ELCA ENDOWMENT FUND POOLED TRUST – FUND ASECOND QUARTER 2015 REPORT

A SLUGGISH QUARTERKurt Kreienbrink, CFAManager, Socially Responsible Investing and Investor Advocacy, Portico Benefit Services

Second quarter updateThe S&P 500 Stock Index was up 0.3% for the quarter. The investment-grade bond market, as measured by the Citigroup Broad Investment-Grade Bond Index, was down 1.7%. Non-U.S. stocks were up 1.0%.

Greece and the Fed Two of the biggest market news items were the events in Greece and continued focus on the timing of potential interest rate increases by the Federal Reserve (the Fed). While Greece continues to struggle finding solutions to debt problems, its problems do not pose as much of a threat to the global economy as they once did. This is because other countries like Spain have improved their economics since the beginning of the financial crisis. The other big news story was the Fed, and speculation on when will they begin raising rates. During the quarter, U.S. Treasury rates already began moving higher, and hence bond prices moved lower, as many market participants anticipate Fed action this fall.

Taking a longer-term viewWhile both stock and bond markets turned in rather unimpressive results for the quarter, it’s worth noting the stock market passed a significant milestone. The current S&P 500 bull market (6.3 years) is now the third longest bull market since 1945, and is up over 200% since the bull market began in March of 2009. In case you’re wondering, the longest bull market since 1945 is 12.3 years.

So when will this long running bull market end, and when will the Fed start raising rates? These are short-term questions nobody can answer today with certainty.

For these reasons, Portico will continue to focus on long-term fundamentals which influence long-term performance, including strategic asset allocation and appropriate diversification, rather than dwelling on current records being set in the marketplace or speculation on interest rate moves.

EQUITIES MARKET REVIEWJosh Stieler, CFASenior Investment Manager, Portico Benefit Services

U.S. equityThe U.S. equity component of Fund A returned 0.70% in the second quarter, beating the benchmark return of 0.14%. Strong relative returns from the large cap components drove the positive quarterly results.

The U.S. equity market, as measured by the Russell 3000 Index, narrowly tallied its 12th consecutive quarterly gain. Negative returns in June offset gains earlier in the quarter as global economic and geopolitical concerns weighed on U.S. markets. Sector returns were mixed, with health care, telecom and consumer cyclical stocks leading the way while industrials, energy and consumer staples stocks dropped.

Size and style factors were relatively benign for the quarter. Large-cap stocks narrowly outperformed small and mid-cap stocks while growth and value stocks performed similarly.

Non-U.S. equityFund A’s non-U.S. equity component returned 2.0% in the second quarter, beating the benchmark return of 1.0%. The positive results were broad based as four of the five active managers beat their respective benchmarks.

FUND A – SECOND QUARTER 2015 SUMMARYFor the second quarter, Fund A returned -0.1%, outperforming the benchmark return of -0.6%, gross of fees. For the trailing 12 months, the Fund is up 3.4%, ahead of the benchmark return of 1.9%, gross of fees.

8765 West Higgins RoadChicago, Illinois 60631-4101

ELCA Endowment Fund Pooled Trust – Fund A was established to allow for the collective long-term investment of funds belonging to the Evangelical Lutheran Church in America (ELCA), its congregations, synods, seminaries and other eligible affiliated entities. Fund A is administered by the ELCA. The Board of Pensions of the ELCA, doing business as Portico Benefit Services, is the investment advisor. The ELCA promotes investment in the Endowment Fund Pooled Trust through the ELCA Foundation.

For more information contact:Christina Jackson-SkeltonPresident, Endowment Fund of the ELCA

Annette C. ShoemakerDirector, ELCA Foundation

800-638-3522 • fax 773-380-2775elcafoundation@elca.orgELCA.org/endowmentinvesting

The ELCA Foundation regional gift planners are located throughout the country and are ready to assist you.

AT A GLANCE

CONTACT US

SOCIAL PURPOSE INVESTING Fund A’s assets are selected, where feasible, in accordance with criteria of social responsibility that are consistent with the values and programs of the ELCA. In addition, Fund A seeks positive social investments that provide a proactive way to receive a return while directing capital to underserved markets, such as community development and renewable energy.

ABOUT FUND AYou should carefully consider the target asset allocations, investment objectives, risks, charges and expenses of any fund before investing in it. Fund A is subject to risk. Past performance cannot be used to predict future performance. Portico Benefit Services’ funds, in which Fund A is invested, are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fund assets are invested in multiple sectors of the market. Some sectors, as well as the Fund, may perform below expectations and lose money over short or extended periods.

Neither Portico Benefit Services nor its funds are subject to registration, regulation or reporting under the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940 or state securities laws. Members, therefore, will not be afforded the protections of those provisions of those laws and related regulations.

FUND A PORTFOLIO MARKET VALUE1

As of June 30, 2015, Fund A had investments of approximately $602.6 million.

FUND A INVESTMENT PORTFOLIO PERFORMANCE2 AS OF JUNE 30, 2015

1. Total market value of Fund A is $604.0 million, including deposits between monthly valuation dates and operating cash on which a total fee of 1⁄12 of 1% is deducted monthly from Fund A. Unit value: $1,229.15

2. Returns are before the deduction of fees.3. The U.S. equity benchmark changed from the Dow Jones Total Stock Market

Index to the Russell 3000 in October 2011.4. The Investment Grade Fixed Income Benchmark changed from the old Custom

Citigroup Index (40% Mortgage, 30% Credit, 25% Treasury/Government, 5% Asset-Backed) to the new Custom Citigroup Index (40% Collateralized, 35% Credit, 25% Treasury/Government) in October 2011.

5. Late in 2008, the Real Estate Securities benchmark transitioned to 60% Wilshire U.S. Real Estate Securities Index and 40% Wilshire Ex-U.S. Real Estate Securities Index, from 100% Wilshire U.S. Real Estate Securities Index. In April 2013 the

Custom Global Real Estate Securities benchmark transitioned to 60% Dow Jones U.S. Real Estate Securities Index and 40% Dow Jones Global Ex-U.S. Real Estate Securities Index with net dividends.

6. In June 2011, Inflation Indexed Bonds were added as a component to Fund A’s asset allocation. The inflation indexed benchmark changed from the Citigroup Inflation Linked Securities Index to the Citigroup U.S. 1-10 Year Inflation Linked Securities Index as of 12/1/2014.

7. Endowment Fund A moved to the SP Investment Grade Fixed Income Pool as of November 2007 and to the SP U.S. Equity Pools as of December 2007 from separately managed accounts.

8. The high-yield benchmark changed from the Citigroup High Yield Cash Pay Capped Index to the Citigroup BB/B Cash Pay Capped Index on Sept. 1, 2012.

NOTE: Past performance does not guarantee future results.

Q2 (%) YTD (%) 1 YR (%) 3 YRS (%) 5 YRS (%) 10 YRS (%) SINCE INCEPTION

TOTAL FUND A7 -0.09 2.73 3.38 11.82 11.69 7.19 5.43

FUND A BENCHMARK: Benchmark: 35% Russell 3000 Index, 25% MSCI All Country World ex-U.S. Index, 10% Citigroup High Yield BB/B Cash Pay Capped Index, 15% Custom Citigroup Bond Index, 10% of Custom Dow Jones Global Real Estate Securities Index (60% Dow Jones U.S. Select Real Estate Securities Index and 40% Dow Jones Global ex-U.S. Select Real Estate Securities Index), and 5% Citigroup U.S. 1-10 year Inflation Linked Securities Index.

-0.61 1.96 1.87 10.54 11.17 6.64 5.26

Fund A U.S. Equity portfolio 0.70 2.93 9.12 19.63 18.33 8.74 5.28

U.S. Equity Benchmark (Russell 30003) 0.14 1.94 7.29 17.73 17.56 8.24 5.23

Fund A non-U.S. equity portfolio 2.00 6.19 -2.56 11.39 9.14 6.68 N/A

Fund A non-U.S. equity benchmark (MSCI All Country World (Ex-U.S.) Index)

1.00 4.59 -4.97 9.80 7.97 5.65 N/A

Fund A high-yield portfolio 0.81 3.58 0.95 6.71 8.36 7.98 N/A

High-yield benchmark (Citigroup BB/B Cash Pay Capped Index8)

0.27 2.71 0.28 6.24 8.22 7.32 N/A

Fund A fixed-income portfolio -1.53 0.08 1.98 2.28 3.62 4.72 5.51

Fixed-income benchmark (Custom Citigroup Index4) -1.62 -0.04 1.85 2.12 3.57 4.71 5.55

Fund A global real estate securities portfolio -6.53 -2.29 2.53 9.37 13.37 6.93 N/A

Real estate securities benchmark (Custom Dow Jones Global Real Estate Securities Index5)

-6.96 -2.76 2.34 9.69 14.28 6.37 N/A

Inflation indexed bond portfolio -0.12 1.12 -1.29 -0.63 N/A6 N/A6 N/A

Inflation indexed benchmark (Citigroup U.S. 1-10 year Inflation-Linked Securities Index)

-0.16 1.03 -1.24 -0.68 N/A N/A N/A

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EQUITIES MARKET REVIEW (CONT’D)Despite a particularly challenging June, non-U.S. stocks outpaced U.S. stocks for the quarter. This is somewhat surprising given the ongoing negotiations in Europe over Greece’s future and the fears of a slowdown in China, whose equity markets have been particularly volatile this year. The UK and Japan led the way for the quarter while continental Europe and developed Asia (ex-Japan) lagged. Emerging markets edged out positive returns for the quarter. The U.S. dollar continued to strengthen, albeit more modestly than last quarter, reducing returns for dollar-based investors by 0.20%.

GLOBAL REAL ESTATESECURITIES MARKET REVIEWMike Clancey, CFA, CAIAAssistant Investment Manager, Portico Benefit Services

Fund A’s global real estate securities component returned -6.5% in the second quarter of 2015, compared to the custom benchmark return of -7%.

Global real estate securities underperformed both U.S. equity (+.1%) and non-U.S. equity markets (+1%) over the course of the second quarter as interest rates ticked up across the globe. Within the U.S. real estate securities space, the hotel and self-storage sectors were the leaders, while healthcare, retail and industrial properties lagged on a relative basis. In terms of geography, the Global Ex U.S. real estate securities market showed relative strength compared to U.S. real estate securities by a wide margin (-2.3% vs. -10%), inclusive of the currency effect.

FIXED-INCOME MARKET REVIEWMark Haney, CFASenior Investment Manager, Portico Benefit Services

Core investment-grade fixed-incomeIn the second quarter, Fund A’s fixed-income portfolio returned -1.5%, outperforming the return of the custom benchmark.

In the minutes of their June meeting, the Federal Reserve (the Fed) noted that economic activity has been expanding after having changed little during the first quarter of 2015. Labor market conditions have improved, growth in household spending has been moderate and the housing sector has shown some improvement. The Committee reaffirmed the 0.0% to 0.25% federal funds target rate.

Throughout the quarter, the market consensus was that the Fed would begin to raise the Federal Funds rate in June, albeit at a very slow and measured pace. The market began to more decisively price this in, moving prices lower and rates higher, especially on the longer end of the curve; ten year and thirty year Treasury rates were higher by .43% and .59% respectively. The Citigroup Broad Investment-Grade Bond Index was down -1.66% for the quarter, with the Credit sector, down -2.69%, having the largest impact. Governments were down -1.48% and mortgages with their lower sensitivity to interest rates fell only by -.78%.

High-yield High-yield bonds were little changed during the second quarter of 2015, posting a return of .27% as measured by the Citigroup High-Yield BB/B index. Portico high-yield managers outperformed the index, returning 0.81%.

Fundamentals remained strong and defaults remained low, with U.S. speculative-grade companies defaulting at a slightly higher rate of about 2% through May, according to Standard & Poor’s. Higher Treasury rates and a general environment of uncertainty held both the highest-rated most interest-rate sensitive BB’s and the lowest rated CCC’s to very modest and negative returns during the quarter. Single B’s lead with a return of .51%, BB’s returned just .06% and CCC’s delivered a -.39% return.

Sector returns were mixed with Oil Equipment bouncing back to a 6.5% return, and commodity oriented industries like Paper/Forest Products lagging at -5.88%.

Inflation-indexed bondsInflation-indexed bonds posted a negative return of -0.16% for the second quarter of 2015. This passively-managed (indexed) portfolio’s return was in line with that of the benchmark.

$212.3 million in the U.S. equity component

$30.4 million in inflation indexed bonds

$61.8 million in the high-yield, fixed-income component

$57.7 million in real estate securities

$149.5 million in the non-U.S. equity component

$90.9 million in the investment-grade, fixed-income component

FUND A PORTFOLIO MARKET VALUE1

As of June 30, 2015, Fund A had investments of approximately $602.6 million.

FUND A INVESTMENT PORTFOLIO PERFORMANCE2 AS OF JUNE 30, 2015

1. Total market value of Fund A is $604.0 million, including deposits between monthly valuation dates and operating cash on which a total fee of 1⁄12 of 1% is deducted monthly from Fund A. Unit value: $1,229.15

2. Returns are before the deduction of fees.3. The U.S. equity benchmark changed from the Dow Jones Total Stock Market

Index to the Russell 3000 in October 2011.4. The Investment Grade Fixed Income Benchmark changed from the old Custom

Citigroup Index (40% Mortgage, 30% Credit, 25% Treasury/Government, 5% Asset-Backed) to the new Custom Citigroup Index (40% Collateralized, 35% Credit, 25% Treasury/Government) in October 2011.

5. Late in 2008, the Real Estate Securities benchmark transitioned to 60% Wilshire U.S. Real Estate Securities Index and 40% Wilshire Ex-U.S. Real Estate Securities Index, from 100% Wilshire U.S. Real Estate Securities Index. In April 2013 the

Custom Global Real Estate Securities benchmark transitioned to 60% Dow Jones U.S. Real Estate Securities Index and 40% Dow Jones Global Ex-U.S. Real Estate Securities Index with net dividends.

6. In June 2011, Inflation Indexed Bonds were added as a component to Fund A’s asset allocation. The inflation indexed benchmark changed from the Citigroup Inflation Linked Securities Index to the Citigroup U.S. 1-10 Year Inflation Linked Securities Index as of 12/1/2014.

7. Endowment Fund A moved to the SP Investment Grade Fixed Income Pool as of November 2007 and to the SP U.S. Equity Pools as of December 2007 from separately managed accounts.

8. The high-yield benchmark changed from the Citigroup High Yield Cash Pay Capped Index to the Citigroup BB/B Cash Pay Capped Index on Sept. 1, 2012.

NOTE: Past performance does not guarantee future results.

Q2 (%) YTD (%) 1 YR (%) 3 YRS (%) 5 YRS (%) 10 YRS (%) SINCE INCEPTION

TOTAL FUND A7 -0.09 2.73 3.38 11.82 11.69 7.19 5.43

FUND A BENCHMARK: Benchmark: 35% Russell 3000 Index, 25% MSCI All Country World ex-U.S. Index, 10% Citigroup High Yield BB/B Cash Pay Capped Index, 15% Custom Citigroup Bond Index, 10% of Custom Dow Jones Global Real Estate Securities Index (60% Dow Jones U.S. Select Real Estate Securities Index and 40% Dow Jones Global ex-U.S. Select Real Estate Securities Index), and 5% Citigroup U.S. 1-10 year Inflation Linked Securities Index.

-0.61 1.96 1.87 10.54 11.17 6.64 5.26

Fund A U.S. Equity portfolio 0.70 2.93 9.12 19.63 18.33 8.74 5.28

U.S. Equity Benchmark (Russell 30003) 0.14 1.94 7.29 17.73 17.56 8.24 5.23

Fund A non-U.S. equity portfolio 2.00 6.19 -2.56 11.39 9.14 6.68 N/A

Fund A non-U.S. equity benchmark (MSCI All Country World (Ex-U.S.) Index)

1.00 4.59 -4.97 9.80 7.97 5.65 N/A

Fund A high-yield portfolio 0.81 3.58 0.95 6.71 8.36 7.98 N/A

High-yield benchmark (Citigroup BB/B Cash Pay Capped Index8)

0.27 2.71 0.28 6.24 8.22 7.32 N/A

Fund A fixed-income portfolio -1.53 0.08 1.98 2.28 3.62 4.72 5.51

Fixed-income benchmark (Custom Citigroup Index4) -1.62 -0.04 1.85 2.12 3.57 4.71 5.55

Fund A global real estate securities portfolio -6.53 -2.29 2.53 9.37 13.37 6.93 N/A

Real estate securities benchmark (Custom Dow Jones Global Real Estate Securities Index5)

-6.96 -2.76 2.34 9.69 14.28 6.37 N/A

Inflation indexed bond portfolio -0.12 1.12 -1.29 -0.63 N/A6 N/A6 N/A

Inflation indexed benchmark (Citigroup U.S. 1-10 year Inflation-Linked Securities Index)

-0.16 1.03 -1.24 -0.68 N/A N/A N/A

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DG

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EQUITIES MARKET REVIEW (CONT’D)Despite a particularly challenging June, non-U.S. stocks outpaced U.S. stocks for the quarter. This is somewhat surprising given the ongoing negotiations in Europe over Greece’s future and the fears of a slowdown in China, whose equity markets have been particularly volatile this year. The UK and Japan led the way for the quarter while continental Europe and developed Asia (ex-Japan) lagged. Emerging markets edged out positive returns for the quarter. The U.S. dollar continued to strengthen, albeit more modestly than last quarter, reducing returns for dollar-based investors by 0.20%.

GLOBAL REAL ESTATESECURITIES MARKET REVIEWMike Clancey, CFA, CAIAAssistant Investment Manager, Portico Benefit Services

Fund A’s global real estate securities component returned -6.5% in the second quarter of 2015, compared to the custom benchmark return of -7%.

Global real estate securities underperformed both U.S. equity (+.1%) and non-U.S. equity markets (+1%) over the course of the second quarter as interest rates ticked up across the globe. Within the U.S. real estate securities space, the hotel and self-storage sectors were the leaders, while healthcare, retail and industrial properties lagged on a relative basis. In terms of geography, the Global Ex U.S. real estate securities market showed relative strength compared to U.S. real estate securities by a wide margin (-2.3% vs. -10%), inclusive of the currency effect.

FIXED-INCOME MARKET REVIEWMark Haney, CFASenior Investment Manager, Portico Benefit Services

Core investment-grade fixed-incomeIn the second quarter, Fund A’s fixed-income portfolio returned -1.5%, outperforming the return of the custom benchmark.

In the minutes of their June meeting, the Federal Reserve (the Fed) noted that economic activity has been expanding after having changed little during the first quarter of 2015. Labor market conditions have improved, growth in household spending has been moderate and the housing sector has shown some improvement. The Committee reaffirmed the 0.0% to 0.25% federal funds target rate.

Throughout the quarter, the market consensus was that the Fed would begin to raise the Federal Funds rate in June, albeit at a very slow and measured pace. The market began to more decisively price this in, moving prices lower and rates higher, especially on the longer end of the curve; ten year and thirty year Treasury rates were higher by .43% and .59% respectively. The Citigroup Broad Investment-Grade Bond Index was down -1.66% for the quarter, with the Credit sector, down -2.69%, having the largest impact. Governments were down -1.48% and mortgages with their lower sensitivity to interest rates fell only by -.78%.

High-yield High-yield bonds were little changed during the second quarter of 2015, posting a return of .27% as measured by the Citigroup High-Yield BB/B index. Portico high-yield managers outperformed the index, returning 0.81%.

Fundamentals remained strong and defaults remained low, with U.S. speculative-grade companies defaulting at a slightly higher rate of about 2% through May, according to Standard & Poor’s. Higher Treasury rates and a general environment of uncertainty held both the highest-rated most interest-rate sensitive BB’s and the lowest rated CCC’s to very modest and negative returns during the quarter. Single B’s lead with a return of .51%, BB’s returned just .06% and CCC’s delivered a -.39% return.

Sector returns were mixed with Oil Equipment bouncing back to a 6.5% return, and commodity oriented industries like Paper/Forest Products lagging at -5.88%.

Inflation-indexed bondsInflation-indexed bonds posted a negative return of -0.16% for the second quarter of 2015. This passively-managed (indexed) portfolio’s return was in line with that of the benchmark.

$212.3 million in the U.S. equity component

$30.4 million in inflation indexed bonds

$61.8 million in the high-yield, fixed-income component

$57.7 million in real estate securities

$149.5 million in the non-U.S. equity component

$90.9 million in the investment-grade, fixed-income component

ELCA ENDOWMENT FUND POOLED TRUST – FUND ASECOND QUARTER 2015 REPORT

A SLUGGISH QUARTERKurt Kreienbrink, CFAManager, Socially Responsible Investing and Investor Advocacy, Portico Benefit Services

Second quarter updateThe S&P 500 Stock Index was up 0.3% for the quarter. The investment-grade bond market, as measured by the Citigroup Broad Investment-Grade Bond Index, was down 1.7%. Non-U.S. stocks were up 1.0%.

Greece and the Fed Two of the biggest market news items were the events in Greece and continued focus on the timing of potential interest rate increases by the Federal Reserve (the Fed). While Greece continues to struggle finding solutions to debt problems, its problems do not pose as much of a threat to the global economy as they once did. This is because other countries like Spain have improved their economics since the beginning of the financial crisis. The other big news story was the Fed, and speculation on when will they begin raising rates. During the quarter, U.S. Treasury rates already began moving higher, and hence bond prices moved lower, as many market participants anticipate Fed action this fall.

Taking a longer-term viewWhile both stock and bond markets turned in rather unimpressive results for the quarter, it’s worth noting the stock market passed a significant milestone. The current S&P 500 bull market (6.3 years) is now the third longest bull market since 1945, and is up over 200% since the bull market began in March of 2009. In case you’re wondering, the longest bull market since 1945 is 12.3 years.

So when will this long running bull market end, and when will the Fed start raising rates? These are short-term questions nobody can answer today with certainty.

For these reasons, Portico will continue to focus on long-term fundamentals which influence long-term performance, including strategic asset allocation and appropriate diversification, rather than dwelling on current records being set in the marketplace or speculation on interest rate moves.

EQUITIES MARKET REVIEWJosh Stieler, CFASenior Investment Manager, Portico Benefit Services

U.S. equityThe U.S. equity component of Fund A returned 0.70% in the second quarter, beating the benchmark return of 0.14%. Strong relative returns from the large cap components drove the positive quarterly results.

The U.S. equity market, as measured by the Russell 3000 Index, narrowly tallied its 12th consecutive quarterly gain. Negative returns in June offset gains earlier in the quarter as global economic and geopolitical concerns weighed on U.S. markets. Sector returns were mixed, with health care, telecom and consumer cyclical stocks leading the way while industrials, energy and consumer staples stocks dropped.

Size and style factors were relatively benign for the quarter. Large-cap stocks narrowly outperformed small and mid-cap stocks while growth and value stocks performed similarly.

Non-U.S. equityFund A’s non-U.S. equity component returned 2.0% in the second quarter, beating the benchmark return of 1.0%. The positive results were broad based as four of the five active managers beat their respective benchmarks.

FUND A – SECOND QUARTER 2015 SUMMARYFor the second quarter, Fund A returned -0.1%, outperforming the benchmark return of -0.6%, gross of fees. For the trailing 12 months, the Fund is up 3.4%, ahead of the benchmark return of 1.9%, gross of fees.

8765 West Higgins RoadChicago, Illinois 60631-4101

ELCA Endowment Fund Pooled Trust – Fund A was established to allow for the collective long-term investment of funds belonging to the Evangelical Lutheran Church in America (ELCA), its congregations, synods, seminaries and other eligible affiliated entities. Fund A is administered by the ELCA. The Board of Pensions of the ELCA, doing business as Portico Benefit Services, is the investment advisor. The ELCA promotes investment in the Endowment Fund Pooled Trust through the ELCA Foundation.

For more information contact:Christina Jackson-SkeltonPresident, Endowment Fund of the ELCA

Annette C. ShoemakerDirector, ELCA Foundation

800-638-3522 • fax 773-380-2775elcafoundation@elca.orgELCA.org/endowmentinvesting

The ELCA Foundation regional gift planners are located throughout the country and are ready to assist you.

AT A GLANCE

CONTACT US

SOCIAL PURPOSE INVESTING Fund A’s assets are selected, where feasible, in accordance with criteria of social responsibility that are consistent with the values and programs of the ELCA. In addition, Fund A seeks positive social investments that provide a proactive way to receive a return while directing capital to underserved markets, such as community development and renewable energy.

ABOUT FUND AYou should carefully consider the target asset allocations, investment objectives, risks, charges and expenses of any fund before investing in it. Fund A is subject to risk. Past performance cannot be used to predict future performance. Portico Benefit Services’ funds, in which Fund A is invested, are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fund assets are invested in multiple sectors of the market. Some sectors, as well as the Fund, may perform below expectations and lose money over short or extended periods.

Neither Portico Benefit Services nor its funds are subject to registration, regulation or reporting under the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940 or state securities laws. Members, therefore, will not be afforded the protections of those provisions of those laws and related regulations.