Manager Change to Alternative Investments Fund

IMPORTANT ANNOUNCEMENT – CHANGE TO MANAGER LINE-UP UPAL ALTERNATIVE INVESTMENTS FUND Upon reviewing the underlying mix of managers within the UPAL Retirement Program, we have decided, upon the advice of Strategic Investment Advisory Group, the independent investment advisors to the Program, to remove the iPath S&P 500 Dynamic VIX ETN (XVZ) from the Alternative Investments Fund. This investment was added to the underlying strategies of this Fund to address tail risk and help minimize losses during times of extreme market volatility and risk aversion. Based on the Advisors current market outlook, they believe the probability of experiencing a significant decline in the equity market, similar to 2008, is low. The cost of continuing to hold this strategy in the Fund outweighs its potential benefit. The iPath S&P 500 Dynamic VIX ETN is being removed and the proceeds will be invested in the Diamond Hill Long-Short Fund (DHLSX), in order to maintain the existing allocation to long-short/hedged equity strategies and focus on Fund managers that can take advantage of opportunities in the equity market, regardless of the overall direction of the market. Given the favorable outlook for the equity market, the Advisors favor the Diamond Hill Long-Short Fund, which is already held in the Fund, because of its long exposure to the equity market and its higher beta positioning. This is a relatively minor re-positioning of 2.4% of the assets allocated to the Fund. Implementation of these changes will commence immediately and become fully effective Friday, December 27th. Should you have any questions or concerns, please don’t hesitate to contact UPAL at 918-747-5585.