MANAGEMENT
The day-to-day affairs of WELS Investment Funds are carried out by its officers and other WELS employees. For administrative convenience, efficiency, and cost effectiveness, 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.

BOARD OVERSIGHT
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 four-year terms and are appointed by the WELS Synodical Council.

INVESTMENT OVERSIGHT
The board has retained Vanguard Institutional Advisory Services® as the investment consultant for WELS Investment Funds. As a co-fiduciary, the investment consultant assists the board in implementing WELS Investment Funds investment policies by focusing on three primary factors: risk through asset allocation and diversification, selection of quality investment managers, and investment-related costs.

FINANCIAL OVERSIGHT
WELS has established an Accounting Oversight Committee responsible for assisting management in establishing and maintaining appropriate accounting policies and internal controls, including the engagement of an independent external auditor to conduct annual audits of the financial statements.