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0000356476 gwfi6:RealEstateEquityMember gwfi6:C000155780Member 2024-06-28 0000356476 gwfi6:SmallCapEquityMember gwfi6:C000155780Member 2024-06-28 iso4217:USD iso4217:USD shares pure shares utr:D gwfi6:Holding 0.187 0.084 0.220 0.135 0.121 0.040 0.084 0.240 0.078 0.051 0.048 0.035 0.186 0.035 0.070 0.160 0.040 0.045 0.473 0.051 0.107 0.048 0.088 0.133 0.048 0.160 0.473 0.078 0.051 0.324 0.088 0.186 0.220 0.031 0.133 0.324 0.142 0.087 0.329 0.232 0.180 0.121 0.135 0.078 0.220 0.107 0.329 0.187 0.196 0.160 0.031 0.045 0.051 0.225 0.243 0.045 0.090 0.135 0.070 0.087 0.196 0.084 0.030 0.225 0.107 0.051 0.040 0.090 0.180 0.142 0.339 0.196 0.088 0.070 0.030 0.240 0.243 0.473 0.232 0.031 0.329 0.339 0.142 0.051 0.240 0.187 0.225 0000356476 false N-CSRS EMPOWER FUNDS, INC. 2024-06-28 Empower Conservative Profile Fund Class L MXIPX This semi-annual shareholder report contains important information about the Empower Conservative Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Conservative Profile Fund<br/> (Class L/MXIPX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>102.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.02<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.40%).</div> </td> </tr> </table> 102.00 0.0102 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>1,237M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>18<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.7M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>10<span>%</span></td> </tr> </table> 1237000000 18 700000 0.10 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Short Duration Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.11<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.46<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.38<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.53<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.26<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.07<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.71<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Inflation-Protected Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.37<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613133.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Short Duration Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.11<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.46<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.38<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.53<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.26<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.07<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.71<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Inflation-Protected Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.37<span>%</span></td> </tr> </table> 0.2254 0.0911 0.0846 0.0838 0.0654 0.0653 0.0626 0.0507 0.0471 0.0437 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Conservative Profile Fund Institutional Class MXKVX This semi-annual shareholder report contains important information about the Empower Conservative Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Conservative Profile Fund<br/> (Institutional Class/MXKVX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>42.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.42<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.40%).</div> </td> </tr> </table> 42.00 0.0042 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>1,237M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>18<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.7M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>10<span>%</span></td> </tr> </table> 1237000000 18 700000 0.10 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Short Duration Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.11<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.46<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.38<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.53<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.26<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.07<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.71<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Inflation-Protected Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.37<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613108.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Short Duration Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.11<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.46<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.38<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.53<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.26<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.07<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.71<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Inflation-Protected Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.37<span>%</span></td> </tr> </table> 0.2254 0.0911 0.0846 0.0838 0.0654 0.0653 0.0626 0.0507 0.0471 0.0437 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Conservative Profile Fund Investor Class MXCPX This semi-annual shareholder report contains important information about the Empower Conservative Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="break-inside: avoid;"> <div style="margin-bottom: 10pt;"> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: #004185; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> </div> </div> <div style="margin-bottom: 10pt;"> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="break-inside: avoid; color: #000000; font-size: 9pt; font-weight: bold; font-family: Arial; text-align: left; vertical-align: bottom; padding: 0px 3pt;">Fund (Class)</td> <td style="break-inside: avoid; text-align: right; font-family: Arial; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid; text-align: right; font-family: Arial; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Empower Conservative Profile Fund<br/>(Investor Class/MXCPX)</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77.00</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.77<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span><sup></sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid; font-size: 9pt; font-family: Arial; text-align: left; vertical-align: top; width: 9pt; padding: 0px 3pt;"> <div style="font-family: 'arial'; color: #000000; margin-bottom: 10pt; font-size: 5pt; line-height: 8pt; text-align: left; margin-top: -1.5pt;">​<sup>(a)</sup></div> </td> <td style="break-inside: avoid; font-size: 9pt; font-family: Arial; text-align: right; vertical-align: middle; padding: 0px 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; margin-bottom: 10pt; font-size: 7pt; line-height: 8pt; text-align: left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.40%).</div> </td> </tr> </table> </div> </div> 77.00 0.0077 <div style="font-family: 'arial'; color: #004185; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;"><b>Key Fund Statistics</b></div><div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: FiraSans-Medium; font-weight: bold; font-size: 9pt; padding: 0px 10pt;">Fund net assets</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-size: 9pt; padding: 0px 10pt;"><span style="float: none;">$</span>1,237M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>18<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.7M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>10<span>%</span></td> </tr> </table> 1237000000 18 700000 0.10 <div style="margin-top: 0px; font-family: 'arial'; color: #004185; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:HoldingsTableTextBlock"><b>Graphical Representation of Holdings</b></div><div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space: nowrap;"> </span>of the Fund.</div><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #004185; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: #8ca0aa; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="break-inside: avoid; vertical-align: middle; text-align: left; font-family: Arial; color: #000000; font-size: 9pt; padding: 0px 3pt;">Empower of America Contract</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-size: 9pt; padding: 0px 3pt;">22.54<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Short Duration Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.11<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.46<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.38<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.54<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.53<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.26<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.07<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.71<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Inflation-Protected Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.37<span>%</span></td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #004185; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: #8ca0aa; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;"><b>Sector Allocation</b></div><div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613150.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #004185; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: #8ca0aa; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;"> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="break-inside: avoid; vertical-align: middle; text-align: left; font-family: Arial; color: #000000; font-size: 9pt; padding: 0px 3pt;">Empower of America Contract</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-size: 9pt; padding: 0px 3pt;">22.54<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Short Duration Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.11<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.46<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.38<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.54<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.53<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.26<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.07<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #8ca0aa;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.71<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Empower Inflation-Protected Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.37<span>%</span></td> </tr> </table> 0.2254 0.0911 0.0846 0.0838 0.0654 0.0653 0.0626 0.0507 0.0471 0.0437 <div style="font-family: 'arial'; color: #004185; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div><div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt; text-align: justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family: 'arial'; color: #004185; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;" title="stop"><b>Changes in and Disagreements with Accountants</b></div><div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Moderately Conservative Profile Fund Class L MXHPX This semi-annual shareholder report contains important information about the Empower Moderately Conservative Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderately Conservative Profile Fund<br/> (Class L/MXHPX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>108.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.08<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.46%).</div> </td> </tr> </table> 108.00 0.0108 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>648M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>18<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.3M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>16<span>%</span></td> </tr> </table> 648000000 18 300000 0.16 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.15<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.64<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.65<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.59<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.14<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.13<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613192.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.15<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.64<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.65<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.59<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.14<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.13<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table> 0.2200 0.1015 0.0764 0.0665 0.0659 0.0554 0.0514 0.0513 0.0454 0.0404 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Moderately Conservative Profile Fund Institutional Class MXJUX This semi-annual shareholder report contains important information about the Empower Moderately Conservative Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderately Conservative Profile Fund<br/> (Institutional Class/MXJUX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>48.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.48<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.46%).</div> </td> </tr> </table> 48.00 0.0048 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>648M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>18<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.3M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>16<span>%</span></td> </tr> </table> 648000000 18 300000 0.16 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.15<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.64<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.65<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.59<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.14<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.13<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613175.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.15<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.64<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.65<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.59<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.14<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.13<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table> 0.2200 0.1015 0.0764 0.0665 0.0659 0.0554 0.0514 0.0513 0.0454 0.0404 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Moderately Conservative Profile Fund Investor Class MXDPX This semi-annual shareholder report contains important information about the Empower Moderately Conservative Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderately Conservative Profile Fund<br/> (Investor Class/MXDPX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>83.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.83<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.46%).</div> </td> </tr> </table> 83.00 0.0083 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>648M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>18<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.3M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>16<span>%</span></td> </tr> </table> 648000000 18 300000 0.16 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.15<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.64<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.65<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.59<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.14<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.13<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613217.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.15<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.64<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.65<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.59<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Core Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.14<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower U.S. Government Mortgage Securities Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.13<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.54<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table> 0.2200 0.1015 0.0764 0.0665 0.0659 0.0554 0.0514 0.0513 0.0454 0.0404 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Moderate Profile Fund Class L MXGPX This semi-annual shareholder report contains important information about the Empower Moderate Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderate Profile Fund<br/> (Class L/MXGPX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>117.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.17<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.53%).</div> </td> </tr> </table> 117.00 0.0117 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>1,691M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>18<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.8M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>7<span>%</span></td> </tr> </table> 1691000000 18 800000 0.07 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">16.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.02<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.55<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.66<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.60<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.98<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.84<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.23<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613259.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">16.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.02<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.55<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.66<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.60<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.98<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.84<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.23<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table> 0.1600 0.1402 0.1055 0.0766 0.0560 0.0498 0.0484 0.0479 0.0423 0.0404 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Moderate Profile Fund Institutional Class MXITX This semi-annual shareholder report contains important information about the Empower Moderate Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderate Profile Fund<br/> (Institutional Class/MXITX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>57.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.57<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.53%).</div> </td> </tr> </table> 57.00 0.0057 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>1,691M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>18<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.8M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>7<span>%</span></td> </tr> </table> 1691000000 18 800000 0.07 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">16.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.02<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.55<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.66<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.60<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.98<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.84<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.23<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613234.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">16.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.02<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.55<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.66<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.60<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.98<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.84<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.23<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table> 0.1600 0.1402 0.1055 0.0766 0.0560 0.0498 0.0484 0.0479 0.0423 0.0404 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Moderate Profile Fund Investor Class MXMPX This semi-annual shareholder report contains important information about the Empower Moderate Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderate Profile Fund<br/> (Investor Class/MXMPX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>92.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.92<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.53%).</div> </td> </tr> </table> 92.00 0.0092 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>1,691M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>18<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.8M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>7<span>%</span></td> </tr> </table> 1691000000 18 800000 0.07 <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div> </div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">16.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.02<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.55<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.66<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.60<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.98<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.84<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.23<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613276.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">16.00<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.02<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.55<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.66<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.60<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.98<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Multi-Sector Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.84<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Global Bond Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.23<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> </tr> </table> 0.1600 0.1402 0.1055 0.0766 0.0560 0.0498 0.0484 0.0479 0.0423 0.0404 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Moderately Aggressive Profile Fund Institutional Class MXHRX This semi-annual shareholder report contains important information about the Empower Moderately Aggressive Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderately Aggressive Profile Fund<br/> (Institutional Class/MXHRX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>66.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.66<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.59%).</div> </td> </tr> </table> 66.00 0.0066 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>909M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>18<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.5M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>13<span>%</span></td> </tr> </table> 909000000 18 500000 0.13 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">17.36<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.08<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.50<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.99<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.98<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.19<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Emerging Markets Equity Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.86<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.54<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613301.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">17.36<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.08<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.50<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.99<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.98<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.19<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Emerging Markets Equity Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.86<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.54<span>%</span></td> </tr> </table> 0.1736 0.1308 0.0950 0.0899 0.0698 0.0619 0.0525 0.0486 0.0379 0.0354 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Moderately Aggressive Profile Fund Investor Class MXBPX This semi-annual shareholder report contains important information about the Empower Moderately Aggressive Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Moderately Aggressive Profile Fund<br/> (Investor Class/MXBPX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>101.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.01<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.59%).</div> </td> </tr> </table> 101.00 0.0101 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>909M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>18<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.5M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>13<span>%</span></td> </tr> </table> 909000000 18 500000 0.13 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">17.36<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.08<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.50<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.99<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.98<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.19<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Emerging Markets Equity Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.86<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.54<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613318.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">17.36<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.08<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.50<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower of America Contract</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.99<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.98<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.19<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Emerging Markets Equity Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.86<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.54<span>%</span></td> </tr> </table> 0.1736 0.1308 0.0950 0.0899 0.0698 0.0619 0.0525 0.0486 0.0379 0.0354 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Aggressive Profile Fund Institutional Class MXGTX This semi-annual shareholder report contains important information about the Empower Aggressive Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Aggressive Profile Fund<br/> (Institutional Class/MXGTX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>81.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.81<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.71%).</div> </td> </tr> </table> 81.00 0.0081 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>791M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>10<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.4M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>9<span>%</span></td> </tr> </table> 791000000 10 400000 0.09 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">24.23<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">18.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.70<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.64<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.32<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Emerging Markets Equity Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.30<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.48<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.04<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613343.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">24.23<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">18.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.70<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.64<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.32<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Emerging Markets Equity Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.30<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.48<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.04<span>%</span></td> </tr> </table> 0.2423 0.1825 0.1325 0.0970 0.0864 0.0732 0.0679 0.0530 0.0348 0.0304 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Aggressive Profile Fund Investor Class MXAPX This semi-annual shareholder report contains important information about the Empower Aggressive Profile Fund (the "Fund") for the period of January 1, 2024, to June 28, 2024. semi-annual shareholder report You can find additional information about the Fund at <span>https://www.empower.com/investments/empower-funds/fund-documents</span>. You may also request this information by contacting us at (866)-831-7129. https://www.empower.com/investments/empower-funds/fund-documents (866)-831-7129 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-style:solid;border-bottom-width:1pt;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; font-family: 'Arial'; text-align: left; vertical-align: bottom;">Fund (Class)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Aggressive Profile Fund<br/> (Investor Class/MXAPX)</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>116.00</td> <td style="page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.16<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span><sup></sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; font-size: 9pt; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; text-align: left; vertical-align: top; width: 9pt;"> <div style="font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:5pt;line-height:8pt;text-align:left;margin-top:-1.5pt;">​<sup>(a)</sup></div> </td> <td style="page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);margin-bottom:10pt;font-size:7pt;line-height:8pt;text-align:left;">The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.71%).</div> </td> </tr> </table> 116.00 0.0116 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Fund net assets</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>791M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>10<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Total advisory fee paid</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>0.4M<span style="visibility:hidden;display:none">%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>9<span>%</span></td> </tr> </table> 791000000 10 400000 0.09 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:HoldingsTableTextBlock"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<span style="white-space:nowrap"> </span>of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">24.23<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">18.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.70<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.64<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.32<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Emerging Markets Equity Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.30<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.48<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.04<span>%</span></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-bottom:5pt;font-weight:bold;margin-top:3pt;"> <b>Sector Allocation</b> </div><div style="padding-left:10pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_613360.jpg" style="width: 301pt;"/> </div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 65, 133);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(140, 160, 170);text-align:center;padding-bottom:5pt;margin-top:5pt;font-weight:bold;margin-bottom:0px;"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;page-break-inside:avoid"> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">24.23<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">18.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Mid Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.25<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Large Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.70<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Value Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.64<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower International Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.32<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Emerging Markets Equity Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.79<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower T. Rowe Price Mid Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.30<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:0.5pt;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(140, 160, 170)"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Small Cap Growth Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.48<span>%</span></td> </tr> <tr style="page-break-inside:avoid;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial"> <td style="page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Empower Real Estate Index Fund Institutional Class</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.04<span>%</span></td> </tr> </table> 0.2423 0.1825 0.1325 0.0970 0.0864 0.0732 0.0679 0.0530 0.0348 0.0304 <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;text-align:justify;">There were no material changes to the Fund during the reporting period.</div> <div style="font-family:'arial';color:rgb(0, 65, 133);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;" title="stop"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.53%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.53%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.59%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.59%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.71%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.40%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.71%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.40%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.40%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.46%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.46%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.46%). The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.53%).