To the Audit Committee
BOKF, NA, d/b/a Bank of Oklahoma, Trustee for Second
UPAL Pooled Investment Trust for Retirement Plans

Opinion

We have audited the financial statements of Second UPAL Pooled Investment Trust for Retirement Plans (the Trust), which comprise the statements of assets and liabilities, including the schedules of investments, of each of the Funds as identified in Note 1 on pages 20 and 21 (the Funds) as of December 31, 2024, and the related statements of operations and changes in net assets and financial highlights for the year then ended and the related notes to the financial statements for all Funds except for UPAL Global Public Real Estate Fund. The financial statements of UPAL Global Public Real Estate fund comprise the statements of operations and changes in net assets, and the financial highlights for the period from January 1, 2024 to February 14, 2024 (date of dissolution), and the related notes to the financial statements. These financial statements and financial highlights are hereinafter collectively referred to as financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of each of the Funds, except for UPAL Global Public Real Estate Fund, as of December 31, 2023, and the results of its operations, and changes in its net assets and its financial highlights for the year then ended in accordance with accounting principles generally accepted in the United States of America. For UPAL Global Public Real estate Fund, the results of its operations, changes in its net assets and its financial highlights are for the period from January 1, 2024 to February 15, 2024 (date of dissolution).

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