Sub-Item 77I - Terms of New or Amended Securities

(a)  N/A

(b)  On March 2, 2000, the United Association S&P 500 Index Fund
     (the "Fund") commenced offering shares.  With respect to the
     United Association S&P 500 Index Fund the Registrant
     incorporates herein by this reference Post-Effective
     Amendment No. 15 to the Trust's Registration Statement on
     Form N-1A (Nos. 33-72424 and 811-08194), with specific
     reference to pages 4-8 and 19-31 for a description of the
     Fund, as filed with the SEC on February 14, 2000 and which
     Amendment became effective on February 14, 2000.



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