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. mid-capitalization (mid cap) companies, including foreign issuers that are traded in the U.S. For purposes of the 80% policy, the Fund considers mid cap companies to be those whose market capitalization falls within the range of the Russell Midcap Value Index at the time of initial purchase. As of December 31, 2024, the market capitalization range of the Russell Midcap Value Index was between $205 million and $69.7 billion. If the market capitalization of a company held by 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. mid-capitalization (mid cap) companies, including foreign issuers that are traded in the U.S. For purposes of the 80% policy, the Fund considers mid cap companies to be those whose market capitalization falls within the range of the Russell Midcap Value Index at the time of initial purchase. As of December 31, 2024, the market capitalization range of the Russell Midcap Value Index was between $205 million and $69.7 billion. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. The Fund emphasizes a value style of investing, seeking companies that are undervalued in comparison to their peers due to economic, market, company-specific or other factors, but have the prospect of achieving improved valuations in the future. The Fund may invest in real estate investment trusts (REITs) and derivatives, including but not limited to futures contracts. The Fund may engage in active and frequent trading of its portfolio securities. 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-adviser and monitors its performance on an ongoing basis. The Funds investment portfolio is managed by Goldman Sachs Asset Management, L.P. (the Sub-Adviser or GSAM). GSAM manages the Fund using a quantitative investment process, in combination with a qualitative overlay. GSAMs investment style emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. As a part of GSAM's investment selection process, GSAM utilizes proprietary models that assess a wide range of indicators, which may include certain environmental, social and governance (ESG) indicators. ESG considerations are only one component in the evaluation of eligible investments and may not be a determinative factor in the final investment decision. Show less