Quarterly Performance

Quarterly performance for the United Association S&P 500 Index Fund quoted is as of the close of markets on the last business day of the previous calendar quarter-end.

If you wish to view more information on United Association S&P 500 Index Fund Share Classes, please click on the share class below.

Performance quoted is as of December 31, 2011.

	Current Quarter	1-Year Return	3-Year Annualized Return	5-Year Annualized Return	10-Year/ Since Inception Return*
UA S&P 500 Index Fund I	11.80%	2.02%	14.01%	-0.22%	2.91%
UA S&P 500 Index Fund II	11.81%	1.97%	13.93%	-0.27%	2.83%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

*If the fund is less than 1 year old, cumulative return since inception is shown; if the fund is less than 10 years old, annualized return since inception is shown.

For performance data current to the most recent month end, please click here or call 888-766-8043. Expense ratio for UA S&P 500 Index Fund is 0.25% Class I and 0.35% for Class II.

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