Notice from Great Gray Trust Company

Effective April 28, 2023 Wilmington Trust, N.A. (“WTNA”) assigned all of its right, title and interest to Great Gray Trust Company, LLC (“Great Gray”), a Nevada-chartered non-depository trust company that assumed WTNA’s collective fund business and became trustee to the existing collective investment funds.  More information about Great Gray can be found at www.greatgray.com.  You can click on this link to view the 2023 Amended and Restated Declarations of Trust that reflect the change in trustee and any related trust name change. You can click on this link to view the 2023 Fund Name Changes, which reflect the collective investment fund name revisions that were effective June 2, 2023, to remove references to Wilmington Trust, WT and WTNA.

Please read the Additional Fund Information and Principal Risk Definitions in conjunction with each fact sheet as it includes supplemental information about the risks of investing.

Great Gray, as Trustee, shall vote, or refrain from voting, all proxies with respect to securities held in each Great Gray Fund in accordance with Great Gray’s proxy voting policies, guidelines, and/or procedures in effect from time to time, or those of the Sub-Advisor Great Gray has retained to advise on investments for the Fund. View our Proxy Voting Policies.

View our Collective Fund annual reports for the most recent annual financial statements and independent auditor’s report. Annual Reports for year-end 2022 will not reflect the changes noted above; the changes will be reflected in the next annual reports for year-end 2023.

Please contact us with any questions.

Great Gray Trust Company, LLC Collective Investment Funds (“Great Gray Funds”) are bank collective investment funds; they are not mutual funds. Great Gray Trust Company, LLC serves as the Trustee of the Great Gray Funds and maintains ultimate fiduciary authority over the management of, and investments made in, the Great Gray Funds. Great Gray Funds and their units are exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933, respectively.

Investments in the Great Gray Funds are not bank deposits or obligations of, are not insured or guaranteed by Great Gray Trust Company, LLC, any bank, the FDIC, the Federal Reserve, or any other governmental agency. The Great Gray Funds are commingled investment vehicles, and as such, the values of the underlying investments will rise and fall according to market activity; it is possible to lose money by investing in the Great Gray Funds.

Participation in Collective Investment Trust Funds is limited primarily to qualified retirement plans and certain state or local government plans and is not available to IRAs, health and welfare plans and, in certain cases, Keogh (H.R. 10) plans. Collective Investment Trust Funds may be suitable investments for plan fiduciaries seeking to construct a well-diversified retirement savings program. Investors should consider the investment objectives, risks, charges and expenses of any pooled investment fund carefully before investing. The Additional Fund Information and Principal Risk Definitions (PRD) contains this and other information about a Collective Investment Trust Fund and is available at www.greatgray.com/principalriskdefinitions or ask for a copy free of charge by contacting Great Gray Trust Company, LLC at (866) 427-6885.

Performance data shown represents past performance and should not be considered indicative or, or a guarantee of future results. Current performance may be lower or higher than that shown. Investment return and principal value will fluctuate. Your investment, when redeemed, may be worth more or less than the original cost. Any fee waivers result in higher performance than what would have otherwise been realized.

Performance return figures represent the total change in net assets with capital gains and income dividends reinvested. Performance information is presented net of any applicable trustee fees, management fees, contract fees, or other fees or expenses which are borne by the Fund.

Gross performance returns (where provided) usually will reflect the deduction of transaction costs, but not advisory fees or all other expenses an investor in the Great Gray Fund bears. Accordingly, gross performance will be higher than net performance results, and the effect of additional fees and expenses borne by the investor will compound over time.

Great Gray Fund performance may be accompanied by performance of a published index selected based on the Great Gray Fund strategy in an effort to compare the performance of a market of securities commonly seen as eligible for that strategy. Indices are unmanaged and not available for direct investment. Indices do not reflect expenses that are borne by an investor in a Great Gray Fund, such as management fees and transaction costs, which reduce returns. Please consult the index provider for a description of the index.