Fund Family Overview

The Fund is distributed primarily to the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States and Canada (the �UA�) either through direct investment by UA members, or through investment by UA pension funds.

The Fund offers Institutional Shares (�Class I� shares) that are designed to give organizations, pension funds and other entities(non-natural persons) or financial institutions acting in a fiduciary or agency capacity for such entities, a convenient means of accumulating an interest in the Fund.

Class I shares are not designed for individuals and have a minimum initial investment requirement of $500,000.

UA S&P 500 Index Fund II

The Fund also offers Retail Shares (�Class II� shares). Class II shares are designed for individuals and other investors who seek mutual fund investment convenience plus a lower investment minimum. Class II shares have a $1,000 minimum initial investment requirement and offer additional services for the individual investor.

Class II shares also incur distribution fees and account maintenance fees for accounts under $10,000.

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