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 equity securities of U.S. companies. The Fund currently expects (as of the date of this Prospectus) to invest 60-90% of its net assets in equity securities of large capitalization (large cap) companies that, at the time of purchase, are similar in size to companies in the Russell 1000 Index and 10-40% of its net assets in equity securities of small capitalization (small cap) companies that, at the time of purchase, are similar in size to companies in the Russell 2000 Index; however the Fund … Show more… 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 equity securities of U.S. companies. The Fund currently expects (as of the date of this Prospectus) to invest 60-90% of its net assets in equity securities of large capitalization (large cap) companies that, at the time of purchase, are similar in size to companies in the Russell 1000 Index and 10-40% of its net assets in equity securities of small capitalization (small cap) companies that, at the time of purchase, are similar in size to companies in the Russell 2000 Index; however the Fund may have exposure to U.S. stocks across any market capitalization and style and the Funds exposure will vary from time to time across sectors. As of December 31, 2024, the market capitalizations of the companies in the Russell 1000 Index ranged from $9 billion to $3.9 trillion and the companies in the Russell 2000 Index ranged from $550 million to $9 billion. Equity securities include common stock and other investment instruments such as exchange-traded funds (ETFs) that track the return of a broad-based U.S. securities index. The Fund may also invest in derivatives, including but not limited to, futures contracts and forward foreign currency contracts. Empower Capital Management, LLC (ECM) is the Funds investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the Board), selects the Funds sub-advisers and monitors their performance on an ongoing basis. The Funds investment portfolio is managed by four sub-advisers: Irish Life Investment Managers Limited (ILIM), J.P. Morgan Investment Management Inc. (JPMorgan), Loomis, Sayles & Company, L.P. (Loomis Sayles) and Putnam Investment Management, LLC (Putnam) (each, a Sub-Adviser, and collectively, the Sub-Advisers). ILIM utilizes a passive investment strategy designed to track, as closely as possible, the performance of the Standard & Poors 500 Index (S&P 500 Index) by investing in the common stocks of each company in the S&P 500 Index in approximately the same proportion as their weighting in the S&P 500 Index. JPMorgan invests primarily in equity securities of large, well-established U.S. companies with a market capitalization equal to those within the universe of the Russell 1000 Growth Index at the time of purchase. JPMorgan employs a fundamental bottom-up approach that seeks to identify companies with positive price momentum and attractive fundamental dynamics. JPMorgan assesses financially material environmental, social and governance (ESG) factors alongside other relevant factors in its investment process with the goal of managing risk and improving long-term returns. ESG considerations are only one component in the evaluation of eligible investments and may not be a determinative factor in the final investment decision. Loomis Sayles invests primarily in equity securities of small companies, which are of a size similar to those in the Russell 2000 Index at the time of purchase. Loomis Sayles seeks to build a small cap portfolio of common stocks that it believes are undervalued in the market and have favorable prospects for recovery. Loomis Sayles includes ESG factors as part of its security analysis to identify financially material factors that may impact businesses over the long term. ESG considerations are only one component in the evaluation of eligible investments and may not be a determinative factor in the final investment decision. Putnam invests mainly in common stocks of large and midsize U.S. companies, which are of a size similar to those in the Russell 1000 Value Index, with a focus on value stocks that offer the potential for capital growth, current income, or both. In addition to fundamental financial metrics and other qualitative analysis, Putnam may also consider ESG factors as part of its evaluation process. ESG considerations are only one component in the evaluation of eligible investments and may not be a determinative factor in the final investment decision. ECM maintains a strategic allocation of the Funds assets with each Sub-Adviser and reviews the asset allocations on a quarterly basis, or more frequently as deemed necessary. As of the date of this Prospectus, the target asset allocation is a 50% allocation of the Funds assets to ILIM, a 10% allocation of the Funds assets to JPMorgan, a 20% allocation of the Funds assets to Loomis Sayles, and a 20% allocation of the Funds assets to Putnam. Actual allocations may vary from the target allocations and ECM may change the asset allocations at any time without shareholder notice or approval. Show less