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 fixed income securities. The Fund will invest primarily in a diversified portfolio of investment grade securities, including mortgage-backed securities, U.S. government securities, corporate fixed income securities, to-be-announced (TBA) securities, when-issued securities, asset-backed securities (including collateralized loan obligations (CLOs)) and municipal securities. A portion of the Fund may invest in foreign investment grade fixed income securities, which may be denominated in either foreign currency or in U.S. dollars. The Fund may also invest in domestic or foreign below investment grade securities (commonly known as high … 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 fixed income securities. The Fund will invest primarily in a diversified portfolio of investment grade securities, including mortgage-backed securities, U.S. government securities, corporate fixed income securities, to-be-announced (TBA) securities, when-issued securities, asset-backed securities (including collateralized loan obligations (CLOs)) and municipal securities. A portion of the Fund may invest in foreign investment grade fixed income securities, which may be denominated in either foreign currency or in U.S. dollars. The Fund may also invest in domestic or foreign below investment grade securities (commonly known as high yield securities or junk bonds), and may purchase interests in bank loans. The Fund may invest in derivatives, including but not limited to interest rate, inflation, and total return forward rate agreements; deliverable and non-deliverable bond and currency forward contracts; interest and bond rate futures; interest rate, bond and swap options; credit default swaps and credit default swap indices; and interest rate, inflation, and total return swaps. The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in agency mortgage-backed securities, or through short sales of any instrument that the Fund may purchase for investment. The Fund may invest in securities of any maturity and of any duration. Duration is a measure of a debt securitys price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price will be to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a three-year effective duration will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that securitys market price. 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 Wellington Management Company LLP (Wellington) (each, a Sub-Adviser, and collectively, the Sub-Advisers). GSAM seeks to provide total return consisting of capital appreciation and income. GSAMs investment process seeks to maximize risk-adjusted performance by utilizing a diverse set of investment strategies. 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. Wellington seeks to provide long-term total returns in excess of the U.S. bond market as represented by the Bloomberg U.S. Aggregate Bond Index with equivalent or lower levels of risk. Wellington incorporates ESG factors into its security selection 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 percentage is a 50% allocation of the Funds assets to GSAM and a 50% allocation of the Funds assets to Wellington. 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