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EMPOWER FUNDS, INC.
2026-06-30
Empower Real Estate Index Fund
Institutional Class
MXSFX
This semi-annual shareholder report contains important information about the Empower Real Estate Index Fund (the "Fund”) for the period of January 1, 2026, to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.
https://www.empower.com/investments/empower-funds/fund-documents
1-866-831-7129
<div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the period ended </div> <div style="font-weight:bolder;display:inline;">June 30, 2026</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Real Estate Index Fund<br/>(Institutional Class/MXSFX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>33</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;">0.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
33
0.003
<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;">$</div>1,440M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">102</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.9M</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;">4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1440000000
102
1900000
0.04
<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;">Welltower Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Prologis Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Equinix Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.98<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;">Simon Property Group Inc REIT</td><td style="break-inside: avoid-page; 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height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Realty Income Corp REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.48<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;">Public Storage REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.90<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ventas Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.35<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Extra Space Storage Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.38<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1125539.jpg" style="width: 301pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Welltower Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Prologis Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Equinix Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.98<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;">Simon Property Group Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Digital Realty Trust Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.60<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Realty Income Corp REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.48<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;">Public Storage REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.90<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ventas Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.35<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Extra Space Storage Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.38<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.1243
0.098
0.0798
0.0563
0.046
0.0448
0.039
0.0335
0.0297
0.0238
<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 <div style="display:inline;">Fund </div>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 Real Estate Index Fund
Investor Class
MXREX
This semi-annual shareholder report contains important information about the Empower Real Estate Index Fund (the "Fund”) for the period of January 1, 2026, to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.
https://www.empower.com/investments/empower-funds/fund-documents
1-866-831-7129
<div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the period ended </div> <div style="font-weight:bolder;display:inline;">June 30, 2026</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Real Estate Index Fund<br/>(Investor Class/MXREX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>71</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;">0.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
71
0.0065
<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;">$</div>1,440M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">102</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.9M</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;">4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1440000000
102
1900000
0.04
<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;">Welltower Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Prologis Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Equinix Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.98<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;">Simon Property Group Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Digital Realty Trust Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.60<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Realty Income Corp REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.48<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;">Public Storage REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.90<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ventas Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.35<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Extra Space Storage Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.38<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1125500.jpg" style="width: 301pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Welltower Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Prologis Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Equinix Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.98<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;">Simon Property Group Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Digital Realty Trust Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.60<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Realty Income Corp REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.48<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;">Public Storage REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.90<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Ventas Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.35<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Dreyfus Institutional Preferred Government Money Market Fund Institutional Class</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Extra Space Storage Inc REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.38<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.1243
0.098
0.0798
0.0563
0.046
0.0448
0.039
0.0335
0.0297
0.0238
<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 <div style="display:inline;">Fund</div> 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>