Manager Change to the UPAL S&P 500 Index Equity Fund

Effective:  ­­­­November 27, 2020

IMPORTANT ANNOUNCEMENT – CHANGE TO MANAGER LINE-UP FOR THE UPAL S&P INDEX EQUITY FUND

As part of the oversight and due diligence on investments, we routinely check the pricing of plan investments to ensure that the most appropriate fund option is available.  Upon the advice of the Strategic Investment Advisory Group, the independent investment advisors to the Program, we have been evaluating S&P 500 Index options, as well as index options in other spaces, for several months now, and through our research we found that the Fidelity 500 Index is the most appropriate option.

Implementation of these changes will become effective­­­­ November 27, 2020. Should you have any questions or concerns, please don’t hesitate to contact UPAL at 918-747-5585.