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 mid-capitalization (mid cap) companies. 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 Growth Index at the time of initial purchase. As of December 31, 2024, the market capitalizations of the companies in the Russell MidCap Growth Index ranged from $927 million to $164.9 billion. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but … 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 mid-capitalization (mid cap) companies. 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 Growth Index at the time of initial purchase. As of December 31, 2024, the market capitalizations of the companies in the Russell MidCap Growth Index ranged from $927 million to $164.9 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 may focus its investments in certain sectors, such as the consumer staples sector. The Fund may also invest up to 25% of its total assets in foreign securities. The Fund emphasizes a growth style of investing, seeking companies whose potential to provide superior earnings growth appears to be greater than the market in general and whose revenue growth is expected to continue for an extended period of time. 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 T. Rowe Price Investment Management, Inc. (the Sub-Adviser or T. Rowe Price). T. Rowe Price selects investments using a growth approach and invests in companies with above average sales and earnings growth. T. Rowe Price integrates environmental, social and governance (ESG) factors into its research process for certain investments, focusing on the ESG factors it considers most likely to have a material impact on performance. 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