M&A - EMPOWER FUNDS, INC.

Form Type: 497

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: Update

Accession Number: 000119312525070085

Filing Summary: On March 31, 2025, Amundi Asset Management US, Inc. ("Amundi US") was acquired by Victory Capital Holdings, Inc. Following this acquisition, the Board of Directors of Empower Funds, Inc. approved a new sub-advisory agreement with Victory Capital Management, Inc. ("Victory Capital"), effective April 1, 2025. The current portfolio management team from Amundi US will transition to Victory Capital and continue managing the Fund. The document outlines various changes to the Fund’s Prospectus, Summary Prospectus, and Statement of Additional Information (SAI), including the removal of references to Amundi US and updates to the portfolio management team. The new portfolio managers from Victory Capital include Andrew Acheson, Yves Raymond, and David Chamberlain, with specific roles and experience detailed. The document also discusses compensation structures, conflicts of interest, and ownership of securities by the portfolio managers, stating that none owned shares of the Fund as of the effective date.

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Form Type: 497K

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: Update

Accession Number: 000119312525070089

Filing Summary: On March 31, 2025, Amundi Asset Management US, Inc. was acquired by Victory Capital Holdings, Inc. Subsequently, Empower Funds, Inc. approved a new sub-advisory agreement with Victory Capital Management, Inc. effective April 1, 2025. All mentions of Amundi US in the fund's documentation are replaced with Victory Capital. The portfolio management team from Amundi will continue under Victory Capital. The compensation structure for portfolio managers is outlined, emphasizing alignment with client interests and performance metrics. No portfolio managers owned shares of the fund as of the effective date.

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Form Type: N-CSR

Filing Date: 2025-03-03

Corporate Action: Merger

Type: Update

Accession Number: 000114554925015755

Filing Summary: The report details the financial performance of the Empower Mid Cap Value Fund for the fiscal year ending December 31, 2024. The fund returned 16.06%, underperforming the Russell 3000 Index's 23.81% return, primarily due to the energy sector detracting from returns. The report outlines a recent merger, where the Empower Ariel Mid Cap Value Fund merged into the Empower Mid Cap Value Fund on October 25, 2024. Following the merger, the annual advisory rate was reduced to 0.67%. Additionally, the report highlights key fund statistics such as net assets of $769 million, a portfolio turnover rate of 211%, and a total of 243 portfolio holdings. The top ten holdings included companies like PG&E Corp and Xcel Energy Inc. Shareholders can access further information and updates via the fund’s website or by contacting customer service.

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