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hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0000 0.0000 0.0001 0.0037 0.0000 0.0035 0.0001 0.0002 0.0013 0.0049 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 13 42 73 166 50 157 274 616 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">21</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.21 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is not actively managed but is designed to track the performance of its Benchmark Index. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of the companies included in the Benchmark Index and, using sampling techniques, a portfolio of securities designed to give the Fund the relevant comparable attributes of the Benchmark Index. These sampling techniques involve investing in a limited number of securities from the Benchmark Index that, when taken together, are expected to perform similarly to the Benchmark Index as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">whole. These techniques take into account a variety of factors such as sector, yield, duration, credit quality, and spread.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Benchmark Index includes over 12,000 securities and covers the U.S. investment grade bond market, including corporate bonds, government securities, mortgage-backed securities (which may be purchased or sold on a delayed delivery or forward commitment basis through the to-be-announced (“TBA”) market), and includes securities with short-, medium-, and long-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">maturities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest in exchange-traded funds (“ETFs”) and derivatives, including but not limited to futures contracts on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Benchmark Index, options on futures contracts and credit default swaps.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by Franklin Advisers, Inc. (“Franklin Advisers”) and Franklin Advisory Services, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">LLC (“FAS LLC”) (collectively, “Franklin” or the “Sub-Advisers”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect markets and the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because the Fund is not actively managed but is designed to track the performance of the Benchmark Index, investors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">should generally expect the value of the Fund to decline when the performance of the Benchmark Index declines. There is no guarantee that the Fund will achieve a high degree of correlation to the Benchmark Index. Additionally, the Benchmark Index may perform unfavorably or underperform the market as a whole. As a result, the Fund may have poor investment results even if it closely tracks the performance of the Benchmark Index because the adverse performance of a particular security normally will not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in eliminating the security from the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in the Fund’s net asset value. Increased redemptions due to a rise in interest rates may require the Fund to liquidate its holdings at an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">- </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the U.S. government (credit risk).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government-Sponsored Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities issued by U.S. government-sponsored enterprises (“GSEs”), such as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks, may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the applicable GSE (credit risk). Securities of GSEs are not issued or guaranteed by the U.S. Treasury and are not backed by the full faith and credit of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to precisely track the performance of the Benchmark Index. Unlike the Fund, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of the Benchmark Index is not impacted by fees and expenses, including trading costs associated with implementing portfolio changes. In addition, the Fund will own less than all the securities of the Benchmark Index, which also may cause a variance between the performance of the Fund and the performance of the Benchmark Index. Tracking error risk may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s performance to be less than expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer may redeem a fixed income security before maturity (a “call”) at a price below its current market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts on the Benchmark Index, options on futures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">contracts and credit default swaps, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">segregation risk, valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">To-Be-Announced Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - TBA securities involve the risk that a security the Fund buys will lose value prior to its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">delivery. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">gain in the security’s price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">When-Issued, Delayed Delivery and Forward Commitments Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The price or yield obtained in a when-issued, delayed delivery </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">or forward commitment transaction may be less favorable than the price or yield available in the market when the securities delivery takes place. In addition, a when-issued, delayed delivery or forward commitment transaction has potentially more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">counterparty risk than a regularly settled trade.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Exchange-Traded Fund Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Shares in an ETF represent an interest in a portfolio of securities generally designed to track the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of a particular market index. The Fund could purchase shares issued by an ETF to temporarily gain exposure to a portion of the U.S. market, for example, while awaiting purchase of underlying securities. The risks associated with owning an ETF generally reflect the risks of owning the underlying securities it is designed to track, although ETFs have management fees that increase their costs. Fund shareholders indirectly bear their proportionate share of the expenses of the ETFs in which the Fund invests. An ETF may trade at a premium or discount, and, as a result, the Fund may pay more than net asset value when purchasing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shares and receive less than net asset value when selling shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of the Benchmark Index, which is a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fees and expenses of any Permitted Account were reflected, the performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to February 26, 2024, reflects the performance of the Fund’s adviser, ECM, which no longer manages the Fund’s investment portfolio. Consequently, the Fund’s total returns shown below for the periods prior to that date are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">not necessarily indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of the Benchmark Index, which is a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fees and expenses of any Permitted Account were reflected, the performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">6.65%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-5.98%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0665 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0598 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0694 -0.0065 0.0179 0.0662 -0.0100 0.0143 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks to provide total return, consisting of two components: (1) changes in the market value of its portfolio holdings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(both realized and unrealized appreciation); and (2) income received from its portfolio holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0032 0.0032 0.0000 0.0000 0.0007 0.0055 0.0000 0.0035 0.0007 0.0020 0.0039 0.0087 -0.0004 -0.0017 0.0035 0.0070 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 36 121 215 489 72 261 466 1057 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">197</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the average value of its portfolio.</span> 1.97 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest primarily in a diversified portfolio of investment grade securities, including mortgage-backed securities, U.S. government securities, corporate fixed income securities, Rule 144A fixed income securities, to-be-announced (“TBA”) securities, when-issued securities, and asset-backed securities (including collateralized loan </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations (“CLOs”)).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">A portion of the Fund may invest in foreign investment grade fixed income securities, which may be denominated in either foreign currency or in U.S. dollars. The Fund may also invest in domestic or foreign below investment grade securities (commonly known </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">as “high yield securities” or “junk bonds”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest in derivatives, including but not limited to interest rate, inflation and total return forward rate agreements; deliverable and non-deliverable bond and currency forward contracts; interest and bond rate futures; interest rate, bond and swap options; credit default swaps and credit default swap indices; and interest rate, inflation and total return swaps. The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in agency mortgage-backed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, or through short sales of any instrument that the Fund may purchase for investment. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest in securities of any maturity and of any duration. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price will be to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a three-year effective duration will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally result in an increase of approximately 3% of that security’s market price.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: Goldman Sachs Asset Management, L.P. (“GSAM”) and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Wellington Management Company LLP (“Wellington”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">GSAM seeks to provide total return consisting of capital appreciation and income. GSAM’s investment process seeks to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">maximize risk-adjusted performance by utilizing a diverse set of investment strategies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Wellington seeks to provide long-term total returns in excess of the U.S. bond market as represented by the Bloomberg </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. Aggregate Bond Index with equivalent or lower levels of risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 50% allocation of the Fund’s assets to GSAM and a 50% allocation of the Fund’s assets to Wellington. Actual allocations may vary from the target </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocations and ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect markets and the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to interest rate, inflation and total return forward rate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">agreements; deliverable and non-deliverable bond and currency forward contracts; interest and bond rate futures; interest rate, bond and swap options; credit default swaps and credit default swap indices; and interest rate, inflation and total return swaps, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">- </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the U.S. government (credit risk).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government-Sponsored Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities issued by U.S. government-sponsored enterprises (“GSEs”), such as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks, may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the applicable GSE (credit risk). Securities of GSEs are not issued or guaranteed by the U.S. Treasury and are not backed by the full faith and credit of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Counterparty Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A counterparty to a transaction may be unwilling or unable, or perceived (whether by market participants, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ratings agencies, pricing services, or otherwise) to be unwilling or unable, to make timely interest, principal or settlement payments or otherwise honor its obligations. Counterparty risk may arise because of a counterparty’s financial condition (i.e., </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial difficulties, bankruptcy or insolvency), market activities and developments, or other reasons, whether foreseen or not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in the Fund’s net asset value. Increased redemptions due to a rise in interest rates may require the Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">To-Be-Announced Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - TBA securities involve the risk that a security the Fund buys will lose value prior to its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">delivery. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">gain in the security’s price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">When-Issued Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The price or yield obtained in a when-issued transaction may be less favorable than the price or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">yield available in the market when the securities delivery takes place. In addition, a when-issued transaction has potentially more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">counterparty risk than a regularly settled trade.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer may redeem a fixed income security before maturity (a “call”) at a price below its current market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Over-the-Counter Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Over-the-Counter (“OTC”) transactions involve risks in addition to those incurred by transactions in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities traded on exchanges. Securities and derivatives traded in OTC markets may trade less frequently and in limited volumes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and thus exhibit more volatility and liquidity risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Short Position Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">- </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may enter into a short position through a futures contract, an option, a swap agreement, or short </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">invested, and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - In addition to the normal risks associated with loan- and credit-related securities, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">interest rate risk, default risk, credit risk and liquidity risk, investments in CLOs carry additional risks, including the risk that: (1) distributions from the collateral may not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (4) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">proceeds; and (5) the CLO’s manager may perform poorly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- High portfolio turnover rates generally result in higher transaction costs (which are borne directly by the Fund and indirectly by the Fund’s shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Permitted Account were reflected, the performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to July 9, 2021, includes the performance of a sub-adviser that no longer manages the Fund’s investment portfolio. Consequently, the Fund’s total returns shown below for the periods prior to that date are not necessarily </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Permitted Account were reflected, the performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">6.95%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-6.39%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0695 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0639 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0718 -0.0032 0.0242 0.0675 -0.0068 0.0205 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0091 0.0091 0.0000 0.0000 0.0009 0.0045 0.0000 0.0035 0.0009 0.0010 0.0100 0.0136 -0.0009 -0.0010 0.0091 0.0126 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 93 309 544 1216 128 421 735 1626 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">65</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.65 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by emerging market companies. The Fund considers emerging market companies to be those companies that are economically tied to emerging market countries. The Fund may consider classifications by the World Bank, the International Finance Corporation, the United Nations (and its agencies) or the MSCI Emerging Markets Index in determining </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">whether a country is emerging or developed. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may have significant investments in a single country, a limited number of countries, or a particular geographic region. The Fund may have exposure to non-U.S. securities across any market capitalization and style, and the Fund may also focus its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments in certain sectors, such as the technology sector. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund invests primarily in common stock but may also invest in depositary receipts. The Fund may invest in derivatives, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including but not limited to spot and forward foreign exchange transactions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: Goldman Sachs Asset Management, L.P. (“GSAM”) and Lazard </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Asset Management LLC (“Lazard”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">GSAM selects investments using a valuation discipline to purchase what it believes are well-positioned, cash-generating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">businesses. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Lazard invests in a broadly diversified portfolio of emerging market equity securities using a quantitative stock selection </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">process.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 40% allocation of the Fund’s assets to GSAM and a 60% allocation of the Fund’s assets to Lazard. Actual allocations may vary from the target allocations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Greater China Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investing in securities economically tied to the Greater China region, which consists of mainland China, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Hong Kong and Taiwan, may subject the Fund to a higher degree of risk of loss than investing in other countries or groups of countries because of the risks associated with adverse securities markets, negative foreign currency rate fluctuations and social, political, diplomatic, regulatory, economic or environmental instabilities and natural disasters as well as military actions or conflicts, including risks associated with a potential invasion of Taiwan by China. The economy, industries, and securities and currency markets of Greater China are particularly vulnerable to the region’s dependence on exports and international trade and increasing competition from Asia’s other low-cost emerging economies. The imposition of tariffs or other trade barriers by the U.S. or foreign governments on exports from mainland China may also have an adverse impact on Chinese issuers. In addition, currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation as a result of internal social unrest or conflicts with other countries have had, and may continue to have, negative effects on the economies and securities markets of Greater China. Investments in China are also subject to increased risks associated with unreliable audits and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial information regarding Chinese companies and increased risk of market manipulation and fraud.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Depositary Receipts Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">country, such as currency risk, political and economic risk, and market risk, because their values depend on the performance of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign security denominated in its home currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Quantitative Model Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities selected by Lazard using a quantitative investment model can perform differently than the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">market as a whole based on the factors used in the model, the weight placed on each factor, and changes in the factors’ historical trends. Due to the significant role technology plays in a quantitative investment model, its use carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data, or technology used in the model. There </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">can be no assurance that the use of a quantitative investment model will enable the Fund to achieve its objective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to spot and forward foreign exchange transactions, may expose </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses of any Permitted Account were reflected, the performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to June 1, 2023, includes the performance of a sub-adviser that no longer manages the Fund’s investment portfolio. Consequently, the Fund’s total returns shown below for the periods prior to that date are not necessarily </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses of any Permitted Account were reflected, the performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">19.06%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-23.11%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.1906 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2311 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3333 0.0388 0.0429 2018-01-04 0.3278 0.0349 0.0391 2018-01-04 0.3357 0.0420 0.0465 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks current income with capital appreciation and growth of income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0057 0.0057 0.0000 0.0000 0.0011 0.0063 0.0000 0.0035 0.0011 0.0028 0.0068 0.0120 -0.0004 -0.0021 0.0064 0.0099 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The fees and expenses of the Fund have been restated to reflect expense limit changes that went into effect on April 30, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 65 214 375 843 101 360 639 1436 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">153</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the average value of its portfolio.</span> 1.53 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds issued by companies, governments and government agencies located around the world. Bonds include fixed income securities of any maturity, such as mortgage-backed securities, U.S. government securities, asset-backed securities, Rule 144A fixed income securities, floating rate loans (limited to up to 20% of the Fund’s net assets) and other floating rate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities, Eurodollar and yankee dollar instruments, to-be-announced (“TBA”) securities, notes (including structured notes), </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bills, and debentures.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 40% of its net assets in foreign securities. The Fund’s investments may be denominated in both the U.S. dollar and currencies of other developing and emerging market countries and the Fund may invest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">without limit in developing and emerging markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund focuses on investment grade securities but may invest up to 25% of its total assets in below investment grade securities (commonly known as “high yield securities” or “junk bonds”). The Fund may invest in exchange-traded funds (“ETFs”) and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">pooled investment vehicles. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may also invest in derivatives, including but not limited to futures contracts and options on futures contracts; forward foreign currency contracts; purchased and written options; purchased and written swaptions; and credit default, total return and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rate swaps.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “non-diversified” fund, which means it generally invests a greater portion of its assets in the securities of one or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuers and, overall, invests in a limited number of issuers relative to a diversified fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: Insight North America LLC (“Insight”) and RBC Global Asset </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Management (UK) Limited (“RBC GAM UK”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Insight focuses on identifying undervalued government bond markets, currencies, sectors and securities and looks for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fixed income securities with the most potential for added value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">RBC GAM UK’s investment process combines a top-down focus on structural trends in policy and politics and impacts on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">global fixed income markets with a bottom-up relative value strategy for security and sector selection.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 50% allocation of the Fund’s assets to Insight and a 50% allocation of the Fund’s assets to RBC GAM UK. Actual allocations may vary from the target </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocations and ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect markets and the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">- </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the U.S. government (credit risk).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts and options on futures contracts; forward </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">foreign currency contracts; purchased and written options; purchased and written swaptions; and credit default, total return and interest rate swaps, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in the Fund’s net asset value. Increased redemptions due to a rise in interest rates may require the Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Counterparty Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A counterparty to a transaction may be unwilling or unable, or perceived (whether by market participants, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ratings agencies, pricing services, or otherwise) to be unwilling or unable, to make timely interest, principal or settlement payments or otherwise honor its obligations. Counterparty risk may arise because of a counterparty’s financial condition (i.e., </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial difficulties, bankruptcy or insolvency), market activities and developments, or other reasons, whether foreseen or not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Over-the-Counter Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Over-the-Counter (“OTC”) transactions involve risks in addition to those incurred by transactions in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities traded on exchanges. Securities and derivatives traded in OTC markets may trade less frequently and in limited volumes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and thus exhibit more volatility and liquidity risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">To-Be-Announced Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - TBA securities involve the risk that a security the Fund buys will lose value prior to its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">delivery. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">gain in the security’s price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government-Sponsored Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities issued by U.S. government-sponsored enterprises (“GSEs”), such as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks, may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the applicable GSE (credit risk). Securities of GSEs are not issued or guaranteed by the U.S. Treasury and are not backed by the full faith and credit of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer may redeem a fixed income security before maturity (a “call”) at a price below its current market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Floating Rate Loan Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Unlike publicly traded common stocks that trade on national exchanges, there is no central market or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">exchange for loans to trade. The lack of an active trading market for certain floating rate loans may impair the ability of the Fund to realize full value in the event of the need to sell a floating rate loan and may make it difficult to value such loans. The floating rate loans in which the Fund invests typically will be below investment grade quality and, like other below investment grade securities (commonly known as “high yield securities” or “junk bonds”), are inherently speculative. As a result, the risks associated with such floating rate loans are similar to the risks of below investment grade securities, although senior loans are typically senior and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">secured in contrast to other below investment grade securities, which are often subordinated and unsecured.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund is classified as non-diversified, which means a relatively high percentage of its assets may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">invested in securities of a limited number of issuers. As a result, the Fund may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular issuers or to a single economic, political or regulatory occurrence affecting these issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- High portfolio turnover rates generally result in higher transaction costs (which are borne directly by the Fund and indirectly by the Fund’s shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Exchange-Traded Fund Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Shares in an ETF represent an interest in a portfolio of securities generally designed to track the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of a particular market index. The Fund could purchase shares issued by an ETF to temporarily gain exposure to a portion of a foreign market, for example, while awaiting purchase of underlying securities. The risks associated with owning an ETF generally reflect the risks of owning the underlying securities it is designed to track, although ETFs have management fees that increase their costs. Fund shareholders indirectly bear their proportionate share of the expenses of the ETFs in which the Fund invests. An ETF may trade at a premium or discount, and, as a result, the Fund may pay more than net asset value when purchasing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shares and receive less than net asset value when selling shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Pooled Investment Vehicle Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund faces the risk that a pooled investment vehicle in which it invests will not achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investment objective. The Fund also is subject to the risks of the underlying assets in which the pooled investment vehicles invest. As a shareholder in a pooled investment vehicle, the Fund will bear its ratable share of that vehicle’s expenses. In addition, the Fund may incur brokerage costs when purchasing and selling shares of pooled investment vehicles. There may be no active market for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shares of certain pooled investment vehicles and such shares may be highly illiquid.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Permitted Account were reflected, the performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to July 9, 2021, includes the performance of a sub-adviser that no longer manages the Fund’s investment portfolio. Consequently, the Fund’s total returns shown below for the periods prior to that date are not necessarily </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Permitted Account were reflected, the performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">8.46%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-9.14%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0846 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.0914 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0789 -0.0185 0.0063 0.0754 -0.0220 0.0027 0.0817 -0.0215 0.0126 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks to obtain high current income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> with capital appreciation as a secondary objective when consistent with the primary objective</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> with capital appreciation as a secondary objective when consistent with the primary objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0055 0.0000 0.0000 0.0010 0.0048 0.0000 0.0035 0.0010 0.0013 0.0065 0.0103 -0.0007 -0.0010 0.0058 0.0093 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The fees and expenses of the Fund have been restated to reflect management fee and expense limit changes that went into effect on January 1, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 59 201 355 804 95 318 559 1250 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">57</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.57 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in below investment grade securities (commonly known as “high yield securities” or “junk bonds”). Below investment grade securities are those rated Ba1 or lower by Moody’s Investors Service, Inc. (“Moody's”), BB+ or lower by Standard &amp; Poor’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Global Ratings (“S&amp;P”), have a comparable rating from another nationally recognized statistical rating organization, or are of a comparable quality if unrated and no more than 35% of the Fund’s total assets may be invested in securities that have below a B3/B- rating. The Fund will invest primarily in fixed or floating rate income securities, such as corporate bonds, convertible securities, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank loans (term and revolving), zero coupon bonds and Rule 144A fixed income securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Up to 20% of the total assets of the Fund may be invested in non-corporate fixed income securities. The Fund may invest in foreign securities and up to 20% of its total assets may be invested in securities not denominated in U.S. dollars. The Fund may invest in derivatives, including but not limited to forward currency contracts; futures and options on securities, securities indices or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">currencies; options on these futures; credit default swaps and credit default swap indices; and interest rate or currency swaps.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by Franklin Advisers, Inc. (the “Sub-Adviser” or “Franklin”). Franklin’s investment approach combines a top-down, macroeconomic overview with strong fundamental credit research, which provides sector-specific </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">coverage across the full credit rating spectrum and capital structure.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of a convertible security held by the Fund may decline as interest rates rise and vary with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fluctuations in the market value of the underlying securities. In addition, the security may be called for redemption at a time or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">price unfavorable to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in the Fund’s net asset value. Increased redemptions due to a rise in interest rates may require the Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect markets and the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Bank Loan Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Bank loans often involve borrowers whose financial conditions are troubled or uncertain and companies that are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">highly leveraged. The market for bank loans may not be highly liquid and the Fund may have difficulty selling bank loans. These </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments expose the Fund to the credit risk of both the financial institution and the underlying borrower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to forward currency contracts; futures and options on securities, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities indices or currencies; options on these futures; credit default swaps and credit default swap indices; and interest rate or currency swaps, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer may redeem a fixed income security before maturity (a “call”) at a price below its current market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Permitted Account were reflected, the performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Permitted Account were reflected, the performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">12.30%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-12.24%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1230 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1224 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0934 0.0391 0.0634 0.0896 0.0357 0.0598 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks real return consistent with the preservation of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0033 0.0033 0.0000 0.0000 0.0006 0.0150 0.0000 0.0035 0.0006 0.0115 0.0039 0.0183 -0.0004 -0.0113 0.0035 0.0070 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 36 121 215 489 72 465 885 2055 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">180</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the average value of its portfolio.</span> 1.80 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in inflation-protected securities (“IPS”) of varying maturities issued by the U.S. Treasury and other U.S. and non-U.S. government agencies and corporations, and other instruments, including inflation-linked swaps, with similar economic characteristics. Designed to provide inflation protection to investors, IPS are income-generating instruments whose interest and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal payments are periodically adjusted according to the rate of inflation. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest in derivatives, including but not limited to exchange-traded futures, interest rate swaps and inflation-linked </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">swaps that reference the Consumer Price Index for All Urban Consumers (“CPI-U”) as well as other measures of inflation.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The remainder of the Fund’s assets may be invested in other fixed income securities, including corporate bonds, asset-backed securities, mortgage-backed securities, below investment grade securities (commonly known as “high yield securities” or “junk bonds”), Rule 144A fixed income securities, securities issued by foreign corporate and governmental issuers, and U.S. government </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of its benchmark index, the Bloomberg 1-10 Year U.S. Treasury Inflation-Protected Securities Index, plus or minus one year. As of December 31, 2025, the duration of this index was 4.51 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price will be to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a three-year effective duration will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of approximately 3% of that security’s market price.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by Goldman Sachs Asset Management, L.P. (the “Sub-Adviser” or “GSAM”). GSAM seeks to generate consistent risk-adjusted performance by capitalizing on inefficiencies in markets that cause security prices to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">diverge from their fair value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of IPS generally fluctuates in response to changes in real interest rates, which are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market for IPS may be less developed or less liquid, and more volatile, than certain other securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect markets and the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to exchange-traded futures, interest rate swaps and inflation-linked</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> swaps, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">- </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the U.S. government (credit risk).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-linked Swaps Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Inflation-linked swaps may expose the Fund to additional volatility in comparison to investing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">directly in bonds and other fixed income securities. Inflation-linked swaps can be illiquid, difficult to value and may involve leverage so that small changes produce disproportionate losses for the Fund. Since inflation-linked swaps are not traded on an exchange, they are subject to the risk that a counterparty to the transaction will fail to meet its obligations. Inflation-linked swaps involve the risk that the level of inflation and consumer prices will not be accurately predicted, which could significantly harm the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Counterparty Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A counterparty to a transaction may be unwilling or unable, or perceived (whether by market participants, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ratings agencies, pricing services, or otherwise) to be unwilling or unable, to make timely interest, principal or settlement payments or otherwise honor its obligations. Counterparty risk may arise because of a counterparty’s financial condition (i.e., </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial difficulties, bankruptcy or insolvency), market activities and developments, or other reasons, whether foreseen or not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">CPI-U Measurement Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- There can be no assurance that the CPI-U, a measurement of changes in the cost of living, will accurately measure the real rate of inflation in the prices of goods and services, which may affect the valuation of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Deflation Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- If deflation occurs, the principal and income of IPS held by the Fund would likely decline in price, which could result in losses for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in the Fund’s net asset value. Increased redemptions due to a rise in interest rates may require the Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government-Sponsored Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities issued by U.S. government-sponsored enterprises (“GSEs”), such as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks, may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the applicable GSE </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">(credit risk). Securities of GSEs are not issued or guaranteed by the U.S. Treasury and are not backed by the full faith and credit of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Tax Consequences Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adjustments for inflation to the principal amount of an inflation-indexed security may give rise to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">original issue discount, which will be includable for federal income tax purposes in the Fund’s gross income in the year accrued, even though the Fund will not receive the principal, including any increase thereto, until maturity. As a result, the Fund may be required to make distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not advantageous to do so in order to satisfy the distribution requirements for qualifying as a regulated investment company for federal income tax purposes (“regulated investment company”). Also, if the principal value of an inflation-indexed security is adjusted downward due to deflation, amounts previously distributed may be characterized in some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">circumstances as a return of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer may redeem a fixed income security before maturity (a “call”) at a price below its current market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- High portfolio turnover rates generally result in higher transaction costs (which are borne directly by the Fund and indirectly by the Fund’s shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">4.89%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">September 30, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-4.79%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0489 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-09-30 -0.0479 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0717 0.0222 0.0308 2018-01-04 0.0675 0.0187 0.0272 2018-01-04 0.0730 -0.0036 0.0176 0.0747 0.0252 0.0343 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0082 0.0082 0.0000 0.0000 0.0006 0.0054 0.0000 0.0035 0.0006 0.0019 0.0088 0.0136 -0.0003 -0.0016 0.0085 0.0120 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 86 276 482 1076 122 413 727 1616 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">86</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.86 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks and related securities of foreign companies, including those in emerging markets. The Fund may have significant investments in a single country, a limited number of countries, or a particular geographic region. The Fund may also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">have exposure to non-U.S. securities across any market capitalization.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The issuer of a security or other investment is generally deemed to be economically tied to a particular country other than the U.S. if: (1) the security or other investment is issued or guaranteed by the government of that country or any of its agencies, authorities or instrumentalities; (2) the issuer is organized under the laws of that country; (3) the issuer maintains a principal office in that country; (4) the issuer has its principal securities trading market in that country; (5) the issuer derives 50% or more of its total revenues from goods sold or services performed in that country; (6) the issuer has 50% or more of its assets in that country; or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(7) the issuer is included in an index that is representative of that country.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund emphasizes a “growth style” of investing, seeking companies whose potential to provide superior earnings growth appears to be greater than the market in general and whose revenue growth is expected to continue for an extended period of time. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may also invest in depositary receipts and derivatives, including but not limited to currency forwards and futures. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: J.P. Morgan Investment Management Inc. (“JPMorgan”) and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Lazard Asset Management LLC (“Lazard”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">JPMorgan uses a bottom-up investment approach to buying and selling investments and generally focuses on investing in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">stocks of companies that it believes have above average growth potential and that are also trading at reasonable valuations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Lazard invests primarily in equity securities of what it considers to be quality growth businesses that can generate and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sustain high levels of financial productivity and grow profits and cash flows by investing back into their businesses at similarly high rates of financial productivity. Lazard generally focuses on investing in securities of companies with a market capitalization of $3 billion or more.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 50% allocation of the Fund’s assets to JPMorgan and a 50% allocation of the Fund’s assets to Lazard. Actual allocations may vary from the target </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocations and ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Depositary Receipts Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">country, such as currency risk, political and economic risk, and market risk, because their values depend on the performance of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign security denominated in its home currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to currency forwards and futures, may expose the Fund to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- High portfolio turnover rates generally result in higher transaction costs (which are borne directly by the Fund and indirectly by the Fund’s shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to April 30, 2025, includes the performance of sub-advisers that no longer manage the Fund’s investment portfolio. Consequently, the Fund’s total returns shown below for the periods prior to that date are not necessarily </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">26.11%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-19.28%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2611 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.1928 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1192 0.0034 0.0645 0.1155 -0.0002 0.0608 0.3122 0.0892 0.0818 0.2076 0.0443 0.0742 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks investment results, before fees and expenses, that track the total return of the common stocks that comprise the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">MSCI EAFE (Europe, Australasia, Far East) Index (the “Benchmark Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0020 0.0020 0.0000 0.0000 0.0003 0.0038 0.0000 0.0035 0.0003 0.0003 0.0023 0.0058 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 24 74 130 293 59 186 324 726 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">7</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.07 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is not actively managed but is designed to track the performance of its Benchmark Index. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks of the companies included in the Benchmark Index or in derivative securities economically related to the Benchmark Index. The Benchmark Index is designed to represent the performance of large and mid cap securities across 21 developed markets, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund uses the replication method of indexing, meaning the Fund seeks to own the securities contained in the Benchmark Index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in as close as possible a proportion of the Fund as each stock’s weight in the Benchmark Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may focus its investments in certain sectors, such as the financial sector, to the extent that the Benchmark Index is concentrated in that sector. The Fund may also invest in derivatives, including but not limited to forward foreign currency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">contracts, futures contracts on the Benchmark Index and options on futures contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund’s investment portfolio is managed by Keyridge Asset Management Limited (the “Sub-Adviser” or “Keyridge”), formerly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">known as Irish Life Investment Managers Limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of medium-size companies often trade in lower volumes, may be less liquid, and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">there may be less publicly available information concerning medium-size companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to forward foreign currency contracts, futures contracts on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Benchmark Index and options on futures contracts, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatility, liquidity risk, segregation risk, valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because the Fund is not actively managed but is designed to track the performance of the Benchmark Index, investors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">should generally expect the value of the Fund to decline when the performance of the Benchmark Index declines. There is no guarantee that the Fund will achieve a high degree of correlation to the Benchmark Index. Additionally, the Benchmark Index may perform unfavorably or underperform the market as a whole. As a result, the Fund may have poor investment results even if it closely tracks the performance of the Benchmark Index because the adverse performance of a particular security normally will not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in eliminating the security from the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to precisely track the performance of the Benchmark Index. Unlike the Fund, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of the Benchmark Index is not impacted by fees and expenses, including trading costs associated with implementing portfolio changes. In addition, the Fund may own less than all the securities of the Benchmark Index, which also may cause a variance between the performance of the Fund and the performance of the Benchmark Index. Tracking error risk may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s performance to be less than expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of the Benchmark Index, which is a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fees and expenses of any Permitted Account were reflected, the performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of the Benchmark Index, which is a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fees and expenses of any Permitted Account were reflected, the performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">17.98%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-23.15%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2022-12-31 0.1798 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2315 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3138 0.0878 0.0812 0.3092 0.0838 0.0773 0.3122 0.0892 0.0818 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0067 0.0067 0.0000 0.0000 0.0004 0.0040 0.0000 0.0035 0.0004 0.0005 0.0071 0.0107 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 73 227 395 883 109 340 590 1306 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">31</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.31 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. Under normal circumstances, the Fund will invest primarily in companies located outside the U.S., including those in emerging markets. The Fund may have significant investments in a single country, a limited number of countries, or a particular geographic region. The Fund may have exposure to non-U.S. securities across any market capitalization </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and the Fund may also focus its investments in certain sectors, such as the financial sector.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The issuer of a security or other investment is generally deemed to be economically tied to a particular country other than the U.S. if: (1) the security or other investment is issued or guaranteed by the government of that country or any of its agencies, authorities or instrumentalities; (2) the issuer is organized under the laws of that country; (3) the issuer maintains a principal office in that country; (4) the issuer has its principal securities trading market in that country; (5) the issuer derives 50% or more of its total revenues from goods sold or services performed in that country; (6) the issuer has 50% or more of its assets in that country; or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(7) the issuer is included in an index that is representative of that country.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund emphasizes a “value style” of investing, seeking companies that are undervalued in comparison to their peers due to economic, market, company-specific or other factors, but have the prospect of achieving improved valuations in the future. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may invest in derivatives, including but not limited to forward foreign currency exchange contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: LSV Asset Management (“LSV”) and Massachusetts Financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Services Company (“MFS”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">LSV generally focuses on investing in securities of companies that it believes are undervalued in the marketplace at the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">time of purchase and show recent positive signals, such as an appreciation in price and increase in earnings. LSV uses a quantitative investment model to make investment decisions, ranking securities based on fundamental measures of value and indicators of near-term recovery.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">MFS employs an active, bottom-up investment approach to buying and selling investments, selecting investments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">primarily based on fundamental analysis of individual issuers. Quantitative screening tools that systematically evaluate issuers may also be considered.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 50% allocation of the Fund’s assets to LSV and a 50% allocation of the Fund’s assets to MFS. Actual allocations may vary from the target allocations and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Quantitative Model Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities selected by LSV using a quantitative investment model can perform differently than the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">market as a whole based on the factors used in the model, the weight placed on each factor, and changes in the factors’ historical trends. Due to the significant role technology plays in a quantitative investment model, its use carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data, or technology used in the model. There </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">can be no assurance that the use of a quantitative investment model will enable the Fund to achieve its objective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to forward foreign currency exchange contracts, may expose the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to April 27, 2018 is for MFS only. Consequently, the Fund’s total returns shown below for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">periods prior to that date are not necessarily indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">16.80%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-21.81%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1680 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2181 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3943 0.1062 0.0962 0.3910 0.1023 0.0923 0.3122 0.0892 0.0818 0.4225 0.1336 0.0869 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0060 0.0060 0.0000 0.0000 0.0001 0.0038 0.0000 0.0035 0.0001 0.0003 0.0061 0.0098 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 62 195 340 762 100 312 542 1201 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">51</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.51 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large capitalization (“large cap”) companies. For purposes of the 80% policy, the Fund considers large cap companies to be those with market capitalizations of $4 billion or more at the time of purchase. If the market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">capitalization of a company held by the Fund moves below this threshold, the Fund may, but is not required to, sell the securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund emphasizes a “growth style” of investing, seeking companies whose potential to provide superior earnings growth </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">appears to be greater than the market in general and whose revenue growth is expected to continue for an extended period of time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest in foreign securities, including investments in emerging markets. The Fund may focus its investments in certain sectors, such as the technology sector. The Fund may also invest in derivatives, including but not limited to futures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">contracts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: J.P. Morgan Investment Management Inc. (“JPMorgan”) and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Victory Capital Management Inc. (“Victory Capital”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">JPMorgan invests primarily in equity securities of large, well-established companies with a market capitalization equal to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">those within the universe of the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Growth Index at the time of purchase. JPMorgan employs a fundamental bottom-up approach that seeks to identify companies with positive price momentum and attractive fundamental dynamics. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Victory Capital invests primarily in equity securities of large companies that are similar in size to issuers included in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Growth Index. To select growth stocks, Victory Capital employs quantitative analysis, fundamental research, and an evaluation of the issuer based on its financial statements and operations, utilizing a bottom-up analytic approach.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 50% allocation of the Fund’s assets to JPMorgan and a 50% allocation of the Fund’s assets to Victory Capital. Actual allocations may vary from the target </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocations and ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, may expose the Fund to additional risks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">30.13%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-18.13%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3013 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.1813 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1444 0.1252 0.1661 0.1398 0.1214 0.1621 0.1737 0.1359 0.1459 0.1856 0.1532 0.1813 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks capital growth and current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0059 0.0059 0.0059 0.0000 0.0000 0.0000 0.0001 0.0040 0.0038 0.0000 0.0035 0.0035 0.0001 0.0005 0.0003 0.0060 0.0099 0.0097 0.0000 -0.0003 -0.0016 0.0060 0.0096 0.0081 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year and the Expense Cap is in place for all periods, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">costs may be higher or lower, based on these assumptions, your costs would be:</span> 61 192 335 750 98 312 544 1210 83 293 521 1175 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">27</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.27 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large capitalization (“large cap”) companies. For purposes of the 80% policy, the Fund considers large cap companies to be those whose market capitalization falls within the range of the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Value Index at the time of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">initial purchase. As of December 31, 2025, the market capitalizations of the companies in the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Value Index ranged </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">from $1.2 billion to $3.8 trillion. If the market capitalization of a company held by the Fund moves outside this range, the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may, but is not required to, sell the securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund emphasizes a “value style” of investing, seeking companies that are undervalued in comparison to their peers due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">economic, market, company-specific or other factors, but have the prospect of achieving improved valuations in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund invests primarily in common stocks of large U.S. companies but may also invest in common stocks of midsize U.S. companies and companies from outside the U.S. The Fund may invest in derivatives, including but not limited to forward </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign currency contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: Putnam Investment Management, LLC (“Putnam”) and T. Rowe </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Price Associates, Inc. (“T. Rowe Price”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Putnam invests mainly in common stocks of large and midsize U.S. companies with a focus on value stocks that offer the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">potential for capital growth, current income or both. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">T. Rowe Price invests in large companies that have a strong track record of paying dividends or that are believed to be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">undervalued.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 50% allocation of the Fund’s assets to Putnam and a 50% allocation of the Fund’s assets to T. Rowe Price. Actual allocations may vary from the target </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocations and ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of medium-size companies often trade in lower volumes, may be less liquid, and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">there may be less publicly available information concerning medium-size companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to forward foreign currency contracts, may expose the Fund to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to October 25, 2019 is for T. Rowe Price only. Consequently, the Fund’s total returns shown below </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the periods prior to that date are not necessarily indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">18.12%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-26.65%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.1812 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2665 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1733 0.1340 0.1207 0.1693 0.1298 0.1167 0.1737 0.1359 0.1459 0.1591 0.1133 0.1053 0.1712 0.1315 0.1237 2019-10-25 0.1737 0.1359 0.1569 0.1591 0.1133 0.1067 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2015 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0032 0.0032 0.0032 0.0044 0.0079 0.0089 -0.0005 -0.0005 -0.0005 0.0039 0.0074 0.0084 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 40 136 241 550 76 247 434 973 86 279 488 1091 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">32</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.32 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors who retired in (or otherwise began using the invested funds on), or close to, 2015 (which is assumed to be at age 65). The mutual funds and the Contract are referred to as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2015, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 25-45% of its net assets in Underlying Funds that invest primarily in equity securities, 50-70% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">20.28%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">4.98%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">1.54%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">7.65%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">2.00%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">40.95%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">2.71%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">19.89%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">11.00%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-10.68%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1100 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1068 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1054 0.0461 0.0639 0.1014 0.0424 0.0601 0.0992 0.0413 0.0591 0.2234 0.1119 0.1172 0.1215 0.0491 0.0634 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2020 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0033 0.0033 0.0033 0.0045 0.0080 0.0090 -0.0004 -0.0004 -0.0004 0.0041 0.0076 0.0086 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 42 140 248 563 78 251 440 986 88 283 495 1104 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">30</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.30 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors who retired in (or otherwise began using the invested funds on), or close to, 2020 (which is assumed to be at age 65). The mutual funds and the Contract are referred to as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2020, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 30-50% of its net assets in Underlying Funds that invest primarily in equity securities, 45-65% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">21.89%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">5.31%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">1.88%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">8.75%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">2.36%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">40.13%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">2.78%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">16.90%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">11.91%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-12.01%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1191 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1201 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1114 0.0491 0.0671 2016-04-28 0.1069 0.0453 0.0634 2016-04-28 0.1059 0.0445 0.0624 2016-04-28 0.2234 0.1119 0.1185 0.1272 0.0535 0.0668 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2025 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0035 0.0035 0.0035 0.0047 0.0082 0.0092 -0.0003 -0.0003 -0.0003 0.0044 0.0079 0.0089 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 45 148 260 589 81 259 452 1011 91 290 506 1129 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">35</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.35 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors planning to retire or who retired in (or otherwise began using the invested funds on), or close to, 2025 (which is assumed to be at age 65). The mutual funds and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Contract are referred to as the “Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2025, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 40-60% of its net assets in Underlying Funds that invest primarily in equity securities, 40-60% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">preservation of capital, and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">24.83%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">5.94%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">2.39%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">10.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">2.94%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">37.06%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">2.87%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">13.47%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">13.14%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-13.55%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1314 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1355 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1206 0.0534 0.0735 0.1170 0.0496 0.0698 0.1157 0.0487 0.0688 0.2234 0.1119 0.1172 0.1398 0.0607 0.0757 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2030 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks capital appreciation and income consistent with its current asset allocation. After 2030, the Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0036 0.0036 0.0036 0.0048 0.0083 0.0093 -0.0002 -0.0002 -0.0002 0.0046 0.0081 0.0091 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 47 152 267 602 83 263 459 1023 93 294 513 1141 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">26</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.26 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors planning to retire in (or otherwise begin </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">using the invested funds on), or close to, 2030 (which is assumed to be at age 65). The mutual funds and the Contract are referred to as the “Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2030, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 45-65% of its net assets in Underlying Funds that invest primarily in equity securities, 30-50% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">28.76%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">6.79%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.07%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">12.86%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.72%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">32.25%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">2.95%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">9.60%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">14.71%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-15.93%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1471 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1593 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1330 0.0600 0.0804 2016-04-28 0.1297 0.0563 0.0766 2016-04-28 0.1280 0.0552 0.0757 2016-04-28 0.2234 0.1119 0.1185 0.1513 0.0707 0.0832 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2035 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks capital appreciation and income consistent with its current asset allocation. After 2035, the Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0038 0.0038 0.0038 0.0050 0.0085 0.0095 -0.0002 -0.0002 -0.0002 0.0048 0.0083 0.0093 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 49 158 278 626 85 269 469 1047 95 301 524 1165 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">37</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.37 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors planning to retire in (or otherwise begin </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">using the invested funds on), or close to, 2035 (which is assumed to be at age 65). The mutual funds and the Contract are referred to as the “Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2035, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 55-75% of its net assets in Underlying Funds that invest primarily in equity securities, 20-40% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">33.52%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">7.80%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.92%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">15.82%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">4.74%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">25.01%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.03%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">6.16%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">16.51%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-18.48%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1651 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1848 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1463 0.0683 0.0885 0.1435 0.0646 0.0845 0.1421 0.0635 0.0835 0.2234 0.1119 0.1172 0.1680 0.0819 0.0932 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2040 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks capital appreciation and income consistent with its current asset allocation. After 2040, the Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0039 0.0039 0.0039 0.0051 0.0086 0.0096 -0.0001 -0.0001 -0.0001 0.0050 0.0085 0.0095 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 51 163 284 640 87 273 476 1060 97 305 530 1177 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">31</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.31 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors planning to retire in (or otherwise begin </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">using the invested funds on), or close to, 2040 (which is assumed to be at age 65). The mutual funds and the Contract are referred to as the “Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2040, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 65-85% of its net assets in Underlying Funds that invest primarily in equity securities, 10-30% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">37.84%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">8.68%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">4.84%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">18.82%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">5.82%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">17.37%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.12%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.51%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">17.83%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-20.64%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1783 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2064 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1620 0.0767 0.0953 2016-04-28 0.1568 0.0728 0.0915 2016-04-28 0.1566 0.0718 0.0904 2016-04-28 0.2234 0.1119 0.1185 0.1820 0.0918 0.1002 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2045 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks capital appreciation and income consistent with its current asset allocation. After 2045, the Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0041 0.0041 0.0041 0.0053 0.0088 0.0098 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 54 170 296 665 90 281 488 1084 100 312 542 1201 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">39</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.39 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors planning to retire in (or otherwise begin using the invested funds on), or close to, 2045 (which is assumed to be at age 65). The mutual funds and the Contract are referred to as the “Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2045, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 75-95% of its net assets in Underlying Funds that invest primarily in equity securities, 2-20% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">40.26%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">9.11%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">5.58%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">21.10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">6.74%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">12.18%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.20%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">1.83%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">18.68%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-21.82%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1868 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2182 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1715 0.0819 0.0986 0.1671 0.0782 0.0947 0.1652 0.0770 0.0936 0.2234 0.1119 0.1172 0.1948 0.0984 0.1054 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2050 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks capital appreciation and income consistent with its current asset allocation. After 2050, the Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0041 0.0041 0.0041 0.0053 0.0088 0.0098 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 54 170 296 665 90 281 488 1084 100 312 542 1201 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">33</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.33 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors planning to retire in (or otherwise begin using the invested funds on), or close to, 2050 (which is assumed to be at age 65). The mutual funds and the Contract are referred to as the “Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2050, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 75-95% of its net assets in Underlying Funds that invest primarily in equity securities, 2-20% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">41.43%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">9.23%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">6.18%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">22.84%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">7.52%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">8.59%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.28%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">0.93%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">18.94%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-22.29%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1894 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2229 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1771 0.0841 0.1008 2016-04-28 0.1726 0.0803 0.0968 2016-04-28 0.1722 0.0792 0.0959 2016-04-28 0.2234 0.1119 0.1185 0.1956 0.1013 0.1076 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2055 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks capital appreciation and income consistent with its current asset allocation. After 2055, the Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0042 0.0042 0.0042 0.0054 0.0089 0.0099 -0.0001 -0.0001 -0.0001 0.0053 0.0088 0.0098 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these assumptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 54 172 301 676 90 283 492 1095 100 314 546 1212 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">43</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.43 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors planning to retire in (or otherwise begin using the invested funds on), or close to, 2055 (which is assumed to be at age 65). The mutual funds and the Contract are referred to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">as the “Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2055, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 75-95% of its net assets in Underlying Funds that invest primarily in equity securities, 2-20% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">41.56%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">9.12%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">6.65%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">24.08%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">8.18%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">6.51%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.37%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">0.53%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">18.90%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-22.37%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1890 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2237 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1818 0.0842 0.0997 0.1771 0.0805 0.0958 0.1754 0.0793 0.0948 0.2234 0.1119 0.1172 0.2006 0.1027 0.1091 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2060 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks capital appreciation and income consistent with its current asset allocation. After 2060, the Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0042 0.0042 0.0042 0.0054 0.0089 0.0099 -0.0001 -0.0001 -0.0001 0.0053 0.0088 0.0098 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these assumptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 54 172 301 676 90 283 492 1095 100 314 546 1212 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">43</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.43 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors planning to retire in (or otherwise begin using the invested funds on), or close to, 2060 (which is assumed to be at age 65). The mutual funds and the Contract are referred to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">as the “Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2060, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 75-95% of its net assets in Underlying Funds that invest primarily in equity securities, 2-20% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">41.11%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">8.88%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">7.03%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">25.02%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">8.76%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">5.39%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.45%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">0.36%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">18.84%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-22.40%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1884 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2240 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1843 0.0839 0.0976 2019-05-01 0.1797 0.0801 0.0937 2019-05-01 0.1782 0.0790 0.0929 2019-05-01 0.2234 0.1119 0.1221 0.1994 0.1026 0.1109 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Lifetime 2065 Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks capital appreciation and income consistent with its current asset allocation. After 2065, the Fund seeks income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and secondarily, capital growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0012 0.0000 0.0000 0.0010 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0042 0.0042 0.0042 0.0054 0.0089 0.0099 -0.0001 -0.0001 -0.0001 0.0053 0.0088 0.0098 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these assumptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 54 172 301 676 90 283 492 1095 100 314 546 1212 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">20</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.20 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”) that is tailored for investors planning to retire in (or otherwise begin using the invested funds on), or close to, 2065 (which is assumed to be at age 65). The mutual funds and the Contract are referred to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">as the “Underlying Funds.” The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2065, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 75-95% of its net assets in Underlying Funds that invest primarily in equity securities, 2-20% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. Over time, the Fund’s asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less on those offering the potential for growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, fixed income, and real estate-related securities. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">downward after the target date is reached.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The illustration reflects the Fund’s neutral allocations without any tactical adjustments by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. The Fund’s actual asset allocations may differ from this illustration to reflect ECM’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tactical adjustments to the asset mix based on market outlook or other factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">41.12%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">8.86%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">7.15%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Janus Henderson Triton Fund N</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">25.24%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">8.92%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">4.91%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.49%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond/Cash</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">0.31%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Target Date Fund Risk -</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">planning to retire (or otherwise begin using the invested funds). The Fund’s asset allocation is adjusted to become more conservative based on its target date. If an investor chooses to retire significantly earlier or later than the target date, a different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset allocation may be more appropriate. An investment in a target date fund is not guaranteed at any time, including on or after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target date. Investors should periodically monitor the portfolio to ensure it is in line with their current situation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">No performance data is provided because the Fund commenced operations on January 10, 2025. Performance information for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund will appear in future versions of this Prospectus after the Fund has annual returns for one complete calendar year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0067 0.0067 0.0000 0.0000 0.0003 0.0046 0.0000 0.0035 0.0003 0.0011 0.0070 0.0113 0.0000 -0.0008 0.0070 0.0105 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 72 224 390 871 107 351 615 1367 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">197</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the average value of its portfolio.</span> 1.97 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. mid-capitalization (“mid cap”) companies, including foreign issuers that are traded in the U.S. For purposes of the 80% policy, the Fund considers mid cap companies to be those whose market capitalization falls within the range of the Russell Midcap</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Value Index at the time of initial purchase. As of December 31, 2025, the market capitalization </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">range of the Russell Midcap</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Value Index was between $6.2 billion and $42.5 billion. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund emphasizes a “value style” of investing, seeking companies that are undervalued in comparison to their peers due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">economic, market, company-specific or other factors, but have the prospect of achieving improved valuations in the future. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest in real estate investment trusts (“REITs”) and derivatives, including but not limited to futures contracts. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may engage in active and frequent trading of its portfolio securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by Goldman Sachs Asset Management, L.P. (the “Sub-Adviser” or “GSAM”). GSAM manages the Fund using a quantitative investment process, in combination with a qualitative overlay. GSAM’s investment style </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including REITs or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">geographic region or property type. REITs are also subject to risks associated with changes in interest rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Quantitative Model Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities selected by the Sub-Adviser using a quantitative investment model can perform differently </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">than the market as a whole based on the factors used in the model, the weight placed on each factor, and changes in the factors’ historical trends. Due to the significant role technology plays in a quantitative investment model, its use carries the risk of potential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">issues with the design, coding, implementation or maintenance of the computer programs, data, or technology used in the model. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">There can be no assurance that the use of a quantitative investment model will enable the Fund to achieve its objective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, may expose the Fund to additional risks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- High portfolio turnover rates generally result in higher transaction costs (which are borne directly by the Fund and indirectly by the Fund’s shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">19.60%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-33.86%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.1960 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3386 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0869 0.1101 0.0978 0.0832 0.1063 0.0940 0.1715 0.1315 0.1429 0.1105 0.0983 0.0978 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks high total investment return through a combination of current income and capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0051 0.0051 0.0000 0.0000 0.0005 0.0042 0.0000 0.0035 0.0005 0.0007 0.0056 0.0093 -0.0001 -0.0003 0.0055 0.0090 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 56 178 312 700 92 293 512 1140 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">74</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.74 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The fixed income securities in which the Fund invests may include corporate bonds, asset-backed</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> securities, mortgage-backed securities, Rule 144A fixed income securities, bank loans and U.S. government securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Up to 65% of the Fund’s total assets may be invested in below investment grade securities (commonly known as “high yield securities” or “junk bonds”). Up to 50% of its total assets may be invested in foreign securities, including foreign government and emerging market securities, and the Fund may invest without limitation in obligations of supranational entities (e.g., the World </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Bank). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest in securities of any maturity and of any duration. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price will be to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a three-year effective duration will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. The Fund may also invest in derivatives, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including but not limited to currency forwards, futures contracts and credit default swaps.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: Loomis, Sayles, &amp; Company, L.P. (“Loomis Sayles”) and Virtus </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fixed Income Advisers, LLC (“VFIA”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Loomis Sayles invests in fixed income securities that it believes are attractively valued based on the credit outlook of an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer and maximum total return potential. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">VFIA invests in a diversified portfolio of bonds using a sector rotation approach it believes offers the best potential for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">total return based on risk-reward tradeoff.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 50% allocation of the Fund’s assets to Loomis Sayles and a 50% allocation of the Fund’s assets to VFIA. Actual allocations may vary from the target </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocations and ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect markets and the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">- </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the U.S. government (credit risk).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Bank Loan Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Bank loans often involve borrowers whose financial conditions are troubled or uncertain and companies that are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">highly leveraged. The market for bank loans may not be highly liquid and the Fund may have difficulty selling bank loans. These </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments expose the Fund to the credit risk of both the financial institution and the underlying borrower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in the Fund’s net asset value. Increased redemptions due to a rise in interest rates may require the Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to currency forwards, futures contracts and credit default swaps, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer may redeem a fixed income security before maturity (a “call”) at a price below its current market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Permitted Account were reflected, the performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to August 24, 2018 is for Loomis Sayles only. Consequently, the Fund’s total returns shown below </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the periods prior to that date are not necessarily indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Permitted Account were reflected, the performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">9.80%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-7.87%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0980 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.0787 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0839 0.0217 0.0471 0.0798 0.0183 0.0435 0.0842 -0.0187 0.0150 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summaries</span><span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Conservative Profile Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks capital preservation primarily through investments in Underlying Funds (defined below) that emphasize fixed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">income investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0010 0.0010 0.0000 0.0000 0.0025 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0039 0.0039 0.0039 0.0049 0.0084 0.0109 -0.0008 -0.0008 -0.0008 0.0041 0.0076 0.0101 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 42 149 266 608 78 260 458 1030 103 339 593 1322 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">9</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.09 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”). The mutual funds and the Contract are referred to as the “Underlying Funds.” The Fund has a primary emphasis on income and a secondary emphasis on growth of capital. Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser, uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. The following table shows the Fund’s asset allocation ranges as of the date </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">EQUITY</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-15%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-15%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-15%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">5-25%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">FIXED INCOME</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">30-50%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Short-Term Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">20-40%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">10.37%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">4.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">2.25%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">6.12%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">1.75%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">5.00%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">38.35%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower U.S. Government Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">31.66%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The composite index is derived by applying the Fund’s target asset allocation among the asset classes over time to the results </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the following indexes: the FT Wilshire 5000 Index (U.S. equities); the MSCI EAFE Index (international equities); the Dow Jones U.S. Select REIT Index (real estate); the Bloomberg U.S. Aggregate Bond Index (bonds); and the Bloomberg 1-3 Year Credit Bond Index (short-term bonds). Please see Appendix A of the Fund’s Prospectus for more information regarding the composite index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">8.46%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-8.64%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0846 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.0864 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0868 0.0371 0.0500 0.0819 0.0335 0.0463 0.0798 0.0311 0.0437 0.0730 -0.0036 0.0201 0.1022 0.0406 0.0515 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Moderately Conservative Profile Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks income and capital appreciation primarily through investments in Underlying Funds (defined below) that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">emphasize fixed income investments and, to a lesser degree, in Underlying Funds that emphasize equity investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0010 0.0010 0.0000 0.0000 0.0025 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0044 0.0044 0.0044 0.0054 0.0089 0.0114 -0.0008 -0.0008 -0.0008 0.0046 0.0081 0.0106 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 47 165 294 669 83 276 485 1089 108 354 620 1379 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">13</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.13 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Insurance Company of America (“Empower of America”). The mutual funds and the Contract are referred to as the “Underlying Funds.” The Fund has a primary emphasis on income and a secondary emphasis on growth of capital. Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser, uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. The following table shows the Fund’s asset allocation ranges as of the date </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">EQUITY</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-30%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-15%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-25%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">10-40%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">FIXED INCOME</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">20-40%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Short-Term Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">10-30%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">16.80%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">7.28%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.64%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">9.92%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">2.83%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">4.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">30.15%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower U.S. Government Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">24.88%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The composite index is derived by applying the Fund’s target asset allocation among the asset classes over time to the results </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the following indexes: the FT Wilshire 5000 Index (U.S. equities); the MSCI EAFE Index (international equities); the Dow Jones U.S. Select REIT Index (real estate); the Bloomberg U.S. Aggregate Bond Index (bonds); and the Bloomberg 1-3 Year Credit Bond Index (short-term bonds). Please see Appendix A of the Fund’s Prospectus for more information regarding the composite index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">10.67%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-11.93%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1067 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1193 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1039 0.0498 0.0624 0.1003 0.0461 0.0587 0.0974 0.0437 0.0560 0.0730 -0.0036 0.0201 0.1257 0.0575 0.0674 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Moderate Profile Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks long-term capital appreciation primarily through investments in Underlying Funds (defined below) with a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">relatively equal emphasis on equity and fixed income investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0010 0.0010 0.0000 0.0000 0.0025 0.0000 0.0035 0.0035 0.0000 0.0035 0.0035 0.0051 0.0051 0.0051 0.0061 0.0096 0.0121 -0.0006 -0.0006 -0.0006 0.0055 0.0090 0.0115 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 56 189 334 756 92 300 525 1173 117 378 659 1461 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">13</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.13 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”). The mutual funds and the Contract are referred to as the “Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Funds.” The Fund has an emphasis on both growth of capital and income. Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser, uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds. The following table shows the Fund’s asset allocation ranges as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">EQUITY</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-30%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-25%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-30%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">10-40%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">FIXED INCOME</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">10-30%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Short-Term Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">5-25%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">23.24%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">10.08%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">5.04%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">13.72%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.92%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">4.00%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">21.91%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower U.S. Government Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">18.09%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The composite index is derived by applying the Fund’s target asset allocation among the asset classes over time to the results </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the following indexes: the FT Wilshire 5000 Index (U.S. equities); the MSCI EAFE Index (international equities); the Dow Jones U.S. Select REIT Index (real estate); the Bloomberg U.S. Aggregate Bond Index (bonds); and the Bloomberg 1-3 Year Credit Bond Index (short-term bonds). Please see Appendix A of the Fund’s Prospectus for more information regarding the composite index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">13.22%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-15.22%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1322 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1522 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1232 0.0625 0.0753 0.1196 0.0591 0.0717 0.1170 0.0563 0.0690 0.1713 0.1340 0.1445 0.1495 0.0744 0.0832 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Moderately Aggressive Profile Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks long-term capital appreciation primarily through investments in Underlying Funds (defined below) that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">emphasize equity investments and, to a lesser degree, in Underlying Funds that emphasize fixed income investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0010 0.0000 0.0000 0.0000 0.0035 0.0000 0.0035 0.0057 0.0057 0.0067 0.0102 -0.0003 -0.0003 0.0064 0.0099 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Acquired Fund Fees and Expenses are estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 65 211 370 832 101 322 560 1245 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">14</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.14 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract (the “Contract” or the “Empower of America Contract”) issued and guaranteed by Empower Annuity Insurance Company of America (“Empower of America”). The mutual funds and the Contract are referred to as the “Underlying Funds.” The Fund has a primary emphasis on growth of capital and a secondary emphasis on income. Empower Capital </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Management, LLC (“ECM”), the Fund’s investment adviser, uses asset allocation strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. The following table shows the Fund’s asset allocation ranges as of the date </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">EQUITY</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">5-35%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-15%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-25%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">5-35%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">15-45%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">FIXED INCOME</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">5-25%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Short-Term Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-15%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">28.85%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">12.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">6.25%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">17.02%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">4.86%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">14.80%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Core Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Global Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower High Yield Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Inflation-Protected Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Multi-Sector Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower U.S. Government Securities Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">12.22%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Short Duration Bond Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of inflation-protected securities (“IPS”) generally fluctuates in response to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or less liquid, and more volatile, than certain other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The composite index is derived by applying the Fund’s target asset allocation among the asset classes over time to the results </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the following indexes: the FT Wilshire 5000 Index (U.S. equities); the MSCI EAFE Index (international equities); the Dow Jones U.S. Select REIT Index (real estate); the Bloomberg U.S. Aggregate Bond Index (bonds); and the Bloomberg 1-3 Year Credit Bond Index (short-term bonds). Please see Appendix A of the Fund’s Prospectus for more information regarding the composite index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">15.47%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-18.66%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1547 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1866 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1421 0.0739 0.0856 0.1379 0.0701 0.0820 0.1713 0.1340 0.1445 0.1705 0.0889 0.0966 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Empower Aggressive Profile Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks long-term capital appreciation primarily through investments in Underlying Funds (defined below) that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">emphasize equity investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0010 0.0000 0.0000 0.0000 0.0035 0.0000 0.0035 0.0068 0.0068 0.0078 0.0113 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 80 249 433 966 115 359 622 1375 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">19</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.19 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds. The mutual funds are referred to as the “Underlying Funds.” The Fund has a primary emphasis on growth of capital and a secondary emphasis on income. Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser, uses asset allocation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">strategies to allocate the Fund’s assets among different broad asset classes and the Underlying Funds. The following table shows </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund’s asset allocation ranges as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">EQUITY</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">10-40%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-15%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">5-35%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">10-40%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">25-45%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">FIXED INCOME</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Short-Term Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">0-10%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate investments, short-term investments and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Underlying Funds in which the Fund expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">40.25%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Large Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">17.46%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Mid Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower T. Rowe Mid Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">8.73%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Small Cap Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">23.77%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Growth Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Value Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">6.79%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Emerging Markets Equity Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Real Estate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">3.00%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Real Estate Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in the Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including real estate investment trusts (“REITs”) or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to risks associated with changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The composite index is derived by applying the Fund’s target asset allocation among the asset classes over time to the results </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the following indexes: the FT Wilshire 5000 Index (U.S. equities); the MSCI EAFE Index (international equities); and the Dow Jones U.S. Select REIT Index (real estate). Please see Appendix A of the Fund’s Prospectus for more information regarding the composite index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">19.82%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-25.34%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1982 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2534 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1777 0.0964 0.1057 0.1742 0.0927 0.1020 0.1713 0.1340 0.1445 0.2138 0.1187 0.1235 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks investment results, before fees and expenses, that track the total return of a benchmark index that measures the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance of publicly traded equity real estate investment trusts (“REITs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0029 0.0029 0.0000 0.0000 0.0002 0.0038 0.0000 0.0035 0.0002 0.0003 0.0031 0.0067 -0.0001 -0.0002 0.0030 0.0065 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 31 99 173 392 66 212 371 833 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.02 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is not actively managed but is designed to track the performance of the Dow Jones U.S. Select REIT Index (the “Benchmark Index”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">borrowings for investment purposes) in securities of the companies included in the Benchmark Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Benchmark Index tracks the performance of publicly traded REITs and REIT-like securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund uses the replication method of indexing, meaning the Fund seeks to own the securities contained in the Benchmark Index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in as close as possible a proportion of the Fund as each stock’s weight in the Benchmark Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may also invest in derivatives, including but not limited to futures contracts, options on futures contracts, and swaps.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “non-diversified” fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and, overall, invests in a limited number of issuers relative to a diversified fund. As such, the Fund concentrates its assets in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the real estate industry, including REIT stocks, which may include companies with small- and medium-size market capitalizations.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by Keyridge Asset Management Limited (the “Sub-Adviser” or “Keyridge”), formerly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">known as Irish Life Investment Managers Limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">borrowings for investment purposes) in securities of the companies included in the Benchmark Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Investments in real estate-related instruments may be affected by similar risks as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including REITs or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">geographic region or property type. REITs are also subject to risks associated with changes in interest rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Market conditions, interest rates, and economic, regulatory, or financial developments could </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">significantly affect a single industry, and the securities of companies in that industry could react similarly to these or other developments. In addition, a small number of companies may represent a large portion of a single industry, and these companies can be sensitive to adverse economic, regulatory, or financial developments. Because the Fund concentrates its assets in the real </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">estate industry, including REIT stocks, industry concentration risk is high.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund is classified as non-diversified, which means a relatively high percentage of its assets may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">invested in securities of a limited number of issuers. As a result, the Fund may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular issuers or to a single economic, political or regulatory occurrence affecting these issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because the Fund is not actively managed but is designed to track the performance of the Benchmark Index, investors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">should generally expect the value of the Fund to decline when the performance of the Benchmark Index declines. There is no guarantee that the Fund will achieve a high degree of correlation to the Benchmark Index. Additionally, the Benchmark Index may perform unfavorably or underperform the market as a whole. As a result, the Fund may have poor investment results even if it </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">closely tracks the performance of the Benchmark Index because the adverse performance of a particular security normally will not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in eliminating the security from the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to precisely track the performance of the Benchmark Index. Unlike the Fund, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of the Benchmark Index is not impacted by fees and expenses, including trading costs associated with implementing portfolio changes. In addition, the Fund may own less than all the securities of the Benchmark Index, which also may cause a variance between the performance of the Fund and the performance of the Benchmark Index. Tracking error risk may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s performance to be less than expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, options on futures contracts and swaps, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and the Benchmark Index, which has investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and the Benchmark Index, which has investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2021</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">17.00%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-28.56%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2021-12-31 0.1700 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2856 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0352 0.0631 0.0450 0.0316 0.0595 0.0413 0.1715 0.1315 0.1429 0.0367 0.0665 0.0481 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks investment results that track the total return of the common stocks that comprise the Standard &amp; Poor’s (“S&amp;P”) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index (the “Benchmark Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0000 0.0000 0.0000 0.0037 0.0000 0.0035 0.0000 0.0002 0.0012 0.0049 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span> 12 39 68 154 50 157 274 616 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.01 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is not actively managed but is designed to track the performance of its Benchmark Index. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks of the companies included in the Benchmark Index. The Benchmark Index is designed to measure the performance of 500 of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">top companies in leading industries of the U.S. economy and represents the large cap segment of the U.S. equities market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund uses the replication method of indexing, meaning the Fund seeks to own the securities contained in the Benchmark Index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in as close as possible a proportion of the Fund as each stock’s weight in the Benchmark Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may focus its investments in certain sectors, such as the technology sector, to the extent that the Benchmark Index is concentrated in that sector. The Fund may also invest in derivatives, including but not limited to futures contracts on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Benchmark Index and options on futures contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is classified as a diversified investment company, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). However, the Fund may become non-diversified under the 1940 Act without the approval of shareholders solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Benchmark Index. A non-diversified</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> fund generally invests a greater portion of its assets in a limited number of issuers relative to a diversified fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by Keyridge Asset Management Limited (the “Sub-Adviser” or “Keyridge”), formerly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">known as Irish Life Investment Managers Limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may become non-diversified under the 1940 Act without the approval of shareholders solely </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">as a result of a change in relative market capitalization or index weighting of one or more constituents of the Benchmark Index. If the Fund becomes non-diversified, a relatively high percentage of its assets may be invested in securities of a limited number of issuers. As a result, the Fund may be more susceptible to the risks associated with these particular issuers or to a single economic, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">political or regulatory occurrence affecting these issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because the Fund is not actively managed but is designed to track the performance of the Benchmark Index, investors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">should generally expect the value of the Fund to decline when the performance of the Benchmark Index declines. There is no guarantee that the Fund will achieve a high degree of correlation to the Benchmark Index. Additionally, the Benchmark Index may perform unfavorably or underperform the market as a whole. As a result, the Fund may have poor investment results even if it closely tracks the performance of the Benchmark Index because the adverse performance of a particular security normally will not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in eliminating the security from the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to precisely track the performance of the Benchmark Index. Unlike the Fund, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of the Benchmark Index is not impacted by fees and expenses, including trading costs associated with implementing portfolio changes. In addition, the Fund may own less than all the securities of the Benchmark Index, which also may cause a variance between the performance of the Fund and the performance of the Benchmark Index. Tracking error risk may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s performance to be less than expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts on the Benchmark Index and options on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">futures contracts, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of the Benchmark Index, which is a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fees and expenses of any Permitted Account were reflected, the performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of the Benchmark Index, which is a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fees and expenses of any Permitted Account were reflected, the performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">20.42%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-19.75%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2042 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1975 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1764 0.1425 0.1463 0.1730 0.1385 0.1422 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks investment results, before fees and expenses, that track the total return of the common stocks that comprise the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Standard &amp; Poor’s (“S&amp;P”) MidCap 400</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index (the “Benchmark Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0016 0.0016 0.0016 0.0000 0.0000 0.0025 0.0003 0.0038 0.0041 0.0000 0.0035 0.0035 0.0003 0.0003 0.0006 0.0019 0.0054 0.0082 0.0000 0.0000 -0.0002 0.0019 0.0054 0.0080 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 19 61 107 243 55 173 302 677 82 260 453 1012 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">18</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.18 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is not actively managed but is designed to track the performance of its Benchmark Index. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the companies included in the Benchmark Index. The Benchmark Index is designed to measure the performance of 400 midsize </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies and represents the mid cap segment of the U.S. equities market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund uses the replication method of indexing, meaning the Fund seeks to own the securities contained in the Benchmark Index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in as close as possible a proportion of the Fund as each stock’s weight in the Benchmark Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest in derivatives, including but not limited to futures contracts on the Benchmark Index and options on futures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by Keyridge Asset Management Limited (the “Sub-Adviser” or “Keyridge”), formerly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">known as Irish Life Investment Managers Limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of medium-size companies often trade in lower volumes, may be less liquid, and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">there may be less publicly available information concerning medium-size companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because the Fund is not actively managed but is designed to track the performance of the Benchmark Index, investors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">should generally expect the value of the Fund to decline when the performance of the Benchmark Index declines. There is no guarantee that the Fund will achieve a high degree of correlation to the Benchmark Index. Additionally, the Benchmark Index may perform unfavorably or underperform the market as a whole. As a result, the Fund may have poor investment results even if it closely tracks the performance of the Benchmark Index because the adverse performance of a particular security normally will not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in eliminating the security from the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to precisely track the performance of the Benchmark Index. Unlike the Fund, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of the Benchmark Index is not impacted by fees and expenses, including trading costs associated with implementing portfolio changes. In addition, the Fund may own less than all the securities of the Benchmark Index, which also may cause a variance between the performance of the Fund and the performance of the Benchmark Index. Tracking error risk may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s performance to be less than expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- The Benchmark Index includes real estate investment trusts (“REITs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Investments in real estate-related instruments may be affected by similar risks as direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate investments. Real estate companies, including REITs or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks associated with changes in interest rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts on the Benchmark Index and options on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">futures contracts, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and the Benchmark Index, which has investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and the Benchmark Index, which has investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">24.20%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-29.73%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2420 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2973 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0735 0.0889 0.1051 0.0694 0.0849 0.1010 0.1715 0.1315 0.1429 0.0750 0.0912 0.1072 0.0669 0.0823 0.0874 2017-04-07 0.1715 0.1315 0.1423 0.0750 0.0912 0.0956 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks investment results that track the total return of the common stocks that comprise the Standard &amp; Poor’s (“S&amp;P”) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">SmallCap 600</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index (the “Benchmark Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0019 0.0019 0.0019 0.0000 0.0000 0.0025 0.0003 0.0038 0.0047 0.0000 0.0035 0.0035 0.0003 0.0003 0.0012 0.0022 0.0057 0.0091 -0.0001 -0.0001 -0.0010 0.0021 0.0056 0.0081 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 22 70 123 279 57 182 317 713 83 280 494 1110 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">34</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.34 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is not actively managed but is designed to track the performance of its Benchmark Index. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the companies included in the Benchmark Index. The Benchmark Index is designed to measure the performance of 600 small-size</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> companies and represents the small cap segment of the U.S. equities market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund uses the replication method of indexing, meaning the Fund seeks to own the securities contained in the Benchmark Index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in as close as possible a proportion of the Fund as each stock’s weight in the Benchmark Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may focus its investments in certain sectors, such as the financial sector, to the extent that the Benchmark Index is concentrated in that sector. The Fund may also invest in derivatives, including but not limited to futures contracts on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Benchmark Index and options on futures contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by Keyridge Asset Management Limited (the “Sub-Adviser” or “Keyridge”), formerly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">known as Irish Life Investment Managers Limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small-size companies often trade in lower volumes, may be less liquid, and are subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be less publicly available information concerning small-size companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because the Fund is not actively managed but is designed to track the performance of the Benchmark Index, investors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">should generally expect the value of the Fund to decline when the performance of the Benchmark Index declines. There is no guarantee that the Fund will achieve a high degree of correlation to the Benchmark Index. Additionally, the Benchmark Index may perform unfavorably or underperform the market as a whole. As a result, the Fund may have poor investment results even if it closely tracks the performance of the Benchmark Index because the adverse performance of a particular security normally will not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in eliminating the security from the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Investment Trust/Real Estate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- The Benchmark Index includes real estate investment trusts (“REITs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Investments in real estate-related instruments may be affected by similar risks as direct investment in real estate and the real estate market generally, including economic, legal, cultural, governmental, environmental or technological factors that affect property values, rents or occupancies of real estate. Historically, the real estate industry has been cyclical and particularly sensitive to economic downturns and other events that limit demand for real estate, which would adversely impact the value of real estate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investments. Real estate companies, including REITs or similar structures, tend to be small and mid cap companies, which means their shares may be more volatile and less liquid. REITs and real estate-related companies may not be diversified due to ownership of a limited number of properties or concentration in a particular geographic region or property type. REITs are also subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks associated with changes in interest rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to precisely track the performance of the Benchmark Index. Unlike the Fund, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of the Benchmark Index is not impacted by fees and expenses, including trading costs associated with implementing portfolio changes. In addition, the Fund may own less than all the securities of the Benchmark Index, which also may cause a variance between the performance of the Fund and the performance of the Benchmark Index. Tracking error risk may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s performance to be less than expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts on the Benchmark Index and options on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">futures contracts, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and the Benchmark Index, which has investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and the Benchmark Index, which has investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">31.26%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-32.71%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.3126 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3271 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0583 0.0708 0.0963 0.0555 0.0670 0.0924 0.0517 0.0641 0.0897 0.1715 0.1315 0.1429 0.0602 0.0731 0.0981 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term capital appreciation and income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees, expenses or withdrawal charges imposed by the Guarantee (“Guarantee Benefit Fee”), which are set forth in a separate prospectus or disclosure statement describing the Guarantee. If the Guarantee Benefit Fee was reflected, the fees and expenses shown below would be higher. You may qualify for a sales charge waiver; information about the waiver is available </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">from your financial professional.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(fees paid directly from your investment)</span> 0.0500 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0016 0.0000 0.0142 0.0142 0.0004 0.0162 -0.0135 0.0027 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the Guarantee Benefit Fee. If the Guarantee Benefit Fee was reflected, the fees and expenses in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 528 878 1253 2306 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">11</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.11 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing primarily in a professionally selected mix of exchange-traded funds (“Underlying ETFs”). The Fund may also invest in other types of securities, including open-end investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies (together, with Underlying ETFs, “Underlying Funds”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal conditions, the Fund will invest 45-65% of its net assets (plus the amount of any borrowings for investment purposes) in Underlying ETFs that invest primarily in equity securities and 35-55% of its net assets (plus the amount of any borrowings for investment purposes) in Underlying ETFs that invest primarily in fixed income securities. In addition to investing in Underlying ETFs, the Fund may invest a portion of its assets directly in derivatives, such as futures, for cash management purposes and to gain exposure to securities in the underlying index pending investment in Underlying ETFs. The Fund also may hold a portion of its assets in U.S. government securities, money market funds, and cash or cash equivalents for cash management </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">purposes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser, uses asset allocation strategies to allocate assets among different broad asset classes and the Underlying ETFs. The Fund currently invests primarily in Underlying ETFs designed to track the performance of a specified securities index (“Index Funds”). Each Underlying ETF has its own investment objective and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign equities (including those from emerging markets), fixed income securities, short-term investments and derivatives. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following table shows the Fund’s target allocation for the various asset classes and the Underlying ETFs in which the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">23.19%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">13.86%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vanguard S&amp;P 500 ETF</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vanguard FTSE Developed Markets ETF</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">10.76%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">4.56%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vanguard S&amp;P Mid-Cap 400 ETF</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vanguard FTSE Emerging Markets ETF</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">7.63%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">40.00%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vanguard Russell 2000 ETF</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vanguard Total Bond Market ETF</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying ETFs on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying ETF allocations, and the Underlying ETFs on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying ETF allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying ETFs at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in Underlying ETFs, all risks associated with the Underlying ETFs apply to the Fund. To </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the extent the Fund invests more of its assets in one Underlying ETF than another, the Fund will have greater exposure to the risks of that Underlying ETF.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying ETFs, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying ETFs. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because ETF shares are traded on an exchange, they are subject to additional risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">ETF shares can be bought and sold on the secondary market at market prices. Although it is expected that the market price </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of an ETF share typically will approximate its net asset value, there may be times when the market price and the net asset value of an ETF share vary significantly. Thus, the Fund may pay more or less than net asset value when it buys shares of an Underlying ETF on the secondary market, and the Fund may receive more or less than net asset value when it sells those shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Although ETF shares are listed for trading, it is possible that an active trading market may not develop or be maintained.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Trading of ETF shares may be halted by the activation of individual or marketwide “circuit breakers” (which halt trading </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">for a specified period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of ETF shares may also be halted if (1) the shares are delisted from an exchange without first being listed on another exchange or (2) exchange officials deem such action is appropriate in the interest of a fair and orderly market or to protect investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Conflict of Interest Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - ECM may be subject to conflicts of interest because its affiliate, Empower of America, is the issuer of the Guarantee that you are required to purchase if you invest in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying ETF may decline as a result of factors directly related </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">to a company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying ETF’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying ETF, particular industries represented in an Underlying ETF’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying ETF’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying ETF’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying ETF’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates, may adversely affect markets and an Underlying ETF’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">ETF.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying ETF’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying ETF has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying ETF to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying ETF focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying ETF may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Liquidity risk may also refer to the risk that an Underlying ETF will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying ETF’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying ETF to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying ETF. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying ETF to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying ETF’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying ETF could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying ETFs is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Class A shares for the last ten calendar years and by comparing its average annual total return to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">composite index is derived by applying the Fund’s target asset allocation among the asset classes over time to the results of the following indexes: the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index (large blend); the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index (mid blend); the S&amp;P SmallCap 600</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">(small blend); the MSCI EAFE Index (international large blend); the MSCI Emerging Markets Index (diversified emerging markets); and the Bloomberg U.S. Aggregate Bond Index (intermediate term bond). Please see Appendix A of the Fund’s Prospectus for more information regarding the composite index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the Fund’s recurring expenses, but do not reflect the impact of sales charges or the Guarantee Benefit Fee. If the sales charges or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Guarantee Benefit Fee were reflected, the performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Class A shares for the last ten calendar years and by comparing its average annual total return to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the Fund’s recurring expenses, but do not reflect the impact of sales charges or the Guarantee Benefit Fee. If the sales charges or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Guarantee Benefit Fee were reflected, the performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns for Class A Shares Before Sales Charges</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">14.17%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-14.34%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1417 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1434 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0878 0.0483 0.0711 0.1171 0.0344 0.0525 0.0969 0.0397 0.0543 0.1713 0.1340 0.1445 0.1381 0.0618 0.0793 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns shown do not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns shown do not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term capital appreciation and income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees, expenses or withdrawal charges imposed by the Guarantee (“Guarantee Benefit Fee”), which are set forth in a separate prospectus or disclosure statement describing the Guarantee, or the fees and expenses of any Permitted Account. If the Guarantee Benefit Fee or the fees and expenses imposed by a Permitted Account were reflected, the fees and expenses shown </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0010 0.0010 0.0010 0.0000 0.0000 0.0010 0.0025 0.0000 0.0035 0.0035 0.0035 0.0000 0.0035 0.0035 0.0035 0.0015 0.0015 0.0015 0.0015 0.0025 0.0060 0.0070 0.0085 -0.0002 -0.0002 -0.0002 -0.0002 0.0023 0.0058 0.0068 0.0083 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the Guarantee Benefit Fee or the fees and expenses of any Permitted Account. If the Guarantee Benefit Fee or the fees and expenses of any Permitted Account were reflected, the fees and expenses in the Example would be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the fee waiver and expense reimbursement is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions, your costs would be:</span> 24 78 139 316 59 190 333 748 69 222 388 869 85 269 469 1047 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">14</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.14 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a “fund-of-funds” that seeks to achieve its objective by investing in a professionally selected mix of mutual funds and in a fixed interest contract issued and guaranteed by Empower of America (the “Contract” or the “Empower of America Contract”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The mutual funds and the Contract are referred to as the “Underlying Funds.” </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal conditions, the Fund will invest 45-65% of its net assets (plus the amount of any borrowings for investment purposes) in Underlying Funds that invest primarily in equity securities and 35-55% of its net assets (plus the amount of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrowings for investment purposes) in Underlying Funds that invest primarily in fixed income securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser, uses asset allocation strategies to allocate assets among different broad asset classes and the Underlying Funds. The Fund currently invests primarily in Underlying Funds designed to track the performance of a specified securities index (“Index Funds”). Each Underlying Fund has its own investment objective and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. fixed income securities, short-term investments and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">derivatives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following table shows the Fund’s target allocation for the various asset classes and the Underlying Funds in which the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">expects to invest as of the date of this Prospectus:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Large Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">23.19%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">International</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">13.86%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower International Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Mid Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">10.76%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">4.56%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P Mid Cap 400</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fidelity Emerging Markets Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Small Cap</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">7.63%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:1.75pt;">35.00%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower S&amp;P Small Cap 600</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;"> Index Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower Bond Index Fund Institutional</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Short-Term Bond</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:6.75pt;">5.00%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Empower of America Contract</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocations. ECM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds on a quarterly basis, or more frequently as deemed necessary. ECM may add or delete asset classes, change target asset class or Underlying Fund allocations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">add or delete Underlying Funds at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Fund-of-Funds Structure Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Since the Fund invests directly in Underlying Funds, all risks associated with the Underlying Funds apply to the Fund. To </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the extent the Fund invests more of its assets in one Underlying Fund than another, the Fund will have greater exposure to the risks of that Underlying Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Since the Fund invests in Underlying Funds, you will bear your proportionate share of expenses of the Fund and indirectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your proportionate share of expenses of the Underlying Funds. Consequently, an investment in the Fund entails more expenses than a direct investment in the Underlying Funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Empower of America Contract Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Contract has a stable principal value and pays a minimum fixed interest rate to the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Both the principal and interest rate are guaranteed by Empower of America regardless of market conditions. However, if Empower of America were to become insolvent and unable to meet the guarantee, the Fund may lose money from unpaid principal or unpaid or reduced interest, and the Contract would be settled commensurate with other Empower of America policy holder obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under applicable law.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Conflict of Interest Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - ECM may be subject to conflicts of interest because its affiliate, Empower of America, is the issuer of the Guarantee that you are required to purchase if you invest in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by an Underlying Fund may decline as a result of factors directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or an industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of an Underlying Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">affecting (or perceived to affect) specific issuers held by an Underlying Fund, particular industries represented in an Underlying Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of an Underlying Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to short-term market movements or for significantly longer periods during more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fixed Income Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Investments in fixed income securities are subject to interest rate risk (the chance that bond prices </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">will decline because of rising interest rates), income risk (the chance that an Underlying Fund’s income will decline because of falling interest rates), credit risk (the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that market perception of the issuer will cause the price of a bond to decline), and call/prepayment risk (the chance that bond issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will redeem bonds prior to their maturity dates).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and an Underlying Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates, may adversely affect markets and an Underlying Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact an Underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact an Underlying Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause an Underlying Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which an Underlying Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An Underlying Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in an Underlying Fund’s net asset value. Increased redemptions due to a rise in interest rates may require an Underlying Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Underlying Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because an index fund is designed to track the performance of a benchmark index, investors should generally expect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the value of the index fund to decline when the performance of its benchmark index declines. As a result, it is possible an index fund could have poor investment results even if it closely tracks the return of its benchmark index, because the adverse performance of a particular security normally will not result in eliminating the security from the fund. It is possible the benchmark index may perform unfavorably and underperform the market as a whole. An index fund is not actively managed and portfolio managers do not attempt to take defensive positions in declining markets. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause an index fund’s return to be lower than if the index fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employed an active strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts, forward contracts, options and swaps, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose an Underlying Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or an Underlying Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, an Underlying Fund could underperform in comparison to other funds with similar objectives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund or Underlying Funds is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Deposit Insurance Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The composite index is derived by applying the Fund’s target asset allocation among the asset classes over time to the results </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the following indexes: the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index (large blend); the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index (mid blend); the S&amp;P SmallCap 600</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Index (small blend); the MSCI EAFE Index (international large blend); the MSCI Emerging Markets Index (diversified emerging markets); the Bloomberg U.S. Aggregate Bond Index (intermediate term bond); and the Bloomberg 1-3 Year Credit Bond Index (short term income/cash). Please see Appendix A of the Fund’s Prospectus for more information regarding the composite index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the Guarantee Benefit Fee or the fees and expenses of any Permitted Account. If the Guarantee Benefit Fee or the fees and expenses of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">any Permitted Account were reflected, the performance shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and a composite index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the Guarantee Benefit Fee or the fees and expenses of any Permitted Account. If the Guarantee Benefit Fee or the fees and expenses of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">any Permitted Account were reflected, the performance shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">13.29%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-13.05%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1329 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1305 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1331 0.0597 0.0780 0.1293 0.0561 0.0744 0.1279 0.0550 0.0732 0.1267 0.0532 0.0714 0.1713 0.1340 0.1445 0.1373 0.0634 0.0791 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks maximum total return that is consistent with preservation of capital and liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0023 0.0023 0.0000 0.0000 0.0006 0.0044 0.0000 0.0035 0.0006 0.0009 0.0029 0.0067 -0.0004 -0.0007 0.0025 0.0060 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The fees and expenses of the Fund have been restated to reflect expense limit changes that went into effect on April 30, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 26 89 159 364 61 207 366 828 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.50 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade bonds. The Fund will maintain an actively managed portfolio of bonds selected from several categories, including corporate bonds; securitized assets, including asset-backed securities, residential mortgage-backed securities (which may be backed by non-qualified or “sub-prime” mortgages), commercial mortgage-backed securities and collateralized </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgage obligations; Rule 144A fixed income securities; U.S. Treasuries and agency securities; structured credit; commercial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">paper; and foreign government securities, including obligations of governments in developed and emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may also invest in below investment grade securities (commonly known as “high yield securities” or “junk bonds”), </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including bank loans. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will normally maintain a dollar weighted effective average duration of three years or less. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price will be to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a three-year effective duration will generally decrease by approximately 3%. Conversely, a 1% decline </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in market interest rates will generally result in an increase of approximately 3% of that security’s market price.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest in derivatives, including but not limited to futures, options, certain foreign currency transactions, and credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">default, total return and interest rate swap contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by Franklin Advisers, Inc. (the “Sub-Adviser” or “Franklin”). Franklin’s investment approach combines bottom-up fundamental research with quantitative analysis, employing sector expertise across the broad global </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fixed income opportunity set.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect markets and the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Like bonds and other fixed income securities, commercial paper prices can be adversely affected by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fluctuations in interest rates. As interest rates rise, commercial paper prices typically will decline and vice versa. In addition, there is a chance that the issuer will default on its commercial paper obligations and commercial paper may become illiquid or suffer </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">from reduced liquidity in these or other situations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in the Fund’s net asset value. Increased redemptions due to a rise in interest rates may require the Fund to liquidate its holdings at an unfavorable time or under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adverse or disadvantageous conditions, which may negatively affect the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures, options, certain foreign currency transactions, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">credit default, total return and interest rate swap contracts, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatility, liquidity risk, segregation risk, valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">- </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the U.S. government (credit risk).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government-Sponsored Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities issued by U.S. government-sponsored enterprises (“GSEs”), such as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks, may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the applicable GSE (credit risk). Securities of GSEs are not issued or guaranteed by the U.S. Treasury and are not backed by the full faith and credit of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Bank Loan Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Bank loans often involve borrowers whose financial conditions are troubled or uncertain and companies that are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">highly leveraged. The market for bank loans may not be highly liquid and the Fund may have difficulty selling bank loans. These </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments expose the Fund to the credit risk of both the financial institution and the underlying borrower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer may redeem a fixed income security before maturity (a “call”) at a price below its current market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to February 26, 2024, reflects the performance of the Fund’s adviser, ECM, which no longer manages the Fund’s investment portfolio. Consequently, the Fund’s total returns shown below for the periods prior to that date are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">not necessarily indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">5.43%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-2.69%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0543 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0269 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0580 0.0249 0.0285 0.0529 0.0211 0.0248 0.0730 -0.0036 0.0201 0.0582 0.0246 0.0264 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0083 0.0083 0.0000 0.0000 0.0008 0.0079 0.0000 0.0035 0.0008 0.0044 0.0091 0.0162 -0.0007 -0.0043 0.0084 0.0119 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 86 283 497 1113 121 469 841 1886 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">70</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.70 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small capitalization (“small cap”) companies. For purposes of the 80% policy, the Fund considers small cap companies to be those whose market capitalization falls within the range of the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index at the time of initial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">purchase. As of December 31, 2025, the market capitalizations of the companies in the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index ranged from </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">$6 million to $31.3 billion. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">is not required to, sell the securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund emphasizes a “growth style” of investing, seeking companies whose potential to provide superior earnings growth </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">appears to be greater than the market in general and whose revenue growth is expected to continue for an extended period of time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may focus its investments in certain sectors, such as the consumer staples sector. The Fund may invest in securities of foreign companies, including those in emerging markets, and depositary receipts. The Fund may also invest in micro-capitalization </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(“micro cap”) companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: Lord, Abbett &amp; Co. LLC (“Lord Abbett”) and Peregrine Capital </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Management, LLC (“Peregrine”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Lord Abbett uses fundamental analysis to look for micro cap companies that appear to have the potential for more rapid </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">growth than the overall economy.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Peregrine conducts rigorous research to identify companies where the prospects for rapid earnings growth or significant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">change have yet to be well understood and are therefore not reflected in the current stock price.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 15% allocation of the Fund’s assets to Lord Abbett and an 85% allocation of the Fund’s assets to Peregrine. Actual allocations may vary from the target </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocations and ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small-Size and Micro Cap Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small-size and micro cap companies often trade in lower volumes, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">be less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small-size and micro cap companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small-size and micro cap </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Depositary Receipts Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">country, such as currency risk, political and economic risk, and market risk, because their values depend on the performance of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign security denominated in its home currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to May 19, 2017, includes the performance of a sub-adviser that no longer manages the Fund’s investment portfolio. Consequently, the Fund’s total returns shown below for the periods prior to that date are not necessarily </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">32.49%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-27.09%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3249 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2709 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0830 0.0356 0.1027 0.0781 0.0321 0.0988 0.1715 0.1315 0.1429 0.1301 0.0318 0.0957 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0071 0.0071 0.0000 0.0000 0.0003 0.0042 0.0000 0.0035 0.0003 0.0007 0.0074 0.0113 0.0000 -0.0004 0.0074 0.0109 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 76 237 411 918 111 355 618 1371 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">46</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.46 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small capitalization (“small cap”) companies. For purposes of the 80% policy, the Fund considers small cap companies to be those whose market capitalization falls within the range of the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Value Index at the time of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">initial purchase. As of December 31, 2025, the market capitalizations of the companies in the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Value Index ranged </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">from $6 million to $31.3 billion. If the market capitalization of a company held by the Fund moves outside this range, the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may, but is not required to, sell the securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund emphasizes a “value style” of investing, seeking companies that are undervalued in comparison to their peers due to economic, market, company-specific or other factors, but have the prospect of achieving improved valuations in the future. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may also focus its investments in certain sectors, such as the financial sector.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by two sub-advisers: Hotchkis &amp; Wiley Capital Management, LLC (“Hotchkis &amp; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Wiley”) and Loomis, Sayles &amp; Company, L.P. (“Loomis Sayles”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Hotchkis &amp; Wiley employs a disciplined, bottom-up investment process to identify stocks whose future prospects are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">misunderstood or not fully recognized by the market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Loomis Sayles seeks to build a small cap portfolio of common stocks that it believes are undervalued in the market and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">have favorable prospects for recovery.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 35% allocation of the Fund’s assets to Hotchkis &amp; Wiley and a 65% allocation of the Fund’s assets to Loomis Sayles. Actual allocations may vary from </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the target allocations and ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small-size companies often trade in lower volumes, may be less liquid, and are subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be less publicly available information concerning small-size companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to October 23, 2020 is for Loomis Sayles only. Consequently, the Fund’s total returns shown below </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the periods prior to that date are not necessarily indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">29.05%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-33.62%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2905 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3362 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0437 0.0968 0.0918 0.0408 0.0930 0.0879 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0065 0.0000 0.0000 0.0001 0.0038 0.0000 0.0035 0.0001 0.0003 0.0066 0.0103 0.0000 -0.0001 0.0066 0.0102 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 67 211 368 822 104 327 568 1259 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.50 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of mid-capitalization (“mid cap”) companies. For purposes of the 80% policy, the Fund considers mid cap companies to be those whose market capitalization falls within the range of the Russell MidCap</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Growth Index at the time </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of initial purchase. As of December 31, 2025, the market capitalizations of the companies in the Russell MidCap</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Growth Index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ranged from $1.2 billion to $89 billion. If the market capitalization of a company held by the Fund moves outside this range, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund may, but is not required to, sell the securities. The Fund may focus its investments in certain sectors, such as the consumer </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">staples sector. The Fund may also invest up to 25% of its total assets in foreign securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund emphasizes a “growth style” of investing, seeking companies whose potential to provide superior earnings growth </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">appears to be greater than the market in general and whose revenue growth is expected to continue for an extended period of time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by T. Rowe Price Investment Management, Inc. (the “Sub-Adviser” or “T. Rowe Price”). T. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rowe Price selects investments using a growth approach and invests in companies with above average sales and earnings growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of medium-size companies often trade in lower volumes, may be less liquid, and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">there may be less publicly available information concerning medium-size companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">27.78%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-23.16%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2778 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2316 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0331 0.0396 0.1002 0.0299 0.0361 0.0964 0.1715 0.1315 0.1429 0.0866 0.0665 0.1249 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks the highest level of return consistent with preservation of capital and substantial credit protection.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and expenses shown below would be higher.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0023 0.0023 0.0000 0.0000 0.0004 0.0045 0.0000 0.0035 0.0004 0.0010 0.0027 0.0068 -0.0002 -0.0008 0.0025 0.0060 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The fees and expenses of the Fund have been restated to reflect expense limit changes that went into effect on April 30, 2026.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">were reflected, the fees and expenses in the Example would be higher.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 26 85 150 341 61 210 371 839 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">95</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the average value of its portfolio.</span> 0.95 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities that have been issued or guaranteed by the U.S. government or its agencies or instrumentalities. Ordinarily such securities will have principal and interest guaranteed by the U.S. government or its agencies or instrumentalities, be subject to repurchase agreements, or represent an interest in or be secured by mortgages that are issued or guaranteed by certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">U.S. government agencies or instrumentalities. The Fund may enter into forward roll obligations on U.S. government securities, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including mortgage dollar rolls and to-be-announced (“TBA”) securities, which count towards the Fund’s 80% policy.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund invests primarily in investment grade securities and may invest in securities of any maturity. Up to 20% of the Fund’s net assets may be invested in securities that are not issued or guaranteed by the U.S. government or its agencies or instrumentalities, including asset-backed securities. The Fund may also invest in derivatives, including but not limited to futures contracts on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. Treasury securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund’s investment portfolio is managed by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser. ECM combines a “top-down” or macroeconomic analysis of the fixed income markets together with “bottom-up” security-by-security</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> fundamental research to identify relative value opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect markets and the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">- </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the U.S. government (credit risk).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government-Sponsored Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities issued by U.S. government-sponsored enterprises (“GSEs”), such as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks, may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the applicable GSE (credit risk). Securities of GSEs are not issued or guaranteed by the U.S. Treasury and are not backed by the full faith and credit of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts on U.S. Treasury securities, may expose the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">To-Be-Announced Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - TBA securities involve the risk that a security the Fund buys will lose value prior to its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">delivery. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">gain in the security’s price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage Dollar Roll Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage dollar roll transactions involve the risk that the market value of the securities sold by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund may decline below the repurchase price of those securities. Since the counterparty in the transaction is required to deliver a similar, but not identical, security to the Fund, the security the Fund is required to buy under the mortgage dollar roll may be worth less than an identical security. These transactions involve the risk that the portfolio managers may not correctly predict mortgage prepayments and interest rates, which may diminish the Fund’s performance. In addition, investment in mortgage dollar rolls may increase the Fund’s portfolio turnover rate, which can increase the Fund’s expenses and decrease returns. There is no assurance that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund’s use of cash it receives from a mortgage dollar roll will provide a return that exceeds borrowing costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer may redeem a fixed income security before maturity (a “call”) at a price below its current market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- High portfolio turnover rates generally result in higher transaction costs (which are borne directly by the Fund and indirectly by the Fund’s shareholders).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for the period of February 26, 2024 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:2.5pt;">– December 31, 2024, reflects the performance of a sub-adviser </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that no longer manages the Fund’s investment portfolio. Consequently, the Fund’s total returns shown below for 2024 are not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessarily indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing changes in the performance of the Fund’s Investor Class shares for the last ten calendar years and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below are historical and are not an indication of future performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shown would be lower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">6.39%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">September 30, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-5.34%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0639 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-09-30 -0.0534 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0706 -0.0036 0.0156 0.0660 -0.0071 0.0120 0.0730 -0.0036 0.0201 0.0709 -0.0053 0.0146 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks to provide total return, consisting of two components: (1) changes in the market value of its portfolio holdings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(both realized and unrealized appreciation); and (2) income received from its portfolio holdings.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. In addition to the fees and expenses described below, you may be required to pay your financial professional brokerage commissions when you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase or sell shares of the Fund, which are not reflected in the table or example.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(fees paid directly from your investment)</span> 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0038 0.0038 0.0000 0.0000 0.0028 0.0042 0.0000 0.0035 0.0028 0.0007 0.0066 0.0080 -0.0021 0.0000 0.0045 0.0080 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 46 190 347 803 82 255 444 990 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">98</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.98 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a diversified portfolio of fixed income securities of any maturity and duration. The fixed income securities in which the Fund may invest include corporate bonds, U.S. government securities, mortgage- and asset-backed securities, Rule 144A fixed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">income securities and bank loans.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund primarily invests in investment grade securities but may also invest up to 35% of its total assets in below investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">grade securities (commonly known as “high yield securities” or “junk bonds”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest up to 30% of its total assets in foreign fixed income securities, including emerging market securities, and the Fund may invest without limitation in obligations of supranational entities (e.g., the World Bank). The Fund may enter into forward roll obligations on U.S. government securities, including mortgage dollar rolls and to-be-announced (“TBA”) securities. The Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may also invest in derivatives, including but not limited to currency forwards and futures contracts on U.S. Treasury securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by ECM and one sub-adviser: Loomis, Sayles &amp; Company, L.P. (the “Sub-Adviser” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“Loomis Sayles”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">ECM invests primarily in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. ECM </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">combines a “top-down” or macroeconomic analysis of the fixed income markets together with “bottom-up” security-by-security fundamental research to identify relative value opportunities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Loomis Sayles invests in fixed income securities that it believes are attractively valued based on the credit outlook of an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer and maximum total return potential.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with the Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target asset allocation is a 50% allocation of the Fund’s assets to ECM and a 50% allocation of the Fund’s assets to Loomis Sayles. Actual allocations may vary from the target </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocations and ECM may change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect markets and the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Securities acquired in a private placement, such as Rule 144A securities, may involve increased liquidity risk due to restrictions on resale and the potential absence of a liquid secondary market or ready purchasers for such securities. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in the Fund’s net asset value. Increased redemptions due to a rise in interest rates may require the Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to currency forwards and futures contracts on U.S. Treasury </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government-Sponsored Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities issued by U.S. government-sponsored enterprises (“GSEs”), such as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks, may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the applicable GSE (credit risk). Securities of GSEs are not issued or guaranteed by the U.S. Treasury and are not backed by the full faith and credit of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">- </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the U.S. government (credit risk).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Bank Loan Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Bank loans often involve borrowers whose financial conditions are troubled or uncertain and companies that are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">highly leveraged. The market for bank loans may not be highly liquid and the Fund may have difficulty selling bank loans. These </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments expose the Fund to the credit risk of both the financial institution and the underlying borrower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer may redeem a fixed income security before maturity (a “call”) at a price below its current market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">To-Be-Announced Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - TBA securities involve the risk that a security the Fund buys will lose value prior to its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">delivery. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">gain in the security’s price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage Dollar Roll Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage dollar roll transactions involve the risk that the market value of the securities sold by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund may decline below the repurchase price of those securities. Since the counterparty in the transaction is required to deliver a similar, but not identical, security to the Fund, the security the Fund is required to buy under the mortgage dollar roll may be worth less than an identical security. These transactions involve the risk that the portfolio managers may not correctly predict mortgage prepayments and interest rates, which may diminish the Fund’s performance. In addition, investment in mortgage dollar rolls may increase the Fund’s portfolio turnover rate, which can increase the Fund’s expenses and decrease returns. There is no assurance that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund’s use of cash it receives from a mortgage dollar roll will provide a return that exceeds borrowing costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because ECM and the Sub-Adviser make investment decisions independently, it is possible that their </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">security selection processes may not complement one another, and the Fund may have buy and sell transactions in the same </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">security on the same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- High portfolio turnover rates generally result in higher transaction costs (which are borne directly by the Fund and indirectly by the Fund’s shareholders) and may result in higher taxes when Fund shares are held in a taxable account.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing the performance of the Fund’s Institutional Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below (before and after taxes) are historical and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not an indication of future performance. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for the period of February 26, 2024 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:2.5pt;">– December 31, 2024, includes the performance of a sub-adviser </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that no longer manages the Fund’s investment portfolio. Consequently, the Fund’s total returns shown below for 2024 are not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessarily indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing the performance of the Fund’s Institutional Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below (before and after taxes) are historical and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not an indication of future performance. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns for Institutional Class Shares</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2023</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">7.19%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-5.07%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0719 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0507 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0797 0.0053 0.0267 2018-06-25 0.0626 -0.0062 0.0163 0.0471 -0.0010 0.0160 0.0730 -0.0036 0.0212 0.0761 0.0022 0.0033 2020-09-03 0.0730 -0.0036 -0.0030 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are shown for Institutional Class shares only and will vary for Investor Class shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are shown for Institutional Class shares only and will vary for Investor Class shares. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks real return consistent with the preservation of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. In addition to the fees and expenses described below, you may be required to pay your financial professional brokerage commissions when you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase or sell shares of the Fund, which are not reflected in the table or example.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(fees paid directly from your investment)</span> 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0033 0.0033 0.0000 0.0000 0.0048 0.0043 0.0000 0.0035 0.0048 0.0008 0.0081 0.0076 -0.0046 -0.0006 0.0035 0.0070 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 36 213 404 959 72 237 416 937 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">309</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 3.09 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in inflation-protected securities (“IPS”) of varying maturities issued by the U.S. Treasury and other U.S. and non-U.S. government agencies and corporations, and other instruments, including inflation-linked swaps, with similar economic characteristics. Designed to provide inflation protection to investors, IPS are income-generating instruments whose interest and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal payments are periodically adjusted according to the rate of inflation. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund may invest in derivatives, including but not limited to exchange-traded futures, interest rate swaps and inflation-linked </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">swaps that reference the Consumer Price Index for All Urban Consumers (“CPI-U”) as well as other measures of inflation.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The remainder of the Fund’s assets may be invested in other fixed income securities, including corporate bonds, asset-backed securities, mortgage-backed securities, below investment grade securities (commonly known as “high yield securities” or “junk bonds”), Rule 144A fixed income securities, securities issued by foreign corporate and governmental issuers, and U.S. government </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of its benchmark index, the Bloomberg 1-10 Year U.S. Treasury Inflation-Protected Securities Index, plus or minus one year. As of December 31, 2025, the duration of this index was 4.51 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price will be to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a three-year effective duration will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of approximately 3% of that security’s market price.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by Goldman Sachs Asset Management, L.P. (the “Sub-Adviser” or “GSAM”). GSAM seeks to generate consistent risk-adjusted performance by capitalizing on inefficiencies in markets that cause security prices to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">diverge from their fair value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-Protected Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of IPS generally fluctuates in response to changes in real interest rates, which are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of IPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market for IPS may be less developed or less liquid, and more volatile, than certain other securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The market value of a fixed income security is affected significantly by changes (or the expectation of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund’s investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect markets and the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to exchange-traded futures, interest rate swaps and inflation-linked</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> swaps, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation risk and legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">- </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the U.S. government (credit risk).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Mortgage-backed securities represent interests in pools of commercial or residential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">slowly than expected (extension risk) in a rising interest rate environment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security’s value may be affected by changes in its credit quality rating or its issuer’s financial conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Counterparty Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A counterparty to a transaction may be unwilling or unable, or perceived (whether by market participants, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ratings agencies, pricing services, or otherwise) to be unwilling or unable, to make timely interest, principal or settlement payments or otherwise honor its obligations. Counterparty risk may arise because of a counterparty’s financial condition (i.e., </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial difficulties, bankruptcy or insolvency), market activities and developments, or other reasons, whether foreseen or not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">CPI-U Measurement Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- There can be no assurance that the CPI-U, a measurement of changes in the cost of living, will accurately measure the real rate of inflation in the prices of goods and services, which may affect the valuation of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Deflation Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- If deflation occurs, the principal and income of IPS held by the Fund would likely decline in price, which could result in losses for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Extraordinary and sudden changes in interest rates could disrupt the market for fixed income securities and result in fluctuations in the Fund’s net asset value. Increased redemptions due to a rise in interest rates may require the Fund to liquidate its holdings at an unfavorable time or under adverse or disadvantageous conditions, which may negatively affect the Fund. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">these securities may be smaller and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government-Sponsored Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities issued by U.S. government-sponsored enterprises (“GSEs”), such as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks, may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the applicable GSE (credit risk). Securities of GSEs are not issued or guaranteed by the U.S. Treasury and are not backed by the full faith and credit of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation-linked Swaps Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Inflation-linked swaps may expose the Fund to additional volatility in comparison to investing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">directly in bonds and other fixed income securities. Inflation-linked swaps can be illiquid, difficult to value and may involve leverage so that small changes produce disproportionate losses for the Fund. Since inflation-linked swaps are not traded on an exchange, they are subject to the risk that a counterparty to the transaction will fail to meet its obligations. Inflation-linked swaps involve the risk that the level of inflation and consumer prices will not be accurately predicted, which could significantly harm the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Tax Consequences Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adjustments for inflation to the principal amount of an inflation-indexed security may give rise to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">original issue discount, which will be includable for federal income tax purposes in the Fund’s gross income in the year accrued, even though the Fund will not receive the principal, including any increase thereto, until maturity. As a result, the Fund may be required to make distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not advantageous to do so in order to satisfy the distribution requirements for qualifying as a regulated investment company for federal income tax purposes (“regulated investment company”). Also, if the principal value of an inflation-indexed security is adjusted downward due to deflation, amounts previously distributed may be characterized in some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">circumstances as a return of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - An issuer may redeem a fixed income security before maturity (a “call”) at a price below its current market value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Below Investment Grade Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Below investment grade securities (commonly known as “high yield securities” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">“junk bonds”) are speculative, have a higher degree of credit risk and interest rate risk, and may be less liquid and subject to greater volatility in market value than investment grade securities. In addition, high yield securities present a greater risk of loss (which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be substantial or total) of income and principal, than investment grade securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- High portfolio turnover rates generally result in higher transaction costs (which are borne directly by the Fund and indirectly by the Fund’s shareholders) and may result in higher taxes when Fund shares are held in a taxable account.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Government Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign government securities may involve risks similar to those of foreign securities. They </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may present additional risks, such as the ability of a foreign government or government-related issuer to make timely principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments on its external debt obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing the performance of the Fund’s Institutional Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below (before and after taxes) are historical and are not an indication of future performance. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing the performance of the Fund’s Institutional Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below (before and after taxes) are historical and are not an indication of future performance. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns for Institutional Class Shares</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">4.72%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">September 30, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-5.29%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0472 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-09-30 -0.0529 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0708 0.0221 0.0339 2018-06-25 0.0553 -0.0242 -0.0153 0.0419 0.0028 0.0112 0.0730 -0.0036 0.0212 0.0747 0.0252 0.0365 0.0676 0.0185 0.0216 2020-09-03 0.0730 -0.0036 -0.0030 0.0747 0.0252 0.0264 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are shown for Institutional Class shares only and will vary for Investor Class shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are shown for Institutional Class shares only and will vary for Investor Class shares. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. In addition to the fees and expenses described below, you may be required to pay your financial professional brokerage commissions when you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase or sell shares of the Fund, which are not reflected in the table or example.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(fees paid directly from your investment)</span> 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0053 0.0053 0.0000 0.0000 0.0027 0.0047 0.0000 0.0035 0.0027 0.0012 0.0080 0.0100 -0.0015 0.0000 0.0065 0.0100 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 66 240 429 976 102 318 552 1225 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">42</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of issuers economically tied to countries other than the U.S., including those in emerging markets. The Fund may have significant investments in a single country, a limited number of countries, or a particular geographic region. The Fund may have exposure to non-U.S. securities across any market capitalization and style, and may also focus its investments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in certain sectors, such as the financial sector.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The issuer of a security or other investment is generally deemed to be economically tied to a particular country other than the U.S. if: (1) the security or other investment is issued or guaranteed by the government of that country or any of its agencies, authorities or instrumentalities; (2) the issuer is organized under the laws of that country; (3) the issuer maintains a principal office in that country; (4) the issuer has its principal securities trading market in that country; (5) the issuer derives 50% or more of its total revenues from goods sold or services performed in that country; (6) the issuer has 50% or more of its assets in that country; or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(7) the issuer is included in an index that is representative of that country.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Equity securities include common stock and other investment instruments such as depositary receipts and exchange-traded funds (“ETFs”) that track the return of a broad-based international securities index. The Fund may also invest in derivatives, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">but not limited to futures contracts and forward foreign currency contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by three sub-advisers: Keyridge Asset Management Limited (“Keyridge”), formerly known as Irish Life Investment Managers Limited; Lazard Asset Management LLC (“Lazard”); and LSV Asset Management </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(“LSV”) (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">Keyridge utilizes a passive investment strategy designed to track, as closely as possible, the performance of the MSCI </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">EAFE Index by investing in the common stocks of each company in the MSCI EAFE Index in approximately the same proportion as their weighting in the MSCI EAFE Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Lazard invests primarily in equity securities of what it considers to be quality growth businesses that can generate and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sustain high levels of financial productivity and grow profits and cash flows by investing back into their businesses at similarly high rates of financial productivity. Lazard generally focuses on investing in securities of companies with a market capitalization of $3 billion or more. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">LSV generally focuses on investing in securities of companies that it believes are undervalued in the marketplace at the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">time of purchase and show recent positive signals, such as an appreciation in price and increase in earnings. LSV uses a quantitative investment model to make investment decisions, ranking securities based on fundamental measures of value and indicators of near-term recovery.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target percentage is a 50% allocation of the Fund’s assets to Keyridge, a 25% allocation of the Fund’s assets to Lazard, and a 25% allocation of the Fund’s assets to LSV. Actual allocations may vary from the target allocations and ECM may change the asset allocations at any time without shareholder notice </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Emerging market countries generally have economic structures that are less diverse and mature, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund’s performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors’ interest due to market conditions or other factors. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts and forward foreign currency contracts, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because the Keyridge sub-advised portion of the Fund is not actively managed but is designed to track the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of the MSCI EAFE Index, investors should generally expect the value of the Keyridge sub-advised portion of the Fund to decline when the performance of the MSCI EAFE Index declines. There is no guarantee that the Fund will achieve a high degree of correlation to the MSCI EAFE Index. Additionally, the MSCI EAFE Index may perform unfavorably or underperform the market as a whole. As a result, the Keyridge sub-advised portion of the Fund may have poor investment results even if it closely tracks the performance of the MSCI EAFE Index because the adverse performance of a particular security normally will not result </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in eliminating the security from the Keyridge sub-advised portion of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Keyridge sub-advised portion of the Fund may not be able to precisely track the performance of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">MSCI EAFE Index. Unlike the Keyridge sub-advised portion of the Fund, the performance of the MSCI EAFE Index is not impacted by fees and expenses, including trading costs associated with implementing portfolio changes. In addition, the Keyridge sub-advised portion of the Fund may own less than all the securities of the MSCI EAFE Index, which also may cause a variance between the performance of the Keyridge sub-advised portion of the Fund and the performance of the MSCI EAFE Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Tracking error risk may cause the Keyridge sub-advised portion of the Fund’s performance to be less than expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Quantitative Model Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Securities selected by LSV using a quantitative investment model can perform differently than the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">market as a whole based on the factors used in the model, the weight placed on each factor, and changes in the factors’ historical trends. Due to the significant role technology plays in a quantitative investment model, its use carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data, or technology used in the model. There </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">can be no assurance that the use of a quantitative investment model will enable the Fund to achieve its objective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Depositary Receipts Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">country, such as currency risk, political and economic risk, and market risk, because their values depend on the performance of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign security denominated in its home currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Exchange-Traded Fund Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Shares in an ETF represent an interest in a portfolio of securities generally designed to track the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of a particular market index. The Fund could purchase shares issued by an ETF to temporarily gain exposure to a portion of a foreign market, for example, while awaiting purchase of underlying securities. The risks associated with owning an ETF generally reflect the risks of owning the underlying securities it is designed to track, although ETFs have management fees that increase their costs. Fund shareholders indirectly bear their proportionate share of the expenses of the ETFs in which the Fund invests. An ETF may trade at a premium or discount, and, as a result, the Fund may pay more than net asset value when purchasing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shares and receive less than net asset value when selling shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing the performance of the Fund’s Institutional Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below (before and after taxes) are historical and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not an indication of future performance. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information prior to April 30, 2025, includes the performance of a sub-adviser that no longer manages the Fund’s investment portfolio. Consequently, the Fund’s total returns shown below for the periods prior to that date are not necessarily </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">indicative of the performance of the Fund as it is currently managed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing the performance of the Fund’s Institutional Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below (before and after taxes) are historical and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not an indication of future performance. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns for Institutional Class Shares</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">18.27%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-24.95%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2022-12-31 0.1827 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2495 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.2917 0.0811 0.0738 2018-06-25 0.2718 0.0646 0.0558 0.1738 0.0569 0.0510 0.3122 0.0892 0.0788 0.2874 0.0775 0.1008 2020-09-03 0.3122 0.0892 0.1084 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are shown for Institutional Class shares only and will vary for Investor Class shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are shown for Institutional Class shares only and will vary for Investor Class shares. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term growth of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. In addition to the fees and expenses described below, you may be required to pay your financial professional brokerage commissions when you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase or sell shares of the Fund, which are not reflected in the table or example.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(fees paid directly from your investment)</span> 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0047 0.0047 0.0000 0.0000 0.0021 0.0044 0.0000 0.0035 0.0021 0.0009 0.0068 0.0091 -0.0013 -0.0001 0.0055 0.0090 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">April 30, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund’s operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumptions, your costs would be:</span> 56 204 366 834 92 289 503 1119 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance. During the most recent fiscal year, the Fund’s turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">28</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.28 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Below is a summary of the principal investment strategies of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. companies. The Fund currently expects (as of the date of this Prospectus) to invest 60-90% of its net assets in equity securities of large capitalization (“large cap”) companies that, at the time of purchase, are similar in size to companies in the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index and 10-40% of its net assets in equity securities of small capitalization (“small cap”) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies that, at the time of purchase, are similar in size to companies in the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index; however, the Fund may have </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">exposure to U.S. stocks across any market capitalization and style. As of December 31, 2025, the market capitalizations of the companies in the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index ranged from $1.3 billion to $4.5 trillion and the companies in the Russell 2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index ranged from $6 million to $31.3 billion.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Equity securities include common stock and other investment instruments such as exchange-traded funds (“ETFs”) that track the return of a broad-based U.S. securities index. The Fund may also invest in derivatives, including but not limited to futures contracts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and forward foreign currency contracts.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-advisers and monitors their performance on an ongoing basis. The Fund’s investment portfolio is managed by four sub-advisers: J.P. Morgan Investment Management Inc. (“JPMorgan”); Keyridge Asset Management Limited (“Keyridge”), formerly known as Irish Life Investment Managers Limited; Loomis, Sayles &amp; Company, L.P. (“Loomis Sayles”); and Putnam Investment Management, LLC (“Putnam”) (each, a “Sub-Adviser,” and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">collectively, the “Sub-Advisers”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-4.17%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:18pt;">JPMorgan invests primarily in equity securities of large, well-established U.S. companies with a market capitalization </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">equal to those within the universe of the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Growth Index at the time of purchase. JPMorgan employs a fundamental bottom-up approach that seeks to identify companies with positive price momentum and attractive fundamental dynamics. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Keyridge utilizes a passive investment strategy designed to track, as closely as possible, the performance of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Standard &amp; Poor’s 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index (“S&amp;P 500 Index”) by investing in the common stocks of each company in the S&amp;P 500 Index in approximately the same proportion as their weighting in the S&amp;P 500 Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Loomis Sayles invests primarily in equity securities of small companies, which are of a size similar to those in the Russell </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index at the time of purchase. Loomis Sayles seeks to build a small cap portfolio of common stocks that it believes are undervalued in the market and have favorable prospects for recovery. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:-2.5%;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:9pt;">Putnam invests mainly in common stocks of large and midsize U.S. companies, which are of a size similar to those in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Value Index, with a focus on value stocks that offer the potential for capital growth, current income or both.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">ECM maintains a strategic allocation of the Fund’s assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target asset allocation is a 50% allocation of the Fund’s assets to Keyridge, a 10% allocation of the Fund’s assets to JPMorgan, a 20% allocation of the Fund’s assets to Loomis Sayles, and a 20% allocation of the Fund’s assets to Putnam. Actual allocations may vary from the target allocations and ECM may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">change the asset allocations at any time without shareholder notice or approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of equity securities held by the Fund may decline as a result of factors directly related to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">company, a particular industry or industries, or general market conditions that are not specifically related to a company or an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund’s portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and industries more significantly than others. These adverse developments may cause broad declines in an issuer’s value due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term market movements or for significantly longer periods during more prolonged market downturns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Size Company Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Large-size companies are generally more mature and may be unable to respond as quickly as smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Small- and Medium-Size Company Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The stocks of small- and medium-size companies often trade in lower volumes, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies upon which to base an investment decision.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Value Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market as a whole views their potential future earnings as limited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Growth Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappointments may result in sharp price declines.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The use of derivatives, including but not limited to futures contracts and forward foreign currency contracts, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund’s other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal restrictions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Index Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">- Because the Keyridge sub-advised portion of the Fund is not actively managed but is designed to track the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of the S&amp;P 500 Index, investors should generally expect the value of the Keyridge sub-advised portion of the Fund to decline when the performance of the S&amp;P 500 Index declines. There is no guarantee that the Fund will achieve a high degree of correlation to the S&amp;P 500 Index. Additionally, the S&amp;P 500 Index may perform unfavorably or underperform the market as a whole. As a result, the Keyridge sub-advised portion of the Fund may have poor investment results even if it closely tracks the performance of the S&amp;P 500 Index because the adverse performance of a particular security normally will not result in eliminating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the security from the Keyridge sub-advised portion of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - The Keyridge sub-advised portion of the Fund may not be able to precisely track the performance of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">S&amp;P 500 Index. Unlike the Keyridge sub-advised portion of the Fund, the performance of the S&amp;P 500 Index is not impacted by fees and expenses, including trading costs associated with implementing portfolio changes. In addition, the Keyridge sub-advised portion of the Fund may own less than all the securities of the S&amp;P 500 Index, which also may cause a variance between the performance of the Keyridge sub-advised portion of the Fund and the performance of the S&amp;P 500 Index. Tracking error risk may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cause the Keyridge sub-advised portion of the Fund’s performance to be less than expected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies and may generate losses even in a favorable market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Multi-Manager Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Because the Sub-Advisers make investment decisions independently, it is possible that their security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">same day.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Exchange-Traded Fund Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> - Shares in an ETF represent an interest in a portfolio of securities generally designed to track the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance of a particular market index. The Fund could purchase shares issued by an ETF to temporarily gain exposure to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">portion of the U.S. or a foreign market, for example, while awaiting purchase of underlying securities. The risks associated with owning an ETF generally reflect the risks of owning the underlying securities it is designed to track, although ETFs have management fees that increase their costs. Fund shareholders indirectly bear their proportionate share of the expenses of the ETFs in which the Fund invests. An ETF may trade at a premium or discount, and, as a result, the Fund may pay more than net asset value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">when purchasing shares and receive less than net asset value when selling shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporation or any government agency</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is subject to the possible loss of your original investment.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing the performance of the Fund’s Institutional Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below (before and after taxes) are historical and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not an indication of future performance. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Updated performance information may be obtained at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website does not form a part of this Prospectus).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart and table below provide an indication of the risk of investment in the Fund by showing the performance of the Fund’s Institutional Class shares for each full calendar year since inception and by comparing the Fund’s average annual total returns to the performance of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The returns shown below (before and after taxes) are historical and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not an indication of future performance. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.empower.com/investments/empower-funds/fund-documents</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Calendar Year Total Returns for Institutional Class Shares</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Total Return</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">23.14%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">March 31, 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">-22.73%</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2314 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2273 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1541 0.1297 0.1295 2018-06-25 0.1389 0.1077 0.1129 0.0996 0.0964 0.1003 0.1715 0.1315 0.1388 0.1500 0.1257 0.1425 2020-09-03 0.1715 0.1315 0.1395 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are shown for Institutional Class shares only and will vary for Investor Class shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are shown for Institutional Class shares only and will vary for Investor Class shares. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown do </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">individual retirement accounts (“IRAs”).</span> The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.55% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.845% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.61% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The investment adviser has contractually agreed to permanently reimburse expenses and/or pay the Fund if Total Annual Fund Operating Expenses of the Investor II Class exceed 0.81% of the Class's average daily net assets (“Expense Cap”). Under the terms of the expense limitation agreement, the Expense Cap survives the termination of the expense limitation agreement. It may be terminated only upon termination of the Fund’s advisory agreement with the investment adviser or by the Board of Directors of Empower Funds. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.70% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.67% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The fees and expenses of the Fund have been restated to reflect expense limit changes that went into effect on April 30, 2026. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.25% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The fees and expenses of the Fund have been restated to reflect expense limit changes that went into effect on April 30, 2026. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.64% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.91% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The fees and expenses of the Fund have been restated to reflect management fee and expense limit changes that went into effect on January 1, 2026. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.58% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.35% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.01% through April 30, 2027. Thereafter, the investment adviser may take such actions as are necessary to continue the waiver for additional periods, including for one or more years, after the applicable expiration date unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee or pay the Fund an amount equal to the amount by which any ordinary operating expenses, excluding advisory fees payable to the investment adviser, distribution and service fees pursuant to a Rule 12b-1 or successor plan, interest, taxes, brokerage and transaction costs, other investment-related costs, leverage expenses, extraordinary expenses such as litigation, other expenses not incurred in the ordinary course of such Fund’s business, indirect expenses (including, without limitation, acquired fund fees and expenses), and expenses of any counsel or other persons or services retained by Empower Funds’ Independent Directors (“Other Expenses”) incurred by the Fund that exceeds an annual rate of 0.07% of the Fund’s average daily net assets for Class A shares (“Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses, plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.30% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.55% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.74% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.35% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.45% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.65% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.01% through April 30, 2027. Thereafter, the investment adviser may take such actions as are necessary to continue the waiver for additional periods, including for one or more years, after the applicable expiration date unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.84% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.35% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The fees and expenses of the Fund have been restated to reflect expense limit changes that went into effect on April 30, 2026. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.25% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.01% through April 30, 2027. Thereafter, the investment adviser may take such actions as are necessary to continue the waiver for additional periods, including for one or more years, after the applicable expiration date unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.20% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.21% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the “Expense Limit”). The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. The Acquired Fund Fees and Expenses are estimated for the current fiscal year. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed to reduce its management fee by 0.35% of the amount the Fund allocates to a fixed interest contract issued and guaranteed by Empower Annuity Insurance Company of America. The agreement’s current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term.