Manager Change to Core Bond Fund

Effective 8/29/17

IMPORTANT ANNOUNCEMENT – CHANGE TO MANAGER LINE-UP UPAL CORE BOND FUND

Upon reviewing the underlying mix of managers within the UPAL Retirement Program, we have decided, upon the advice of the Strategic Investment Advisory Group, the independent investment advisors to the Program, to remove the DFA Intermediate Term Extended Quality, I Fund from the UPAL Core Bond Fund effective 8/29/17.

The DFA Intermediate Term Extended Quality, I Fund will be replaced by the Vanguard Intermediate Term Corporate Bond ETF, which has a lower expense ratio than the DFA fund expense ratio and better tracking error with its index.

Implementation of these changes will become effective Tuesday, August 29, 2017.  Should you have any questions or concerns, please don’t hesitate to contact UPAL at 918-747-5585.