Manager Change to the UPAL Alternative Investment Fund

Effective:  November 13, 2017

IMPORTANT ANNOUNCEMENT – CHANGE TO MANAGER LINE-UP UPAL ALTERNATIVE INVESTMENT 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 AQR Managed Futures Strategy, Institutional Fund from the UPAL Alternative Investment Fund effective November 13, 2017.  The allocation to a managed futures strategy has not provided the diversification benefits and investment returns that were expected when it was added to the portfolio. This strategy will be removed and the allocation distributed to other strategies currently held in the pooled fund.

AQR Managed Futures Strategy, Institutional Fund will not be replaced but instead its 17% allocation will be allocated to the current managers of this Fund.

Implementation of these changes will become effective November 13, 2017.  Should you have any questions or concerns, please don’t hesitate to contact UPAL at 918-747-5585.