*For illustrative purposes only. SMART Capital ...

SMART Capital Preservation Fund

Fixed

Period Ending: 09/30/2023

Volatility Meter*

Investment volatility, when shown, is a function of the fund's Morningstar 3-year Risk Rating. On an annual basis, Empower assigns a ranking for the Investment volatility based on the fund's standard deviation. Asset Category volatility is based on the average standard deviation of funds in this asset category. Risk Rating, standard and average deviation provided by Morningstar.

Low

Moderate

Asset Category

High

*For illustrative purposes only. The Asset Category volatility measure will always be displayed. If the Investment volatility measure is not displayed, the investment may have fewer than three years of history or the data may not be available.

Fund Issuer

Massachusetts Deferred Compensation Plan

Asset Category

Fixed Interest

Investment Objective & Strategy

The SMART Capital Preservation Fund (the "Fund") is a plan investment option that seeks to provide interest income consistent with prevailing market and interest rate conditions, principal stability, capital preservation, and liquidity for participant activity. The Fund seeks to achieve these goals by investing in a combination of stable value contracts and fixed income investments.

Risk Profile

The investment may be most appropriate for someone wanting to safeguard principal value or to balance a portfolio which contains more aggressive investments. The investor may be requiring stability and asset liquidity.

Asset Allocation1

Bond Characteristics

Average Effective Duration..... 3.42 yrs

Interest Crediting Method

The actual return applied to participant accounts will be the net blended return of all Income Fund investments and may fluctuate daily.

% of Assets

Fixed Income....................... 97.60 Cash & Equivale.................... 2.40

Bond Sector Diversification

% of Assets

Investment Grade Corporate...... 38.30 Treasury/Agency......................... 21.30 Mortgage Backed Securities....... 14.90 Asset Backed............................... 8.30 Commercial Mortgage Backed Securities...................................... 6.50 Cash............................................. 4.80 Municipal...................................... 3.70 Agency.......................................... 1.70 Collateralized Mortgage Oblig...... 0.40 Other............................................ 0.10

Transfer Information

Direct transfers from any investment option offered under the Plan to the SMART Capital Preservation Fund are allowed. However, direct transfers from the SMART Capital Preservation Fund to the TD Ameritrade SDB Money Market is not permitted. If a transfer is processed from the SMART Capital Preservation Fund to another core investment option offered under the Plan, no trades may be placed to the TD Ameritrade SDB Money Market for 90 days.

Credit Quality - Bond2

% of Assets

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