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semi-annual shareholder report contains important information about the Empower Lifetime 2015 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2015 Fund<br/>(Institutional Class/MXNYX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>41</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;">0.40<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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%).</div></div></td></tr></table> 41 0.004 <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;">$</div>452M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.3M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 452000000 22 300000 0.11 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index Fund <div style="display:inline;">Institutional </div>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;">14.16<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;">Empower of America Contract</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;">13.90<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;">Empower Inflation-Protected Securities 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;">13.78<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;">Empower Bond Index 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;">9.12<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;">Empower Short Duration Bond 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;">5.97<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;">Empower Core Bond 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;">5.47<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;">Empower Multi-Sector Bond 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;">5.43<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;">Empower Global Bond 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;">4.33<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;">Empower International Index 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;">3.80<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;">Empower Large Cap Value 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;">3.17<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;">ASSET CLASS 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_1123657.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index Fund <div style="display:inline;">Institutional </div>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;">14.16<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;">Empower of America Contract</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;">13.90<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;">Empower Inflation-Protected Securities 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;">13.78<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;">Empower Bond Index 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;">9.12<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;">Empower Short Duration Bond 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;">5.97<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;">Empower Core Bond 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;">5.47<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;">Empower Multi-Sector Bond 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;">5.43<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;">Empower Global Bond 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;">4.33<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;">Empower International Index 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;">3.80<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;">Empower Large Cap Value 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;">3.17<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.1416 0.139 0.1378 0.0912 0.0597 0.0547 0.0543 0.0433 0.038 0.0317 <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 Lifetime 2015 Fund Investor Class MXLYX This semi-annual shareholder report contains important information about the Empower Lifetime 2015 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2015 Fund<br/>(Investor Class/MXLYX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>77</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;">0.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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%).</div></div></td></tr></table> 77 0.0075 <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;">$</div>452M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.3M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 452000000 22 300000 0.11 <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 investm<div style="display:inline;">ents o</div>f 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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">14.16<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;">Empower of America Contract</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;">13.90<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;">Empower Inflation-Protected Securities 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;">13.78<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;">Empower Bond Index 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;">9.12<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;">Empower Short Duration Bond 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;">5.97<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;">Empower Core Bond 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;">5.47<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;">Empower Multi-Sector Bond 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;">5.43<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;">Empower Global Bond 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;">4.33<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;">Empower International Index 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;">3.80<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;">Empower Large Cap Value 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;">3.17<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;">ASSET CLASS 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_1123592.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">14.16<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;">Empower of America Contract</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;">13.90<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;">Empower Inflation-Protected Securities 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;">13.78<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;">Empower Bond Index 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;">9.12<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;">Empower Short Duration Bond 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;">5.97<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;">Empower Core Bond 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;">5.47<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;">Empower Multi-Sector Bond 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;">5.43<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;">Empower Global Bond 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;">4.33<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;">Empower International Index 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;">3.80<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;">Empower Large Cap Value 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;">3.17<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.1416 0.139 0.1378 0.0912 0.0597 0.0547 0.0543 0.0433 0.038 0.0317 <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 Lifetime 2015 Fund Service Class MXLZX This semi-annual shareholder report contains important information about the Empower Lifetime 2015 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2015 Fund<br/>(Service Class/MXLZX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>87</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;">0.85<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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%).</div></div></td></tr></table> 87 0.0085 <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;">$</div>452M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.3M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 452000000 22 300000 0.11 <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 Holdin<div style="display:inline;">g</div>s</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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">14.16<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;">Empower of America Contract</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;">13.90<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;">Empower Inflation-Protected Securities 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;">13.78<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;">Empower Bond Index 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;">9.12<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;">Empower Short Duration Bond 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;">5.97<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;">Empower Core Bond 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;">5.47<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;">Empower Multi-Sector Bond 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;">5.43<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;">Empower Global Bond 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;">4.33<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;">Empower International Index 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;">3.80<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;">Empower Large Cap Value 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;">3.17<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;">ASSET CLASS 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_1123629.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 Holdin<div style="display:inline;">g</div>s</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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">14.16<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;">Empower of America Contract</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;">13.90<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;">Empower Inflation-Protected Securities 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;">13.78<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;">Empower Bond Index 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;">9.12<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;">Empower Short Duration Bond 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;">5.97<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;">Empower Core Bond 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;">5.47<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;">Empower Multi-Sector Bond 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;">5.43<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;">Empower Global Bond 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;">4.33<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;">Empower International Index 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;">3.80<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;">Empower Large Cap Value 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;">3.17<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.1416 0.139 0.1378 0.0912 0.0597 0.0547 0.0543 0.0433 0.038 0.0317 <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 Lifetime 2020 Fund Institutional Class MXAKX This semi-annual shareholder report contains important information about the Empower Lifetime 2020 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2020 Fund<br/>(Institutional Class/MXAKX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>43</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;">0.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.34%).</div></div></td></tr></table> 43 0.0042 <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;">$</div>543M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.3M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 543000000 22 300000 0.11 <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 investm<div style="display:inline;">ent</div>s 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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">15.29<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;">Empower of America Contract</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;">11.81<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;">Empower Inflation-Protected Securities 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;">11.19<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;">Empower Bond Index 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;">9.80<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;">Empower Core Bond 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;">5.88<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;">Empower Multi-Sector Bond 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;">5.79<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;">Empower Short Duration Bond 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;">5.07<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;">Empower Global Bond 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;">4.40<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;">Empower International Index 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;">4.34<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;">Empower Large Cap Value 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;">3.42<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;">ASSET CLASS 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_1123933.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">15.29<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;">Empower of America Contract</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;">11.81<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;">Empower Inflation-Protected Securities 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;">11.19<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;">Empower Bond Index 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;">9.80<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;">Empower Core Bond 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;">5.88<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;">Empower Multi-Sector Bond 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;">5.79<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;">Empower Short Duration Bond 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;">5.07<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;">Empower Global Bond 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;">4.40<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;">Empower International Index 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;">4.34<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;">Empower Large Cap Value 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;">3.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.1529 0.1181 0.1119 0.098 0.0588 0.0579 0.0507 0.044 0.0434 0.0342 <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 Lifetime 2020 Fund Investor Class MXAGX This semi-annual shareholder report contains important information about the Empower Lifetime 2020 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2020 Fund<br/>(Investor Class/MXAGX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>79</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;">0.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.34%).</div></div></td></tr></table> 79 0.0077 <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;">$</div>543M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.3M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 543000000 22 300000 0.11 <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<div style="display:inline;"> T</div>en 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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">15.29<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;">Empower of America Contract</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;">11.81<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;">Empower Inflation-Protected Securities 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;">11.19<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;">Empower Bond Index 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;">9.80<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;">Empower Core Bond 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;">5.88<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;">Empower Multi-Sector Bond 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;">5.79<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;">Empower Short Duration Bond 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;">5.07<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;">Empower Global Bond 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;">4.40<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;">Empower International Index 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;">4.34<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;">Empower Large Cap Value 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;">3.42<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;">ASSET CLASS 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_1123877.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<div style="display:inline;"> T</div>en 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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">15.29<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;">Empower of America Contract</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;">11.81<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;">Empower Inflation-Protected Securities 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;">11.19<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;">Empower Bond Index 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;">9.80<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;">Empower Core Bond 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;">5.88<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;">Empower Multi-Sector Bond 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;">5.79<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;">Empower Short Duration Bond 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;">5.07<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;">Empower Global Bond 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;">4.40<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;">Empower International Index 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;">4.34<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;">Empower Large Cap Value 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;">3.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.1529 0.1181 0.1119 0.098 0.0588 0.0579 0.0507 0.044 0.0434 0.0342 <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 Lifetime 2020 Fund Service Class MXAHX This semi-annual shareholder report contains important information about the Empower Lifetime 2020 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2020 Fund<br/>(Service Class/MXAHX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>89</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;">0.87<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.34%).</div></div></td></tr></table> 89 0.0087 <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;">$</div>543M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.3M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 543000000 22 300000 0.11 <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 Ho<div style="display:inline;">ld</div>ings</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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">15.29<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;">Empower of America Contract</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;">11.81<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;">Empower Inflation-Protected Securities 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;">11.19<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;">Empower Bond Index 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;">9.80<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;">Empower Core Bond 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;">5.88<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;">Empower Multi-Sector Bond 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;">5.79<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;">Empower Short Duration Bond 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;">5.07<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;">Empower Global Bond 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;">4.40<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;">Empower International Index 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;">4.34<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;">Empower Large Cap Value 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;">3.42<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;">ASSET CLASS 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_1123905.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 Ho<div style="display:inline;">ld</div>ings</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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">15.29<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;">Empower of America Contract</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;">11.81<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;">Empower Inflation-Protected Securities 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;">11.19<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;">Empower Bond Index 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;">9.80<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;">Empower Core Bond 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;">5.88<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;">Empower Multi-Sector Bond 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;">5.79<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;">Empower Short Duration Bond 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;">5.07<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;">Empower Global Bond 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;">4.40<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;">Empower International Index 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;">4.34<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;">Empower Large Cap Value 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;">3.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.1529 0.1181 0.1119 0.098 0.0588 0.0579 0.0507 0.044 0.0434 0.0342 <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 Lifetime 2025 Fund Institutional Class MXQBX This semi-annual shareholder report contains important information about the Empower Lifetime 2025 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2025 Fund<br/>(Institutional Class/MXQBX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>46</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;">0.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.36%).</div></div></td></tr></table> 46 0.0045 <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;">$</div>1,784M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.0M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1784000000 22 1000000 0.12 <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 T<div style="display:inline;">e</div>n 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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">17.35<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;">Empower Bond Index 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;">10.15<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;">Empower of America Contract</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;">9.42<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;">Empower Inflation-Protected Securities 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;">7.64<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;">Empower Core Bond 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;">6.09<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;">Empower Multi-Sector Bond 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;">5.88<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;">Empower International Index 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;">5.22<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;">Empower Global Bond 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;">4.20<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;">Empower Short Duration Bond 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;">4.04<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;">Empower Large Cap Value 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;">3.87<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;">ASSET CLASS 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_1123750.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 T<div style="display:inline;">e</div>n 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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">17.35<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;">Empower Bond Index 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;">10.15<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;">Empower of America Contract</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;">9.42<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;">Empower Inflation-Protected Securities 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;">7.64<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;">Empower Core Bond 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;">6.09<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;">Empower Multi-Sector Bond 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;">5.88<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;">Empower International Index 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;">5.22<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;">Empower Global Bond 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;">4.20<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;">Empower Short Duration Bond 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;">4.04<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;">Empower Large Cap Value 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;">3.87<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.1735 0.1015 0.0942 0.0764 0.0609 0.0588 0.0522 0.042 0.0404 0.0387 <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 Lifetime 2025 Fund Investor Class MXELX This semi-annual shareholder report contains important information about the Empower Lifetime 2025 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2025 Fund<br/>(Investor Class/MXELX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">0.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.36%).</div></div></td></tr></table> 82 0.008 <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;">$</div>1,784M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.0M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1784000000 22 1000000 0.12 <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;"><div style="display:inline;">Top </div>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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">17.35<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;">Empower Bond Index 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;">10.15<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;">Empower of America Contract</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;">9.42<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;">Empower Inflation-Protected Securities 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;">7.64<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;">Empower Core Bond 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;">6.09<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;">Empower Multi-Sector Bond 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;">5.88<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;">Empower International Index 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;">5.22<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;">Empower Global Bond 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;">4.20<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;">Empower Short Duration Bond 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;">4.04<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;">Empower Large Cap Value 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;">3.87<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;">ASSET CLASS 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_1123722.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;"><div style="display:inline;">Top </div>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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">17.35<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;">Empower Bond Index 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;">10.15<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;">Empower of America Contract</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;">9.42<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;">Empower Inflation-Protected Securities 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;">7.64<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;">Empower Core Bond 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;">6.09<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;">Empower Multi-Sector Bond 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;">5.88<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;">Empower International Index 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;">5.22<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;">Empower Global Bond 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;">4.20<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;">Empower Short Duration Bond 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;">4.04<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;">Empower Large Cap Value 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;">3.87<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.1735 0.1015 0.0942 0.0764 0.0609 0.0588 0.0522 0.042 0.0404 0.0387 <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 Lifetime 2025 Fund Service Class MXFLX This semi-annual shareholder report contains important information about the Empower Lifetime 2025 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2025 Fund<br/>(Service Class/MXFLX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;"><div style="display:inline;">0.90</div><div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.36%).</div></div></td></tr></table> 92 0.009 <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;">$</div>1,784M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="display:inline;">22</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="display:inline;">1.0</div>M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1784000000 22 1000000 0.12 <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 Ho<div style="display:inline;">ld</div>ings</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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">17.35<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;">Empower Bond Index 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;">10.15<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;">Empower of America Contract</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;">9.42<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;">Empower Inflation-Protected Securities 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;">7.64<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;">Empower Core Bond 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;">6.09<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;">Empower Multi-Sector Bond 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;">5.88<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;">Empower International Index 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;">5.22<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;">Empower Global Bond 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;">4.20<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;">Empower Short Duration Bond 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;">4.04<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;">Empower Large Cap Value 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;">3.87<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;">ASSET CLASS 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_1123685.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 Ho<div style="display:inline;">ld</div>ings</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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">17.35<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;">Empower Bond Index 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;">10.15<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;">Empower of America Contract</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;">9.42<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;">Empower Inflation-Protected Securities 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;">7.64<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;">Empower Core Bond 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;">6.09<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;">Empower Multi-Sector Bond 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;">5.88<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;">Empower International Index 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;">5.22<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;">Empower Global Bond 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;">4.20<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;">Empower Short Duration Bond 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;">4.04<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;">Empower Large Cap Value 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;">3.87<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.1735 0.1015 0.0942 0.0764 0.0609 0.0588 0.0522 0.042 0.0404 0.0387 <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 Lifetime 2030 Fund Institutional Class MXAYX This semi-annual shareholder report contains important information about the Empower Lifetime 2030 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2030 Fund<br/>(Institutional Class/MXAYX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>48</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;">0.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.37%).</div></div></td></tr></table> 48 0.0047 <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;">$</div>1,417M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.8M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1417000000 22 800000 0.11 <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<div style="display:inline;"> Ten Ho</div>ldings</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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">20.09<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;">Empower Bond Index 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;">9.88<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;">Empower of America Contract</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;">6.71<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;">Empower International Index 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;">6.39<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;">Empower Core Bond 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;">5.93<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;">Empower Multi-Sector Bond 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;">5.60<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;">Empower Large Cap Value 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;">4.49<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;">Empower Inflation-Protected Securities 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;">4.26<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;">Empower Large Cap Growth 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;">4.16<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;">Empower Global Bond 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;">3.72<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;">ASSET CLASS 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_1124032.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<div style="display:inline;"> Ten Ho</div>ldings</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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">20.09<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;">Empower Bond Index 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;">9.88<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;">Empower of America Contract</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;">6.71<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;">Empower International Index 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;">6.39<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;">Empower Core Bond 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;">5.93<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;">Empower Multi-Sector Bond 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;">5.60<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;">Empower Large Cap Value 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;">4.49<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;">Empower Inflation-Protected Securities 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;">4.26<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;">Empower Large Cap Growth 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;">4.16<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;">Empower Global Bond 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;">3.72<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2009 0.0988 0.0671 0.0639 0.0593 0.056 0.0449 0.0426 0.0416 0.0372 <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 Lifetime 2030 Fund Investor Class MXATX This semi-annual shareholder report contains important information about the Empower Lifetime 2030 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2030 Fund<br/>(Investor Class/MXATX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>85</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;">0.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.37%).</div></div></td></tr></table> 85 0.0082 <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;">$</div>1,417M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.8M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1417000000 22 800000 0.11 <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<div style="display:inline;"> Ho</div>ldings</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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">20.09<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;">Empower Bond Index 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;">9.88<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;">Empower of America Contract</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;">6.71<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;">Empower International Index 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;">6.39<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;">Empower Core Bond 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;">5.93<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;">Empower Multi-Sector Bond 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;">5.60<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;">Empower Large Cap Value 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;">4.49<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;">Empower Inflation-Protected Securities 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;">4.26<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;">Empower Large Cap Growth 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;">4.16<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;">Empower Global Bond 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;">3.72<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;">ASSET CLASS 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_1123970.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<div style="display:inline;"> Ho</div>ldings</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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">20.09<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;">Empower Bond Index 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;">9.88<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;">Empower of America Contract</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;">6.71<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;">Empower International Index 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;">6.39<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;">Empower Core Bond 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;">5.93<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;">Empower Multi-Sector Bond 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;">5.60<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;">Empower Large Cap Value 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;">4.49<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;">Empower Inflation-Protected Securities 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;">4.26<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;">Empower Large Cap Growth 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;">4.16<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;">Empower Global Bond 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;">3.72<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2009 0.0988 0.0671 0.0639 0.0593 0.056 0.0449 0.0426 0.0416 0.0372 <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 Lifetime 2030 Fund Service Class MXAUX This semi-annual shareholder report contains important information about the Empower Lifetime 2030 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2030 Fund<br/>(Service Class/MXAUX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>95</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;">0.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.37%).</div></div></td></tr></table> 95 0.0092 <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;">$</div>1,417M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.8M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1417000000 22 800000 0.11 <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 <div style="display:inline;">total </div>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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">20.09<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;">Empower Bond Index 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;">9.88<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;">Empower of America Contract</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;">6.71<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;">Empower International Index 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;">6.39<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;">Empower Core Bond 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;">5.93<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;">Empower Multi-Sector Bond 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;">5.60<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;">Empower Large Cap Value 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;">4.49<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;">Empower Inflation-Protected Securities 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;">4.26<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;">Empower Large Cap Growth 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;">4.16<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;">Empower Global Bond 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;">3.72<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;">ASSET CLASS 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_1123998.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">20.09<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;">Empower Bond Index 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;">9.88<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;">Empower of America Contract</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;">6.71<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;">Empower International Index 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;">6.39<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;">Empower Core Bond 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;">5.93<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;">Empower Multi-Sector Bond 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;">5.60<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;">Empower Large Cap Value 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;">4.49<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;">Empower Inflation-Protected Securities 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;">4.26<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;">Empower Large Cap Growth 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;">4.16<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;">Empower Global Bond 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;">3.72<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2009 0.0988 0.0671 0.0639 0.0593 0.056 0.0449 0.0426 0.0416 0.0372 <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 Lifetime 2035 Fund Institutional Class MXTBX This semi-annual shareholder report contains important information about the Empower Lifetime 2035 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2035 Fund<br/>(Institutional Class/MXTBX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>52</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;">0.50<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.39%).</div></div></td></tr></table> 52 0.005 <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;">$</div>2,102M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.2M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 2102000000 22 1200000 0.12 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">23.41<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;">Empower Bond Index 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;">8.23<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;">Empower International Index 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;">7.86<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;">Empower Large Cap Value 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;">5.23<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;">Empower Core Bond 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;">4.95<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;">Empower Large Cap Growth 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;">4.85<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;">Empower Multi-Sector Bond 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;">4.63<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;">Empower of America Contract</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;">4.31<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;">Empower International Value 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;">4.15<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;">Empower Mid Cap Value 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;">4.05<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;">ASSET CLASS 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_1123840.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">23.41<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;">Empower Bond Index 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;">8.23<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;">Empower International Index 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;">7.86<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;">Empower Large Cap Value 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;">5.23<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;">Empower Core Bond 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;">4.95<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;">Empower Large Cap Growth 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;">4.85<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;">Empower Multi-Sector Bond 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;">4.63<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;">Empower of America Contract</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;">4.31<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;">Empower International Value 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;">4.15<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;">Empower Mid Cap Value 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;">4.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2341 0.0823 0.0786 0.0523 0.0495 0.0485 0.0463 0.0431 0.0415 0.0405 <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 Lifetime 2035 Fund Investor Class MXKLX This semi-annual shareholder report contains important information about the Empower Lifetime 2035 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2035 Fund<br/>(Investor Class/MXKLX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>88</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;">0.85<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.39%).</div></div></td></tr></table> 88 0.0085 <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;">$</div>2,102M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.2M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 2102000000 22 1200000 0.12 <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 <div style="display:inline;">percentages </div>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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">23.41<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;">Empower Bond Index 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;">8.23<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;">Empower International Index 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;">7.86<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;">Empower Large Cap Value 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;">5.23<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;">Empower Core Bond 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;">4.95<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;">Empower Large Cap Growth 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;">4.85<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;">Empower Multi-Sector Bond 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;">4.63<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;">Empower of America Contract</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;">4.31<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;">Empower International Value 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;">4.15<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;">Empower Mid Cap Value 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;">4.05<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;">ASSET CLASS 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_1123784.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">23.41<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;">Empower Bond Index 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;">8.23<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;">Empower International Index 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;">7.86<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;">Empower Large Cap Value 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;">5.23<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;">Empower Core Bond 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;">4.95<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;">Empower Large Cap Growth 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;">4.85<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;">Empower Multi-Sector Bond 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;">4.63<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;">Empower of America Contract</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;">4.31<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;">Empower International Value 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;">4.15<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;">Empower Mid Cap Value 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;">4.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2341 0.0823 0.0786 0.0523 0.0495 0.0485 0.0463 0.0431 0.0415 0.0405 <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 Lifetime 2035 Fund Service Class MXLLX This semi-annual shareholder report contains important information about the Empower Lifetime 2035 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 <div style="display:inline;">paid </div>as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2035 Fund<br/>(Service Class/MXLLX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>98</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;">0.95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.39%).</div></div></td></tr></table> 98 0.0095 <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;">$</div>2,102M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.2M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 2102000000 22 1200000 0.12 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">23.41<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;">Empower Bond Index 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;">8.23<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;">Empower International Index 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;">7.86<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;">Empower Large Cap Value 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;">5.23<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;">Empower Core Bond 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;">4.95<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;">Empower Large Cap Growth 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;">4.85<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;">Empower Multi-Sector Bond 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;">4.63<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;">Empower of America Contract</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;">4.31<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;">Empower International Value 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;">4.15<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;">Empower Mid Cap Value 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;">4.05<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;">ASSET CLASS 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_1123812.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">23.41<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;">Empower Bond Index 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;">8.23<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;">Empower International Index 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;">7.86<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;">Empower Large Cap Value 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;">5.23<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;">Empower Core Bond 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;">4.95<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;">Empower Large Cap Growth 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;">4.85<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;">Empower Multi-Sector Bond 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;">4.63<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;">Empower of America Contract</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;">4.31<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;">Empower International Value 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;">4.15<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;">Empower Mid Cap Value 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;">4.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2341 0.0823 0.0786 0.0523 0.0495 0.0485 0.0463 0.0431 0.0415 0.0405 <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 Lifetime 2040 Fund Institutional Class MXBGX This semi-annual shareholder report contains important information about the Empower Lifetime 2040 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2040 Fund<br/>(Institutional Class/MXBGX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>54</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;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.40%).</div></div></td></tr></table> 54 0.0051 <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;">$</div>1,083M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.6M</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;">10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1083000000 22 600000 0.10 <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 <div style="display:inline;">Holdings</div></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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">26.44<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;">Empower International Index 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;">9.35<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;">Empower Bond Index 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;">6.00<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;">Empower Large Cap Value 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;">5.90<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;">Empower Large Cap Growth 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;">5.47<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;">Empower International Value 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;">4.94<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;">Empower Mid Cap Value 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;">4.50<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;">Empower International Growth 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;">4.42<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.29<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;">Empower Core Bond 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;">3.60<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;">ASSET CLASS 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_1124125.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 <div style="display:inline;">Holdings</div></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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">26.44<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;">Empower International Index 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;">9.35<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;">Empower Bond Index 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;">6.00<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;">Empower Large Cap Value 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;">5.90<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;">Empower Large Cap Growth 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;">5.47<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;">Empower International Value 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;">4.94<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;">Empower Mid Cap Value 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;">4.50<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;">Empower International Growth 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;">4.42<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.29<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;">Empower Core Bond 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;">3.60<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2644 0.0935 0.06 0.059 0.0547 0.0494 0.045 0.0442 0.0429 0.036 <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 Lifetime 2040 Fund Investor Class MXBDX This semi-annual shareholder report contains important information about the Empower Lifetime 2040 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2040 Fund<br/>(Investor Class/MXBDX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">0.86<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.40%).</div></div></td></tr></table> 90 0.0086 <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;">$</div>1,083M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.6M</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;">10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1083000000 22 600000 0.10 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">26.44<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;">Empower International Index 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;">9.35<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;">Empower Bond Index 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;">6.00<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;">Empower Large Cap Value 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;">5.90<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;">Empower Large Cap Growth 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;">5.47<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;">Empower International Value 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;">4.94<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;">Empower Mid Cap Value 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;">4.50<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;">Empower International Growth 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;">4.42<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.29<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;">Empower Core Bond 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;">3.60<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;">ASSET CLASS 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_1124060.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">26.44<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;">Empower International Index 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;">9.35<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;">Empower Bond Index 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;">6.00<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;">Empower Large Cap Value 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;">5.90<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;">Empower Large Cap Growth 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;">5.47<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;">Empower International Value 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;">4.94<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;">Empower Mid Cap Value 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;">4.50<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;">Empower International Growth 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;">4.42<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.29<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;">Empower Core Bond 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;">3.60<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2644 0.0935 0.06 0.059 0.0547 0.0494 0.045 0.0442 0.0429 0.036 <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 <div style="display:inline;">Changes</div></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 Lifetime 2040 Fund Service Class MXBEX This semi-annual shareholder report contains important information about the Empower Lifetime 2040 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2040 Fund<br/>(Service Class/MXBEX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>101</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;">0.96<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.40%).</div></div></td></tr></table> 101 0.0096 <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;">$</div>1,083M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.6M</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;">10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1083000000 22 600000 0.10 <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 <div style="display:inline;">Holdings</div></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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">26.44<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;">Empower International Index 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;">9.35<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;">Empower Bond Index 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;">6.00<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;">Empower Large Cap Value 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;">5.90<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;">Empower Large Cap Growth 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;">5.47<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;">Empower International Value 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;">4.94<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;">Empower Mid Cap Value 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;">4.50<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;">Empower International Growth 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;">4.42<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.29<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;">Empower Core Bond 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;">3.60<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;">ASSET CLASS 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_1124088.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">26.44<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;">Empower International Index 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;">9.35<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;">Empower Bond Index 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;">6.00<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;">Empower Large Cap Value 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;">5.90<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;">Empower Large Cap Growth 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;">5.47<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;">Empower International Value 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;">4.94<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;">Empower Mid Cap Value 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;">4.50<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;">Empower International Growth 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;">4.42<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.29<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;">Empower Core Bond 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;">3.60<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2644 0.0935 0.06 0.059 0.0547 0.0494 0.045 0.0442 0.0429 0.036 <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 Lifetime 2045 Fund Institutional Class MXWEX This semi-annual shareholder report contains important information about the Empower Lifetime 2045 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2045 Fund<br/>(Institutional Class/MXWEX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>55</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;">0.53<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.41%).</div></div></td></tr></table> 55 0.0053 <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;">$</div>1,581M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.9M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1581000000 22 900000 0.12 <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 <div style="display:inline;">Holdings</div></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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.13<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;">Empower International Index 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;">10.49<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;">Empower Large Cap Value 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;">6.28<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;">Empower Large Cap Growth 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;">5.83<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;">Empower International Value 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;">5.54<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;">Empower International Growth 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;">4.96<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.50<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;">Empower Bond Index 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;">4.33<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;">Empower Real Estate Index 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;">3.28<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;">ASSET CLASS 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_1123474.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.13<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;">Empower International Index 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;">10.49<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;">Empower Large Cap Value 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;">6.28<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;">Empower Large Cap Growth 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;">5.83<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;">Empower International Value 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;">5.54<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;">Empower International Growth 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;">4.96<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.50<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;">Empower Bond Index 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;">4.33<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;">Empower Real Estate Index 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;">3.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2813 0.1049 0.0628 0.0583 0.0554 0.0496 0.0473 0.045 0.0433 0.0328 <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 Lifetime 2045 Fund Investor Class MXQLX This semi-annual shareholder report contains important information about the Empower Lifetime 2045 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2045 Fund<br/>(Investor Class/MXQLX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">0.88<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.41%).</div></div></td></tr></table> 92 0.0088 <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;">$</div>1,581M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.9M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1581000000 22 900000 0.12 <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 <div style="display:inline;">Holdings</div></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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.13<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;">Empower International Index 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;">10.49<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;">Empower Large Cap Value 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;">6.28<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;">Empower Large Cap Growth 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;">5.83<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;">Empower International Value 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;">5.54<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;">Empower International Growth 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;">4.96<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.50<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;">Empower Bond Index 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;">4.33<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;">Empower Real Estate Index 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;">3.28<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;">ASSET CLASS 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_1123409.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.13<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;">Empower International Index 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;">10.49<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;">Empower Large Cap Value 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;">6.28<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;">Empower Large Cap Growth 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;">5.83<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;">Empower International Value 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;">5.54<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;">Empower International Growth 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;">4.96<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.50<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;">Empower Bond Index 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;">4.33<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;">Empower Real Estate Index 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;">3.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.2813 0.1049 0.0628 0.0583 0.0554 0.0496 0.0473 0.045 0.0433 0.0328 <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 Lifetime 2045 Fund Service Class MXRLX This semi-annual shareholder report contains important information about the Empower Lifetime 2045 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2045 Fund<br/>(Service Class/MXRLX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>102</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;">0.98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.41%).</div></div></td></tr></table> 102 0.0098 <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;">$</div>1,581M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.9M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1581000000 22 900000 0.12 <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 <div style="display:inline;">Holdings</div></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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.13<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;">Empower International Index 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;">10.49<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;">Empower Large Cap Value 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;">6.28<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;">Empower Large Cap Growth 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;">5.83<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;">Empower International Value 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;">5.54<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;">Empower International Growth 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;">4.96<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.50<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;">Empower Bond Index 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;">4.33<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;">Empower Real Estate Index 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;">3.28<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;">ASSET CLASS 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_1123437.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.13<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;">Empower International Index 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;">10.49<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;">Empower Large Cap Value 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;">6.28<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;">Empower Large Cap Growth 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;">5.83<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;">Empower International Value 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;">5.54<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;">Empower International Growth 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;">4.96<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.50<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;">Empower Bond Index 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;">4.33<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;">Empower Real Estate Index 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;">3.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2813 0.1049 0.0628 0.0583 0.0554 0.0496 0.0473 0.045 0.0433 0.0328 <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 Lifetime 2050 Fund Institutional Class MXBSX This semi-annual shareholder report contains important information about the Empower Lifetime 2050 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2050 Fund<br/>(Institutional Class/MXBSX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>57</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;">0.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.42%).</div></div></td></tr></table> 57 0.0054 <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;">$</div>723M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.4M</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;">9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 723000000 21 400000 0.09 <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 <div style="display:inline;">Holdings</div></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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.95<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;">Empower International Index 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;">11.35<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;">Empower Large Cap Value 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;">6.46<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;">Empower Large Cap Growth 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;">6.00<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;">Empower International Value 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;">6.00<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;">Empower International Growth 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;">5.37<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;">Empower Mid Cap Value 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;">4.79<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.56<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.65<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;">Empower Emerging Markets Equity 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;">3.64<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;">ASSET CLASS 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_1124218.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 <div style="display:inline;">Holdings</div></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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.95<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;">Empower International Index 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;">11.35<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;">Empower Large Cap Value 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;">6.46<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;">Empower Large Cap Growth 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;">6.00<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;">Empower International Value 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;">6.00<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;">Empower International Growth 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;">5.37<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;">Empower Mid Cap Value 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;">4.79<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.56<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.65<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;">Empower Emerging Markets Equity 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;">3.64<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2895 0.1135 0.0646 0.06 0.06 0.0537 0.0479 0.0456 0.0365 0.0364 <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 Lifetime 2050 Fund Investor Class MXBOX This semi-annual shareholder report contains important information about the Empower Lifetime 2050 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2050 Fund<br/>(Investor Class/MXBOX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>94</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;">0.89<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.42%).</div></div></td></tr></table> 94 0.0089 <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;">$</div>723M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.4M</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;">9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 723000000 21 400000 0.09 <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, <div style="display:inline;">representing </div>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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.95<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;">Empower International Index 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;">11.35<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;">Empower Large Cap Value 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;">6.46<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;">Empower Large Cap Growth 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;">6.00<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;">Empower International Value 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;">6.00<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;">Empower International Growth 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;">5.37<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;">Empower Mid Cap Value 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;">4.79<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.56<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.65<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;">Empower Emerging Markets Equity 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;">3.64<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;">ASSET CLASS 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_1124153.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.95<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;">Empower International Index 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;">11.35<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;">Empower Large Cap Value 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;">6.46<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;">Empower Large Cap Growth 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;">6.00<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;">Empower International Value 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;">6.00<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;">Empower International Growth 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;">5.37<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;">Empower Mid Cap Value 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;">4.79<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.56<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.65<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;">Empower Emerging Markets Equity 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;">3.64<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.2895 0.1135 0.0646 0.06 0.06 0.0537 0.0479 0.0456 0.0365 0.0364 <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 Lifetime 2050 Fund Service Class MXBQX This semi-annual shareholder report contains important information about the Empower Lifetime 2050 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2050 Fund<br/>(Service Class/MXBQX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>104</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;">0.99<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.42%).</div></div></td></tr></table> 104 0.0099 <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;">$</div>723M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.4M</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;">9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 723000000 21 400000 0.09 <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 <div style="display:inline;">Holdings</div></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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.95<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;">Empower International Index 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;">11.35<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;">Empower Large Cap Value 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;">6.46<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;">Empower Large Cap Growth 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;">6.00<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;">Empower International Value 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;">6.00<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;">Empower International Growth 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;">5.37<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;">Empower Mid Cap Value 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;">4.79<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.56<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.65<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;">Empower Emerging Markets Equity 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;">3.64<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;">ASSET CLASS 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_1124181.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.95<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;">Empower International Index 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;">11.35<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;">Empower Large Cap Value 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;">6.46<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;">Empower Large Cap Growth 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;">6.00<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;">Empower International Value 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;">6.00<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;">Empower International Growth 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;">5.37<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;">Empower Mid Cap Value 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;">4.79<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.56<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.65<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;">Empower Emerging Markets Equity 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;">3.64<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.2895 0.1135 0.0646 0.06 0.06 0.0537 0.0479 0.0456 0.0365 0.0364 <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 Lifetime 2055 Fund Institutional Class MXZHX This semi-annual shareholder report contains important information about the Empower Lifetime 2055 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 This report describes changes to the Fund that occurred during the reporting period. <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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2055 Fund<br/>(Institutional Class/MXZHX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>58</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;">0.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.43%).</div></div></td></tr></table> 58 0.0055 <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;">$</div>827M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.5M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 827000000 21 500000 0.12 <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 <div style="display:inline;">percentages </div>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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">29.06<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;">Empower International Index 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;">11.97<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;">Empower Large Cap Value 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;">6.48<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;">Empower International Value 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;">6.32<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;">Empower Large Cap Growth 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;">6.01<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;">Empower International Growth 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;">5.66<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.51<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.97<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;">Empower Emerging Markets Equity 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;">3.96<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;">ASSET CLASS 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_1123564.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">29.06<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;">Empower International Index 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;">11.97<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;">Empower Large Cap Value 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;">6.48<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;">Empower International Value 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;">6.32<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;">Empower Large Cap Growth 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;">6.01<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;">Empower International Growth 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;">5.66<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.51<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.97<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;">Empower Emerging Markets Equity 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;">3.96<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2906 0.1197 0.0648 0.0632 0.0601 0.0566 0.0473 0.0451 0.0397 0.0396 <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;">This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at 1-866-831-7129.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">Effective April 30, 2026, ECM contractually agreed to waive 0.01% of its management fees.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at 1-866-831-7129.</div> 2026-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <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 Lifetime 2055 Fund Investor Class MXWLX This semi-annual shareholder report contains important information about the Empower Lifetime 2055 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 This report describes changes to the Fund that occurred during the reporting period <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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2055 Fund<br/>(Investor Class/MXWLX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>95</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;">0.90<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.43%).</div></div></td></tr></table> 95 0.009 <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;">$</div>827M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.5M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 827000000 21 500000 0.12 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">29.06<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;">Empower International Index 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;">11.97<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;">Empower Large Cap Value 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;">6.48<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;">Empower International Value 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;">6.32<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;">Empower Large Cap Growth 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;">6.01<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;">Empower International Growth 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;">5.66<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.51<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.97<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;">Empower Emerging Markets Equity 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;">3.96<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;">ASSET CLASS 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_1123502.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">29.06<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;">Empower International Index 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;">11.97<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;">Empower Large Cap Value 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;">6.48<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;">Empower International Value 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;">6.32<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;">Empower Large Cap Growth 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;">6.01<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;">Empower International Growth 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;">5.66<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.51<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.97<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;">Empower Emerging Markets Equity 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;">3.96<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2906 0.1197 0.0648 0.0632 0.0601 0.0566 0.0473 0.0451 0.0397 0.0396 <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;">This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</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;">Effective April 30, 2026, ECM contractually agreed to waive 0.01% of its management fees.</div> This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. 2026-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <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 Lifetime 2055 Fund Service Class MXXLX This semi-annual shareholder report contains important information about the Empower Lifetime 2055 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 This report describes changes to the Fund that occurred during the reporting period. <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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2055 Fund<br/>(Service Class/MXXLX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>105</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;">1.00<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.43%).</div></div></td></tr></table> 105 0.01 <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;">$</div>827M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.5M</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 827000000 21 500000 0.12 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">29.06<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;">Empower International Index 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;">11.97<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;">Empower Large Cap Value 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;">6.48<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;">Empower International Value 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;">6.32<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;">Empower Large Cap Growth 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;">6.01<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;">Empower International Growth 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;">5.66<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.51<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.97<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;">Empower Emerging Markets Equity 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;">3.96<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;">ASSET CLASS <div style="display:inline;">AL</div>LOCATION</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_1123536.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">29.06<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;">Empower International Index 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;">11.97<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;">Empower Large Cap Value 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;">6.48<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;">Empower International Value 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;">6.32<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;">Empower Large Cap Growth 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;">6.01<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;">Empower International Growth 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;">5.66<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;">Empower Mid Cap Value 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;">4.73<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.51<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">3.97<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;">Empower Emerging Markets Equity 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;">3.96<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2906 0.1197 0.0648 0.0632 0.0601 0.0566 0.0473 0.0451 0.0397 0.0396 <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;">This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</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;">Effective April 30, 2026, ECM contractually agreed to waive 0.01% of its management fees.</div> This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. 2026-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <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 Lifetime 2060 Fund Institutional Class MXGUX This semi-annual shareholder report contains important information about the Empower Lifetime 2060 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 This report describes changes to the Fund that occurred during the reporting period. <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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2060 Fund<br/>(Institutional Class/MXGUX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>58</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;">0.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.43%).</div></div></td></tr></table> 58 0.0055 <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;">$</div>185M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.1M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 185000000 21 100000 0.11 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.74<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;">Empower International Index 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;">12.44<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;">Empower International Value 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;">6.57<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;">Empower Large Cap Value 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;">6.41<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.89<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;">Empower Mid Cap Value 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;">4.61<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.38<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.26<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;">Empower Emerging Markets Equity 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;">4.25<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;">ASSET CLASS 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_1124308.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.74<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;">Empower International Index 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;">12.44<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;">Empower International Value 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;">6.57<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;">Empower Large Cap Value 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;">6.41<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.89<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;">Empower Mid Cap Value 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;">4.61<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.38<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.26<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;">Empower Emerging Markets Equity 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;">4.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2874 0.1244 0.0657 0.0641 0.0595 0.0589 0.0461 0.0438 0.0426 0.0425 <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;">This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</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;">Effective April 30, 2026, ECM contractually agreed to waive 0.01% of its management fees.</div> This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. 2026-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <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 Lifetime 2060 Fund Investor Class MXGNX This semi-annual shareholder report contains important information about the Empower Lifetime 2060 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 This report describes changes to the Fund that occurred during the reporting period. <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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2060 Fund<br/>(Investor Class/MXGNX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>95</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;">0.90<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.43%).</div></div></td></tr></table> 95 0.009 <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;">$</div>185M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.1M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 185000000 21 100000 0.11 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.74<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;">Empower International Index 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;">12.44<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;">Empower International Value 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;">6.57<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;">Empower Large Cap Value 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;">6.41<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.89<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;">Empower Mid Cap Value 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;">4.61<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.38<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.26<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;">Empower Emerging Markets Equity 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;">4.25<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;">ASSET CLASS 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_1124246.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.74<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;">Empower International Index 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;">12.44<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;">Empower International Value 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;">6.57<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;">Empower Large Cap Value 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;">6.41<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.89<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;">Empower Mid Cap Value 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;">4.61<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.38<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.26<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;">Empower Emerging Markets Equity 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;">4.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2874 0.1244 0.0657 0.0641 0.0595 0.0589 0.0461 0.0438 0.0426 0.0425 <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;">This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</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;">Effective April 30, 2026, ECM contractually agreed to waive 0.01% of its management fees.</div> This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. 2026-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <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 Lifetime 2060 Fund Service Class MXGQX This semi-annual shareholder report contains important information about the Empower Lifetime 2060 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 This report describes changes to the Fund that occurred during the reporting period. <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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2060 Fund<br/>(Service Class/MXGQX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>105</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;">1.00<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.43%).</div></div></td></tr></table> 105 0.01 <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;">$</div>185M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.1M</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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 185000000 21 100000 0.11 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.74<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;">Empower International Index 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;">12.44<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;">Empower International Value 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;">6.57<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;">Empower Large Cap Value 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;">6.41<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.89<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;">Empower Mid Cap Value 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;">4.61<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.38<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.26<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;">Empower Emerging Markets Equity 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;">4.25<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;">ASSET CLASS 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_1124280.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.74<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;">Empower International Index 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;">12.44<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;">Empower International Value 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;">6.57<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;">Empower Large Cap Value 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;">6.41<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.89<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;">Empower Mid Cap Value 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;">4.61<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.38<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.26<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;">Empower Emerging Markets Equity 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;">4.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2874 0.1244 0.0657 0.0641 0.0595 0.0589 0.0461 0.0438 0.0426 0.0425 <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;">This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</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;">Effective April 30, 2026, ECM contractually agreed to waive 0.01% of its management fees.</div> This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. 2026-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <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 Lifetime 2065 Fund Institutional Class MXHBX This semi-annual shareholder report contains important information about the Empower Lifetime 2065 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 This report describes changes to the Fund that occurred during the reporting period. <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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2065 Fund<br/>(Institutional Class/MXHBX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>58</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;">0.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.43%).</div></div></td></tr></table> 58 0.0055 <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;">$</div>0M<div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.0M<div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(b)</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: 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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom: 0.5pt solid rgb(0, 0, 0); font-style: normal; font-size: 8pt;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; padding-right: 0; padding-left: 0; text-align: left; font-size: 6pt; vertical-align: super; width: 3pt; font-weight: normal; padding-top: 0; padding-bottom: 0;"><div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: Arial; text-align: justify; font-size: 6pt; vertical-align: super; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">(a)</div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; padding-right: 0; padding-left: 5pt; text-align: left; font-size: 7.5pt; padding-top: 0; padding-bottom: 0;"><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: italic; font-size: 8pt; line-height: normal;">Amount represents less than $500K.</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom: initial initial; font-style: normal; font-size: 8pt;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; padding-right: 0; padding-left: 0; text-align: left; font-size: 6pt; vertical-align: super; width: 3pt; font-weight: normal; padding-top: 0; padding-bottom: 0;"><div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: Arial; text-align: justify; font-size: 6pt; vertical-align: super; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">(b)</div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; padding-right: 0; padding-left: 5pt; text-align: left; font-size: 7.5pt; padding-top: 0; padding-bottom: 0;"><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: italic; font-size: 8pt; line-height: normal;">Amount represents less than $50K.</div></td></tr></table> 0 21 0 0.11 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.75<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;">Empower International Index 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;">12.55<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;">Empower International Value 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;">6.63<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;">Empower Large Cap Value 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;">6.42<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.94<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;">Empower Mid Cap Value 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;">4.60<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.37<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.33<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;">Empower Emerging Markets Equity 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;">4.32<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;">ASSET CLASS 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_1124336.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.75<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;">Empower International Index 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;">12.55<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;">Empower International Value 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;">6.63<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;">Empower Large Cap Value 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;">6.42<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.94<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;">Empower Mid Cap Value 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;">4.60<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.37<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.33<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;">Empower Emerging Markets Equity 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;">4.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2875 0.1255 0.0663 0.0642 0.0595 0.0594 0.046 0.0437 0.0433 0.0432 <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;">This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</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;">Effective April 30, 2026, ECM contractually agreed to waive 0.01% of its management fees.</div> This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. 2026-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <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 Lifetime 2065 Fund Investor Class MXHCX This semi-annual shareholder report contains important information about the Empower Lifetime 2065 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 This report describes changes to the Fund that occurred during the reporting period. <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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2065 Fund<br/>(Investor Class/MXHCX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>95</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;">0.90<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.43%).</div></div></td></tr></table> 95 0.009 <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;">$</div>0M<div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.0M<div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(b)</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: 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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom: 0.5pt solid rgb(0, 0, 0); font-style: normal; font-size: 8pt;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; padding-right: 0; padding-left: 0; text-align: left; font-size: 6pt; vertical-align: super; width: 3pt; font-weight: normal; padding-top: 0; padding-bottom: 0;"><div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: Arial; text-align: justify; font-size: 6pt; vertical-align: super; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">(a)</div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; padding-right: 0; padding-left: 5pt; text-align: left; font-size: 7.5pt; padding-top: 0; padding-bottom: 0;"><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: italic; font-size: 8pt; line-height: normal;">Amount represents less than $500K.</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom: initial initial; font-style: normal; font-size: 8pt;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; padding-right: 0; padding-left: 0; text-align: left; font-size: 6pt; vertical-align: super; width: 3pt; font-weight: normal; padding-top: 0; padding-bottom: 0;"><div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: Arial; text-align: justify; font-size: 6pt; vertical-align: super; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">(b)</div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; padding-right: 0; padding-left: 5pt; text-align: left; font-size: 7.5pt; padding-top: 0; padding-bottom: 0;"><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: italic; font-size: 8pt; line-height: normal;">Amount represents less than $50K.</div></td></tr></table> 0 21 0 0.11 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.75<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;">Empower International Index 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;">12.55<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;">Empower International Value 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;">6.63<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;">Empower Large Cap Value 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;">6.42<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.94<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;">Empower Mid Cap Value 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;">4.60<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.37<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.33<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;">Empower Emerging Markets Equity 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;">4.32<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;">ASSET CLASS 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_1124373.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.75<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;">Empower International Index 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;">12.55<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;">Empower International Value 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;">6.63<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;">Empower Large Cap Value 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;">6.42<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.94<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;">Empower Mid Cap Value 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;">4.60<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.37<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.33<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;">Empower Emerging Markets Equity 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;">4.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2875 0.1255 0.0663 0.0642 0.0595 0.0594 0.046 0.0437 0.0433 0.0432 <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;">This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</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;">Effective April 30, 2026, ECM contractually agreed to waive 0.01% of its management fees.</div> This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. 2026-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <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 Lifetime 2065 Fund Service Class MXHDX This semi-annual shareholder report contains important information about the Empower Lifetime 2065 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 This report describes changes to the Fund that occurred during the reporting period. <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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Lifetime 2065 Fund<br/>(Service Class/MXHDX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>103</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;">0.98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: Arial; font-style: normal; text-align: left; padding: 0px 0px 0px 3pt; margin-bottom: 0px; font-size: 6pt; vertical-align: top; width: 15pt;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: Arial; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: Arial; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">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 (0.43%).</div></div></td></tr></table> 103 0.0098 <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;">$</div>0M<div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(a)</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.0M<div style="font-size: smaller; vertical-align: super; letter-spacing: 0px; top: 0px;display:inline;">(b)</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: 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;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom: 0.5pt solid rgb(0, 0, 0); font-style: normal; font-size: 8pt;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; padding-right: 0; padding-left: 0; text-align: left; font-size: 6pt; vertical-align: super; width: 3pt; font-weight: normal; padding-top: 0; padding-bottom: 0;"><div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: Arial; text-align: justify; font-size: 6pt; vertical-align: super; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">(a)</div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; padding-right: 0; padding-left: 5pt; text-align: left; font-size: 7.5pt; padding-top: 0; padding-bottom: 0;"><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: italic; font-size: 8pt; line-height: normal;">Amount represents less than $500K.</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom: initial initial; font-style: normal; font-size: 8pt;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; padding-right: 0; padding-left: 0; text-align: left; font-size: 6pt; vertical-align: super; width: 3pt; font-weight: normal; padding-top: 0; padding-bottom: 0;"><div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: Arial; text-align: justify; font-size: 6pt; vertical-align: super; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">(b)</div></div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; padding-right: 0; padding-left: 5pt; text-align: left; font-size: 7.5pt; padding-top: 0; padding-bottom: 0;"><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: italic; font-size: 8pt; line-height: normal;">Amount represents less than $50K.</div></td></tr></table> 0 21 0 0.11 <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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.75<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;">Empower International Index 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;">12.55<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;">Empower International Value 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;">6.63<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;">Empower Large Cap Value 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;">6.42<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.94<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;">Empower Mid Cap Value 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;">4.60<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.37<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.33<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;">Empower Emerging Markets Equity 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;">4.32<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;">ASSET CLASS 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_1124401.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;">Empower S&amp;P 500<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index 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;">28.75<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;">Empower International Index 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;">12.55<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;">Empower International Value 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;">6.63<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;">Empower Large Cap Value 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;">6.42<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;">Empower Large Cap Growth 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;">5.95<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;">Empower International Growth 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;">5.94<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;">Empower Mid Cap Value 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;">4.60<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;">Empower T. Rowe Price Mid Cap Growth 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;">4.37<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;">Fidelity<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Emerging Markets Index 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;">4.33<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;">Empower Emerging Markets Equity 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;">4.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2875 0.1255 0.0663 0.0642 0.0595 0.0594 0.046 0.0437 0.0433 0.0432 <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;">This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</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;">Effective April 30, 2026, ECM contractually agreed to waive 0.01% of its management fees.</div> This is a summary of certain changes to the Fund since January 1, 2026. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2027<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. 2026-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <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> 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%). 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 (0.37%). 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 (0.43%). Amount represents less than $50K. Amount represents less than $500K. 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 (0.34%). 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 (0.36%). 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 (0.41%). 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 (0.42%). 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 (0.39%). 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 (0.40%).