As with many aspects in the United Methodist Church, there is a lot of diversity. Back in the late 80s, a new hymnal came out, and shortly after, a Book of Worship. The Great Thanksgiving that is prescribed to be said is thuroughly trinitarian, which includes the following congregational responses: "Holy, Holy, Holy, Lord, God of power and might; heaven and earth are full of your glory, Hosanna in the highest. Blessed is he who comes in the name of the Lord; hosanna in the highest!" And, what we call the mystery of faith, "Christ has died, Christ is risen, Christ will come again."
For an epiclesis, the pastor says, "Pour out your Holy Spirit on us gathered here, and on these gifts of bread and wine. Make them be for us the body and blood of Christ, that we might be for the world the Body of Christ, redeemed by His blood. By your Spirit, make us one with Christ, one with each other, and one in ministry to all the world, until Christ comes back in final victory, and we feast at His heavenly banquet. Through Your Son Jesus Christ, with the Holy Spirit, in Your Holy Church, all honor and glory is yours, almighty Father, now and ever. Amen."
We then pray The Lord's Prayer. Then everyone who "earnestly repent of their sin and seek to live in peace with one another" come forward. When receiving the bread, the suggested words are, "The body of Christ, given for you." And when the cup, "The blood of Christ, given for you."
Our liturgy infers that we understand Communion to be a sacrament and that Christ is truly present in the consecrated bread and wine (usually grape juice, going back to our temperance days of the 19th century). We do not explain how Christ is present. We do not reserve the elements. For us, it remains a holy mystery. In fact, after communion has been distributed, the minister says this prayer: "We thank you for this holy mystery, in which you have given yourself for us. Send us forth, by the power of your Holy Spirit, that we might give ourselves for others. In the name of Jesus Christ we pray. Amen.