AAF-I

Performance data is not yet available for AAF-I.

Quarterly AAF-I Unit values will be available approximately 90 days after each quarter-end, and 120 days following year-end.

See Risks and Disclosures for more information regarding net-of-fees performance.

The performance objective of AAF-I is to produce a return that exceeds the performance of a global public equities benchmark by 200 – 300 basis points (2.0 – 3.0 percentage points) over a long-term investment horizon of ten or more years, net of Annual Fund Operating Expenses. AAF-I is a newly formed entity with no prior performance history. As a result, there is only a limited basis upon which to evaluate AAF-I’s prospects for achieving its performance objectives. The performance of the underlying assets held by the Feeder Fund and the Master Fund in which AAF-I invests, directly and indirectly, may not be indicative of the future performance of AAF-I.

Please refer to Investment Funds Description – I Series for a detailed description of the investment strategies used in managing the Fund.

Wespath Benefits and Investments (“Wespath”) is a general agency of The United Methodist Church, a 501(c)(3) tax-exempt organization. Wespath administers benefit plans and together with its subsidiaries, UMC Benefit Board, Inc. (“UMCBB”) and Wespath Institutional Investments, LLC (“WII”) invests (or provides back-office services for) assets on behalf of benefit plan participants and beneficiaries, plan sponsors and other institutions controlled by, affiliated with or related to The United Methodist Church (the “Church”). For GIPS compliance purposes, the Firm referenced herein is defined to include Wespath, UMCBB and WII (“Firm”). Wespath claims compliance with the Global Investment Performance Standards (GIPS®). GIPS is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. To obtain a copy of Wespath’s GIPS Report, please call us at 1-847-866-4100 or e-mail us at [email protected].

AAF-I invests primarily in one underlying privately offered, alternative asset feeder fund (the “Feeder Fund”). The Feeder Fund invests primarily in one alternative asset master fund (the “Master Fund”), which is advised by an external asset management firm. The Master Fund (and, consequently, both AAF-I and the Feeder Fund) invests primarily in a diversified portfolio of Private Equity and Private Credit investments.

The Master Fund’s investments include or are expected to include: (i) primary and secondary investments, (ii) direct investments in companies, including growth equity investments and co-investments, and (iii) Private Credit investments. The Master Fund seeks to provide investors qualified investors with broad diversification across geography, strategy and subclass.

All investments carry some degree of risk that will affect the value of the Fund’s holdings, its investment performance and the price of its units. As a result, loss of money is a risk of investing in the Fund. AAF-I is subject to the following principal investment risks: alternative investments risk, basis risk, business and regulatory risks of alternative asset funds, extraordinary events risk, force majeure events risk, market risk, investment style risk, security-specific risk, country risk, currency risk, derivatives risk and liquidity risk. AAF-I also may experience additional risks associated with its exposures to the Feeder Fund and Master Fund, as well as the additional risks set forth in the Investment Risks of the Funds section of the Investment Funds Description – I Series.

Historical returns are not indicative of future performance. For further discussion of the Fund’s investments strategies and risks, please refer to "Principal Investment Strategies — Alternative Asset Fund – I Series" in Investment Funds Description – I Series. This is not an offer to purchase securities.

The expense ratio is a measure of the annual fund operating expenses paid by the Fund expressed as a percentage of the average fair value of the Fund’s assets for the applicable year. The annual fund operating expenses consist of fees paid to subadvisor(s), and the Fund’s pro rata portion of custody fees and administrative and overhead expenses incurred by the overall Wespath Benefits and Investments organization in connection with providing investment, operating and administrative support to the Fund and the other funds available through Wespath Institutional Investments.

The expense ratio shown on the Fund Overview page is based on the prior year’s data and fee calculation methodology, which methodology was changed effective July 1, 2023. The Fund’s actual annual fund operating expenses and the related expense ratio can differ from year to year. Actual annual fund operating expenses may vary depending on, among other things, market events, Fund size, transaction costs, timing of Fund inflows and outflows, and applicable internal costs and third-party fees.

The Fund may also pay transaction costs, performance fees, interest expenses, taxes and fees on uninvested cash held in sweep accounts, which are in addition to the annual fund operating expenses. The annual fund operating expenses and these additional expenses are reflected in the Fund’s unit price and reduce the Fund’s rate of return. For further information about the Fund’s fees and expenses, including the fee calculation methodology change, please refer to the Investment Funds Description – I Series.