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 Index at the time of initial purchase. As of December 31, 2023, the market capitalizations of the companies in the Russell Midcap Index ranged from $270 million to $73.3 billion. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not … 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 Index at the time of initial purchase. As of December 31, 2023, the market capitalizations of the companies in the Russell Midcap Index ranged from $270 million to $73.3 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 generally holds between 25-45 securities in its portfolio, focusing on a limited number of companies and industries in which the portfolio managers have expertise, and will often invest a significant portion of its assets in certain sectors, such as the financial sector. The Fund also currently observes the following operating policies: actively seeking investment in companies that achieve excellence in both financial return and environmental soundness and selecting issuers that take positive steps toward preserving the environment; and not investing in corporations whose primary source of revenue is derived from the production or sale of tobacco products, the manufacture of firearms or the operation of for-profit prisons. 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 Ariel Investments, LLC (the Sub-Adviser or Ariel). Ariel invests primarily in undervalued mid cap companies that show a strong potential for growth. Ariel seeks to invest in quality companies whose financial strength, valuable products or services and savvy management teams create durable competitive advantages. Ariel also integrates environmental, social, and governance (ESG) considerations across its investment process as part of the broader review of material risks and opportunities for a given investment. 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