Investment objective & strategy
As of April 25, 2025 · prospectusObjective. The Fund seeks the highest level of return consistent with preservation of capital and substantial credit protection.
Strategy. Below is a summary of the principal investment strategies of the Fund. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities that have been issued or guaranteed by the U.S. government or its agencies or instrumentalities. Ordinarily such securities will have principal and interest guaranteed by the U.S. government or its agencies or instrumentalities, be subject to repurchase agreements, or represent an interest in or be secured by mortgages that are issued or guaranteed by certain U.S. government agencies or instrumentalities. The Fund may enter into forward roll obligations on U.S. government securities, including mortgage dollar rolls and to-be-announced (TBA) securities, which count towards … Below is a summary of the principal investment strategies of the Fund. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities that have been issued or guaranteed by the U.S. government or its agencies or instrumentalities. Ordinarily such securities will have principal and interest guaranteed by the U.S. government or its agencies or instrumentalities, be subject to repurchase agreements, or represent an interest in or be secured by mortgages that are issued or guaranteed by certain U.S. government agencies or instrumentalities. The Fund may enter into forward roll obligations on U.S. government securities, including mortgage dollar rolls and to-be-announced (TBA) securities, which count towards the Funds 80% policy. The Fund invests primarily in investment grade securities and may invest in securities of any maturity. Up to 20% of the Funds net assets may be invested in securities that are not issued or guaranteed by the U.S. government or its agencies or instrumentalities, including asset-backed securities. The Fund may also invest in derivatives, including but not limited to futures contracts on U.S. Treasury securities. The Funds investment portfolio is managed by Empower Capital Management, LLC (ECM), the Funds investment adviser. ECM combines a top-down or macroeconomic analysis of the fixed income markets together with bottom-up security-by-security fundamental research to identify relative value opportunities.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $28.49M | 4.57% |
| US TREASURY N/B | — | $27.29M | 4.37% |
| US TREASURY N/B | — | $26.98M | 4.33% |
| US TREASURY N/B | — | $26.66M | 4.27% |
| US TREASURY N/B | — | $26.60M | 4.26% |
| US TREASURY N/B | — | $24.00M | 3.85% |
| US TREASURY N/B | — | $17.82M | 2.86% |
| US TREASURY N/B | — | $17.73M | 2.84% |
| US TREASURY N/B | — | $16.59M | 2.66% |
| US TREASURY N/B | — | $16.41M | 2.63% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Empower Core Strategies: Flexible Bond Fund · MXEDX, MXEWX | 40% | 0.45% |
| Old Westbury Fixed Income Fund · OWFIX | 12% | 0.57% |
| Eaton Vance Total Return Bond Fund · EBABX, ECBAX, EIBAX, ERABX | 11% | 0.43% |
Advisers
| Firm | Role |
|---|---|
| Empower Capital Management, LLC | Adviser |
Footnotes
- Expense ratio as of April 25, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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