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Alternative Asset Fund - I Series

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Alternative Asset Fund – I Series (AAF-I)

AAF-I holds units of a Delaware limited liability company registered under the Investment Company Act of 1940, as amended which provides exposure to a broad portfolio of private markets investments through an evergreen fund structure.

Objective and Strategy

AAF-I seeks long-term capital appreciation by investing in a broad portfolio of global private market investments. AAF-I’s underlying investment is in an evergreen fund invests in assets including primary and secondary private equity funds, direct investments in private companies including growth equity and co-investments, and private credit. AAF-I seeks to provide investors broad diversification across geography, vintage year and subclass of private equity and credit investments.

Risk Categorization

3 > Fund Overview

Fund Snapshot

Items	Fund Snapshot
	Inception
Data	January 1, 2024
	Expense Ratio
Data	1.35% as of December 31, 2025¹
	Fund Assets
Data	$65 Million as of December 31, 2025²
	Holdings
Data	N/A
	I Series Price History
Data	N/A
	Investment Funds Description - I Series
Data	Investment Funds Description - I Series

Fund Snapshot	Data
Inception	January 1, 2024
Expense Ratio	1.35% as of December 31, 2025¹
Fund Assets	$65 Million as of December 31, 2025²
Holdings	N/A
I Series Price History	N/A
Investment Funds Description - I Series	Investment Funds Description - I Series

Fund Managers

External Asset Managers

Amy Bulger

Director, Private Markets

Piotr Chwala

Manager, Private Markets

Frank Holsteen

Managing Director, Investment Management

Frank Holsteen

Managing Director, Investment Management

Frank joined Wespath in March 2012. As the managing director of Investment Management, Frank provides strategic investment support and risk management for Wespath and its subsidiaries’ investment programs, as well as administrative and operational oversight. He leads a team of investment professionals responsible for sourcing, monitoring and reporting on all fixed income, equity and alternative investments, as well as the internally managed Positive Social Purpose Lending Program. Prior to this role, Frank was the director of Public Equities and Fixed Income at Wespath, where he oversaw the strategic direction and staff of the equities and fixed income investment programs. His previous experience includes serving as managing director at Barrington Strategic Wealth Management Group and working as a fixed income portfolio manager and trader at Chicago Asset Management Company. Frank received a bachelor’s degree in Economics from Lake Forest College.

The above individuals are responsible for the selection and monitoring of external investment manager(s).

^*Investors must meet certain qualifications to invest in AAF-I, some of which do not apply to investments in other WII funds. Investments in AAF-I are also subject to minimum commitment amounts determined by WII. The fund’s evergreen structure allows investors to subscribe on a monthly basis and redeem units on a quarterly basis, subject to an initial one-year lock-up period and redemption limits.

¹The 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 information set forth above is based on actual asset balances and fees and expenses, as of December 31, 2025. 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. All expenses incurred by AAF-I are reflected in the unit value calculated for the fund. The custody fee and administrative and overhead expenses are charged directly to AAF-I investors. Please see the “Fees and Expenses of the Funds” section of the Investment Funds Description – I Series for further information about the fund’s fees and expenses.

²Fund assets are inclusive of a distribution declared in December 2025.

Risks & Disclosures

ETFIF is designed for investors with a longer investment time horizon who seek a greater portion of their investment return from current income rather than capital appreciation but exhibit a willingness to incur significant fluctuations in investment value due to higher levels of interest rate risk. Fund investments carry some degree of risk that will affect the value of ETFIF’s investments, its investment performance and the price of its units. As a result, loss of money is a risk of investing in the Fund. ETFIF is subject to the following principal investment risks: credit risk, country risk, currency risk, derivatives risk, interest rate risk, investment style risk, liquidity risk, market risk, prepayment risk, security-specific risk and yield curve risk.

The performance shown is for the stated time period only and computed in U.S. Dollars (USD). Historical returns are not indicative of future performance. For further discussion of the Fund’s investments strategies and risks, please refer to the Investment Funds Description – P Series. This is not an offer to purchase securities.

Lending of Portfolio Securities

The Fund seeks to earn additional income by lending a portion of its portfolio securities to brokers, dealers and other financial institutions. The loans are secured at all times by cash and liquid high-grade debt obligations. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in the collateral should the borrower fail financially. In addition, losses could result from the reinvestment of the cash collateral received on loaned securities.

Expense Ratio

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 Benefits and Investments, and for non-Fund related activities and operations.

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. 2023 Expense Ratios reflect a recent change to the fee calculation methodology. The methodology for calculating the funds’ Administrative and Overhead Expenses—one component of overall Expense Ratios—was changed (effective July 1, 2023) to better align with the level of resources required by Wespath to administer each P Series fund. This methodology is applicable for the entire year beginning January 1, 2024.

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 – P Series.