# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-26-196276
**Filing Date:** 2026-4
**Character Count:** 22271
**Document Hash:** 5a908fff8b4df3c286d4dc2ad5bcee0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196276.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196276

**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:** 26923183

**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 U.S. Government Securities Fund (Series ID: S000023750)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069827 | Investor Class      | MXGMX           |
| C000155776 | Institutional Class | MXDQX           |

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

**Empower U.S. Government Securities Fund** <br>**Institutional Class Ticker: MXDQX** <br> **Investor Class Ticker: MXGMX** <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 the highest level of return consistent with preservation of capital and substantial credit protection.

**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**<sup>1</sup> (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 | 0.23% | 0.23% |
| Distribution and Service (12b-1) Fees | 0.00% | 0.00% |
| Total Other Expenses | 0.04% | 0.45% |
| &nbsp;&nbsp;&nbsp; Shareholder Services Fees | 0.00% | 0.35% |
| &nbsp;&nbsp;&nbsp; Other Expenses | 0.04% | 0.10% |
| Total Annual Fund Operating Expenses | 0.27% | 0.68% |
| Fee Waiver and Expense Reimbursement<sup>2</sup> <br>| 0.02% | 0.08% |
| Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement | 0.25% | 0.60% |

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<sup>1</sup>

The fees and expenses of the Fund have been restated to reflect expense limit changes that went into effect on April 30, 2026.

<sup>2</sup>

The investment adviser has contractually agreed to waive management fees or reimburse expenses if Total Annual Fund Operating Expenses of any Class exceed 0.25% 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.

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**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.

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** | $26 | $85 | $150 | $341 |
| **Investor Class** | $61 | $210 | $371 | $839 |

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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 95% 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 securities that have been issued or guaranteed by the U.S. government or its agencies or instrumentalities. Ordinarily such securities will have principal and interest guaranteed by the U.S. government or its agencies or instrumentalities, be subject to repurchase agreements, or represent an interest in or be secured by mortgages that are issued or guaranteed by certain U.S. government agencies or instrumentalities. The Fund may enter into forward roll obligations on U.S. government securities, including mortgage dollar rolls and to-be-announced ("TBA") securities, which count towards the Fund's 80% policy.

The Fund invests primarily in investment grade securities and may invest in securities of any maturity. Up to 20% of the Fund's net assets may be invested in securities that are not issued or guaranteed by the U.S. government or its agencies or instrumentalities, including asset-backed securities. The Fund may also invest in derivatives, including but not limited to futures contracts on U.S. Treasury securities.

The Fund's investment portfolio is managed by Empower Capital Management, LLC ("ECM"), the Fund's investment adviser. ECM combines a "top-down" or macroeconomic analysis of the fixed income markets together with "bottom-up" security-by-security fundamental research to identify relative value opportunities.

**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.

***Interest Rate Risk*** - The market value of a fixed income security is affected significantly by changes (or the expectation of such changes) in interest rates. A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in general economic conditions. When interest rates rise, the market value of a fixed income security will generally decline and when interest rates decline, the market values of such securities will generally rise. In general, the longer the maturity or duration of a fixed income security, the greater its sensitivity to changes in interest rates. Changes in interest rates can be difficult to forecast and may have unpredictable effects on the markets and the Fund's investments, including negatively affecting yield, value or liquidity. Actions taken by the Federal Reserve Board or foreign central banks to stimulate or stabilize economic growth, such as increases or decreases in short-term interest rates, may adversely affect markets and the Fund's performance.

***Mortgage-Backed Securities Risk*** - Mortgage-backed securities represent interests in pools of commercial or residential mortgages and are subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) when mortgage rates fall or more slowly than expected (extension risk) when mortgage rates rise, which may

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affect the yield, average life and price of the securities. Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.

***U.S. Government Securities Risk*** *-* U.S. government securities may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the U.S. government (credit risk).

***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.

***U.S. Government-Sponsored Securities Risk*** - Securities issued by U.S. government-sponsored enterprises ("GSEs"), such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks, may be adversely affected by changes in interest rates (interest rate risk) or a default by or decline in the credit rating of the applicable GSE (credit risk). Securities of GSEs are not issued or guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government.

***Asset-Backed Securities Risk*** - Asset-backed securities represent interests in pools of assets, including consumer loans, auto loans, student loans, or receivables held in trust. The value of asset-backed securities may be affected by certain factors such as interest rate risk; the credit performance of the pool of underlying assets; the creditworthiness of the servicing agent or the originator of the underlying assets; the ability of the servicing agent to service the underlying collateral; and the availability of information concerning the pool of underlying assets and its structure. Asset-backed securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) in a declining interest rate environment or more slowly than expected (extension risk) in a rising interest rate environment.

***Derivatives Risk*** - The use of derivatives, including but not limited to futures contracts on U.S. Treasury securities, 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.

***To-Be-Announced Securities Risk*** - TBA securities involve the risk that a security the Fund buys will lose value prior to its delivery. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

***Mortgage Dollar Roll Risk*** - Mortgage dollar roll transactions involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price of those securities. Since the counterparty in the transaction is required to deliver a similar, but not identical, security to the Fund, the security the Fund is required to buy under the mortgage dollar roll may be worth less than an identical security. These transactions involve the risk that the portfolio managers may not correctly predict mortgage prepayments and interest rates, which may diminish the Fund's performance. In addition, investment in mortgage dollar rolls may increase the Fund's portfolio turnover rate, which can increase the Fund's expenses and decrease returns. There is no assurance that the Fund's use of cash it receives from a mortgage dollar roll will provide a return that exceeds borrowing costs.

***Credit Risk*** - An issuer (or guarantor) of a security may default on its obligations to pay principal or interest. A security's value may be affected by changes in its credit quality rating or its issuer's financial conditions.

***Call Risk*** - An issuer may redeem a fixed income security before maturity (a "call") at a price below its current market value.

***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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***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 for the period of February 26, 2024 – December 31, 2024, reflects the performance of a sub-adviser that no longer manages the Fund's investment portfolio. Consequently, the Fund's total returns shown below for 2024 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**![](g94020usgmsf.jpg)

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| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Total Return** |
| **Best Quarter** | December 31, 2023 | 6.39% |
| **Worst Quarter** | September 30, 2022 | -5.34% |

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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;&nbsp; 7.06% | &nbsp;&nbsp;&nbsp;&nbsp; -0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 1.56% |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp; 6.60% | &nbsp;&nbsp;&nbsp;&nbsp; -0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or <br> taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% | &nbsp;&nbsp;&nbsp;&nbsp; -0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. Government/Mortgage Index (reflects no deduction for fees, <br> expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09% | &nbsp;&nbsp;&nbsp;&nbsp; -0.53% | &nbsp;&nbsp;&nbsp;&nbsp; 1.46% |

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**Investment Adviser**

ECM

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Portfolio Manager of the** <br> **Fund Since**<br>|
| Jack Brown, CFA | Chief Investment Officer | 2025 |
| Darrin Clough, CFA | Portfolio Manager | 2025 |
| Jason Harubin, CFA | Assistant Portfolio Manager | 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.

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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