November 14, 2025 supplement to the September 30, 2025 fact sheets and participation agreements for the collective investment funds listed below

The following update applies to each of the collective investment funds listed below (“Funds”) and their individual fee classes.  A copy of this supplement should be downloaded and accompany any electronic or printed copy of the September 30, 2025 fact sheets for the Funds, which are posted here: https://greatgray.com/cit-fund-info/collective-funds-fact-sheets/ as well as the participation agreement for any of the Funds.

Great Gray Trust Company, LLC (“Trustee” or “Great Gray”) in its role as trustee for the Funds, engaged flexPATH Strategies, LLC (“flexPATH”) as the sub-advisor for the Funds to assist the Trustee in managing the Funds.  As Trustee, Great Gray maintains ultimate authority over each Fund and how it is managed.

Effective as of the close of business on November 14, 2025, the sub-advisory relationship with flexPATH was terminated by mutual agreement of flexPATH and Great Gray.  Simultaneously, Great Gray in-sourced the investment management services that it previously out-sourced to flexPATH as sub-advisor. Certain flexPATH employees will be employed as part of the in-sourcing by the Trustee to leverage their expertise, relationships and talents.  As a result, there will be no change to the services provided or fees charged to the Funds.  As part of this transaction, Great Gray has obtained the rights to continue to use the flexPATH brand in a Fund’s name.

For additional information, please review the Great Gray press release at https://greatgray.com/great-gray-flexpath.