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 issued by emerging markets companies. The Fund considers emerging markets companies to be those companies that are economically tied to emerging markets countries. The Fund may consider classifications by the World Bank, the International Finance Corporation, the United Nations (and its agencies) or the MSCI Emerging Markets Index in determining whether a country is emerging or developed. The Fund may have significant investments in a particular country, a small number of countries, or a particular geographic region. The Fund may have exposure … 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 issued by emerging markets companies. The Fund considers emerging markets companies to be those companies that are economically tied to emerging markets countries. The Fund may consider classifications by the World Bank, the International Finance Corporation, the United Nations (and its agencies) or the MSCI Emerging Markets Index in determining whether a country is emerging or developed. The Fund may have significant investments in a particular country, a small number of countries, or a particular geographic region. The Fund may have exposure to non-U.S. stocks across any market capitalization and style and the Funds exposure will vary from time to time across sectors. The Fund invests primarily in common stock but may also invest in depositary receipts including American depositary receipts (ADRs), global depositary receipts (GDRs) and European depositary receipts (EDRs). The Fund may invest in derivatives, including but not limited to spot and forward foreign exchange transactions. 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 two sub-advisers: Goldman Sachs Asset Management, L.P. (GSAM) and Lazard Asset Management LLC (Lazard) (each, a Sub-Adviser, and collectively, the Sub-Advisers). GSAM selects investments using a valuation discipline to purchase what it believes are well-positioned, cash-generating businesses. GSAMs fundamental investment process may integrate environmental, social and governance (ESG) factors with traditional fundamental factors. ESG considerations are only one component in the evaluation of eligible investments and may not be a determinative factor in the final investment decision. Lazard invests in a broadly diversified portfolio of emerging market equity securities using a quantitative stock selection process. Lazard assesses the impact that financially material ESG considerations may have on the long-term financial performance (including growth and financial productivity) of an issuer as part of its security selection and portfolio construction processes. 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 percentage is a 40% allocation of the Funds assets to GSAM and a 60% allocation of the Funds assets to Lazard. 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