MANAGEMENT
The Board of Directors of WELS Investment Funds is responsible for the operation of WELS Investment Funds, including the engagement of investment consultants. Directors serve staggered three-year terms and are elected annually by the WELS Synodical Council.

The day-to-day affairs are carried out by its officers and other WELS employees. For administrative convenience, efficiency, and cost effectiveness purposes, WELS Investment Funds leases its personnel from WELS. WELS also provides services relating to the processing of transactions, preparing investor account statements, and the preparation of corporate financial statements.

INVESTMENT CONSULTANT
The Board has retained Vanguard Institutional Advisory Services as the Investment Consultant for WELS Investment Funds. As a co-fiduciary, the Investment Consultant is responsible for making investment recommendations to the Board. Once the recommendation is approved by the Board, the Investment Consultant, after consideration of the WELS Investment Funds’ investment policy statement and the various investment objectives and restrictions therein, has the discretion to implement and oversee the implementation of the investment recommendations. WELS Investment Funds reserves the right to change any or all Investment Consultant(s) at any time without notice.