# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-26-196281
**Filing Date:** 2026-4
**Character Count:** 29830
**Document Hash:** fdd5c4e052b6b2ad6c464592293bdf2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196281.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196281

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMPOWER FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000356476

**ORGANIZATION NAME:**
- **EIN:** 840876044
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-75503
- **FILM NUMBER:** 26923189

**BUSINESS ADDRESS:**
- **STREET 1:** 8515 E ORCHARD ROAD
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111
- **BUSINESS PHONE:** 303-737-3000

**MAIL ADDRESS:**
- **STREET 1:** 8515 E ORCHARD ROAD
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREAT-WEST FUNDS INC
- **DATE OF NAME CHANGE:** 20121005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MAXIM SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Empower Core Strategies: International Equity Fund (Series ID: S000061891)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000200582 | Institutional Class | MXECX           |
| C000204665 | Investor Class      | MXEVX           |

**<u>EMPOWER FUNDS, INC.</u>** <br>("Empower Funds")

**Empower Core Strategies: International Equity Fund** <br>**Institutional Class Ticker: MXECX** <br> **Investor Class Ticker: MXEVX** <br>(the "Fund")

**Summary Prospectus** <br> **April 30, 2026** 

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its <br> risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional <br> Information and most recent reports to shareholders, online at www.empower.com/investments/empower-funds/fund-<br> documents. You can also get this information at no cost by calling (866) 831-7129 or by sending an email request to <br> empowerfunds@empower.com. The current Prospectus and Statement of Additional Information, both dated April 30, 2026, <br> are incorporated by reference as a matter of law into this Summary Prospectus, which means they are legally part of this <br> Summary Prospectus.<br>

**Investment Objective**

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. In addition to the fees and expenses described below, you may be required to pay your financial professional brokerage commissions when you purchase or sell shares of the Fund, which are not reflected in the table or example.

**Shareholder Fees** (fees paid directly from your investment)

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| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
| Maximum Deferred Sales Charge (Load) |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends |
| Redemption Fee |
| Exchange Fee |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional** <br> **Class**<br>| **Investor Class** |
| Management Fees | 0.53% | 0.53% |
| Distribution and Service (12b-1) Fees | 0.00% | 0.00% |
| Total Other Expenses | 0.27% | 0.47% |
| &nbsp;&nbsp;&nbsp; Shareholder Services Fees | 0.00% | 0.35% |
| &nbsp;&nbsp;&nbsp; Other Expenses | 0.27% | 0.12% |
| Total Annual Fund Operating Expenses | 0.80% | 1.00% |
| Fee Waiver and Expense Reimbursement<sup>1</sup> <br>| 0.15% | 0.00% |
| Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement | 0.65% | 1.00% |

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<sup>1</sup>

The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.65% of the Class's average daily net assets, excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, brokerage expenses, taxes, dividend interest on short sales, interest expenses, and any extraordinary expenses, including litigation costs (the "Expense Limit"). The agreement's current term ends on April 30, 2027, and automatically renews for one-year terms unless it is terminated upon termination of the investment advisory agreement or by Empower Funds or the investment adviser upon written notice within 90 days of the end of the current term. Under the agreement, the investment adviser may recoup, subject to the approval of the Board of Directors of Empower Funds, these waivers and reimbursements in future periods, not exceeding three years following the particular waiver/reimbursement, provided Total Annual Fund Operating Expenses of the Class plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

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The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The Example also assumes that the Expense Limit is in place for the first year, that your investment has a 5% return each year, that all dividends and capital gains are reinvested, and that the Fund's operating expenses are the amount shown in the fee table and remain the same for the years shown. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Institutional Class** | $66 | $240 | $429 | $976 |
| **Investor Class** | $102 | $318 | $552 | $1225 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate generally indicates higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's turnover rate was 42% of the average value of its portfolio.

**Principal Investment Strategies**

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 issuers economically tied to countries other than the U.S., including those in emerging markets. The Fund may have significant investments in a single country, a limited number of countries, or a particular geographic region. The Fund may have exposure to non-U.S. securities across any market capitalization and style, and may also focus its investments in certain sectors, such as the financial sector.

The issuer of a security or other investment is generally deemed to be economically tied to a particular country other than the U.S. if: (1) the security or other investment is issued or guaranteed by the government of that country or any of its agencies, authorities or instrumentalities; (2) the issuer is organized under the laws of that country; (3) the issuer maintains a principal office in that country; (4) the issuer has its principal securities trading market in that country; (5) the issuer derives 50% or more of its total revenues from goods sold or services performed in that country; (6) the issuer has 50% or more of its assets in that country; or (7) the issuer is included in an index that is representative of that country.

Equity securities include common stock and other investment instruments such as depositary receipts and exchange-traded funds ("ETFs") that track the return of a broad-based international securities index. The Fund may also invest in derivatives, including but not limited to futures contracts and forward foreign currency contracts.

Empower Capital Management, LLC ("ECM") is the Fund's investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the "Board"), selects the Fund's sub-advisers and monitors their performance on an ongoing basis. The Fund's investment portfolio is managed by three sub-advisers: Keyridge Asset Management Limited ("Keyridge"), formerly known as Irish Life Investment Managers Limited; Lazard Asset Management LLC ("Lazard"); and LSV Asset Management ("LSV") (each, a "Sub-Adviser," and collectively, the "Sub-Advisers").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Keyridge utilizes a passive investment strategy designed to track, as closely as possible, the performance of the MSCI EAFE Index by investing in the common stocks of each company in the MSCI EAFE Index in approximately the same proportion as their weighting in the MSCI EAFE Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Lazard invests primarily in equity securities of what it considers to be quality growth businesses that can generate and sustain high levels of financial productivity and grow profits and cash flows by investing back into their businesses at similarly high rates of financial productivity. Lazard generally focuses on investing in securities of companies with a market capitalization of $3 billion or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•LSV generally focuses on investing in securities of companies that it believes are undervalued in the marketplace at the time of purchase and show recent positive signals, such as an appreciation in price and increase in earnings. LSV uses a quantitative investment model to make investment decisions, ranking securities based on fundamental measures of value and indicators of near-term recovery.

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ECM maintains a strategic allocation of the Fund's 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 Fund's assets to Keyridge, a 25% allocation of the Fund's assets to Lazard, and a 25% allocation of the Fund's assets to LSV. Actual allocations may vary from the target allocations and ECM may change the asset allocations at any time without shareholder notice or approval.

**Principal Investment Risks**

Below is a summary of the principal investment risks of investing in the Fund. These risks are presented in an order that reflects ECM's current assessment of relative importance, but this assessment could change over time as the Fund's portfolio changes or in light of changes in the market or the economic environment. The Fund is not required to and will not update this Prospectus solely because its assessment of the relative importance of the principal risks of investing in the Fund changes. There can be no assurance that the Fund will achieve its investment objective.

***Equity Securities Risk*** - The value of equity securities held by the Fund may decline as a result of factors directly related to a company, a particular industry or industries, or general market conditions that are not specifically related to a company or an industry.

***Market Risk*** - The value of the Fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting (or perceived to affect) specific issuers held by the Fund, particular industries represented in the Fund's portfolio, or the overall securities markets. A variety of factors can increase the volatility of the Fund's holdings and markets generally, including political or regulatory developments, recessions, inflation, deflation, rapid interest rate changes, bank failures, war or acts of terrorism, sanctions, tariffs, natural disasters, outbreaks of infectious illnesses or other widespread public health issues, general outlook for corporate earnings, or adverse investor sentiment generally. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors and industries more significantly than others. These adverse developments may cause broad declines in an issuer's value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

***Foreign Securities Risk*** - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, geopolitical (including war or armed conflict), regulatory, market, currency valuation, or economic or other developments, and can perform differently than the U.S. market. Current tariffs, sanctions, or the threat of potential tariffs, sanctions or similar measures may also impair the value or liquidity of affected securities and negatively impact the Fund.

***Currency Risk*** - Adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause the Fund to lose money on investments denominated in foreign currencies.

***Sector Risk*** - The Fund may invest a significant portion of its assets in companies within a particular sector, and its performance may suffer if that sector underperforms the overall market.

***Geographic Concentration Risk*** - Events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments may cause the value of its shares to decrease, perhaps significantly.

***Value Stock Risk*** - A value style of investing is subject to the risk that returns on value stocks are less than returns on other styles of investing or the overall stock market. Value stocks tend to trade at lower price-to-book and price-to-earnings ratios, which suggest the market as a whole views their potential future earnings as limited.

***Growth Stock Risk*** - A growth style of investing is subject to the risk that returns on growth stocks are less than returns on other styles of investing or the overall stock market. Growth stocks can be volatile for several reasons. Since they usually reinvest a high proportion of earnings in their own business, they may not pay the dividends usually associated with value stocks that can cushion their decline in a falling market. Also, since investors buy these stocks because of the expected superior earnings growth, earnings disappointments may result in sharp price declines.

***Small- and Medium-Size Company Risk*** - The stocks of small- and medium-size companies often trade in lower volumes, may be less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Accordingly, stocks of small- and medium-size companies tend to be more sensitive to changing economic, market, and industry conditions, tend to be more volatile and less liquid than stocks of larger companies, especially over the short term, and are less likely to survive or accomplish their goals, with the result that the value of their stock could decline significantly. In addition, there may be less publicly available information concerning small- and medium-size companies upon which to base an investment decision.

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***Large-Size Company Risk*** - Large-size companies are generally more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

***Emerging Markets Risk*** - Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens, less established financial market operations or volatile inflation rates. The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to heightened political, geopolitical (including war or armed conflict), economic, legal, market, currency and tariff risks, as well as other adverse local or regional developments, including heightened risk of war and ethnic, religious and racial conflicts. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs), and other government restrictions by the U.S. and other governments, as well as problems in share registration, settlement or custody, may also result in losses. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the availability of reliable information to evaluate and monitor local companies and impact the Fund's performance. There is also the risk of adverse foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

***Liquidity Risk*** - The Fund may not be able to sell a security at or near its perceived value in a timely manner (or at all) because of unusual market conditions, an unusually high volume of redemption requests, little or no active trading market for a specific type of security, legal or contractual restrictions on resale, or a reduced number or capacity of market participants to make a market in such security. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to the remaining investors' interest due to market conditions or other factors. Investments in many foreign securities tend to have greater exposure to liquidity risk than domestic securities because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently.

***Derivatives Risk*** - The use of derivatives, including but not limited to futures contracts and forward foreign currency contracts, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. These risks include imperfect correlations with underlying investments or the Fund's other portfolio holdings, magnified losses resulting from leverage, counterparty risk, high price volatility, liquidity risk, segregation risk, valuation risk and legal restrictions.

***Index Risk*** - Because the Keyridge sub-advised portion of the Fund is not actively managed but is designed to track the performance of the MSCI EAFE Index, investors should generally expect the value of the Keyridge sub-advised portion of the Fund to decline when the performance of the MSCI EAFE Index declines. There is no guarantee that the Fund will achieve a high degree of correlation to the MSCI EAFE Index. Additionally, the MSCI EAFE Index may perform unfavorably or underperform the market as a whole. As a result, the Keyridge sub-advised portion of the Fund may have poor investment results even if it closely tracks the performance of the MSCI EAFE Index because the adverse performance of a particular security normally will not result in eliminating the security from the Keyridge sub-advised portion of the Fund.

***Tracking Error Risk*** - The Keyridge sub-advised portion of the Fund may not be able to precisely track the performance of the MSCI EAFE Index. Unlike the Keyridge sub-advised portion of the Fund, the performance of the MSCI EAFE Index is not impacted by fees and expenses, including trading costs associated with implementing portfolio changes. In addition, the Keyridge sub-advised portion of the Fund may own less than all the securities of the MSCI EAFE Index, which also may cause a variance between the performance of the Keyridge sub-advised portion of the Fund and the performance of the MSCI EAFE Index. Tracking error risk may cause the Keyridge sub-advised portion of the Fund's performance to be less than expected.

***Quantitative Model Risk*** - Securities selected by LSV using a quantitative investment model can perform differently than the market as a whole based on the factors used in the model, the weight placed on each factor, and changes in the factors' historical trends. Due to the significant role technology plays in a quantitative investment model, its use carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data, or technology used in the model. There can be no assurance that the use of a quantitative investment model will enable the Fund to achieve its objective.

***Management Risk*** - A strategy, investment decision, technique, analysis, or model used by the portfolio managers may fail to produce the intended results, or imperfections, errors or limitations in the tools and data used by the portfolio managers may cause unintended results. Therefore, the Fund could underperform in comparison to other funds with similar objectives and investment strategies and may generate losses even in a favorable market.

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***Multi-Manager Risk*** - Because the Sub-Advisers make investment decisions independently, it is possible that their security selection processes may not complement one another, and the Fund may have buy and sell transactions in the same security on the same day.

***Depositary Receipts Risk*** - Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, political and economic risk, and market risk, because their values depend on the performance of a foreign security denominated in its home currency.

***Exchange-Traded Fund Risk*** - Shares in an ETF represent an interest in a portfolio of securities generally designed to track the performance of a particular market index. The Fund could purchase shares issued by an ETF to temporarily gain exposure to a portion of a foreign market, for example, while awaiting purchase of underlying securities. The risks associated with owning an ETF generally reflect the risks of owning the underlying securities it is designed to track, although ETFs have management fees that increase their costs. Fund shareholders indirectly bear their proportionate share of the expenses of the ETFs in which the Fund invests. An ETF may trade at a premium or discount, and, as a result, the Fund may pay more than net asset value when purchasing shares and receive less than net asset value when selling shares.

An investment in the Fund is not a deposit with a bank, is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any government agency, and is subject to the possible loss of your original investment.

**Performance**

The bar chart and table below provide an indication of the risk of investment in the Fund by showing the performance of the Fund's Institutional Class shares for each full calendar year since inception and by comparing the Fund's average annual total returns to the performance of a broad-based securities market index. The returns shown below (before and after taxes) are historical and are not an indication of future performance. Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund's recurring expenses.

Performance information prior to April 30, 2025, includes the performance of a sub-adviser that no longer manages the Fund's investment portfolio. Consequently, the Fund's total returns shown below for the periods prior to that date are not necessarily indicative of the performance of the Fund as it is currently managed.

Updated performance information may be obtained at www.empower.com/investments/empower-funds/fund-documents (the website does not form a part of this Prospectus).

**Calendar Year Total Returns for Institutional Class Shares**

![](g564839ecsief.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Total Return** |
| **Best Quarter** | December 31, 2022 | 18.27% |
| **Worst Quarter** | March 31, 2020 | -24.95% |

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**Average Annual Total Returns for the Periods Ended December 31, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Institutional Class before taxes | &nbsp;&nbsp;&nbsp; 29.17% | &nbsp;&nbsp;&nbsp;&nbsp; 8.11% | &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 6/25/2018 |
| Institutional Class after taxes on distributions | &nbsp;&nbsp;&nbsp; 27.18% | &nbsp;&nbsp;&nbsp;&nbsp; 6.46% | &nbsp;&nbsp;&nbsp;&nbsp; 5.58% |  |
| Institutional Class after taxes on distributions and sale of fund shares | &nbsp;&nbsp;&nbsp; 17.38% | &nbsp;&nbsp;&nbsp;&nbsp; 5.69% | &nbsp;&nbsp;&nbsp;&nbsp; 5.10% |  |
| &nbsp;&nbsp;&nbsp; MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp; 31.22% | &nbsp;&nbsp;&nbsp;&nbsp; 8.92% | &nbsp;&nbsp;&nbsp;&nbsp; 7.88% |  |
| Investor Class before taxes | &nbsp;&nbsp;&nbsp; 28.74% | &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | &nbsp;&nbsp;&nbsp; 10.08% | &nbsp;&nbsp; 9/3/2020 |
| &nbsp;&nbsp;&nbsp; MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp; 31.22% | &nbsp;&nbsp;&nbsp;&nbsp; 8.92% | &nbsp;&nbsp;&nbsp; 10.84% |  |

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After-tax returns are shown for Institutional Class shares only and will vary for Investor Class shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown do not apply to investors who are tax-exempt or who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

**Investment Adviser**

ECM

**Sub-Advisers**

Keyridge, Lazard and LSV

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Portfolio Manager of the** <br> **Fund Since**<br>|
| **Keyridge** | **Keyridge** | **Keyridge** |
| Nicola Dowdall | Head of ETFs & Affiliates | 2018 |
| Michael Lynch, CFA | Head of Index Solutions | 2018 |
| Peter Leonard, CFA | Head of Indexation Equity | 2018 |
| **Lazard** | **Lazard** | **Lazard** |
| Louis Florentin-Lee | Managing Director, Portfolio Manager/Analyst | 2025 |
| Barnaby Wilson, CFA | Managing Director, Portfolio Manager/Analyst | 2025 |
| Robert Failla, CFA | Managing Director, Portfolio Manager/Analyst | 2025 |
| **LSV** | **LSV** | **LSV** |
| Josef Lakonishok | Founding Partner, CEO, CIO & Portfolio Manager | 2018 |
| Menno Vermeulen, CFA | Partner, Portfolio Manager | 2018 |
| Puneet Mansharamani, CFA | Partner, Portfolio Manager | 2018 |
| Greg Sleight | Partner, Portfolio Manager | 2018 |
| Guy Lakonishok, CFA | Partner, Portfolio Manager | 2018 |

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**Purchase and Sale of Fund Shares**

Fund shares are available through certain broker-dealers, custodians or trustees of IRAs, or other financial intermediaries (each, a "financial intermediary") who have entered into agreements with Empower Financial Services, Inc., Empower Funds' principal underwriter and distributor (the "Distributor").

You can purchase or redeem shares on any business day that Empower Funds is open by contacting your financial intermediary. Your financial intermediary may have different requirements or fees for opening an account and for the processing of purchase and redemption orders, or may be closed at times when the New York Stock Exchange ("NYSE") or Empower Funds is open. The Fund

does not have any initial or subsequent investment minimums. The Fund reserves the right to reject any purchase order.

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**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains (or a combination of both) unless you are investing through a tax-advantaged arrangement such as an IRA, in which case you will generally be taxed upon withdrawal of monies from the arrangement, or you are tax-exempt.

**Payments to Broker-Dealers and Other Financial Intermediaries**

Companies related to the Fund may make payments to broker-dealers and other financial intermediaries for the sale of Fund shares and other services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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