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Empower Ariel Mid Cap Value Fund Institutional Class MXOAX This semi-annual shareholder report contains important information about the Empower Ariel Mid Cap Value 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: #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> <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Empower Ariel Mid Cap Value Fund<br/>(Institutional Class/MXOAX)</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>70.00</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;">0.70<span>%</span></td> </tr> </table> 70.00 0.0070 <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="float: none;">$</span>110M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>45<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;">$</span>0.4M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>17<span>%</span></td> </tr> </table> 110000000 45 400000 0.17 <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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">Northern Trust Corp</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">4.45<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;">Goldman Sachs Group Inc</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;">4.25<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Dreyfus Institutional Preferred Government Money Market 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;">3.98<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Core Laboratories Inc</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;">3.23<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Mattel Inc</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;">3.23<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Charles River Laboratories International Inc</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;">3.12<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;">Generac Holdings Inc</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;">3.07<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;">CarMax Inc</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;">3.04<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;">Labcorp Holdings Inc</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;">2.90<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;">Interpublic Group of Cos Inc</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;">2.89<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_606645.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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">Northern Trust Corp</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">4.45<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;">Goldman Sachs Group Inc</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;">4.25<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Dreyfus Institutional Preferred Government Money Market 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;">3.98<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Core Laboratories Inc</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;">3.23<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Mattel Inc</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;">3.23<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Charles River Laboratories International Inc</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;">3.12<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;">Generac Holdings Inc</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;">3.07<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;">CarMax Inc</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;">3.04<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;">Labcorp Holdings Inc</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;">2.90<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;">Interpublic Group of Cos Inc</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;">2.89<span>%</span></td> </tr> </table> 0.0445 0.0425 0.0398 0.0323 0.0323 0.0312 0.0307 0.0304 0.0290 0.0289 <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 Ariel Mid Cap Value Fund Investor Class MXMCX This semi-annual shareholder report contains important information about the Empower Ariel Mid Cap Value 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: #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> <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Empower Ariel Mid Cap Value Fund<br/>(Investor Class/MXMCX)</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>105.00</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;">1.05<span>%</span></td> </tr> </table> 105.00 0.0105 <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="float: none;">$</span>110M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>45<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;">$</span>0.4M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>17<span>%</span></td> </tr> </table> 110000000 45 400000 0.17 <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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">Northern Trust Corp</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">4.45<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;">Goldman Sachs Group Inc</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;">4.25<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Dreyfus Institutional Preferred Government Money Market 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;">3.98<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Core Laboratories Inc</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;">3.23<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Mattel Inc</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;">3.23<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Charles River Laboratories International Inc</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;">3.12<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;">Generac Holdings Inc</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;">3.07<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;">CarMax Inc</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;">3.04<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;">Labcorp Holdings Inc</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;">2.90<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;">Interpublic Group of Cos Inc</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;">2.89<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_606670.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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">Northern Trust Corp</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">4.45<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;">Goldman Sachs Group Inc</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;">4.25<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Dreyfus Institutional Preferred Government Money Market 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;">3.98<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Core Laboratories Inc</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;">3.23<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Mattel Inc</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;">3.23<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Charles River Laboratories International Inc</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;">3.12<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;">Generac Holdings Inc</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;">3.07<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;">CarMax Inc</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;">3.04<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;">Labcorp Holdings Inc</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;">2.90<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;">Interpublic Group of Cos Inc</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;">2.89<span>%</span></td> </tr> </table> 0.0445 0.0425 0.0398 0.0323 0.0323 0.0312 0.0307 0.0304 0.0290 0.0289 <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 Mid Cap Value Fund Institutional Class MXKJX This semi-annual shareholder report contains important information about the Empower Mid Cap Value 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: #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> <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Empower Mid Cap Value Fund<br/>(Institutional Class/MXKJX)</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80.00</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;">0.80<span>%</span></td> </tr> </table> 80.00 0.0080 <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="float: none;">$</span>622M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>196<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;">$</span>2.4M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>115<span>%</span></td> </tr> </table> 622000000 196 2400000 1.15 <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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">AMETEK Inc</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">1.29<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;">DR Horton Inc</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;">1.28<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;">Biogen Inc</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;">1.18<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;">IQVIA Holdings Inc</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;">1.17<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;">Xcel Energy Inc</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;">1.17<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;">Westinghouse Air Brake Technologies Corp</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;">1.15<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Otis Worldwide Corp</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;">1.15<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">AvalonBay Communities Inc REIT</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;">1.14<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Synchrony Financial</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;">1.10<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;">Devon Energy Corp</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;">1.08<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_606802.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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">AMETEK Inc</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">1.29<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;">DR Horton Inc</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;">1.28<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;">Biogen Inc</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;">1.18<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;">IQVIA Holdings Inc</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;">1.17<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;">Xcel Energy Inc</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;">1.17<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;">Westinghouse Air Brake Technologies Corp</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;">1.15<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Otis Worldwide Corp</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;">1.15<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">AvalonBay Communities Inc REIT</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;">1.14<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Synchrony Financial</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;">1.10<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;">Devon Energy Corp</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;">1.08<span>%</span></td> </tr> </table> 0.0129 0.0128 0.0118 0.0117 0.0117 0.0115 0.0115 0.0114 0.0110 0.0108 <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 Mid Cap Value Fund Investor Class MXMVX This semi-annual shareholder report contains important information about the Empower Mid Cap Value 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: #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> <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Empower Mid Cap Value Fund<br/>(Investor Class/MXMVX)</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>115.00</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;">1.15<span>%</span></td> </tr> </table> 115.00 0.0115 <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="float: none;">$</span>622M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>196<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;">$</span>2.4M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>115<span>%</span></td> </tr> </table> 622000000 196 2400000 1.15 <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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">AMETEK Inc</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">1.29<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;">DR Horton Inc</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;">1.28<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;">Biogen Inc</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;">1.18<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;">IQVIA Holdings Inc</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;">1.17<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;">Xcel Energy Inc</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;">1.17<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;">Westinghouse Air Brake Technologies Corp</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;">1.15<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Otis Worldwide Corp</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;">1.15<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">AvalonBay Communities Inc REIT</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;">1.14<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Synchrony Financial</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;">1.10<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;">Devon Energy Corp</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;">1.08<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_606817.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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">AMETEK Inc</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">1.29<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;">DR Horton Inc</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;">1.28<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;">Biogen Inc</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;">1.18<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;">IQVIA Holdings Inc</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;">1.17<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;">Xcel Energy Inc</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;">1.17<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;">Westinghouse Air Brake Technologies Corp</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;">1.15<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Otis Worldwide Corp</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;">1.15<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">AvalonBay Communities Inc REIT</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;">1.14<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Synchrony Financial</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;">1.10<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;">Devon Energy Corp</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;">1.08<span>%</span></td> </tr> </table> 0.0129 0.0128 0.0118 0.0117 0.0117 0.0115 0.0115 0.0114 0.0110 0.0108 <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 S&P Mid Cap 400® Index Fund Class L MXBUX This semi-annual shareholder report contains important information about the Empower S&amp;P Mid Cap 400^® Index 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: #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> <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Empower S&amp;P Mid Cap 400^® Index Fund<br/>(Class L/MXBUX)</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80.00</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;">0.80<span>%</span></td> </tr> </table> 80.00 0.0080 <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="float: none;">$</span>1,391M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>406<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;">$</span>1.0M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>11<span>%</span></td> </tr> </table> 1391000000 406 1000000.0 0.11 <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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">U.S. Treasury Bills 5.29%</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">1.13<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Pure Storage Inc Class A</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;">0.73<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;">Carlisle Cos Inc</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;">0.71<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;">Williams-Sonoma Inc</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;">0.67<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;">EMCOR Group Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Lennox International Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Illumina Inc</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;">0.61<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;">Reliance Inc</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;">0.61<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;">BioMarin Pharmaceutical Inc</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;">0.58<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;">Manhattan Associates Inc</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;">0.57<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_606685.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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">U.S. Treasury Bills 5.29%</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">1.13<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Pure Storage Inc Class A</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;">0.73<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;">Carlisle Cos Inc</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;">0.71<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;">Williams-Sonoma Inc</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;">0.67<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;">EMCOR Group Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Lennox International Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Illumina Inc</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;">0.61<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;">Reliance Inc</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;">0.61<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;">BioMarin Pharmaceutical Inc</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;">0.58<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;">Manhattan Associates Inc</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;">0.57<span>%</span></td> </tr> </table> 0.0113 0.0073 0.0071 0.0067 0.0064 0.0064 0.0061 0.0061 0.0058 0.0057 <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 S&P Mid Cap 400® Index Fund Institutional Class MXNZX This semi-annual shareholder report contains important information about the Empower S&amp;P Mid Cap 400^® Index 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: #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> <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Empower S&amp;P Mid Cap 400^® Index Fund<br/>(Institutional Class/MXNZX)</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>18.00</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;">0.18<span>%</span></td> </tr> </table> 18.00 0.0018 <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="float: none;">$</span>1,391M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>406<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;">$</span>1.0M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>11<span>%</span></td> </tr> </table> 1391000000 406 1000000.0 0.11 <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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">U.S. Treasury Bills 5.29%</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">1.13<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Pure Storage Inc Class A</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;">0.73<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;">Carlisle Cos Inc</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;">0.71<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;">Williams-Sonoma Inc</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;">0.67<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;">EMCOR Group Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Lennox International Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Illumina Inc</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;">0.61<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;">Reliance Inc</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;">0.61<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;">BioMarin Pharmaceutical Inc</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;">0.58<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;">Manhattan Associates Inc</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;">0.57<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_606710.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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">U.S. Treasury Bills 5.29%</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">1.13<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Pure Storage Inc Class A</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;">0.73<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;">Carlisle Cos Inc</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;">0.71<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;">Williams-Sonoma Inc</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;">0.67<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;">EMCOR Group Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Lennox International Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Illumina Inc</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;">0.61<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;">Reliance Inc</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;">0.61<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;">BioMarin Pharmaceutical Inc</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;">0.58<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;">Manhattan Associates Inc</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;">0.57<span>%</span></td> </tr> </table> 0.0113 0.0073 0.0071 0.0067 0.0064 0.0064 0.0061 0.0061 0.0058 0.0057 <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 S&P Mid Cap 400® Index Fund Investor Class MXMDX This semi-annual shareholder report contains important information about the Empower S&amp;P Mid Cap 400^® Index 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: #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> <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Empower S&amp;P Mid Cap 400^® Index Fund<br/>(Investor Class/MXMDX)</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55.00</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;">0.55<span>%</span></td> </tr> </table> 55.00 0.0055 <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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="float: none;">$</span>1,391M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>406<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;">$</span>1.0M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>11<span>%</span></td> </tr> </table> 1391000000 406 1000000.0 0.11 <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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">U.S. Treasury Bills 5.29%</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">1.13<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Pure Storage Inc Class A</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;">0.73<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;">Carlisle Cos Inc</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;">0.71<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;">Williams-Sonoma Inc</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;">0.67<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;">EMCOR Group Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Lennox International Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Illumina Inc</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;">0.61<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;">Reliance Inc</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;">0.61<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;">BioMarin Pharmaceutical Inc</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;">0.58<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;">Manhattan Associates Inc</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;">0.57<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_606725.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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">U.S. Treasury Bills 5.29%</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">1.13<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Pure Storage Inc Class A</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;">0.73<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;">Carlisle Cos Inc</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;">0.71<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;">Williams-Sonoma Inc</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;">0.67<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;">EMCOR Group Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Lennox International Inc</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;">0.64<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Illumina Inc</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;">0.61<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;">Reliance Inc</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;">0.61<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;">BioMarin Pharmaceutical Inc</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;">0.58<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;">Manhattan Associates Inc</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;">0.57<span>%</span></td> </tr> </table> 0.0113 0.0073 0.0071 0.0067 0.0064 0.0064 0.0061 0.0061 0.0058 0.0057 <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 T. Rowe Price Mid Cap Growth Fund Institutional Class MXYKX This semi-annual shareholder report contains important information about the Empower T. Rowe Price Mid Cap Growth 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="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: rgb(0, 0, 0); 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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Empower T. Rowe Price Mid Cap Growth Fund<br/>(Institutional Class/MXYKX)</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>66.00</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;">0.66<span>%</span></td> </tr> </table> </div> </div> 66.00 0.0066 <div style="break-inside: avoid;"> <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> </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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="float: none;">$</span>1,877M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>123<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;">$</span>5.9M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>19<span>%</span></td> </tr> </table> 1877000000 123 5900000 0.19 <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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">Marvell Technology Inc</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">2.93<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;">Microchip Technology Inc</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;">2.82<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;">Hologic Inc</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;">2.73<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;">Trade Desk Inc Class A</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;">2.43<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;">Teleflex Inc</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;">2.08<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Domino's Pizza Inc</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;">2.05<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;">Agilent Technologies Inc</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;">2.00<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Textron Inc</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;">1.92<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;">Ball Corp</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;">1.76<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;">PTC Inc</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;">1.70<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_606750.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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">Marvell Technology Inc</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">2.93<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;">Microchip Technology Inc</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;">2.82<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;">Hologic Inc</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;">2.73<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;">Trade Desk Inc Class A</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;">2.43<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;">Teleflex Inc</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;">2.08<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Domino's Pizza Inc</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;">2.05<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;">Agilent Technologies Inc</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;">2.00<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Textron Inc</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;">1.92<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;">Ball Corp</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;">1.76<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;">PTC Inc</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;">1.70<span>%</span></td> </tr> </table> 0.0293 0.0282 0.0273 0.0243 0.0208 0.0205 0.0200 0.0192 0.0176 0.0170 <div style="break-inside: avoid;"> <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> <div style="break-inside: avoid;"> <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> </div> Empower T. Rowe Price Mid Cap Growth Fund Investor Class MXMGX This semi-annual shareholder report contains important information about the Empower T. Rowe Price Mid Cap Growth 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="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: rgb(0, 0, 0); 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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Empower T. Rowe Price Mid Cap Growth Fund<br/>(Investor Class/MXMGX)</td> <td style="page-break-inside: avoid; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102.00</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;">1.02<span>%</span></td> </tr> </table> </div> </div> 102.00 0.0102 <div style="break-inside: avoid;"> <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> </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: rgb(0, 0, 0); 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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="float: none;">$</span>1,877M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>123<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;">$</span>5.9M<span style="visibility: hidden; display: none;">%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="page-break-inside: avoid; vertical-align: middle; color: #000000; text-align: left; font-family: 'FiraSans-Medium'; font-weight: bold; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="visibility: hidden; display: none; float: none;">$</span>19<span>%</span></td> </tr> </table> 1877000000 123 5900000 0.19 <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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">Marvell Technology Inc</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">2.93<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;">Microchip Technology Inc</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;">2.82<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;">Hologic Inc</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;">2.73<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;">Trade Desk Inc Class A</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;">2.43<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;">Teleflex Inc</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;">2.08<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Domino's Pizza Inc</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;">2.05<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;">Agilent Technologies Inc</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;">2.00<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Textron Inc</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;">1.92<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;">Ball Corp</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;">1.76<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;">PTC Inc</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;">1.70<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_606777.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: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">Marvell Technology Inc</td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 3pt;">2.93<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;">Microchip Technology Inc</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;">2.82<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;">Hologic Inc</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;">2.73<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;">Trade Desk Inc Class A</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;">2.43<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;">Teleflex Inc</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;">2.08<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Domino's Pizza Inc</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;">2.05<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;">Agilent Technologies Inc</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;">2.00<span>%</span></td> </tr> <tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #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;">Textron Inc</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;">1.92<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;">Ball Corp</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;">1.76<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;">PTC Inc</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;">1.70<span>%</span></td> </tr> </table> 0.0293 0.0282 0.0273 0.0243 0.0208 0.0205 0.0200 0.0192 0.0176 0.0170 <div style="break-inside: avoid;"> <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> <div style="break-inside: avoid;"> <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> </div>