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 fixed income securities in which the Fund invests may include corporate bonds, asset-backed securities, mortgage-backed securities, bank loans and U.S. government securities. Up to 65% of the Funds total assets may be invested in below investment grade securities (commonly known as high yield securities or junk bonds). Up to 50% of its total assets may be invested in foreign securities, including securities in emerging markets, and the Fund may invest without limitation in obligations of supranational entities (e.g., the World … 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 fixed income securities in which the Fund invests may include corporate bonds, asset-backed securities, mortgage-backed securities, bank loans and U.S. government securities. Up to 65% of the Funds total assets may be invested in below investment grade securities (commonly known as high yield securities or junk bonds). Up to 50% of its total assets may be invested in foreign securities, including securities in emerging markets, and the Fund may invest without limitation in obligations of supranational entities (e.g., the World Bank). 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. The Fund may also invest in derivatives, including but not limited to currency forwards, futures contracts and credit default swaps. 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: Loomis, Sayles, & Company, L.P. (Loomis Sayles) and Virtus Fixed Income Advisers, LLC (VFIA) (each, a Sub-Adviser, and collectively, the Sub-Advisers). Loomis Sayles invests in fixed income securities that it believes are attractively valued based on the credit outlook of an issuer and maximum total return potential. Loomis Sayles takes environmental, social and governance (ESG) factors into consideration as part of its credit research analysis. If the impact of these factors is found to be financially material in nature, it may affect Loomis Sayles decision to buy or sell an issuer. ESG considerations are only one component in the evaluation of eligible investments and may not be a determinative factor in the final investment decision. VFIA invests in a diversified portfolio of bonds using a sector rotation approach it believes offers the best potential for total return based on risk-reward tradeoff. VFIA takes ESG factors into consideration as part of its credit analysis. 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 Loomis Sayles and a 50% allocation of the Funds assets to VFIA. 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