# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-26-196257
**Filing Date:** 2026-4
**Character Count:** 25378
**Document Hash:** a8479a766cfb1554a123f1a080acc36d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196257.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196257

**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:** 26923163

**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 International Growth Fund (Series ID: S000023737)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069814 | Investor Class      | MXIGX           |
| C000155764 | Institutional Class | MXHTX           |

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

**Empower International Growth Fund** <br>**Institutional Class Ticker: MXHTX** <br> **Investor Class Ticker: MXIGX** <br>(the "Fund")

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

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| |
|:---|
| 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>|
| Fund shares are sold to insurance company separate accounts for certain variable annuity contracts and variable life insurance <br> policies ("variable contracts"), to individual retirement account ("IRA") custodians or trustees, to plan sponsors of qualified <br> retirement plans ("retirement plans"), and to college savings programs (collectively, "Permitted Accounts"), and to asset <br> allocation funds that are series of Empower Funds. This Summary Prospectus is not intended for use by other investors. This <br> Summary Prospectus should be read together with the prospectus or disclosure document for the Permitted Account.<br>|

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**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. This table does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of a Permitted Account were reflected, the fees and expenses shown below would be higher.

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

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| | | |
|:---|:---|:---|
|  | **Institutional** <br> **Class**<br>| **Investor Class** |
| Management Fees | 0.82% | 0.82% |
| Distribution and Service (12b-1) Fees | 0.00% | 0.00% |
| Total Other Expenses | 0.06% | 0.54% |
| &nbsp;&nbsp;&nbsp; Shareholder Services Fees | 0.00% | 0.35% |
| &nbsp;&nbsp;&nbsp; Other Expenses | 0.06% | 0.19% |
| Total Annual Fund Operating Expenses | 0.88% | 1.36% |
| Fee Waiver and Expense Reimbursement<sup>1</sup> <br>| 0.03% | 0.16% |
| Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement | 0.85% | 1.20% |

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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 0.845% 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. The Example does not reflect the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the fees and expenses in the Example would be higher.

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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** | $86 | $276 | $482 | $1076 |
| **Investor Class** | $122 | $413 | $727 | $1616 |

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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. 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 86% 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 common stocks and related securities of foreign companies, 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 also have exposure to non-U.S. securities across any market capitalization.

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.

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. The Fund may also invest in depositary receipts and derivatives, including but not limited to currency forwards and futures.

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 two sub-advisers: J.P. Morgan Investment Management Inc. ("JPMorgan") and Lazard Asset Management LLC ("Lazard") (each, a "Sub-Adviser," and collectively, the "Sub-Advisers").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•JPMorgan uses a bottom-up investment approach to buying and selling investments and generally focuses on investing in stocks of companies that it believes have above average growth potential and that are also trading at reasonable valuations.

&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.

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 JPMorgan and a 50% allocation of the Fund's assets to Lazard. 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.

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***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.

***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.

***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.

***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.

***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.

***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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***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.

***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.

***Derivatives Risk*** - The use of derivatives, including but not limited to currency forwards and futures, 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.

***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.

***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.

***Portfolio Turnover Risk*** - High portfolio turnover rates generally result in higher transaction costs (which are borne directly by the Fund and indirectly by the Fund's shareholders).

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 changes in the performance of the Fund's Investor Class shares for the last ten calendar years and by comparing the Fund's average annual total returns to the performance of a broad-based securities market index and an additional index with investment characteristics similar to those of the Fund. The returns shown below 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, but do not include the fees and expenses of any Permitted Account. If the fees and expenses of any Permitted Account were reflected, the performance shown would be lower.

Performance information prior to April 30, 2025, includes the performance of sub-advisers that no longer manage 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).

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**Calendar Year Total Returns**![](g45169igf.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Total Return** |
| **Best Quarter** | June 30, 2020 | 26.11% |
| **Worst Quarter** | June 30, 2022 | -19.28% |

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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>| **Ten**<br> **Years**<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 11.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 6.45% |
| Investor Class | &nbsp;&nbsp;&nbsp; 11.55% | &nbsp;&nbsp;&nbsp;&nbsp; -0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 6.08% |
| &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; 8.18% |
| &nbsp;&nbsp;&nbsp; MSCI EAFE Growth Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp; 20.76% | &nbsp;&nbsp;&nbsp;&nbsp; 4.43% | &nbsp;&nbsp;&nbsp;&nbsp; 7.42% |

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**Investment Adviser**

ECM

**Sub-Advisers**

JPMorgan and Lazard

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Portfolio Manager of the** <br> **Fund Since**<br>|
| **JPMorgan** | **JPMorgan** | **JPMorgan** |
| Shane Duffy, CFA | Managing Director | 2018 |
| James Andrew, CFA | Managing Director | 2023 |
| Zachariah Chadwick | Vice President | 2026 |
| **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 |

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**Purchase and Sale of Fund Shares**

The Fund is not sold directly to the general public, but instead may be offered as an underlying investment for Permitted Accounts. Permitted Accounts may place orders on any business day to purchase and redeem shares of the Fund based on instructions received from owners of variable contracts or IRAs, or from participants of retirement plans or college savings programs. Please contact your registered representative, IRA custodian or trustee, retirement plan sponsor or administrator, or college savings program for information concerning the procedures for purchasing and redeeming shares of the Fund.

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The Fund does not have any initial or subsequent investment minimums. However, Permitted Accounts may impose investment minimums.

**Tax Information**

Currently, Permitted Accounts generally are not subject to federal income tax on any Fund distributions. Owners of variable contracts, retirement plan participants and IRA owners are also generally not subject to federal income tax on Fund distributions until such amounts are withdrawn from the variable contract, retirement plan or IRA. Distributions from a college savings program generally are not taxed provided that they are used to pay for qualified higher education expenses. More information regarding federal taxation of Permitted Account owners may be found in the prospectus or disclosure documents for that Permitted Account.

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

Companies related to the Fund may make payments to insurance companies, broker-dealers and other financial intermediaries for the sale of Fund shares and other services. These payments may be a factor that an insurance company, broker-dealer or other financial intermediary considers when including the Fund as an investment option in a Permitted Account. These payments also 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, visit your financial intermediary's website, or consult the variable contract prospectus for more information.

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