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2026-01-01 2026-06-30 iso4217:USD pure cik0000356476:Holding N-CSRS false 0000356476 N-1A 0.0320 0.0192 0.0035 0.1558 0.1398 0.0887 0.0539 0.0495 0.0388 0.2335 0.1853 0.0539 0.0495 0.0388 0.0320 0.0192 0.0035 0.2335 0.1853 0.1558 0.1398 0.0887 0.0539 0.0495 0.0388 0.0320 0.0192 0.0035 0.2335 0.1853 0.1558 0.1398 0.0887 0.0382 0.0379 0.0339 0.0198 0.2673 0.2561 0.1678 0.0905 0.0885 0.0382 0.0379 0.0339 0.0198 0.2673 0.2561 0.1678 0.0905 0.0885 0.2625 0.1793 0.1601 0.1446 0.0782 0.0663 0.0367 0.0322 0.0291 0.0110 0.0663 0.0367 0.0322 0.0291 0.0110 0.2625 0.1793 0.1601 0.1446 0.0782 EMPOWER FUNDS, INC. 2026-06-30 Empower S&P Small Cap 600® Index Fund Class L MXNSX This semi-annual shareholder report contains important information about the Empower S&amp;P Small Cap 600® Index Fund (the "Fund”) for the period of January 1, 2026, to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the period ended </div> <div style="font-weight:bolder;display:inline;">June 30, 2026</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower S&amp;P Small Cap 600<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index Fund<br/>(Class L/MXNSX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>90</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.81<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 90 0.0081 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,273M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">606</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.1M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 1273000000 606 1100000 14 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentages of the total investments of the Fund.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">FormFactor Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.66<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Viasat Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Molina Healthcare Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Argan Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Element Solutions Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">BrightSpring Health Services Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MaxLinear Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Krystal Biotech Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">ESCO Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.48<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1119316.jpg" style="width: 301pt;"/> </div> </div> </div> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">FormFactor Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.66<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Viasat Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Molina Healthcare Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Argan Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Element Solutions Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">BrightSpring Health Services Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MaxLinear Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Krystal Biotech Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">ESCO Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.48<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 0.032 0.0066 0.0063 0.0062 0.0059 0.0057 0.0057 0.0057 0.0051 0.0048 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower S&P Small Cap 600® Index Fund Institutional Class MXERX This semi-annual shareholder report contains important information about the Empower S&amp;P Small Cap 600® Index Fund (the "Fund”) for the period of January 1, 2026, to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the period ended </div> <div style="font-weight:bolder;display:inline;">June 30, 2026</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower S&amp;P Small Cap 600<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index Fund<br/>(Institutional Class/MXERX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>23</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 23 0.0021 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,273M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">606</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.1M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 1273000000 606 1100000 0.14 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentages of the total investments of the Fund.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">FormFactor Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.66<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Viasat Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Molina Healthcare Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Argan Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Element Solutions Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">BrightSpring Health Services Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MaxLinear Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Krystal Biotech Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">ESCO Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.48<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1119354.jpg" style="width: 301pt;"/> </div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">FormFactor Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.66<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Viasat Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Molina Healthcare Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Argan Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Element Solutions Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">BrightSpring Health Services Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MaxLinear Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Krystal Biotech Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">ESCO Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.48<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.032 0.0066 0.0063 0.0062 0.0059 0.0057 0.0057 0.0057 0.0051 0.0048 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower S&P Small Cap 600® Index Fund Investor Class MXISX This semi-annual shareholder report contains important information about the Empower S&amp;P Small Cap 600® Index Fund (the "Fund”) for the period of January 1, 2026, to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the period ended </div> <div style="font-weight:bolder;display:inline;">June 30, 2026</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower S&amp;P Small Cap 600<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index Fund<br/>(Investor Class/MXISX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>62</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.56<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 62 0.0056 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,273M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">606</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.1M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 1273000000 606 1100000 0.14 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentages of the total investments of the Fund.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">FormFactor Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.66<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Viasat Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Molina Healthcare Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Argan Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Element Solutions Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">BrightSpring Health Services Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MaxLinear Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Krystal Biotech Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">ESCO Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.48<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1119287.jpg" style="width: 301pt;"/> </div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">FormFactor Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.66<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Viasat Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Molina Healthcare Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Argan Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Element Solutions Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">BrightSpring Health Services Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MaxLinear Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Krystal Biotech Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">ESCO Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.48<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.032 0.0066 0.0063 0.0062 0.0059 0.0057 0.0057 0.0057 0.0051 0.0048 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Small Cap Growth Fund Institutional Class MXMSX This semi-annual shareholder report contains important information about the Empower Small Cap Growth Fund (the "Fund”) for the period of January 1, 2026, to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the period ended </div> <div style="font-weight:bolder;display:inline;">June 30, 2026</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Small Cap Growth Fund<br/>(Institutional Class/MXMSX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>92</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 92 0.0084 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>260M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">193</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.1M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 260000000 193 1100000 0.42 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentages of the total investments of the Fund.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Element Solutions Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MACOM Technology Solutions Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mercury Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MYR Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Legence Corp Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">TechnipFMC PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Advanced Energy Industries Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">JFrog Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1119476.jpg" style="width: 301pt;"/> </div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Element Solutions Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MACOM Technology Solutions Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mercury Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MYR Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Legence Corp Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">TechnipFMC PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Advanced Energy Industries Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">JFrog Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.0379 0.0137 0.0133 0.0133 0.0132 0.013 0.0129 0.0128 0.0126 0.0122 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Small Cap Growth Fund Investor Class MXMTX This semi-annual shareholder report contains important information about the Empower Small Cap Growth Fund (the "Fund”) for the period of January 1, 2026, to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the period ended </div> <div style="font-weight:bolder;display:inline;">June 30, 2026</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Small Cap Growth Fund<br/>(Investor Class/MXMTX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>131</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.19<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 131 0.0119 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>260M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">193</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.1M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 260000000 193 1100000 0.42 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentages of the total investments of the Fund.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Element Solutions Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MACOM Technology Solutions Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mercury Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MYR Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Legence Corp Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">TechnipFMC PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Advanced Energy Industries Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">JFrog Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1119447.jpg" style="width: 301pt;"/> </div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Element Solutions Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MACOM Technology Solutions Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mercury Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">MYR Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Legence Corp Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">TechnipFMC PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Advanced Energy Industries Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">JFrog Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.0379 0.0137 0.0133 0.0133 0.0132 0.013 0.0129 0.0128 0.0126 0.0122 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Small Cap Value Fund Institutional Class MXTFX This semi-annual shareholder report contains important information about the Empower Small Cap Value Fund (the "Fund”) for the period of January 1, 2026, to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the period ended </div> <div style="font-weight:bolder;display:inline;">June 30, 2026</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Small Cap Value Fund<br/>(Institutional Class/MXTFX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>82</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.74<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 82 0.0074 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>639M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">425</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2.3M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 639000000 425 2300000 0.28 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentages of the total investments of the Fund.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Moog Inc Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.74<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Garrett Motion Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.73<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Bel Fuse Inc Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Kodiak Gas Services Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Popular Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">TD SYNNEX Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ultra Clean Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ameris Bancorp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.08<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Concentra Group Holdings Parent Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1119418.jpg" style="width: 301pt;"/> </div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Moog Inc Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.74<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Garrett Motion Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.73<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Bel Fuse Inc Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Kodiak Gas Services Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Popular Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">TD SYNNEX Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ultra Clean Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ameris Bancorp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.08<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Concentra Group Holdings Parent Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.0322 0.0174 0.0173 0.0133 0.0125 0.0121 0.012 0.0112 0.0108 0.0106 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Small Cap Value Fund Investor Class MXLSX This semi-annual shareholder report contains important information about the Empower Small Cap Value Fund (the "Fund”) for the period of January 1, 2026, to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the period ended </div> <div style="font-weight:bolder;display:inline;">June 30, 2026</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td> <td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Small Cap Value Fund<br/>(Investor Class/MXLSX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>121</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.09<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 121 0.0109 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>639M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">425</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2.3M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 639000000 425 2300000 0.28 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentages of the total investments of the Fund.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Moog Inc Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.74<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Garrett Motion Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.73<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Bel Fuse Inc Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Kodiak Gas Services Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Popular Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">TD SYNNEX Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ultra Clean Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ameris Bancorp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.08<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Concentra Group Holdings Parent Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1119383.jpg" style="width: 301pt;"/> </div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Moog Inc Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.74<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Garrett Motion Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.73<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Bel Fuse Inc Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Kodiak Gas Services Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Popular Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">TD SYNNEX Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ultra Clean Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ameris Bancorp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.08<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Concentra Group Holdings Parent Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.0322 0.0174 0.0173 0.0133 0.0125 0.0121 0.012 0.0112 0.0108 0.0106 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>