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0.2250 0.1037 0.0778 0.0512 0.0454 0.0230 0.4739 0.0512 0.0454 0.0230 0.4739 0.2250 0.1037 0.0778 0.0512 0.0454 0.0230 0.4739 0.2250 0.1037 0.0778 0.0734 0.0461 0.0373 0.3297 0.2196 0.1680 0.1259 0.0734 0.0461 0.0373 0.3297 0.2196 0.1680 0.1259 0.0734 0.0461 0.0373 0.3297 0.2196 0.1680 0.1259 0.2324 0.1742 0.1597 0.1016 0.0516 0.0410 0.2395 0.0410 0.2395 0.2324 0.1742 0.1597 0.1016 0.0516 0.0410 0.2395 0.2324 0.1742 0.1597 0.1016 0.0516 0.0358 0.2885 0.2161 0.1799 0.1260 0.0898 0.0639 0.0358 0.2885 0.2161 0.1799 0.1260 0.0898 0.0639 0.4024 0.3017 0.1759 0.0893 0.0307 0.4024 0.3017 0.1759 0.0893 0.0307 EMPOWER FUNDS, INC. 2026-06-30 Empower Conservative Profile Fund Class L MXIPX This semi-annual shareholder report contains important information about the Empower Conservative Profile 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 $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Conservative Profile Fund<br/>(Class L/MXIPX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">1.01<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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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></div> </td> </tr> </table> 103 0.0101 <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;">$</div>1,796M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 1796000000 18 900000 0.08 <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 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;">22.50<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 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;">9.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.48<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 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;">8.40<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 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;">6.61<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 U.S. Government Mortgage 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;">6.56<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;">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;">6.55<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 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;">5.13<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 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;">4.37<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 High Yield 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;">3.93<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_1125198.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 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;">22.50<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 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;">9.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.48<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 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;">8.40<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 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;">6.61<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 U.S. Government Mortgage 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;">6.56<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;">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;">6.55<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 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;">5.13<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 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;">4.37<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 High Yield 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;">3.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.225 0.091 0.0848 0.084 0.0661 0.0656 0.0655 0.0513 0.0437 0.0393 <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 Conservative Profile Fund Institutional Class MXKVX This semi-annual shareholder report contains important information about the Empower Conservative Profile 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Conservative Profile Fund<br/>(Institutional Class/MXKVX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>42</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;">0.41<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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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></div></td></tr></table> 42 0.0041 <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;">$</div>1,796M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1796000000 18 900000 0.08 <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 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;">22.50<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 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;">9.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.48<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 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;">8.40<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 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;">6.61<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 U.S. Government Mortgage 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;">6.56<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;">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;">6.55<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 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;">5.13<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 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;">4.37<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 High Yield 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;">3.93<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_1125226.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 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;">22.50<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 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;">9.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.48<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 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;">8.40<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 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;">6.61<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 U.S. Government Mortgage 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;">6.56<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;">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;">6.55<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 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;">5.13<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 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;">4.37<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 High Yield 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;">3.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.225 0.091 0.0848 0.084 0.0661 0.0656 0.0655 0.0513 0.0437 0.0393 <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 Conservative Profile Fund Investor Class MXCPX This semi-annual shareholder report contains important information about the Empower Conservative Profile 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 $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Conservative Profile Fund<br/>(Investor Class/MXCPX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>78</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;">0.76<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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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></div> </td> </tr> </table> 78 0.0076 <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;">$</div>1,796M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 1796000000 18 900000 0.08 <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 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;">22.50<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 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;">9.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.48<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 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;">8.40<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 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;">6.61<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 U.S. Government Mortgage 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;">6.56<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;">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;">6.55<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 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;">5.13<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 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;">4.37<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 High Yield 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;">3.93<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_1125170.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 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;">22.50<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 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;">9.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.48<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 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;">8.40<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 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;">6.61<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 U.S. Government Mortgage 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;">6.56<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;">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;">6.55<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 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;">5.13<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 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;">4.37<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 High Yield 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;">3.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.225 0.091 0.0848 0.084 0.0661 0.0656 0.0655 0.0513 0.0437 0.0393 <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 Moderately Conservative Profile Fund Class L MXHPX This semi-annual shareholder report contains important information about the Empower Moderately Conservative Profile 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 $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderately Conservative Profile Fund<br/>(Class L/MXHPX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>110</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;">1.07<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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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 (0.45%).</div></div></div> </td> </tr> </table> 110 0.0107 <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;">$</div>1,350M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 1350000000 18 600000 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 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;">21.96<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 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;">10.71<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 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;">6.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">6.60<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 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;">6.09<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 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;">6.01<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 U.S. Government Mortgage 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;">5.16<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 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;">5.15<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 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;">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: 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;">4.43<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_1125108.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 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;">21.96<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 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;">10.71<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 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;">6.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">6.60<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 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;">6.09<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 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;">6.01<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 U.S. Government Mortgage 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;">5.16<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 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;">5.15<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 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;">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: 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;">4.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.2196 0.1071 0.0667 0.066 0.0609 0.0601 0.0516 0.0515 0.0461 0.0443 <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 Moderately Conservative Profile Fund Institutional Class MXJUX This semi-annual shareholder report contains important information about the Empower Moderately Conservative Profile 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderately Conservative Profile Fund<br/>(Institutional Class/MXJUX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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 (0.45%).</div></div></div></td></tr></table> 49 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;">$</div>1,350M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1350000000 18 600000 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 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;">21.96<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 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;">10.71<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 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;">6.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">6.60<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 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;">6.09<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 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;">6.01<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 U.S. Government Mortgage 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;">5.16<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 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;">5.15<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 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;">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: 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;">4.43<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_1125136.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 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;">21.96<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 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;">10.71<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 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;">6.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">6.60<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 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;">6.09<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 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;">6.01<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 U.S. Government Mortgage 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;">5.16<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 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;">5.15<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 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;">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: 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;">4.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.2196 0.1071 0.0667 0.066 0.0609 0.0601 0.0516 0.0515 0.0461 0.0443 <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 Moderately Conservative Profile Fund Investor Class MXDPX This semi-annual shareholder report contains important information about the Empower Moderately Conservative Profile 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderately Conservative Profile Fund<br/>(Investor Class/MXDPX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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 (0.45%).</div></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;">$</div>1,350M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1350000000 18 600000 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 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;">21.96<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 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;">10.71<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 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;">6.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">6.60<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 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;">6.09<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 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;">6.01<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 U.S. Government Mortgage 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;">5.16<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 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;">5.15<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 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;">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: 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;">4.43<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_1125071.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 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;">21.96<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 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;">10.71<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 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;">6.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">6.60<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 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;">6.09<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 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;">6.01<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 U.S. Government Mortgage 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;">5.16<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 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;">5.15<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 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;">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: 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;">4.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.2196 0.1071 0.0667 0.066 0.0609 0.0601 0.0516 0.0515 0.0461 0.0443 <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 Moderate Profile Fund Class L MXGPX This semi-annual shareholder report contains important information about the Empower Moderate Profile 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 $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderate Profile Fund<br/>(Class L/MXGPX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>120</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;">1.15<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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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 (0.51%).</div></div></div> </td> </tr> </table> 120 0.0115 <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;">$</div>2,768M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.3M</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> 2768000000 18 1300000 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 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;">15.97<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;">14.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.42<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 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;">8.31<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 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;">6.14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">5.31<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 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;">4.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">4.80<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 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;">4.10<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 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;">4.03<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_1125015.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 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;">15.97<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;">14.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.42<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 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;">8.31<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 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;">6.14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">5.31<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 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;">4.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">4.80<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 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;">4.10<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 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;">4.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.1597 0.1482 0.0842 0.0831 0.0614 0.0531 0.0484 0.048 0.041 0.0403 <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 Moderate Profile Fund Institutional Class MXITX This semi-annual shareholder report contains important information about the Empower Moderate Profile 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 $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderate Profile Fund<br/>(Institutional Class/MXITX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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 (0.51%).</div></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;">$</div>2,768M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.3M</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> 2768000000 18 1300000 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 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;">15.97<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;">14.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.42<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 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;">8.31<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 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;">6.14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">5.31<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 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;">4.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">4.80<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 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;">4.10<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 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;">4.03<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_1125043.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 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;">15.97<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;">14.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.42<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 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;">8.31<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 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;">6.14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">5.31<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 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;">4.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">4.80<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 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;">4.10<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 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;">4.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.1597 0.1482 0.0842 0.0831 0.0614 0.0531 0.0484 0.048 0.041 0.0403 <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 Moderate Profile Fund Investor Class MXMPX This semi-annual shareholder report contains important information about the Empower Moderate Profile 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 $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderate Profile Fund<br/>(Investor Class/MXMPX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">0.90<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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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 (0.51%).</div></div></div> </td> </tr> </table> 94 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;">$</div>2,768M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.3M</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> 2768000000 18 1300000 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 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;">15.97<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;">14.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.42<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 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;">8.31<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 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;">6.14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">5.31<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 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;">4.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">4.80<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 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;">4.10<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 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;">4.03<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_1124978.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 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;">15.97<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;">14.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">8.42<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 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;">8.31<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 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;">6.14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">5.31<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 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;">4.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">4.80<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 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;">4.10<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 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;">4.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.1597 0.1482 0.0842 0.0831 0.0614 0.0531 0.0484 0.048 0.041 0.0403 <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 Moderately Aggressive Profile Fund Institutional Class MXHRX This semi-annual shareholder report contains important information about the Empower Moderately Aggressive Profile 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 $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderately Aggressive Profile Fund<br/>(Institutional Class/MXHRX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>67</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;">0.64<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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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 (0.57%).</div></div></div> </td> </tr> </table> 67 0.0064 <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;">$</div>1,712M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">13<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 1712000000 18 800000 0.13 <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 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;">18.40<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 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;">10.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">10.31<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 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;">8.98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">7.61<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 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;">6.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">4.99<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">4.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small 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;">4.26<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 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;">3.58<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_1124950.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 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;">18.40<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 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;">10.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">10.31<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 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;">8.98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">7.61<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 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;">6.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">4.99<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">4.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small 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;">4.26<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 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;">3.58<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.184 0.1045 0.1031 0.0898 0.0761 0.0659 0.0499 0.047 0.0426 0.0358 <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 Moderately Aggressive Profile Fund Investor Class MXBPX This semi-annual shareholder report contains important information about the Empower Moderately Aggressive Profile 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 $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderately Aggressive Profile Fund<br/>(Investor Class/MXBPX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">0.99<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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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 (0.57%).</div></div></div> </td> </tr> </table> 103 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;">$</div>1,712M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">13<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 1712000000 18 800000 0.13 <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 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;">18.40<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 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;">10.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">10.31<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 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;">8.98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">7.61<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 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;">6.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">4.99<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">4.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small 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;">4.26<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 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;">3.58<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_1124922.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 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;">18.40<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 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;">10.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">10.31<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 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;">8.98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">7.61<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 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;">6.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">4.99<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; 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;">4.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small 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;">4.26<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 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;">3.58<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.184 0.1045 0.1031 0.0898 0.0761 0.0659 0.0499 0.047 0.0426 0.0358 <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 Aggressive Profile Fund Institutional Class MXGTX This semi-annual shareholder report contains important information about the Empower Aggressive Profile 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 $10,000 investment</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Aggressive Profile Fund<br/>(Institutional Class/MXGTX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>83</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;">0.78<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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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 (0.68%).</div></div></div> </td> </tr> </table> 83 0.0078 <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;">$</div>1,042M</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">13<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> 1042000000 10 500000 0.13 <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 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;">25.64<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 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;">14.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">14.39<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 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;">10.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">9.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">6.97<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 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;">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 Small 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;">5.94<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 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;">3.07<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 Small 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;">3.00<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_1124887.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 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;">25.64<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 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;">14.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">14.39<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 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;">10.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">9.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">6.97<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 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;">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 Small 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;">5.94<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 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;">3.07<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 Small 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;">3.00<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> 0.2564 0.1459 0.1439 0.1062 0.0921 0.0697 0.0657 0.0594 0.0307 0.03 <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 Aggressive Profile Fund Investor Class MXAPX This semi-annual shareholder report contains important information about the Empower Aggressive Profile 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 $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Aggressive Profile Fund<br/>(Investor Class/MXAPX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>120</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;">1.13<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: normal; 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-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">(a)</div></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: normal; 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-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 (0.68%).</div></div></div></td></tr></table> 120 0.0113 <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;">$</div>1,042M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</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;">13<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1042000000 10 500000 0.13 <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 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;">25.64<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 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;">14.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">14.39<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 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;">10.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">9.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">6.97<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 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;">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 Small 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;">5.94<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 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;">3.07<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 Small 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;">3.00<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_1124859.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 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;">25.64<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 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;">14.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">14.39<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 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;">10.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">9.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">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;">6.97<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 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;">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 Small 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;">5.94<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 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;">3.07<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 Small 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;">3.00<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.2564 0.1459 0.1439 0.1062 0.0921 0.0697 0.0657 0.0594 0.0307 0.03 <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> 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 (0.45%). 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 (0.51%). 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 (0.57%). 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 (0.68%).