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find additional information about the Fund at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div>. You may also request this information by contacting us at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the last year ended </div> <div style="font-weight:bolder;display:inline;">December 31, 2025</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Core Strategies: Flexible Bond Fund<br/>(Institutional Class/MXEDX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>47</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 47 0.0045 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 14pt;"><div style="font-weight:bolder;display:inline;">Management’s Discussion of Fund Performance</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">For the 12-month reporting period ended December 31, 2025, the Fund returned 7.97%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">The Fund’s investment portfolio is managed by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser, and Loomis, Sayles &amp; Company, L.P. (“Loomis Sayles”), the Fund’s sub-adviser.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">ECM Summary of Performance </div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">During the period, the Fund maintained an overweight to agency mortgage-backed securities and an out-of-benchmark allocation to asset-backed securities, while holding an underweight to Treasuries, reflecting attractive valuations and a constructive view of market conditions. Treasury futures were used to manage interest rate risk and modestly detracted from performance. An overweight to agency mortgage-backed securities exposure was the largest contributor to performance, followed by the out-of-benchmark exposure to asset-backed securities. Sector, duration and yield curve positioning did not have any negative impact on performance throughout the period.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Loomis Sayles Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance was driven primarily by security selection, with yield curve positioning also contributing throughout the period. Exposure to high yield credit, investment grade credit, and securitized sectors were the top contributors to performance, with investment grade credit providing the largest contribution, driven largely by security selection. Within this sector, exposure across communications and capital goods moderately aided performance. An underweight exposure to securitized names detracted from performance despite positive security selection within the sector.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1027867.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; vertical-align: bottom; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Since Inception<div style="font-size: smaller; vertical-align: super;display:inline;">(a)</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Empower Core Strategies: Flexible Bond Fund (Institutional Class/MXEDX)</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.53<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Bloomberg U.S. Aggregate Bond Index</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">(0.36<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: normal; font-size: 8pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">(a) </div> <div style="font-size: smaller; vertical-align: super;display:inline;">Institutional Class <div style="letter-spacing: 0px; top: 0px;display:inline;">inception </div>date was June 25, 2018.</div> </div></div> Empower Core Strategies: Flexible Bond Fund (Institutional Class/MXEDX) 0.0797 0.0053 0.0267 Bloomberg U.S. Aggregate Bond Index 0.073 -0.0036 0.0212 2018-06-25 Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,409M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1,099</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>5.0M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Average Credit Quality</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">A1</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Weighted Average Maturity</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12 years</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Effective Duration</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.22 years</td></tr></table> 1409000000 1099 5000000 0.98 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>of the Fund.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.24<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.00%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.56<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.00%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.24<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">CREDIT RATING ALLOC</div><div style="font-weight:bolder;display:inline;">ATION</div> <div style="font-weight:bolder;display:inline;"> <div style="font-size: smaller; vertical-align: super; text-transform: none;display:inline;">(a)</div></div><div style="font-weight:bolder;display:inline;"> </div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1027931.jpg" style="width: 301pt;"/> </div></div></div> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.24<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.00%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.56<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.00%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.24<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.0524 0.0256 0.0241 0.0232 0.0225 0.0206 0.0192 0.0175 0.0151 0.0124 Security ratings disclosed with the exception of those labeled “Not Rated” are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes and planned changes to to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30,<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>2026 at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at 1-866-831-7129.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">Effective January 17, 2025, Western Asset was removed as a sub-adviser of the Fund and ECM began managing the portion of the Fund’s investment portfolio previously managed by Western Asset.</div> 2025-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 Effective January 17, 2025, Western Asset was removed as a sub-adviser of the Fund and ECM began managing the portion of the Fund’s investment portfolio previously managed by Western Asset. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Core Strategies: Flexible Bond Fund Investor Class MXEWX This annual shareholder report contains important information about the Empower Core Strategies: Flexible Bond Fund (the "Fund”) for the period of January 1, 2025, to December 31, 2025. annual shareholder report You can find additional information about the Fund at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div>. You may also request this information by contacting us at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the last year ended </div> <div style="font-weight:bolder;display:inline;">December 31, 2025</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Core Strategies: Flexible Bond Fund<br/>(Investor Class/MXEWX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>79</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.76<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 79 0.0076 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 14pt;"><div style="font-weight:bolder;display:inline;">Management’s Discussion of Fund Performance</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">For the 12-month reporting period ended December 31, 2025, the Fund returned 7.61%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">The Fund’s investment portfolio is managed by Empower Capital Management, LLC (“ECM”), the Fund’s investment adviser, and Loomis, Sayles &amp; Company, L.P. (“Loomis Sayles”), the Fund’s sub-adviser.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">ECM Summary of Performance </div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">During the period, the Fund maintained an overweight to agency mortgage-backed securities and an out-of-benchmark allocation to asset-backed securities, while holding an underweight to Treasuries, reflecting attractive valuations and a constructive view of market conditions. Treasury futures were used to manage interest rate risk and modestly detracted from performance. An overweight to agency mortgage-backed securities exposure was the largest contributor to performance, followed by the out-of-benchmark exposure to asset-backed securities. Sector, duration and yield curve positioning did not have any negative impact on performance throughout the period.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Loomis Sayles Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance was driven primarily by security selection, with yield curve positioning also contributing throughout the period. Exposure to high yield credit, investment grade credit, and securitized sectors were the top contributors to performance, with investment grade credit providing the largest contribution, driven largely by security selection. Within this sector, exposure across communications and capital goods moderately aided performance. An underweight exposure to securitized names detracted from performance despite positive security selection within the sector.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1027868.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; vertical-align: bottom; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Since Inception<div style="font-size: smaller; vertical-align: super;display:inline;">(a)</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Empower Core Strategies: Flexible Bond Fund (Investor Class/MXEWX)</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.61<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Bloomberg U.S. Aggregate Bond Index</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">(0.36<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">(0.30<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: normal; font-size: 8pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">(a) </div> <div style="font-size: smaller; vertical-align: super;display:inline;">Investor Class inception date was September 3, 2020.</div> </div></div> Empower Core Strategies: Flexible Bond Fund (Investor Class/MXEWX) 0.0761 0.0022 0.0033 Bloomberg U.S. Aggregate Bond Index 0.073 -0.0036 -0.003 2020-09-03 Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,409M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1,099</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>5.0M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Average Credit Quality</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">A1</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Weighted Average Maturity</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12 years</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Effective Duration</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.22 years</td></tr></table> 1409000000 1099 5000000 0.98 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>of the Fund.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.24<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.00%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.56<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.00%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.24<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">CREDIT RATING ALLOCATION</div> <div style="font-weight:bolder;display:inline;"> <div style="font-size: smaller; vertical-align: super; text-transform: none;display:inline;">(a)</div> </div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1027932.jpg" style="width: 301pt;"/> </div></div></div> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.24<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.00%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.56<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 4.00%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">United States Treasury Note/Bond 3.75%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.24<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.0524 0.0256 0.0241 0.0232 0.0225 0.0206 0.0192 0.0175 0.0151 0.0124 Security ratings disclosed with the exception of those labeled “Not Rated” are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes and planned changes to to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30,<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>2026 at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at 1-866-831-7129.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">Effective January 17, 2025, Western Asset was removed as a sub-adviser of the Fund and ECM began managing the portion of the Fund’s investment portfolio previously managed by Western Asset.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes and planned changes to to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30,<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>2026 at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at 1-866-831-7129.</div> 2025-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 Effective January 17, 2025, Western Asset was removed as a sub-adviser of the Fund and ECM began managing the portion of the Fund’s investment portfolio previously managed by Western Asset. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Core Strategies: Inflation-Protected Securities Fund Institutional Class MXEGX This annual shareholder report contains important information about the<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Empower Core Strategies: Inflation-Protected Securities Fund (the "Fund”) for the period of January 1, 2025, to December 31, 2025. annual shareholder report You can find additional information about the Fund at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div>. You may also request this information by contacting us at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the last year ended </div> <div style="font-weight:bolder;display:inline;">December 31, 2025</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Core Strategies: Inflation-Protected Securities Fund<br/>(Institutional Class/MXEGX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>36</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.35<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 36 0.0035 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 14pt;"><div style="font-weight:bolder;display:inline;">Management’s Discussion of Fund Performance</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">For the 12-month reporting period ended December 31, 2025, the Fund returned 7.08%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and an additional index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index, which returned 7.47% over the same period.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">The Fund’s investment portfolio is managed by one sub-adviser: Goldman Sachs Asset Management, L.P. (“GSAM”).</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">GSAM Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance during the period was driven by derivatives positioning, duration management, and sector allocation, with offsetting effects from security selection. The Fund utilized Treasury futures and interest rate swaps during the period. Interest rate swaps detracted from performance, though this was offset by Treasury futures, resulting in a positive contribution overall. Duration positioning contributed to performance, primarily driven by GSAM’s tactical auction month-end strategies. Sector allocation also contributed, led by overweights to the collateralized loan obligation and investment-grade corporate sectors, which performed well during the year. Specific U.S. Treasury Inflation-Protected Securities (“TIPS”) selection detracted from performance, particularly in December, driven by security selection and exposure to shorter-dated TIPS.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1027869.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; vertical-align: bottom; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Since Inception<div style="font-size: smaller; vertical-align: super;display:inline;">(a)</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Empower Core Strategies: Inflation-Protected Securities Fund (Institutional Class/MXEGX)</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.08<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.39<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Bloomberg U.S. Aggregate Bond Index</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">(0.36<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.52<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: normal; font-size: 8pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">(a) </div> <div style="font-size: smaller; vertical-align: super;display:inline;">Institutional Class inception date was June 25, 2018.</div> </div></div> Empower Core Strategies: Inflation-Protected Securities Fund (Institutional Class/MXEGX) 0.0708 0.0221 0.0339 Bloomberg U.S. Aggregate Bond Index 0.073 -0.0036 0.0212 Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index 0.0747 0.0252 0.0365 2018-06-25 Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>649M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">139</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.7M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">309<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Average Credit Quality</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Aa1</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Weighted Average Maturity</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7 years</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Effective Duration</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.07 years</td></tr></table> 649000000 139 1700000 3.09 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>of the Fund.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">24.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 0.38%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 0.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Government National Mortgage Association 4.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.96<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Elmwood Ltd 5.18%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 2.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Madison Park Funding LXXIII Ltd 5.26%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">CREDIT RATING ALLOCATION</div> <div style="font-weight:bolder;display:inline;"> <div style="font-size: smaller; vertical-align: super; text-transform: none;display:inline;">(a)</div> </div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1027933.jpg" style="width: 301pt;"/> </div></div></div>(a) Security ratings disclosed with the exception of those labeled “Not Rated” are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized. <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">24.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 0.38%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 0.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Government National Mortgage Association 4.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.96<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Elmwood Ltd 5.18%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 2.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Madison Park Funding LXXIII Ltd 5.26%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2426 0.2121 0.1205 0.1047 0.1041 0.0626 0.0096 0.0057 0.0055 0.0051 Security ratings disclosed with the exception of those labeled “Not Rated” are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Core Strategies: Inflation-Protected Securities Fund Investor Class MXEYX This annual shareholder report contains important information about the<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Empower Core Strategies: Inflation-Protected Securities Fund (the "Fund”) for the period of January 1, 2025, to December 31, 2025. annual shareholder report You can find additional information about the Fund at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div>. You may also request this information by contacting us at 1-866-831-7129. https://www.empower.com/investments/empower-funds/fund-documents. 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the last year ended </div> <div style="font-weight:bolder;display:inline;">December 31, 2025</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Core Strategies: Inflation-Protected Securities Fund<br/>(Investor Class/MXEYX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>72</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 72 0.007 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 14pt;"><div style="font-weight:bolder;display:inline;">Management’s Discussion of Fund Performance</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">For the 12-month reporting period ended December 31, 2025, the Fund returned 6.76%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and an additional index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index, which returned 7.47% over the same period.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">The Fund’s investment portfolio is managed by one sub-adviser: Goldman Sachs Asset Management, L.P. (“GSAM”).</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">GSAM Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance during the period was driven by derivatives positioning, duration management, and sector allocation, with offsetting effects from security selection. The Fund utilized Treasury futures and interest rate swaps during the period. Interest rate swaps detracted from performance, though this was offset by Treasury futures, resulting in a positive contribution overall. Duration positioning contributed to performance, primarily driven by GSAM’s tactical auction month-end strategies. Sector allocation also contributed, led by overweights to the collateralized loan obligation and investment-grade corporate sectors, which performed well during the year. Specific U.S. Treasury Inflation-Protected Securities (“TIPS”) selection detracted from performance, particularly in December, driven by security selection and exposure to shorter-dated TIPS.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1027870.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; vertical-align: bottom; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Since Inception<div style="font-size: smaller; vertical-align: super;display:inline;">(a)</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Empower Core Strategies: Inflation-Protected Securities Fund (Investor Class/MXEYX)</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.76<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.85<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.16<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Bloomberg U.S. Aggregate Bond Index</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">(0.36<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">(0.30<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.52<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.64<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: normal; font-size: 8pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">(a) </div> <div style="font-size: smaller; vertical-align: super;display:inline;">Investor Class inception date was September 3, 2020.</div> </div></div> Empower Core Strategies: Inflation-Protected Securities Fund (Investor Class/MXEYX) 0.0676 0.0185 0.0216 Bloomberg U.S. Aggregate Bond Index 0.073 -0.0036 -0.003 Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index 0.0747 0.0252 0.0264 2020-09-03 Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>649M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">139</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.7M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">309<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Average Credit Quality</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Aa1</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Weighted Average Maturity</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7 years</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Effective Duration</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.07 years</td></tr></table> 649000000 139 1700000 3.09 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>of the Fund.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">24.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 0.38%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 0.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Government National Mortgage Association 4.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.96<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Elmwood Ltd 5.18%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 2.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Madison Park Funding LXXIII Ltd 5.26%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">CREDIT RATING ALLOCATION</div> <div style="font-weight:bolder;display:inline;"> <div style="font-size: smaller; vertical-align: super; text-transform: none;display:inline;">(a)</div> </div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1027934.jpg" style="width: 301pt;"/> </div></div></div>(a) Security ratings disclosed with the exception of those labeled “Not Rated” are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized. <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.88%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">24.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 0.38%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 1.63%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 0.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.26<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Government National Mortgage Association 4.50%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.96<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Elmwood Ltd 5.18%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Treasury Inflation Indexed Bonds TIPS 2.13%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Madison Park Funding LXXIII Ltd 5.26%</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.2426 0.2121 0.1205 0.1047 0.1041 0.0626 0.0096 0.0057 0.0055 0.0051 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Core Strategies: International Equity Fund Institutional Class MXECX This annual shareholder report contains important information about the Empower Core Strategies: International Equity Fund (the "Fund”) for the period of January 1, 2025, to December 31, 2025. annual shareholder report You can find additional information about the Fund at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div>. You may also request this information by contacting us at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the last year ended </div> <div style="font-weight:bolder;display:inline;">December 31, 2025</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Core Strategies: International Equity Fund<br/>(Institutional Class/MXECX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>74</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 74 0.0065 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 14pt;"><div style="font-weight:bolder;display:inline;">Management’s Discussion of Fund Performance</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">For the 12-month reporting period ended December 31, 2025, the Fund returned 29.17%, as compared to its broad-based securities market index, the MSCI EAFE Index, which returned 31.22% over the same period. </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">The Fund’s investment portfolio was managed by three sub-advisers: Franklin Templeton Institutional, LLC (“Franklin Templeton”); Keyridge Asset Management Limited (“Keyridge”) (formerly known as Irish Life Investment Managers Limited); and LSV Asset Management (“LSV”). On April 30, 2025, Lazard Asset Management LLC (“Lazard”) replaced Franklin Templeton as a sub-adviser of the Fund.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Franklin Templeton Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">For the period of January 1, 2025 - April 30, 2025, performance was affected by stock selection in the industrials and financials sectors, while stock selection in communication services and information technology contributed. Sector positioning also influenced performance, as an overweight to information technology and an underweight to financials detracted, while a lack of exposure to energy and an overweight to communication services contributed. Within communications services, CTS Eventim, a Germany-based live entertainment and ticketing services provider, contributed following fourth quarter results that exceeded consensus expectations, reflecting strong revenues and profit margins across its ticketing and live entertainment divisions. In consumer discretionary, German apparel and footwear manufacturer Puma detracted from performance after issuing a profit warning driven primarily by slowing growth in Latin America, where profit margins are relatively high, with a stronger U.S. dollar further weighing on its fourth quarter earnings.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Keyridge Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance was supported by a resilient growth backdrop despite tariff-related uncertainties, with fiscal and monetary stimulus helping to offset the drag from higher tariffs. A weaker dollar over the course of the year also supported returns from global equities for U.S. dollar-based investors. ASML, a semiconductor company, was the largest contributor to performance, supported by strength in its extreme ultraviolet lithography business, while HSBC, a U.K. bank, also contributed to performance due to improved operational efficiency and a focus on wealth management. Novo Nordisk, a pharmaceuticals company, detracted the most from performance amid weak sales growth and increased competition for its weight-reducing drugs Wegovy and Ozempic. CSL Limited, a biotech company, was also a detractor as it experienced profit downgrades, a delayed spin-off, and declining U.S. flu vaccination rates.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Lazard Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance during the period from April 30, 2025 - December 31, 2025 was affected primarily by valuation pressure on quality-oriented holdings amid a narrow market environment. While earnings across the portfolio continued to compound, rising interest rates and shifting market preferences led to a significant derating of quality companies, particularly across industries viewed as more exposed to potential AI disruption. Portfolio positioning, including underweights to areas such as banks and overweights to industries such as media, software, and professional services, detracted as market leadership narrowed toward perceived AI beneficiaries. In addition, select holdings, including data and analytics companies such as RELX and London Stock Exchange Group, experienced meaningful valuation declines despite strong underlying earnings growth, reflecting investor concerns around future AI impacts.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">LSV Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance was driven primarily by the portfolio’s deeper value style orientation, which was the largest contributor for the year. Style (deeper value) accounted for the most significant positive impact on performance, while size (smaller size bias) was the largest detractor.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1027865.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; vertical-align: bottom; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Since Inception<div style="font-size: smaller; vertical-align: super;display:inline;">(a)</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Empower Core Strategies: International Equity Fund (Institutional Class/MXECX)</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.17<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.38<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">MSCI EAFE Index</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">31.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.88<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: normal; font-size: 8pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">(a) </div> <div style="font-size: smaller; vertical-align: super;display:inline;">Institutional Class inception date was June 25, 2018.</div> </div></div> Empower Core Strategies: International Equity Fund (Institutional Class/MXECX) 0.2917 0.0811 0.0738 MSCI EAFE Index 0.3122 0.0892 0.0788 2018-06-25 Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,076M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">862</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>5.5M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1076000000 862 5500000 0.42 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>of the Fund.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">ASML Holding NV</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.88<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Novartis AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.34<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Novo Nordisk A/S Class B</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">SAP SE</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">LVMH Moet Hennessy Louis Vuitton SE</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">EssilorLuxottica SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Unilever PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Tencent Holdings Ltd</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">HSBC Holdings PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">GEOGRAPHICAL ALLOCATION</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1027929.jpg" style="width: 301pt;"/> </div></div></div> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">ASML Holding NV</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.88<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Novartis AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.34<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Novo Nordisk A/S Class B</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">SAP SE</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">LVMH Moet Hennessy Louis Vuitton SE</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">EssilorLuxottica SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Unilever PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Tencent Holdings Ltd</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">HSBC Holdings PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.0188 0.0134 0.0129 0.0125 0.0115 0.0103 0.0097 0.0094 0.0093 0.0093 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes and planned changes to to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30,<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>2026 at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at 1-866-831-7129.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">Effective April 30, 2025,<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Lazard Asset Management LLC replaced Franklin Templeton Institutional, LLC as a sub-adviser.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes and planned changes to to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30,<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>2026 at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at 1-866-831-7129.</div> 2025-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Core Strategies: International Equity Fund Investor Class MXEVX This annual shareholder report contains important information about the Empower Core Strategies: International Equity Fund (the "Fund”) for the period of January 1, 2025, to December 31, 2025. annual shareholder report You can find additional information about the Fund at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div>. You may also request this information by contacting us at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the last year ended </div> <div style="font-weight:bolder;display:inline;">December 31, 2025</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Core Strategies: International Equity Fund<br/>(Investor Class/MXEVX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>110</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.96<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 110 0.0096 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 14pt;"><div style="font-weight:bolder;display:inline;">Management’s Discussion of Fund Performance</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">For the 12-month reporting period ended December 31, 2025, the Fund returned 28.74%, as compared to its broad-based securities market index, the MSCI EAFE Index, which returned 31.22% over the same period.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">The Fund’s investment portfolio was managed by three sub-advisers: Franklin Templeton Institutional, LLC (“Franklin Templeton”); Keyridge Asset Management Limited (“Keyridge”) (formerly known as Irish Life Investment Managers Limited); and LSV Asset Management (“LSV”). On April 30, 2025, Lazard Asset Management LLC (“Lazard”) replaced Franklin Templeton as a sub-adviser of the Fund.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Franklin Templeton Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">For the period of January 1, 2025 - April 30, 2025, performance was affected by stock selection in the industrials and financials sectors, while stock selection in communication services and information technology contributed. Sector positioning also influenced performance, as an overweight to information technology and an underweight to financials detracted, while a lack of exposure to energy and an overweight to communication services contributed. Within communications services, CTS Eventim, a Germany-based live entertainment and ticketing services provider, contributed following fourth quarter results that exceeded consensus expectations, reflecting strong revenues and profit margins across its ticketing and live entertainment divisions. In consumer discretionary, German apparel and footwear manufacturer Puma detracted from performance after issuing a profit warning driven primarily by slowing growth in Latin America, where profit margins are relatively high, with a stronger U.S. dollar further weighing on its fourth quarter earnings.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Keyridge Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance was supported by a resilient growth backdrop despite tariff-related uncertainties, with fiscal and monetary stimulus helping to offset the drag from higher tariffs. A weaker dollar over the course of the year also supported returns from global equities for U.S. dollar-based investors. ASML, a semiconductor company, was the largest contributor to performance, supported by strength in its extreme ultraviolet lithography business, while HSBC, a U.K. bank, also contributed to performance due to improved operational efficiency and a focus on wealth management. Novo Nordisk, a pharmaceuticals company, detracted the most from performance amid weak sales growth and increased competition for its weight-reducing drugs Wegovy and Ozempic. CSL Limited, a biotech company, was also a detractor as it experienced profit downgrades, a delayed spin-off, and declining U.S. flu vaccination rates.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Lazard Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance during the period from April 30, 2025 - December 31, 2025 was affected primarily by valuation pressure on quality-oriented holdings amid a narrow market environment. While earnings across the portfolio continued to compound, rising interest rates and shifting market preferences led to a significant derating of quality companies, particularly across industries viewed as more exposed to potential AI disruption. Portfolio positioning, including underweights to areas such as banks and overweights to industries such as media, software, and professional services, detracted as market leadership narrowed toward perceived AI beneficiaries. In addition, select holdings, including data and analytics companies such as RELX and London Stock Exchange Group, experienced meaningful valuation declines despite strong underlying earnings growth, reflecting investor concerns around future AI impacts.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">LSV Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance was driven primarily by the portfolio’s deeper value style orientation, which was the largest contributor for the year. Style (deeper value) accounted for the most significant positive impact on performance, while size (smaller size bias) was the largest detractor.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1027866.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; vertical-align: bottom; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Since Inception<div style="font-size: smaller; vertical-align: super;display:inline;">(a)</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Empower Core Strategies: International Equity Fund (Investor Class/MXEVX)</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28.74<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.08<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">MSCI EAFE Index</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">31.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: normal; font-size: 8pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">(a) </div> <div style="font-size: smaller; vertical-align: super;display:inline;">Investor Class inception date was September 3, 2020.</div> </div></div> Empower Core Strategies: International Equity Fund (Investor Class/MXEVX) 0.2874 0.0775 0.1008 MSCI EAFE Index 0.3122 0.0892 0.1084 2020-09-03 Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,076M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">862</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>5.5M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1076000000 862 5500000 0.42 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div>of the Fund.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">ASML Holding NV</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.88<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Novartis AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.34<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Novo Nordisk A/S Class B</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">SAP SE</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">LVMH Moet Hennessy Louis Vuitton SE</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">EssilorLuxottica SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Unilever PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Tencent Holdings Ltd</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">HSBC Holdings PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">GEOGRAPHICAL ALLOCATION</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1027930.jpg" style="width: 301pt;"/> </div></div></div> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">ASML Holding NV</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.88<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Novartis AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.34<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Novo Nordisk A/S Class B</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">SAP SE</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">LVMH Moet Hennessy Louis Vuitton SE</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">EssilorLuxottica SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Unilever PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Tencent Holdings Ltd</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">HSBC Holdings PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.93<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.0188 0.0134 0.0129 0.0125 0.0115 0.0103 0.0097 0.0094 0.0093 0.0093 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes and planned changes to to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by April 30,<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>2026 at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div> or upon special request at 1-866-831-7129.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">Effective April 30, 2025,<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Lazard Asset Management LLC replaced Franklin Templeton Institutional, LLC as a sub-adviser.</div> 2025-01-01 https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Core Strategies: U.S. Equity Fund Institutional Class MXEBX This annual shareholder report contains important information about the<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Empower Core Strategies: U.S. Equity Fund (the "Fund”) for the period of January 1, 2025, to December 31, 2025. annual shareholder report You can find additional information about the Fund at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div>. You may also request this information by contacting us at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the last year ended </div> <div style="font-weight:bolder;display:inline;">December 31, 2025</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Core Strategies: U.S. Equity Fund<br/>(Institutional Class/MXEBX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>59</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 59 0.0055 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 14pt;"><div style="font-weight:bolder;display:inline;">Management’s Discussion of Fund Performance</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">For the 12-month reporting period ended December 31, 2025, the Fund returned 15.41%, as compared to its broad-based securities market index, the Russell 3000<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index, which returned 17.15% over the same period.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">The Fund’s investment portfolio is managed by four sub-advisers: J.P. Morgan Investment Management Inc. (“JPMorgan”); Keyridge Asset Management Limited (“Keyridge”) (formerly known as Irish Life Investment Managers Limited); Loomis, Sayles &amp; Company, L.P. (“Loomis Sayles”); and Putnam Investment Management, LLC (“Putnam”).</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">JPMorgan Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance during the period was affected by elevated volatility early in the year, when a reduced weighting in high-growth technology with elevated expectations supported the portfolio, followed by a shift in market leadership after the April market low that created headwinds. A narrow group of large-cap growth stocks, including the “Magnificent Seven” and a small number of adjacent AI-related companies, accounted for a significant portion of market returns during the latter part of the year, and an underweight position and stock selection within this cohort were key detractors, along with idiosyncratic security selection elsewhere in the portfolio. An overweight position in Oracle detracted as mixed cloud revenue results, margin pressure, and higher-than-expected capital expenditures weighed on the stock, while an underweight position in NVIDIA also detracted amid strong demand for AI-related products. Positioning in Eli Lilly was also challenged by increased volatility later in the year. These effects were partially offset by contributions from select holdings, including an underweight position in Apple, where delayed AI initiatives and other company-specific concerns weighed on shares, as well as from Goldman Sachs. Insmed was also a contributor, supported by the successful launch of its Brinsupri treatment, which generated strong early sales and prescription metrics. Consistent with the investment process, portfolio positioning evolved throughout the year through active risk management and new initiations across sectors, with a continued focus on technology opportunities tied to AI infrastructure, as well as healthcare, fintech, and other growth companies with improving fundamentals.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Keyridge Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance during the period was affected by heightened volatility early in the year associated with U.S. tariff policy, which contributed to a broad market drawdown, followed by a recovery beginning in April as trade tensions eased. A resilient economic backdrop, upward revisions to growth expectations, robust earnings, continued optimism around AI, and the resumption of the Federal Reserve’s rate cutting cycle were key factors influencing performance. Nvidia, a key supplier of chips powering AI technology, was the largest contributor to performance as robust demand supported strong earnings growth, which was well in excess of market expectations. Alphabet, a communications and technology company, also contributed to performance due to the implementation of AI technology and continued growth in cloud-based revenue. United Health Group, an insurance company, detracted the most from performance due to earnings decline and increased policy payouts. Fiserv Inc., a payments technology company, also detracted from performance where weaker consumer spending weighed on earnings.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Loomis Sayles Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Following a market selloff during the first quarter of the year related to investor concerns over tariffs, the market shifted, with leadership favoring low-quality companies. The result was a mismatch with the portfolio’s focus on long-term fundamentals and higher quality business models. While several holdings delivered strong individual results, overall portfolio breadth was negative, which is typical when high-quality investment style is temporarily out of favor. The utilities sector provided the largest contribution to performance due to strong security selection and included independent power producer Talen Energy, one of the top contributing stocks during the period. TTM Technologies, the largest U.S. supplier of printed circuit boards, was the top contributor, supported by improved revenue quality, margin expansion through factory consolidation, and growth in AI servers. The healthcare sector detracted the most from performance due to an underweight exposure to biotechnology and weaker stock selection, with healthcare provider Select Medical Holdings among the bottom performing holdings. Alight Inc., a leading human capital solutions provider, was the top detractor as strategic and governance changes were less effective than expected amid macroeconomic pressures, and the position was sold from the portfolio.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Putnam Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance during the period was driven primarily by security selection, which was the largest contributor, particularly within financials, utilities, and consumer discretionary. Sector allocation decisions detracted from performance, particularly an underweight positioning in communication services, which was among the stronger-performing areas of the market. Security selection within information technology and communication services also detracted. Overall, portfolio results reflected the combined impact of bottom-up security selection and sector positioning within a market environment characterized by solid economic growth and continued investor focus on select areas of the equity market.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1027863.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; vertical-align: bottom; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Since Inception<div style="font-size: smaller; vertical-align: super;display:inline;">(a)</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Empower Core Strategies: U.S. Equity Fund (Institutional Class/MXEBX)</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Russell 3000<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.88<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: normal; font-size: 8pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">(a) </div> <div style="font-size: smaller; vertical-align: super;display:inline;">Institutional Class inception date was June 25, 2018.</div> </div></div> Empower Core Strategies: U.S. Equity Fund (Institutional Class/MXEBX) 0.1541 0.1297 0.1295 Russell 3000® Index 0.1715 0.1315 0.1388 2018-06-25 Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>732M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">655</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>3.1M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 732000000 655 3100000 0.28 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>of the Fund.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">NVIDIA Corp</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Microsoft Corp</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Apple Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Amazon.com Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.69<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Alphabet Inc Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.36<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Broadcom Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Alphabet Inc Class C</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Meta Platforms Inc Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Tesla Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Walmart Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1027927.jpg" style="width: 301pt;"/> </div></div></div> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">NVIDIA Corp</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Microsoft Corp</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Apple Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Amazon.com Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.69<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Alphabet Inc Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.36<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Broadcom Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Alphabet Inc Class C</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Meta Platforms Inc Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Tesla Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Walmart Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.0492 0.0447 0.0412 0.0269 0.0236 0.0197 0.0179 0.0151 0.0144 0.0106 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Empower Core Strategies: U.S. Equity Fund Investor Class MXETX This annual shareholder report contains important information about the<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Empower Core Strategies: U.S. Equity Fund (the "Fund”) for the period of January 1, 2025, to December 31, 2025. annual shareholder report You can find additional information about the Fund at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">https://www.empower.com/investments/empower-funds/fund-documents</div>. You may also request this information by contacting us at <div style="text-decoration-line: underline; color: rgb(0, 97, 179); word-break: break-all; font-size: 9pt; font-family: Arial; text-align: justify; letter-spacing: 0px; top: 0px;display:inline;">1-866-831-7129</div>. https://www.empower.com/investments/empower-funds/fund-documents 1-866-831-7129 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Fund Expenses for the last year ended </div> <div style="font-weight:bolder;display:inline;">December 31, 2025</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage<br/>of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Empower Core Strategies: U.S. Equity Fund<br/>(Investor Class/MXETX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>97</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.90<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 97 0.009 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 14pt;"><div style="font-weight:bolder;display:inline;">Management’s Discussion of Fund Performance</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">For the 12-month reporting period ended December 31, 2025, the Fund returned 15.00%, as compared to its broad-based securities market index, the Russell 3000<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index, which returned 17.15% over the same period.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">The Fund’s investment portfolio is managed by four sub-advisers: J.P. Morgan Investment Management Inc. (“JPMorgan”); Keyridge Asset Management Limited (“Keyridge”) (formerly known as Irish Life Investment Managers Limited); Loomis, Sayles &amp; Company, L.P. (“Loomis Sayles”); and Putnam Investment Management, LLC (“Putnam”).</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">JPMorgan Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance during the period was affected by elevated volatility early in the year, when a reduced weighting in high-growth technology with elevated expectations supported the portfolio, followed by a shift in market leadership after the April market low that created headwinds. A narrow group of large-cap growth stocks, including the “Magnificent Seven” and a small number of adjacent AI-related companies, accounted for a significant portion of market returns during the latter part of the year, and an underweight position and stock selection within this cohort were key detractors, along with idiosyncratic security selection elsewhere in the portfolio. An overweight position in Oracle detracted as mixed cloud revenue results, margin pressure, and higher-than-expected capital expenditures weighed on the stock, while an underweight position in NVIDIA also detracted amid strong demand for AI-related products. Positioning in Eli Lilly was also challenged by increased volatility later in the year. These effects were partially offset by contributions from select holdings, including an underweight position in Apple, where delayed AI initiatives and other company-specific concerns weighed on shares, as well as from Goldman Sachs. Insmed was also a contributor, supported by the successful launch of its Brinsupri treatment, which generated strong early sales and prescription metrics. Consistent with the investment process, portfolio positioning evolved throughout the year through active risk management and new initiations across sectors, with a continued focus on technology opportunities tied to AI infrastructure, as well as healthcare, fintech, and other growth companies with improving fundamentals.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Keyridge Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance during the period was affected by heightened volatility early in the year associated with U.S. tariff policy, which contributed to a broad market drawdown, followed by a recovery beginning in April as trade tensions eased. A resilient economic backdrop, upward revisions to growth expectations, robust earnings, continued optimism around AI, and the resumption of the Federal Reserve’s rate cutting cycle were key factors influencing performance. Nvidia, a key supplier of chips powering AI technology, was the largest contributor to performance as robust demand supported strong earnings growth, which was well in excess of market expectations. Alphabet, a communications and technology company, also contributed to performance due to the implementation of AI technology and continued growth in cloud-based revenue. United Health Group, an insurance company, detracted the most from performance due to earnings decline and increased policy payouts. Fiserv Inc., a payments technology company, also detracted from performance where weaker consumer spending weighed on earnings.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Loomis Sayles Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Following a market selloff during the first quarter of the year related to investor concerns over tariffs, the market shifted, with leadership favoring low-quality companies. The result was a mismatch with the portfolio’s focus on long-term fundamentals and higher quality business models. While several holdings delivered strong individual results, overall portfolio breadth was negative, which is typical when high-quality investment style is temporarily out of favor. The utilities sector provided the largest contribution to performance due to strong security selection and included independent power producer Talen Energy, one of the top contributing stocks during the period. TTM Technologies, the largest U.S. supplier of printed circuit boards, was the top contributor, supported by improved revenue quality, margin expansion through factory consolidation, and growth in AI servers. The healthcare sector detracted the most from performance due to an underweight exposure to biotechnology and weaker stock selection, with healthcare provider Select Medical Holdings among the bottom performing holdings. Alight Inc., a leading human capital solutions provider, was the top detractor as strategic and governance changes were less effective than expected amid macroeconomic pressures, and the position was sold from the portfolio.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;"><div style="font-weight:bolder;display:inline;"><div style="text-decoration-line: underline; letter-spacing: 0px; top: 0px;display:inline;">Putnam Summary of Performance</div> </div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; margin-bottom: 10pt; text-align: justify;">Performance during the period was driven primarily by security selection, which was the largest contributor, particularly within financials, utilities, and consumer discretionary. Sector allocation decisions detracted from performance, particularly an underweight positioning in communication services, which was among the stronger-performing areas of the market. Security selection within information technology and communication services also detracted. Overall, portfolio results reflected the combined impact of bottom-up security selection and sector positioning within a market environment characterized by solid economic growth and continued investor focus on select areas of the equity market</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1027864.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; vertical-align: bottom; text-align: left; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; vertical-align: bottom; font-family: Arial; color: rgb(0, 0, 0); font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Since Inception<div style="font-size: smaller; vertical-align: super;display:inline;">(a)</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Empower Core Strategies: U.S. Equity Fund (Investor Class/MXETX)</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.00<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Russell 3000<div style="font-size: smaller; vertical-align: super;display:inline;">®</div> Index</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0px; font-family: Arial; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; font-style: normal; font-size: 8pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">(a) </div> <div style="font-size: smaller; vertical-align: super;display:inline;">Investor Class inception date was September 3, 2020.</div> </div></div> Empower Core Strategies: U.S. Equity Fund (Investor Class/MXETX) 0.15 0.1257 0.1425 Russell 3000® Index 0.1715 0.1315 0.1395 2020-09-03 Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 10pt;"><div style="font-weight:bolder;display:inline;">Key Fund Statistics</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>732M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">655</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Total advisory fee paid</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>3.1M</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-family: Arial; font-size: 9pt;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 732000000 655 3100000 0.28 <div style="margin-top: 0; margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold;"><div style="font-weight:bolder;display:inline;">Graphical Representation of Holdings</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">The tables below show the investment makeup of the Fund, representing percentage of the total investments<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>of the Fund.</div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">NVIDIA Corp</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Microsoft Corp</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Apple Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Amazon.com Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.69<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Alphabet Inc Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.36<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Broadcom Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Alphabet Inc Class C</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Meta Platforms Inc Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Tesla Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Walmart Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">SECTOR ALLOCATION</div> </div></div><div style="font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial';"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1027928.jpg" style="width: 301pt;"/> </div></div></div> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Arial'; color: rgb(0, 65, 133); font-weight: bold;"><div style="font-weight:bolder;display:inline;">Top Ten Holdings</div> </div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">NVIDIA Corp</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Microsoft Corp</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Apple Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Amazon.com Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.69<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Alphabet Inc Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.36<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Broadcom Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Alphabet Inc Class C</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Meta Platforms Inc Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(140, 160, 170); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Tesla Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Walmart Inc</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.0492 0.0447 0.0412 0.0269 0.0236 0.0197 0.0179 0.0151 0.0144 0.0106 <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 20pt;"><div style="font-weight:bolder;display:inline;">Material Fund Changes</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Arial'; text-align: justify; margin-bottom: 7.5pt;">There were no material changes to the Fund during the reporting period.</div> <div style="margin-bottom: 3pt; font-family: 'Arial'; color: rgb(0, 65, 133); font-size: 12pt; font-weight: bold; margin-top: 4pt;"><div style="font-weight:bolder;display:inline;">Changes in and Disagreements with Accountants</div> </div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial'; text-align: justify;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Institutional Class inception date was June 25, 2018. Security ratings disclosed with the exception of those labeled “Not Rated” are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized. Investor Class inception date was September 3, 2020.