SMART Capital Preservation Fund

1 SMART Capital Preservation FundVolatility Meter*The Investment volatility, when shown,is a function of the investment option'sMorningstar 3-year Risk Rating. The AssetCategory volatility is based on the averagestandard deviation of investment options inthis asset Asset Category*For illustrative purposes Asset Category volatility measure willalways be displayed. If the Investmentvolatility measure is not displayed, theinvestment may have fewer than three yearsof history or the data may not be IssuerMassachusetts SMART PlanAsset CategoryFixed InterestFixedPeriod Ending: 06/30/2023 Net Expense RatioGross Expense RatioTotal Net Assets (MM)Inception DateData Effective $2, consider the investment option s objectives, risks, fees and expenses. Contact us for a prospectus and summary prospectus for SECregistered products or disclosure document for unregistered products, if available, containing this information.

2 Read each carefully before 08/15/2023 Page 1 of 2022318 SMART Capital Preservation FundGP22/841856021 Investment Objective & StrategyThe SMART Capital Preservation fund (the " fund ") is a plan investment option that seeks to provideinterest income consistent with prevailing market and interest rate conditions, principal stability, capitalpreservation, and liquidity for participant activity. The fund seeks to achieve these goals by investing ina combination of stable value contracts and fixed income ProfileThe investment may be most appropriate for someone wanting to safeguard principal value or to balancea portfolio which contains more aggressive investments. The investor may be requiring stability and Allocation1% of AssetsFixed & Sector Diversification% of AssetsInvestment Grade Backed Mortgage Mortgage Quality - Bond2% of Assets< CharacteristicsAverage Effective yrsInterest Crediting MethodThe actual return applied to participantaccounts will be the net blended returnof all Income fund investments andmay fluctuate InformationDirect transfers from any investmentoption offered under the Plan to theSMART Capital Preservation fund areallowed.

3 However, direct transfers fromthe SMART Capital Preservation Fundto the TD ameritrade SDB MoneyMarket is not permitted. If a transferis processed from the SMART CapitalPreservation fund to another coreinvestment option offered under thePlan, no trades may be placed to theTD ameritrade SDB Money Market for90 & Investment Option DisclosuresFUNDOV 08/15/2023 Page 2 of 2022318 SMART Capital Preservation FundGP22/8418560213-YearRisk RatingAn annualized measure of a fund 's downside volatility over a three-year period. Morningstar Risk Rating is derived directly from Morningstar Risk,which is an assessment of the variations in a fund 's monthly returns, with an emphasis on downside variations, in comparison to similar funds. In eachMorningstar Category, the top 10% of investments earn a High rating, the next Above Average, the middle 35% Average, the next BelowAverage, and the bottom 10% Low.

4 Investments with less than three years of performance history are not of principal is the primary objective of this investment option. The fixed account guarantees a minimum rate of interest for the life of anannuity contract, but may credit a higher interest rate from time to time. Interest is credited to the principal and the investment increases throughcompound interest to create a book value amount to the participant. Amounts allocated to the fixed account are held in funds offered through aninsurance company's general account or separate account. Please consult your plan sponsor on specific provisions of your stable value Capital Management, LLC is the investment adviser to EmpowerFunds, , when presented, are offered and/or distributed by EmpowerFinancial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate ofEmpower Retirement, LLC; Empower Funds, Inc.

5 ; and registered investmentadviser, Empower Advisory Group, LLC. This material is for informationalpurposes only and is not intended to provide investment, legal or taxrecommendations or involves risk, including possible loss of may impose redemption fees and/or transfer restrictions if assets areheld for less than the published holding Glossary terms are sourced from Morningstar, Inc., except Fixed and/or Stable Value when trademarks, logos, service marks and design elements used are owned bytheir respective owners and are used by gross and net expense ratio, if shown, reflect the most current dataavailable at the time of production, which may differ from the data effectivedate. The net expense ratio shown, if lower than the gross expense, reflects feewaivers or reimbursements that may expire as stated in the fund s prospectus,when and composition of holdings are subject to Treasury securities, where listed, are guaranteed as to the timely paymentof principal and interest if held to maturity.

6 The fund itself is neither issued norguaranteed by the responsibility for the content contained in the website(s) provided (ifshown) is entirely that of the website owner. Endorsement is neither declarednor implied. Fee and performance information on the website(s) listed maydiffer for funds offered through an individual or group variable inception date used is the date the Plan started investing in the fund . TheData Effective Date is the date for which the most current data is available. ThePeriod Ending Date is the date for which the fund fact sheet is data is gathered from reliable sources, the completeness or accuracyof the data shown cannot be The allocations shown here are subject to change. The fund allocations arebased on an investment strategy based on risk and For credit quality, the credit rating information provided by the fund companyincludes ratings from Standard & Poor s Ratings Services.

7 For furtherinformation about the rating agency methodology, please visit the followingwebsite: otherwise noted, investments are not deposits, insured by theFDIC or any federal government agency, or bank guaranteed and may losevalue. 2023 Empower Retirement, LLC. All rights following are the fund fact sheets created by the fund manager(s) for each of the underlying funds which serve as the investment vehicles for the SMART Plan plain label fund . The research, views, and opinions contained in these materials are those of the author(s). Empower Retirement, LLC and its affiliates are not affiliated with the author(s) and are not responsible for the third-party content all of the fund 's assets are invested in the underlying STATISTICST otal Assets:$2,282,432,089 Crediting (years) Credit Quality(S&P/Moody's):A+/Aa3 Overall Risk Level:Conservative12 Moderate34 Aggressive5A Few Words About Risk:As with all investments, theFund involves risksincluding inflation risk andcredit risk.

8 Inflation risk isthe possibility that dollarsinvested in the fund willnot maintain the samepurchasing power in thefuture. Credit risk is thepossibility that a bondissuer or stable valuecontract provider may beunable to make principal,interest, or other paymentson time, or at all. The abilityof the fund to make bookvalue payments is alsosubject to the availabilityand terms of the fund 'sstable value portfolio risk managementprocess includes an effort tomonitor and manage risk, butdoes not imply low Advisor GSAM Stable Value, LLCis a registered investmentadvisor specializing instable value and fixedincome strategies forinstitutional clients. As ofJune 30, 2023 GSAMS table Value, LLC had$ billion in assetsunder supervision (AUS).GSAM Stable Value, LLC isheadquartered inBurlington, includes assets undermanagement and other clientassets for which GSAM does nothave full FUNDThe SMART Capital Preservation fund (the " fund ") is a plan investment option that seeks to provide interest incomeconsistent with prevailing market and interest rate conditions, principal stability, Capital Preservation , and liquidity forparticipant activity.

9 The fund seeks to achieve these goals by investing in a combination of stable value contracts andfixed income PERFORMANCESMART Capital Preservation fund (Net)iMoneyNet Money fund Average3 Month1 Year3 Year Annualized5 Year Annualized10 Year of Return (%) returns, as provided by the fund 's trustee and/or recordkeeper, include the reinvestment of all income and are presented net of investmentmanagement and certain other fees. Other fees and expenses may performance does not guarantee future results, which may iMoneyNet Money fund Average is the all-taxable money fund report average, a product of iMoneyNet, Inc., and is presented net of certain fees VALUE SECTOR ALLOCATIONA ssetS&P/Moody'sRatingPercentCash/Cash Government Fixed +M Int G/C - MDCPAA- Int - MDCPA- fund 2023AA- fund 2024AA- fund 2025A+ fund 2026A+ fund 2027AA- Agg - MDCPA+ Value Sector DefinitionsCash/Cash Equivalents: For stable value portfolios,Cash Equivalents generally include cash, the portfolio'sSTIF vehicle, and other highly liquid investments with amaturity of one year or less that are readily convertibleto a known amount of cash without penalty and carry alimited risk of change in value because of interest ratemovements.

10 The fund may have additional exposureto Cash/Cash Equivalents through other Fixed Income: Investments that have fixedincome securities paired with stable value wrapcontracts. The fund may hold these investments eitherdirectly or indirectly through ownership in fixed incomecommingled investment : GSAM and Commonwealth of Massachusetts. GSAM's and Commonwealth of Massachusetts's products are not related, and Commonwealthof Massachusetts has not endorsed either GSAM or its Value Contract Issuers: Transamerica - AEGON, Prudential, Lincoln Financial Group, VoyaThe fund 's sector allocations and investments are subject to change. Portfolio holdings and/or allocations shown above are as of the date indicatedand may not be representative of future investments. Future investments may or may not be TERMSBook Value: For a stable value investment, book value may be defined generally as the value of deposits, plus accumulated interest, minuswithdrawals.