/Inflation (3) The Custody Fee and Administrative and Overhead Risk, Derivatives Risk, Interest Rate Risk, Investment Expenses represent certain Fund direct expenses and Style Risk, Liquidity Risk, Manager Risk, Market Risk, the Fund’s pro rata portion of other expenses incurred by Prepayment Risk, Security-Specific Risk, and Yield the overall WBI organization in connection with providing Curve Risk. FIF-P also may experience the additional investment, operating and administrative support to the Fund and other Funds, and the cost of WBI and its risks set forth in the Investment Risks of the Funds subsidiaries’ other activities and operations for the period section of this Investment Funds Description – P Series. ending December 31, 2020. (4) Uninvested cash in FIF-P is held as Units of the Sweep Fees and Expenses Account. The table does not reflect expenses estimated to be incurred in connection with investments in the Sweep The following table describes the fees and expenses Account. If it did, the overall fees and expenses would be expected to be charged to the Fund that will affect higher resulting from an estimated 0.07% fee on assets in returns for investors that buy and hold Units of the Sweep Account. Please see Additional Information FIF-P. When considering investment in FIF-P, fees About the Funds’ Principal Investment Strategies—Residual Cash/Cash Sweep. All expenses of FIF-P are expected to be and expenses are only one of many factors that paid directly out of FIF-P and are reflected in the Unit price Eligible Investors should consider. calculated for the Fund. The Unit price is multiplied by the number of Units held in each investor’s account to determine the total value of the investor’s holdings in the Fund. More information about the calculation of these expenses is available in the definition of Expense Ratio set forth in the Glossary of Terms in Exhibit 1.

Investment Funds Description – P Series 32

Principal Investment Strategies and Principal Investment Risks of the Funds

Median Fund Annual Operating Expense Comparison: Eligible Investors are not charged loads or For comparative purposes, the median annual commissions, redemption fees, exchange fees or operating expense for a group of mutual funds similar fees in connection with the Units of the that have a similar investment strategy and similar Fund. However, the Fund reserves the right to Benchmarks as FIF-P (the “Universe”) and are directly charge a redemption fee in the future. available to investors or through an investment adviser, as provided by Wilshire Associates and The 5% investment return assumption is presented Lipper, was 0.68% as of December 31, 2020. for the purpose of facilitating fee comparisons and Wilshire Associates and Lipper utilized all mutual does not reflect the Fund Manager’s return funds included in the pre-defined Lipper expectations for this Fund. classification universes of “Core Plus Bond” to construct this Universe. For further comparison, Fund Turnover the median annual operating expense of the Institutional share classes of the funds that comprise The Turnover Ratio is the percentage of investment the Universe was 0.48% as of December 31, 2020. holdings in a fund that have been replaced in a Investments in institutional share classes of funds given year. It is a measure of a fund’s trading activity, are only directly available to institutional clients and which is computed by dividing the lesser of the require a materially higher level of investment. This annual cost of all purchases or sales proceeds by the comparison is provided for information purposes average monthly net assets for the year. The FIF-P only. Investors in the Fund should understand that Turnover Ratio was 80.3% for the period ending the registered investment companies that comprise December 31, 2020. the Universe are subject to additional expenses, including the cost of maintaining an active Fund Performance registration under the 1940 Act and the 1933 Act, The following bar chart and table provide some and expenses related to compliance with the 1940 indication of the risk of investing in the Fund by Act and the regulations thereunder. showing changes in the Fund’s year-to-year performance and by showing how the Fund’s Example: compounded annual rates of return for one year, This example is intended to help you compare the five years, 10 years and since its inception compare cost of investing in FIF-P with the cost of investing in with those of its Benchmark and the median for other funds. The example assumes that you initially a Universe of bond funds. The Fund’s current invest $10,000 in FIF-P for the time periods Benchmark is the Bloomberg Barclays U.S. indicated and then redeem all your Units at the end Universal Index, ex-MBS. The Fund’s inception date of those periods. The example also assumes that was December 31, 1997. The FIF-P balance as of your investment has a 5% return each year (net of December 31, 2020 was $6,401.8 million. expenses) and that FIF-P’s Annual Fund Operating Expenses are 0.47%. Although your actual costs may Historical returns are not indicative of future be higher or lower, based on these assumptions, performance. Investment performance is presented your costs would be as follows: net of fees—that is, after the deduction of Management Fees, the Custody Fee, and Administrative and 1 Year 3 Years 5 Years 10 Years Overhead Expenses. Investment returns on qualified $50 $156 $274 $624 retirement plans are generally tax-deferred.

The cumulative impact of fees and expenses can substantially reduce account growth.

Investment Funds Description – P Series 33

Principal Investment Strategies and Principal Investment Risks of the Funds

The investments of the Fund may vary substantially Compounded Annual Return from those of its Benchmark. The Benchmark is (for the Periods Ending December 31, 2020, Net of Annual Fund comprised of broad-based securities market indices, Operating Expenses) which are unmanaged and are not subject to fees 1 Yr 5 Yrs 10 Yrs Inception and expenses typically associated with managed Fixed Income Fund – 8.39% 5.89% 4.62% 5.63% accounts or investment funds. P Series FIF-P Benchmark (1) 8.68% 5.42% 4.54% 5.28% This information was produced using data from Lipper Bond Funds 8.55% 5.08% 4.36% 5.40% sources believed to be accurate. The bar chart and Universe Median Return (2) table assume reinvestment of dividends, interest and other distributions. The Fund is neither insured Number of Funds in 299 206 151 39 Universe nor guaranteed by the U.S. government. Universe Rank of 54% 13% 35% 32% FIF-P Monthly updates of Fund performance are generally available no later than the second business day of Inception date for FIF-P was December 31, 1997. each month for the prior month-end. Quarterly Universe ranks organized strongest (1%) to weakest (100%). updates of the Fund’s performance are provided at the beginning of each January, April, July and Best Quarter: September 30, 2009 7.52% Worst Quarter: June 30, 2013 -3.03% October for the prior quarter-end. Eligible Investors can find historical and more current fund (1) On August 24, 2016, Bloomberg acquired Barclays Global performance at www.wespath.org/fund- Family of Fixed Income Benchmark Indices and rebranded performance. them as Bloomberg Barclays Indices. On September 20, 2008, Barclays Capital bought Lehman Brothers’ North American investment banking, capital markets and private investments Calendar Year Return management businesses, thus the Benchmark for FIF-P became the Barclays U.S. Universal Index (ex-MBS). From 12% 10.23% January 1, 2006 to September 19, 2008, the Benchmark was the 8.71% 9.58% 10% 8.39% Lehman U.S. Universal Index (e-MBS). From January 1, 2003, 8% 6.57% through December 31, 2005 the Benchmark was the Lehman 6.13% 5.74% U.S. Aggregate Bond Index. Prior to January 1, 2003, the 6% 4.30% Benchmark had been the Lehman Intermediate Aggregate 4% Bond Index. The Benchmark data reported above is a blend 2% of the Benchmarks referenced above based on the period for which each respective Benchmark applies. 0%

Rate of (net Return of fees) (2) Lipper Bond Funds Universe is a group of mutual funds -2% -0.73% -1.10% comparable to FIF-P. Lipper utilized all mutual funds included -1.97% -4% in the pre-defined Lipper classification universe of “Core Plus Bond” to construct this Universe. This comparison is provided for information purposes only. Investors in the Fund should understand that the registered investment companies that comprise the Lipper Bond Funds Universe are subject to additional expenses, including the cost of maintaining an active registration under the 1940 Act and the 1933 Act, and expenses related to compliance with the 1940 Act and the regulations thereunder. In exchange for such expenses, the investors in those registered investment companies receive the protections afforded to shareholders of such funds under the 1933 Act, the 1940 Act and other applicable federal law and regulation.

Investment Funds Description – P Series 34

Principal Investment Strategies and Principal Investment Risks of the Funds

Management Disclosure of Portfolio Holdings Investment Manager Information concerning the Fund’s portfolio UMC Benefit Board, Inc. provides investment holdings is available at www.wespath.org/fund- management services as Fund Manager, including the performance/fif. A complete listing of the Fund’s selection and monitoring of external Subadvisors. portfolio holdings as of the end of each quarter is posted approximately 30 days after the end of the Subadvisor quarter and remains posted until replaced by the FIF-P has multiple Subadvisors with no single information for the succeeding quarter. In addition, Subadvisor responsible for investing 50% or more of from time to time, additional information regarding the Fund’s net assets. the investments may be posted on the main page of A list of the investment managers who act as the website, or the Fund pages of the website. Subadvisors to each Fund is included in Exhibit 2. Periodic updates of the list are available on the individual webpages for each Fund, accessed here: www.wespath.org/retirement-investments/ investment-information/funds.

Investment Funds Description – P Series 35

Principal Investment Strategies and Principal Investment Risks of the Funds

INFLATION PROTECTION FUND – P SERIES Principal Investment Strategies The Fund Manager acts as the investment manager Overview to IPF-P and has engaged multiple external investment management firms to act as Subadvisors to the Fund. The Inflation Protection Fund – P Series (IPF-P) primarily invests in Fixed Income securities and has IPF-P seeks to achieve its investment objective by exposure to commodities by holding Futures. IPF-P primarily investing in Fixed Income securities. also may invest in a combination of Real Assets and The Fund also has exposure to the commodities other Alternative Investments. This type of fund is market through holding commodities Futures. designed for investors who seek current income and IPF-P’s holdings consist primarily of U.S. and non- wish to obtain long-term protection from the loss of U.S. Government-issued Inflation Linked Securities, purchasing power due to inflation and are willing to Senior Secured Floating Rate Loans, Asset-backed incur some short-term losses of principal. Securities, Commodities Derivatives Contracts,

Real Assets and other Alternative Investments, as Investment and Performance Objectives well as cash and Cash Equivalents. The government- The investment objective of IPF-P is to provide issued securities are normally backed by the debt investors with current income and to protect repayment ability of the issuing government. The principal from long-term loss of purchasing power Senior Secured Floating Rate Loans are backed by due to inflation through investment in inflation- the debt repayment ability of the issuing corporate linked securities, inflation-sensitive commodities borrower and usually pay investors variable rates of Derivatives, Senior Secured Floating Rate Loans, interest. IPF-P also holds interests in loans secured Securitized Products, Real Assets, and Alternative by financial assets, such as auto loans, franchise Investments, as well as cash and Cash Equivalents. loans and other receivables. The credit rating on The performance objective of IPF-P is to outperform these asset-backed securities can range from AAA the investment returns of its Benchmark by 25 basis to below Investment Grade. points (0.25 percentage points) per year, net of Annual Fund Operating Expenses, averaged over a IPF-P may invest up to 10% in Real Assets and other market cycle of five to seven years. The IPF-P Alternative Investments, for which daily price valuation Benchmark is a blended index based on 80% of the data is not generally available. For information on investment returns of the Bloomberg Barclays World the pricing of Alternative Investments, please refer Government Inflation Linked Bond Index (Hedged), to the Shareholder Information–Valuing Units 10% of the investment returns of the Bloomberg section of this Investment Funds Description – Barclays Emerging Market Tradeable Inflation Linked P Series. Bond Index (Unhedged), and 10% of the investment returns of the Bloomberg Commodity Index. IPF-P may also hold cash or Cash Equivalents in the form of Units of the Sweep Account. IPF-P employs a combination of Active and Passive Investment Strategies.

Investment Funds Description – P Series 36

Principal Investment Strategies and Principal Investment Risks of the Funds

IPF-P strives to hold inflation-linked securities, which The passively managed components of IPF-P attempt are designed to protect investors from inflation. For to match the returns of their respective Benchmarks, example, U.S. inflation-protected securities are known though returns may differ because of the impact of as U.S. Treasury Inflation Protected Securities (“TIPS”). excluding securities of companies based on the Fund A TIPS bond has a face value of $1,000, bears a fixed Manager’s guidelines for Exclusions. In addition, the coupon rate (interest rate), and matures on a specified passively managed components of IPF-P may use date in the future. Semiannually, the U.S. Department characteristics of the Benchmark, such as types of of Treasury pays the interest rate stated on the bonds, interest rate, credit quality and maturity, to bond and increases or decreases the face value of create a portfolio that seeks to match the overall the bond based on the change in the Consumer characteristics of the Benchmark without investing Price Index (“CPI”), a measure of inflation published in all of the securities in the Benchmark. monthly by the U.S. Department of Labor Bureau of Labor Statistics. Specifically, for the purpose of TIPS, Some of the Subadvisors make Active Investment the CPI index used is the non-seasonally adjusted Strategy decisions and may invest in securities that U.S. City Average All Items Consumer Price Index for are not in the Fund’s Benchmark or may invest in All Urban Consumers (“CPI-U”). If there is a decrease securities in a different allocation than the in the CPI-U, the U.S. government will lower the face Benchmark. This applies to IPF-P, which invests in value of the bond, but the bond will ultimately Senior Secured Floating Rate Loans, Securitized mature at the greater of the inflation-adjusted face Products, Real Assets and Alternative Investments— value or the originally issued face value. TIPS are which are not included in the Fund’s Benchmark. backed by the full faith and credit of the U.S. These differences may result in deviations from government. Non-U.S. inflation-protected securities Subadvisor Benchmark performance and may result are structured in a manner broadly similar to TIPS in IPF-P underperforming its overall Benchmark. but are issued and backed by the respective bonds’ IPF-P’s investment return may also be less than that issuing countries. IPF-I may also include approximately of its Benchmark return due to expenses of the 10% in commodities Futures, 10% in Senior Secured Fund, the timing of the Fund’s purchase or sale of Floating Rate Loans, and 5% in Real Assets and other securities (including timing factors due to cash flows Alternative Investment strategies. IPF-P may also in and out of the Fund), and differences in how and hold cash and Cash Equivalents, which may be in the when the Fund’s Units and Benchmark are valued. form of Units of the Sweep Account. Currently, the Fund does not hold allocations to U.K. inflation-linked IPF-P’s investment program is administered in securities. This tactical decision will remain until the accordance with the Investment Policy of the Fund Manager determines that real yields on U.K. Fund Manager available at www.wespath.org/ inflation-linked securities represent better value. retirement-investments/publications-and-reports. The sustainable investment approach adhered to by Allocation decisions are guided by the Investment the Fund Manager honors the values of the Church Policy. Individual Subadvisors may apply qualitative and integrates the consideration of ESG factors into and/or quantitative factors in evaluating the merits the investment management process as a means of of purchasing and/or selling specific investments seeking to improve long-term investment results. and may also use other investment strategies. The Subadvisors managing IPF-P have unique Benchmarks. These Subadvisor Benchmarks may be different than the Benchmark of IPF-P. The Fund Manager uses these Subadvisor Benchmarks to evaluate the Subadvisors’ performance.

Investment Funds Description – P Series 37

Principal Investment Strategies and Principal Investment Risks of the Funds

Principal Investment Risks Annual Fund Operating Expenses (Expenses that you are expected to incur each year as a IPF-P is subject to risks inherent in the U.S. and non- percentage of the value of your investment) (1) U.S. money and Fixed Income markets. IPF-P’s Unit As a % Per $1,000 value changes daily based on the Fair Values of the Management Fee (2) 0.22% $2.20 securities held in IPF-P. IPF-P’s Unit value is likely to Custody Fee (3) 0.01% $0.10 increase or decrease during the period that an Administrative and Overhead 0.26% $2.60 investor owns Units of IPF-P. This means that an Expenses (3) investor may experience gains or losses on an Total Annual Fund Operating 0.49% $4.90 investment in IPF-P. It is possible to lose money by Expenses (4) investing in IPF-P. IPF-P is subject to the following principal investment risks: Alternative Investments (1) The Annual Fund Operating Expenses information set forth Risk, Commodity Risk, Country Risk, Credit and above is based on actual asset balances, fees and expenses, Counterparty Risk, Currency Risk, Deflation/Inflation and various other factors. This information is as of Risk, Derivatives Risk, Inflation Index Security Risk, December 31, 2020. The Fund Manager expects that the Annual Fund Operating Expenses for 2021 will not be Interest Rate Risk, Investment Style Risk, LIBOR materially different. There is no guarantee that the Fund’s Transition Risk, Liquidity Risk, Manager Risk, Market actual Annual Fund Operating Expenses will match the Risk, Prepayment Risk, Security-Specific Risk, and amounts reflected. Actual Annual Fund Operating Expenses Yield Curve Risk. IPF-P also may experience the may vary depending on, among other things, market additional risks set forth in the Investment Risks of events, Fund size, transaction costs, timing of Fund inflows and outflows, and applicable third party fees. the Funds section of this Investment Funds (2) The Management Fee indicated is the combined fees that Description – P Series. the Fund Manager expects to pay the Fund’s Subadvisor(s). (3) The Custody Fee and Administrative and Overhead Fees and Expenses Expenses represent certain Fund direct expenses and the Fund’s pro rata portion of other expenses incurred by the The following table describes the fees and expenses overall WBI organization in connection with providing expected to be charged to the Fund that will affect investment, operating and administrative support to the returns for investors that buy and hold Units of Fund and other Funds, and the cost of WBI and its IPF-P. When considering investment in IPF-P, fees subsidiaries’ other activities and operations for the period ending December 31, 2020. and expenses are only one of many factors that (4) Uninvested cash in IPF-P is held as Units of the Sweep Eligible Investors should consider. Account. The table does not reflect expenses estimated to be incurred in connection with investments in the Sweep Account. If it did, the overall fees and expenses would be higher resulting from an estimated 0.07% fee on assets in the Sweep Account. Please see Additional Information About the Funds’ Principal Investment Strategies—Residual Cash/Cash Sweep. All expenses of IPF-P are expected to be paid directly out of IPF-P and are reflected in the Unit price calculated for the Fund. The Unit price is multiplied by the number of Units held in each investor’s account to determine the total value of the investor’s holdings in the Fund. More information about the calculation of these expenses is available in the definition of Expense Ratio set forth in the Glossary of Terms in Exhibit 1.

Investment Funds Description – P Series 38

Principal Investment Strategies and Principal Investment Risks of the Funds

Median Fund Annual Operating Expense Comparison: Eligible Investors are not charged loads or For comparative purposes, the median annual commissions, redemption fees, exchange fees or operating expense for a group of mutual funds that similar fees in connection with the Units of the have a similar investment strategy and similar Fund. However, the Fund reserves the right to Benchmarks as IPF-P (the “Universe”) and are directly charge a redemption fee in the future. available to investors or through an investment adviser, as provided by Wilshire Associates and The 5% investment return assumption is presented Lipper, was 0.58% as of December 31, 2020. The for the purpose of facilitating fee comparisons and Lipper Universe used for this comparison was does not reflect the Fund Manager’s return “Inflation Protected Bonds.” For further comparison, expectations for this Fund. the median annual operating expense of the Institutional share classes of the funds that comprise Fund Turnover the Universe was 0.37% as of December 31, 2020. The Turnover Ratio is the percentage of investment Investments in institutional share classes of funds holdings in a fund that have been replaced in a given are only directly available to institutional clients and year. It is a measure of a fund’s trading activity, require a materially higher level of investment. This which is computed by dividing the lesser of the comparison is provided for information purposes annual cost of all purchases or sales proceeds by only. Investors in the Fund should understand that the average monthly net assets for the year. the registered investment companies that comprise The IPF-P Turnover Ratio was 54.7% for the period the Universe are subject to additional expenses, ending December 31, 2020. including the cost of maintaining an active registration under the 1940 Act and the 1933 Act, Fund Performance and expenses related to compliance with the 1940 Act and the regulations thereunder. The following bar chart and table provide some indication of the risk of investing in the Fund by Example: showing changes in the Fund’s year-to-year This example is intended to help you compare the performance and by showing how the Fund’s cost of investing in IPF-P with the cost of investing in compounded annual rates of return for one year, other funds. The example assumes that you initially five years, 10 years and since its inception compare invest $10,000 in IPF-P for the time periods with those of its Benchmark and the median for a indicated and then redeem all your Units at the end Universe of inflation protection funds. The Fund’s of those periods. The example also assumes that current Benchmark is 80% Bloomberg Barclays your investment has a 5% return each year (net of World Government Inflation Linked Bond Index expenses) and that IPF-P’s Annual Fund Operating (Hedged), 10% Bloomberg Barclays Emerging Expenses are 0.49%. Although your actual costs may Market Tradeable Inflation Linked Bond Index be higher or lower, based on these assumptions, (Unhedged) and 10% Bloomberg Commodity Index. your costs would be as follows: The Fund’s inception date was January 5, 2004. The IPF-P fund balance as of December 31, 2020 1 Year 3 Years 5 Years 10 Years was $2,109.1 million. $52 $163 $286 $650 Historical returns are not indicative of future The cumulative impact of fees and expenses can performance. Investment performance is presented net substantially reduce account growth. of fees—that is, after the deduction of Management Fees, the Custody Fee, and Administrative and Overhead Expenses. Investment returns on qualified retirement plans are generally tax-deferred.

Investment Funds Description – P Series 39

Principal Investment Strategies and Principal Investment Risks of the Funds

The investments of the Fund may vary substantially Compounded Annual Return from those of its Benchmark. The Benchmark is (for the Periods Ending December 31, 2020, Net of Annual comprised of broad-based securities market indices, Fund Operating Expenses) which are unmanaged and are not subject to fees 1 Yr 5 Yrs 10 Yrs Inception and expenses typically associated with managed Inflation Protection 5.80% 4.85% 3.05% 3.96% accounts or investment funds. Fund – P Series IPF-P Benchmark (1) 7.72% 5.96% 4.28% 4.75% This information was produced using data from Lipper Inflation Protection 9.68% 4.44% 3.05% 4.01% sources believed to be accurate. The bar chart and Funds Universe Median Return (2) table assume reinvestment of dividends, interest and other distributions. The Fund is neither insured Number of Funds 204 172 113 35 in Universe nor guaranteed by the U.S. government. Universe Rank of IPF-P 81% 33% 50% 51%

Monthly updates of Fund performance are generally Inception date for IPF-P was January 5, 2004. available no later than the second business day of Universe ranks organized strongest (1%) to weakest (100%). each month for the prior month-end. Quarterly Best Quarter: September 30, 2007 4.57% updates of the Fund’s performance are provided Worst Quarter: December 31, 2008 -6.92% at the beginning of each January, April, July and October for the prior quarter-end. Eligible Investors (1) On January 1, 2016, the benchmark for the IPF–P became 80% Bloomberg Barclays World Government Inflation can find historical and more current fund performance Linked Bond Index (Hedged), 10% Bloomberg Barclays at www.wespath.org/fund-performance. Emerging Market Tradeable Inflation Linked Bond Index (Unhedged) and 10% Bloomberg Commodity Index. Calendar Year Return From January 1, 2006 to December 31, 2015, the benchmark was the Barclays Capital U.S. Government Inflation-Linked Bond (Series B) Index. From April 1, 2005 12% to December 31, 2005, the Benchmark was 50% Barclays 10% 8.99% 8.60% 8.86% Capital U.S. Government Inflation Linked Bond Index and 7.74% 7.70% 8% 5.80% 50% Barclays Capital Global Inflation Linked Bond Index. 6% 4.42% Prior to April 1, 2005, the benchmark was the Barclays 4% 2.63% Capital U.S. Government Inflation Linked Bond Index. 2% The Benchmark data reported above is a blend of the 0% Benchmarks referenced above based on the period for -2% which each respective Benchmark applies. -4% -2.17% Rate of (net Return of fees) (2) Lipper Inflation Protection Funds Universe is a group of -6% -4.99% -8% -6.59% mutual funds comparable to IPF-P. The Lipper Universe used for this comparison was Inflation Protected Bonds. This comparison is provided for information purposes only. Investors in the Fund should understand that the registered investment companies that comprise the Universe are subject to additional expenses, including the cost of maintaining an active registration under the 1940 Act and the 1933 Act, and expenses related to compliance with the 1940 Act and the regulations thereunder. In exchange for such expenses, the investors in those registered investment companies receive the protections afforded to shareholders of such funds under the 1933 Act, the 1940 Act and other applicable federal law and regulation.

Investment Funds Description – P Series 40 Principal Investment Strategies and Principal Investment Risks of the Funds

Management Disclosure of Portfolio Holdings Investment Manager Information concerning the Fund’s portfolio UMC Benefit Board, Inc. provides investment holdings is available at www.wespath.org/fund- management services as Fund Manager, including performance/ipf. A complete listing of the Fund’s the selection and monitoring of external portfolio holdings as of the end of each quarter is Subadvisors. posted approximately 30 days after the end of the quarter and remains posted until replaced by the Subadvisor information for the succeeding quarter. In addition, BlackRock Financial Management, Inc. and from time to time, additional information regarding Neuberger Berman Investment Advisers are the investments may be posted on the main page of the primary Subadvisors to the Fund. the website, or the Fund pages of the website.

A list of the investment managers who act as Subadvisors to each Fund is included in Exhibit 2. Periodic updates of the list are available on the individual webpages for each Fund, accessed here: www.wespath.org/retirement-investments/ investment-information/funds.

Investment Funds Description – P Series 41

Principal Investment Strategies and Principal Investment Risks of the Funds

SHORT TERM INVESTMENT FUND – P SERIES Principal Investment Strategies The Fund Manager acts as the investment manager Overview to STIF-P. STIF-P seeks to achieve its investment objective by exclusively holding Units of the Sweep The Short Term Investment Fund – P Series (STIF-P) Account. The Sweep Account holds primarily a invests exclusively in cash and Cash Equivalents in broad range of Investment Grade Securities, which the form of Units of the Sweep Account. The Sweep include U.S. government bonds, agency bonds, Account holds short-term Fixed Income securities. corporate bonds, Securitized Products, commercial This type of fund usually ranks low on the risk return paper, Certificates of Deposit and other similar spectrum. STIF-P is designed for Eligible Investors types of investments. The Sweep Account may other than Participants who are reluctant to risk the invest in Loan Participations through the PSP loss of any capital contributions or accumulated Lending Program that focus on funding affordable interest. STIF-P is not directly available to Participants. housing and community development facilities in However, Participants indirectly invest in Units of the U.S., as well as institutions focused on the Sweep Account by holding Units of other microfinance opportunities in developing countries. P Series Funds. See the Residual Cash/Cash Sweep STIF-P, through the Sweep Account, seeks section of this Investment Funds Description – Diversification across sectors, industries, issuers P Series for more information. and credit quality.

Investment and Performance Objectives The Subadvisor of the Sweep Account may apply The investment objective of STIF-P is to preserve qualitative and/or quantitative factors in evaluating capital while earning current income greater than the merits of purchasing and/or selling specific that of money market funds. The Fund exclusively investments and may also use other investment holds Units of the Sweep Account. The Sweep strategies. The Subadvisor of the Sweep Account Account holds short-term Fixed Income investments. applies an Active Investment Strategy and may The performance objective of STIF-P is to outperform invest in securities that are not in the Fund’s its Benchmark, the BofA Merrill Lynch 3-Month Benchmark or may invest in securities in a different Treasury Bill Index, by approximately 10 basis points allocation than the Benchmark. These differences (0.10 percentage points) per year, net of Annual may result in deviations from Subadvisor Benchmark Fund Operating Expenses, averaged over a market performance and may result in STIF-P cycle of five to seven years. underperforming its overall Benchmark. STIF-P’s investment return may also be less than that of its Benchmark return due to expenses of the Fund, the timing of the Fund’s purchase or sale of securities (including timing factors due to cash flows in and out of the Fund), performance differences attributable to Exclusions, and differences in how and when the Fund’s Units and Benchmark are valued.

Investment Funds Description – P Series 42

Principal Investment Strategies and Principal Investment Risks of the Funds

STIF-P’s investment program is administered in Fees and Expenses accordance with the Investment Policy of the Fund Manager available at www.wespath.org/retirement- The following table describes the fees and expenses investments/publications-and-reports. The expected to be charged to the Fund that will affect sustainable investment approach adhered to by the returns for investors that buy and hold Units of Fund Manager honors the values of the Church and STIF-P. When considering investment in STIF-P, integrates the consideration of ESG factors into the fees and expenses are only one of many factors that investment management process as a means of Eligible Investors (which do not include Participants seeking to improve long-term investment results. for STIF-P) should consider.

Annual Fund Operating Expenses Principal Investment Risks (Expenses that you are expected to incur each year as a (1) Through exposure to the Sweep Account, STIF-P percentage of the value of your investment) is subject to risks inherent in the Fixed Income As a % Per $1,000 markets. Unlike money market funds, STIF-P’s Unit Management Fee (2) 0.07% $0.70 value may change daily based on the Fair Values of Custody Fee (3) 0.00% $0.00 the securities held in the Sweep Account. STIF-P’s Administrative and Overhead 0.25% $2.50 Unit value is likely to increase or decrease during the Expenses (3) period that an investor owns Units of STIF-P. This Total Annual Fund Operating 0.32% $3.20 means that an investor may experience gains or Expenses losses. It is possible to lose money by investing in STIF-P. (1) The Annual Fund Operating Expenses information set forth above is based on actual asset balances, fees and The average maturity of the securities held in the expenses, and various other factors. This information is as of December 31, 2020. The Fund Manager expects that the Sweep Account may be greater than the average Annual Fund Operating Expenses for 2021 will not be maturity of securities held in a typical money market materially different. There is no guarantee that the Fund’s fund. Hence, in periods of rising interest rates, STIF- actual Annual Fund Operating Expenses will match the P may underperform funds holding investments amounts reflected. Actual Annual Fund Operating Expenses with shorter maturities. However, in periods of may vary depending on, among other things, market events, Fund size, transaction costs, timing of Fund inflows stable and falling interest rates, STIF-P may and outflows, and applicable third party fees. outperform funds holding investments with shorter (2) The Management Fee indicated is the combined fees that maturities. In periods of very low interest rates, the Fund Manager expects to pay the Fund’s Subadvisor(s). some money market funds may voluntarily choose (3) The Custody Fee and Administrative and Overhead to reduce or suspend fees, which may result in more Expenses represent certain Fund direct expenses and the favorable performance compared to STIF-P. Fund’s pro rata portion of other expenses incurred by the overall WBI organization in connection with providing Factors that may influence STIF-P’s Unit value investment, operating and administrative support to the include: Credit and Counterparty Risk, Interest Rate Fund and other Funds, and the cost of WBI and its subsidiaries’ other activities and operations for the period Risk, Investment Style Risk, Liquidity Risk, Market ending December 31, 2020. Risk, Security-Specific Risk, and Yield Curve Risk. STIF-P also may experience the additional risks set forth in the Investment Risks of the Funds section of this Investment Funds Description – P Series.

Investment Funds Description – P Series 43

Principal Investment Strategies and Principal Investment Risks of the Funds

Median Fund Annual Operating Expense Comparison: Eligible Investors (which do not include Participants For comparative purposes, the median annual for STIF-P) are not charged loads or commissions, operating expense for a group of mutual funds redemption fees, exchange fees or similar fees in that have a similar investment strategy and similar connection with the Units of the Fund. However, the Benchmarks as STIF-P (the “Universe”) and are Fund reserves the right to charge a redemption fee directly available to investors or through an in the future. investment adviser, as provided by Wilshire Associates and Lipper, was 0.50% as of The 5% investment return assumption is presented December 31, 2020. The Lipper Universe used for for the purpose of facilitating fee comparisons this comparison was “Money Market Funds.” For and does not reflect the Fund Manager’s return further comparison, the median annual operating expectations for this Fund. expense of the institutional share classes of the funds that comprise the Universe was 0.18% as of Fund Turnover December 31, 2020. Investments in institutional share classes of funds are only directly available to The Turnover Ratio is the percentage of investment institutional clients and require a materially higher holdings in a fund that have been replaced in a given level of investment. This comparison is provided for year. It is a measure of a fund’s trading activity, information purposes only. Investors in the Fund which is computed by dividing the lesser of the should understand that the registered investment annual cost of all purchases or sales proceeds by companies that comprise the Universe are subject the average monthly net assets for the year. to additional expenses, including the cost of maintaining an active registration under the 1940 STIF–P is a highly liquid low Duration strategy, Act and the 1933 Act, and expenses related to invested primarily in short-term securities. compliance with the 1940 Act and the regulations The calculation of a Turnover Ratio excludes short- thereunder. term securities which mature within one year, so Turnover Ratio is not a relevant measurement for Example: this Fund. This example is intended to help you compare the cost of investing in STIF-P with the cost of investing Fund Performance in other funds. The example assumes that you The following bar chart and table provide some initially invest $10,000 in STIF-P for the time periods indication of the risk of investing in the Fund by indicated and then redeem all your Units at the end showing changes in the Fund’s year-to-year of those periods. The example also assumes that performance and by showing how the Fund’s your investment has a 5% return each year compounded annual rates of return for one year, (net of expenses) and that STIF-P’s Annual Fund five years, 10 years and since its inception compare Operating Expenses are 0.32%. Although your actual with those of its Benchmark, the Bank of America costs may be higher or lower, based on these (BofA) Merrill Lynch 3-Month Treasury Bill Index. assumptions, your costs would be as follows: The Fund’s inception date was April 30, 2002. The STIF-P balance as of December 31, 2020 was 1 Year 3 Years 5 Years 10 Years $224.1 million. $34 $106 $186 $424

The cumulative impact of fees and expenses can substantially reduce account growth.

Investment Funds Description – P Series 44

Principal Investment Strategies and Principal Investment Risks of the Funds

Historical returns are not indicative of future Compounded Annual Return performance. Investment performance is presented (for the Periods Ending December 31, 2020, Net of Annual Fund net of fees—that is, after the deduction of Management Operating Expenses) Fees, the Custody Fee, and Administrative and 1 Yr 5 Yrs 10 Yrs Inception Overhead Expenses. Investment returns on qualified STIF-P 0.58% 1.22% 0.71% 1.38% retirement plans are generally tax-deferred. STIF-P Benchmark (1) 0.67% 1.20% 0.64% 1.35% The investments of the Fund may vary substantially from those of its Benchmark. The Benchmark is Inception date for STIF-P was April 30, 2002. comprised of broad-based securities market indices, which are unmanaged and are not subject to fees Best Quarter: September 30, 2007 1.24% and expenses typically associated with managed Worst Quarter: September 30, 2008 -0.85% accounts or investment funds. (1) The Benchmark for STIF-P is the BofA Merrill Lynch This information was produced using data from 3-Month Treasury Bill Index. sources believed to be accurate. The bar chart and table assume reinvestment of dividends, interest Management and other distributions. The Fund is neither insured Investment Manager nor guaranteed by the U.S. government. UMC Benefit Board, Inc. provides investment management services as Fund Manager, including the Monthly updates of Fund performance are generally selection and monitoring of external Subadvisors. available no later than the second business day of each month for the prior month-end. Quarterly Subadvisor updates of the Fund’s performance are provided Wellington Management Company is the primary at the beginning of each January, April, July and Subadvisor to the Fund (as advisor to the Sweep October for the prior quarter-end. Eligible Investors Account). (which do not include Participants for STIF-P) can find historical and more current fund performance A list of the investment managers who act as at www.wespath.org/fund-performance. Subadvisors to each Fund is included in Exhibit 2. Periodic updates of the list are available on the Calendar Year Return individual webpages for each Fund, accessed here: www.wespath.org/retirement-investments/ 3.00% 2.54% investment-information/funds. 2.50%

2.00% 1.62% Disclosure of Portfolio Holdings 1.50% 0.90% 1.00% 0.72% STIF-P only holds Units of the Sweep Account. The 0.58% 0.46% Sweep Account’s holdings include government and 0.50% 0.21% 0.17% 0.09%0.03%

ate of Return of (net Return ate fees) of agency bonds, corporate bonds, dollar denominated R 0.00% non-U.S. Fixed Income securities, commercial paper, -0.05% -0.50% Certificates of Deposit, and other similar types of

investments. In addition, the Sweep Account may

invest in PSP Lending Program Loan Participations.

Investment Funds Description – P Series 45

Principal Investment Strategies and Principal Investment Risks of the Funds

STABLE VALUE FUND – P SERIES In addition, SVF-P enters into contracts with highly rated financial institutions and insurance companies

(“Wrap Contracts”). Wrap Contracts provide a Overview principal protection feature designed to protect The Stable Value Fund – P Series (SVF-P) is an investors from Interest Rate Risk, which assures actively managed Fixed Income fund that seeks to investors can transfer or withdraw the value of all preserve capital and earn current income. This type contributions and accumulated interest. Wrap of fund generally ranks low on the risk-return Contracts do not protect investors from risks other spectrum. SVF-P is designed for Participants who are than Interest Rate Risk, such as Credit and reluctant to risk the loss of any capital contributions Counterparty Risk. SVF-P investments generally have or accumulated interest. SVF-P is only available to a weighted average Duration of less than five years. Participants. SVF-P may also hold Units of the Sweep Account. SVF-P is an actively managed investment fund that Investment and Performance Objectives seeks to maintain a constant Unit price of $1.00 and credits participants with interest at month-end. The investment objective of SVF-P is to preserve The annualized Crediting Rate for the previous both invested principal and earned interest, to earn month is posted at www.wespath.org/ a stable Fixed Income Yield, and to provide Liquidity retirement-investments/investment-information/ for Participant‐directed disbursements. The Fund funds/stable-value-fund-crediting-rate. attempts to preserve capital by purchasing principal protection contracts from highly rated financial Even though SVF-P’s strategy requires that all institutions. Despite the Fund’s objective of Capital purchases of Fixed Income securities be Investment Preservation, the risk of capital loss is not completely Grade, SVF-P is not required to liquidate holdings of eliminated. The performance objective of SVF-P Fixed Income securities held in the Fund that fall is to earn a stable fixed rate of return, comparable below Investment Grade during ownership. to returns earned by similar funds with similar investments, and to outperform its Benchmark, the Mellon Investments Corporation executes the Wrap Bank of America Merrill Lynch 3-Month Treasury Bill Contracts for SVF-P. The financial institutions and Index, by 25 basis points (0.25 percentage points) insurance companies chosen by Mellon Investments per year, net of Annual Fund Operating Expenses, Corporation for SVF-P, and their credit ratings, averaged over a market cycle of five to seven years. are available at www.wespath.org/fund- performance/svf. Principal Investment Strategies The Fund Manager acts as the investment manager The Subadvisors may apply qualitative and/or to SVF-P and has engaged Mellon Investments quantitative factors in evaluating the merits of Corporation to act as the overall Subadvisor to the purchasing and/or selling specific securities in SVF-P. Fund. The Fund Manager has also contracted with The Subadvisors may also apply other investment multiple investment firms to manage the underlying strategies to adjust SVF-P’s exposure to changing SVF-P assets. security prices or other factors that affect security values. The Subadvisors apply an Active Investment SVF-P seeks to achieve its investment objective by Strategy and may invest in securities that are not investing primarily in a broad range of Investment in the Fund’s Benchmark or may invest in securities Grade Securities, which include U.S. government in a different allocation than the Benchmark. bonds, agency bonds, corporate bonds, Securitized In addition, the Subadvisors hold securities with Products and other similar types of investments. a longer duration than the Fund’s Benchmark.

Investment Funds Description – P Series 46

Principal Investment Strategies and Principal Investment Risks of the Funds

These differences may result in deviations from Fees and Expenses Benchmark performance and may result in SVF-P underperforming its Benchmark. SVF-P’s investment The following table describes the fees and expenses return may also be less than that of its Benchmark charged to the Fund that will affect returns for return due to expenses of the Fund, the timing of investors that buy and hold Units of SVF-P. Wrap the Fund’s investment in portfolio securities Fees for 2020 were approximately 0.15% and are (including timing factors due to cash flows into paid directly out of Fund assets by the Subadvisor, and out of the Fund), performance differences Mellon Investments Corporation, to the Wrap attributable to Exclusions, and differences in how and Contract providers. When considering investment when the Fund’s Units and Benchmark are valued. in SVF-P, fees and expenses are only one of many In addition, because the securities in the Fund will factors that Participants should consider. nearly always have a longer Duration than the Fund’s Benchmark, the Fund’s performance may tend to lag Annual Fund Operating Expenses (Expenses that you incur each year as a percentage that of the Benchmark in an environment where short- of the value of your investment) (1) term interest rates approach or exceed the level of As a % Per $1,000 longer-term interest rates. Management Fee (2) 0.13% $1.30 SVF-P’s investment program is administered in Wrap Fee 0.15% $1.50 accordance with the Investment Policy of the Fund Custody Fee (3) 0.01% $0.10 Manager available at www.wespath.org/retirement- Administrative and Overhead 0.26% $2.60 investments/publications-and-reports. The Expenses (3) sustainable investment approach adhered to by the Fund Manager honors the values of the Church and Total Annual Fund Operating 0.55% $5.50 Expenses (4) integrates the consideration of ESG factors into the investment management process as a means of (1) The Annual Fund Operating Expenses information set seeking to improve long-term investment results. forth above is based on actual asset balances, fees and expenses, and various other factors. This information is as Principal Investment Risks of December 31, 2020. The Fund Manager expects that the Annual Fund Operating Expenses for 2021 will not be The Subadvisors direct the investment of Fund materially different. There is no guarantee that the Fund’s assets in a manner that minimizes, but does not actual Annual Fund Operating Expenses will match the completely eliminate, risk of principal loss. Although amounts reflected. Actual Annual Fund Operating Expenses may vary depending on, among other things, market events, the Fund Manager endeavors to maintain a constant Fund size, transaction costs, timing of Fund inflows and Unit price of $1.00, there is the possibility that a outflows, and applicable third party fees. Participant will lose money by investing in SVF-P. (2) The Management Fee indicated is the combined fees Investment risks may include but are not limited to that the Fund Manager expects to pay the Fund’s Credit and Counterparty Risk, Interest Rate Risk, Subadvisor(s). Investment Style Risk, Liquidity Risk, Market Risk, (3) The Custody Fee and Administrative and Overhead Prepayment Risk, Security-Specific Risk, Wrap Expenses represent certain Fund direct expenses and the Contract Risk and Yield Curve Risk. SVF-P also may Fund’s pro rata portion of other expenses incurred by the overall WBI organization in connection with providing experience the additional risks set forth in the investment, operating and administrative support to Investment Risks of the Funds section of this the Fund and other Funds, and the cost of WBI and its Investment Funds Description – P Series. subsidiaries’ other activities and operations for the period ending December 31, 2020.

Investment Funds Description – P Series 47 Principal Investment Strategies and Principal Investment Risks of the Funds

(4) Uninvested cash in SVF-P is held as Units of the Sweep The 5% investment return assumption is presented Account. The table does not reflect expenses estimated to for the purpose of facilitating fee comparisons and be incurred in connection with investments in the Sweep Account. If it did, the overall fees and expenses would be does not reflect the Fund Manager’s return higher resulting from an estimated 0.07% fee on assets in expectations for this Fund. the Sweep Account. Please see Additional Information About the Funds’ Principal Investment Strategies—Residual Cash/Cash Sweep. All expenses of SVF-P are expected to be Fund Turnover paid directly out of SVF-P and are reflected in the Unit price The Turnover Ratio is the percentage of investment calculated for the Fund. The Unit price is multiplied by the number of Units held in each investor’s account to holdings in a fund that have been replaced in a given determine the total value of the investor’s holdings in the year. It is a measure of a fund’s trading activity, Fund. More information about the calculation of these which is computed by dividing the lesser of the expenses is available in the definition of Expense Ratio annual cost of all purchases or sales proceeds set forth in the Glossary of Terms in Exhibit 1. by the average monthly net assets for the year. Median Fund Annual Operating Expense Comparison: The SVF-P Turnover Ratio was 47.8% for the period The Fund Manager believes the current Universe of ending December 31, 2020. comparable mutual funds for SVF-P is not sufficiently large enough to provide a meaningful comparison. Fund Performance Therefore, the median annual operating expense for The following bar chart and table provide some a group of comparable funds is not available. indication of the risk of investing in the Fund by showing changes in the Fund’s year-to-year Example: performance, and by showing how the Fund’s This example is intended to help you compare the compounded annual rates of return for one year, cost of investing in SVF-P with the cost of investing five years, 10 years and since its inception compared in comparable mutual funds. The example assumes with those of its Benchmarks during those periods. that you initially invest $10,000 in SVF-P for the time The Fund’s current Benchmark is the BofA Merrill periods indicated and then redeem all of your Lynch 3-Month Treasury Bill Index. The bar chart Units at the end of those periods. The example also and table assume reinvestment of distributions. assumes that your investment has a 5% return each Although Fund inception for SVF-P was November year (net of expenses) and that SVF-P’s Annual 18, 2002, the inception date for purposes of Fund Operating Expenses are 0.55%. Although your performance comparisons is November 30, 2002 actual costs may be higher or lower, based on these because Benchmark data was available only on a assumptions, your costs would be as follows: calendar month basis. The SVF-P balance as of December 31, 2020 was $386.1 million. 1 Year 3 Years 5 Years 10 Years $58 $183 $321 $730 The Fund Manager believes the current Universe of comparable mutual funds for SVF-P is not sufficiently The cumulative impact of fees and expenses can large to provide a meaningful comparison. As a substantially reduce account growth. result, the performance data below does not show the Fund’s investment performance in comparison Participants are not charged loads or commissions, to the median investment performance of a redemption fees, exchange fees or similar fees in Universe of comparable mutual funds. connection with the Units of the Fund. However, the Fund reserves the right to charge a redemption fee in the future.

Investment Funds Description – P Series 48

Principal Investment Strategies and Principal Investment Risks of the Funds

Historical returns are not indicative of future Compounded Annual Return performance. Investment performance is presented (for the Periods Ending December 31, 2020, Net of Annual Fund net of fees—that is, after the deduction of Management Operating Expenses) Fees, the Custody Fee, and Administrative and 1 Yr 5 Yrs 10 Yrs Inception Overhead Expenses. Investment returns on qualified Stable Value Fund – 1.79% 1.66% 2.19% 2.93% retirement plans are generally tax-deferred. P Series (1) SVF-P Benchmark (2) 0.67% 1.20% 1.95% 2.65% The investments of the Fund may vary substantially from those of its Benchmark. The Benchmark is Inception date for SVF-P was November 18, 2002; comprised of broad-based securities market indices, performance inception date is November 30, 2002. which are unmanaged and are not subject to fees Best Quarter: June 30, 2015 3.17% and expenses typically associated with managed Worst Quarter: September 30, 2015 0.28% accounts or investment funds. (1) During 2015, approximately 75% of Stable Value Fund – This information was produced using data from P Series assets were re-allocated to other Funds as a result of changes made to the LifeStage Investment Management sources believed to be accurate. The bar chart and algorithm. To accommodate the outflow, the Fund assets table assume reinvestment of dividends, interest were unwrapped on 5/29/2015, providing a one-time and other distributions. The Fund is neither insured special distribution of 2.74% to unitholders. This special nor guaranteed by the U.S. government. distribution contributed to materially higher return for the Stable Value Fund – P Series for 2015. The benchmark was also adjusted to reflect this one-time gain. Monthly updates of Fund performance are generally available no later than the second business day of (2) On January 1, 2016, the Benchmark for the Stable Value Fund – P Series became the BofA Merrill Lynch 3-Month each month for the prior month-end. Quarterly Treasury Bill Index. Prior to this, the Benchmark was the updates of the Fund’s performance are provided at BofA Merrill Lynch Wrapped 1-5 Year Corporate Government the beginning of each January, April, July and Index. The BofA Merrill Lynch Wrapped 1-5 Year Corporate October for the prior quarter-end. Participants can Government Index was a custom index that started on December 1, 2002 to coincide with the inception of the find historical and more current fund performance Stable Value Fund – P Series. The “wrapped” feature of the at www.wespath.org/fund-performance. index matched a synthetic guaranteed investment contract and captured and amortized market value gains and losses Calendar Year Return over future periods. At the inception of the SVF-P, Mellon Investments Corporation (the fund manager) began calculating this custom Benchmark return based on market 6% values of the BofA Merrill Lynch Wrapped 1-5 Year Corporate/Government Index that coincided with the 5% inception date of the Fund. WBI believes that this is a fairer 4.28% comparison to the results achieved by the Fund as the Fund 4% 3.47% inception occurred after a period of declining interest rates. 2.90% By utilizing a custom Benchmark with the same inception 3% 2.53% date as the Fund, market value gains associated with the 2.01% 1.90% 1.79%1.86%1.79% declining interest rate environment prior to the inception 2%

1.36%1.50% of the Fund are appropriately excluded from the custom Rate of (net Return of fees) benchmark returns. The Benchmark data reported above is 1% a blend of the Benchmarks referenced above based on the period for which each respective Benchmark applies. 0%

Investment Funds Description – P Series 49

Principal Investment Strategies and Principal Investment Risks of the Funds

Management Disclosure of Portfolio Holdings Investment Manager Information concerning the Fund’s portfolio UMC Benefit Board, Inc. provides investment holdings is available at www.wespath.org/fund- management services to the Fund on behalf of performance/svf. A complete listing of the Fund’s the Fund Manager. portfolio holdings as of the end of each quarter is posted approximately 30 days after the end of the Subadvisor quarter and remains posted until replaced by the Dodge & Cox, Neuberger Berman Investment information for the succeeding quarter. In addition, Advisers, PGIM Fixed Income and Mellon from time to time, additional information regarding Investments Corporation are the Subadvisors the investments may be posted on the main page of to the Fund. the website, or the Fund’s page of the website.

A list of the investment managers who act as Subadvisors to each Fund is included in Exhibit 2. Periodic updates of the list are available on the individual webpages for each Fund, accessed here: www.wespath.org/retirement-investments/ investment-information/funds.

Investment Funds Description – P Series 50

Principal Investment Strategies and Principal Investment Risks of the Funds

Social Values Choice Suite Principal Investment Strategies The Fund Manager acts as the investment manager of Funds to SVCBF-P and has engaged Pacific Investment Management Company LLC (“PIMCO”) to act as The “Social Values Choice” suite of funds is designed Subadvisor to the Fund. for investors with a heightened focus on corporate SVCBF-P seeks to achieve its investment objective by environmental and social performance. The suite investing primarily in Fixed Income securities such as includes: Social Values Choice Bond Fund – P Series, U.S. government bonds, agency bonds, corporate Social Values Choice Equity Fund – P Series and bonds and Securitized Products. The corporate bonds U.S. Treasury Inflation Protection Fund – P Series. held are primarily of companies that are domiciled in

the U.S., are primarily Investment Grade, and fulfill SOCIAL VALUES CHOICE BOND FUND – investor preferences for a heightened focus on P SERIES corporate environmental and social performance. The Fund, in response to concerns expressed in petitions approved by a threshold number of Annual Overview Conferences, excludes companies with fossil fuel The Social Values Choice Bond Fund – P Series reserves used for energy purposes and specific (SVCBF-P) invests in Fixed Income securities. Fixed companies subject to Annual Conference resolutions Income funds are generally in the moderate range concerning peace in the Middle East. SVCBF-P may on the risk-return spectrum. SVCBF-P is designed also invest in Futures, Forwards and Swaps in the for investors who seek a greater portion of their interest rate, currency and credit default markets, investment return from current income, rather which do not reflect elements of the Fund’s principal than capital appreciation, but exhibit willingness to investment strategy. The Fund may also hold Units of incur some risk. the Sweep Account. The Sweep Account does not exclude companies identified by a threshold number Investment and Performance Objectives of Annual Conferences as referenced above. The investment objective of SVCBF-P is to earn SVCBF-P employs an Active Investment Strategy. current income by primarily investing in a diversified The Subadvisor may apply qualitative and/or mix of Fixed Income securities issued by entities that quantitative factors in evaluating the merits of align with investor preferences for investing in purchasing and/or selling specific investments and companies with a heightened focus on corporate may also use other investment strategies. The environmental and social performance. The Subadvisor may use characteristics of the Benchmark, performance objective of SVCBF-P is to outperform such as types of bonds, interest rate, credit quality the investment returns of its Benchmark, the and maturity, to create a portfolio that seeks to Bloomberg Barclays U.S. Universal Index (excluding match the overall characteristics of the Benchmark Mortgage-Backed Securities), by 50 basis points without investing in all of the securities in the (0.50 percentage points) per year, net of Annual Benchmark. The Subadvisor may also invest in Fund Operating Expenses, averaged over a market securities that are not in the Fund’s Benchmark or cycle of five to seven years. may invest in securities in a different allocation than the Benchmark. These differences may result in deviations from Subadvisor Benchmark performance and may result in SVCBF-P underperforming its overall Benchmark.

Investment Funds Description – P Series 51

Principal Investment Strategies and Principal Investment Risks of the Funds

SVCBF-P’s investment return may also be less than number of issuers from the investment universe. that of its Benchmark return due to expenses of the SVCBF-P also may experience the additional risks set Fund, the timing of the Fund’s purchase or sale of forth in the Investment Risks of the Funds section of securities (including timing factors due to cash flows this Investment Funds Description – P Series. in and out of the Fund), performance differences attributable to Exclusions, the exclusion of Fixed Fees and Expenses Income securities issued by entities with fossil fuel reserves used for energy purposes, the exclusion The following table describes the fees and expenses of specific issuers subject to Annual Conference charged to the Fund that will affect returns for resolutions concerning peace in the Middle East, investors that buy and hold Units of SVCBF-P. the timing of the Fund’s investment in portfolio When considering investment in SVCBF-P, fees securities (including timing factors due to cash flows and expenses are only one of several factors that in and out of the Fund), and differences in how and Eligible Investors should consider. when the Fund’s Units and Benchmark are valued. Annual Fund Operating Expenses (Expenses that you incur each year as a percentage SVCBF-P’s investment program is administered in of the value of your investment) (1) accordance with the Investment Policy of the As a % Per $1,000 Fund Manager available at www.wespath.org/ (2) retirement-investments/publications-and-reports. Management Fee 0.20% $2.00 The sustainable investment approach adhered to by Custody Fee (3) 0.01% $0.10 the Fund Manager honors the values of the Church Administrative and 0.26% $2.60 and integrates the consideration of ESG factors into Overhead Expenses (3) the investment management process as a means of Total Annual Fund Operating 0.47% $4.70 seeking to improve long-term investment results. Expenses (4)

Principal Investment Risks (1) The Annual Fund Operating Expenses information set forth above is based on actual asset balances, fees and SVCBF-P is subject to risks inherent in the Fixed expenses, and various other factors. This information is Income market. SVCBF-P’s Unit value adjusts daily as of December 31, 2020. The Fund Manager expects that the Annual Fund Operating Expenses for 2021 will not be based on the Fair Values of the securities held in materially different. There is no guarantee that the Fund’s SVCBF-P. SVCBF-P’s Unit value is likely to increase or actual Annual Fund Operating Expenses will match the decrease during the time period that an investor amounts reflected. Actual Annual Fund Operating Expenses owns Units of SVCBF-P. This means that an investor may vary depending on, among other things, market events, Fund size, transaction costs, timing of Fund inflows and may experience gains or losses on an investment in outflows, and applicable third party fees. SVCBF-P. It is possible to lose money by investing in (2) The Management Fee indicated is the combined fees that SVCBF-P. Factors that may influence the value of the Fund Manager expects to pay the Fund’s Subadvisor(s). SVCBF-P-owned securities, and, hence, SVCBF-P’s (3) The Custody Fee and Administrative and Overhead Expenses Unit value, include: Credit and Counterparty Risk, represent certain Fund direct expenses and the Fund’s pro Country Risk, Currency Risk, Derivatives Risk, rata portion of other expenses incurred by the overall WBI Interest Rate Risk, Investment Style Risk, Liquidity organization in connection with providing investment, operating and administrative support to the Fund and other Funds, and Risk, Market Risk, Prepayment Risk, Security-Specific the cost of WBI and its subsidiaries’ other activities and Risk, and Yield Curve Risk. Additionally, SVCBF-P is operations for the period ending December 31, 2020. subject to modestly increased Diversification Risk compared to broad-market actively managed bond funds, as a result of the exclusion of a significant

Investment Funds Description – P Series 52

Principal Investment Strategies and Principal Investment Risks of the Funds

(4) Uninvested cash in SVCBF-P is held as Units of the Sweep Example: Account. The table does not reflect expenses estimated to This example is intended to help you compare be incurred in connection with investments in the Sweep Account. If it did, the overall fees and expenses would be the cost of investing in SVCBF-P with the cost of higher resulting from an estimated 0.07% fee on assets in investing in comparable mutual funds. The example the Sweep Account. Please see Additional Information assumes that you initially invest $10,000 in SVCBF-P About the Funds’ Principal Investment Strategies—Residual for the time periods indicated and then redeem all Cash/Cash Sweep. All expenses of SVCBF-P are expected of your Units at the end of those periods. The to be paid directly out of SVCBF-P and are reflected in the Unit price calculated for the Fund. The Unit price is example also assumes that your investment has a multiplied by the number of Units held in each investor’s 5% return each year (net of expenses) and that account to determine the total value of the investor’s SVCBF-P’s Annual Fund Operating Expenses are holdings in the Fund. More information about the calculation 0.47%. Although your actual costs may be higher or of these expenses is available in the definition of Expense Ratio set forth in the Glossary of Terms in Exhibit 1. lower, based on these assumptions, your costs would be as follows: Median Fund Annual Operating Expense Comparison: For comparative purposes, the median annual 1 Year 3 Years 5 Years 10 Years operating expense for a group of mutual funds $50 $156 $274 $624 that have a similar investment strategy and similar Benchmarks as SVCBF-P (the “Universe”) and The cumulative impact of fees and expenses can are directly available to investors or through an substantially reduce account growth. investment adviser, as provided by Wilshire Associates and Lipper, was 0.68% as of December 31, 2020. Eligible Investors are not charged loads or commissions, Wilshire Associates and Lipper utilized all mutual redemption fees, exchange fees or similar fees in funds included in the pre-defined Lipper classification connection with the Units of the Fund. However, the universes of “Core Plus Bond” to construct this Fund reserves the right to charge a redemption fee in Universe. For further comparison, the median annual the future. operating expense of the institutional share classes of the funds that comprise the same Lipper universe The 5% investment return assumption is presented was 0.48% as of December 31, 2020. Investments in for the purpose of facilitating fee comparisons institutional share classes of funds are only directly and does not reflect the Fund Manager’s return available to institutional clients and require a expectations for this Fund. materially higher level of investment. This comparison is provided for information purposes only. Investors Fund Turnover in the Fund should understand that the registered The Turnover Ratio is the percentage of investment investment companies that comprise the Universe holdings in a fund that have been replaced in a given are subject to additional expenses, including the cost year. It is a measure of a fund’s trading activity, which of maintaining an active registration under the 1940 is computed by dividing the lesser of the annual cost Act and the 1933 Act, and expenses related to of all purchases or sales proceeds by the average compliance with the 1940 Act and the regulations monthly net assets for the year. The SVCBF-P thereunder. Turnover Ratio was 64.3% for the period ending December 31, 2020.

Investment Funds Description – P Series 53

Principal Investment Strategies and Principal Investment Risks of the Funds

Fund Performance Calendar Year Return (Inception date for SVCBF-P was June 30, 2017) The following bar chart and table provide some 12.0% indication of the risk of investing in the Fund by 10.39% 10.0% 9.36% showing the Fund’s rate of return since its inception compared with its Benchmark. The Fund’s current 8.0% Benchmark is the Bloomberg Barclays U.S. Universal 6.0% Index (excluding mortgage-backed securities). 4.0% 1.41% Fund inception for SVCBF-P was June 30, 2017. 2.0% The SVCBF-P balance as December 31, 2020 was 0.0% $115.9 million. -2.0% -0.96% 2017 2018 2019 2020 Historical returns are not indicative of future performance. Investment performance is presented net of fees—that is, after the deduction of Management Compounded Annual Return Fees, the Custody Fee, and Administrative and (for the Periods Ending December 31, 2020, Net of Annual Fund Operating Expenses) Overhead Expenses. Investment returns on qualified 1 Yr Inception retirement plans are generally tax-deferred. Social Values Choice 9.36% 5.65% The investments of the Fund may vary substantially Bond Fund – P Series from those of its Benchmark. The Benchmark is SVCBF-P Benchmark (1) 8.68% 5.55% comprised of broad-based securities market indices, which are unmanaged and are not subject to fees Inception date for SVCBF-P was June 30, 2017. and expenses typically associated with managed Best Quarter: June 30, 2020 6.46% accounts or investment funds. Worst Quarter: March 31, 2018 -1.68% This information was produced using data from (1) The Benchmark for SVCBF-P is the Bloomberg Barclays sources believed to be accurate. The bar chart and U.S. Universal Ex MBS Index. table assume reinvestment of dividends, interest and other distributions. The Fund is neither insured nor guaranteed by the U.S. government.

Monthly updates of Fund performance are generally available no later than the second business day of each month for the prior month-end. Quarterly updates of the Fund’s performance are provided at the beginning of each January, April, July and October for the prior quarter-end. Eligible Investors can find historical and more current fund performance at www.wespath.org/fund-performance.

Investment Funds Description – P Series 54

Principal Investment Strategies and Principal Investment Risks of the Funds

Management Disclosure of Portfolio Holdings Investment Manager Information concerning the Fund’s portfolio UMC Benefit Board, Inc. provides investment holdings is available at www.wespath.org/fund- management services to the Fund on behalf of performance/svcbf. A complete listing of the Fund’s the Fund Manager. portfolio holdings as of the end of each quarter is posted approximately 30 days after the end of the Subadvisor quarter and remains posted until replaced by the Pacific Investment Management Company LLC information for the succeeding quarter. In addition, (“PIMCO”) is the primary Subadvisor for SVCBF-P. from time to time, additional information regarding the investments may be posted on the main page of A list of the investment managers who act as the website, or the Fund pages of the website. Subadvisors to each Fund as of December 31, 2020 is included in Exhibit 2. Periodic updates of the list are available on the individual webpages for each Fund, accessed here: www.wespath.org/retirement- investments/investment-information/funds.

Investment Funds Description – P Series 55

Principal Investment Strategies and Principal Investment Risks of the Funds

SOCIAL VALUES CHOICE EQUITY FUND – The Fund, in response to concerns expressed in petitions approved by a threshold number of Annual P SERIES Conferences, excludes companies with fossil fuel reserves used for energy purposes and specific Overview companies subject to Annual Conference resolutions concerning peace in the Middle East. SVCEF-P may hold The Social Values Choice Equity Fund – P Series Equity index Futures and Exchange Traded Funds (SVCEF-P) primarily invests in both U.S. and non- (ETFs) to maintain exposure to the U.S. and non-U.S. U.S. Equities. U.S. and non-U.S. Equity funds are Equity markets. Equity index Futures and ETFs held generally among the highest ranking on the risk- by SVCEF-P are not subject to elements of the return spectrum. SVCEF-P is designed for investors Investment Policy’s Sustainable Investment who seek long-term investment growth through Strategies or the additional exclusions resulting exposure to the U.S. and non-U.S. developed from Annual Conference petitions. Equity markets and who are willing to accept the risk of potentially wide fluctuations in the Unit SVCEF-P employs a Passive Investment Strategy. price of the Fund. The fund Benchmark for SVCEF-P is the MSCI World

ESG ex Fossil Fuels Index. Prior to April 1, 2017, the Investment and Performance Objectives fund Benchmark was the MSCI World Custom ESG SVCEF-P’s investment objective is to attain long- Special Weighted Index. MSCI, an internationally term capital appreciation from a passively managed recognized expert in evaluating corporate ESG policies portfolio of U.S. and non-U.S. domiciled publicly and practices and the provider of the MSCI World ESG owned companies that fulfill investor preferences ex Fossil Fuels Index, identifies companies with highly for a heightened focus on corporate environmental rated sustainable policies and practices for inclusion and social performance. The performance objective in the Benchmark. MSCI specifically excludes of SVCEF-P is to produce a return that matches that companies with exposure to fossil fuel reserves used of its Benchmark, the MSCI World ESG ex Fossil Fuels for energy purposes from the Benchmark. SVCEF-P Index, per year, net of Annual Fund Operating may apply an optimization approach to create a Expenses, averaged over a market cycle of five to portfolio that seeks to match the overall seven years. characteristics of the Benchmark without investing in all of the Equities in the Benchmark. Principal Investment Strategies SVCEF-P’s investment return may also be different The Fund Manager acts as the investment manager than that of its Benchmark return due to: expenses to SVCEF-P and has engaged Northern Trust Global of the Fund, the timing of the Fund’s purchase or Investments (“NTGI”) to act as the Subadvisor to sale of securities (including timing factors due to the Fund. cash flows in and out of the Fund), the exclusion of companies based on the Fund Manager’s guidelines SVCEF-P seeks to attain long-term capital appreciation for Exclusions, the removal of specific Equities of from a passively managed portfolio of U.S. and non- companies subject to petitions by a threshold number U.S. domiciled publicly owned companies that fulfill of Annual Conference resolutions concerning investor preferences for a heightened focus on fossil fuel reserves used for energy purposes and corporate environmental and social performance. concerning peace in the Middle East, and differences The fund seeks to achieve its investment objective by in how and when the Fund’s Units and Benchmark investing in Equities of companies with highly-rated are valued. Environmental, Social and Governance (ESG) practices.

Investment Funds Description – P Series 56

Principal Investment Strategies and Principal Investment Risks of the Funds

SVCEF-P’s investment program is administered in Annual Fund Operating Expenses accordance with the Investment Policy of the (Expenses that you incur each year as a percentage Fund Manager available at www.wespath.org/ of the value of your investment) (1) retirement-investments/publications-and-reports. As a % Per $1,000 The sustainable investment approach adhered to by Management Fee (2) 0.15% $1.50 the Fund Manager honors the values of the Church (3) and integrates the consideration of ESG factors into Custody Fee 0.01% $0.10 the investment management process as a means of Administrative and Overhead 0.26% $2.60 seeking to improve long-term investment results. Expenses (3) Total Annual Fund Operating 0.42% $4.20 Principal Investment Risks Expenses (4)

SVCEF-P is subject to risks inherent in U.S. and non- (1) The Annual Fund Operating Expenses information set U.S. Equity markets. SVCEF-P’s Unit value changes forth above is based on actual asset balances, fees and daily based on the Fair Values of the securities held expenses, and various other factors. This information is as in SVCEF-P. SVCEF-P’s Unit value is likely to increase of December 31, 2020. The Fund Manager expects that the or decrease during the time period that an investor Annual Fund Operating Expenses for 2021 will not be materially different. There is no guarantee that the Fund’s owns Units of SVCEF-P. This means that an investor actual Annual Fund Operating Expenses will match the may experience gains or losses on an investment amounts reflected. Actual Annual Fund Operating Expenses in SVCEF-P. It is possible to lose money by investing may vary depending on, among other things, market in SVCEF-P. SVCEF-P is subject to the following events, Fund size, transaction costs, timing of Fund inflows and outflows, and applicable third party fees. principal investment risks: Country Risk, Credit and Counterparty Risk, Currency Risk, Derivatives Risk, (2) The Management Fee indicated is the combined fees that Diversification Risk, Investment Style Risk, Liquidity the Fund Manager expects to pay the Fund’s Subadvisor(s). Risk, Market Risk and Security-Specific Risk. (3) The Custody Fee and Administrative and Overhead Additionally, SVCEF-P is subject to modestly Expenses represent certain Fund direct expenses and the Fund’s pro rata portion of other expenses incurred by increased Diversification Risk compared to broad- the overall WBI organization in connection with providing market passively managed equity funds, as a result investment, operating and administrative support to of the exclusion of a significant number of stocks the Fund and other Funds, and the cost of WBI and its from the investment universe. SVCEF-P also may subsidiaries’ other activities and operations for the period experience the additional risks set forth in the ending December 31, 2020. Investment Risks of the Funds section of this (4) Uninvested cash in SVCEF-P is held as Units of the Sweep Investment Funds Description – P Series. Account. The table does not reflect expenses estimated to be incurred in connection with investments in the Sweep Account. If it did, the overall fees and expenses would be Fees and Expenses higher resulting from an estimated 0.07% fee on assets in the Sweep Account. Please see Additional Information The following table describes the fees and expenses About the Funds’ Principal Investment Strategies—Residual charged to the Fund that will affect returns for Cash/Cash Sweep. All expenses of SVCEF-P are expected to investors that buy and hold Units of SVCEF-P. When be paid directly out of SVCEF-P and are reflected in the considering investment in SVCEF-P, fees and Unit price calculated for the Fund. The Unit price is multiplied by the number of Units held in each investor’s expenses are only one of many factors that Eligible account to determine the total value of the investor’s Investors should consider. holdings in the Fund. More information about the calculation of these expenses is available in the definition of Expense Ratio set forth in the Glossary of Terms in Exhibit 1.

Investment Funds Description – P Series 57

Principal Investment Strategies and Principal Investment Risks of the Funds

Median Fund Annual Operating Expense Comparison: Fund Turnover The Fund Manager is unable to provide the median annual operating expenses for a group of comparable The Turnover Ratio is the percentage of investment funds since Wilshire Associates and Lipper do not holdings in a fund that have been replaced in a given provide a pre-defined classification universe for year. It is a measure of a fund’s trading activity, which passive global equity strategies. is computed by dividing the lesser of the annual cost of all purchases or sales proceeds by the average Example: monthly net assets for the year. The SVCEF-P This example is intended to help you compare the Turnover Ratio was 11.9% for the period ending cost of investing in SVCEF-P with the cost of investing December 31, 2020. in comparable mutual funds. The example assumes that you initially invest $10,000 in SVCEF-P for the Fund Performance time periods indicated and then redeem The following bar chart and table provides some all of your Units at the end of those periods. The indication of the risk of investing in the Fund by example also assumes that your investment has a showing how the Fund’s compounded annual rates of 5% return each year (net of expenses) and that return for one year and since inception return compared SVCEF-P’s Annual Fund Operating Expenses are 0.42%. with those of its Benchmark. Fund inception for Although your actual costs may be higher or lower, SVCEF-P was December 31, 2014. The SVCEF-P balance based on these assumptions, your costs would be as as December 31, 2020 was $109.6 million. follows: Historical returns are not indicative of future 1 Year 3 Years 5 Years 10 Years performance. Investment performance is presented $44 $140 $245 $557 net of fees—that is, after the deduction of Management Fees, the Custody Fee, and Administrative and The cumulative impact of fees and expenses can Overhead Expenses. Investment returns on qualified substantially reduce account growth. retirement plans are generally tax-deferred.

Eligible Investors are not charged loads or The investments of the Fund may vary substantially commissions, redemption fees, exchange fees or from those of its Benchmark. The Benchmark is similar fees in connection with the Units of the comprised of broad-based securities market indices, Fund. However, the Fund reserves the right to which are unmanaged and are not subject to fees charge a redemption fee in the future. and expenses typically associated with managed accounts or investment funds. The 5% investment return assumption is presented for the purpose of facilitating fee comparisons and This information was produced using data from does not reflect the Fund Manager’s return sources believed to be accurate. The bar chart and expectations for this Fund. table assume reinvestment of dividends, interest and other distributions. The Fund is neither insured nor guaranteed by the U.S. government.

Investment Funds Description – P Series 58

Principal Investment Strategies and Principal Investment Risks of the Funds

Monthly updates of Fund performance are generally Management available no later than the second business day of each month for the prior month-end. Quarterly Investment Manager updates of the Fund’s performance are provided UMC Benefit Board, Inc. provides investment at the beginning of each January, April, July and management services to the Fund on behalf of October for the prior quarter-end. Eligible Investors the Fund Manager. can find historical and more current fund performance at www.wespath.org/fund-performance. Subadvisor Northern Trust Global Investments is the primary Calendar Year Return Subadvisor of SVCEF-P.

40% A list of the investment managers who act as 29.23% Subadvisors to each Fund as of December 31, 2020 30% 21.53% is included in Exhibit 2. Periodic updates of the list 20% 16.94% are available on the individual webpages for each Fund, accessed here: www.wespath.org/ 6.97% 10% retirement-investments/investment- 0% information/funds.

Rate of (net Return of fees) -1.13% -10% -7.75% Disclosure of Portfolio Holdings 2015 2016 2017 2018 2019 2020 Information concerning the Fund’s portfolio Compounded Annual Return holdings is available at www.wespath.org/ (for the Periods Ending December 31, 2020, Net of Annual Fund funds/svcef/. A complete listing of the Fund’s Operating Expenses) portfolio holdings as of the end of each quarter is 1Yr 5 Yrs Inception posted approximately 30 days after the end of the Social Values Choice 16.94% 12.63% 10.21% quarter and remains posted until replaced by the Equity Fund – P Series information for the succeeding quarter. In addition, SVCEF-P Benchmark (1) 16.77% 12.62% 10.29% from time to time, additional information regarding the investments may be posted on the main page of Inception date for SVCEF-P was December 31, 2014. the website, or the Fund’s page of the website. Best Quarter: June 30, 2020 19.12% Worst Quarter: March 31, 2020 -18.98%

(1) On April 1, 2017, the benchmark for the Social Values Choice Equity Fund – P Series became the MSCI World Environmental, Social and Governance (ESG) ex Fossil Fuels Index. Prior to April 1, 2017, the benchmark was the MSCI World Custom ESG Special Weighted Index.

Investment Funds Description – P Series 59

Principal Investment Strategies and Principal Investment Risks of the Funds

U.S. TREASURY INFLATION U.S. TIPS are designed to protect investors from inflation. U.S. TIPS have a face value of $1,000, bear PROTECTION FUND – P SERIES a fixed coupon rate (interest rate), and mature on a specified date in the future. Semiannually, the U.S. Overview Department of Treasury pays the interest rate stated on the bond and increases or decreases the The U.S. Treasury Inflation Protection Fund – P Series face value of the bond based on the change in the (USTPF-P) invests between 90% and 100% of its assets Consumer Price Index (“CPI”). Specifically, for the in U.S. Treasury Inflation Protected Securities (“TIPS”). purpose of U.S. TIPS, the CPI index used is the non- USTPF-P may also invest up to 10% in cash or Cash seasonally adjusted U.S. City Average All Items Equivalents in the form Units of the Sweep Account Consumer Price Index for All Urban Consumers and U.S. Treasury Bills. This type of fund is designed (“CPI-U”). If there is a decrease in the CPI-U, the U.S. for investors who seek current income, wish to obtain government will lower the face value of the bond, long-term protection from the loss of purchasing power but the bond will ultimately mature at the greater of due to inflation and are willing to incur some short- the inflation-adjusted face value or the originally term losses of principal. issued face value. U.S. TIPS are backed by the full

faith and credit of the U.S. government. Investment and Performance Objectives The investment objective of USTPF-P is to provide USTPF-P employs a Passive Investment Strategy. investors with current income and to protect The Subadvisor may apply qualitative and/or principal from long-term loss of purchasing power quantitative factors in determining the specific due to inflation by investing in U.S. TIPS, as well as securities required to create a portfolio that matches cash and Cash Equivalents. The performance the overall characteristics of the Benchmark without objective of USTPF-P is to produce a return that investing in all of the securities in the Benchmark. matches that of the Benchmark, the Bloomberg These differences may result in deviations from Barclays US Inflation Linked Bond Index, per year, Subadvisor Benchmark performance and may result net of Annual Fund Operating Expenses, averaged in USTPF-P underperforming its overall Benchmark. over a market cycle of five to seven years. USTPF-P’s investment return may also be less than that of its Benchmark return due to expenses of the Principal Investment Strategies Fund, the timing of the Fund’s purchase or sale of The Fund Manager acts as the investment manager securities (including timing factors due to cash flows to USTPF-P and has engaged Neuberger Berman in and out of the Fund), and differences in how and Investment Advisers to act as Subadvisor to the Fund. when the Fund’s Units and Benchmark are valued.

USTPF-P seeks to achieve its investment objective by USTPF-P’s investment program is administered in investing between 90-100% of its assets in U.S. TIPS. accordance with the Investment Policy of the Fund The Fund also may invest up to 10% in cash and Cash Manager available at www.wespath.org/retirement- Equivalents. investments/publications-and-reports. The sustainable investment approach adhered to by the Fund Manager honors the values of the Church and integrates the consideration of ESG factors into the investment management process as a means of seeking to improve long-term investment results.

Investment Funds Description – P Series 60

Principal Investment Strategies and Principal Investment Risks of the Funds

Principal Investment Risks amounts reflected. Actual Annual Fund Operating Expenses may vary depending on, among other things, market events, USTPF-P is subject to risks inherent in the U.S. Fund size, transaction costs, timing of Fund inflows and money and bond markets. USTPF-P’s Unit value outflows, and applicable third party fees. changes daily and it is based on the Fair Values of (2) The Management Fee indicated is the combined fees the securities held in USTPF-P. USTPF-P’s Unit value that the Fund Manager expects to pay the Fund’s is likely to increase or decrease during the period Subadvisor(s). that an investor owns Units of USTPF-P. This means (3) The Custody Fee and Administrative and Overhead that an investor may experience gains or losses on Expenses represent certain Fund direct expenses and the Fund’s pro rata portion of other expenses incurred by an investment in USTPF-P. It is possible to lose money the overall WBI organization in connection with providing by investing in USTPF-P. USTPF-P is subject to the investment, operating and administrative support to following principal investment risks: Credit and the Fund and other Funds, and the cost of WBI and its Counterparty Risk, Deflation/Inflation Risk, Interest subsidiaries’ other activities and operations for the period Rate Risk, Market Risk, Security-Specific Risk, ending December 31, 2020. Inflation Index Security Risk, and Yield Curve Risk. (4) Uninvested cash in USTPF-P is held as Units of the Sweep USTPF-P also may experience the additional risks set Account. The table does not reflect expenses estimated to be incurred in connection with investments in the Sweep forth in the Investment Risks of the Funds section of Account. If it did, the overall fees and expenses would be this Investment Funds Description – P Series. higher resulting from an estimated 0.07% fee on assets in the Sweep Account. Please see Additional Information About the Funds’ Principal Investment Strategies—Residual Fees and Expenses Cash/Cash Sweep. All expenses of USTPF-P are expected to The following table describes the fees and expenses be paid directly out of USTPF-P and are reflected in the Unit price calculated for the Fund. The Unit price is expected to be charged to the Fund that will affect multiplied by the number of Units held in each investor’s returns for investors that buy and hold Units of account to determine the total value of the investor’s USTPF-P. When considering investment in USTPF-P, holdings in the Fund. More information about the calculation fees and expenses are only one of many factors that of these expenses is available in the definition of Expense Eligible Investors should consider. Ratio set forth in the Glossary of Terms in Exhibit 2.

Annual Fund Operating Expenses Median Fund Annual Operating Expense Comparison: (Expenses that you are expected to incur each year as a For comparative purposes, the median annual percentage of the value of your investment) (1) operating expense for a group of mutual funds As a % Per $1,000 that have a similar investment strategy and similar Management Fee (2) 0.03% $0.30 Benchmarks as USTPF-P (the “Universe”) and are directly available to investors or through Custody Fee (3) 0.01% $0.10 an investment adviser, as provided by Wilshire Administrative and Overhead 0.26% $2.60 Associates and Lipper, was 0.58% as of Expenses (3) December 31, 2020. The Lipper Universe used for this comparison was “Inflation Protected Bonds.” Total Annual Fund Operating 0.30% $3.00 Expenses (4) For further comparison, the median annual operating expense of the institutional share classes

(1) The Annual Fund Operating Expenses information set forth of the funds that comprise the Universe was above is based on actual asset balances, fees and expenses, 0.37% as of December 31, 2020. Investments in and various other factors. This information is as of institutional share classes of funds are only December 31, 2020. The Fund Manager expects that the directly available to institutional clients and Annual Fund Operating Expenses for 2021 will not be require a materially higher level of investment. materially different. There is no guarantee that the Fund’s actual Annual Fund Operating Expenses will match the

Investment Funds Description – P Series 61

Principal Investment Strategies and Principal Investment Risks of the Funds

This comparison is provided for information Fund Turnover purposes only. Investors in the Fund should understand that the registered investment The Turnover Ratio is the percentage of investment companies that comprise the Universe are subject holdings in a fund that have been replaced in a given to additional expenses, including the cost of year. It is a measure of a fund’s trading activity, which maintaining an active registration under the 1940 is computed by dividing the lesser of the annual cost Act and the 1933 Act, and expenses related to of all purchases or sales proceeds by the average compliance with the 1940 Act and the regulations monthly net assets for the year. The USTPF-P thereunder. Turnover Ratio was 97.19% for the period ending December 31, 2020. The Fund’s Turnover Ratio was Example: higher than that of a typical Passive Investment This example is intended to help you compare the Strategy, reflecting the Subadvisor’s process to cost of investing in USTPF-P with the cost of investing regularly adjust the Fund’s holdings based on in other funds. The example assumes that you qualitative and/or quantitative factors to create a initially invest $10,000 in USTPF-P for the time portfolio that matches the overall characteristics of periods indicated and then redeem all your Units at the Benchmark without investing in all of the the end of those periods. The example also assumes securities in the Benchmark. that your investment has a 5% return each year (net of expenses) and that USTPF-P’s Annual Fund Fund Performance Operating Expenses are 0.30%. Although your The following bar chart and table provide some actual costs may be higher or lower, based on these indication of the risk of investing in the Fund by showing assumptions, your costs would be as follows: changes in the Fund’s year-to-year performance and by showing how the Fund’s compounded annual 1 Year 3 Years 5 Years 10 Years rate of returns for one year and since its inception $32 $100 $175 $397 compare with those of its Benchmark, the Bloomberg

Barclays U.S. Inflation Linked Bond Index. The Fund’s The cumulative impact of fees and expenses can inception date was June 30, 2017. The USTPF-P substantially reduce account growth. balance as of December 31, 2020 was $792.2 million.

Eligible Investors are not charged loads or Historical returns are not indicative of future commissions, redemption fees, exchange fees or performance. Investment performance is presented similar fees in connection with the Units of the net of fees—that is, after the deduction of Management Fund. However, the Fund retains the right to charge Fees, the Custody Fee, and Administrative and a redemption fee in the future. Overhead Expenses. Investment returns on qualified

retirement plans are generally tax-deferred. The 5% investment return assumption is presented for the purpose of facilitating fee comparisons and The investments of the Fund may vary substantially does not reflect the Fund Manager’s return from those of its Benchmark. The Benchmark is expectations for this Fund. comprised of broad-based securities market indices,

which are unmanaged and are not subject to fees

and expenses typically associated with managed

accounts or investment funds.

Investment Funds Description – P Series 62

Principal Investment Strategies and Principal Investment Risks of the Funds

This information was produced using data from Performance Data for Fund from June 2017 and sources believed to be accurate. The bar chart and Prior Inflation-Linked Assets Using Current Strategy table assume reinvestment of dividends, interest Prior to June 30, 2017, the inflation-linked assets and other distributions. The Fund is neither insured resided within the Inflation Protection Fund – P Series nor guaranteed by the U.S. government. and were managed with the same investment strategy that USTPF-P applies. For periods after June 30, 2017, Monthly updates of Fund performance are generally the following bar chart shows the annual performance available no later than the second business day of of the Fund. For periods up through June 30, 2017, each month for the prior month-end. Quarterly the bar chart shows the annual performance for the updates of the Fund’s performance are provided at inflation-linked assets within the Inflation Protection the beginning of each January, April, July and October Fund – P Series. The ensuing table shows the for the prior quarter-end. Eligible Investors can find compounded annual rates of return for one year, historical and more current fund performance at five years and 10 years for the Fund (and for returns www.wespath.org/investments/performance/. up through June 30, 2017, the inflation-linked assets of the Inflation Protection Fund–P Series) compared Calendar Year Return with those of USTPF-P’s Benchmark, the Bloomberg Inception date for USTPF-P was June 30, 2017 Barclays U.S. Inflation Linked Bond Index, and the 12% 11.27% median for a Universe of Inflation Protected Funds. 10% 8.43% 8% USTPF-P Current Strategy 6% 20% 4% 2.31% 14.00% 2% 15% 11.27% 0% 8.43% 10% 6.94% Rate of (net Return of fees) -2% 6.29% -1.74% 4.02% 4.73% -4% 5% 3.38%

0% -1.74% Rate of Return (net Rate of (net fees) of Return -5% -1.93% Compounded Annual Return (for the Periods Ending December 31, 2020, Net of Annual Fund -10% -9.79% Operating Expenses) -15% 1 Yr Inception U.S. Treasury Inflation 11.27% 5.66% Protection Fund – P Series

USTPF-P Benchmark (1) 11.54% 5.92%

Inception date for USTPF-P was June 30, 2017.

Best Quarter: June 30, 2020 4.22% Worst Quarter: September 30, 2018 -1.00%

(1) The Benchmark for USTPF-P is the Bloomberg Barclays U.S. Inflation Linked Bond Index. The index measures the investment performance of U.S. TIPS.

Investment Funds Description – P Series 63

Principal Investment Strategies and Principal Investment Risks of the Funds

Compounded Annual Return Management (for the Periods Ending December 31, 2020, Net of Annual Fund Operating Expenses) Investment Manager 1 Yr 5 Yrs 10 Yrs UMC Benefit Board, Inc. provides investment USTPF-P Current Strategy 11.27% 5.12% 3.71% management services as Fund Manager, including the selection and monitoring of external Subadvisors. USTPF-P Benchmark (1) 11.54% 5.30% 3.96%

Lipper Inflation Protection 9.69% 4.44% 3.04% Subadvisor Funds Universe Median Return (2) Neuberger Berman Investment Advisers is the Number of Funds 198 168 109 primary Subadvisor to USTPF-P. A list of the Rank 23% 19% 11% investment managers who act as Subadvisors to each Fund as of December 31, 2020 is included in Universe ranks organized strongest (1%) to weakest (100%). Exhibit 2. Periodic updates of the list are available on (1) The Benchmark for USTPF-P is the Bloomberg Barclays the individual webpages for each Fund, accessed U.S. Inflation Linked Bond Index. here: www.wespath.org/retirement-investments/ (2) Lipper Inflation Protection Funds Universe is a group of investment-information/funds. mutual funds comparable to USTPF-P. The Lipper Universe used for this comparison was Inflation Protected Bonds. Disclosure of Portfolio Holdings This comparison is provided for information purposes only. Investors in the Fund should understand that the Information concerning the Fund’s portfolio holdings registered investment companies that comprise the is available at www.wespath.org/fund-performance/ Lipper Inflation Protection Funds Universe are subject to additional expenses, including the cost of maintaining an ustpf. A complete listing of the Fund’s portfolio active registration under the 1940 Act and the 1933 Act, holdings as of the end of each quarter is posted and expenses related to compliance with the 1940 Act approximately 30 days after the end of the quarter and the regulations thereunder. In exchange for such and remains posted until replaced by the information expenses, the investors in those registered investment for the succeeding quarter. In addition, from time to companies receive the protections afforded to shareholders of such funds under the 1933 Act, the 1940 time, additional information regarding the investments Act and other applicable federal law and regulation. may be posted on the main page of the website, or the Fund pages of the website.

Investment Funds Description – P Series 64

A Additional Information About the Fund’s Principal Investment Strategies

Additional Information FUTURES The Fund Manager allows certain Subadvisors to About the Funds’ Principal purchase Futures within guidelines outlined in the Investment Strategies investment management agreement for that Subadvisor.

SECURITIES LENDING RESIDUAL CASH/CASH SWEEP The Fund Manager seeks to earn additional investment At any given time, Subadvisors of each of the Funds income within the Funds by lending the Funds’ securities will hold residual cash not invested in the Funds’ to brokers, dealers and other financial institutions. primary investment strategies because Subadvisors Each loan is required to be secured at all times by cash are either waiting to invest, require the funds for and liquid Investment Grade debt obligations in an Liquidity, or for other purposes. However, the Fund amount exceeding 100% of the value of the securities Manager requests that Subadvisors limit residual on loan. The Fund Manager currently contracts with cash. At the end of each day, the residual cash from BNY Mellon to serve as the Funds’ lending agent. all Funds is generally swept into the Sweep Account at the Funds’ custodian, BNY Mellon, which is The lending agent arranges the terms and conditions of commingled with the residual cash of all P Series the loans, monitors the Fair Value of securities loaned Funds in the Trust. The Sweep Account is actively and collateral received, and directs the investment of managed by Wellington Management Company and cash received as collateral in accordance with security is subject to investment risk. For managing assets in lending guidelines provided by the Fund Manager. the Sweep Account, Wellington Management Assets accepted as collateral are also strictly monitored Company is paid a fee of approximately 0.09%. by the lending agent, with the objective of ensuring

daily Liquidity and preservation of capital. These The Sweep Account holds U.S. government bonds, procedures and guidelines are outlined in the lending agency bonds, corporate bonds, Securitized Products, agent’s contract with the Fund Manager. They are dollar denominated non-U.S. Fixed Income securities, intended to mitigate risks inherent in any extension of commercial paper, Certificates of Deposit, repurchase credit, including risks of delay in recovery and potential agreements and other similar types of investments. loss of rights in the collateral should the borrower fail It may also invest in Loan Participations with short financially. These risks are increased when a Fund’s remaining terms that originated through the PSP loans are concentrated with a single or limited number Lending Program. The Sweep Account seeks of borrowers. The procedures and guidelines are also Diversification across sectors, industries, issuers and designed to protect against potential losses resulting credit quality. The average maturity of the securities from the reinvestment of cash collateral received on held in the Sweep Account may be greater than the loaned securities. Cash collateral received by the average maturity of securities held in the typical lending agent on behalf of a Fund is held in a segregated money market fund. As a result, in periods of rising collateral account established and maintained by the interest rates, the Sweep Account may underperform lending agent for the benefit of the Fund. The Funds investments with shorter maturities. However, in may reinvest cash collateral in high-quality, short-term periods of stable and falling interest rates, the securities such as U.S. Treasury securities, Certificates Sweep Account may outperform investments with of Deposit, Derivative securities pursuant to repurchase shorter maturities. agreements backed by the U.S. Treasury, and Investment Grade corporate bonds.

Investment Funds Description – P Series 65

A Additional Information About the Fund’s Principal Investment Strategies

The Fund Manager monitors the agent’s lending POSITIVE SOCIAL PURPOSE (PSP) activity on an ongoing basis. LENDING PROGRAM SUSTAINABLE INVESTMENT STRATEGIES The Fund Manager uses the PSP Lending Program

to facilitate access to lending opportunities for The Fund Manager seeks to make a conscious effort affordable housing and community development to consider the values of The United Methodist in the U.S., as well as underserved communities Church expressed in the Social Principles, as around the world, all while seeking to earn a market directed in ¶717 of The Book of Discipline 2016. rate of return commensurate with the risk for the The Fund Manager also implements sustainable Funds. Investments are allocated among appropriate investment strategies designed to strengthen its Funds in an equitable manner in accordance with potential to consistently provide strong, long-term the Fund Manager’s allocation policy. financial returns. The Fund Manager demonstrates its commitment to sustainable investment through: Under the program, the Fund Manager purchases ethical exclusions, active ownership, strategic investments on behalf of a Fund through approved partnerships, positive impact investments and asset Intermediary organizations (“Intermediary” or manager ESG integration. “Intermediaries”). An Intermediary is a third-party Further information regarding the Fund Manager’s organization that provides Loan Participations, sustainable investment strategies is available at other loan opportunities and assistance in https://www.wespath.org/retirement- evaluating these opportunities. Intermediaries also investments/investment-information/investment- collect borrower payments and monitor properties. philosophy/sustainable-investment. Additionally, Intermediaries may provide credit enhancement (first loss protection) for the Loan The exclusions guidelines, including ethical Participations in the PSP Lending Program. exclusions and sustainability-related exclusions, are available at https://www.wespath.org/retirement- Intermediaries are dedicated to expanding the investments/investment-information/investment- supply of affordable housing in the U.S. and helping philosophy/investment-exclusions. Emerging improve disadvantaged communities by lending Markets commingled funds are exempt from ethical money to developers who need funds to build exclusions if specifically authorized by the Fund and/or renovate residential and commercial Manager and the aggregate exposure to securities properties. The residential properties provide rental otherwise prohibited does not exceed 10% of the units for low-income individuals and families. value of the commingled fund. The commercial properties include facilities needed in the community, such as health care centers, charter schools and other properties that provide supportive services for disadvantaged communities. A list of the current Intermediaries with whom the Fund Manager has contracted to do business as of December 31, 2020 is included in Exhibit 3.

Investment Funds Description – P Series 66

A Additional Information About the Fund’s Principal Investment Strategies

CB Richard Ellis (“CBRE”), an independent third- The Funds will generally hold the Loan party, provides loan Credit Spreads used in the Participations in the PSP Lending Program to evaluation of the Fair Value of Loan Participations maturity. Therefore, it is unlikely that any originated through the PSP Lending Program. The unrealized gain or loss resulting from a change in methodology used by CBRE uses publicly available the Fair Value while the Loan Participations are held market information, including Yield differentials for will be converted into a realized cash profit or loss. similar-quality securities based on ratings by a Periodically, outstanding loan balances are paid Nationally Recognized Statistical Rating before the loan maturity date. Organization. The Custodian Bank prices all PSP Loan Participations by determining their Fair Value daily. Loan Participations are priced at public market prices (when available) or priced based on a discounted cash flow approach utilizing market loan credit spreads provided by CBRE.

Investment Funds Description – P Series 67

Investment Risks of the Funds

countries may be subject to foreign taxes and may Investment Risks of the Funds be more volatile than U.S. securities. The securities markets of many foreign countries may have Below are descriptions of the main factors that may different Liquidity and diversification profiles than play a role in shaping the Funds’ overall risk profile. the U.S. securities market, and may be subject to a The descriptions appear in alphabetical order, not in different degree of regulation than in the U.S. order of importance, and are not intended to be an securities market. exhaustive list of all investment risks that may affect the Funds. Credit and Counterparty Risk The risk that a financial institution or other Alternative Investments Risk counterparty with whom the Fund does business Alternative Investments, such as Real Assets, Private (such as trading, securities lending or Derivatives Equity and Private Real Estate interests, may involve counterparties), or that underwrites, distributes greater risks than investments in securities of or guarantees any securities that the Fund owns companies that are traded publicly. Such investments or is otherwise exposed to, may not fulfill its may be difficult to value and are exposed to greater financial obligations. Liquidity Risk. There may be significantly less information available about these companies’ business models, Currency Risk quality of management, earnings growth potential The risk that the currency in which a security is and other criteria used to evaluate their value denominated may increase or decrease in value prospects. The Fair Value of such securities may also relative to the U.S. dollar, resulting in a decrease or be affected by a lack of a publicly traded market, legal increase in the U.S. dollar value of assets held and restrictions, or other economic and market proceeds received. Currency Risk is also referred to impediments. as “Foreign Exchange” risk.

Asset Allocation Risk Deflation/Inflation Risk The risk that the ability of a fund of funds to achieve The risk that prices for goods and services increase its investment objective will depend largely on: (inflation) or decrease (deflation), which may (1) the underlying funds’ performance, expenses impact the value of assets of a Fund. and ability to meet their investment objectives; and (2) the rebalancing among underlying funds and Derivatives Risk different Asset Classes. The risk that a Derivatives investment is subject to price fluctuations that may differ from those of the Commodity Risk underlying securities or related entities from which The risk that the value of a commodity may the Derivatives investment derives its value. significantly fluctuate due to weather, economic, geopolitical or other factors. Diversification Risk The risk that an investment portfolio or Fund may Country Risk not achieve an optimal level of Diversification. The risk that the value of securities issued in other The implementation of Exclusions may limit the countries will fluctuate based on factors that affect Universe of potential investments, thereby potentially the policies and economic conditions of those limiting opportunities for Diversification. countries differently than the U.S. market. Less information may be publicly available regarding issuers in other countries. Securities issued in other

Investment Funds Description – P Series 68

Investment Risks of the Funds

Equity Securities Risk Liquidity Risk The risk that Equity markets may be subject to The risk that market conditions may preclude the volatile price movements. The value of Equity sale of an investment absent a substantial discount securities purchased by the Fund could decline if to the then-prevailing market price at the time the the financial condition of the companies in which Fund wishes to sell the investment. The extent (if at the Fund invests declines, or if overall market and all) to which a security may be sold or a Derivative economic conditions deteriorate. position closed without negatively impacting its Fair Value may be impaired by reduced market activity Excessive Sustainability Risk or participation, legal restrictions, or other economic The risk that a company’s ESG policies and/or practices and market impediments. Periods of heavy may have a significant adverse impact on its financial redemption could cause a Fund to sell assets at a performance and long-term investor value. loss or depressed value, which could negatively affect performance. Inflation Index Security Risk The risk that the value of an inflation-indexed Manager Risk security may change due to factors other than The risk that the Fund Manager and its Subadvisors inflation, and the risk that that the inflation measure lack the requisite skill and are unable to achieve a to which a security is indexed may not reflect the Fund’s investment objective. actual change in prices of goods and services. Market Risk Interest Rate Risk The possibility that the price of a financial or The possibility that a bond or bond fund’s market physical security or asset will fall because of adverse value will decrease due to rising interest rates. conditions in the financial markets. Generally, when interest rates (and bond yields) go up, bond prices go down, and vice versa. Prepayment Risk The risk that an issuer of Fixed Income securities Investment Style Risk will pay part or all of the security’s principal before The risk that a specified classification of securities maturity. If a bond is purchased above the with common characteristics will experience a redemption price, unexpected prepayments can lower rate of return than the market as a whole. cause the bond to have a lower return than Growth, value and capitalization bias are common expected. style classifications for stocks. Bonds are commonly classified according to credit quality and interest Security-Specific Risk rate sensitivity. The risk that the value of a security will fluctuate based on factors unique to that security and LIBOR Transition Risk different from the market as a whole. The risk that the expected discontinuation of the London Interbank Offered Rate (LIBOR) as an Yield Curve Risk industry standard reference rate will impact the The possibility that a bond or bond fund’s market value or liquidity of a security. value will decrease or underperform its Benchmark due to a change in the Yield of shorter-term bonds relative to the Yield of longer-term bonds.

Investment Funds Description – P Series 69

Fees and Expenses of the Funds

Fees and Expenses of the Funds

The fees and expenses incurred by a Fund will affect the return on investment achieved by Eligible Investors in the Fund. All fees and expenses of the Funds are deducted from the Funds’ asset values. The fees and expenses paid by the Funds include Management Fees, the Custody Fee, and Administrative and Overhead Expenses (collectively, “Annual Fund Operating Expenses”). The Custody Fee and Administrative and Overhead Expenses paid by the Funds represent each Fund’s pro rata portion of the estimated expenses incurred by the overall WBI organization in connection with providing investment, operating and administrative support to the Funds, and the cost of WBI and its subsidiaries’ other activities and operations.

Administrative and Overhead Expenses are reimbursed by the Funds to WBI or the Fund Manager, while other Annual Fund Operating Expenses are paid directly by the Funds. All are reflected in the Unit price calculated for each Fund. The amount of fees and expenses paid by each Fund will vary depending on, among other things, the Fund’s holdings, the size of the Fund’s portfolio, transaction costs incurred by the Fund, and the extent to which the Fund is managed through an Active Investment Strategy and/or a Passive Investment Strategy.

Investment Funds Description – P Series 70

Performance History of Funds

Performance History of the Funds

FUNDS RISK AND RETURN

The following chart compares the relative risk and return potential for each of the Funds based on an assessment by the Fund Manager. For example, the chart shows that IEF-P has the greatest potential for return compared to any other Funds; however, IEF-P also has the greatest potential for loss compared to any other Funds.

Note 1: This chart is intended to show relative levels of risk/gain potential among the Funds. It is not intended to show absolute levels of risk/gain potential for any individual Fund.

Investment Funds Description – P Series 71

Performance History of Funds

With the exception of SVF-P, the short- and long- SUMMARY TABLE OF RETURNS term performance results of the Funds will rise and fall with the value of the investments held in the The investment returns reflected in the following Funds. The performance results of MAF-P will rise table contain historical performance information and fall with the values of the investments of its and are not an indication of future performance. underlying Funds and Alternative Investments. The Investment performance is presented net of fees— performance results of SVF-P will be based on the that is, after the deduction of Management Fees, SVF-P Monthly Crediting Rate, except in the unlikely the Custody Fee, and Administrative and Overhead event of a decrease in SVF-P’s $1.00 Unit value. Expenses. Investment returns on qualified Upon redemption, the Units of any Fund that an retirement plans are generally tax-deferred. Eligible Investor owns may be worth more or less than the original purchase price. It is possible to The Funds are neither insured nor guaranteed by lose money by investing in the Funds. Expenses of the U.S. government. Monthly updates of Fund each Fund are reflected in that Fund’s Unit price. performance are generally available no later than

the second business day of each month for the prior The return on each Fund’s Units will vary from month-end. Quarterly updates of Fund performance period to period depending on various factors are provided at the beginning of each January, April, including, but not limited to, the investment risk July and October for the prior quarter-end. factors specified for each Fund, the timing of the Historical fund performance is available at Fund’s investment in portfolio securities (including www.wespath.org/fund-performance. timing factors due to cash flows in and out of the

Fund), Management Fees, the Custody Fee,

Administrative and Overhead Expenses, and any other expenses incurred to execute Fund transactions

(which are independent of but incorporated in

Management Fees and Administrative and Overhead

Expenses). Consequently, a Fund cannot guarantee any specific return on its Units, and the return for any given historical period is not an indication or representation of future returns on Fund Units. Any statements regarding an estimated return are based on certain assumptions made as of that date and cannot be construed as anything other than an estimate based upon those specific assumptions

(which may or may not be realized). No guarantee can be made that a Fund will achieve or maintain any specific rate of return.

Investment Funds Description – P Series 72

Performance History of Funds

The summary table below provides the returns that have been produced by the Funds since the inception of each Fund.

Fund Performance Report as of December 31, 20201 (Performance Is Net of Annual Fund Operating Expenses)

Mkt Highest Highest Lowest Lowest Unit Value Since Qtr Qtr Qtr Qtr Expense Date of Fund Price ($MM) Last Qtr 1 Yr 3 Yrs2 5 Yrs2 10 Yrs2 Inception2 Return3 Date Return3 Date Ratio4 Inception

MAF-P $41.64 $7,278.5 13.18% 18.21% 10.34% 11.43% 8.68% 7.94% 16.52% 6/30/2020 -15.93% 3/31/2020 0.59% 5/1/2002

IEF-P $49.15 $5,877.1 18.85% 19.67% 8.92% 12.33% 6.33% 7.17% 29.84% 6/30/2009 -24.08% 12/31/2008 0.76% 12/31/1997

USEF-P $61.31 $7,447.6 18.63% 26.17% 15.60% 15.62% 13.39% 8.20% 24.33% 6/30/2020 -22.20% 12/31/2008 0.56% 12/31/1997

USEIF-P $20.34 $70.9 14.71% 21.18% 14.65% 15.29% N/A 12.56% 22.21% 6/30/2020 -20.87% 3/31/2020 0.31% 12/31/2014

ETFIF-P $13.94 $1,339.9 1.30% 12.10% 7.72% 7.24% N/A 6.11% 5.76% 6/30/2020 -4.78% 12/31/2016 0.38% 5/29/2015

FIF-P $35.25 $6,401.8 2.87% 8.39% 5.72% 5.89% 4.62% 5.63% 7.52% 9/30/2009 -3.03% 6/30/2013 0.47% 12/31/1997

IPF-P $19.34 $2,109.1 3.54% 5.80% 4.06% 4.85% 3.05% 3.96% 4.57% 9/30/2007 -6.92% 12/31/2008 0.49% 1/5/2004

STIF-P $12.92 $224.1 -0.03% 0.58% 1.58% 1.22% 0.71% 1.38% 1.24% 9/30/2007 -0.85% 9/30/2008 0.32% 4/30/2002

SVF-P $1.00 $386.1 0.41% 1.79% 1.81% 1.66% 2.19% 2.93% 3.17% 6/30/2015 0.28% 9/30/2015 0.55% 11/18/2002

SVCBF-P $12.12 $115.9 1.93% 9.36% 6.13% N/A N/A 5.65% 6.46% 6/30/2020 -1.68% 3/31/2018 0.47% 6/30/2017

SVCEF-P $17.92 $109.6 12.63% 16.94% 11.71% 12.63% N/A 10.21% 19.12% 6/30/2020 -18.98% 3/31/2020 0.42% 12/31/2014

USTPF-P $12.13 $792.2 1.46% 11.27% 5.84% N/A N/A 5.66% 4.22% 6/30/2020 -1.00% 9/30/2018 0.30% 6/30/2017

(1) The performance shown is for the stated period only. Historical returns are not indicative of future performance. Differences in timing of transactions and market conditions prevailing at the time of investment could lead to different results. (2) Compounded annual performance for the period ending December 31, 2020. (3) Highest Quarter Return and Lowest Quarter Return are provided as of each Fund’s inception date for quarters therein ending on March, June, September and December. If there is more than one quarter during this period with the same return, the most recent quarter-end is shown. (4) Expense Ratios reflect actual and accrued Annual Fund Operating Expenses for the one-year period from January 1, 2020 to December 31, 2020. Calculations exclude carried interest charges/credits, interest expense, UBTI, miscellaneous tax, dividend and interest withholding tax, and alternative miscellaneous expenses, which are all netted against income.

Investment Funds Description – P Series 73

Other Information

The compensation allocation of shared personnel is Other Information based on a number of factors, which may include, without limitation, the revenues of each entity, the MANAGEMENT OF THE FUNDS performance of Fund and client accounts, and the amount of assets under management at the Fund Fund Manager Manager and WII. Such shared personnel may be incentivized to allocate more of their time and The Fund Manager, located at 1901 Chestnut Avenue, attention to either WII or UMCBB, which creates a Glenview, Illinois 60025, acts as the investment conflict of interest. To mitigate these conflicts, WII manager to each Fund. The Fund Manager is and UMCBB each maintains compliance policies and responsible for the overall management of each procedures designed to ensure that shared personnel do Fund’s business affairs. The Fund Manager invests not put the clients of one firm above the other, and the assets of each Fund, either directly or through that the compensation of shared personnel is not the use of one or more Subadvisors, according to the structured in a manner that favors services provided Investment Policy and each Fund’s investment to either WII or UMCBB. Conflicts are further mitigated objective, strategies, policies and restrictions. by each such shared personnel’s responsibility to (1) be subject to the supervisory oversight of each of WII The Fund Manager is not registered as an investment or UMCBB when acting on its behalf, and (2) render adviser under the Advisers Act or under any services in each client’s best interest. comparable local, state or federal law or statute, in reliance on exemptions from registration available Board of Directors under the Advisers Act. Accordingly, Eligible Investors investing in the Funds will not be afforded the The Fund Manager’s operations are governed and protections of provisions of those laws and related overseen by a Board of Directors appointed by WBI. regulations. As of December 2020, the members of the Fund Manager's Board of Directors are identified below: As part of the overall WBI organization, the Fund Manager provides its services to the Funds and Nate Berneking—Missouri Conference Eligible Investors with the support of WBI personnel. Nate Berneking serves as the director of Financial As part of the WBI team, the Fund Manager and and Administrative Ministries for the Missouri Wespath Institutional Investments LLC utilize certain Annual Conference and the former senior pastor shared personnel, including investment professionals. at the United Methodist Church of Green Tails in The shared personnel relationship is governed by the St. Louis. Prior to becoming a pastor, he was an terms of a Dual Employee Agreement entered into associate attorney at Husch & Eppenberger, where by and among WBI, the Fund Manager and Wespath he specialized in entertainment law, real estate and Institutional Investments LLC. In conducting their finance. Nate received his master’s in Divinity, duties for the Fund Manager, all shared personnel Theological Studies from Emory University and are subject to supervisory oversight by the Fund a JD from Saint Louis University. Manager and must comply in all respects to the Fund Manager’s policies and procedures.

Investment Funds Description – P Series 74

Other Information

Dan Carmichael—Florida and West Ohio Conference Teresa Keese—Rio Texas Conference Dan Carmichael is the retired CEO of the Ohio Teresa Keese is the vice president and co-owner Casualty Insurance Company. He currently serves as of Keese International, LLC, a wool and mohair a director at Wespath Institutional Investments. Dan commodity international trading company. Prior to received his BA from Florida State University in this position, she served as executive vice president English Literature and a master’s in Theology from of the Brady/McCulloch County Chamber of Emory University. Commerce and before that was a senior sales representative in the west Texas and Alabama Christopher Davis—Western North Carolina Conference regions for Merck & Co. Ms. Keese currently serves Christopher Davis is the founder and a managing as the board chair of TMF. She received her BS in director of Davidson Wealth Management of Wells Animal Science, Business and Commodity Emphasis, Fargo Advisors. Christopher received his BA in from Texas A&M University. Economics from the University of North Carolina at Chapel Hill and completed a Securities Industry Irwin Loud—Northern Illinois Conference Institute program at the Wharton School of the Irwin Loud is the chief investment officer at Muller University of Pennsylvania. He is a Certified Financial & Monroe Asset Management, LLC. Prior to this Planner™ professional and holds the Certified position he was the senior portfolio manager in Investment Management Analyst (CIMA) private equity for the Florida State Board of designation. Administration. He received his BS and MBA from Florida A&M University. John Goodwin—New Mexico Conference John Goodwin is first vice president and financial Tonya Manning—Western North Carolina Conference advisor with RBC Wealth Management in their Tonya Manning is the U.S. wealth practice leader and Albuquerque office. Prior to this, he served 30 years chief actuary for Buck Global LLC, and a continuing as the president and founder of Goodwin Securities, Lecturer at Columbia University’s master’s program Inc. John received his BA in Economics from in Actuarial Science. She is also the 2020 president of Southern Methodist University and a master’s in the International Actuarial Association. Tonya Economics from the University of Washington. received her BS in Mathematical Science from the University of North Carolina, Chapel Hill. Dr. Will Green—New England Conference Dr. Will Green is the retired chief investment officer Cheryl Tillman—Baltimore-Washington Conference of Federal Street Partners. Prior to this position, he Cheryl Tillman is the retired senior vice president and served as the executive vice president of Northern consulting actuary at Aon Hewitt, where she served Trust Global Advisors and Northern Trust Company for nearly 30 years. Cheryl received her BS in of Connecticut and before that was the manager of Biochemistry from the Massachusetts Institute of employee benefit funds at Texas Instruments. He Technology. received his MBA and BBA from Southern Methodist

University, and his Ph.D from the University of Texas,

Dallas.

Investment Funds Description – P Series 75

Other Information

Officers Each Subadvisor performs services to the Funds subject to the terms of a subadvisory agreement The Board has appointed officers of the Fund Manager entered into between the Fund Manager and the who are responsible for the Fund Manager’s day-to- applicable Subadvisor. Pursuant to the terms of each day business operations, including the investment agreement, each Subadvisor is compensated directly management services provided to the Funds. from the assets of the applicable Fund.

The current officers of the Fund Manager are set forth below: OVERSIGHT OF SUBADVISORS

Barbara Boigegrain The Fund Manager selects and contracts with, on Chief Executive Officer and General Secretary behalf of the Funds, one or more Subadvisors to manage all or a portion of a Fund’s portfolio assets, Note: Barbara has advised the WBI Board of subject to oversight by the Fund Manager. In this role, Directors of her intention to retire at the end of 2021. the Fund Manager has supervisory responsibility for managing the investment and reinvestment of the Pending the outcome of a successful executive search, Funds’ portfolio assets through proactive oversight Ms. Boigegrain will partner closely with the new and monitoring of the Subadvisors and the Funds.

CEO/General Secretary through the remainder of her The Fund Manager has ultimate responsibility to tenure to ensure a smooth and successful transition oversee each Subadvisor and may hire or terminate a of knowledge, relationships and responsibilities. Subadvisor in its sole discretion. In this capacity, the

Fund Manager, among other things: Andrew Hendren (1) monitors the compliance of the Subadvisor with Corporate Secretary and Chief Legal Officer the investment objectives and related policies of a

Fund; (2) monitors significant changes that may Eileen Kane impact the Subadvisor’s overall business and Chief Financial and Information Officer regularly performs due diligence reviews of the

Subadvisor; and (3) reviews the performance of the David Zellner Subadvisor. Chief Investment Officer

Subadvisors INVESTMENT MANAGEMENT The Fund Manager is responsible for selecting Information about the Fund Manager’s team, including a the Subadvisors to each Fund. The Fund Manager full list of biographies and certifications, is available at has engaged multiple investment firms to act as https://www.wespath.org/retirement- Subadvisors to the Funds. A list of the investment investments/investment-information/investments-team. managers who act as Subadvisors to each Fund as of

December 31, 2020 is included in Exhibit 2.

The Subadvisors are engaged to manage the investments of each Fund in accordance with the Investment Policy and the Fund’s investment objective, policies and limitations and any other investment guidelines established by the Fund Manager.

Investment Funds Description – P Series 76

Other Information

With respect to IEF-P and SVCEF-P, BNY Mellon Shareholder Information adjusts its valuation methodology to capture changes in non-U.S. securities values that arise VALUING UNITS because of time-zone differences among global securities markets. IEF-P’s and SVCEF-P’s returns may The Bank of New York Mellon Corporation (“BNY diverge from the return of its Benchmark index, in Mellon”) serves as Custodian Bank for the Funds’ part because the Fund Manager’s international assets, except Emerging International Equity, Private Benchmark index values do not reflect such Real Estate and Private Equity, which are custodied differences. by each respective Subadvisor or their designated custodial agent. The price at which Eligible Investors After a Fund’s daily Unit values are finalized, all buy, sell or exchange Fund Units is the Unit price or pending purchases and sales in the Fund are Net Asset Value. BNY Mellon calculates Unit values processed based on the calculated Unit values of the for the Funds, with the exception of SVF-P. On each Fund. The Fund’s Unit values are made available by WBI business day, BNY Mellon receives pricing the Fund Manager to Eligible Investors generally by information for that day and calculates the Funds’ 9:00 p.m., Central time the same business day at Unit values. A schedule of WBI holidays is available at www.wespath.org/fund-performance. Transactions www.wespath.org/retirement-investments/ submitted by Eligible Investors on business days retirement-investment-resources/holiday- before 3:00 p.m., Central time will be processed on processing-schedule. the same day. Transactions entered on business days after 3:00 p.m., Central time, or any time on a A Fund’s Unit value is calculated by accumulating the weekend or holiday, will be processed the next Fair Values, where readily available, of assets owned business day. On days the markets close early, the by a Fund, deducting all fees and expenses and then transactions must be submitted by investors by noon dividing the resulting dollar amount by the number Central time. Transactions will be displayed in the of Units outstanding for the Fund. For SVF-P, WBI account the day after the expected processing date. seeks to maintain a constant Unit price of $1.00 and applies a pre-determined formula for determining If daily market prices for underlying securities are the Monthly Crediting Rate for Units in the Fund temporarily not available, the Fund Manager based on the interest earned, Fair Value, and book estimates the daily market price by increasing or value of the Fund’s underlying assets. decreasing the previous day’s value of such security by the amount of the daily respective increase or Where Fair Values of securities are not readily decrease in value of a similar security or market available, as in the case with Private Real Estate measurement. The Fund Manager does not generally and Private Equity, refer to the section below titled post Unit values and does not process transactions Alternative Investments. for the Funds on WBI holidays when the markets are closed. Unit values for MAF-P are calculated by aggregating the Fair Value of the assets held by the Fund, deducting all fees and expenses for the Fund and dividing the resulting dollar amount by the number of Units issued for MAF-P.

Investment Funds Description – P Series 77

Other Information

Alternative Investments INTERFUND TRANSFERS The Funds may hold allocations to illiquid investments such as Private Equity and Private Real Estate, which The Fund Manager closely monitors all interfund do not have readily ascertainable Fair Values. The transfer activity and discourages frequent interfund Funds generally rely upon valuation information purchases and sales. received from the organizations responsible for administering these investments. Generally, these Short-term or excessive trading into and out of a Fund organizations will only provide a Fund with values for may harm a Fund’s performance by disrupting portfolio the investments they administer on a quarterly or management strategies and by increasing expenses. less frequent basis. Therefore, when determining These expenses are borne by all Fund Unitholders, Unit values, some of the pricing information used by including long-term Unitholders who do not generate a Fund may be three or more months old. As a result, such costs. Frequent trading may interfere with the a Unit’s value as of any day may not reflect the efficient management of a Fund’s portfolio and may actual Fair Value of such Unit on that day. The Fund result in the Fund engaging in certain activities to a Manager will, however, reduce or increase the value greater extent than it otherwise would, such as of these illiquid assets if it obtains material public maintaining higher cash balances. Increased portfolio information justifying a change in the value of the transactions would correspondingly increase the investments. Fund’s operating expenses and decrease the Fund’s performance. The Fund Manager monitors all The Funds follow Accounting Standards Codification Unitholder trading activity to detect frequent trading (“ASC”) 820, the section of the Financial Accounting patterns and it reserves the right to deny the Standards Board that addresses valuation issues and purchase of Units where it detects short-term trading improving transparency for valuing assets for which patterns. The Fund Manager will discuss imposing any readily determined market values are not available. restrictions with an Eligible Investor before they are The Fund Manager follows the standards of ASC 820 implemented. in valuing all Alternative Investments, including maintaining an Alternatives Investments valuation The Fund Manager maintains a policy to limit the policy which provides flexibility to adjust valuations frequency of trading by Participants in the Funds. at any time based on market- or security-specific Under the policy, a Participant may not purchase events. units in a fund for 60 days after selling units in that same Fund. This policy does not apply to Eligible For information on the Fair Value pricing of investments Investors other than Participants who purchase and under the PSP Lending Program, please see Additional sell Units based on deposits received and Information About the Funds’ Principal Investment disbursements required to fulfill operational needs Strategies—Positive Social Purpose Lending Program. or redemption requests.

The Net Asset Value, daily returns and year-to-date This policy applies to all existing Funds and all future returns for the Funds are posted daily at funds that may be managed by the Fund Manager, www.wespath.org/fund-performance. except for SVF-P. Participants may purchase Units in SVF-P at any time.

Investment Funds Description – P Series 78

Other Information

The 60-day waiting period policy applies only to FUNDS TRANSACTIONS interfund transfers. It does not apply to new contributions, rollovers, loan repayments or Eligible Investors may process Fund transactions via withdrawals. In addition, the interfund transfer various methods including paper forms, telephone policy affects only the purchase—not the sale— contact, and by accessing their accounts online of Fund Units. at benefitsaccess.org for Participants. Eligible

Investors other than Participants can log in to the Additionally, the following exceptions to the policy Wespath Portal at wespath.org. Participants receive apply for transactions involving MAF-P: information on the performance of their Fund • A Participant may sell Units in MAF-P and investments via periodic account statements. Eligible simultaneously purchase Units in one or all of Investors other than Participants may initiate Fund the four funds that comprise MAF-P in the same transactions by contacting their assigned Plan transaction. However, a Participant may not Sponsor manager or through wespath.org. For more subsequently purchase additional Units in MAF-P details about the pricing of Fund transactions, please or any of the four Funds that comprise MAF-P refer to the Valuing Units section of this Investment until 60 days have elapsed. Funds Description – P Series. • A Participant may sell Units in one or more of the four funds that comprise MAF-P and purchase PURCHASE AND REDEMPTION PROCEDURES Units in MAF-P in the same transaction. However, a Participant may not subsequently purchase To purchase and redeem Units of the Funds, additional Units in the same fund(s) Eligible Investors should contact the Fund Manager or in MAF-P until 60 days have elapsed. as described below in Other Information—Unitholder Contact with Fund Manager and request information Frequent trading restrictions also apply to LifeStage regarding purchases and redemptions. Investment Management. Participants can find more information about LifeStage Investment Management Plan Sponsor transaction requests of more than below in LifeStage Investment Management. $2 million may require up to 15 business days to process. Participants should be aware that: • A Participant may elect LifeStage Investment The Fund Manager may require any Eligible Investors Management at any time. However, LifeStage to withdraw their entire Fund account balance if, Investment Management will not begin managing at the sole discretion of the Fund Manager: a Participant’s account until 60 days after the (1) the Eligible Investor does not meet the Participant sold Units in any of the Funds to requirements to have a beneficial interest in the which LifeStage Investment Management makes Funds under the Investment Company Act of 1940, allocations (except for SVF-P). as amended, or (2) for any other reason, the • If a Participant elects LifeStage Investment continued participation of such Eligible Investor in Management after having opted out of LifeStage the Funds might cause the Fund Manager or the Investment Management previously, the Funds to violate any law, rule or regulation or expose Participant’s account will not be managed by the Fund Manager to the risk of litigation, LifeStage Investment Management until 60 days arbitration, administrative proceedings or any similar have elapsed either from the date of opting out action or proceeding. or from the date of the most recent Fund sale (if applicable), whichever is later.

Investment Funds Description – P Series 79

Other Information

Eligible Investors currently will not pay any TRANSACTION EXECUTION redemption fee in connection with withdrawing assets from the Funds. However, the Funds reserve Subadvisors are generally required to arrange for the right to charge a redemption fee in the future. execution of security transactions through brokers or

dealers that the Subadvisors believe will provide the The Funds pay no dividends and make no best execution. Best execution is generally distributions of interest earned. Instead, all understood to be the most favorable combination of dividends and interest earned are retained by the trade price and competitive commission rates Funds and reflected in the Funds’ Unit values, or in or spreads. the case of the Stable Value Fund – P Series, reflected in the number of Units. SALES COMMISSIONS Tax Consequences Generally, deposits and accumulated earnings in the The Funds do not pay commissions directly to brokers Funds are tax-deferred for Participants and tax- or any other persons for selling interests in the Funds. exempt for other Eligible Investors. However, Eligible Investors should consult their own counsel, PROXY VOTING POLICIES OF THE FUNDS accountant and other advisors as to the legal, tax, economic and related characteristics of an investment WBI has retained the services of a Proxy voting in the Funds. agent—Glass, Lewis & Co.—which assists the Fund Manager in the Proxy voting process and helps CASH MANAGEMENT provide for the execution of votes on time and in accordance with the Fund Manager’s annually The amount of cash required to fulfill various updated Proxy voting guidelines (the “Proxy Voting obligations is forecasted on a monthly basis. Guidelines”). On behalf of the Funds, the Fund These obligations include, but are not limited to, Manager votes the ballots of the largest holdings on pension benefit payments, payment of the a case-by-case basis, as well as on items where there Management Fees, Administrative and Overhead is no clear guideline for a specific Proxy issue. The Expenses, the Custody Fee, and Eligible Investor Fund Manager generally prefers to vote “for” or transfers among Funds, as well as funding prior “against,” but may choose to “abstain” in certain commitments for Private Real Estate, Private Equity circumstances: (1) when insufficient information is and PSP Lending Program Loan Participations. Once available to cast an informed vote, or (2) where an cash requirements have been ascertained, the Fund abstention may tactically address a more nuanced Manager is responsible to make sure that sufficient position that may generally support, but recognizes cash is available to fulfill commitments. If necessary, specific concerns, about a particular voting matter. cash is generated through asset sales, generally from asset classes with an Asset Allocation percentage A copy of the Proxy Voting Guidelines is available at above the target range or, if all asset classes are www.wespath.org/assets/1/7/5306.pdf. within target ranges, then at the discretion of the Fund Manager. See also, Additional Information About Glass, Lewis & Co. also has a contractual obligation the Funds’ Principal Investment Strategies—Residual to post the Fund Manager’s Proxy voting record at Cash/Cash Sweep. viewpoint.glasslewis.com/WD/?siteId=UMC.

Investment Funds Description – P Series 80

Other Information

SERVICE PROVIDERS Financial Planner For the convenience of Participants of the WBI retirement plans, the Fund Manager has arranged for WBI EY Financial Planning to provide financial planning WBI provides back-office, administrative and other services to eligible Participants at no cost. The EY fee support services to the Funds under the terms of an is included in the Funds’ Administrative and Operating agreement by and among WBI, the Fund Manager and Expenses. EY does not receive commissions or Wespath Institutional Investments LLC. The back- payments based upon its recommendations and office, administrative and other support services advice. Participants are under no obligation to use EY provided to the Funds by WBI are accounting, human and may choose their own provider of financial resources, information technology, compliance and planning services. Please see legal support, and other ancillary administrative www.wespath.org/retirement-investments/ services. As compensation for providing these services retirement-investment-resources/ey-financial- to the Funds, each Fund reimburses WBI for a pro rata planning-services for more information. If portion of the cost to WBI of providing the services. Participants decide to choose their own financial

planning services, WBI highly recommends that Custodian Participants consult with a fee-only financial planner BNY Mellon serves as Custodian Bank for the Funds’ to develop a savings and investment plan based on assets, except for commingled investments including the Participant’s life circumstances, investment but not limited to emerging international Equity, objectives, and risk tolerance. Private Real Estate, and Private Equity, which are custodied by each respective Subadvisor or their designated custodial agent. BNY Mellon retains LIFESTAGE INVESTMENT MANAGEMENT physical custody of the securities owned by the Funds or is named as the owner (as custodian for the The Fund Manager offers LifeStage Investment Fund Manager) of securities, which are electronically Management to Participants in various defined registered. As Custodian Bank, BNY Mellon is contribution pension plans of the Church. LifeStage responsible for the safekeeping and administration Investment Management automatically allocates a of these assets, and may provide certain other Participant’s account balances, contributions, and services including delivery of securities, income the contributions made on a Participant’s behalf collection, tax reclamation, Proxy services, among the six following Funds: SVF-P, IPF-P, FIF-P, investment accounting, performance measurement ETFIF-P, USEF-P, and IEF-P. The target Fund allocation is and analytics, filing of shareholder class action based on multiple factors, including the Participant’s lawsuits, and foreign exchange. age, the Participant’s status as a clergy (only as it pertains to clergy balances held in the Ministerial The Fund Manager has negotiated a fee with BNY Pension Plan) or layperson, the Participant’s Mellon based on the value of the Wespath Funds retirement status (if clergy), the assets in the Trust assets held in custody with BNY Mellon and on Participant’s retirement accounts managed by the expected transaction activity. The Funds pay a pro- Fund Manager, and the answers provided by the rated portion of these fees as well as any fees for Participant to the LifeStage Personal Investment unique Fund activity. Profile. As certain Participant life circumstances change (for example, as a Participant ages), LifeStage Investment Management adjusts the target Fund allocations accordingly.

Investment Funds Description – P Series 81

Other Information

Each month, LifeStage Investment Management For more information on LifeStage Investment evaluates accounts for one-third of LifeStage Management, please see www.wespath.org/ participants (depending on a participant’s birth retirement-investments/retirement-investment- month) and will rebalance the Funds in a resources/lifestage-investment-management. Participant’s account when differences in market returns cause that Participant’s Fund allocations to LIFESTAGE FUND ALLOCATION fall outside a specified range compared to the Participants in LifeStage Investment Management Participant’s target Fund allocations. This will have Fund allocation decisions made for them. rebalancing occurs if the Participant’s actual Asset Participants in plans which permit allocation among Allocation varies from the target Asset Allocation by Funds (and for which Participants have not elected more than 5%. During aberrant market conditions, LifeStage Investment Management), should consider Wespath may temporarily elect to suspend many factors in making allocations among Funds, rebalancing back to the target allocation. including personal risk tolerance and investment LifeStage Investment Management manages the timeframe. target Fund allocation differently for the 65% portion of clergy Participants’ Ministerial Pension Plan LEGAL MATTERS (“MPP”) account balances that must be converted to Subadvisors regularly report to the Fund Manager on monthly benefit payments (at the time Participants shareholder class action lawsuits, which they elect to receive benefit payments) compared to monitor on behalf of the Funds. BNY Mellon, as other WBI-administered defined contribution custodian, handles the qualification of the Funds as a balances. Specifically, LifeStage Investment member of a class and is responsible for recovering the Management will more quickly reduce the amount of Funds’ entitled share from any successful lawsuits. Equities held in this portion of MPP account balances The Funds will be credited with all proceeds from as Participants approach the age at which they successful class action lawsuits less a nominal intend to begin receiving benefit payments. administrative fee charged by BNY Mellon.

LifeStage Investment Management manages other RIVACY OLICIES defined contribution account balances with a longer P P time horizon and assumes that Participants will All employees and external service providers with gradually withdraw funds from these other accounts whom the Fund Manager has contractual throughout retirement. Accordingly, LifeStage will relationships are charged with maintaining not as quickly reduce the amount of Equities held in confidentiality and privacy when entrusted with these accounts. However, Participants with MPP Eligible Investor information. Fund Manager account balances may specify in their Personal computer systems are also carefully monitored to Investment Profile that they intend to withdraw and provide for protection of confidential information of spend at or near retirement the portion of their MPP Eligible Investors. Application access controls and account balance that will not be converted to network security enhancements are designed to monthly benefit payments. In this event, LifeStage protect the organization’s information from Investment Management will manage this portion of unauthorized access, modification and/or destruction. their MPP account balance with a shorter time horizon. In certain circumstances, LifeStage Investment Management may allocate a portion of a Participant’s MPP account balance to SVF-P.

Investment Funds Description – P Series 82

Other Information

BUSINESS CONTINUITY PLAN UNITHOLDER CONTACT WITH FUND MANAGER WBI has adopted a comprehensive business continuity plan on behalf of the Fund Manager, in Additional information is available via multiple which all essential business functions and methods for Eligible Investors: departments are represented. Best efforts have been made to foresee a multitude of potential anticipated Participants: interruptions to the business of the Funds and to enable contingency plans to provide for continuation • UMC Benefit Board, Inc. at of business. www.wespath.org/about-wespath/contact-us • Via telephone at 1-800-851-2201 WBI reviews and annually updates the business • Via mail to: continuity plan to maintain accuracy and current UMC Benefit Board, Inc. information. 1901 Chestnut Avenue Glenview, IL 60025 UNITED METHODIST PERSONAL INVESTMENT PLAN UNITHOLDER INFORMATION Plan Sponsors and other Eligible Investors: • Via email at [email protected] Participants are eligible to invest in the Funds through • Via telephone at 1-847-866-4100 the United Methodist Personal Investment Plan • Via mail to: (“UMPIP”), if their Annual Conference, employer or UMC Benefit Board, Inc. salary-paying unit agrees to sponsor UMPIP. The C/O Institutional Investment Services following Funds are available to UMPIP Participants: 1901 Chestnut Avenue SVCEF-P, SVCBF-P, USTPF-P, ETFIF-P, FIF-P, IEF-P, IPF-P, Glenview, IL 60025 MAF-P, SVF-P and USEF-P. Please see the UMPIP Plan Document for further information.

HORIZON 401(K) PLAN UNITHOLDER INFORMATION

Participants in the Horizon 401(k) Plan have rights similar to UMPIP Participants. Horizon Participants should review the Horizon 401(k) Plan Document for specific details.

Investment Funds Description – P Series 83

Exhibits

Exhibit 1

Note: Not all information in these Exhibits applies to the Funds. Some of the information relates to another series of the Wespath Funds Trust, managed by Wespath Institutional Investments LLC, which is not discussed in this Investment Funds Description – P Series.

GLOSSARY OF TERMS

1933 Act The Securities Act of 1933, as amended.

1934 Act The Securities Exchange Act of 1934, as amended.

1940 Act The Investment Company Act of 1940, as amended.

Accounting Standards Codification 820 (“ASC 820”) ASC 820 is the current section of the Financial Accounting Standards Board that addresses valuation issues and improving transparency for valuing assets for which readily determined market values are not available.

Active Investment Strategy The trading of securities intended to take advantage of market opportunities as they occur. In contrast to a Passive Investment Strategy, active managers rely on research, market forecasts, and their own judgment and experience in selecting securities to buy and sell.

Active Ownership Active Ownership is based on the belief that ESG issues have a significant impact on corporate financial performance and long-term investor value. Active owners seek to improve company performance relating to material ESG issues by engaging companies, addressing public policy, voting proxies and managing excessive sustainability risk.

Administrative and Overhead Expenses The fees and expenses incurred by the Fund representing each Fund’s pro rata portion of the estimated expenses incurred by the overall WBI organization in connection with providing investment, operating and administrative support to the Funds, and the cost of WBI and its subsidiaries’ other activities and operations.

Advisers Act The Investment Advisers Act of 1940, as amended.

Alternative Investments Classification of investments not included in standard classes of publicly traded U.S. Equity, International Equity, Emerging International Equity and Fixed Income, and including, but not limited to, investments such as Private Equity, Private Real Estate and Real Assets.

Investment Funds Description – P Series 84

Exhibits

Annual Conference A fundamental regional body or “basic unit” of the Church that governs much of the life of the church or churches in an area.

Annual Fund Operating Expenses The fees and expenses paid by the Funds, including Management Fees, the Custody Fee, and Administrative and Overhead Expenses.

Asset Allocation Strategy for investing by which investors establish target percentages for holding different investment classes— such as Equities, Fixed Income and Cash Equivalents—in their portfolios. See Diversification.

Asset Class A group of securities or investments that have similar characteristics and perform similarly in the marketplace.

Three common asset classes are Equities (e.g., stocks), Fixed Income (e.g., bonds), and Cash Equivalents (e.g., money market funds).

Asset-backed Securities Loans secured by assets, such as auto loans, franchise loans and other receivables.

Balanced Fund A fund with an investment objective for attaining both current income and long-term growth through investment in Equities, Fixed Income and other diversifying investments.

Bank of America (“BofA”) Merrill Lynch 3-Month Treasury Bill Index Index which measures the investment performance of the 3-month sector of the U.S. Treasury bill market.

The Bank of New York Mellon Corporation (“BNY Mellon”) Custodian for the assets held in the Funds, except Emerging International Equity, Loan Participations for the PSP Lending Program, Private Real Estate and Private Equity. As custodian, BNY Mellon retains physical custody of the securities owned by the Funds or is named as the owner (as custodian for the Fund Manager) of securities.

Benchmark A standard comprised of a broad universe of securities with characteristics similar to the securities held by a fund that investors may use to evaluate how well a fund has performed.

Bloomberg Barclays Emerging Market Tradeable Inflation Linked Bond Index Index which measures the investment performance of a universe of local currency Emerging Markets inflation- linked government debt.

Bloomberg Barclays U.S. Aggregate Bond Index Index which measures the investment performance of a portfolio of investment-grade Fixed Income securities that are taxable, SEC-registered and dollar-denominated.

Investment Funds Description – P Series 85

Exhibits

Bloomberg Barclays U.S. Inflation Linked Bond Index Index which measures the investment performance of U.S. TIPS.

Bloomberg Barclays U.S. Long Government Credit Index Index which measures the investment performance of a portfolio of investment-grade, government-related, and corporate securities that are U.S. dollar denominated and have a maturity of 10 years or more, as well as fixed rate Treasuries.

Bloomberg Barclays U.S. Universal Index (Excluding Mortgage-Backed Securities) Index similar to the Bloomberg Barclays U.S. Universal Index, which consists of the U.S. Aggregate Bond Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index and the non-ERISA portion of the CMBS Index. However, this index does not include mortgage-backed, pass-through securities issued by Ginnie Mae, Fannie Mae and Freddie Mac. Non-dollar denominated issues are excluded from the index.

Bloomberg Barclays World Government Inflation Linked Bond Index Index which measures the investment performance of a portfolio of developed country investment grade government inflation-linked debt.

Bloomberg Commodity Index Index which measures the investment performance of a broadly diversified portfolio of Futures contracts on physical commodities.

Bureau of Labor Statistics Organization of the U.S. government that publishes the Consumer Price Index (“CPI”) monthly.

Capital Preservation A low-risk investment strategy where the focus is on preventing loss of portfolio value as opposed to a riskier approach that seeks significant capital appreciation.

Cash Equivalents Cash Equivalents are short-term investment securities with generally high credit quality and Liquidity. These securities tend to have a low-risk, low-return profile and include U.S. government Treasury bills, bank Certificates of Deposit, bankers' acceptances, corporate commercial paper and other money market securities.

CB Richard Ellis (“CBRE”) CBRE, an independent third-party, provides loan credit spreads used in the evaluation of the Fair Value of Loan Participations originated through the PSP Lending Program.

Certificates of Deposit (“CDs”) A certificate of deposit is a negotiable (time deposit) instrument issued by a bank at a fixed rate of interest for a pre-determined period. Maturity is generally under one year. Interest is typically paid at maturity and is calculated for actual days on a 360-year basis.

Investment Funds Description – P Series 86

Exhibits

Church The United Methodist Church.

Commodities Derivatives Contracts Agreements to buy or sell a predetermined amount of a commodity at a specific price on a specific date in the future.

Consumer Price Index (“CPI”) U.S. government-issued index that measures the amount of inflation in the U.S. economy. Specifically, for the purpose of U.S. TIPS, the CPI index used is the non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers (CPI-U), published monthly by the Bureau of Labor Statistics.

CPI-U Non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers.

Crediting Rate The annual rate of interest credited to Stable Value Fund unitholders. Interest is determined daily and credited to Participant accounts at the end of each month and/or when the entire balance from the SVF is withdrawn or transferred. The rate gradually moves towards the prevailing level of interest rates, smoothing market gains and losses to allow the fund to maintain a $1.00 Unit price.

Credit Spreads The difference in yield between a U.S. Treasury bond and another bond of the same maturity but different credit quality. Credit spreads help investors compare securities with a risk-free alternative.

Custodian Bank A financial institution responsible for the safekeeping and administration of the Fund Manager’s investment assets. The Bank of New York Mellon is the Fund Manager’s Custodian Bank.

Custody Fee The fee paid to the Custodian Bank for the safekeeping and administration of the Fund Manager’s investment assets. This fee represents each Fund’s pro rata portion of the estimated expenses incurred for these services.

Declaration of Trust The Amended and Restated Declaration of Trust dated October 3, 2018, under which the Trust operates.

Derivative A financial instrument that is valued based on the characteristics and values of some other underlying financial instrument or entity, which can typically be a commodity, bond, Equity or currency. Examples of Derivatives include Futures and options contracts. Purposes for Derivative investments may include, but are not limited to, managing risk, emulating investment in underlying securities and adding value.

Diversification The practice of investing in multiple Asset Classes and securities with different characteristics, reducing the risk of owning any single investment or class of investments.

Investment Funds Description – P Series 87

Exhibits

Duration Duration measures the sensitivity of an asset’s price to changes in interest rates. Specifically, duration measures the percentage price change in a bond for a 100 basis point (one percentage point) move in interest rates, assuming an equal shift in all rates across the yield curve. Duration is generally also a measure of the weighted time until receipt of an asset’s future cash flows.

Eligible Investors Participants, Plan Sponsors, Benefit Plans and other investors approved by the P Series Fund Manager under exceptional circumstances for investment in the P Series. All such Eligible Investors shall qualify as permissible investors in a fund excepted from the definition of “investment company” under Section 3(c)(14) of the Investment Company Act of 1940, as amended (the “1940 Act”).

Emerging International Equity Equity securities that are issued by companies domiciled in lesser developed foreign countries, which are relatively new to participating in global financial markets, implementing reform programs, and/or undergoing economic development.

Emerging Market Generally lesser developed economies that have implemented reforms leading to economic growth and industrialization. These include countries such as those in Africa, Asia, Eastern Europe, Latin America and the Middle East which, while relatively undeveloped, may hold significant growth potential in the future. Investing in these economies may provide significant rewards and significant risks. May also be called “Developing Markets.”

Engagement Engagement is the practice of influencing companies or public policymakers for the purpose of promoting positive change and sustainable business practices, most commonly relating to the management of ESG issues.

Enhanced Investment Strategy A style of asset management that seeks to match the characteristics of the index Benchmark but will try to provide modest excess return over the Benchmark through security selection, sector weighting or other means.

Environmental, Social and Governance (“ESG”) Environmental, social and governance issues, the consideration of which is commonly associated with sustainable (or “responsible”) investment practices.

Equity/Equities A security or investment representing ownership in a corporation, unlike a bond, which represents a loan to a borrower. Often used interchangeably with “Stock.”

Exclusions The practice of restricting the purchase of securities in an investment portfolio, based on a set of values, principles or investment beliefs. It can also be referred to as “Portfolio Screening.”

Investment Funds Description – P Series 88

Exhibits

Exchange Traded Fund (ETF) A pooled investment vehicle with shares that trade similar to a mutual fund but that trade intraday on stock exchanges at a market-determined price.

Expense Ratio A measure of the costs to manage and administer an investment Fund, expressed as a percentage of the Fund’s assets (i.e. basis points). The Expense Ratio reduces the Fund’s rate of return. The Expense Ratio is calculated based on the total expenses incurred by the Fund divided by the average Fair Value of the Fund assets for the year.

Fair Value A measure of value of an asset equal to the amount at which that asset could be bought or sold in a transaction between willing parties, other than in a forced liquidation. If available, a market price in a publicly traded market is the best measure of Fair Value and should be used. If a market price is not available, an estimate of the Fair Value using the best information available should be used. Further information about the determination of Fair Value is available in WBI’s Annual Report.

Fixed Income A classification of securities that represents an obligation to make periodic payments in the form of interest and to return principal at a future specified date, also known as the maturity date.

Forwards A contract between a buyer and a seller that specifies a future transaction to occur at a predetermined price and date. Generally the underlying asset is a commodity, currency or financial asset. Unlike Futures contracts, Forwards are non-standardized, over-the-counter transactions negotiated between two parties.

Funds Investment Funds offered by WII to Institutional Investors, or by UMCBB to Eligible Investors.

Fund Manager Wespath Institutional Investments LLC (“WII”), is the fund manager of the Funds discussed in the Investment Funds Description – I Series. UMC Benefit Board, Inc. (“UMCBB”), is the fund manager of the Funds discussed in the Investment Funds Description – P Series.

Futures A financial contract that obligates a buyer/seller to purchase/sell a financial or other type of asset (such as commodities) at a predetermined price on a specified future date. Futures contracts are standardized to trade on a regulated Futures exchange and specify the criteria and quantity of the asset being traded. Futures can be used for hedging and speculative purposes.

Government-issued Inflation Linked Securities Securities normally backed by the debt repayment ability of the issuing government. The securities protect investors’ purchasing power by indexing principal value to inflation.

Investment Funds Description – P Series 89

Exhibits

Growth Equity Equity securities issued by companies that are expected to experience revenue and/or earnings growth greater than their competitors or industry peers, or those that derive sales from products or services that are growing faster than the general economy.

High Yield Securities Fixed Income securities, which pay a relatively high rate of interest to compensate for a higher risk of credit default, as confirmed by a rating of BB+ or below, or equivalent, from Nationally Recognized Statistical Rating Organization. Also known as “Non-Investment Grade Securities”.

Horizon Horizon 401(k) Plan, sponsored by certain United Methodist-affiliated institutions on behalf of their Participants.

Institutional Investors Organizations that are controlled by, associated with or related to the Church which qualify as permissible investors in a fund excepted from the definition of “investment company” under Section 3(c)(10) of the Investment Company Act of 1940, as amended.

Intermediary or Intermediaries Within the PSP Lending Program, a third-party organization that sources loan opportunities and provides assistance in evaluating Loan Participations, collects borrower payments, and monitors properties. Additionally, Intermediaries may provide credit enhancement to the PSP Lending Program by accepting the risk of first loss at a set amount in the event of a default on behalf of the borrower.

International Equity Equity securities that are traded on a regulated non-U.S. Equity exchange. Companies may be domiciled in any country, including the U.S.

Investment Grade Securities Fixed Income securities, which have received a rating of BBB- or above, or equivalent, from Nationally Recognized Statistical Rating Organization.

Investment Policy or Policies The Investment Policy of each Fund Manager guides the Fund Manager on how to manage its investments in a financially sound and prudent manner. The WII Investment Policy is titled “Investment Policy.” The UMCBB Investment Policy consists of the “Investment Strategy Statement” and the “Statement of Administrative Investment Policy.”

Large-Cap A reference to the overall market value of a company stock, based on the number of its outstanding shares multiplied by its market price. The Funds define Large-Cap as all stocks in the Russell Top 200 Index. May also refer to an investment fund that invests in the stocks of large companies by market value.

Investment Funds Description – P Series 90

Exhibits

LifeStage Investment Management Service (“LifeStage Investment Management”) A managed account program that allocates a Participant’s retirement account balances among six of the Funds. The allocation, or investment mix, represents a Participant’s individual investment portfolio. It is determined by Participant’s age, the value of assets in a Participant’s retirement accounts, the answers provided to the LifeStage Personal Investment Profile and other factors. After determining a Participant’s investment Fund allocation, LifeStage Investment Management automatically manages a Participant’s account. As certain Participant needs change (for example, nearing retirement age or retiring), LifeStage Investment Management adjusts Fund allocations accordingly. LifeStage Investment Management will automatically rebalance a Participant’s actual investment Fund allocations if they fall outside a specified range compared to the Participant’s target investment Fund allocation. During aberrant market conditions, WBI may temporarily elect to suspend rebalancing back to the target allocation.

Lipper A leading mutual fund research and tracking firm. Lipper categorizes funds by investment objective and size, and then ranks fund performance within those categories.

Liquidity The ease with which an investment can be converted into cash. If a security is very liquid, it can be bought or sold easily with minimal impact on the market price. If a security is not liquid, it may require additional time to sell and/or a lower price to sell it.

Loan Participation An ownership interest in a loan or security purchased under the PSP Lending Program.

Management Fee The fee paid to one or more Subadvisors for managing a portion of the Fund Manager’s investment assets.

Manager ESG Integration Due Diligence The practice of evaluating an external investment manager’s incorporation of the consideration of ESG issues into its investment analysis and decision-making process.

Market Capitalization or Market Cap The total market value of a company's tradable shares, equal to the total number of shares outstanding multiplied by the current share price.

Mid-Cap A reference to the overall market value of a company stock, based on the number of its outstanding shares multiplied by its market price. The Funds define Mid Cap as all stocks in the Russell Midcap Index. May also refer to an investment fund that invests in the stocks of medium-sized companies by market value.

Ministerial Pension Plan (“MPP”) Retirement pension plan offered to United Methodist clergy with service beginning January 1, 1982 to December 31, 2006.

Investment Funds Description – P Series 91

Exhibits

Monthly Crediting Rate The annualized monthly interest rate earned on balances held in the Stable Value Fund – P Series that accrue during the month. The rate is credited to the account balance at the end of the month or at the time a Participant has withdrawn balances from the Fund.

MSCI All Country World Index ex USA Investable Market Index Net Index designed to measure the performance of Equities of companies domiciled in developed and emerging markets, excluding the U.S.

MSCI Emerging Markets Index An index which measures the performance of a broad range of companies located in countries that MSCI has identified as progressing toward a developed status by means of rapid economic growth and industrialization.

MSCI World All Cap Index An index which captures large-, mid-, small- and micro-cap representation across 23 developed market countries. The index is comprehensive, covering approximately 99% of the free float-adjusted Market Capitalization in each country.

Nationally Recognized Statistical Rating Organization A credit rating agency, such as Standard & Poor’s, Moody’s Investors Service, and Fitch, which is registered with the Securities and Exchange Commission and assesses the creditworthiness of institutional borrowers and the securities they issue.

Net Asset Value Fund price per share that is calculated by dividing the total value of all the securities in a Fund, less any accrued fees and expenses, by the number of Fund shares outstanding.

Non-Investment Grade Securities Fixed Income securities that pay a relatively high rate of interest to compensate for a higher risk of credit default, as confirmed by a rating of BB+ or below, or equivalent, as rated by a Nationally Recognized Statistical Rating Organization. Also known as High Yield Securities.

Participants Individuals who are eligible to participate in retirement and/or health and welfare benefit plans administered by WBI, as a result of their employment (or former employment) with a Plan Sponsor, or beneficiaries of such individuals.

Passive Investment Strategy A process or approach to operating or managing a fund or portfolio, typically with the goal of matching the performance of an index. Passively managed funds are often referred to as index funds and differ from investment funds that are actively managed.

Investment Funds Description – P Series 92

Exhibits

Plan Sponsors Organizations that are controlled by or associated with The United Methodist Church that elect to, or are required to, sponsor retirement and/or health and welfare benefit plans administered by WBI for the benefit of their employees.

Positive Impact Investing Practice of investing in securities with the intention to generate a measurable beneficial social or environmental impact in addition to an expected market rate of financial return. The social and/or environmental benefit is/are expected to positively affect the financial return.

Positive Social Purpose (“PSP”) Lending Program Program which implements the practice of investing to earn a risk adjusted market rate of return, while simultaneously seeking to benefit society by providing financial support for affordable housing and community development facilities in the U.S., as well as institutions focused on microfinance opportunities in developing countries. This investment program is a form of Positive Impact Investing.

Private Equity Private Equity consists of ownership stakes in the Equity shares of predominantly non-publicly traded companies, usually through debt-financed buyouts of established businesses and venture capital investments in start-up and early-stage companies.

Private Real Estate Debt and Equity positions in physical real estate properties or real estate related companies. Private Real Estate investment is differentiated from investment in REITs, which trade on public stock exchanges and own large portfolios of real estate properties.

Proxy A written authorization with specific instructions given by a shareholder to another person or entity to vote the shares owned by the authorizing party at the company’s annual general meeting of shareholders.

Real Assets Physical or tangible assets that have value, including, but not limited to, timberland, agricultural land, infrastructure, oil and gas.

Real Estate Investment Trust (“REIT”) Corporation or trust that pools capital from multiple investors and purchases income-producing real estate or mortgage loans.

Resident Trustee BNY Mellon Trust of Delaware.

Rules Requirements and procedures regarding withdrawals from, and deposits into, the Funds. Except as otherwise required by law, the Fund Manager will provide thirty (30) days prior notice on its website or through other written communications of a material change in the Rules.

Investment Funds Description – P Series 93

Exhibits

Russell Indices A group of stock market indices that are widely used as Benchmarks to compare investment performance of Funds and investment portfolios. The most publicly identified Russell index is the Russell 2000 Index, an index of U.S. Small-Cap stocks, which measures the performance of the 2,000 smallest U.S. companies in the Russell 3000 Index based on Market Capitalization. The Russell 3000 Index measures the investment performance of the 3,000 largest (based on total market value) U.S. companies, representing approximately 98% of the publicly traded companies available for investment in the U.S. Equity market.

S&P 500 Index An index comprised of 500 widely held common stocks considered to be generally representative of the U.S. stock market. The S&P 500 is often used as a Benchmark for the performance of some Equity funds.

Securitized Products A Fixed Income security that pools loans and issues them as a bond. The types of loans that are generally pooled are commercial mortgages, residential mortgages, credit card debt, auto loans and other similar loans.

Senior Secured Floating Rate Loans Loans backed by the debt repayment ability of the issuing corporate borrower and that usually pay investors variable rates of interest.

Shareholder Resolutions A proposal submitted by shareholders of a public company, which is presented and voted upon at the corporation’s annual general meeting and through the annual Proxy vote. While successful resolutions are advisory, they are an influential way to advocate for changes in board policy.

Small-Cap A reference to the overall market value of a company stock based on the number of its outstanding shares multiplied by its market price. The Funds generally define Small-Cap as all stocks in the Russell 2000 Index. May also refer to an investment fund that invests in the stocks of small companies by market value.

Strategic Partnerships Coalitions of investors and organizations committed to ensuring that investors consider ESG factors when making investment decisions and are dedicated to corporate accountability and sustainability.

Subadvisor A professional investment management firm retained and monitored by the Fund Manager with the fiduciary responsibility for managing a portion of the assets of the Wespath Funds Trust.

Sustainable Investment Strategies Investment strategies that are designed to improve corporate performance and investment returns by integrating the consideration of ESG factors when managing businesses and making investments.

Investment Funds Description – P Series 94

Exhibits

Swap A financial contract between two parties (otherwise known as counterparties) that obligates each party to exchange the cash flow from a financial or other type of asset for the cash flow from another financial or other type of asset based on pre-specified provisions in the financial contract.

Sweep Account A commingled account managed by Wellington Management Corporation, which is primarily used to invest residual cash of the Funds. Please see Additional Information About the Funds’ Principal Investment Strategies – Residual Cash/Cash Sweep.

Trust The Wespath Funds Trust, a Delaware series trust offering multiple series, including the Funds.

Trustee Wespath Institutional Investments LLC for the I Series and UMC Benefit Board, Inc. for the P Series.

United Methodist Personal Investment Plan (“UMPIP”) A defined contribution retirement plan offered to Participants who are employees of Plan Sponsors that have adopted the plan.

Turnover Ratio The turnover ratio is the percentage of investment holdings in a fund that have been replaced in a given year. It is a measure of a fund’s trading activity, which is computed by dividing the lesser of the annual cost of all purchases or sales proceeds by the average monthly net assets for the year.

UMC Benefit Board, Inc. (“UMCBB”) UMC Benefit Board, Inc., an Illinois not-for-profit corporation. UMCBB is the administrative trustee and Fund Manager for the P Series of the Wespath Funds Trust.

Units A measurement of ownership interest in a Fund.

Universe A group of comparable funds and/or a collection of portfolios identified by the Fund Manager that have a similar investment strategy and a similar Benchmark as the subject Fund.

Universe Rank An investment manager’s or Fund’s percentile performance ranking within a Universe of investment managers or Funds that employ a common investment strategy or investment objective. A Universe Rank of 35% means that an investment manager’s performance ranks within the top 35% of all investment managers’ performance within the Universe.

U.S. Equity Stocks of companies primarily domiciled in the U.S. and traded on a regulated U.S. stock exchange.

Investment Funds Description – P Series 95

Exhibits

U.S. Treasury Inflation Protected Securities (“TIPS”) U.S. Treasury Inflation Protected Securities are bonds issued by the U.S. Department of Treasury and designed to protect investors from a loss of purchasing power from inflation.

Value Equities Equity securities that have a low price relative to the fundamental characteristics of the company. Value Equities often pay higher dividends than Growth Equities.

Wespath Benefits and Investments (“WBI”) The General Board of Pension and Health Benefits of The United Methodist Church, Incorporated in Illinois, a general agency of the Church doing business under the assumed name of Wespath Benefits and Investments.

Women and/or Minority-Owned Manager Program Program that seeks to identify woman-owned investment management firms and minority-owned investment management firms to be Subadvisors.

Wrap Contracts Contractual agreements made by the Stable Value Fund – P Series from insurance companies or banks. These contracts protect the Fund from fluctuations in Unit value due to changes in interest rates and ensure that SVF-P can fulfill participant redemption requests at book value (cost plus accrued interest). These contracts do not protect SVF-P from negative credit events in bond portfolios.

Yield The value of annual interest or dividend payments from an investment, usually stated as a percentage of the investment price.

Yield Curve A graphical depiction of the market Yield of comparable Fixed Income securities—usually U.S. Treasury securities— across a range of available maturity dates.

NOTE: Some of the Glossary terms were developed by the Investment Company Institute and the SPARK Institute.

Investment Funds Description – P Series 96

Exhibits

Exhibit 2

SUBADVISORS

As of December 31, 2020, the Fund Managers have contracted with the following Subadvisors on behalf of the Funds:

Adams Street Cabot Properties Chicago, IL Boston, MA USEF-P, IEF-P private equity USEF-P private real estate

AMERRA Capital Management Capital Group New York, New York Los Angeles, CA IEF-P private equity FIF-I, FIF-P emerging market debt IEF-I, IEF-P developed and emerging markets Baillie Gifford international equity Edinburgh, SCT IEF-I, IEF-P international equity CBRE Global Advisors Los Angeles, CA BlackRock USEF-I, USEF-P private real estate San Francisco, CA; New York, NY FIF-I, FIF-P corporate and agency fixed income Cerberus Capital Management ETFIF-P long duration fixed income New York, NY USEF-I, USEF-P domestic equity USEF-P private real estate USEIF-I, USEIF-P domestic equity IPF-I, IPF-P inflation-protected fixed income Credit Suisse Asset Management IEF-I, IEF-P international equity New York, NY IPF-I, IPF-P senior secured loans Blackstone Group New York, NY Disciplined Growth Investors IEF-I, IEF-P private real estate Minneapolis, MN FIF-I, FIF-P private real estate debt USEF-I, USEF-P domestic equity

Brown Capital Management Dodge & Cox Baltimore, MD San Francisco, CA USEF-I, USEF-P domestic equity SVF-P stable value fixed income ETFIF-P fixed income The Bank of New York Mellon Pittsburgh, PA Equity International Management USEF-I, USEF-P, USEIF-I, USEIF-P, SVCEF-P, ETFIF-P, Chicago, IL IEF-I, IEF-P, FIF-I, FIF-P, IPF-I, IPF-P, SVF-P, STIF-I, IEF-P private real estate STIF-P, SVCBF-P, USTPF-I, USTPF-P securities lending

Investment Funds Description – P Series 97

Exhibits

Genesis Investment Management Lone Star Funds London, UK Dallas, TX IEF-I, IEF-P emerging markets equity FIF-P private real estate, distressed debt and equity Gresham Investment Management Mellon Investments Corporation New York, NY San Francisco, CA IPF-I, IPF-P commodities SVF-P stable value fixed income fund

Hancock Timber Resource Group Mondrian Investment Boston, MA London, UK IPF-P timber IEF-I, IEF-P international equity

HarbourVest Neuberger Berman Investment Advisers Boston, MA Chicago, IL IEF-I, IEF-P private equity FIF-P, SVF-P fixed income USTPF-I, USTPF-P inflation-protected fixed income Hotchkis and Wiley Capital Management IPF-I, IPF-P short duration fixed income Los Angeles, CA ETFIF-P long duration fixed income USEF-I, USEF-P domestic equity Northern Trust Quantitative Advisers Hutensky Capital Chicago, IL Hartford, CT USEF-I, USEF-P domestic equity USEF-P private real estate SVCEF-P domestic and international sustainable equity Impax Asset Management London, UK Oaktree Capital Management USEF-I, USEF-P domestic equity Los Angeles, CA IEF-I, IEF-P international equity FIF-I, FIF-P high yield fixed income IEF-I, IEF-P emerging markets equity Jaguar Listed Property New York, NY Pacific Investment Management (PIMCO) IEF-I, IEF-P international real estate Newport Beach, CA FIF-I, FIF-P JP Morgan Investment Management SVCBF-P fixed income New York, NY IPF-I, IPF-P emerging market USEF-I, USEF-P private equity inflation-protected fixed income MAF-I, MAF-P opportunistic debt Kabouter Management Chicago, IL IEF-I, IEF-P international equity

Investment Funds Description – P Series 98

Exhibits

Parametric Clifton Sprucegrove Investment Management Minneapolis, MN Toronto, ON, CA USEF-I, USEF-P U.S. equity index financial futures IEF-I, IEF-P international equity IEF-I, IEF-P international equity index financial futures Stafford Capital MAF-I, MAF-P equity and fixed income Austin, TX financial futures USEF-P private equity ETFIF-P fixed income financial futures TA Associates Realty Pearlmark Real Estate Boston, MA Chicago, IL USEF-P private real estate USEF-P private real estate Townsend Group PGIM Fixed Income Cleveland, OH Newark, NJ USEF-I, USEF-P private real estate SVF-P stable value fixed income ETFIF-P fixed income Tricon Capital Group Toronto, ON, CA PGIM Investments USEF-P private real estate Madison, NJ USEF-I, USEF-P private real estate Waterfall Asset Management New York, NY Prism Capital IPF-P asset-backed securities Chicago, IL USEF-P private equity Wellington Management Boston, MA The Rohatyn Group Sweep Account short term fixed income New York, NY FIF-I, FIF-P fixed income IPF-P international infrastructure USEF-I, USEF-P domestic equity IEF-I, IEF-P international equity Schroders Investment Management New York, NY Zevenbergen Capital Management FIF-P fixed income Seattle, WA USEF-I, USEF-P domestic equity

Investment Funds Description – P Series 99

Exhibits

Exhibit 3

PSP LENDING INTERMEDIARIES PSP Lending Program Intermediaries for the P Series Funds PSP Lending Program Intermediaries for the Bellwether Enterprise I Series Funds Cleveland, OH

Columbia, MD Cinnaire Corporation Lansing, MI California Community Reinvestment Corporation Los Angeles, CA The Community Development Trust, Inc. New York, NY Capital Impact Partners Arlington, VA The Community Preservation Corporation Cinnaire Corporation New York, NY Lansing, MI

Community Reinvestment Fund Community Investment Corporation Minneapolis, MN Chicago, IL

The Community Development Trust, Inc. New Hampshire Housing Finance Authority New York, NY Bedford, NH The Community Preservation Corporation New York, NY

Community Reinvestment Fund Minneapolis, MN Greystone Servicing Corporation, Inc. Atlanta, GA

Low Income Investment Fund New York, NY

Developing World Markets

Stamford, CT

New Hampshire Housing Finance Authority Bedford, NH

Investment Funds Description – P Series 100

1901 Chestnut Avenue Glenview, Illinois 60025-1604 (800)-851-2201 wespath.org

WBI’s Annual Report is available, free of charge, at www.wespath.org/about-wespath.

You can find additional information about the Funds online at www.wespath.org/retirement-investments/investment-information/funds.

You can also get this information at no cost by calling (847) 866-4100 or by sending an e-mail request to [email protected].

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