SEMI-ANNUAL SHAREHOLDER REPORT
Fund Expenses for the period ended
June 30, 2026
(Based on a hypothetical $10,000 investment)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Empower Lifetime 2015 Fund (Institutional Class/MXNYX) | $ | % (a) |
(a) | The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.33%). |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets | $ |
Total number of portfolio holdings | |
Total advisory fee paid | $ |
Portfolio turnover rate as of the end of the reporting period (not annualized) | % |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentages of the total investments of the Fund.
Top Ten Holdings
| Empower S&P 500 ® Index Fund Institutional Class | % |
| Empower of America Contract | % |
| Empower Inflation-Protected Securities Fund Institutional Class | % |
| Empower Bond Index Fund Institutional Class | % |
| Empower Short Duration Bond Fund Institutional Class | % |
| Empower Core Bond Fund Institutional Class | % |
| Empower Multi-Sector Bond Fund Institutional Class | % |
| Empower Global Bond Fund Institutional Class | % |
| Empower International Index Fund Institutional Class | % |
| Empower Large Cap Value Fund Institutional Class | % |
ASSET CLASS ALLOCATION
Material Fund Changes
There were no material changes to the Fund during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
Scan the QR code at left or visit
https://www.empower.com/investments/empower-funds/fund-documents
to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
EMPOWER FUNDS
