# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001050269-23-000002
**Filing Date:** 2023-2
**Character Count:** 10840
**Document Hash:** e2ff17100d0f9b3d56bee6abd024e252
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001050269-23-000002.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001050269-23-000002

**CONFORMED SUBMISSION TYPE**: 40-17F2

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230213

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMPOWER FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000356476
- **IRS NUMBER:** 840876044
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-17F2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 23613775

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELOITTE & TOUCHE LLP
- **CENTRAL INDEX KEY:** 0001050269
- **IRS NUMBER:** 133891517
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 40-17F2

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** 3033124079

**MAIL ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

```

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
                                             -----------------------------
FORM N-17f-2                                        OMB Approval
                                             -----------------------------
Certificate of Accounting of Securities and  OMB Number:         3235-0360
Similar Investments in the Custody           Expires:    February 29, 2024
of Management Investment Companies           Estimate average burden hours
                                               per response            1.9
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]    -----------------------------

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1. Investment Company Act File Number: 811-03364
Date examination completed: October 31, 2022

2. State identification Number:
AL	AK	AZ	AR	CA	CO X
CT	DE	DC	FL	GA	HI
ID	IL	IN	IA	KS	KY
LA	ME	MD	MA	MI	MN
MS	MO	MT	NE	NV	NH
NJ	NM	NY	NC	ND	OH
OK	OR	PA	RI	SC	SD
TN	TX	UT	VT	VA	WA
WV	WI	WY	PUERTO RICO
Other (specify):

-----------------------------------------------------------------------------

3. Exact name of investment company as specified in registration
statement: Empower Funds, Inc.

-----------------------------------------------------------------------------

4. Address of principal executive office (number, street, city,
state, zip code): 8515 East Orchard Rd
Greenwood Village, CO 80111

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INDEPENDENT ACCOUNTANTS' REPORT

To the Board of Directors of the Empower Funds, Inc. (formerly, Great-West
Funds, Inc.):

We have examined management's assertion, included in the accompanying
Management Assertion Regarding Compliance with Rule 17f-2 Under the
Investment Company Act of 1940, that the funds listed in Appendix A
(each a "Fund", collectively the "Funds") of the Empower Funds, Inc.
(formerly, Great-West Funds, Inc.) complied with the requirements of
subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of
1940 (the "specified requirements") as of October 31, 2022, with respect
to securities reflected in the investment account of the Funds. The Funds'
management is responsible for its assertion. Our responsibility is to
express an opinion on management's assertion about the Funds' compliance
with the specified requirements based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants.
Those standards require that we plan and perform the examination to obtain
reasonable assurance about whether management's assertion about compliance
with the specified requirements is fairly stated, in all material respects.
An examination involves performing procedures to obtain evidence about
management's assertion. The nature, timing, and extent of the procedures
selected depend on our judgment, including an assessment of the risks of
material misstatement of management's assertion, whether due to fraud or
error. We believe that the evidence we obtained is sufficient and
appropriate to provide a reasonable basis for our opinion.

Included among our procedures were the following tests performed as of
October 31, 2022, and with respect to agreement of security purchases and
sales, for the period from July 31, 2022 (the date of our last examination)
through October 31, 2022:

1.	Confirmation of all securities held by institutions in book-entry
form with The Depository Trust Company, the Federal Reserve, or by various
foreign sub-custodians.

2.	Confirmation of all relevant securities held with the transfer
agent, DST Asset Manager Solutions, Inc. ("DST").

3.	Confirmation of all securities hypothecated, pledged, placed in
escrow, or out for transfer with brokers, pledgees, and/or transfer agents.

4.	Reconciliation of all such securities to the books and records
of the Funds and DST or the Bank of New York Mellon (the "Custodian").

5.	Agreement of 17 security purchases and 17 security sales since our
last report from the books and records of the Funds to DST trade records or
to subsequent settlement in cash records provided by the Custodian.

Our examination does not provide a legal determination on the Funds'
compliance with specified requirements.

In our opinion, management's assertion that each of the Funds listed in
Appendix A of the Empower Funds, Inc. (formerly, Great-West Funds, Inc.)
complied with the requirements of subsections (b) and (c) of Rule 17f-2
of the Investment Company Act of 1940 as of October 31, 2022, with respect
to securities reflected in the investment account of the Funds is fairly
stated, in all material respects.

This report is intended solely for the information and use of management
and the Board of Directors of Empower Funds, Inc. (formerly, Great-West
Funds, Inc.) and the U.S. Securities and Exchange Commission and is not
intended to be, and should not be, used by anyone other than these specified
parties.

/s/ DELOITTE & TOUCHE LLP

Denver, Colorado
February 10, 2023

Appendix A

Empower Aggressive Profile Fund (formerly, Great-West Aggressive
Profile Fund)
Empower Conservative Profile Fund (formerly, Great-West Conservative
Profile Fund)
Empower Moderate Profile Fund (formerly, Great-West Moderate Profile
Fund)
Empower Moderately Aggressive Profile Fund (formerly, Great-West
Moderately Aggressive Profile Fund)
Empower Moderately Conservative Profile Fund (formerly, Great-West
Moderately Conservative Profile Fund)
Empower Lifetime 2015 Fund (formerly, Great-West Lifetime 2015 Fund)
Empower Lifetime 2020 Fund (formerly, Great-West Lifetime 2020 Fund)
Empower Lifetime 2025 Fund (formerly, Great-West Lifetime 2025 Fund)
Empower Lifetime 2030 Fund (formerly, Great-West Lifetime 2030 Fund)
Empower Lifetime 2035 Fund (formerly, Great-West Lifetime 2035 Fund)
Empower Lifetime 2040 Fund (formerly, Great-West Lifetime 2040 Fund)
Empower Lifetime 2045 Fund (formerly, Great-West Lifetime 2045 Fund)
Empower Lifetime 2050 Fund (formerly, Great-West Lifetime 2050 Fund)
Empower Lifetime 2055 Fund (formerly, Great-West Lifetime 2055 Fund)
Empower Lifetime 2060 Fund (formerly, Great-West Lifetime 2060 Fund)
Empower SecureFoundation(r) Balanced Fund (formerly, Great-West
SecureFoundation(r) Balanced Fund)
Empower Global Bond Fund (formerly, Great-West Global Bond Fund)

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MANAGEMENT'S ASSERTION REGARDING COMPLIANCE WITH RULE 17F-2 UNDER THE
INVESTMENT COMPANY ACT OF 1940

We, as members of management of the funds listed in Appendix A (each a
"Fund", collectively the "Funds") of the Empower Funds, Inc. (formerly,
Great-West Funds, Inc.) are responsible for complying with the requirements
of subsections (b) and (c) of Rule 17f-2, "Custody of Investments by
Registered Management Investment Companies," of the Investment Company Act
of 1940. We are also responsible for establishing and maintaining effective
internal controls over compliance with those requirements. We have performed
an evaluation of each of the Fund's compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 as of October 31, 2022 and from July
31, 2022 through October 31, 2022.

Based on this evaluation, we assert that each of the Funds were in
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of
the Investment Company Act of 1940 as of October 31, 2022, with respect to
securities reflected in the investment accounts of the Funds.

Empower Funds, Inc. (formerly, Great-West Funds, Inc.)

By:

/s/ Jonathan D. Kreider
President & Chief Executive Officer, Empower Funds, Inc. (formerly,
Great-West Funds, Inc.)

/s/ Kelly New
Treasurer, Empower Funds, Inc. (formerly, Great-West Funds, Inc.)

/s/ Ryan Logsdon
Chief Legal Officer & Secretary, Empower Funds, Inc. (formerly, Great-West
Funds, Inc.)

February 10, 2023

APPENDIX A

Empower Aggressive Profile Fund (formerly, Great-West Aggressive Profile
Fund)
Empower Conservative Profile Fund (formerly, Great-West Conservative
Profile Fund)
Empower Moderate Profile Fund (formerly, Great-West Moderate Profile Fund)
Empower Moderately Aggressive Profile Fund (formerly, Great-West
Moderately Aggressive Profile Fund)
Empower Moderately Conservative Profile Fund (formerly, Great-West
Moderately Conservative Profile Fund)
Empower SecureFoundation(r) Balanced Fund (formerly, Great-West
SecureFoundation(r) Balanced Fund)
Empower Lifetime 2015 Fund (formerly, Great-West Lifetime 2015 Fund)
Empower Lifetime 2020 Fund (formerly, Great-West Lifetime 2020 Fund)
Empower Lifetime 2025 Fund (formerly, Great-West Lifetime 2025 Fund)
Empower Lifetime 2030 Fund (formerly, Great-West Lifetime 2030 Fund)
Empower Lifetime 2035 Fund (formerly, Great-West Lifetime 2035 Fund)
Empower Lifetime 2040 Fund (formerly, Great-West Lifetime 2040 Fund)
Empower Lifetime 2045 Fund (formerly, Great-West Lifetime 2045 Fund)
Empower Lifetime 2050 Fund (formerly, Great-West Lifetime 2050 Fund)
Empower Lifetime 2055 Fund (formerly, Great-West Lifetime 2055 Fund)
Empower Lifetime 2060 Fund (formerly, Great-West Lifetime 2060 Fund)

```