# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001050269-25-000011
**Filing Date:** 2025-8
**Character Count:** 9430
**Document Hash:** f41c3e7e3ad66c4e89325ac8997f9d55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001050269-25-000011.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001050269-25-000011

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

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**SUBJECT COMPANY**: 

**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:** 40-17F2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 251216908

**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

**ORGANIZATION NAME:**
- **EIN:** 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:       March 31, 2021
of Management Investment Companies           Estimate average burden hours
                                               per response . . . . . 2.00
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]    -----------------------------

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

1. Investment Company Act File Number: 811-03364
Date examination completed: May 31, 2025

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

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

INDEPENDENT ACCOUNTANTS' REPORT

To the Board of Directors of the Empower Funds, Inc.:

We have examined management of Empower Funds, Inc.'s assertion, included in
the accompanying Management Assertion Regarding Compliance with Rule 17f-2
Under the Investment Company Act of 1940, that the Empower Aggressive Profile
Fund, Empower Conservative Profile Fund, Empower Moderate Profile Fund,
Empower Moderately Aggressive Profile Fund, Empower Moderately Conservative
Profile Fund, Empower SecureFoundation Balanced Fund, Empower Lifetime 2015
Fund, Empower Lifetime 2020 Fund, Empower Lifetime 2025 Fund, Empower Lifetime
2030 Fund, Empower Lifetime 2035 Fund, Empower Lifetime 2040 Fund, Empower
Lifetime 2045 Fund, Empower Lifetime 2050 Fund, Empower Lifetime 2055 Fund,
Empower Lifetime 2060 Fund, Empower Lifetime 2065 Fund, and Empower Global
Bond Fund (each a "Fund", collectively the "Funds") of the Empower 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
May 31, 2025, with respect to securities reflected in the investment accounts
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 whether management's assertion is fairly stated,
in all material respects. 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.

We are required to be independent and to meet our other ethical
responsibilities in accordance with relevant ethical requirements relating
to the engagement.

Included among our procedures were the following tests
performed as of May 31, 2025, and with respect to agreement of security
purchases and sales, for the period from December 31, 2024 (the date of
our last examination) through May 31, 2025:

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 18 security purchases and 18 security sales or maturities
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 above
of the Empower Funds, Inc. complied with the requirements of subsections
(b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of
May 31, 2025, with respect to securities reflected in the investment
accounts 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. 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.

DELOITTE & TOUCHE LLP

Denver, Colorado
August 14, 2025

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

We, as members of management of the Empower Aggressive Profile Fund, Empower
Conservative Profile Fund, Empower Moderate Profile Fund, Empower Moderately
Aggressive Profile Fund, Empower Moderately Conservative Profile Fund,
Empower SecureFoundation Balanced Fund, Empower Lifetime 2015 Fund, Empower
Lifetime 2020 Fund, Empower Lifetime 2025 Fund, Empower Lifetime 2030 Fund,
Empower Lifetime 2035 Fund, Empower Lifetime 2040 Fund, Empower Lifetime 2045
Fund, Empower Lifetime 2050 Fund, Empower Lifetime 2055 Fund, Empower
Lifetime 2060 Fund, Empower Lifetime 2065 Fund, and Empower Global Bond Fund
(each a "Fund", collectively the "Funds") of the Empower 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 May 31, 2025, and from December 31, 2024, through May 31, 2025.

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 May 31, 2025, and
from December 31, 2024, through May 31, 2025, with respect to securities
reflected in the investment accounts of the Funds.

Empower Funds, Inc.

By:

_________________________________________________
Jonathan D. Kreider
President & Chief Executive Officer, Empower Funds, Inc.

_________________________________________________
Kelly New
Chief Financial Officer & Treasurer, Empower Funds, Inc.

_________________________________________________
Ryan Logsdon
Chief Legal Officer & Secretary, Empower Funds, Inc.

August 14, 2025

```