Important Disclosures On December 31, 2020, Empower Retirement (Empower) fund to produce ASR equal to the target ASR. If the ASR markets, limited financial resources, and less liquid stocks, acquired the retirement business of Massachusetts Mutual Empower receives from the underlying investment is more all of which may cause price volatility. International/global Life Insurance Company (MassMutual). Following an initial than Empower target ASR, Empower will allocate to the investing can involve special risks, such as political transition period, Empower will become the sole unitized plan fund a share of the revenue Empower received changes and fluctuations. These risks are administrator of this business. Empower Retirement refers to from the underlying investment so that the net expense of heightened in emerging markets. A significant percentage of the products and services offered by Great-West Life & the unitized plan fund equals Empower’s target revenue. If the underlying investments in aggressive asset allocation Annuity Insurance Company and its subsidiaries, including the ASR Empower receives from an underlying investment portfolio investments have a higher than average risk Empower Retirement, LLC. Empower is not affiliated with is less than Empower’s target ASR, Empower will redeem exposure. Investors should consider their risk tolerance MassMutual or its affiliates. shares or units from the underlying investment such that the carefully before choosing such a strategy. An investment Current performance may be lower or higher than return amount of the revenue received from the underlying with multiple underlying investments (which may include data quoted herein. For more current information, investment for administrative services and the redeemed asset-allocation, lifestyle (risk based), lifecycle (target date) including month-end performance, please visit share or units equals Empower’s target revenue. As a result or custom blended investments) may be subject to the www.retiresmart.com. The investment return and the of this process, the reported performance and expenses of expenses of those underlying investments in addition to principal value of an investment will fluctuate; so an the unitized plan fund is based on but not identical to the those of the investment itself. Investments may reside in the investor's shares/units, when redeemed, may be worth performance and expenses reported for the underlying specialty category due to 1) allowable investment flexibility more or less than their original cost. Investment investment. that precludes classification in standard asset categories portfolio statistics change over time. The investment is Maximum Sales Charge/12b-1 Fee/Redemption Fee and/or 2) investment concentration in a limited group of not FDIC-insured, may lose value and is not guaranteed Maximum Sales Charges and Redemption Fees are waived securities or industry sectors. Investments in this category by a bank or other financial institution. for retirement plan participants. In addition, 12b-1 Fees are a may be more volatile than less-flexible and/or less- Some plan investments may be made available through an component of the Net and Gross Expense Ratio; they are concentrated investments and may be appropriate as only a unregistered group annuity contract issued to your plan by not in addition to the overall expense ratio. minor component in an investor's overall portfolio. MassMutual. If that is the case, those plan investments 1.) Morningstar Rating™ Participants with a large ownership interest in a company or may be in a separate investment account of MassMutual This brings load-adjustments, performance (returns) and risk employer stock investment may have the potential to that purchases shares/units of one or more underlying together into one evaluation. To determine a fund's star manipulate the value of units of this investment option investments, or 2.) may be invested directly in the rating for a given time period (three, five, or 10 years), the through their trading practices. As a result, special transfer investment via a separate arrangement between your plan fund's risk-adjusted return is plotted on a bell curve: If the restrictions may apply. This type of investment option and a trust company. fund scores in the top 10% of its category, it receives 5 stars presents a higher degree of risk than diversified investment Pre-inception Returns (Highest); if it falls in the next 22.5% it receives 4 stars options under the plan because it invests in the securities of For newer share classes, Morningstar may provide adjusted (Above Average); a place in the middle 35% earns 3 stars a single company. historical returns based on the oldest surviving share class (Average); those lower still, in the next 22.5%, receive 2 Investments that invest more of their assets in a single of a fund with at least three years of performance history. stars (Below Average); and the bottom 10% get only 1 star issuer or industry sector (such as company stock or sector This enables companies to showcase the complete history (Lowest). The Overall Morningstar Rating is a weighted investments) involve additional risks, including unit price of an investment. Morningstar calculates these returns by average of the available three-, five-, and 10-year ratings. fluctuations, because of the increased concentration of adjusting the initial share class performance for any Morningstar Proprietary Statistics investments. difference in fee structure. However, if using the expenses of Some Morningstar proprietary calculations, including the A participant will be prohibited from transferring into most the newer share class rather than the expenses of the older Morningstar Rating, Morningstar Return, and Morningstar mutual funds and similar investments if they have share class would result in better performance, then pre- Risk may be calculated based on pre-inception returns. See transferred into and out of the same investment within the inception performance represents that of the older share the above pre-inception returns disclosure for more details. previous 60 days. Certain stable value, guaranteed interest, class without any expense adjustment. The fees and For definitions of these statistics including credit quality, visit and other investments are not subject to this expenses are referenced in the report’s Operations section. www.massmutual.com/FF/mstrdisclosure.pdf rule. This rule does not prohibit participants from transferring Adjusted historical returns are not actual returns. Calculation Investment Risk out of any investment at any time. methodologies utilized by Morningstar may differ from those Money market investments are not insured or Target Date (lifecycle) applied by other entities, including the investment itself. guaranteed by the Federal Deposit Insurance Generally these investment options are designed to be held Performance Corporation or any other government agency. Although beyond the presumed retirement date to offer a continuing These figures reflect performance without adjusting for sales these investments seek to preserve the value of your investment option for the investor in retirement. The year in charges or the effects of taxation. They are adjusted, investment at $1.00 per share, they cannot guarantee the investment option name refers to the approximate year however, to reflect all actual ongoing fund expenses and that they will do so. The fund’s sponsor has no legal an investor in the option would plan to retire and likely would assume reinvestment of dividends and capital gains. obligation to provide financial support to a money stop making new contributions to the investment option. Returns are compared to an appropriate benchmark peer market option; and you should not expect that the However, investors may choose a date other than their group to help investors evaluate performance. The sponsor will provide financial support to the fund at any presumed retirement date to be more conservative or investment's performance is generally compared with that of time. You could lose money by investing in a money aggressive depending on their own risk tolerance. an index. The index is an unmanaged portfolio of specified market option. The 7-day yield is a measure of They are designed for participants who plan to withdraw the securities and does not reflect any initial or ongoing performance in the interest rates of money market funds. To value of their accounts gradually after retirement. Each of expenses nor can it be invested in directly. An investment’s the extent total returns differ from the 7-day yield, the 7-day these options follows its own asset allocation path (“glide portfolio may differ significantly from the securities in the yield more accurately reflects the current earnings of the path”) to progressively reduce its equity exposure and index. The Index may not be the same as the comparative fund. Risks of investing in debt securities investments become more conservative over time. Options may not index noted in the investment’s prospectus (if applicable). include the risk that a issuer will default by failing to reach their most conservative allocation until after their Gross Expense Ratio/Net Expense Ratio repay principal and interest in a timely manner (credit risk) target date. Others may reach their most conservative Expense ratios reflect the percentage of the investment’s and/or the risk that the value of these securities will decline allocation in their target date year. Investors should consider assets paid for operating expenses and management fees. when interest rates increase ( risk). their own personal risk tolerance, circumstances and In contrast to net expense ratios, gross expense ratios do Risks of investing in inflation-protected bond investments financial situation. These options should not be selected not reflect any fee waivers in effect during the time period, include credit risk and interest rate risk. Neither the bond solely on a single factor such as age or retirement date. which are typically disclosed alongside the expense ratios investment nor its yield is guaranteed by the U.S. Please consult the prospectus (if applicable) pertaining to themselves. Net expense ratios reflect the fees actually government. High-yield bond investments are generally the options to determine if their glide path is consistent with borne by investors during the period they are in effect. subject to greater market fluctuations and risk of loss of your long-term financial plan. Target retirement date Investment expense information (including waiver income and principal than lower-yielding debt securities investment options’ stated asset allocation may be subject to information) is pulled from an investment’s most recent investments. Investments that track a benchmark index are change. Investments in these options are not guaranteed prospectus, if applicable. If an additional separate professionally managed. However, the benchmark index and you may experience losses, including losses near, at, or investment account fee applies, it is added to the gross itself is unmanaged and does not incur fees or expenses after the target date. Additionally, there is no guarantee that and net expense ratio listed in the prospectus or other and cannot be purchased directly. Investments in value the options will provide adequate income at and through source of the expense information and factored into the stocks may remain undervalued for extended periods of retirement. performance of the separate investment account. time, and the market may not recognize the intrinsic value of Investors should consider an investment’s objectives, Unitized Plan Fund these securities. Investments in growth stocks may risks, charges and expenses carefully before investing. If this is a unitized plan fund, it will invest in shares of the experience price volatility due to their sensitivity to market For this and other information, see a fact sheet referenced underlying investment. Depending on the level of fluctuations and dependence on future earnings (investment profile) or the prospectus, if applicable. You administrative services revenue (“ASR”) generated from the expectations. Investments in companies with small or may obtain a prospectus or fact sheet from your plan underlying investment and Empower’s target ASR for the mid market capitalization (“small caps” or “mid caps”) may sponsor or by visiting www.retiresmart.com. Read it plan, on a periodic basis Empower will make adjustments to be subject to special risks given their characteristic narrow carefully before investing. the unitized plan fund’s expense to cause each unitized plan ©2021 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar not its content providers are responsible for any damages or losses arising from any use of information. Past Performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. RS-04746-13 Release Date: 06-30-2021 Templeton Global Bond Adv TGBAX ...... Benchmark Overall Morningstar Rating™ Morningstar Return Morningstar Risk ICE BofA USD 3M Dep OR CM TR USD QQ Low Above Average Out of 310 Nontraditional Bond funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Objective & Strategy Performance From investment’s prospectus 20 Total Return% The investment seeks current income with capital 15 as of 06-30-21 appreciation and growth of income. 10 Investment Benchmark Under normal market conditions, the fund invests at least 5 80% of its net assets in "bonds." Bonds include debt 0 obligations of any maturity, such as bonds, notes, bills and -5 . It invests predominantly in bonds issued by -10 governments, government-related entities and government Average annual, if greater -15 agencies located around the world. The fund may invest up than 1 year. to 25% of its total assets in bonds that are rated below YTD 1 Year 3 Year 5 Year 10 Year Since Inception investment grade or, if unrated determined by the -2.48 -2.33 -1.07 0.96 1.28 5.74 Fund Return % investment manager to be of comparable quality. It is non- -2.48 -2.33 -1.07 0.96 1.28 5.74 Load-Adj. Return % 0.11 0.25 1.65 1.46 0.90 2.49 Benchmark Return % diversified...... 1.90 7.92 3.65 3.77 2.82 3.87 Category Average % Fees and Expenses as of 05-01-21 . . Q Q QQ . Morningstar Rating™ 310 279 109 # of Funds in Category Prospectus Net Expense Ratio 0.67% . . . Total Annual Operating Expense 0.69% Quarter End Returns as of 06-30-21 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Maximum Sales Charge . Fund ReturnYTD % YTD -2.48YTD -2.33YTD YTD-1.07 YTD0.96 1.28 5.74 12b-1 Fee . Standardized Return % -2.48 -2.33 -1.07 0.96 1.28 5.74 Redemption Fee/Term . Performance Disclosure: The performance data quoted represents past performance and does not guarantee future Waiver Data Type Exp. Date % results. The investment return and principal value of an investment will fluctuate; thus an investor’s shares, when ExpenseRatio Contractual 04-30-22 0.02 redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit the website Operations and Management listed under Operations and Management on this page. Fund Inception Date 01-02-97 Portfolio Manager(s) Michael J. Hasenstab Portfolio Analysis as of 05-31-21 Calvin Ho Composition as of 05-31-21 % Assets Morningstar Fixed Income Style Box™ as of 03-31-21

Name of Issuer Franklin Templeton Investments U.S. Stocks 0.0 High Avg Eff Duration 2.44 Telephone 800-342-5236 Non-U.S. Stocks 0.0 Avg Eff Maturity 2.73 Med Web Site www.franklintempleton.com Bonds 81.4 Avg Wtd Price . Cash 18.0 Low Benchmark Description: ICE BofA USD 3M Dep OR CM TR USD Other 0.6 The index measures the performance of a synthetic asset paying Libor to a stated maturity. It is based on the assumed Ltd Mod Ext purchase at par of a synthetic instrument having exactly its stated maturity and with a equal to that days fixing Top 10 Holdings as of 05-31-21 % Assets Morningstar Sectors as of 05-31-21 % Fund % Category rate. That issue is assumed to be sold the following business United States Treasury Notes 1.75% 12-31-24 5.02 ⁄ Government 81.93 18.16 day (priced at a yield equal to the current day fixing rate) and Franklin IFT Money Market 4.27 › Corporate 0.00 25.37 rolled into a new instrument. Indonesia (Republic of) 9.5% 07-15-23 4.13 € Securitized 0.00 23.96 Mexico (United Mexican States) 6.75% 03-09-23 3.96 ‹ Municipal 0.00 1.63 Category Description: Nontraditional Bond United States Treasury Notes 2.62% 12-31-25 3.66 Cash/Cash Equivalents 18.07 16.76 Inclusion in nontraditional bond is informed by a balance of ...... fi factors determined by Morningstar analysts. Those typically Mexico (United Mexican States) 8% 12-07-23 3.65 ± Other 0.00 14.12 include a mix of: absolute return mandates; goals of Bank of Korea 0.9% 04-02-23 3.24 Credit Analysis as of 03-31-21 % Bonds producing returns not correlated with the overall bond The Republic of Korea 1.25% 12-10-22 3.20 AAA 27 market; performance benchmarks based on ultrashort-term Norway (Kingdom Of) 3% 03-14-24 2.99 interest rates such as T-bills; the ability to take long and short Bank of Korea 0.87% 02-02-23 2.95 AA 14 A 4 market and security-level positions using a broad range of ...... BBB 32 derivatives; and few or very limited portfolio constraints on Total Number of Stock Holdings 3 BB 0 exposure to credit, sectors, currency, or interest-rate Total Number of Bond Holdings 72 sensitivity. Funds in this group typically have the flexibility to Annual Turnover Ratio % 60.07 B 3 manage duration exposure over a wide range of years and to Total Fund Assets ($mil) 12,137.49 Below B 5 take it to zero or a negative value. Not Rated 14

-100 -50 0 50 100

Principal Risks as of 05-31-21 Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Nondiversification, Active Management, Income, Interest Rate, Market/Market Volatility, High-Yield Securities, Other, Restricted/ Illiquid Securities, Derivatives, Sovereign Debt, Cash Drag, Management

©2021 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may ® not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com ß