# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-25-052384
**Filing Date:** 2025-8
**Character Count:** 601509
**Document Hash:** 9ce9021030c194f51c66c220a919b1ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052384.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001145549-25-052384

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 251240310

**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 Lifetime 2045 Fund (Series ID: S000025504)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000076346 | Investor Class      | MXQLX           |
| C000076347 | Service Class       | MXRLX           |
| C000155789 | Institutional Class | MXWEX           |

### Empower Lifetime 2055 Fund (Series ID: S000025507)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000076352 | Investor Class      | MXWLX           |
| C000076353 | Service Class       | MXXLX           |
| C000155792 | Institutional Class | MXZHX           |

### Empower Lifetime 2015 Fund (Series ID: S000025509)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000076356 | Service Class       | MXLZX           |
| C000076357 | Investor Class      | MXLYX           |
| C000155794 | Institutional Class | MXNYX           |

### Empower Lifetime 2025 Fund (Series ID: S000025512)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000076362 | Service Class       | MXFLX           |
| C000076363 | Investor Class      | MXELX           |
| C000155797 | Institutional Class | MXQBX           |

### Empower Lifetime 2035 Fund (Series ID: S000025515)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000076368 | Service Class       | MXLLX           |
| C000076369 | Investor Class      | MXKLX           |
| C000155800 | Institutional Class | MXTBX           |

### Empower Lifetime 2020 Fund (Series ID: S000053676)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168746 | Institutional Class | MXAKX           |
| C000168747 | Investor Class      | MXAGX           |
| C000168748 | Service Class       | MXAHX           |

### Empower Lifetime 2030 Fund (Series ID: S000053678)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168754 | Institutional Class | MXAYX           |
| C000168755 | Investor Class      | MXATX           |
| C000168756 | Service Class       | MXAUX           |

### Empower Lifetime 2040 Fund (Series ID: S000053680)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168762 | Institutional Class | MXBGX           |
| C000168763 | Investor Class      | MXBDX           |
| C000168764 | Service Class       | MXBEX           |

### Empower Lifetime 2050 Fund (Series ID: S000053682)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168770 | Institutional Class | MXBSX           |
| C000168771 | Investor Class      | MXBOX           |
| C000168772 | Service Class       | MXBQX           |

### Empower Lifetime 2060 Fund (Series ID: S000063745)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000206610 | Service Class       | MXGQX           |
| C000206612 | Institutional Class | MXGUX           |
| C000206613 | Investor Class      | MXGNX           |

### Empower Lifetime 2065 Fund (Series ID: S000089169)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000255681 | Institutional Class | MXHBX           |
| C000255682 | Investor Class      | MXHCX           |
| C000255683 | Service Class       | MXHDX           |

?xml version='1.0' encoding='ASCII'? 8dddf3c78df1b24

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-03364

#### EMPOWER FUNDS, INC.
(Exact name of registrant as specified in charter)

------

8515 E. Orchard Road, Greenwood Village, Colorado 80111

(Address of principal executive offices) (Zip Code)

Jonathan D. Kreider

President & Chief Executive Officer

8515 E. Orchard Road

Greenwood Village, Colorado 80111

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(866) 831-7129

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025
ITEM 1. REPORT TO STOCKHOLDERS.

Item 1(a):

### Empower Lifetime 2015 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXNYX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2015 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2015 Fund<br>(Institutional Class/MXNYX) | $42 0.41%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.34%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$447M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 13.69% |
| Empower of America Contract | 13.27% |
| Empower Inflation-Protected Securities Fund Institutional Class | 13.16% |
| Empower Bond Index Fund Institutional Class | 9.28% |
| Empower Short Duration Bond Fund Institutional Class | 5.72% |
| Empower Core Bond Fund Institutional Class | 5.57% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.52% |
| Empower Global Bond Fund Institutional Class | 4.35% |
| Empower International Index Fund Institutional Class | 3.96% |
| Empower Mid Cap Value Fund Institutional Class | 3.22% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916096.jpg)

#### Material Fund Chan ge s
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2015 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXLYX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2015 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2015 Fund<br>(Investor Class/MXLYX) | $78 0.76%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.34%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$447M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 13.69% |
| Empower of America Contract | 13.27% |
| Empower Inflation-Protected Securities Fund Institutional Class | 13.16% |
| Empower Bond Index Fund Institutional Class | 9.28% |
| Empower Short Duration Bond Fund Institutional Class | 5.72% |
| Empower Core Bond Fund Institutional Class | 5.57% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.52% |
| Empower Global Bond Fund Institutional Class | 4.35% |
| Empower International Index Fund Institutional Class | 3.96% |
| Empower Mid Cap Value Fund Institutional Class | 3.22% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916024.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2015 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXLZX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2015 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2015 Fund<br>(Service Class/MXLZX) | $88 0.86%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.34%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$447M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 13.69% |
| Empower of America Contract | 13.27% |
| Empower Inflation-Protected Securities Fund Institutional Class | 13.16% |
| Empower Bond Index Fund Institutional Class | 9.28% |
| Empower Short Duration Bond Fund Institutional Class | 5.72% |
| Empower Core Bond Fund Institutional Class | 5.57% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.52% |
| Empower Global Bond Fund Institutional Class | 4.35% |
| Empower International Index Fund Institutional Class | 3.96% |
| Empower Mid Cap Value Fund Institutional Class | 3.22% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916060.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2020 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXAKX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2020 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2020 Fund<br>(Institutional Class/MXAKX) | $45 0.44%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.36%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$452M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 14.82% |
| Empower of America Contract | 11.22% |
| Empower Inflation-Protected Securities Fund Institutional Class | 10.59% |
| Empower Bond Index Fund Institutional Class | 9.84% |
| Empower Core Bond Fund Institutional Class | 5.91% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.80% |
| Empower Short Duration Bond Fund Institutional Class | 4.83% |
| Empower International Index Fund Institutional Class | 4.54% |
| Empower Global Bond Fund Institutional Class | 4.40% |
| Empower Mid Cap Value Fund Institutional Class | 3.45% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916420.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2020 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXAGX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2020 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2020 Fund<br>(Investor Class/MXAGX) | $81 0.79%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.36%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$452M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 14.82% |
| Empower of America Contract | 11.22% |
| Empower Inflation-Protected Securities Fund Institutional Class | 10.59% |
| Empower Bond Index Fund Institutional Class | 9.84% |
| Empower Core Bond Fund Institutional Class | 5.91% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.80% |
| Empower Short Duration Bond Fund Institutional Class | 4.83% |
| Empower International Index Fund Institutional Class | 4.54% |
| Empower Global Bond Fund Institutional Class | 4.40% |
| Empower Mid Cap Value Fund Institutional Class | 3.45% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916348.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2020 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXAHX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2020 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2020 Fund<br>(Service Class/MXAHX) | $91 0.89%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.36%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$452M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 14.82% |
| Empower of America Contract | 11.22% |
| Empower Inflation-Protected Securities Fund Institutional Class | 10.59% |
| Empower Bond Index Fund Institutional Class | 9.84% |
| Empower Core Bond Fund Institutional Class | 5.91% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.80% |
| Empower Short Duration Bond Fund Institutional Class | 4.83% |
| Empower International Index Fund Institutional Class | 4.54% |
| Empower Global Bond Fund Institutional Class | 4.40% |
| Empower Mid Cap Value Fund Institutional Class | 3.45% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916384.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2025 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXQBX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2025 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2025 Fund<br>(Institutional Class/MXQBX) | $47 0.46%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.37%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,454M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.8M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 16.92% |
| Empower Bond Index Fund Institutional Class | 10.13% |
| Empower of America Contract | 8.78% |
| Empower Inflation-Protected Securities Fund Institutional Class | 6.81% |
| Empower Core Bond Fund Institutional Class | 6.08% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.84% |
| Empower International Index Fund Institutional Class | 5.49% |
| Empower Global Bond Fund Institutional Class | 4.13% |
| Empower Mid Cap Value Fund Institutional Class | 3.90% |
| Empower Short Duration Bond Fund Institutional Class | 3.77% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916204.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2025 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXELX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2025 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2025 Fund<br>(Investor Class/MXELX) | $83 0.81%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.37%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,454M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.8M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 16.92% |
| Empower Bond Index Fund Institutional Class | 10.13% |
| Empower of America Contract | 8.78% |
| Empower Inflation-Protected Securities Fund Institutional Class | 6.81% |
| Empower Core Bond Fund Institutional Class | 6.08% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.84% |
| Empower International Index Fund Institutional Class | 5.49% |
| Empower Global Bond Fund Institutional Class | 4.13% |
| Empower Mid Cap Value Fund Institutional Class | 3.90% |
| Empower Short Duration Bond Fund Institutional Class | 3.77% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916168.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2025 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXFLX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2025 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2025 Fund<br>(Service Class/MXFLX) | $93 0.91%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.37%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,454M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.8M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 16.92% |
| Empower Bond Index Fund Institutional Class | 10.13% |
| Empower of America Contract | 8.78% |
| Empower Inflation-Protected Securities Fund Institutional Class | 6.81% |
| Empower Core Bond Fund Institutional Class | 6.08% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.84% |
| Empower International Index Fund Institutional Class | 5.49% |
| Empower Global Bond Fund Institutional Class | 4.13% |
| Empower Mid Cap Value Fund Institutional Class | 3.90% |
| Empower Short Duration Bond Fund Institutional Class | 3.77% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916132.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2030 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXAYX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2030 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2030 Fund<br>(Institutional Class/MXAYX) | $50 0.49%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.39%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$948M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 19.59% |
| Empower Bond Index Fund Institutional Class | 9.68% |
| Empower International Index Fund Institutional Class | 6.73% |
| Empower of America Contract | 6.04% |
| Empower Core Bond Fund Institutional Class | 5.82% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.46% |
| Empower Mid Cap Value Fund Institutional Class | 4.48% |
| Empower Large Cap Value Fund Institutional Class | 4.32% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 4.12% |
| Empower Large Cap Growth Fund Institutional Class | 4.06% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916528.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2030 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXATX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2030 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2030 Fund<br>(Investor Class/MXATX) | $86 0.84%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.39%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$948M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 19.59% |
| Empower Bond Index Fund Institutional Class | 9.68% |
| Empower International Index Fund Institutional Class | 6.73% |
| Empower of America Contract | 6.04% |
| Empower Core Bond Fund Institutional Class | 5.82% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.46% |
| Empower Mid Cap Value Fund Institutional Class | 4.48% |
| Empower Large Cap Value Fund Institutional Class | 4.32% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 4.12% |
| Empower Large Cap Growth Fund Institutional Class | 4.06% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916456.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2030 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXAUX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2030 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2030 Fund<br>(Service Class/MXAUX) | $97 0.94%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.39%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$948M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 19.59% |
| Empower Bond Index Fund Institutional Class | 9.68% |
| Empower International Index Fund Institutional Class | 6.73% |
| Empower of America Contract | 6.04% |
| Empower Core Bond Fund Institutional Class | 5.82% |
| Empower Multi-Sector Bond Fund Institutional Class | 5.46% |
| Empower Mid Cap Value Fund Institutional Class | 4.48% |
| Empower Large Cap Value Fund Institutional Class | 4.32% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 4.12% |
| Empower Large Cap Growth Fund Institutional Class | 4.06% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916492.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2035 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXTBX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2035 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2035 Fund<br>(Institutional Class/MXTBX) | $53 0.52%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.41%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,676M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.9M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 22.78% |
| Empower International Index Fund Institutional Class | 8.26% |
| Empower Bond Index Fund Institutional Class | 7.75% |
| Empower Mid Cap Value Fund Institutional Class | 5.15% |
| Empower Large Cap Value Fund Institutional Class | 5.02% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 4.74% |
| Empower Large Cap Growth Fund Institutional Class | 4.73% |
| Empower Core Bond Fund Institutional Class | 4.65% |
| Empower International Value Fund Institutional Class | 4.37% |
| Empower Multi-Sector Bond Fund Institutional Class | 4.34% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916312.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2035 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXKLX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2035 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2035 Fund<br>(Investor Class/MXKLX) | $90 0.87%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.41%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,676M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.9M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 22.78% |
| Empower International Index Fund Institutional Class | 8.26% |
| Empower Bond Index Fund Institutional Class | 7.75% |
| Empower Mid Cap Value Fund Institutional Class | 5.15% |
| Empower Large Cap Value Fund Institutional Class | 5.02% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 4.74% |
| Empower Large Cap Growth Fund Institutional Class | 4.73% |
| Empower Core Bond Fund Institutional Class | 4.65% |
| Empower International Value Fund Institutional Class | 4.37% |
| Empower Multi-Sector Bond Fund Institutional Class | 4.34% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916240.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2035 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXLLX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2035 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2035 Fund<br>(Service Class/MXLLX) | $100 0.97%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.41%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,676M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.9M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 22.78% |
| Empower International Index Fund Institutional Class | 8.26% |
| Empower Bond Index Fund Institutional Class | 7.75% |
| Empower Mid Cap Value Fund Institutional Class | 5.15% |
| Empower Large Cap Value Fund Institutional Class | 5.02% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 4.74% |
| Empower Large Cap Growth Fund Institutional Class | 4.73% |
| Empower Core Bond Fund Institutional Class | 4.65% |
| Empower International Value Fund Institutional Class | 4.37% |
| Empower Multi-Sector Bond Fund Institutional Class | 4.34% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916276.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2040 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXBGX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2040 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2040 Fund<br>(Institutional Class/MXBGX) | $56 0.54%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.43%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$707M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.4M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 25.51% |
| Empower International Index Fund Institutional Class | 9.73% |
| Empower Mid Cap Value Fund Institutional Class | 5.70% |
| Empower Large Cap Value Fund Institutional Class | 5.61% |
| Empower Bond Index Fund Institutional Class | 5.45% |
| Empower Large Cap Growth Fund Institutional Class | 5.29% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.25% |
| Empower International Value Fund Institutional Class | 5.15% |
| Empower International Growth Fund Institutional Class | 4.56% |
| Empower Core Bond Fund Institutional Class | 3.27% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916636.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2040 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXBDX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2040 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2040 Fund<br>(Investor Class/MXBDX) | $93 0.89%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.43%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$707M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.4M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 25.51% |
| Empower International Index Fund Institutional Class | 9.73% |
| Empower Mid Cap Value Fund Institutional Class | 5.70% |
| Empower Large Cap Value Fund Institutional Class | 5.61% |
| Empower Bond Index Fund Institutional Class | 5.45% |
| Empower Large Cap Growth Fund Institutional Class | 5.29% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.25% |
| Empower International Value Fund Institutional Class | 5.15% |
| Empower International Growth Fund Institutional Class | 4.56% |
| Empower Core Bond Fund Institutional Class | 3.27% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916564.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2040 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXBEX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2040 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2040 Fund<br>(Service Class/MXBEX) | $103 0.99%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.43%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$707M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.4M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 25.51% |
| Empower International Index Fund Institutional Class | 9.73% |
| Empower Mid Cap Value Fund Institutional Class | 5.70% |
| Empower Large Cap Value Fund Institutional Class | 5.61% |
| Empower Bond Index Fund Institutional Class | 5.45% |
| Empower Large Cap Growth Fund Institutional Class | 5.29% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.25% |
| Empower International Value Fund Institutional Class | 5.15% |
| Empower International Growth Fund Institutional Class | 4.56% |
| Empower Core Bond Fund Institutional Class | 3.27% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916600.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2045 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXWEX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2045 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2045 Fund<br>(Institutional Class/MXWEX) | $57 0.55%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.43%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,218M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 26.76% |
| Empower International Index Fund Institutional Class | 10.77% |
| Empower Mid Cap Value Fund Institutional Class | 5.93% |
| Empower Large Cap Value Fund Institutional Class | 5.89% |
| Empower International Value Fund Institutional Class | 5.69% |
| Empower Large Cap Growth Fund Institutional Class | 5.56% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.45% |
| Empower International Growth Fund Institutional Class | 5.06% |
| Empower Bond Index Fund Institutional Class | 3.96% |
| Empower Emerging Markets Equity Fund Institutional Class | 3.48% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_915880.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2045 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXQLX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2045 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2045 Fund<br>(Investor Class/MXQLX) | $93 0.90%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.43%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,218M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 26.76% |
| Empower International Index Fund Institutional Class | 10.77% |
| Empower Mid Cap Value Fund Institutional Class | 5.93% |
| Empower Large Cap Value Fund Institutional Class | 5.89% |
| Empower International Value Fund Institutional Class | 5.69% |
| Empower Large Cap Growth Fund Institutional Class | 5.56% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.45% |
| Empower International Growth Fund Institutional Class | 5.06% |
| Empower Bond Index Fund Institutional Class | 3.96% |
| Empower Emerging Markets Equity Fund Institutional Class | 3.48% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_915808.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2045 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXRLX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2045 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2045 Fund<br>(Service Class/MXRLX) | $103 1.00%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.43%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,218M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 26.76% |
| Empower International Index Fund Institutional Class | 10.77% |
| Empower Mid Cap Value Fund Institutional Class | 5.93% |
| Empower Large Cap Value Fund Institutional Class | 5.89% |
| Empower International Value Fund Institutional Class | 5.69% |
| Empower Large Cap Growth Fund Institutional Class | 5.56% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.45% |
| Empower International Growth Fund Institutional Class | 5.06% |
| Empower Bond Index Fund Institutional Class | 3.96% |
| Empower Emerging Markets Equity Fund Institutional Class | 3.48% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_915844.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2050 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXBSX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2050 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2050 Fund<br>(Institutional Class/MXBSX) | $58 0.56%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.44%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$493M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 27.35% |
| Empower International Index Fund Institutional Class | 11.58% |
| Empower International Value Fund Institutional Class | 6.12% |
| Empower Large Cap Value Fund Institutional Class | 6.03% |
| Empower Mid Cap Value Fund Institutional Class | 6.00% |
| Empower Large Cap Growth Fund Institutional Class | 5.67% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.52% |
| Empower International Growth Fund Institutional Class | 5.43% |
| Empower Emerging Markets Equity Fund Institutional Class | 3.86% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 3.84% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916744.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2050 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXBOX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2050 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2050 Fund<br>(Investor Class/MXBOX) | $95 0.91%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.44%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$493M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 27.35% |
| Empower International Index Fund Institutional Class | 11.58% |
| Empower International Value Fund Institutional Class | 6.12% |
| Empower Large Cap Value Fund Institutional Class | 6.03% |
| Empower Mid Cap Value Fund Institutional Class | 6.00% |
| Empower Large Cap Growth Fund Institutional Class | 5.67% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.52% |
| Empower International Growth Fund Institutional Class | 5.43% |
| Empower Emerging Markets Equity Fund Institutional Class | 3.86% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 3.84% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916672.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2050 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXBQX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2050 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2050 Fund<br>(Service Class/MXBQX) | $105 1.01%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.44%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$493M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 27.35% |
| Empower International Index Fund Institutional Class | 11.58% |
| Empower International Value Fund Institutional Class | 6.12% |
| Empower Large Cap Value Fund Institutional Class | 6.03% |
| Empower Mid Cap Value Fund Institutional Class | 6.00% |
| Empower Large Cap Growth Fund Institutional Class | 5.67% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.52% |
| Empower International Growth Fund Institutional Class | 5.43% |
| Empower Emerging Markets Equity Fund Institutional Class | 3.86% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 3.84% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916708.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2055 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXZHX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2055 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2055 Fund<br>(Institutional Class/MXZHX) | $58 0.56%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.44%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$643M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.4M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 27.31% |
| Empower International Index Fund Institutional Class | 12.15% |
| Empower International Value Fund Institutional Class | 6.42% |
| Empower Large Cap Value Fund Institutional Class | 6.01% |
| Empower Mid Cap Value Fund Institutional Class | 5.92% |
| Empower International Growth Fund Institutional Class | 5.70% |
| Empower Large Cap Growth Fund Institutional Class | 5.66% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.44% |
| Empower Emerging Markets Equity Fund Institutional Class | 4.18% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 4.16% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_915988.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2055 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXWLX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2055 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2055 Fund<br>(Investor Class/MXWLX) | $95 0.91%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.44%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$643M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.4M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 27.31% |
| Empower International Index Fund Institutional Class | 12.15% |
| Empower International Value Fund Institutional Class | 6.42% |
| Empower Large Cap Value Fund Institutional Class | 6.01% |
| Empower Mid Cap Value Fund Institutional Class | 5.92% |
| Empower International Growth Fund Institutional Class | 5.70% |
| Empower Large Cap Growth Fund Institutional Class | 5.66% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.44% |
| Empower Emerging Markets Equity Fund Institutional Class | 4.18% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 4.16% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_915916.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2055 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXXLX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2055 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2055 Fund<br>(Service Class/MXXLX) | $105 1.01%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.44%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$643M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.4M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 27.31% |
| Empower International Index Fund Institutional Class | 12.15% |
| Empower International Value Fund Institutional Class | 6.42% |
| Empower Large Cap Value Fund Institutional Class | 6.01% |
| Empower Mid Cap Value Fund Institutional Class | 5.92% |
| Empower International Growth Fund Institutional Class | 5.70% |
| Empower Large Cap Growth Fund Institutional Class | 5.66% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.44% |
| Empower Emerging Markets Equity Fund Institutional Class | 4.18% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 4.16% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_915952.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2060 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXGUX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2060 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2060 Fund<br>(Institutional Class/MXGUX) | $59 0.57%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.45%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$112M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.1M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 26.92% |
| Empower International Index Fund Institutional Class | 12.59% |
| Empower International Value Fund Institutional Class | 6.65% |
| Empower Large Cap Value Fund Institutional Class | 5.93% |
| Empower International Growth Fund Institutional Class | 5.91% |
| Empower Mid Cap Value Fund Institutional Class | 5.77% |
| Empower Large Cap Growth Fund Institutional Class | 5.58% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.30% |
| Empower Emerging Markets Equity Fund Institutional Class | 4.46% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 4.44% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916852.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2060 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXGNX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2060 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2060 Fund<br>(Investor Class/MXGNX) | $96 0.92%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.45%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$112M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.1M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 26.92% |
| Empower International Index Fund Institutional Class | 12.59% |
| Empower International Value Fund Institutional Class | 6.65% |
| Empower Large Cap Value Fund Institutional Class | 5.93% |
| Empower International Growth Fund Institutional Class | 5.91% |
| Empower Mid Cap Value Fund Institutional Class | 5.77% |
| Empower Large Cap Growth Fund Institutional Class | 5.58% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.30% |
| Empower Emerging Markets Equity Fund Institutional Class | 4.46% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 4.44% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916780.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2060 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXGQX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2060 Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2060 Fund<br>(Service Class/MXGQX) | $106 1.02%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.45%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$112M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.1M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 26.92% |
| Empower International Index Fund Institutional Class | 12.59% |
| Empower International Value Fund Institutional Class | 6.65% |
| Empower Large Cap Value Fund Institutional Class | 5.93% |
| Empower International Growth Fund Institutional Class | 5.91% |
| Empower Mid Cap Value Fund Institutional Class | 5.77% |
| Empower Large Cap Growth Fund Institutional Class | 5.58% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.30% |
| Empower Emerging Markets Equity Fund Institutional Class | 4.46% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 4.44% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916816.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2065 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXHBX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2065 Fund (the "Fund") for the period of January 10, 2025 (inception date), to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2065 Fund<br>(Institutional Class/MXHBX) | $51 0.49%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.37%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$0M<sup>(a)</sup> |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M<sup>(a)</sup> |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

(a) Amount represents less than $50K.

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 27.06% |
| Empower International Index Fund Institutional Class | 12.63% |
| Empower International Value Fund Institutional Class | 6.67% |
| Empower Large Cap Value Fund Institutional Class | 5.97% |
| Empower International Growth Fund Institutional Class | 5.93% |
| Empower Mid Cap Value Fund Institutional Class | 5.80% |
| Empower Large Cap Growth Fund Institutional Class | 5.62% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.34% |
| Empower Emerging Markets Equity Fund Institutional Class | 4.49% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 4.47% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916888.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2065 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXHCX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2065 Fund (the "Fund") for the period of January 10, 2025 (inception date), to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2065 Fund<br>(Investor Class/MXHCX) | $89 0.84%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.37%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$0M<sup>(a)</sup> |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M<sup>(a)</sup> |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

(a) Amount represents less than $50K.

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 27.06% |
| Empower International Index Fund Institutional Class | 12.63% |
| Empower International Value Fund Institutional Class | 6.67% |
| Empower Large Cap Value Fund Institutional Class | 5.97% |
| Empower International Growth Fund Institutional Class | 5.93% |
| Empower Mid Cap Value Fund Institutional Class | 5.80% |
| Empower Large Cap Growth Fund Institutional Class | 5.62% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.34% |
| Empower Emerging Markets Equity Fund Institutional Class | 4.49% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 4.47% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916924.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Lifetime 2065 Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Service Class / MXHDX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Lifetime 2065 Fund (the "Fund") for the period of January 10, 2025 (inception date), to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Empower Lifetime 2065 Fund<br>(Service Class/MXHDX) | $89 0.84%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's annualized expense ratio includes expenses borne directly by the class plus the Fund's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.37%).

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$0M<sup>(a)</sup> |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M<sup>(a)</sup> |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

(a) Amount represents less than $50K.

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Empower S&P 500<sup>®</sup> Index Fund Institutional Class | 27.06% |
| Empower International Index Fund Institutional Class | 12.63% |
| Empower International Value Fund Institutional Class | 6.67% |
| Empower Large Cap Value Fund Institutional Class | 5.97% |
| Empower International Growth Fund Institutional Class | 5.93% |
| Empower Mid Cap Value Fund Institutional Class | 5.80% |
| Empower Large Cap Growth Fund Institutional Class | 5.62% |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 5.34% |
| Empower Emerging Markets Equity Fund Institutional Class | 4.49% |
| Fidelity<sup>®</sup> Emerging Markets Index Fund Institutional Class | 4.47% |

---

ASSET CLASS ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_916960.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_203.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 2. CODE OF ETHICS.**

Not required in filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not required in filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not required in filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 6. INVESTMENTS.**

(a) The schedule is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

------

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### EMPOWER FUNDS, INC. ("Empower Funds")

---

| | |
|:---|:---|
| **Empower Lifetime 2015 Fund** | &nbsp;&nbsp;&nbsp;**Empower Lifetime 2020 Fund** |
| **Institutional Class Ticker / MXNYX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXAKX** |
| **Investor Class Ticker / MXLYX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXAGX** |
| **Service Class Ticker / MXLZX** | &nbsp;&nbsp;&nbsp;**Service Class Ticker / MXAHX** |
| **Empower Lifetime 2025 Fund** | &nbsp;&nbsp;&nbsp;**Empower Lifetime 2030 Fund** |
| **Institutional Class Ticker / MXQBX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXAYX** |
| **Investor Class Ticker / MXELX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXATX** |
| **Service Class Ticker / MXFLX** | &nbsp;&nbsp;&nbsp;**Service Class Ticker / MXAUX** |
| **Empower Lifetime 2035 Fund** | &nbsp;&nbsp;&nbsp;**Empower Lifetime 2040 Fund** |
| **Institutional Class Ticker / MXTBX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXBGX** |
| **Investor Class Ticker / MXKLX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXBDX** |
| **Service Class Ticker / MXLLX** | &nbsp;&nbsp;&nbsp;**Service Class Ticker / MXBEX** |
| **Empower Lifetime 2045 Fund** | &nbsp;&nbsp;&nbsp;**Empower Lifetime 2050 Fund** |
| **Institutional Class Ticker / MXWEX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXBSX** |
| **Investor Class Ticker / MXQLX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXBOX** |
| **Service Class Ticker / MXRLX** | &nbsp;&nbsp;&nbsp;**Service Class Ticker / MXBQX** |
| **Empower Lifetime 2055 Fund** | &nbsp;&nbsp;&nbsp;**Empower Lifetime 2060 Fund** |
| **Institutional Class Ticker / MXZHX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXGUX** |
| **Investor Class Ticker / MXWLX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXGNX** |
| **Service Class Ticker / MXXLX** | &nbsp;&nbsp;&nbsp;**Service Class Ticker / MXGQX** |
| **Empower Lifetime 2065 Fund** |  |
| **Institutional Class Ticker / MXHBX** |  |
| **Investor Class Ticker / MXHCX** |  |
| **Service Class Ticker / MXHDX** |  |

---

(the "Fund(s)")

#### Semi-Annual Report
June 30, 2025

This report and the financial statements attached are submitted for general information and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein is to be considered an offer of the sale of shares of the Funds. Such offering is made only by the prospectus of each Fund, which includes details as to offering price and other information.

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2015 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 4917502 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$41503714 |
| 2913487 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24881178 |
| 2433012 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19464094 |
| 1223425 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12845959 |
| 6384698 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 58803072 |
| 2918276 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24659436 |
| 2613101 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25556128 |
| **TOTAL BOND MUTUAL FUNDS — 46.49%<br> (Cost $219,428,276)** | **TOTAL BOND MUTUAL FUNDS — 46.49%<br> (Cost $219,428,276)** | &nbsp;&nbsp;&nbsp;**$207713581** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;440504 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686958 |
| &nbsp;&nbsp;&nbsp;815600 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310963 |
| 1423057 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17688593 |
| &nbsp;&nbsp;&nbsp;931452 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9333144 |
| 1002712 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12694334 |
| 1942510 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13481017 |
| 1688411 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14385258 |
| 1446086 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11872365 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;6230003 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$61178634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186407 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675113 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4455746 |
| &nbsp;&nbsp;&nbsp;&nbsp;2467799 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13202724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384887 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4660976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71378 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1985749 |
| **TOTAL EQUITY MUTUAL FUNDS — 40.28%<br> (Cost $162,415,723)** | **TOTAL EQUITY MUTUAL FUNDS — 40.28%<br> (Cost $162,415,723)** | &nbsp;&nbsp;&nbsp;**$179945930** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 59289001<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59289001 |
| **TOTAL FIXED INTEREST CONTRACT — 13.27%<br> (Cost $59,289,001)** | **TOTAL FIXED INTEREST CONTRACT — 13.27%<br> (Cost $59,289,001)** | &nbsp;&nbsp;&nbsp;**$59289001** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $441,133,000)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $441,133,000)** | &nbsp;&nbsp;&nbsp;**$446948512** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;**$(165756)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$446782756** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2020 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 5274336 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$44515400 |
| 3129251 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26723806 |
| 2487256 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19898050 |
| 1335338 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14021050 |
| 5198505 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 47878236 |
| 3104126 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26229865 |
| 2231268 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21821798 |
| **TOTAL BOND MUTUAL FUNDS — 44.48%<br> (Cost $203,829,320)** | **TOTAL BOND MUTUAL FUNDS — 44.48%<br> (Cost $203,829,320)** | &nbsp;&nbsp;&nbsp;**$201088205** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;526997 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5607248 |
| &nbsp;&nbsp;&nbsp;944935 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9628886 |
| 1651035 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20522361 |
| 1082127 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10842917 |
| 1097083 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13889074 |
| 2126910 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14760757 |
| 1829278 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15585451 |
| 1505705 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12361835 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;6823513 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$67006898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226785 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2444746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819939 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5411599 |
| &nbsp;&nbsp;&nbsp;&nbsp;2680770 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14342120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460545 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5577206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86867 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2416646 |
| **TOTAL EQUITY MUTUAL FUNDS — 44.33%<br> (Cost $182,492,656)** | **TOTAL EQUITY MUTUAL FUNDS — 44.33%<br> (Cost $182,492,656)** | &nbsp;&nbsp;&nbsp;**$200397744** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 50742815<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50742815 |
| **TOTAL FIXED INTEREST CONTRACT — 11.23%<br> (Cost $50,742,815)** | **TOTAL FIXED INTEREST CONTRACT — 11.23%<br> (Cost $50,742,815)** | &nbsp;&nbsp;&nbsp;**$50742815** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $437,064,791)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $437,064,791)** | &nbsp;&nbsp;&nbsp;**$452228764** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;**$(164195)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$452064569** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2025 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 17462208 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$147381034 |
| 10349936 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 88388453 |
| &nbsp;&nbsp;7514909 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60119274 |
| &nbsp;&nbsp;4259657 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44726398 |
| 10752193 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 99027701 |
| 10050831 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 84929521 |
| &nbsp;&nbsp;5610027 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 54866062 |
| **TOTAL BOND MUTUAL FUNDS — 39.85%<br> (Cost $593,352,026)** | **TOTAL BOND MUTUAL FUNDS — 39.85%<br> (Cost $593,352,026)** | &nbsp;&nbsp;&nbsp;**$579438443** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;2122727 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22585819 |
| &nbsp;&nbsp;3682304 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37522677 |
| &nbsp;&nbsp;6424642 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79858305 |
| &nbsp;&nbsp;4205284 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42136948 |
| &nbsp;&nbsp;4030836 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51030385 |
| &nbsp;&nbsp;7820264 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54272632 |
| &nbsp;&nbsp;6666573 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56799198 |
| &nbsp;&nbsp;4970669 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40809191 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;25064630 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$246134665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920817 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9926407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341082 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22051139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9755956 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 52194365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854939 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 22463308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352638 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp; 9810401 |
| **TOTAL EQUITY MUTUAL FUNDS — 51.41%<br> (Cost $689,012,786)** | **TOTAL EQUITY MUTUAL FUNDS — 51.41%<br> (Cost $689,012,786)** | &nbsp;&nbsp;&nbsp;**$747595440** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 127623664<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127623664 |
| **TOTAL FIXED INTEREST CONTRACT — 8.78%<br> (Cost $127,623,664)** | **TOTAL FIXED INTEREST CONTRACT — 8.78%<br> (Cost $127,623,664)** | &nbsp;&nbsp;&nbsp;**$127623664** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $1,409,988,476)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $1,409,988,476)** | &nbsp;&nbsp;&nbsp;**$1454657547** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;**$(545336)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1454112211** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2030 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 10877610 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$91807033 |
| &nbsp;&nbsp;6455886 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55133268 |
| &nbsp;&nbsp;4262301 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34098410 |
| &nbsp;&nbsp;2518806 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26447464 |
| &nbsp;&nbsp;3659581 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33704743 |
| &nbsp;&nbsp;6125211 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 51758034 |
| &nbsp;&nbsp;2514873 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24595458 |
| **TOTAL BOND MUTUAL FUNDS — 33.51%<br> (Cost $314,534,853)** | **TOTAL BOND MUTUAL FUNDS — 33.51%<br> (Cost $314,534,853)** | &nbsp;&nbsp;&nbsp;**$317544410** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;1758427 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18709666 |
| &nbsp;&nbsp;2936380 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29921715 |
| &nbsp;&nbsp;5128919 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63752458 |
| &nbsp;&nbsp;3360786 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33675079 |
| &nbsp;&nbsp;3041053 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38499734 |
| &nbsp;&nbsp;5892189 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40891790 |
| &nbsp;&nbsp;4982863 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42453991 |
| &nbsp;&nbsp;3334133 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27373234 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;18907289 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$185669575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759173 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8183889 |
| &nbsp;&nbsp;&nbsp;&nbsp;2747215 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18131621 |
| &nbsp;&nbsp;&nbsp;&nbsp;7301023 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39060471 |
| &nbsp;&nbsp;&nbsp;&nbsp;1536865 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 18611439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290798 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8089996 |
| **TOTAL EQUITY MUTUAL FUNDS — 60.48%<br> (Cost $529,917,536)** | **TOTAL EQUITY MUTUAL FUNDS — 60.48%<br> (Cost $529,917,536)** | &nbsp;&nbsp;&nbsp;**$573024658** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 57286464<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57286464 |
| **TOTAL FIXED INTEREST CONTRACT — 6.05%<br> (Cost $57,286,464)** | **TOTAL FIXED INTEREST CONTRACT — 6.05%<br> (Cost $57,286,464)** | &nbsp;&nbsp;&nbsp;**$57286464** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $901,738,853)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $901,738,853)** | &nbsp;&nbsp;&nbsp;**$947855532** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;**$(344797)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$947510735** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2035 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 15402597 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$129997915 |
| &nbsp;&nbsp;9120539 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 77889401 |
| &nbsp;&nbsp;5794644 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 46357153 |
| &nbsp;&nbsp;3541619 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 37187002 |
| &nbsp;&nbsp;2600913 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23954408 |
| &nbsp;&nbsp;8611244 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 72765011 |
| &nbsp;&nbsp;2771830 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27108499 |
| **TOTAL BOND MUTUAL FUNDS — 24.78%<br> (Cost $419,618,031)** | **TOTAL BOND MUTUAL FUNDS — 24.78%<br> (Cost $419,618,031)** | &nbsp;&nbsp;&nbsp;**$415259389** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;3946985 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41995916 |
| &nbsp;&nbsp;6369061 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64900736 |
| 11135979 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138420217 |
| &nbsp;&nbsp;7302839 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73174449 |
| &nbsp;&nbsp;6259620 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79246790 |
| 12136020 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84223977 |
| 10135445 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86353992 |
| &nbsp;&nbsp;6036944 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49563311 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;38896969 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$381968239 |
| &nbsp;&nbsp;&nbsp;&nbsp;1702502 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18352971 |
| &nbsp;&nbsp;&nbsp;&nbsp;6141452 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40533586 |
| &nbsp;&nbsp;14856254 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 79480959 |
| &nbsp;&nbsp;&nbsp;&nbsp;3449181 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 41769579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651966 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp; 18137700 |
| **TOTAL EQUITY MUTUAL FUNDS — 71.50%<br> (Cost $1,110,452,023)** | **TOTAL EQUITY MUTUAL FUNDS — 71.50%<br> (Cost $1,110,452,023)** | &nbsp;&nbsp;&nbsp;**$1198122422** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 63033159<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63033159 |
| **TOTAL FIXED INTEREST CONTRACT — 3.76%<br> (Cost $63,033,159)** | **TOTAL FIXED INTEREST CONTRACT — 3.76%<br> (Cost $63,033,159)** | &nbsp;&nbsp;&nbsp;**$63033159** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $1,593,103,213)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $1,593,103,213)** | &nbsp;&nbsp;&nbsp;**$1676414970** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;**$(651135)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1675763835** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2040 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 4560179 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$38487912 |
| 2705349 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23103683 |
| 1686614 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13492909 |
| 1057794 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11106833 |
| &nbsp;&nbsp;&nbsp;287194 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2645059 |
| 2544796 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21503524 |
| &nbsp;&nbsp;&nbsp;643356 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6292026 |
| **TOTAL BOND MUTUAL FUNDS — 16.51%<br> (Cost $113,941,850)** | **TOTAL BOND MUTUAL FUNDS — 16.51%<br> (Cost $113,941,850)** | &nbsp;&nbsp;&nbsp;**$116631946** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| 2021302 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21506654 |
| 3165083 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32252194 |
| 5533454 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68780831 |
| 3628882 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36361397 |
| 2950892 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37358287 |
| 5715561 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39665997 |
| 4728872 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40289985 |
| 2607957 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21411325 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;18359691 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$180292166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861788 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9290070 |
| &nbsp;&nbsp;&nbsp;&nbsp;3138542 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20714378 |
| &nbsp;&nbsp;&nbsp;&nbsp;6935121 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 37102896 |
| &nbsp;&nbsp;&nbsp;&nbsp;1766625 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 21393834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330096 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9183278 |
| **TOTAL EQUITY MUTUAL FUNDS — 81.47%<br> (Cost $531,523,510)** | **TOTAL EQUITY MUTUAL FUNDS — 81.47%<br> (Cost $531,523,510)** | &nbsp;&nbsp;&nbsp;**$575603292** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 14539339<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14539339 |
| **TOTAL FIXED INTEREST CONTRACT — 2.06%<br> (Cost $14,539,339)** | **TOTAL FIXED INTEREST CONTRACT — 2.06%<br> (Cost $14,539,339)** | &nbsp;&nbsp;&nbsp;**$14539339** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $660,004,699)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $660,004,699)** | &nbsp;&nbsp;&nbsp;**$706774577** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;**$(267394)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$706507183** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2045 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| &nbsp;&nbsp;5718799 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$48266663 |
| &nbsp;&nbsp;3393458 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28980135 |
| &nbsp;&nbsp;2090442 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16723534 |
| &nbsp;&nbsp;1339535 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14065115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4204 |
| &nbsp;&nbsp;3188689 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26944424 |
| &nbsp;&nbsp;&nbsp;&nbsp;559586 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5472748 |
| **TOTAL BOND MUTUAL FUNDS — 11.54%<br> (Cost $140,381,820)** | **TOTAL BOND MUTUAL FUNDS — 11.54%<br> (Cost $140,381,820)** | &nbsp;&nbsp;&nbsp;**$140456823** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;3987589 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42427952 |
| &nbsp;&nbsp;6045515 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61603800 |
| 10555201 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131201147 |
| &nbsp;&nbsp;6913185 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69270113 |
| &nbsp;&nbsp;5345413 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67672925 |
| 10346413 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71804104 |
| &nbsp;&nbsp;8484196 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72285350 |
| &nbsp;&nbsp;4615347 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37891999 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;33199692 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$326020980 |
| &nbsp;&nbsp;&nbsp;&nbsp;1677998 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18088815 |
| &nbsp;&nbsp;&nbsp;&nbsp;6101220 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40268050 |
| &nbsp;&nbsp;12415100 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 66420786 |
| &nbsp;&nbsp;&nbsp;&nbsp;3484610 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 42198632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642600 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp; 17877133 |
| **TOTAL EQUITY MUTUAL FUNDS — 87.46%<br> (Cost $985,113,085)** | **TOTAL EQUITY MUTUAL FUNDS — 87.46%<br> (Cost $985,113,085)** | &nbsp;&nbsp;&nbsp;**$1065031786** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 12685770<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12685770 |
| **TOTAL FIXED INTEREST CONTRACT — 1.04%<br> (Cost $12,685,770)** | **TOTAL FIXED INTEREST CONTRACT — 1.04%<br> (Cost $12,685,770)** | &nbsp;&nbsp;&nbsp;**$12685770** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $1,138,180,675)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $1,138,180,675)** | &nbsp;&nbsp;&nbsp;**$1218174379** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;**$(480428)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1217693951** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2050 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 1606230 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$13556582 |
| &nbsp;&nbsp;&nbsp;952335 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8132941 |
| &nbsp;&nbsp;&nbsp;607916 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4863326 |
| &nbsp;&nbsp;&nbsp;393382 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4130512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp;905186 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7648824 |
| &nbsp;&nbsp;&nbsp;113112 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106238 |
| **TOTAL BOND MUTUAL FUNDS — 8.01%<br> (Cost $38,533,861)** | **TOTAL BOND MUTUAL FUNDS — 8.01%<br> (Cost $38,533,861)** | &nbsp;&nbsp;&nbsp;**$39438913** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| 1788380 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19028361 |
| 2626841 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26767509 |
| 4590948 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57065479 |
| 3009735 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30157545 |
| 2207590 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27948095 |
| 4280810 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29708818 |
| 3469479 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29559965 |
| 1912571 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15702211 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| 13720628 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$134736571 |
| &nbsp;&nbsp;&nbsp;&nbsp;747312 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8056024 |
| &nbsp;&nbsp;2703563 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17843514 |
| &nbsp;&nbsp;5082110 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27189286 |
| &nbsp;&nbsp;1562947 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 18927284 |
| &nbsp;&nbsp;&nbsp;&nbsp;286216 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7962542 |
| **TOTAL EQUITY MUTUAL FUNDS — 91.50%<br> (Cost $412,456,665)** | **TOTAL EQUITY MUTUAL FUNDS — 91.50%<br> (Cost $412,456,665)** | &nbsp;&nbsp;&nbsp;**$450653204** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 2636213<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636213 |
| **TOTAL FIXED INTEREST CONTRACT — 0.53%<br> (Cost $2,636,213)** | **TOTAL FIXED INTEREST CONTRACT — 0.53%<br> (Cost $2,636,213)** | &nbsp;&nbsp;&nbsp;**$2636213** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $453,626,739)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $453,626,739)** | &nbsp;&nbsp;&nbsp;**$492728330** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;**$(188570)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$492539760** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2055 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| &nbsp;&nbsp;1616224 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$13640935 |
| &nbsp;&nbsp;&nbsp;&nbsp;953828 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8145693 |
| &nbsp;&nbsp;&nbsp;&nbsp;634470 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5075762 |
| &nbsp;&nbsp;&nbsp;&nbsp;404505 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4247302 |
| &nbsp;&nbsp;&nbsp;&nbsp;919202 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7767257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89798 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 878226 |
| **TOTAL BOND MUTUAL FUNDS — 6.19%<br> (Cost $39,031,489)** | **TOTAL BOND MUTUAL FUNDS — 6.19%<br> (Cost $39,031,489)** | &nbsp;&nbsp;&nbsp;**$39755175** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;2528671 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26905060 |
| &nbsp;&nbsp;3597672 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36660282 |
| &nbsp;&nbsp;6285303 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78126321 |
| &nbsp;&nbsp;4118793 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41270303 |
| &nbsp;&nbsp;2876110 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36411550 |
| &nbsp;&nbsp;5566626 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38632388 |
| &nbsp;&nbsp;4466514 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38054703 |
| &nbsp;&nbsp;2554055 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20968795 |
| 17885295 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175633601 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;1035510 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$11162796 |
| &nbsp;&nbsp;3760041 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24816272 |
| &nbsp;&nbsp;6535055 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34962543 |
| &nbsp;&nbsp;2209676 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 26759181 |
| &nbsp;&nbsp;&nbsp;&nbsp;396518 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp; 11031114 |
| **TOTAL EQUITY MUTUAL FUNDS — 93.54%<br> (Cost $550,371,427)** | **TOTAL EQUITY MUTUAL FUNDS — 93.54%<br> (Cost $550,371,427)** | &nbsp;&nbsp;&nbsp;**$601394909** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 2000358<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000358 |
| **TOTAL FIXED INTEREST CONTRACT — 0.31%<br> (Cost $2,000,358)** | **TOTAL FIXED INTEREST CONTRACT — 0.31%<br> (Cost $2,000,358)** | &nbsp;&nbsp;&nbsp;**$2000358** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $591,403,274)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $591,403,274)** | &nbsp;&nbsp;&nbsp;**$643150442** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;**$(244316)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$642906126** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2060 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;236579 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1996726 |
| &nbsp;&nbsp;&nbsp;140783 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1202285 |
| &nbsp;&nbsp;&nbsp;&nbsp;96968 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 775744 |
| &nbsp;&nbsp;&nbsp;&nbsp;59054 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 620070 |
| &nbsp;&nbsp;&nbsp;135766 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1147219 |
| &nbsp;&nbsp;&nbsp;&nbsp;11206 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 109595 |
| **TOTAL BOND MUTUAL FUNDS — 5.21%<br> (Cost $5,710,529)** | **TOTAL BOND MUTUAL FUNDS — 5.21%<br> (Cost $5,710,529)** | &nbsp;&nbsp;&nbsp;**$5851639** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;471103 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012538 |
| &nbsp;&nbsp;&nbsp;651364 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6637395 |
| 1137309 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14136746 |
| &nbsp;&nbsp;&nbsp;744998 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464880 |
| &nbsp;&nbsp;&nbsp;494805 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264225 |
| &nbsp;&nbsp;&nbsp;959128 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6656351 |
| &nbsp;&nbsp;&nbsp;760097 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476025 |
| &nbsp;&nbsp;&nbsp;458259 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762305 |
| 3078454 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30230423 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;190200 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$2050357 |
| &nbsp;&nbsp;&nbsp;688713 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4545507 |
| 1113902 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5959379 |
| &nbsp;&nbsp;&nbsp;411744 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4986216 |
| &nbsp;&nbsp;&nbsp;&nbsp;72851 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026713 |
| **TOTAL EQUITY MUTUAL FUNDS — 94.60%<br> (Cost $98,953,891)** | **TOTAL EQUITY MUTUAL FUNDS — 94.60%<br> (Cost $98,953,891)** | &nbsp;&nbsp;&nbsp;**$106209060** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 251213<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251213 |
| **TOTAL FIXED INTEREST CONTRACT — 0.23%<br> (Cost $251,213)** | **TOTAL FIXED INTEREST CONTRACT — 0.23%<br> (Cost $251,213)** | &nbsp;&nbsp;&nbsp;**$251213** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $104,915,633)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $104,915,633)** | &nbsp;&nbsp;&nbsp;**$112311912** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;**$(41921)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$112269991** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2065 FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| &nbsp;&nbsp;63 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$531 |
| &nbsp;&nbsp;37 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;26 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;16 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;36 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;3 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| **TOTAL BOND MUTUAL FUNDS — 4.71%<br> (Cost $1,472)** | **TOTAL BOND MUTUAL FUNDS — 4.71%<br> (Cost $1,472)** | &nbsp;&nbsp;&nbsp;**$1553** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| 139 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 |
| 192 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 |
| 335 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168 |
| 220 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202 |
| 146 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 |
| 284 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968 |
| 225 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 |
| 136 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| 909 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$8926 |
| &nbsp;&nbsp;56 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
| 204 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1345 |
| 329 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1760 |
| 122 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
| &nbsp;&nbsp;22 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp; 599 |
| **TOTAL EQUITY MUTUAL FUNDS — 95.11%<br> (Cost $28,642)** | **TOTAL EQUITY MUTUAL FUNDS — 95.11%<br> (Cost $28,642)** | &nbsp;&nbsp;&nbsp;**$31367** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 67<sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.90%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| **TOTAL FIXED INTEREST CONTRACT — 0.20%<br> (Cost $67)** | **TOTAL FIXED INTEREST CONTRACT — 0.20%<br> (Cost $67)** | &nbsp;&nbsp;&nbsp;**$67** |
| **TOTAL INVESTMENTS — 100.02%<br> (Cost $30,181)** | **TOTAL INVESTMENTS — 100.02%<br> (Cost $30,181)** | &nbsp;&nbsp;&nbsp;**$32987** |
| **OTHER ASSETS & LIABILITIES, NET — (0.02)%** | **OTHER ASSETS & LIABILITIES, NET — (0.02)%** | &nbsp;&nbsp;&nbsp;**$(8)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$32979** |

---

<sup>(a)</sup> Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2).

<sup>(b)</sup> Account Balance and Cost represent net deposits.

<sup>(c)</sup> Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect as of June 30, 2025. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | *Empower<br> Lifetime 2015 Fund* | *Empower<br> Lifetime 2020 Fund* | *Empower<br> Lifetime 2025 Fund* |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, affiliated<sup>(a)</sup> | $440301787 | $444234912 | $1422383838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, unaffiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6646725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7993852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32273709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448795872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455536830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458606639 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4494428 |
| **NET ASSETS** | **$446782756** | **$452064569** | **$1454112211** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$3496857 | &nbsp;&nbsp;&nbsp;&nbsp;$4191136 | &nbsp;&nbsp;&nbsp;&nbsp;$11337332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;469062354 | &nbsp;&nbsp;&nbsp;468075041 | &nbsp;&nbsp;&nbsp;1484501631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated deficit | &nbsp;&nbsp;&nbsp;(25776455) | &nbsp;&nbsp;&nbsp;(20201608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41726752) |
| **NET ASSETS** | **$446782756** | **$452064569** | **$1454112211** |
| **NET ASSETS BY CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$310798947** | **$422197179** | &nbsp;&nbsp;&nbsp;&nbsp;**$960942230** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;**$99679468** | &nbsp;&nbsp;&nbsp;&nbsp;**$9194851** | &nbsp;&nbsp;&nbsp;&nbsp;**$348493142** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;**$36304341** | &nbsp;&nbsp;&nbsp;**$20672539** | &nbsp;&nbsp;&nbsp;&nbsp;**$144676839** |
| **CAPITAL STOCK:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22813397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39156138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66190840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7330468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24012759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23169716 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**13.62** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**10.78** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**14.52** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**13.60** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**10.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**14.51** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**7.52** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**10.80** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**6.24** |
| <sup>(a)</sup> Cost of investments, affiliated | $435450815 | $430025585 | $1381652858 |
| <sup>(b)</sup> Cost of investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;$5682185 | &nbsp;&nbsp;&nbsp;&nbsp;$7039206 | &nbsp;&nbsp;&nbsp;&nbsp;$28335618 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | *Empower<br> Lifetime 2030 Fund* | *Empower<br> Lifetime 2035 Fund* | *Empower<br> Lifetime 2040 Fund* |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, affiliated<sup>(a)</sup> | $921154097 | $1616507691 | $676197465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, unaffiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26701435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59907279 | &nbsp;&nbsp;&nbsp;&nbsp;30577112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952355746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679946686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708342896 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4262994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835713 |
| **NET ASSETS** | **$947510735** | **$1675763835** | **$706507183** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$8482668 | &nbsp;&nbsp;&nbsp;&nbsp;$13593546 | &nbsp;&nbsp;&nbsp;&nbsp;$6176323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;934086032 | &nbsp;&nbsp;&nbsp;1655694495 | &nbsp;&nbsp;&nbsp;678323281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475794 | &nbsp;&nbsp;&nbsp;&nbsp;22007579 |
| **NET ASSETS** | **$947510735** | **$1675763835** | **$706507183** |
| **NET ASSETS BY CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$840737750** | &nbsp;&nbsp;&nbsp;&nbsp;**$956615519** | **$624956227** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;**$31809349** | &nbsp;&nbsp;&nbsp;&nbsp;**$510168824** | &nbsp;&nbsp;&nbsp;**$24839159** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;**$74963636** | &nbsp;&nbsp;&nbsp;&nbsp;**$208979492** | &nbsp;&nbsp;&nbsp;**$56711797** |
| **CAPITAL STOCK:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75325092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64895789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54712150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35168153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6692608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35871515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912500 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**14.74** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.42** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**14.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.61** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**5.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.54** |
| <sup>(a)</sup> Cost of investments, affiliated | $877824599 | $1539686535 | $632764997 |
| <sup>(b)</sup> Cost of investments, unaffiliated | &nbsp;&nbsp;&nbsp;$23914254 | &nbsp;&nbsp;&nbsp;&nbsp;$53416678 | &nbsp;&nbsp;&nbsp;$27239702 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | *Empower<br> Lifetime 2045 Fund* | *Empower<br> Lifetime 2050 Fund* | *Empower<br> Lifetime 2055 Fund* |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, affiliated<sup>(a)</sup> | $1158098614 | $465838504 | $605360147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, unaffiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60075765 | &nbsp;&nbsp;&nbsp;&nbsp;26889826 | &nbsp;&nbsp;&nbsp;&nbsp;37790295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220154919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494604883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643978904 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072778 |
| **NET ASSETS** | **$1217693951** | **$492539760** | **$642906126** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9669680 | &nbsp;&nbsp;&nbsp;&nbsp;$4044707 | &nbsp;&nbsp;&nbsp;&nbsp;$5523025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;1172889405 | &nbsp;&nbsp;&nbsp;458385477 | &nbsp;&nbsp;&nbsp;614554536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35134866 | &nbsp;&nbsp;&nbsp;&nbsp;30109576 | &nbsp;&nbsp;&nbsp;&nbsp;22828565 |
| **NET ASSETS** | **$1217693951** | **$492539760** | **$642906126** |
| **NET ASSETS BY CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;**$698827029** | **$418080033** | **$255207150** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;**$361340427** | &nbsp;&nbsp;&nbsp;**$21984101** | **$240320956** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;**$157526495** | &nbsp;&nbsp;&nbsp;**$52475626** | **$147378020** |
| **CAPITAL STOCK:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45781119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34383079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12860065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24977966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12606230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25937715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29763950 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**15.26** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**12.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**19.84** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**14.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**12.35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**19.06** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**6.07** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**12.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**4.95** |
| <sup>(a)</sup> Cost of investments, affiliated | $1084892670 | $429852602 | $558329788 |
| <sup>(b)</sup> Cost of investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;$53288005 | &nbsp;&nbsp;&nbsp;$23774137 | &nbsp;&nbsp;&nbsp;$33073486 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | *Empower<br> Lifetime 2060 Fund* | *Empower<br> Lifetime 2065 Fund* |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, affiliated<sup>(a)</sup> | $105298983 | &nbsp;&nbsp;&nbsp;&nbsp;$30914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, unaffiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7012929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113032250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32990 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| **NET ASSETS** | **$112269991** | &nbsp;&nbsp;&nbsp;&nbsp;**$32979** |
| **NET ASSETS REPRESENTED BY:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$959752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;101881609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9428630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979 |
| **NET ASSETS** | **$112269991** | &nbsp;&nbsp;&nbsp;&nbsp;**$32979** |
| **NET ASSETS BY CLASS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;**$95503688** | &nbsp;&nbsp;&nbsp;&nbsp;**$10987** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;**$2799081** | &nbsp;&nbsp;&nbsp;&nbsp;**$10987** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;**$13967222** | &nbsp;&nbsp;&nbsp;&nbsp;**$11005** |
| **CAPITAL STOCK:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8174138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.68** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**10.99** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.78** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**10.99** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.78** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.01** |
| <sup>(a)</sup> Cost of investments, affiliated | &nbsp;&nbsp;&nbsp;$98550211 | &nbsp;&nbsp;&nbsp;&nbsp;$28356 |
| <sup>(b)</sup> Cost of investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;$6365422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1825 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the period ended June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> Lifetime 2015 Fund* | &nbsp;&nbsp;*Empower<br> Lifetime 2020 Fund* | &nbsp;&nbsp;*Empower<br> Lifetime 2025 Fund* |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$570760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$452435 | &nbsp;&nbsp;&nbsp;&nbsp;$1154568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186191 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less management fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927513 |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(340924)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(418831)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1741322)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;(9229770) | &nbsp;&nbsp;&nbsp;&nbsp;(5945903) | &nbsp;&nbsp;&nbsp;(31364128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569216 | &nbsp;&nbsp;&nbsp;&nbsp;(2146110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9724903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5376687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33510238) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;31351602 | &nbsp;&nbsp;&nbsp;&nbsp;28301257 | &nbsp;&nbsp;108505144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32955272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28955711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115381073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23230369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23579024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81870835 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$22889445** | &nbsp;&nbsp;**$23160193** | &nbsp;&nbsp;**$80129513** |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the period ended June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> Lifetime 2030 Fund* | &nbsp;&nbsp;*Empower<br> Lifetime 2035 Fund* | &nbsp;&nbsp;*Empower<br> Lifetime 2040 Fund* |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$485271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$591581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$127431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141907 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less management fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341924 |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp;&nbsp;&nbsp;**(1208138)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2805801)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1200017)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, affiliated | &nbsp;&nbsp;&nbsp;(11696673) | &nbsp;&nbsp;&nbsp;&nbsp;(28041490) | &nbsp;&nbsp;&nbsp;(11562350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5301077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10871761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33342567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11716929) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;63146336 | &nbsp;&nbsp;&nbsp;&nbsp;132441041 | &nbsp;&nbsp;&nbsp;&nbsp;57097956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13417977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65807580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145859018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61161647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54935819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112516451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49444718 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$53727681** | &nbsp;&nbsp;**$109710650** | &nbsp;&nbsp;**$48244701** |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the period ended June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> Lifetime 2045 Fund* | &nbsp;&nbsp;*Empower<br> Lifetime 2050 Fund* | &nbsp;&nbsp;*Empower<br> Lifetime 2055 Fund* |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$116348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34671 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less management fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277042 |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp;&nbsp;&nbsp;**(2392089)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(915139)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1242371)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, affiliated | &nbsp;&nbsp;&nbsp;(14874341) | &nbsp;&nbsp;&nbsp;&nbsp;(6761783) | &nbsp;&nbsp;&nbsp;&nbsp;(9598199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;(5310380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174155 | &nbsp;&nbsp;&nbsp;&nbsp;(1736578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20184721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6587628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11334777) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, affiliated | &nbsp;&nbsp;100181680 | &nbsp;&nbsp;&nbsp;&nbsp;41514809 | &nbsp;&nbsp;&nbsp;&nbsp;57634166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;13383405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6836742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113565085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44817303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64470908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93380364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38229675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53136131 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$90988275** | &nbsp;&nbsp;**$37314536** | &nbsp;&nbsp;**$51893760** |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the period ended June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> Lifetime 2060 Fund* | &nbsp;&nbsp;*Empower<br> Lifetime 2065 Fund<sup>(a)</sup>* |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less amount waived by distributor - Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less management fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(197832)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(50)** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;1908893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;6174699 | &nbsp;&nbsp;&nbsp;&nbsp;2558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8969342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$8771510** | &nbsp;&nbsp;**$2979** |

---

<sup>(a)</sup> Fund commenced operations on January 10, 2025.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2015 Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(340924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13244124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9724903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32955272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15519562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22889445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30843206 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13630570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5259790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4342481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23232841) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27732088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39636032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11155782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6452184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13630570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5259790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33041180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53938238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20548792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52334102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18163404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17122587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36466267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42918088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Decrease in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;(13576822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35307723) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460359578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495667301 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$446782756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$460359578 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2507307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4098618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1569247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3961121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2470790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2275245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3632689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3597759) |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2020 Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(418831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12127661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5376687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28955711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12985513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23160193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25448344 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14662208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1237668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16302735) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68278570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131671006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14662208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48885807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93213560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3348073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9117670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11477580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6185650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7050351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45058131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30210544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54203740 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421854025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367650285 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$452064569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$421854025 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12708910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4711878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9041854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(870353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1104717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319303 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2025 Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1741322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38648207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33510238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16922435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115381073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34944354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80129513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90514996 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36386635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18427191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19683266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74497092) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256022707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436819766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19934289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52853003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13559525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32699866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36386635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18427191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19683266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145371088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259963962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84334821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154748539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52880728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49776682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132380544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87059397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148398448 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367052814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218654366 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1454112211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1367052814 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18373543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31188771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5158971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10495212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18591852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6060834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11100243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8736472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7853524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3219442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9811443 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2030 Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1208138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21300266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10871761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10722588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65807580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14249386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53727681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46272240 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32128012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1885164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4910143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38923319) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252605483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362132331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11122909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12252996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26280758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32128012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98326692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165582425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8728044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15828470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30422160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18639779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130941729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238408643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;184669410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245757564 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762841325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517083761 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$947510735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$762841325 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23616512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33694899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9252428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15440156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(809126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1452568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2845406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1738007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12191606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22217371 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2035 Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2805801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41343560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33342567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50697375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145859018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31601988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109710650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123642923 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42295754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30473642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35318518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108087914) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231127117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304773434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34164936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74913000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23409588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55472461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42295754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30473642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35318518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110099503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158203550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82320287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165572888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75492769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42672778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20789082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176797593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130499732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192352602 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545264103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352911501 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1675763835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1545264103 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16489896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21563953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5419375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9281413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6287096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7896252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11254300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5974670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11995790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13450567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7103851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4104017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17456641 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2040 Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1200017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15300100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11716929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17107514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61161647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14113078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48244701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46520692 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29865277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1577886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4564650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36007813) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167905848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221109054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12227722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9132968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18701907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29865277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81320554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98741706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6222634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15269332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27730458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9659029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66029769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164376429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;114274470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174889308 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592232713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417343405 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$706507183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$592232713 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15538213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20319548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7583361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9087541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(564646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1366808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2527181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(881286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15154105 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2045 Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2392089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27974781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20184721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48095762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113565085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31122788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90988275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107193331 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33368257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23453235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27968225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84789717) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141570640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211443573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29925537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67896640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18949720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35345499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33368257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23453235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27968225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69847517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114893113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66203031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122317366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61747957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28664286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7352608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133600664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83635667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156004278 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134058284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978054006 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1217693951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1134058284 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9814033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14622948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4966016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4832293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4865533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7966708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4862085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8969068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10622556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4626298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5015260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12658213 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2050 Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(915139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10369810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6587628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14708155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44817303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12103437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37314536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37181402 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21972538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1585329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4222845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27780712) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92968055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145523791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8413801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8218364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17559053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21972538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4222845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46266133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74563072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5128944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11802222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21625975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8810278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30846926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104101785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68161462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113502475 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424378298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310875823 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$492539760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$424378298 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8117968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12598916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4049315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6458145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1006995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1867863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9076024 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2055 Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1242371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14641062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11334777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25248033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64470908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17417911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51893760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57307006 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8189422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10072918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25382878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43645218) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56590003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95855901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27514919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68259424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20247153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43230453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8189422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10072918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25382878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30170102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46249786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47185101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89372159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43912173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23577440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16915301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91791611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34978459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105453399 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607927667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502474268 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$642906126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$607927667 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8493807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5392683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1618965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2500796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2628597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5073419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9274287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4614585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4578593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11783997 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2060 Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(197832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2231804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8771510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6623470 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3965898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1176257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5281490) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30186569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43309092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11061218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12104531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18923597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1472035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11053901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4561083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12079688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36300723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20851198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37642703 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91418793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53776090 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$112269991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$91418793 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1102732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1720015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(989117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284488 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025*

---

| | |
|:---|:---|
| *Empower Lifetime 2065 Fund* | &nbsp;&nbsp;*2025<sup>(a)</sup><br> (Unaudited)* |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;32979 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32979 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> Fund commenced operations on January 10, 2025. |  |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER LIFETIME 2015 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $12.95 | (0.01) | 0.68 | 0.67 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $13.62 | &nbsp;&nbsp;5.17% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $12.74 | 0.38 | 0.44 | 0.82 | (0.35) | (0.26) | (0.61) | $12.95 | &nbsp;&nbsp;6.43% |
| &nbsp;&nbsp;12/31/2023 | $12.06 | 0.33 | 0.90 | 1.23 | (0.37) | (0.18) | (0.55) | $12.74 | 10.33% |
| &nbsp;&nbsp;12/31/2022 | $14.83 | 0.26 | (2.07) | (1.81) | (0.26) | (0.70) | (0.96) | $12.06 | (12.27%) |
| &nbsp;&nbsp;12/31/2021 | $14.77 | 0.35 | 0.90 | 1.25 | (0.33) | (0.86) | (1.19) | $14.83 | &nbsp;&nbsp;8.48% |
| &nbsp;&nbsp;12/31/2020 | $13.77 | 0.47 | 1.02 | 1.49 | (0.25) | (0.24) | (0.49) | $14.77 | 11.00% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $12.94 | (0.02) | 0.68 | 0.66 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $13.60 | &nbsp;&nbsp;5.10% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $12.71 | 0.31 | 0.50 | 0.81 | (0.32) | (0.26) | (0.58) | $12.94 | &nbsp;&nbsp;6.39% |
| &nbsp;&nbsp;12/31/2023 | $12.03 | 0.31 | 0.90 | 1.21 | (0.35) | (0.18) | (0.53) | $12.71 | 10.18% |
| &nbsp;&nbsp;12/31/2022 | $14.79 | 0.25 | (2.07) | (1.82) | (0.24) | (0.70) | (0.94) | $12.03 | (12.36%) |
| &nbsp;&nbsp;12/31/2021 | $14.72 | 0.29 | 0.94 | 1.23 | (0.30) | (0.86) | (1.16) | $14.79 | &nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;12/31/2020 | $13.68 | 0.24 | 1.24 | 1.48 | (0.20) | (0.24) | (0.44) | $14.72 | 11.01% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $7.14 | 0.01 <sup>(e)</sup> | 0.37 | 0.38 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $7.52 | &nbsp;&nbsp;5.32% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $7.30 | 0.23 | 0.27 | 0.50 | (0.40) | (0.26) | (0.66) | $7.14 | &nbsp;&nbsp;6.82% |
| &nbsp;&nbsp;12/31/2023 | $7.15 | 0.23 | 0.52 | 0.75 | (0.42) | (0.18) | (0.60) | $7.30 | 10.69% |
| &nbsp;&nbsp;12/31/2022 | $9.26 | 0.20 | (1.30) | (1.10) | (0.31) | (0.70) | (1.01) | $7.15 | (11.95%) |
| &nbsp;&nbsp;12/31/2021 | $9.67 | 0.24 | 0.61 | 0.85 | (0.40) | (0.86) | (1.26) | $9.26 | &nbsp;&nbsp;8.85% |
| &nbsp;&nbsp;12/31/2020 | $9.16 | 0.20 | 0.82 | 1.02 | (0.27) | (0.24) | (0.51) | $9.67 | 11.47% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Portfolio<br> turnover<br> rate<sup>(g)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $310799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% <sup>(d)</sup> |
| 12/31/2024 | $300597 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;14% |
| 12/31/2023 | $296360 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;&nbsp;14% |
| 12/31/2022 | $311878 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| 12/31/2021 | $422380 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;25% |
| 12/31/2020 | $370481 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;3.34% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 06/30/2025 (Unaudited) | $99679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% <sup>(d)</sup> |
| 12/31/2024 | $111207 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;14% |
| 12/31/2023 | $143675 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;14% |
| 12/31/2022 | $182845 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| 12/31/2021 | $268126 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;25% |
| 12/31/2020 | $328331 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $36304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% <sup>(d)</sup> |
| 12/31/2024 | $48556 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;3.11% | &nbsp;&nbsp;&nbsp;&nbsp;14% |
| 12/31/2023 | $55632 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;14% |
| 12/31/2022 | $51615 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| 12/31/2021 | $61545 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;25% |
| 12/31/2020 | $72053 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Not annualized for periods less than one full year.

<sup>(e)</sup> The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

<sup>(f)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(g)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER LIFETIME 2020 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.23 | (0.01) | 0.56 | 0.55 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $10.78 | &nbsp;&nbsp;5.38% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $9.95 | 0.32 | 0.37 | 0.69 | (0.30) | (0.11) | (0.41) | $10.23 | &nbsp;&nbsp;6.95% |
| &nbsp;&nbsp;12/31/2023 | $9.39 | 0.26 | 0.76 | 1.02 | (0.27) | (0.19) | (0.46) | $9.95 | 10.97% |
| &nbsp;&nbsp;12/31/2022 | $11.70 | 0.20 | (1.71) | (1.51) | (0.21) | (0.59) | (0.80) | $9.39 | (12.95%) |
| &nbsp;&nbsp;12/31/2021 | $11.57 | 0.30 | 0.76 | 1.06 | (0.28) | (0.65) | (0.93) | $11.70 | &nbsp;&nbsp;9.17% |
| &nbsp;&nbsp;12/31/2020 | $10.91 | 0.46 | 0.75 | 1.21 | (0.22) | (0.33) | (0.55) | $11.57 | 11.31% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.38 | (0.02) | 0.58 | 0.56 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $10.94 | &nbsp;&nbsp;5.39% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.08 | 0.27 | 0.41 | 0.68 | (0.27) | (0.11) | (0.38) | $10.38 | &nbsp;&nbsp;6.76% |
| &nbsp;&nbsp;12/31/2023 | $9.50 | 0.28 | 0.74 | 1.02 | (0.25) | (0.19) | (0.44) | $10.08 | 10.86% |
| &nbsp;&nbsp;12/31/2022 | $11.81 | 0.23 | (1.76) | (1.53) | (0.19) | (0.59) | (0.78) | $9.50 | (12.97%) |
| &nbsp;&nbsp;12/31/2021 | $11.64 | 0.27 | 0.79 | 1.06 | (0.24) | (0.65) | (0.89) | $11.81 | &nbsp;&nbsp;9.12% |
| &nbsp;&nbsp;12/31/2020 | $10.94 | 0.20 | 1.00 | 1.20 | (0.17) | (0.33) | (0.50) | $11.64 | 11.21% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.22 | 0.01 <sup>(e)</sup> | 0.57 | 0.58 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $10.80 | &nbsp;&nbsp;5.68% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $9.94 | 0.35 | 0.37 | 0.72 | (0.33) | (0.11) | (0.44) | $10.22 | &nbsp;&nbsp;7.28% |
| &nbsp;&nbsp;12/31/2023 | $9.40 | 0.30 | 0.75 | 1.05 | (0.32) | (0.19) | (0.51) | $9.94 | 11.30% |
| &nbsp;&nbsp;12/31/2022 | $11.73 | 0.24 | (1.72) | (1.48) | (0.26) | (0.59) | (0.85) | $9.40 | (12.61%) |
| &nbsp;&nbsp;12/31/2021 | $11.60 | 0.35 | 0.76 | 1.11 | (0.33) | (0.65) | (0.98) | $11.73 | &nbsp;&nbsp;9.60% |
| &nbsp;&nbsp;12/31/2020 | $10.92 | 0.24 | 1.01 | 1.25 | (0.24) | (0.33) | (0.57) | $11.60 | 11.72% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Portfolio<br> turnover<br> rate<sup>(g)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $422197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% <sup>(d)</sup> |
| 12/31/2024 | $381420 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| 12/31/2023 | $320587 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| 12/31/2022 | $319793 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;30% |
| 12/31/2021 | $392502 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;&nbsp;26% |
| 12/31/2020 | $251811 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;4.11% | &nbsp;&nbsp;&nbsp;&nbsp;34% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 06/30/2025 (Unaudited) | $9195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% <sup>(d)</sup> |
| 12/31/2024 | $10863 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| 12/31/2023 | $16806 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| 12/31/2022 | $17343 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;30% |
| 12/31/2021 | $24730 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;26% |
| 12/31/2020 | $30583 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;34% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $20673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% <sup>(d)</sup> |
| 12/31/2024 | $29570 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;3.42% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| 12/31/2023 | $30257 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;3.06% | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| 12/31/2022 | $34008 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;30% |
| 12/31/2021 | $46048 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;26% |
| 12/31/2020 | $47668 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Not annualized for periods less than one full year.

<sup>(e)</sup> The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

<sup>(f)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(g)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER LIFETIME 2025 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $13.71 | (0.02) | 0.83 | 0.81 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $14.52 | &nbsp;&nbsp;5.91% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $13.40 | 0.45 | 0.54 | 0.99 | (0.34) | (0.34) | (0.68) | $13.71 | &nbsp;&nbsp;7.33% |
| &nbsp;&nbsp;12/31/2023 | $12.52 | 0.34 | 1.13 | 1.47 | (0.31) | (0.28) | (0.59) | $13.40 | 11.91% |
| &nbsp;&nbsp;12/31/2022 | $15.65 | 0.26 | (2.42) | (2.16) | (0.23) | (0.74) | (0.97) | $12.52 | (13.83%) |
| &nbsp;&nbsp;12/31/2021 | $15.50 | 0.39 | 1.18 | 1.57 | (0.35) | (1.07) | (1.42) | $15.65 | 10.16% |
| &nbsp;&nbsp;12/31/2020 | $14.46 | 0.49 | 1.23 | 1.72 | (0.27) | (0.41) | (0.68) | $15.50 | 12.24% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $13.72 | (0.03) | 0.82 | 0.79 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $14.51 | &nbsp;&nbsp;5.76% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $13.38 | 0.34 | 0.65 | 0.99 | (0.31) | (0.34) | (0.65) | $13.72 | &nbsp;&nbsp;7.34% |
| &nbsp;&nbsp;12/31/2023 | $12.50 | 0.32 | 1.13 | 1.45 | (0.29) | (0.28) | (0.57) | $13.38 | 11.72% |
| &nbsp;&nbsp;12/31/2022 | $15.61 | 0.23 | (2.39) | (2.16) | (0.21) | (0.74) | (0.95) | $12.50 | (13.88%) |
| &nbsp;&nbsp;12/31/2021 | $15.44 | 0.32 | 1.23 | 1.55 | (0.31) | (1.07) | (1.38) | $15.61 | 10.09% |
| &nbsp;&nbsp;12/31/2020 | $14.37 | 0.25 | 1.44 | 1.69 | (0.21) | (0.41) | (0.62) | $15.44 | 12.12% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $5.89 | 0.00 <sup>(e)(f)</sup> | 0.35 | 0.35 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $6.24 | &nbsp;&nbsp;5.94% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $6.13 | 0.21 | 0.27 | 0.48 | (0.38) | (0.34) | (0.72) | $5.89 | &nbsp;&nbsp;7.83% |
| &nbsp;&nbsp;12/31/2023 | $6.07 | 0.20 | 0.52 | 0.72 | (0.38) | (0.28) | (0.66) | $6.13 | 12.18% |
| &nbsp;&nbsp;12/31/2022 | $8.20 | 0.16 | (1.26) | (1.10) | (0.29) | (0.74) | (1.03) | $6.07 | (13.43%) |
| &nbsp;&nbsp;12/31/2021 | $8.78 | 0.24 | 0.68 | 0.92 | (0.43) | (1.07) | (1.50) | $8.20 | 10.52% |
| &nbsp;&nbsp;12/31/2020 | $8.47 | 0.20 | 0.82 | 1.02 | (0.30) | (0.41) | (0.71) | $8.78 | 12.67% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(g)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(g)</sup> | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(g)</sup> | Portfolio<br> turnover<br> rate<sup>(h)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $960942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27%) <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% <sup>(d)</sup> |
| 12/31/2024 | $799709 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;3.24% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2023 | $577246 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2022 | $541300 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2021 | $655221 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| 12/31/2020 | $509178 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;3.35% | &nbsp;&nbsp;&nbsp;&nbsp;28% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 06/30/2025 (Unaudited) | $348493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37%) <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% <sup>(d)</sup> |
| 12/31/2024 | $392833 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2023 | $463127 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2022 | $541410 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2021 | $764922 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| 12/31/2020 | $901294 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;28% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $144677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% <sup>(d)</sup> |
| 12/31/2024 | $174511 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2023 | $178282 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2022 | $180371 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2021 | $188094 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| 12/31/2020 | $198671 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Not annualized for periods less than one full year.

<sup>(e)</sup> Amount was less than $0.01 per share.

<sup>(f)</sup> The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

<sup>(g)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(h)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(i)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER LIFETIME 2030 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.49 | (0.02) | 0.69 | 0.67 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.16 | &nbsp;&nbsp;6.39% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.25 | 0.36 | 0.47 | 0.83 | (0.30) | (0.29) | (0.59) | $10.49 | &nbsp;&nbsp;8.06% |
| &nbsp;&nbsp;12/31/2023 | $9.56 | 0.27 | 0.96 | 1.23 | (0.26) | (0.28) | (0.54) | $10.25 | 13.07% |
| &nbsp;&nbsp;12/31/2022 | $12.22 | 0.19 | (1.98) | (1.79) | (0.19) | (0.68) | (0.87) | $9.56 | (14.62%) |
| &nbsp;&nbsp;12/31/2021 | $11.94 | 0.35 | 1.03 | 1.38 | (0.32) | (0.78) | (1.10) | $12.22 | 11.60% |
| &nbsp;&nbsp;12/31/2020 | $11.24 | 0.53 | 0.84 | 1.37 | (0.22) | (0.45) | (0.67) | $11.94 | 12.61% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.65 | (0.02) | 0.69 | 0.67 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.32 | &nbsp;&nbsp;6.29% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.38 | 0.29 | 0.54 | 0.83 | (0.27) | (0.29) | (0.56) | $10.65 | &nbsp;&nbsp;7.98% |
| &nbsp;&nbsp;12/31/2023 | $9.67 | 0.26 | 0.97 | 1.23 | (0.24) | (0.28) | (0.52) | $10.38 | 12.93% |
| &nbsp;&nbsp;12/31/2022 | $12.34 | 0.19 | (2.01) | (1.82) | (0.17) | (0.68) | (0.85) | $9.67 | (14.72%) |
| &nbsp;&nbsp;12/31/2021 | $12.02 | 0.30 | 1.08 | 1.38 | (0.28) | (0.78) | (1.06) | $12.34 | 11.54% |
| &nbsp;&nbsp;12/31/2020 | $11.28 | 0.22 | 1.15 | 1.37 | (0.18) | (0.45) | (0.63) | $12.02 | 12.50% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.51 | 0.00 <sup>(e)(f)</sup> | 0.69 | 0.69 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.20 | &nbsp;&nbsp;6.57% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.25 | 0.37 | 0.51 | 0.88 | (0.33) | (0.29) | (0.62) | $10.51 | &nbsp;&nbsp;8.54% |
| &nbsp;&nbsp;12/31/2023 | $9.58 | 0.30 | 0.96 | 1.26 | (0.31) | (0.28) | (0.59) | $10.25 | 13.34% |
| &nbsp;&nbsp;12/31/2022 | $12.26 | 0.24 | (1.99) | (1.75) | (0.25) | (0.68) | (0.93) | $9.58 | (14.29%) |
| &nbsp;&nbsp;12/31/2021 | $11.98 | 0.38 | 1.05 | 1.43 | (0.37) | (0.78) | (1.15) | $12.26 | 12.00% |
| &nbsp;&nbsp;12/31/2020 | $11.26 | 0.24 | 1.17 | 1.41 | (0.24) | (0.45) | (0.69) | $11.98 | 12.99% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(g)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(g)</sup> | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(g)</sup> | Portfolio<br> turnover<br> rate<sup>(h)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $840738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32%) <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% <sup>(d)</sup> |
| 12/31/2024 | $639666 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;13% |
| 12/31/2023 | $406535 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;26% |
| 12/31/2022 | $332604 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;26% |
| 12/31/2021 | $368130 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;25% |
| 12/31/2020 | $227945 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;4.60% | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 06/30/2025 (Unaudited) | $31809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42%) <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% <sup>(d)</sup> |
| 12/31/2024 | $34979 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;13% |
| 12/31/2023 | $36594 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;26% |
| 12/31/2022 | $35169 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;26% |
| 12/31/2021 | $46395 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;25% |
| 12/31/2020 | $46337 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $74964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% <sup>(d)</sup> |
| 12/31/2024 | $88197 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;13% |
| 12/31/2023 | $73954 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;26% |
| 12/31/2022 | $64855 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;26% |
| 12/31/2021 | $76991 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;25% |
| 12/31/2020 | $66143 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Not annualized for periods less than one full year.

<sup>(e)</sup> Amount was less than $0.01 per share.

<sup>(f)</sup> The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

<sup>(g)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(h)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(i)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER LIFETIME 2035 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $13.78 | (0.03) | 0.99 | 0.96 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $14.74 | &nbsp;&nbsp;6.97% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $13.38 | 0.42 | 0.81 | 1.23 | (0.30) | (0.53) | (0.83) | $13.78 | &nbsp;&nbsp;9.19% |
| &nbsp;&nbsp;12/31/2023 | $12.22 | 0.31 | 1.43 | 1.74 | (0.26) | (0.32) | (0.58) | $13.38 | 14.40% |
| &nbsp;&nbsp;12/31/2022 | $15.70 | 0.24 | (2.69) | (2.45) | (0.19) | (0.84) | (1.03) | $12.22 | (15.62%) |
| &nbsp;&nbsp;12/31/2021 | $15.17 | 0.46 | 1.57 | 2.03 | (0.37) | (1.13) | (1.50) | $15.70 | 13.46% |
| &nbsp;&nbsp;12/31/2020 | $14.18 | 0.48 | 1.33 | 1.81 | (0.25) | (0.57) | (0.82) | $15.17 | 13.30% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $13.57 | (0.03) | 0.97 | 0.94 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $14.51 | &nbsp;&nbsp;6.93% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $13.18 | 0.34 | 0.85 | 1.19 | (0.27) | (0.53) | (0.80) | $13.57 | &nbsp;&nbsp;9.06% |
| &nbsp;&nbsp;12/31/2023 | $12.03 | 0.30 | 1.40 | 1.70 | (0.23) | (0.32) | (0.55) | $13.18 | 14.32% |
| &nbsp;&nbsp;12/31/2022 | $15.46 | 0.20 | (2.62) | (2.42) | (0.17) | (0.84) | (1.01) | $12.03 | (15.70%) |
| &nbsp;&nbsp;12/31/2021 | $14.94 | 0.36 | 1.62 | 1.98 | (0.33) | (1.13) | (1.46) | $15.46 | 13.34% |
| &nbsp;&nbsp;12/31/2020 | $13.93 | 0.24 | 1.54 | 1.78 | (0.20) | (0.57) | (0.77) | $14.94 | 13.29% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $5.44 | (0.00) <sup>(e)</sup> | 0.39 | 0.39 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $5.83 | &nbsp;&nbsp;7.17% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $5.77 | 0.20 | 0.35 | 0.55 | (0.35) | (0.53) | (0.88) | $5.44 | &nbsp;&nbsp;9.54% |
| &nbsp;&nbsp;12/31/2023 | $5.61 | 0.17 | 0.64 | 0.81 | (0.33) | (0.32) | (0.65) | $5.77 | 14.91% |
| &nbsp;&nbsp;12/31/2022 | $7.92 | 0.14 | (1.34) | (1.20) | (0.27) | (0.84) | (1.11) | $5.61 | (15.29%) |
| &nbsp;&nbsp;12/31/2021 | $8.36 | 0.24 | 0.90 | 1.14 | (0.45) | (1.13) | (1.58) | $7.92 | 13.83% |
| &nbsp;&nbsp;12/31/2020 | $8.17 | 0.18 | 0.87 | 1.05 | (0.29) | (0.57) | (0.86) | $8.36 | 13.84% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Portfolio<br> turnover<br> rate<sup>(g)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $956616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% <sup>(d)</sup> |
| 12/31/2024 | $775753 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| 12/31/2023 | $574908 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;23% |
| 12/31/2022 | $487896 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| 12/31/2021 | $549911 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| 12/31/2020 | $423605 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;3.40% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 06/30/2025 (Unaudited) | $510169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% <sup>(d)</sup> |
| 12/31/2024 | $524495 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| 12/31/2023 | $566915 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;23% |
| 12/31/2022 | $607917 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| 12/31/2021 | $848269 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| 12/31/2020 | $934399 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $208979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% <sup>(d)</sup> |
| 12/31/2024 | $245015 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| 12/31/2023 | $211088 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;23% |
| 12/31/2022 | $192523 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| 12/31/2021 | $209808 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;2.77% | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| 12/31/2020 | $206898 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Not annualized for periods less than one full year.

<sup>(e)</sup> Amount was less than $0.01 per share.

<sup>(f)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(g)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER LIFETIME 2040 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.62 | (0.02) | 0.82 | 0.80 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.42 | &nbsp;&nbsp;7.53% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.28 | 0.32 | 0.72 | 1.04 | (0.28) | (0.42) | (0.70) | $10.62 | 10.19% |
| &nbsp;&nbsp;12/31/2023 | $9.38 | 0.25 | 1.21 | 1.46 | (0.24) | (0.32) | (0.56) | $10.28 | 15.73% |
| &nbsp;&nbsp;12/31/2022 | $12.40 | 0.17 | (2.19) | (2.02) | (0.17) | (0.83) | (1.00) | $9.38 | (16.30%) |
| &nbsp;&nbsp;12/31/2021 | $11.89 | 0.40 | 1.39 | 1.79 | (0.36) | (0.92) | (1.28) | $12.40 | 15.11% |
| &nbsp;&nbsp;12/31/2020 | $11.19 | 0.57 | 0.88 | 1.45 | (0.21) | (0.54) | (0.75) | $11.89 | 13.60% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.80 | (0.03) | 0.84 | 0.81 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.61 | &nbsp;&nbsp;7.50% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.43 | 0.25 | 0.79 | 1.04 | (0.25) | (0.42) | (0.67) | $10.80 | 10.06% |
| &nbsp;&nbsp;12/31/2023 | $9.50 | 0.23 | 1.23 | 1.46 | (0.21) | (0.32) | (0.53) | $10.43 | 15.61% |
| &nbsp;&nbsp;12/31/2022 | $12.53 | 0.18 | (2.23) | (2.05) | (0.15) | (0.83) | (0.98) | $9.50 | (16.41%) |
| &nbsp;&nbsp;12/31/2021 | $11.98 | 0.35 | 1.44 | 1.79 | (0.32) | (0.92) | (1.24) | $12.53 | 14.97% |
| &nbsp;&nbsp;12/31/2020 | $11.24 | 0.22 | 1.23 | 1.45 | (0.17) | (0.54) | (0.71) | $11.98 | 13.53% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.71 | (0.00) <sup>(e)</sup> | 0.83 | 0.83 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.54 | &nbsp;&nbsp;7.75% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.36 | 0.38 | 0.70 | 1.08 | (0.31) | (0.42) | (0.73) | $10.71 | 10.51% |
| &nbsp;&nbsp;12/31/2023 | $9.46 | 0.29 | 1.21 | 1.50 | (0.28) | (0.32) | (0.60) | $10.36 | 16.10% |
| &nbsp;&nbsp;12/31/2022 | $12.51 | 0.21 | (2.21) | (2.00) | (0.22) | (0.83) | (1.05) | $9.46 | (16.00%) |
| &nbsp;&nbsp;12/31/2021 | $11.99 | 0.42 | 1.43 | 1.85 | (0.41) | (0.92) | (1.33) | $12.51 | 15.52% |
| &nbsp;&nbsp;12/31/2020 | $11.26 | 0.23 | 1.27 | 1.50 | (0.23) | (0.54) | (0.77) | $11.99 | 14.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Portfolio<br> turnover<br> rate<sup>(g)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $624956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% <sup>(d)</sup> |
| 12/31/2024 | $496463 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;&nbsp;12% |
| 12/31/2023 | $336555 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;19% |
| 12/31/2022 | $252781 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| 12/31/2021 | $260810 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| 12/31/2020 | $156385 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;5.03% | &nbsp;&nbsp;&nbsp;&nbsp;30% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 06/30/2025 (Unaudited) | $24839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% <sup>(d)</sup> |
| 12/31/2024 | $25005 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;12% |
| 12/31/2023 | $25253 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;19% |
| 12/31/2022 | $25728 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| 12/31/2021 | $38173 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| 12/31/2020 | $40091 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;30% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $56712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% <sup>(d)</sup> |
| 12/31/2024 | $70765 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;12% |
| 12/31/2023 | $55535 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;19% |
| 12/31/2022 | $44836 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| 12/31/2021 | $58214 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| 12/31/2020 | $47103 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Not annualized for periods less than one full year.

<sup>(e)</sup> Amount was less than $0.01 per share.

<sup>(f)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(g)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER LIFETIME 2045 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $14.13 | (0.03) | 1.16 | 1.13 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $15.26 | &nbsp;&nbsp;8.00% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $13.56 | 0.39 | 1.07 | 1.46 | (0.27) | (0.62) | (0.89) | $14.13 | 10.82% |
| &nbsp;&nbsp;12/31/2023 | $12.15 | 0.29 | 1.72 | 2.01 | (0.23) | (0.37) | (0.60) | $13.56 | 16.73% |
| &nbsp;&nbsp;12/31/2022 | $15.97 | 0.22 | (2.90) | (2.68) | (0.18) | (0.96) | (1.14) | $12.15 | (16.82%) |
| &nbsp;&nbsp;12/31/2021 | $15.17 | 0.53 | 1.89 | 2.42 | (0.41) | (1.21) | (1.62) | $15.97 | 16.02% |
| &nbsp;&nbsp;12/31/2020 | $14.16 | 0.53 | 1.35 | 1.88 | (0.24) | (0.63) | (0.87) | $15.17 | 13.89% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $13.40 | (0.04) | 1.11 | 1.07 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $14.47 | &nbsp;&nbsp;7.99% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $12.89 | 0.32 | 1.06 | 1.38 | (0.25) | (0.62) | (0.87) | $13.40 | 10.75% |
| &nbsp;&nbsp;12/31/2023 | $11.57 | 0.26 | 1.63 | 1.89 | (0.20) | (0.37) | (0.57) | $12.89 | 16.57% |
| &nbsp;&nbsp;12/31/2022 | $15.26 | 0.17 | (2.75) | (2.58) | (0.15) | (0.96) | (1.11) | $11.57 | (16.92%) |
| &nbsp;&nbsp;12/31/2021 | $14.54 | 0.39 | 1.91 | 2.30 | (0.37) | (1.21) | (1.58) | $15.26 | 15.91% |
| &nbsp;&nbsp;12/31/2020 | $13.57 | 0.22 | 1.57 | 1.79 | (0.19) | (0.63) | (0.82) | $14.54 | 13.81% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $5.61 | (0.00) <sup>(e)</sup> | 0.46 | 0.46 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $6.07 | &nbsp;&nbsp;8.20% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $5.90 | 0.19 | 0.47 | 0.66 | (0.33) | (0.62) | (0.95) | $5.61 | 11.17% |
| &nbsp;&nbsp;12/31/2023 | $5.63 | 0.17 | 0.77 | 0.94 | (0.30) | (0.37) | (0.67) | $5.90 | 17.19% |
| &nbsp;&nbsp;12/31/2022 | $8.19 | 0.14 | (1.49) | (1.35) | (0.25) | (0.96) | (1.21) | $5.63 | (16.54%) |
| &nbsp;&nbsp;12/31/2021 | $8.51 | 0.28 | 1.10 | 1.38 | (0.49) | (1.21) | (1.70) | $8.19 | 16.39% |
| &nbsp;&nbsp;12/31/2020 | $8.32 | 0.19 | 0.91 | 1.10 | (0.28) | (0.63) | (0.91) | $8.51 | 14.33% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Portfolio<br> turnover<br> rate<sup>(g)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $698827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% <sup>(d)</sup> |
| 12/31/2024 | $577099 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;2.69% | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| 12/31/2023 | $431493 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;19% |
| 12/31/2022 | $322379 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;21% |
| 12/31/2021 | $324585 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| 12/31/2020 | $225206 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;3.78% | &nbsp;&nbsp;&nbsp;&nbsp;23% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 06/30/2025 (Unaudited) | $361340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% <sup>(d)</sup> |
| 12/31/2024 | $370445 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| 12/31/2023 | $385495 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;19% |
| 12/31/2022 | $397179 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;21% |
| 12/31/2021 | $572549 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| 12/31/2020 | $589841 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;23% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $157526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% <sup>(d)</sup> |
| 12/31/2024 | $186514 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| 12/31/2023 | $161066 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;19% |
| 12/31/2022 | $136504 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;21% |
| 12/31/2021 | $151185 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.11% | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| 12/31/2020 | $147820 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Not annualized for periods less than one full year.

<sup>(e)</sup> Amount was less than $0.01 per share.

<sup>(f)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(g)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER LIFETIME 2050 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $11.23 | (0.03) | 0.96 | 0.93 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $12.16 | &nbsp;&nbsp;8.28% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.83 | 0.32 | 0.88 | 1.20 | (0.28) | (0.52) | (0.80) | $11.23 | 11.14% |
| &nbsp;&nbsp;12/31/2023 | $9.76 | 0.25 | 1.39 | 1.64 | (0.23) | (0.34) | (0.57) | $10.83 | 17.05% |
| &nbsp;&nbsp;12/31/2022 | $12.96 | 0.19 | (2.39) | (2.20) | (0.17) | (0.83) | (1.00) | $9.76 | (16.95%) |
| &nbsp;&nbsp;12/31/2021 | $12.37 | 0.47 | 1.52 | 1.99 | (0.40) | (1.00) | (1.40) | $12.96 | 16.15% |
| &nbsp;&nbsp;12/31/2020 | $11.62 | 0.59 | 0.95 | 1.54 | (0.22) | (0.57) | (0.79) | $12.37 | 13.96% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $11.40 | (0.03) | 0.98 | 0.95 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $12.35 | &nbsp;&nbsp;8.33% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.97 | 0.27 | 0.93 | 1.20 | (0.25) | (0.52) | (0.77) | $11.40 | 11.02% |
| &nbsp;&nbsp;12/31/2023 | $9.87 | 0.26 | 1.38 | 1.64 | (0.20) | (0.34) | (0.54) | $10.97 | 16.86% |
| &nbsp;&nbsp;12/31/2022 | $13.08 | 0.16 | (2.39) | (2.23) | (0.15) | (0.83) | (0.98) | $9.87 | (17.07%) |
| &nbsp;&nbsp;12/31/2021 | $12.44 | 0.37 | 1.62 | 1.99 | (0.35) | (1.00) | (1.35) | $13.08 | 16.06% |
| &nbsp;&nbsp;12/31/2020 | $11.66 | 0.21 | 1.32 | 1.53 | (0.18) | (0.57) | (0.75) | $12.44 | 13.79% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $11.29 | (0.01) | 0.97 | 0.96 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $12.25 | &nbsp;&nbsp;8.50% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.88 | 0.36 | 0.88 | 1.24 | (0.31) | (0.52) | (0.83) | $11.29 | 11.49% |
| &nbsp;&nbsp;12/31/2023 | $9.81 | 0.32 | 1.36 | 1.68 | (0.27) | (0.34) | (0.61) | $10.88 | 17.43% |
| &nbsp;&nbsp;12/31/2022 | $13.03 | 0.20 | (2.37) | (2.17) | (0.22) | (0.83) | (1.05) | $9.81 | (16.65%) |
| &nbsp;&nbsp;12/31/2021 | $12.43 | 0.47 | 1.58 | 2.05 | (0.45) | (1.00) | (1.45) | $13.03 | 16.56% |
| &nbsp;&nbsp;12/31/2020 | $11.66 | 0.24 | 1.34 | 1.58 | (0.24) | (0.57) | (0.81) | $12.43 | 14.30% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(e)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(e)</sup> | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(e)</sup> | Portfolio<br> turnover<br> rate<sup>(f)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $418080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45%) <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% <sup>(d)</sup> |
| 12/31/2024 | $340307 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;12% |
| 12/31/2023 | $240701 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;12% |
| 12/31/2022 | $144747 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2021 | $123992 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| 12/31/2020 | $61877 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;5.04% | &nbsp;&nbsp;&nbsp;&nbsp;31% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 06/30/2025 (Unaudited) | $21984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55%) <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% <sup>(d)</sup> |
| 12/31/2024 | $22694 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;12% |
| 12/31/2023 | $23385 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;12% |
| 12/31/2022 | $22872 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2021 | $33950 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.72% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| 12/31/2020 | $34760 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;31% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $52476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10%) <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% <sup>(d)</sup> |
| 12/31/2024 | $61377 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;&nbsp;12% |
| 12/31/2023 | $46790 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.02% | &nbsp;&nbsp;&nbsp;&nbsp;12% |
| 12/31/2022 | $35495 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2021 | $43569 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| 12/31/2020 | $35250 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Not annualized for periods less than one full year.

<sup>(e)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(f)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(g)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER LIFETIME 2055 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $18.29 | (0.04) | 1.59 | 1.55 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $19.84 | &nbsp;&nbsp;8.47% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $17.17 | 0.52 | 1.37 | 1.89 | (0.22) | (0.55) | (0.77) | $18.29 | 11.10% |
| &nbsp;&nbsp;12/31/2023 | $15.20 | 0.37 | 2.20 | 2.57 | (0.20) | (0.40) | (0.60) | $17.17 | 17.06% |
| &nbsp;&nbsp;12/31/2022 | $19.79 | 0.28 | (3.67) | (3.39) | (0.16) | (1.04) | (1.20) | $15.20 | (17.13%) |
| &nbsp;&nbsp;12/31/2021 | $18.56 | 0.69 | 2.29 | 2.98 | (0.43) | (1.32) | (1.75) | $19.79 | 16.10% |
| &nbsp;&nbsp;12/31/2020 | $17.21 | 0.57 | 1.73 | 2.30 | (0.24) | (0.71) | (0.95) | $18.56 | 13.96% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $17.58 | (0.05) | 1.53 | 1.48 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $19.06 | &nbsp;&nbsp;8.42% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $16.52 | 0.37 | 1.44 | 1.81 | (0.20) | (0.55) | (0.75) | $17.58 | 11.00% |
| &nbsp;&nbsp;12/31/2023 | $14.64 | 0.33 | 2.12 | 2.45 | (0.17) | (0.40) | (0.57) | $16.52 | 16.88% |
| &nbsp;&nbsp;12/31/2022 | $19.08 | 0.22 | (3.49) | (3.27) | (0.13) | (1.04) | (1.17) | $14.64 | (17.16%) |
| &nbsp;&nbsp;12/31/2021 | $17.93 | 0.50 | 2.36 | 2.86 | (0.39) | (1.32) | (1.71) | $19.08 | 15.94% |
| &nbsp;&nbsp;12/31/2020 | $16.63 | 0.28 | 1.92 | 2.20 | (0.19) | (0.71) | (0.90) | $17.93 | 13.81% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $4.55 | (0.00) <sup>(e)</sup> | 0.40 | 0.40 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $4.95 | &nbsp;&nbsp;8.79% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $4.85 | 0.16 | 0.38 | 0.54 | (0.29) | (0.55) | (0.84) | $4.55 | 11.41% |
| &nbsp;&nbsp;12/31/2023 | $4.73 | 0.14 | 0.67 | 0.81 | (0.29) | (0.40) | (0.69) | $4.85 | 17.52% |
| &nbsp;&nbsp;12/31/2022 | $7.24 | 0.12 | (1.34) | (1.22) | (0.25) | (1.04) | (1.29) | $4.73 | (16.90%) |
| &nbsp;&nbsp;12/31/2021 | $7.81 | 0.26 | 1.03 | 1.29 | (0.54) | (1.32) | (1.86) | $7.24 | 16.54% |
| &nbsp;&nbsp;12/31/2020 | $7.81 | 0.17 | 0.84 | 1.01 | (0.30) | (0.71) | (1.01) | $7.81 | 14.33% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(f)</sup> | Portfolio<br> turnover<br> rate<sup>(g)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $255207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% <sup>(d)</sup> |
| 12/31/2024 | $209285 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| 12/31/2023 | $142460 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;19% |
| 12/31/2022 | $93973 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| 12/31/2021 | $85259 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;3.39% | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| 12/31/2020 | $55218 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;28% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 06/30/2025 (Unaudited) | $240321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% <sup>(d)</sup> |
| 12/31/2024 | $240746 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| 12/31/2023 | $236790 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;19% |
| 12/31/2022 | $230635 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| 12/31/2021 | $309711 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.58% | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| 12/31/2020 | $303106 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;28% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $147378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11%) <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% <sup>(d)</sup> |
| 12/31/2024 | $157897 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| 12/31/2023 | $123224 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;19% |
| 12/31/2022 | $92095 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| 12/31/2021 | $100392 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.06% | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| 12/31/2020 | $96602 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Not annualized for periods less than one full year.

<sup>(e)</sup> Amount was less than $0.01 per share.

<sup>(f)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(g)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER LIFETIME 2060 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.75 | (0.02) | 0.95 | 0.93 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.68 | &nbsp;&nbsp;8.65% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.32 | 0.33 | 0.79 | 1.12 | (0.26) | (0.43) | (0.69) | $10.75 | 10.90% |
| &nbsp;&nbsp;12/31/2023 | $9.26 | 0.27 | 1.28 | 1.55 | (0.25) | (0.24) | (0.49) | $10.32 | 16.97% |
| &nbsp;&nbsp;12/31/2022 | $12.19 | 0.19 | (2.27) | (2.08) | (0.21) | (0.64) | (0.85) | $9.26 | (17.10%) |
| &nbsp;&nbsp;12/31/2021 | $11.42 | 0.51 | 1.30 | 1.81 | (0.44) | (0.60) | (1.04) | $12.19 | 15.89% |
| &nbsp;&nbsp;12/31/2020 | $10.58 | 0.55 | 0.89 | 1.44 | (0.31) | (0.29) | (0.60) | $11.42 | 13.93% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.85 | (0.03) | 0.96 | 0.93 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.78 | &nbsp;&nbsp;8.57% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.39 | 0.27 | 0.85 | 1.12 | (0.23) | (0.43) | (0.66) | $10.85 | 10.81% |
| &nbsp;&nbsp;12/31/2023 | $9.31 | 0.31 | 1.24 | 1.55 | (0.23) | (0.24) | (0.47) | $10.39 | 16.89% |
| &nbsp;&nbsp;12/31/2022 | $12.25 | 0.19 | (2.29) | (2.10) | (0.20) | (0.64) | (0.84) | $9.31 | (17.15%) |
| &nbsp;&nbsp;12/31/2021 | $11.46 | 0.52 | 1.28 | 1.80 | (0.41) | (0.60) | (1.01) | $12.25 | 15.69% |
| &nbsp;&nbsp;12/31/2020 | $10.59 | 0.72 | 0.72 | 1.44 | (0.28) | (0.29) | (0.57) | $11.46 | 13.90% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.82 | (0.01) | 0.97 | 0.96 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.78 | &nbsp;&nbsp;8.87% <sup>(d)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.37 | 0.38 | 0.79 | 1.17 | (0.29) | (0.43) | (0.72) | $10.82 | 11.33% |
| &nbsp;&nbsp;12/31/2023 | $9.31 | 0.30 | 1.29 | 1.59 | (0.29) | (0.24) | (0.53) | $10.37 | 17.35% |
| &nbsp;&nbsp;12/31/2022 | $12.23 | 0.26 | (2.32) | (2.06) | (0.22) | (0.64) | (0.86) | $9.31 | (16.84%) |
| &nbsp;&nbsp;12/31/2021 | $11.46 | 0.50 | 1.36 | 1.86 | (0.49) | (0.60) | (1.09) | $12.23 | 16.26% |
| &nbsp;&nbsp;12/31/2020 | $10.59 | 0.75 | 0.74 | 1.49 | (0.33) | (0.29) | (0.62) | $11.46 | 14.40% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(e)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(e)</sup> | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(e)</sup> | Portfolio<br> turnover<br> rate<sup>(f)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $95504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46%) <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% <sup>(d)</sup> |
| 12/31/2024 | $70255 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;18% |
| 12/31/2023 | $40984 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| 12/31/2022 | $18430 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| 12/31/2021 | $14125 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;&nbsp;46% |
| 12/31/2020 | $3333 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;4.99% | &nbsp;&nbsp;116% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 06/30/2025 (Unaudited) | $2799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56%) <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% <sup>(d)</sup> |
| 12/31/2024 | $2098 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;18% |
| 12/31/2023 | $1727 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| 12/31/2022 | $830 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| 12/31/2021 | $805 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;4.12% | &nbsp;&nbsp;&nbsp;&nbsp;46% |
| 12/31/2020 | $98 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;7.14% | &nbsp;&nbsp;116% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $13967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11%) <sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% <sup>(d)</sup> |
| 12/31/2024 | $19066 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;18% |
| 12/31/2023 | $11065 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| 12/31/2022 | $6786 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| 12/31/2021 | $3245 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;&nbsp;&nbsp;46% |
| 12/31/2020 | $1888 | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;7.02% | &nbsp;&nbsp;116% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Not annualized for periods less than one full year.

<sup>(e)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(f)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(g)</sup> Annualized.

See Notes to Financial Statements.

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*Semi-Annual Report - June 30, 2025*

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### EMPOWER FUNDS, INC. EMPOWER LIFETIME 2065 FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> loss<sup>(a)</sup> | Net realized<br> and unrealized<br> gain | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| &nbsp;&nbsp;06/30/2025 (Unaudited)<sup>(d)</sup> | $10.00 | (0.02) | 1.01 | 0.99 |  |  |  | $10.99 &nbsp;&nbsp;&nbsp;&nbsp;9.90% <sup>(e)</sup> |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| &nbsp;&nbsp;06/30/2025 (Unaudited)<sup>(d)</sup> | $10.00 | (0.02) | 1.01 | 0.99 |  |  |  | $10.99 &nbsp;&nbsp;&nbsp;&nbsp;9.90% <sup>(e)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| &nbsp;&nbsp;06/30/2025 (Unaudited)<sup>(d)</sup> | $10.00 | (0.01) | 1.02 | 1.01 |  |  |  | $11.01 &nbsp;&nbsp;10.10% <sup>(e)</sup> |

---

---

| | |
|:---|:---|
|  | Net assets,<br> end of period<br> (000) |
| **Supplemental Data and Ratios** | **Supplemental Data and Ratios** |
| **Investor Class** | **Investor Class** |
| &nbsp;&nbsp;06/30/2025 (Unaudited)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>(h)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44%)<sup>(h)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%<sup>(e)</sup> |
| **Service Class** | **Service Class** |
| &nbsp;&nbsp;06/30/2025 (Unaudited)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>(h)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>(h)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50%)<sup>(h)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%<sup>(e)</sup> |
| **Institutional Class** | **Institutional Class** |
| &nbsp;&nbsp;06/30/2025 (Unaudited)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12%<sup>(h)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10%)<sup>(h)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%<sup>(e)</sup> |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Fund commenced operations on January 10, 2025.

<sup>(e)</sup> Not annualized for periods less than one full year.

<sup>(f)</sup> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

<sup>(g)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

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*Semi-Annual Report - June 30, 2025*

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### EMPOWER FUNDS, INC.

### Notes to Financial Statements (Unaudited)

------

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Empower Funds, a Maryland corporation, was organized on December 7, 1981 and is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. Empower Funds presently consists of forty-four funds. Interests in the Funds are included herein. Each Fund is non-diversified as defined in the 1940 Act. The Funds are available as an investment option to insurance company separate accounts for certain variable annuity contracts and variable life insurance policies, to individual retirement account custodians or trustees, to plan sponsors of qualified retirement plans, and to college savings programs.

<u>Investment Objectives</u>

Empower Lifetime 2015 Fund, Empower Lifetime 2020 Fund, Empower Lifetime 2025 Fund - seeks income and secondarily, capital growth.

Empower Lifetime 2030 Fund - seeks capital appreciation and income consistent with its current asset allocation. After 2030, the Fund seeks income and secondarily, capital growth.

Empower Lifetime 2035 Fund - seeks capital appreciation and income consistent with its current asset allocation. After 2035, the Fund seeks income and secondarily, capital growth.

Empower Lifetime 2040 Fund - seeks capital appreciation and income consistent with its current asset allocation. After 2040, the Fund seeks income and secondarily, capital growth.

Empower Lifetime 2045 Fund - seeks capital appreciation and income consistent with its current asset allocation. After 2045, the Fund seeks income and secondarily, capital growth.

Empower Lifetime 2050 Fund - seeks capital appreciation and income consistent with its current asset allocation. After 2050, the Fund seeks income and secondarily, capital growth.

Empower Lifetime 2055 Fund - seeks capital appreciation and income consistent with its current asset allocation. After 2055, the Fund seeks income and secondarily, capital growth.

Empower Lifetime 2060 Fund - seeks capital appreciation and income consistent with its current asset allocation. After 2060, the Fund seeks income and secondarily, capital growth.

Empower Lifetime 2065 Fund - seeks capital appreciation and income consistent with its current asset allocation. After 2065, the Fund seeks income and secondarily, capital growth.

The Funds each offer three share classes, referred to as Investor Class, Service Class and Institutional Class shares. All shares of each Fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, expenses (other than those attributable to a specific class) and realized and unrealized gains and losses are allocated daily to each class of shares based on the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against operations of that class.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (''U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is also an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of the significant accounting policies of the Funds.

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*Semi-Annual Report - June 30, 2025*

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<u>Security Valuation</u>

The Board of Directors of Empower Funds (the "Board") has adopted policies and procedures for the valuation of each Fund's securities and assets, and has appointed the Fair Value Pricing Committee of the Funds' investment adviser, Empower Capital Management, LLC ("ECM"), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the 1940 Act, the Board approved ECM as the Funds' valuation designee to make all fair value determinations with respect to the Funds' investments, subject to oversight by the Board.

Investments in shares of the underlying mutual funds are valued at the net asset value ("NAV") as reported by the underlying mutual fund, which may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. The NAV of each class of a Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.

Investments in fixed interest contracts issued by Empower Annuity Insurance Company of America ("Empower of America Contract") are valued at the amount of net deposits plus accrued interest, determined on a daily basis. The Empower of America Contract is backed by the general account of Empower Annuity Insurance Company of America ("Empower of America").

The Funds classify their valuations into three levels based upon the observability of inputs to the valuation of each Fund's investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.

Level 3 – Unobservable inputs to the extent observable inputs are not available. Unobservable inputs reflect a Fund's own assumptions and would be based on the best information available under the circumstances.

As of June 30, 2025, each Fund's investments in the underlying mutual funds are valued using Level 1 inputs. Each Fund's investment in the Empower of America Contract is valued using Level 2 inputs. More information regarding each Fund's sector classifications are included in the Schedule of Investments.

<u>Fund-of-Funds Structure Risk</u>

Since each Fund invests directly in underlying funds, all risks associated with the eligible underlying funds apply to each Fund. To the extent each Fund invests more of its assets in one underlying fund than another, each Fund will have greater exposure to the risks of that underlying fund.

<u>Security Transactions</u>

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection. Dividend income and realized gain distributions from underlying funds are accrued as of the ex-dividend date. Interest on the Empower of America Contract is accrued daily.

<u>Federal Income Taxes and Distributions to Shareholders</u>

Each Fund intends to comply with provisions under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net taxable income, including any net realized gain on investments not offset by capital loss carry forwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. Each Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on each Fund's tax return filings generally remains open for the three preceding fiscal reporting period ends. State tax returns may remain open for an additional fiscal year.

------

*Semi-Annual Report - June 30, 2025*

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Distributions to shareholders from net investment income of a Fund, if any, are declared and paid annually. Capital gain distributions of a Fund, if any, are declared and paid at least annually. Distributions are reinvested in additional shares of a Fund at NAV and are declared separately for each class. Distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

Net investment income (loss) and net realized gain (loss) for federal income tax purposes may differ from those reported on the financial statements because of temporary and permanent book-tax basis differences. Book-tax differences may include but are not limited to the following: wash sales and distribution adjustments.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation for federal income tax purposes as of June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost<br> of Investments** | **Gross Unrealized<br> Appreciation<br> on Investments** | **Gross Unrealized<br> Depreciation<br> on Investments** | **Net Unrealized<br> Appreciation<br> (Depreciation)<br> on Investments** |
| Empower Lifetime 2015 Fund | &nbsp;&nbsp;$491035939 | $16979108 | $(61066535) | $(44087427) |
| Empower Lifetime 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;505116980 | &nbsp;&nbsp;&nbsp;15505324 | &nbsp;&nbsp;&nbsp;(68393540) | &nbsp;&nbsp;&nbsp;(52888216) |
| Empower Lifetime 2025 Fund | 1588324267 | &nbsp;&nbsp;&nbsp;59976916 | (193643636) | (133666720) |
| Empower Lifetime 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;995503157 | &nbsp;&nbsp;&nbsp;43323733 | &nbsp;&nbsp;&nbsp;(90971358) | &nbsp;&nbsp;&nbsp;(47647625) |
| Empower Lifetime 2035 Fund | 1766561453 | &nbsp;&nbsp;&nbsp;95243362 | (185389845) | &nbsp;&nbsp;&nbsp;(90146483) |
| Empower Lifetime 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;725628763 | &nbsp;&nbsp;&nbsp;43580921 | &nbsp;&nbsp;&nbsp;(62435107) | &nbsp;&nbsp;&nbsp;(18854186) |
| Empower Lifetime 2045 Fund | 1194789476 | &nbsp;&nbsp;&nbsp;81963092 | &nbsp;&nbsp;&nbsp;(58578189) | &nbsp;&nbsp;&nbsp;&nbsp;23384903 |
| Empower Lifetime 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp;490071580 | &nbsp;&nbsp;&nbsp;37880648 | &nbsp;&nbsp;&nbsp;(35223898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656750 |
| Empower Lifetime 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;621718813 | &nbsp;&nbsp;&nbsp;47975875 | &nbsp;&nbsp;&nbsp;(26544246) | &nbsp;&nbsp;&nbsp;&nbsp;21431629 |
| Empower Lifetime 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;110199652 | &nbsp;&nbsp;&nbsp;&nbsp;7471902 | &nbsp;&nbsp;&nbsp;&nbsp;(5359642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112260 |
| Empower Lifetime 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 |

---

<u>Segment Reporting</u>

The ECM Board of Managers acts as the Funds' chief operating decision maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Funds. The CODM has concluded that each of the Funds operates as a single operating segment based on the fact that each has a single investment strategy as disclosed in its prospectus, against which the CODM assesses the performance, and it is the level at which discrete financial information is available. The financial information provided to and reviewed by the CODM is presented within each of the Funds' financial statements.

2. INVESTMENT ADVISORY AGREEMENT & OTHER TRANSACTIONS WITH AFFILIATES

Empower Funds have entered into an investment advisory agreement with, ECM, a wholly-owned subsidiary of Empower of America. As compensation for its services to Empower Funds, ECM receives monthly compensation at the annual rate of 0.12% of the average daily net assets of each Fund. The management fee encompasses fund operation expenses except for shareholder services fees and distribution fees. Each Fund will also bear the indirect expense of the underlying investments. Because the underlying funds have varied expense and fee levels and the Funds may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. ECM has contractually agreed to reduce its management fee by 0.35% of the amount each Fund has allocated to the Empower of America Contract. The amount waived, if any, is reflected in the Statement of Operations.

Empower Funds entered into a shareholder services agreement with Empower Retirement, LLC ("Empower"), an affiliate of ECM and subsidiary of Empower of America. Pursuant to the shareholder services agreement, Empower provides various recordkeeping, administrative and shareholder services to shareholders and receives from the Investor Class and Service Class of each Fund a fee equal to 0.35% of the average daily net asset value of the applicable share class.

Empower Financial Services, Inc. (the "Distributor"), is a wholly-owned subsidiary of Empower of America and the principal underwriter to distribute and market the Funds. The Funds have entered into a plan of distribution which provides for compensation for distribution of Service Class shares and for providing or arranging for the provision of services to Service Class shareholders. The distribution plan provides for a maximum 12b-1 fee equal to an annual rate of 0.10% of the average daily net assets of the Service Class shares. The Distributor has agreed to voluntarily waive all 12b-1 fees attributable to Service Class shares purchased by ECM in consideration for ECM providing initial capital to the Funds.

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*Semi-Annual Report - June 30, 2025*

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Certain officers of Empower Funds are also directors and/or officers of Empower of America or its subsidiaries. No officer or interested director of Empower Funds receives any compensation directly from Empower Funds. The total compensation paid to the independent directors with respect to all forty-four funds for which they serve as directors was $833,000 for the fiscal period ended June 30, 2025.

<u>Transactions with Affiliates</u>

Each Fund may invest in the Empower of America Contract pursuant to exemptive relief issued by the U.S. Securities and Exchange Commission ("SEC"). The Empower of America Contract has a stable principal value and accrues a fixed rate of interest, which is reflected in the daily valuation of the Funds. Empower of America calculates the interest rate in the same way it calculates guaranteed interest rates for similar contracts (on a calendar quarter or other periodic basis). As a result of Empower of America being an affiliated entity, the Funds are exposed to the risk of unanticipated industry conditions as well as risks specific to a single corporation. If Empower of America were to become insolvent, the Empower of America Contract would be settled commensurate with other policy holder obligations.

The amounts deposited will accrue interest at a declared rate of interest, adjustable on a calendar quarter or other periodic basis, guaranteed to be no less than 1.00%. The investment in the Empower of America Contract may be terminated by Empower of America or the Funds upon 7 days prior written notice. The guaranteed interest rate paid will be at least as favorable as the guaranteed interest rate paid on other similar products issued by Empower of America.

The following tables are a summary of the transactions for each underlying investment during the period ended June 30, 2025, in which the issuer was an affiliate of a Fund, as defined in the 1940 Act.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 46.49%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;4917502 | $47212156 | $1922086 | $11589237 | $(2236578) | $3958709 | $- | $- | $41503714 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;2913487 | &nbsp;&nbsp;23176307 | &nbsp;&nbsp;&nbsp;3909965 | &nbsp;&nbsp;&nbsp;3707019 | &nbsp;&nbsp;&nbsp;&nbsp;(611854) | &nbsp;&nbsp;&nbsp;1501925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;24881178 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;2433012 | &nbsp;&nbsp;25135848 | &nbsp;&nbsp;&nbsp;&nbsp;951791 | &nbsp;&nbsp;&nbsp;9426758 | &nbsp;&nbsp;(1351993) | &nbsp;&nbsp;&nbsp;2803213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;19464094 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;1223425 | &nbsp;&nbsp;13248131 | &nbsp;&nbsp;&nbsp;&nbsp;723645 | &nbsp;&nbsp;&nbsp;1597426 | &nbsp;&nbsp;&nbsp;&nbsp;166892 | &nbsp;&nbsp;&nbsp;&nbsp;471609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;12845959 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;6384698 | &nbsp;&nbsp;61999661 | &nbsp;&nbsp;&nbsp;3058722 | &nbsp;&nbsp;10077334 | &nbsp;&nbsp;&nbsp;&nbsp;(979194) | &nbsp;&nbsp;&nbsp;3822023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;58803072 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;2918276 | &nbsp;&nbsp;18783010 | &nbsp;&nbsp;&nbsp;7810083 | &nbsp;&nbsp;&nbsp;3265307 | &nbsp;&nbsp;&nbsp;&nbsp;(408556) | &nbsp;&nbsp;&nbsp;1331650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;24659436 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;2613101 | &nbsp;&nbsp;26624264 | &nbsp;&nbsp;&nbsp;1723897 | &nbsp;&nbsp;&nbsp;3728647 | &nbsp;&nbsp;&nbsp;&nbsp;(119029) | &nbsp;&nbsp;&nbsp;&nbsp;936614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;25556128 |
|  |  |  |  |  | &nbsp;&nbsp;(5540312) | &nbsp;&nbsp;14825743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;207713581 |
| **EQUITY MUTUAL FUNDS 38.80%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;440504 | &nbsp;&nbsp;&nbsp;6583574 | &nbsp;&nbsp;&nbsp;&nbsp;235395 | &nbsp;&nbsp;&nbsp;3119715 | &nbsp;&nbsp;&nbsp;&nbsp;(207411) | &nbsp;&nbsp;&nbsp;&nbsp;987704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4686958 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;815600 | &nbsp;&nbsp;&nbsp;8930431 | &nbsp;&nbsp;&nbsp;&nbsp;372262 | &nbsp;&nbsp;&nbsp;2198815 | &nbsp;&nbsp;&nbsp;&nbsp;(290315) | &nbsp;&nbsp;&nbsp;1207085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;8310963 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;1423057 | &nbsp;&nbsp;19147407 | &nbsp;&nbsp;&nbsp;&nbsp;793654 | &nbsp;&nbsp;&nbsp;5463406 | &nbsp;&nbsp;&nbsp;&nbsp;255325 | &nbsp;&nbsp;&nbsp;3210938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;17688593 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;931452 | &nbsp;&nbsp;10210841 | &nbsp;&nbsp;&nbsp;&nbsp;420127 | &nbsp;&nbsp;&nbsp;3407856 | &nbsp;&nbsp;&nbsp;&nbsp;(17132) | &nbsp;&nbsp;&nbsp;2110032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;9333144 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;1002712 | &nbsp;&nbsp;17227389 | &nbsp;&nbsp;&nbsp;&nbsp;625377 | &nbsp;&nbsp;&nbsp;5103273 | &nbsp;&nbsp;&nbsp;&nbsp;949522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;12694334 |

---

------

*Semi-Annual Report - June 30, 2025*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** | **Empower Lifetime 2015 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025**  |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;1942510 | $18904970 | $677525 | $8617515 | $(1432246) | $2516037 | $- | $- | $13481017 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;1688411 | &nbsp;&nbsp;&nbsp;8119580 | &nbsp;&nbsp;&nbsp;7464500 | &nbsp;&nbsp;&nbsp;1588360 | &nbsp;&nbsp;&nbsp;&nbsp;(85900) | &nbsp;&nbsp;&nbsp;&nbsp;389538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;14385258 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;1446086 | &nbsp;&nbsp;&nbsp;4040781 | &nbsp;&nbsp;&nbsp;9054118 | &nbsp;&nbsp;&nbsp;1322497 | &nbsp;&nbsp;&nbsp;&nbsp;(186923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;11872365 |
| Empower S&P 500® Index Fund Institutional Class | &nbsp;&nbsp;6230003 | &nbsp;&nbsp;36134608 | &nbsp;&nbsp;27863027 | &nbsp;&nbsp;&nbsp;7049776 | &nbsp;&nbsp;&nbsp;&nbsp;(610918) | &nbsp;&nbsp;&nbsp;4230775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;61178634 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;15479930 | &nbsp;&nbsp;&nbsp;&nbsp;263330 | &nbsp;&nbsp;16114184 | &nbsp;&nbsp;&nbsp;&nbsp;(529528) | &nbsp;&nbsp;&nbsp;&nbsp;370924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;6712546 | &nbsp;&nbsp;&nbsp;&nbsp;114456 | &nbsp;&nbsp;&nbsp;7065910 | &nbsp;&nbsp;&nbsp;&nbsp;(506194) | &nbsp;&nbsp;&nbsp;&nbsp;238908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;186407 | &nbsp;&nbsp;&nbsp;&nbsp;643591 | &nbsp;&nbsp;&nbsp;1519208 | &nbsp;&nbsp;&nbsp;&nbsp;225118 | &nbsp;&nbsp;&nbsp;&nbsp;(41025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;2009469 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;675113 | &nbsp;&nbsp;&nbsp;3625951 | &nbsp;&nbsp;&nbsp;1443898 | &nbsp;&nbsp;&nbsp;&nbsp;670461 | &nbsp;&nbsp;&nbsp;&nbsp;(148574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4455746 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;2467799 | &nbsp;&nbsp;&nbsp;7396485 | &nbsp;&nbsp;&nbsp;6938981 | &nbsp;&nbsp;&nbsp;2223710 | &nbsp;&nbsp;&nbsp;&nbsp;(838139) | &nbsp;&nbsp;&nbsp;1090968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;13202724 |
|  |  |  |  |  | &nbsp;&nbsp;(3689458) | &nbsp;&nbsp;16525859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;173299205 |
| **FIXED INTEREST CONTRACT 13.27%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 59289001 | &nbsp;&nbsp;61921336 | &nbsp;&nbsp;&nbsp;4820960 | &nbsp;&nbsp;&nbsp;8024055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;570760 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;59289001 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;570760 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;59289001 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(9229770)** | **$31351602** | **$570760** | **$0** | **$440301787** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 44.48%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;5274336 | $46453323 | $4510573 | $9931496 | $(1710786) | $3483000 | $- | $- | $44515400 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;3129251 | &nbsp;&nbsp;22833492 | &nbsp;&nbsp;&nbsp;5076679 | &nbsp;&nbsp;&nbsp;2602309 | &nbsp;&nbsp;&nbsp;&nbsp;(497214) | &nbsp;&nbsp;&nbsp;1415944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;26723806 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;2487256 | &nbsp;&nbsp;23109052 | &nbsp;&nbsp;&nbsp;2131674 | &nbsp;&nbsp;&nbsp;7890479 | &nbsp;&nbsp;(1151490) | &nbsp;&nbsp;&nbsp;2547803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;19898050 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;1335338 | &nbsp;&nbsp;13062179 | &nbsp;&nbsp;&nbsp;1541269 | &nbsp;&nbsp;&nbsp;1288627 | &nbsp;&nbsp;&nbsp;&nbsp;(44149) | &nbsp;&nbsp;&nbsp;&nbsp;706229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;14021050 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;5198505 | &nbsp;&nbsp;45390820 | &nbsp;&nbsp;&nbsp;5295986 | &nbsp;&nbsp;&nbsp;5836124 | &nbsp;&nbsp;&nbsp;&nbsp;(855223) | &nbsp;&nbsp;&nbsp;3027554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;47878236 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;3104126 | &nbsp;&nbsp;18470444 | &nbsp;&nbsp;&nbsp;8701954 | &nbsp;&nbsp;&nbsp;2292539 | &nbsp;&nbsp;&nbsp;&nbsp;(407800) | &nbsp;&nbsp;&nbsp;1350006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;26229865 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;2231268 | &nbsp;&nbsp;20161118 | &nbsp;&nbsp;&nbsp;2869346 | &nbsp;&nbsp;&nbsp;1959171 | &nbsp;&nbsp;&nbsp;&nbsp;(99742) | &nbsp;&nbsp;&nbsp;&nbsp;750505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;21821798 |
|  |  |  |  |  | &nbsp;&nbsp;(4766404) | &nbsp;&nbsp;13281041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;201088205 |

---

------

*Semi-Annual Report - June 30, 2025*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** | **Empower Lifetime 2020 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025**  |
| **EQUITY MUTUAL FUNDS 42.56%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;526997 | $7161052 | $631128 | $2817146 | $255015 | $632214 | $- | $- | $5607248 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;944935 | &nbsp;&nbsp;&nbsp;9438538 | &nbsp;&nbsp;&nbsp;&nbsp;940025 | &nbsp;&nbsp;&nbsp;1780417 | &nbsp;&nbsp;&nbsp;&nbsp;(32472) | &nbsp;&nbsp;&nbsp;1030740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;9628886 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;1651035 | &nbsp;&nbsp;20200606 | &nbsp;&nbsp;&nbsp;1998400 | &nbsp;&nbsp;&nbsp;5527386 | &nbsp;&nbsp;&nbsp;&nbsp;(71330) | &nbsp;&nbsp;&nbsp;3850741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;20522361 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;1082127 | &nbsp;&nbsp;10755448 | &nbsp;&nbsp;&nbsp;1058375 | &nbsp;&nbsp;&nbsp;3359540 | &nbsp;&nbsp;&nbsp;&nbsp;(107671) | &nbsp;&nbsp;&nbsp;2388634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;10842917 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;1097083 | &nbsp;&nbsp;17078854 | &nbsp;&nbsp;&nbsp;1521302 | &nbsp;&nbsp;&nbsp;4238436 | &nbsp;&nbsp;&nbsp;1420139 | &nbsp;&nbsp;&nbsp;&nbsp;(472646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;13889074 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;2126910 | &nbsp;&nbsp;18761249 | &nbsp;&nbsp;&nbsp;1648436 | &nbsp;&nbsp;&nbsp;7952201 | &nbsp;&nbsp;(1184253) | &nbsp;&nbsp;&nbsp;2303273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;14760757 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;1829278 | &nbsp;&nbsp;&nbsp;8031418 | &nbsp;&nbsp;&nbsp;8194403 | &nbsp;&nbsp;&nbsp;1026373 | &nbsp;&nbsp;&nbsp;&nbsp;(56164) | &nbsp;&nbsp;&nbsp;&nbsp;386003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;15585451 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;1505705 | &nbsp;&nbsp;&nbsp;3743876 | &nbsp;&nbsp;&nbsp;9361996 | &nbsp;&nbsp;&nbsp;&nbsp;699734 | &nbsp;&nbsp;&nbsp;&nbsp;(36360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;12361835 |
| Empower S&P 500® Index Fund Institutional Class | &nbsp;&nbsp;6823513 | &nbsp;&nbsp;35840675 | &nbsp;&nbsp;31551058 | &nbsp;&nbsp;&nbsp;4620608 | &nbsp;&nbsp;&nbsp;&nbsp;(401718) | &nbsp;&nbsp;&nbsp;4235773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;67006898 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;15405492 | &nbsp;&nbsp;&nbsp;&nbsp;781676 | &nbsp;&nbsp;16208598 | &nbsp;&nbsp;&nbsp;&nbsp;(191684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;7411559 | &nbsp;&nbsp;&nbsp;&nbsp;377939 | &nbsp;&nbsp;&nbsp;7771928 | &nbsp;&nbsp;&nbsp;&nbsp;(286728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;226785 | &nbsp;&nbsp;&nbsp;&nbsp;715788 | &nbsp;&nbsp;&nbsp;1815809 | &nbsp;&nbsp;&nbsp;&nbsp;134190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;2444746 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;819939 | &nbsp;&nbsp;&nbsp;3959709 | &nbsp;&nbsp;&nbsp;1942128 | &nbsp;&nbsp;&nbsp;&nbsp;434624 | &nbsp;&nbsp;&nbsp;&nbsp;(41611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;5411599 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;2680770 | &nbsp;&nbsp;&nbsp;7321549 | &nbsp;&nbsp;&nbsp;7638299 | &nbsp;&nbsp;&nbsp;1331930 | &nbsp;&nbsp;&nbsp;&nbsp;(437057) | &nbsp;&nbsp;&nbsp;&nbsp;714202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;14342120 |
|  |  |  |  |  | &nbsp;&nbsp;(1179499) | &nbsp;&nbsp;15020216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;192403892 |
| **FIXED INTEREST CONTRACT 11.23%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 50742815 | &nbsp;&nbsp;47035647 | &nbsp;&nbsp;&nbsp;7445506 | &nbsp;&nbsp;&nbsp;4190773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;452435 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;50742815 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;452435 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;50742815 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(5945903)** | **$28301257** | **$452435** | **$0** | **$444234912** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 39.85%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;17462208 | $152919271 | $14747458 | $33193642 | $(7044772) | $12907947 | $- | $- | $147381034 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;10349936 | &nbsp;&nbsp;&nbsp;75323233 | &nbsp;&nbsp;&nbsp;17867400 | &nbsp;&nbsp;&nbsp;9720950 | &nbsp;&nbsp;&nbsp;(1877860) | &nbsp;&nbsp;&nbsp;&nbsp;4918770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;88388453 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;7514909 | &nbsp;&nbsp;&nbsp;72394434 | &nbsp;&nbsp;&nbsp;&nbsp;6486993 | &nbsp;&nbsp;27017828 | &nbsp;&nbsp;&nbsp;(3935836) | &nbsp;&nbsp;&nbsp;&nbsp;8255675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;60119274 |

---

------

*Semi-Annual Report - June 30, 2025*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** | **Empower Lifetime 2025 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;4259657 | $43126618 | $4314737 | $4512105 | $341702 | $1797148 | $- | $- | $44726398 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;10752193 | &nbsp;&nbsp;111186783 | &nbsp;&nbsp;&nbsp;10316297 | &nbsp;&nbsp;31686787 | &nbsp;&nbsp;&nbsp;(4235952) | &nbsp;&nbsp;&nbsp;&nbsp;9211408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;99027701 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;10050831 | &nbsp;&nbsp;&nbsp;60917167 | &nbsp;&nbsp;&nbsp;27948836 | &nbsp;&nbsp;&nbsp;8140152 | &nbsp;&nbsp;&nbsp;(1117395) | &nbsp;&nbsp;&nbsp;&nbsp;4203670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;84929521 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;5610027 | &nbsp;&nbsp;&nbsp;51610625 | &nbsp;&nbsp;&nbsp;&nbsp;7090892 | &nbsp;&nbsp;&nbsp;5824963 | &nbsp;&nbsp;&nbsp;&nbsp;(329678) | &nbsp;&nbsp;&nbsp;&nbsp;1989508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;54866062 |
|  |  |  |  |  | &nbsp;&nbsp;(18199791) | &nbsp;&nbsp;&nbsp;43284126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;579438443 |
| **EQUITY MUTUAL FUNDS 49.20%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;&nbsp;2122727 | &nbsp;&nbsp;&nbsp;28077491 | &nbsp;&nbsp;&nbsp;&nbsp;2465141 | &nbsp;&nbsp;12253060 | &nbsp;&nbsp;&nbsp;&nbsp;(752017) | &nbsp;&nbsp;&nbsp;&nbsp;4296247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;22585819 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;3682304 | &nbsp;&nbsp;&nbsp;35734111 | &nbsp;&nbsp;&nbsp;&nbsp;3581005 | &nbsp;&nbsp;&nbsp;7141368 | &nbsp;&nbsp;&nbsp;(1522546) | &nbsp;&nbsp;&nbsp;&nbsp;5348929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;37522677 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;6424642 | &nbsp;&nbsp;&nbsp;76652652 | &nbsp;&nbsp;&nbsp;&nbsp;7617487 | &nbsp;&nbsp;15975520 | &nbsp;&nbsp;&nbsp;&nbsp;2940240 | &nbsp;&nbsp;&nbsp;11563686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;79858305 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;4205284 | &nbsp;&nbsp;&nbsp;40894827 | &nbsp;&nbsp;&nbsp;&nbsp;4036482 | &nbsp;&nbsp;10864570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685939 | &nbsp;&nbsp;&nbsp;&nbsp;8070209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;42136948 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;4030836 | &nbsp;&nbsp;&nbsp;61028033 | &nbsp;&nbsp;&nbsp;&nbsp;5420071 | &nbsp;&nbsp;16779355 | &nbsp;&nbsp;&nbsp;&nbsp;2109082 | &nbsp;&nbsp;&nbsp;&nbsp;1361636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;51030385 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;7820264 | &nbsp;&nbsp;&nbsp;67107111 | &nbsp;&nbsp;&nbsp;&nbsp;5879271 | &nbsp;&nbsp;27123041 | &nbsp;&nbsp;&nbsp;(4407512) | &nbsp;&nbsp;&nbsp;&nbsp;8409291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;54272632 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;6666573 | &nbsp;&nbsp;&nbsp;28766974 | &nbsp;&nbsp;&nbsp;30960931 | &nbsp;&nbsp;&nbsp;4400434 | &nbsp;&nbsp;&nbsp;&nbsp;(303515) | &nbsp;&nbsp;&nbsp;&nbsp;1471727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;56799198 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;4970669 | &nbsp;&nbsp;&nbsp;12405346 | &nbsp;&nbsp;&nbsp;31354986 | &nbsp;&nbsp;&nbsp;3216209 | &nbsp;&nbsp;&nbsp;&nbsp;(571062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;40809191 |
| Empower S&P 500® Index Fund Institutional Class | &nbsp;&nbsp;25064630 | &nbsp;&nbsp;128137686 | &nbsp;&nbsp;121693105 | &nbsp;&nbsp;20048701 | &nbsp;&nbsp;&nbsp;(2195020) | &nbsp;&nbsp;&nbsp;16352575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;246134665 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;54971000 | &nbsp;&nbsp;&nbsp;&nbsp;2611023 | &nbsp;&nbsp;60047911 | &nbsp;&nbsp;&nbsp;(3104471) | &nbsp;&nbsp;&nbsp;&nbsp;2465888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;29189557 | &nbsp;&nbsp;&nbsp;&nbsp;1394185 | &nbsp;&nbsp;31878675 | &nbsp;&nbsp;&nbsp;(2499300) | &nbsp;&nbsp;&nbsp;&nbsp;1294933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;920817 | &nbsp;&nbsp;&nbsp;&nbsp;2727619 | &nbsp;&nbsp;&nbsp;&nbsp;7630420 | &nbsp;&nbsp;&nbsp;&nbsp;761775 | &nbsp;&nbsp;&nbsp;&nbsp;(156086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9926407 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;3341082 | &nbsp;&nbsp;&nbsp;15721706 | &nbsp;&nbsp;&nbsp;&nbsp;8519225 | &nbsp;&nbsp;&nbsp;2324371 | &nbsp;&nbsp;&nbsp;&nbsp;(531135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;22051139 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;9755956 | &nbsp;&nbsp;&nbsp;26304237 | &nbsp;&nbsp;&nbsp;28672373 | &nbsp;&nbsp;&nbsp;6638352 | &nbsp;&nbsp;&nbsp;(2856934) | &nbsp;&nbsp;&nbsp;&nbsp;3856107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;52194365 |
|  |  |  |  |  | &nbsp;&nbsp;(13164337) | &nbsp;&nbsp;&nbsp;65221018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;715321731 |
| **FIXED INTEREST CONTRACT 8.78%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 127623664 | &nbsp;&nbsp;120021149 | &nbsp;&nbsp;&nbsp;18657638 | &nbsp;&nbsp;12209691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;1154568 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;127623664 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;1154568 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;127623664 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(31364128)** | **$108505144** | **$1154568** | **$0** | **$1422383838** |

---

------

*Semi-Annual Report - June 30, 2025*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 33.51%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | 10877610 | $80559967 | $17304726 | $11350915 | $(1944440) | $5293255 | $- | $- | $91807033 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;6455886 | &nbsp;&nbsp;39568980 | &nbsp;&nbsp;&nbsp;16091837 | &nbsp;&nbsp;&nbsp;2808978 | &nbsp;&nbsp;&nbsp;&nbsp;(535554) | &nbsp;&nbsp;&nbsp;2281429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;55133268 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;4262301 | &nbsp;&nbsp;36573653 | &nbsp;&nbsp;&nbsp;&nbsp;7051127 | &nbsp;&nbsp;13382907 | &nbsp;&nbsp;&nbsp;(1556967) | &nbsp;&nbsp;&nbsp;3856537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;34098410 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;2518806 | &nbsp;&nbsp;22681398 | &nbsp;&nbsp;&nbsp;&nbsp;4928986 | &nbsp;&nbsp;&nbsp;2432069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55172) | &nbsp;&nbsp;&nbsp;1269149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;26447464 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;3659581 | &nbsp;&nbsp;42635822 | &nbsp;&nbsp;&nbsp;&nbsp;7600724 | &nbsp;&nbsp;20285031 | &nbsp;&nbsp;&nbsp;(1928740) | &nbsp;&nbsp;&nbsp;3753228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;33704743 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;6125211 | &nbsp;&nbsp;31993508 | &nbsp;&nbsp;&nbsp;19990072 | &nbsp;&nbsp;&nbsp;2408729 | &nbsp;&nbsp;&nbsp;&nbsp;(421516) | &nbsp;&nbsp;&nbsp;2183183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;51758034 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;2514873 | &nbsp;&nbsp;21072119 | &nbsp;&nbsp;&nbsp;&nbsp;4639257 | &nbsp;&nbsp;&nbsp;1910790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93947) | &nbsp;&nbsp;&nbsp;&nbsp;794872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;24595458 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(6536336) | &nbsp;&nbsp;19431653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;317544410 |
| **EQUITY MUTUAL FUNDS 57.66%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;1758427 | &nbsp;&nbsp;19364436 | &nbsp;&nbsp;&nbsp;&nbsp;3775824 | &nbsp;&nbsp;&nbsp;6656722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475935 | &nbsp;&nbsp;&nbsp;2226128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;18709666 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;2936380 | &nbsp;&nbsp;23943821 | &nbsp;&nbsp;&nbsp;&nbsp;5485329 | &nbsp;&nbsp;&nbsp;2769771 | &nbsp;&nbsp;&nbsp;&nbsp;(473369) | &nbsp;&nbsp;&nbsp;3262336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;29921715 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;5128919 | &nbsp;&nbsp;51218177 | &nbsp;&nbsp;&nbsp;11442128 | &nbsp;&nbsp;&nbsp;9598373 | &nbsp;&nbsp;&nbsp;&nbsp;(260977) | &nbsp;&nbsp;10690526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;63752458 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;3360786 | &nbsp;&nbsp;27334534 | &nbsp;&nbsp;&nbsp;&nbsp;6068377 | &nbsp;&nbsp;&nbsp;6349460 | &nbsp;&nbsp;&nbsp;&nbsp;(341835) | &nbsp;&nbsp;&nbsp;6621628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;33675079 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;3041053 | &nbsp;&nbsp;38498357 | &nbsp;&nbsp;&nbsp;&nbsp;7594794 | &nbsp;&nbsp;&nbsp;8157992 | &nbsp;&nbsp;&nbsp;&nbsp;2081833 | &nbsp;&nbsp;&nbsp;&nbsp;564575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;38499734 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;5892189 | &nbsp;&nbsp;42334778 | &nbsp;&nbsp;&nbsp;&nbsp;8229974 | &nbsp;&nbsp;14780824 | &nbsp;&nbsp;&nbsp;(2336826) | &nbsp;&nbsp;&nbsp;5107862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;40891790 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;4982863 | &nbsp;&nbsp;18111476 | &nbsp;&nbsp;&nbsp;24770674 | &nbsp;&nbsp;&nbsp;1475091 | &nbsp;&nbsp;&nbsp;&nbsp;(101749) | &nbsp;&nbsp;&nbsp;1046932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;42453991 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;3334133 | &nbsp;&nbsp;&nbsp;6994418 | &nbsp;&nbsp;&nbsp;21328057 | &nbsp;&nbsp;&nbsp;&nbsp;831808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66561) | &nbsp;&nbsp;&nbsp;&nbsp;(117433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;27373234 |
| Empower S&P 500® Index Fund Institutional Class | 18907289 | &nbsp;&nbsp;80599985 | &nbsp;&nbsp;100467002 | &nbsp;&nbsp;&nbsp;6808029 | &nbsp;&nbsp;&nbsp;&nbsp;(779759) | &nbsp;&nbsp;11410617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;185669575 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;34703481 | &nbsp;&nbsp;&nbsp;&nbsp;3296065 | &nbsp;&nbsp;38825366 | &nbsp;&nbsp;&nbsp;(1229664) | &nbsp;&nbsp;&nbsp;&nbsp;825820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;20232308 | &nbsp;&nbsp;&nbsp;&nbsp;1931776 | &nbsp;&nbsp;22419829 | &nbsp;&nbsp;&nbsp;(1111470) | &nbsp;&nbsp;&nbsp;&nbsp;255745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;759173 | &nbsp;&nbsp;&nbsp;1901191 | &nbsp;&nbsp;&nbsp;&nbsp;6329212 | &nbsp;&nbsp;&nbsp;&nbsp;247721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29802) | &nbsp;&nbsp;&nbsp;&nbsp;201207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;8183889 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;2747215 | &nbsp;&nbsp;10842928 | &nbsp;&nbsp;&nbsp;&nbsp;8185441 | &nbsp;&nbsp;&nbsp;&nbsp;856304 | &nbsp;&nbsp;&nbsp;&nbsp;(177025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;18131621 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;7301023 | &nbsp;&nbsp;16567150 | &nbsp;&nbsp;&nbsp;22911767 | &nbsp;&nbsp;&nbsp;2077630 | &nbsp;&nbsp;&nbsp;&nbsp;(809068) | &nbsp;&nbsp;&nbsp;1659184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;39060471 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(5160337) | &nbsp;&nbsp;43714683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;546323223 |

---

------

*Semi-Annual Report - June 30, 2025*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** | **Empower Lifetime 2030 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025**  |
| **FIXED INTEREST CONTRACT 6.05%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 57286464 | $48910022 | $11680918 | $3789747 | $- | $- | $485271 | $- | $57286464 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;485271 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;57286464 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(11696673)** | **$63146336** | **$485271** | **$0** | **$921154097** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 24.78%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | 15402597 | $136106340 | $13285058 | $30991810 | $(6373026) | $11598327 | $- | $- | $129997915 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;9120539 | &nbsp;&nbsp;&nbsp;66762333 | &nbsp;&nbsp;&nbsp;14937002 | &nbsp;&nbsp;&nbsp;8170879 | &nbsp;&nbsp;&nbsp;(1656407) | &nbsp;&nbsp;&nbsp;&nbsp;4360945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;77889401 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;5794644 | &nbsp;&nbsp;&nbsp;59801627 | &nbsp;&nbsp;&nbsp;&nbsp;5268602 | &nbsp;&nbsp;25902806 | &nbsp;&nbsp;&nbsp;(3737133) | &nbsp;&nbsp;&nbsp;&nbsp;7189730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;46357153 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;3541619 | &nbsp;&nbsp;&nbsp;38417411 | &nbsp;&nbsp;&nbsp;&nbsp;3757314 | &nbsp;&nbsp;&nbsp;6386844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439063 | &nbsp;&nbsp;&nbsp;&nbsp;1399121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;37187002 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;2600913 | &nbsp;&nbsp;&nbsp;50711542 | &nbsp;&nbsp;&nbsp;&nbsp;3663213 | &nbsp;&nbsp;35572237 | &nbsp;&nbsp;&nbsp;(3296796) | &nbsp;&nbsp;&nbsp;&nbsp;5151890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;23954408 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;8611244 | &nbsp;&nbsp;&nbsp;54043337 | &nbsp;&nbsp;&nbsp;21787711 | &nbsp;&nbsp;&nbsp;6750823 | &nbsp;&nbsp;&nbsp;&nbsp;(986287) | &nbsp;&nbsp;&nbsp;&nbsp;3684786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;72765011 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;2771830 | &nbsp;&nbsp;&nbsp;27393057 | &nbsp;&nbsp;&nbsp;&nbsp;2731092 | &nbsp;&nbsp;&nbsp;4073997 | &nbsp;&nbsp;&nbsp;&nbsp;(206910) | &nbsp;&nbsp;&nbsp;&nbsp;1058347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;27108499 |
|  |  |  |  |  | &nbsp;&nbsp;(15817496) | &nbsp;&nbsp;&nbsp;34443146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;415259389 |
| **EQUITY MUTUAL FUNDS 67.93%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;3946985 | &nbsp;&nbsp;&nbsp;49222359 | &nbsp;&nbsp;&nbsp;&nbsp;4507436 | &nbsp;&nbsp;19255955 | &nbsp;&nbsp;&nbsp;(1054590) | &nbsp;&nbsp;&nbsp;&nbsp;7522076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;41995916 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;6369061 | &nbsp;&nbsp;&nbsp;59136713 | &nbsp;&nbsp;&nbsp;&nbsp;6817443 | &nbsp;&nbsp;&nbsp;8045024 | &nbsp;&nbsp;&nbsp;&nbsp;(468316) | &nbsp;&nbsp;&nbsp;&nbsp;6991604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;64900736 |
| Empower International Index Fund Institutional Class | 11135979 | &nbsp;&nbsp;126889250 | &nbsp;&nbsp;&nbsp;13150168 | &nbsp;&nbsp;22270136 | &nbsp;&nbsp;&nbsp;&nbsp;4000991 | &nbsp;&nbsp;&nbsp;20650935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;138420217 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;7302839 | &nbsp;&nbsp;&nbsp;67713934 | &nbsp;&nbsp;&nbsp;&nbsp;6969432 | &nbsp;&nbsp;14102350 | &nbsp;&nbsp;&nbsp;&nbsp;2278015 | &nbsp;&nbsp;&nbsp;12593433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;73174449 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;6259620 | &nbsp;&nbsp;&nbsp;90045691 | &nbsp;&nbsp;&nbsp;&nbsp;8320227 | &nbsp;&nbsp;23923480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649723 | &nbsp;&nbsp;&nbsp;&nbsp;4804352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;79246790 |
| Empower Large Cap Value Fund Institutional Class | 12136020 | &nbsp;&nbsp;&nbsp;98922445 | &nbsp;&nbsp;&nbsp;&nbsp;9016917 | &nbsp;&nbsp;29697512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89837 | &nbsp;&nbsp;&nbsp;&nbsp;5982127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;84223977 |
| Empower Mid Cap Value Fund Institutional Class | 10135445 | &nbsp;&nbsp;&nbsp;42325454 | &nbsp;&nbsp;&nbsp;48110701 | &nbsp;&nbsp;&nbsp;6728686 | &nbsp;&nbsp;&nbsp;&nbsp;(817355) | &nbsp;&nbsp;&nbsp;&nbsp;2646523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;86353992 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;6036944 | &nbsp;&nbsp;&nbsp;14340025 | &nbsp;&nbsp;&nbsp;38657841 | &nbsp;&nbsp;&nbsp;3504170 | &nbsp;&nbsp;&nbsp;&nbsp;(416708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;49563311 |
| Empower S&P 500® Index Fund Institutional Class | 38896969 | &nbsp;&nbsp;189128751 | &nbsp;&nbsp;196801051 | &nbsp;&nbsp;25486286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601519 | &nbsp;&nbsp;&nbsp;21524723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;381968239 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;81052955 | &nbsp;&nbsp;&nbsp;&nbsp;3838410 | &nbsp;&nbsp;88549054 | &nbsp;&nbsp;&nbsp;(4604060) | &nbsp;&nbsp;&nbsp;&nbsp;3657689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

------

*Semi-Annual Report - June 30, 2025*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** | **Empower Lifetime 2035 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $51503402 | $2449131 | $58289946 | $(6496236) | $4337413 | $- | $- | $- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;1702502 | &nbsp;&nbsp;&nbsp;&nbsp;4779631 | &nbsp;&nbsp;&nbsp;14315508 | &nbsp;&nbsp;&nbsp;1493989 | &nbsp;&nbsp;&nbsp;&nbsp;(412651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;18352971 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;6141452 | &nbsp;&nbsp;&nbsp;27596057 | &nbsp;&nbsp;&nbsp;16696798 | &nbsp;&nbsp;&nbsp;4331096 | &nbsp;&nbsp;&nbsp;(1248540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;40533586 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 14856254 | &nbsp;&nbsp;&nbsp;38674363 | &nbsp;&nbsp;&nbsp;44693328 | &nbsp;&nbsp;&nbsp;9780489 | &nbsp;&nbsp;&nbsp;(4325623) | &nbsp;&nbsp;&nbsp;&nbsp;5893757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;79480959 |
|  |  |  |  |  | &nbsp;&nbsp;(12223994) | &nbsp;&nbsp;&nbsp;97997895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1138215143 |
| **FIXED INTEREST CONTRACT 3.76%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 63033159 | &nbsp;&nbsp;&nbsp;63524281 | &nbsp;&nbsp;&nbsp;&nbsp;6771703 | &nbsp;&nbsp;&nbsp;7854406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;591581 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;63033159 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;591581 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;63033159 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(28041490)** | **$132441041** | **$591581** | **$0** | **$1616507691** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 16.51%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;4560179 | $37666988 | $6329519 | $8145667 | $(1153060) | $2637072 | $- | $- | $38487912 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;2705349 | &nbsp;&nbsp;18514467 | &nbsp;&nbsp;&nbsp;5345675 | &nbsp;&nbsp;&nbsp;1891131 | &nbsp;&nbsp;&nbsp;&nbsp;(363743) | &nbsp;&nbsp;&nbsp;1134672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;23103683 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;1686614 | &nbsp;&nbsp;16105136 | &nbsp;&nbsp;&nbsp;2448879 | &nbsp;&nbsp;&nbsp;6331572 | &nbsp;&nbsp;&nbsp;&nbsp;(312868) | &nbsp;&nbsp;&nbsp;1270466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;13492909 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;1057794 | &nbsp;&nbsp;10629527 | &nbsp;&nbsp;&nbsp;1789524 | &nbsp;&nbsp;&nbsp;1906160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63460) | &nbsp;&nbsp;&nbsp;&nbsp;593942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;11106833 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;287194 | &nbsp;&nbsp;&nbsp;9231518 | &nbsp;&nbsp;&nbsp;&nbsp;957584 | &nbsp;&nbsp;&nbsp;8010676 | &nbsp;&nbsp;&nbsp;&nbsp;(161101) | &nbsp;&nbsp;&nbsp;&nbsp;466633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;2645059 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;2544796 | &nbsp;&nbsp;15011622 | &nbsp;&nbsp;&nbsp;6894181 | &nbsp;&nbsp;&nbsp;1413523 | &nbsp;&nbsp;&nbsp;&nbsp;(242700) | &nbsp;&nbsp;&nbsp;1011244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;21503524 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;643356 | &nbsp;&nbsp;&nbsp;5686617 | &nbsp;&nbsp;&nbsp;1052437 | &nbsp;&nbsp;&nbsp;&nbsp;634322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4262) | &nbsp;&nbsp;&nbsp;&nbsp;187294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;6292026 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(2301194) | &nbsp;&nbsp;&nbsp;7301323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;116631946 |
| **EQUITY MUTUAL FUNDS 77.14%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;2021302 | &nbsp;&nbsp;23241441 | &nbsp;&nbsp;&nbsp;3680221 | &nbsp;&nbsp;&nbsp;8422345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159572 | &nbsp;&nbsp;&nbsp;3007337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;21506654 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;3165083 | &nbsp;&nbsp;27102285 | &nbsp;&nbsp;&nbsp;5181331 | &nbsp;&nbsp;&nbsp;4104377 | &nbsp;&nbsp;&nbsp;&nbsp;(984021) | &nbsp;&nbsp;&nbsp;4072955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;32252194 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;5533454 | &nbsp;&nbsp;58100361 | &nbsp;&nbsp;10471482 | &nbsp;&nbsp;10956745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398365 | &nbsp;&nbsp;11165733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;68780831 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;3628882 | &nbsp;&nbsp;30979835 | &nbsp;&nbsp;&nbsp;5548631 | &nbsp;&nbsp;&nbsp;7326806 | &nbsp;&nbsp;&nbsp;&nbsp;(197264) | &nbsp;&nbsp;&nbsp;7159737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;36361397 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;2950892 | &nbsp;&nbsp;38929680 | &nbsp;&nbsp;&nbsp;6237849 | &nbsp;&nbsp;&nbsp;9016180 | &nbsp;&nbsp;&nbsp;&nbsp;1357466 | &nbsp;&nbsp;&nbsp;1206938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;37358287 |

---

------

*Semi-Annual Report - June 30, 2025*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** | **Empower Lifetime 2040 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025**  |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;5715561 | $42746436 | $6755529 | $14882423 | $(2292447) | $5046455 | $- | $- | $39665997 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;4728872 | &nbsp;&nbsp;18281924 | &nbsp;&nbsp;22895476 | &nbsp;&nbsp;&nbsp;2336675 | &nbsp;&nbsp;&nbsp;&nbsp;(553982) | &nbsp;&nbsp;&nbsp;1449260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;40289985 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;2607957 | &nbsp;&nbsp;&nbsp;5548046 | &nbsp;&nbsp;16801364 | &nbsp;&nbsp;&nbsp;&nbsp;951396 | &nbsp;&nbsp;&nbsp;&nbsp;(151357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;21411325 |
| Empower S&P 500® Index Fund Institutional Class | 18359691 | &nbsp;&nbsp;81734971 | &nbsp;&nbsp;96159165 | &nbsp;&nbsp;&nbsp;8787762 | &nbsp;&nbsp;&nbsp;&nbsp;(844080) | &nbsp;&nbsp;11185792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;180292166 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;35053211 | &nbsp;&nbsp;&nbsp;2751601 | &nbsp;&nbsp;39524002 | &nbsp;&nbsp;&nbsp;(2108315) | &nbsp;&nbsp;&nbsp;1719190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;24137575 | &nbsp;&nbsp;&nbsp;1904380 | &nbsp;&nbsp;27141288 | &nbsp;&nbsp;&nbsp;(2098960) | &nbsp;&nbsp;&nbsp;1099333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;861788 | &nbsp;&nbsp;&nbsp;2242257 | &nbsp;&nbsp;&nbsp;7184483 | &nbsp;&nbsp;&nbsp;&nbsp;429328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97881) | &nbsp;&nbsp;&nbsp;&nbsp;292658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;9290070 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;3138542 | &nbsp;&nbsp;12948076 | &nbsp;&nbsp;&nbsp;9081506 | &nbsp;&nbsp;&nbsp;1451653 | &nbsp;&nbsp;&nbsp;&nbsp;(396991) | &nbsp;&nbsp;&nbsp;&nbsp;136449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;20714378 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;6935121 | &nbsp;&nbsp;16746891 | &nbsp;&nbsp;21212557 | &nbsp;&nbsp;&nbsp;3098037 | &nbsp;&nbsp;&nbsp;(1451261) | &nbsp;&nbsp;&nbsp;2241485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;37102896 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(9261156) | &nbsp;&nbsp;49796633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;545026180 |
| **FIXED INTEREST CONTRACT 2.06%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 14539339 | &nbsp;&nbsp;13278513 | &nbsp;&nbsp;&nbsp;2489893 | &nbsp;&nbsp;&nbsp;1356498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;127431 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;14539339 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;127431 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;14539339 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(11562350)** | **$57097956** | **$127431** | **$0** | **$676197465** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 11.54%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;5718799 | $47862386 | $5297962 | $8354485 | $(1579841) | $3460800 | $- | $- | $48266663 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;3393458 | &nbsp;&nbsp;&nbsp;23485362 | &nbsp;&nbsp;&nbsp;&nbsp;6946323 | &nbsp;&nbsp;&nbsp;3051895 | &nbsp;&nbsp;&nbsp;&nbsp;(624604) | &nbsp;&nbsp;&nbsp;&nbsp;1600345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;28980135 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;2090442 | &nbsp;&nbsp;&nbsp;20027812 | &nbsp;&nbsp;&nbsp;&nbsp;1494668 | &nbsp;&nbsp;&nbsp;7032849 | &nbsp;&nbsp;&nbsp;(1039164) | &nbsp;&nbsp;&nbsp;&nbsp;2233903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;16723534 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;1339535 | &nbsp;&nbsp;&nbsp;13478913 | &nbsp;&nbsp;&nbsp;&nbsp;1258132 | &nbsp;&nbsp;&nbsp;1274836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;14065115 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;6583238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244104 | &nbsp;&nbsp;&nbsp;7234364 | &nbsp;&nbsp;&nbsp;&nbsp;(232800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;3188689 | &nbsp;&nbsp;&nbsp;19044151 | &nbsp;&nbsp;&nbsp;&nbsp;9073377 | &nbsp;&nbsp;&nbsp;2601940 | &nbsp;&nbsp;&nbsp;&nbsp;(453563) | &nbsp;&nbsp;&nbsp;&nbsp;1428836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;26944424 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;559586 | &nbsp;&nbsp;&nbsp;&nbsp;5226403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685744 | &nbsp;&nbsp;&nbsp;&nbsp;636109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5472748 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(3889678) | &nbsp;&nbsp;&nbsp;&nbsp;9934726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;140456823 |

---

------

*Semi-Annual Report - June 30, 2025*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** | **Empower Lifetime 2045 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **EQUITY MUTUAL FUNDS 82.53%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;3987589 | $52008864 | $3819426 | $21104307 | $(1054894) | $7703969 | $- | $- | $42427952 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;6045515 | &nbsp;&nbsp;&nbsp;59088724 | &nbsp;&nbsp;&nbsp;&nbsp;5128660 | &nbsp;&nbsp;&nbsp;9288040 | &nbsp;&nbsp;&nbsp;&nbsp;(304927) | &nbsp;&nbsp;&nbsp;&nbsp;6674456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;61603800 |
| Empower International Index Fund Institutional Class | 10555201 | &nbsp;&nbsp;126666611 | &nbsp;&nbsp;&nbsp;10524162 | &nbsp;&nbsp;25082049 | &nbsp;&nbsp;&nbsp;&nbsp;4932983 | &nbsp;&nbsp;&nbsp;19092423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;131201147 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;6913185 | &nbsp;&nbsp;&nbsp;67539014 | &nbsp;&nbsp;&nbsp;&nbsp;5576504 | &nbsp;&nbsp;15579233 | &nbsp;&nbsp;&nbsp;&nbsp;2765678 | &nbsp;&nbsp;&nbsp;11733828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;69270113 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;5345413 | &nbsp;&nbsp;&nbsp;80208038 | &nbsp;&nbsp;&nbsp;&nbsp;5948597 | &nbsp;&nbsp;22438101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651480 | &nbsp;&nbsp;&nbsp;&nbsp;3954391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;67672925 |
| Empower Large Cap Value Fund Institutional Class | 10346413 | &nbsp;&nbsp;&nbsp;88063492 | &nbsp;&nbsp;&nbsp;&nbsp;6444215 | &nbsp;&nbsp;29269313 | &nbsp;&nbsp;&nbsp;(1249972) | &nbsp;&nbsp;&nbsp;&nbsp;6565710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;71804104 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;8484196 | &nbsp;&nbsp;&nbsp;37699101 | &nbsp;&nbsp;&nbsp;38216081 | &nbsp;&nbsp;&nbsp;5105034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43840 | &nbsp;&nbsp;&nbsp;&nbsp;1475202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;72285350 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;4615347 | &nbsp;&nbsp;&nbsp;10759125 | &nbsp;&nbsp;&nbsp;29795732 | &nbsp;&nbsp;&nbsp;2759716 | &nbsp;&nbsp;&nbsp;&nbsp;(360058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;37891999 |
| Empower S&P 500® Index Fund Institutional Class | 33199692 | &nbsp;&nbsp;168163826 | &nbsp;&nbsp;162144533 | &nbsp;&nbsp;23213363 | &nbsp;&nbsp;&nbsp;&nbsp;(164136) | &nbsp;&nbsp;&nbsp;18925984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;326020980 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;72247494 | &nbsp;&nbsp;&nbsp;&nbsp;2677081 | &nbsp;&nbsp;77245415 | &nbsp;&nbsp;&nbsp;(3156159) | &nbsp;&nbsp;&nbsp;&nbsp;2320840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;53659878 | &nbsp;&nbsp;&nbsp;&nbsp;1996588 | &nbsp;&nbsp;60944637 | &nbsp;&nbsp;&nbsp;(7527446) | &nbsp;&nbsp;&nbsp;&nbsp;5288171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;1677998 | &nbsp;&nbsp;&nbsp;&nbsp;5093645 | &nbsp;&nbsp;&nbsp;13802175 | &nbsp;&nbsp;&nbsp;1540382 | &nbsp;&nbsp;&nbsp;&nbsp;(427484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;18088815 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;6101220 | &nbsp;&nbsp;&nbsp;28729565 | &nbsp;&nbsp;&nbsp;15440278 | &nbsp;&nbsp;&nbsp;4739757 | &nbsp;&nbsp;&nbsp;(1550689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;40268050 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 12415100 | &nbsp;&nbsp;&nbsp;34501096 | &nbsp;&nbsp;&nbsp;35411093 | &nbsp;&nbsp;&nbsp;8335184 | &nbsp;&nbsp;&nbsp;(3582879) | &nbsp;&nbsp;&nbsp;&nbsp;4843781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;66420786 |
|  |  |  |  |  | &nbsp;&nbsp;(10984663) | &nbsp;&nbsp;&nbsp;90246954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1004956021 |
| **FIXED INTEREST CONTRACT 1.04%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 12685770 | &nbsp;&nbsp;&nbsp;12224850 | &nbsp;&nbsp;&nbsp;&nbsp;1692879 | &nbsp;&nbsp;&nbsp;1348307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;116348 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;12685770 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;116348 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;12685770 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(14874341)** | **$100181680** | **$116348** | **$0** | **$1158098614** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 8.01%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;1606230 | $12942397 | $1716954 | $1916291 | $(297902) | $813522 | $- | $- | $13556582 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;952335 | &nbsp;&nbsp;&nbsp;6324797 | &nbsp;&nbsp;&nbsp;1971766 | &nbsp;&nbsp;&nbsp;&nbsp;532397 | &nbsp;&nbsp;&nbsp;&nbsp;(101786) | &nbsp;&nbsp;&nbsp;&nbsp;368775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;8132941 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;607916 | &nbsp;&nbsp;&nbsp;5334190 | &nbsp;&nbsp;&nbsp;&nbsp;637588 | &nbsp;&nbsp;&nbsp;1568612 | &nbsp;&nbsp;&nbsp;&nbsp;(129026) | &nbsp;&nbsp;&nbsp;&nbsp;460160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4863326 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;393382 | &nbsp;&nbsp;&nbsp;3644471 | &nbsp;&nbsp;&nbsp;&nbsp;555048 | &nbsp;&nbsp;&nbsp;&nbsp;271168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9419) | &nbsp;&nbsp;&nbsp;&nbsp;202161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4130512 |

---

------

*Semi-Annual Report - June 30, 2025*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** | **Empower Lifetime 2050 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024**  | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)**  | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025**  |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | $636989 | $40469 | $688347 | $6110 | $11379 | $- | $- | $490 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;905186 | &nbsp;&nbsp;&nbsp;5131824 | &nbsp;&nbsp;&nbsp;2624298 | &nbsp;&nbsp;&nbsp;&nbsp;453801 | &nbsp;&nbsp;&nbsp;&nbsp;(76944) | &nbsp;&nbsp;&nbsp;&nbsp;346503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;7648824 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;113112 | &nbsp;&nbsp;&nbsp;&nbsp;977694 | &nbsp;&nbsp;&nbsp;&nbsp;180437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1106238 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(608765) | &nbsp;&nbsp;&nbsp;2234436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;39438913 |
| **EQUITY MUTUAL FUNDS 86.04%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;1788380 | &nbsp;&nbsp;21521905 | &nbsp;&nbsp;&nbsp;2531105 | &nbsp;&nbsp;&nbsp;7519434 | &nbsp;&nbsp;&nbsp;&nbsp;379473 | &nbsp;&nbsp;&nbsp;2494785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;19028361 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;2626841 | &nbsp;&nbsp;23752246 | &nbsp;&nbsp;&nbsp;3271103 | &nbsp;&nbsp;&nbsp;3749645 | &nbsp;&nbsp;&nbsp;&nbsp;(841695) | &nbsp;&nbsp;&nbsp;3493805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;26767509 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;4590948 | &nbsp;&nbsp;50916724 | &nbsp;&nbsp;&nbsp;6708374 | &nbsp;&nbsp;10227192 | &nbsp;&nbsp;&nbsp;&nbsp;272230 | &nbsp;&nbsp;&nbsp;9667573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;57065479 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;3009735 | &nbsp;&nbsp;27148768 | &nbsp;&nbsp;&nbsp;3556610 | &nbsp;&nbsp;&nbsp;6741563 | &nbsp;&nbsp;&nbsp;&nbsp;(202694) | &nbsp;&nbsp;&nbsp;6193730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;30157545 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;2207590 | &nbsp;&nbsp;30469305 | &nbsp;&nbsp;&nbsp;3622341 | &nbsp;&nbsp;&nbsp;6730426 | &nbsp;&nbsp;&nbsp;1349103 | &nbsp;&nbsp;&nbsp;&nbsp;586875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;27948095 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;4280810 | &nbsp;&nbsp;33457770 | &nbsp;&nbsp;&nbsp;3923176 | &nbsp;&nbsp;11438926 | &nbsp;&nbsp;(1657152) | &nbsp;&nbsp;&nbsp;3766798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;29708818 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;3469479 | &nbsp;&nbsp;14316609 | &nbsp;&nbsp;15835591 | &nbsp;&nbsp;&nbsp;1583722 | &nbsp;&nbsp;&nbsp;&nbsp;(336510) | &nbsp;&nbsp;&nbsp;&nbsp;991487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;29559965 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;1912571 | &nbsp;&nbsp;&nbsp;4111407 | &nbsp;&nbsp;12251977 | &nbsp;&nbsp;&nbsp;&nbsp;643188 | &nbsp;&nbsp;&nbsp;&nbsp;(87700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;15702211 |
| Empower S&P 500® Index Fund Institutional Class | 13720628 | &nbsp;&nbsp;63884689 | &nbsp;&nbsp;68674398 | &nbsp;&nbsp;&nbsp;6274781 | &nbsp;&nbsp;&nbsp;&nbsp;(644743) | &nbsp;&nbsp;&nbsp;8452265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;134736571 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;27453577 | &nbsp;&nbsp;&nbsp;1737595 | &nbsp;&nbsp;30218680 | &nbsp;&nbsp;(1331351) | &nbsp;&nbsp;&nbsp;1027508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;21937970 | &nbsp;&nbsp;&nbsp;1395385 | &nbsp;&nbsp;24107510 | &nbsp;&nbsp;(1682484) | &nbsp;&nbsp;&nbsp;&nbsp;774155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;747312 | &nbsp;&nbsp;&nbsp;2074909 | &nbsp;&nbsp;&nbsp;6095921 | &nbsp;&nbsp;&nbsp;&nbsp;353950 | &nbsp;&nbsp;&nbsp;&nbsp;(78917) | &nbsp;&nbsp;&nbsp;&nbsp;239144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;8056024 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;2703563 | &nbsp;&nbsp;11732628 | &nbsp;&nbsp;&nbsp;7224307 | &nbsp;&nbsp;&nbsp;1185647 | &nbsp;&nbsp;&nbsp;&nbsp;(324089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;17843514 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;5082110 | &nbsp;&nbsp;13118564 | &nbsp;&nbsp;14651685 | &nbsp;&nbsp;&nbsp;2118970 | &nbsp;&nbsp;&nbsp;&nbsp;(966489) | &nbsp;&nbsp;&nbsp;1538007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;27189286 |
|  |  |  |  |  | &nbsp;&nbsp;(6153018) | &nbsp;&nbsp;39280373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;423763378 |
| **FIXED INTEREST CONTRACT 0.53%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | &nbsp;&nbsp;2636213 | &nbsp;&nbsp;&nbsp;2244570 | &nbsp;&nbsp;&nbsp;&nbsp;552918 | &nbsp;&nbsp;&nbsp;&nbsp;183689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;22414 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;2636213 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;22414 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;2636213 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(6761783)** | **$41514809** | **$22414** | **$0** | **$465838504** |

---

------

*Semi-Annual Report - June 30, 2025*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2055 Fund** | **Empower Lifetime 2055 Fund** | **Empower Lifetime 2055 Fund** | **Empower Lifetime 2055 Fund** | **Empower Lifetime 2055 Fund** | **Empower Lifetime 2055 Fund** | **Empower Lifetime 2055 Fund** | **Empower Lifetime 2055 Fund** | **Empower Lifetime 2055 Fund** | **Empower Lifetime 2055 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 6.19%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;1616224 | $16475332 | $1225307 | $5503236 | $(851112) | $1443532 | $- | $- | $13640935 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;953828 | &nbsp;&nbsp;&nbsp;8088382 | &nbsp;&nbsp;&nbsp;&nbsp;981363 | &nbsp;&nbsp;&nbsp;1511196 | &nbsp;&nbsp;&nbsp;&nbsp;(282145) | &nbsp;&nbsp;&nbsp;&nbsp;587144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;8145693 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;634470 | &nbsp;&nbsp;&nbsp;6853692 | &nbsp;&nbsp;&nbsp;&nbsp;483081 | &nbsp;&nbsp;&nbsp;3020099 | &nbsp;&nbsp;&nbsp;&nbsp;(372455) | &nbsp;&nbsp;&nbsp;&nbsp;759088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;5075762 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;404505 | &nbsp;&nbsp;&nbsp;4674993 | &nbsp;&nbsp;&nbsp;&nbsp;365903 | &nbsp;&nbsp;&nbsp;1018206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6992) | &nbsp;&nbsp;&nbsp;&nbsp;224612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4247302 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;919202 | &nbsp;&nbsp;&nbsp;6562347 | &nbsp;&nbsp;&nbsp;1711157 | &nbsp;&nbsp;&nbsp;&nbsp;973543 | &nbsp;&nbsp;&nbsp;&nbsp;(162013) | &nbsp;&nbsp;&nbsp;&nbsp;467296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;7767257 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;89798 | &nbsp;&nbsp;&nbsp;&nbsp;913515 | &nbsp;&nbsp;&nbsp;&nbsp;116982 | &nbsp;&nbsp;&nbsp;&nbsp;185693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878226 |
|  |  |  |  |  | &nbsp;&nbsp;(1680192) | &nbsp;&nbsp;&nbsp;3515094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;39755175 |
| **EQUITY MUTUAL FUNDS 87.66%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;2528671 | &nbsp;&nbsp;32825803 | &nbsp;&nbsp;&nbsp;2410662 | &nbsp;&nbsp;13287676 | &nbsp;&nbsp;&nbsp;&nbsp;(721774) | &nbsp;&nbsp;&nbsp;4956271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;26905060 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;3597672 | &nbsp;&nbsp;35238693 | &nbsp;&nbsp;&nbsp;3267608 | &nbsp;&nbsp;&nbsp;6752099 | &nbsp;&nbsp;(1080755) | &nbsp;&nbsp;&nbsp;4906080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;36660282 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;6285303 | &nbsp;&nbsp;75505693 | &nbsp;&nbsp;&nbsp;6239464 | &nbsp;&nbsp;15085162 | &nbsp;&nbsp;&nbsp;2920367 | &nbsp;&nbsp;11466326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;78126321 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;4118793 | &nbsp;&nbsp;40243816 | &nbsp;&nbsp;&nbsp;3306376 | &nbsp;&nbsp;&nbsp;9820326 | &nbsp;&nbsp;&nbsp;1136970 | &nbsp;&nbsp;&nbsp;7540437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;41270303 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;2876110 | &nbsp;&nbsp;42809768 | &nbsp;&nbsp;&nbsp;3181562 | &nbsp;&nbsp;11127474 | &nbsp;&nbsp;&nbsp;&nbsp;992413 | &nbsp;&nbsp;&nbsp;1547694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;36411550 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;5566626 | &nbsp;&nbsp;46956698 | &nbsp;&nbsp;&nbsp;3443267 | &nbsp;&nbsp;15734404 | &nbsp;&nbsp;(1102269) | &nbsp;&nbsp;&nbsp;3966827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;38632388 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;4466514 | &nbsp;&nbsp;20145436 | &nbsp;&nbsp;20444139 | &nbsp;&nbsp;&nbsp;3674922 | &nbsp;&nbsp;&nbsp;&nbsp;(313702) | &nbsp;&nbsp;&nbsp;1140050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;38054703 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;2554055 | &nbsp;&nbsp;&nbsp;5952771 | &nbsp;&nbsp;16815717 | &nbsp;&nbsp;&nbsp;1918297 | &nbsp;&nbsp;&nbsp;&nbsp;(261438) | &nbsp;&nbsp;&nbsp;&nbsp;118604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;20968795 |
| Empower S&P 500® Index Fund Institutional Class | 17885295 | &nbsp;&nbsp;89829770 | &nbsp;&nbsp;90799298 | &nbsp;&nbsp;15407174 | &nbsp;&nbsp;&nbsp;&nbsp;(119250) | &nbsp;&nbsp;10411707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;175633601 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;38541723 | &nbsp;&nbsp;&nbsp;1453437 | &nbsp;&nbsp;41292016 | &nbsp;&nbsp;(1722244) | &nbsp;&nbsp;&nbsp;1296856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;33009628 | &nbsp;&nbsp;&nbsp;1251203 | &nbsp;&nbsp;36759345 | &nbsp;&nbsp;(3850746) | &nbsp;&nbsp;&nbsp;2498514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;1035510 | &nbsp;&nbsp;&nbsp;3094235 | &nbsp;&nbsp;&nbsp;8717168 | &nbsp;&nbsp;&nbsp;1090696 | &nbsp;&nbsp;&nbsp;&nbsp;(241427) | &nbsp;&nbsp;&nbsp;&nbsp;442089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;11162796 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;3760041 | &nbsp;&nbsp;17668975 | &nbsp;&nbsp;&nbsp;9979137 | &nbsp;&nbsp;&nbsp;3447843 | &nbsp;&nbsp;(1038111) | &nbsp;&nbsp;&nbsp;&nbsp;616003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;24816272 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;6535055 | &nbsp;&nbsp;18371584 | &nbsp;&nbsp;18994633 | &nbsp;&nbsp;&nbsp;5615288 | &nbsp;&nbsp;(2516041) | &nbsp;&nbsp;&nbsp;3211614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;34962543 |
|  |  |  |  |  | &nbsp;&nbsp;(7918007) | &nbsp;&nbsp;54119072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;563604614 |
| **FIXED INTEREST CONTRACT 0.31%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | &nbsp;&nbsp;2000358 | &nbsp;&nbsp;&nbsp;2184275 | &nbsp;&nbsp;&nbsp;&nbsp;186413 | &nbsp;&nbsp;&nbsp;&nbsp;390183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;19853 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;2000358 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;19853 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;2000358 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(9598199)** | **$57634166** | **$19853** | **$0** | **$605360147** |

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------

*Semi-Annual Report - June 30, 2025*

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2060 Fund** | **Empower Lifetime 2060 Fund** | **Empower Lifetime 2060 Fund** | **Empower Lifetime 2060 Fund** | **Empower Lifetime 2060 Fund** | **Empower Lifetime 2060 Fund** | **Empower Lifetime 2060 Fund** | **Empower Lifetime 2060 Fund** | **Empower Lifetime 2060 Fund** | **Empower Lifetime 2060 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 5.21%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;236579 | $2310151 | $531897 | $928589 | $1536 | $83267 | $- | $- | $1996726 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;140783 | &nbsp;&nbsp;&nbsp;1132629 | &nbsp;&nbsp;&nbsp;&nbsp;287690 | &nbsp;&nbsp;&nbsp;&nbsp;265384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3695) | &nbsp;&nbsp;&nbsp;&nbsp;47350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1202285 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;96968 | &nbsp;&nbsp;&nbsp;1020291 | &nbsp;&nbsp;&nbsp;&nbsp;222041 | &nbsp;&nbsp;&nbsp;&nbsp;504571 | &nbsp;&nbsp;&nbsp;&nbsp;20470 | &nbsp;&nbsp;&nbsp;&nbsp;37983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775744 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;59054 | &nbsp;&nbsp;&nbsp;&nbsp;656556 | &nbsp;&nbsp;&nbsp;&nbsp;155626 | &nbsp;&nbsp;&nbsp;&nbsp;202223 | &nbsp;&nbsp;&nbsp;&nbsp;21082 | &nbsp;&nbsp;&nbsp;&nbsp;10111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620070 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;135766 | &nbsp;&nbsp;&nbsp;&nbsp;921748 | &nbsp;&nbsp;&nbsp;&nbsp;324154 | &nbsp;&nbsp;&nbsp;&nbsp;141026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp;42343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1147219 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;11206 | &nbsp;&nbsp;&nbsp;&nbsp;128058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29302 | &nbsp;&nbsp;&nbsp;&nbsp;50069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109595 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;42499 | &nbsp;&nbsp;&nbsp;&nbsp;223358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;5851639 |
| **EQUITY MUTUAL FUNDS 88.36%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;471103 | &nbsp;&nbsp;&nbsp;5193018 | &nbsp;&nbsp;&nbsp;1249810 | &nbsp;&nbsp;1794549 | &nbsp;&nbsp;&nbsp;&nbsp;373966 | &nbsp;&nbsp;&nbsp;&nbsp;364259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;5012538 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;651364 | &nbsp;&nbsp;&nbsp;5428756 | &nbsp;&nbsp;&nbsp;1553481 | &nbsp;&nbsp;&nbsp;&nbsp;796688 | &nbsp;&nbsp;&nbsp;&nbsp;188007 | &nbsp;&nbsp;&nbsp;&nbsp;451846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;6637395 |
| Empower International Index Fund Institutional Class | 1137309 | &nbsp;&nbsp;11623823 | &nbsp;&nbsp;&nbsp;3135656 | &nbsp;&nbsp;2481552 | &nbsp;&nbsp;&nbsp;&nbsp;526088 | &nbsp;&nbsp;1858819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;14136746 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;744998 | &nbsp;&nbsp;&nbsp;6200686 | &nbsp;&nbsp;&nbsp;1662995 | &nbsp;&nbsp;1566465 | &nbsp;&nbsp;&nbsp;&nbsp;268234 | &nbsp;&nbsp;1167664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;7464880 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;494805 | &nbsp;&nbsp;&nbsp;6229400 | &nbsp;&nbsp;&nbsp;1519180 | &nbsp;&nbsp;1359792 | &nbsp;&nbsp;&nbsp;&nbsp;563275 | &nbsp;&nbsp;&nbsp;(124563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;6264225 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;959128 | &nbsp;&nbsp;&nbsp;6840290 | &nbsp;&nbsp;&nbsp;1646045 | &nbsp;&nbsp;2379104 | &nbsp;&nbsp;&nbsp;&nbsp;(96646) | &nbsp;&nbsp;&nbsp;&nbsp;549120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;6656351 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;760097 | &nbsp;&nbsp;&nbsp;2933470 | &nbsp;&nbsp;&nbsp;3967605 | &nbsp;&nbsp;&nbsp;&nbsp;516972 | &nbsp;&nbsp;&nbsp;&nbsp;57069 | &nbsp;&nbsp;&nbsp;&nbsp;91922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;6476025 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;458259 | &nbsp;&nbsp;&nbsp;&nbsp;903324 | &nbsp;&nbsp;&nbsp;3165664 | &nbsp;&nbsp;&nbsp;&nbsp;266525 | &nbsp;&nbsp;&nbsp;&nbsp;16570 | &nbsp;&nbsp;&nbsp;&nbsp;(40158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;3762305 |
| Empower S&P 500® Index Fund Institutional Class | 3078454 | &nbsp;&nbsp;13078744 | &nbsp;&nbsp;18012057 | &nbsp;&nbsp;2241684 | &nbsp;&nbsp;&nbsp;&nbsp;385248 | &nbsp;&nbsp;1381306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;30230423 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;5614299 | &nbsp;&nbsp;&nbsp;&nbsp;706658 | &nbsp;&nbsp;6327410 | &nbsp;&nbsp;&nbsp;&nbsp;(73183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;5148871 | &nbsp;&nbsp;&nbsp;&nbsp;651264 | &nbsp;&nbsp;5819513 | &nbsp;&nbsp;&nbsp;(239799) | &nbsp;&nbsp;&nbsp;&nbsp;19378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;190200 | &nbsp;&nbsp;&nbsp;&nbsp;482919 | &nbsp;&nbsp;&nbsp;1671156 | &nbsp;&nbsp;&nbsp;&nbsp;136540 | &nbsp;&nbsp;&nbsp;&nbsp;12393 | &nbsp;&nbsp;&nbsp;&nbsp;32822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;2050357 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;688713 | &nbsp;&nbsp;&nbsp;2754940 | &nbsp;&nbsp;&nbsp;2298649 | &nbsp;&nbsp;&nbsp;&nbsp;469397 | &nbsp;&nbsp;&nbsp;&nbsp;(15895) | &nbsp;&nbsp;&nbsp;&nbsp;(38685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4545507 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 1113902 | &nbsp;&nbsp;&nbsp;2677134 | &nbsp;&nbsp;&nbsp;3679832 | &nbsp;&nbsp;&nbsp;&nbsp;628745 | &nbsp;&nbsp;&nbsp;&nbsp;(98933) | &nbsp;&nbsp;&nbsp;&nbsp;231158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;5959379 |
|  |  |  |  |  | &nbsp;&nbsp;1866394 | &nbsp;&nbsp;5951341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;99196131 |
| **FIXED INTEREST CONTRACT 0.23%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | &nbsp;&nbsp;251213 | &nbsp;&nbsp;&nbsp;&nbsp;309843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69835 | &nbsp;&nbsp;&nbsp;&nbsp;131115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;2650 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251213 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;2650 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251213 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$1908893** | **$6174699** | **$2650** | **$0** | **$105298983** |

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*Semi-Annual Report - June 30, 2025*

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Empower Lifetime 2065 Fund** | **Empower Lifetime 2065 Fund** | **Empower Lifetime 2065 Fund** | **Empower Lifetime 2065 Fund** | **Empower Lifetime 2065 Fund** | **Empower Lifetime 2065 Fund** | **Empower Lifetime 2065 Fund** | **Empower Lifetime 2065 Fund** | **Empower Lifetime 2065 Fund** | **Empower Lifetime 2065 Fund** |
| **Affiliate** | **Shares Held/<br> Account<br> Balance<br> 06/30/2025** | **Value<br> 12/31/2024** | **Purchase<br> Cost** | **Sales<br> Cost** | **Net Realized<br> Gain (Loss)** | **Net Change<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividends<br> and<br> Interest<br> Received** | **Distributions<br> Received** | **Value<br> 06/30/2025** |
| **BOND MUTUAL FUNDS 4.71%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;63 | $- | $741 | $236 | $8 | $26 | $- | $- | $531 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;37 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;318 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;26 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;205 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;16 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;36 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;304 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;1553 |
| **EQUITY MUTUAL FUNDS 88.83%** |  |  |  |  |  |  |  |  |  |
| Empower Emerging Markets Equity Fund Institutional Class | 139 | &nbsp;&nbsp;- | &nbsp;&nbsp;1803 | &nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1482 |
| Empower International Growth Fund Institutional Class | 192 | &nbsp;&nbsp;- | &nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1956 |
| Empower International Index Fund Institutional Class | 335 | &nbsp;&nbsp;- | &nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;4168 |
| Empower International Value Fund Institutional Class | 220 | &nbsp;&nbsp;- | &nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;2202 |
| Empower Large Cap Growth Fund Institutional Class | 146 | &nbsp;&nbsp;- | &nbsp;&nbsp;2008 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1853 |
| Empower Large Cap Value Fund Institutional Class | 284 | &nbsp;&nbsp;- | &nbsp;&nbsp;2154 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1968 |
| Empower Mid Cap Value Fund Institutional Class | 225 | &nbsp;&nbsp;- | &nbsp;&nbsp;1871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1915 |
| Empower Real Estate Index Fund Institutional Class | 136 | &nbsp;&nbsp;- | &nbsp;&nbsp;1116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1114 |
| Empower S&P 500® Index Fund Institutional Class | 909 | &nbsp;&nbsp;- | &nbsp;&nbsp;8396 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;8926 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1776 | &nbsp;&nbsp;1776 | &nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1746 | &nbsp;&nbsp;1746 | &nbsp;&nbsp;(49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;56 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;605 |
| Empower Small Cap Value Fund Institutional Class | 204 | &nbsp;&nbsp;- | &nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1345 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 329 | &nbsp;&nbsp;- | &nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1760 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;2477 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;29294 |
| **FIXED INTEREST CONTRACT 0.20%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | &nbsp;&nbsp;67 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;1 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
|  |  |  |  | &nbsp;&nbsp;**Total** | **$115** | **$2558** | **$1** | **$0** | **$30914** |

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*Semi-Annual Report - June 30, 2025*

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3. PURCHASES & SALES OF INVESTMENTS

For the period ended June 30, 2025, the aggregate cost of purchases and proceeds from sales of investments were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Empower Lifetime 2015 Fund | &nbsp;&nbsp;$83225083 | &nbsp;&nbsp;$121019941 |
| Empower Lifetime 2020 Fund | &nbsp;&nbsp;108428797 | &nbsp;&nbsp;&nbsp;&nbsp;102448992 |
| Empower Lifetime 2025 Fund | &nbsp;&nbsp;374434535 | &nbsp;&nbsp;&nbsp;&nbsp;370420048 |
| Empower Lifetime 2030 Fund | &nbsp;&nbsp;328402422 | &nbsp;&nbsp;&nbsp;&nbsp;198663633 |
| Empower Lifetime 2035 Fund | &nbsp;&nbsp;495189867 | &nbsp;&nbsp;&nbsp;&nbsp;478230682 |
| Empower Lifetime 2040 Fund | &nbsp;&nbsp;249707023 | &nbsp;&nbsp;&nbsp;&nbsp;184374587 |
| Empower Lifetime 2045 Fund | &nbsp;&nbsp;370297401 | &nbsp;&nbsp;&nbsp;&nbsp;381010163 |
| Empower Lifetime 2050 Fund | &nbsp;&nbsp;164107949 | &nbsp;&nbsp;&nbsp;&nbsp;134389458 |
| Empower Lifetime 2055 Fund | &nbsp;&nbsp;199531018 | &nbsp;&nbsp;&nbsp;&nbsp;218080818 |
| Empower Lifetime 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;48637311 | &nbsp;&nbsp;&nbsp;&nbsp;36687680 |
| Empower Lifetime 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7862 |

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4. INDEMNIFICATIONS

The Funds' organizational documents provide current and former officers and directors with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, a Fund may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

5. SUBSEQUENT EVENTS

Management has reviewed all events subsequent to June 30, 2025, including the estimates inherent in the process of preparing these financial statements through the date the financial statements were issued. No subsequent events requiring adjustments or disclosures have occurred.

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*Semi-Annual Report - June 30, 2025*

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#### Availability of Quarterly Portfolio Schedule
Empower Funds files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form NPORT. Empower Funds' Form NPORT reports are available on the Empower Funds website at https://www.empower.com/investments/empower-funds/fund-documents, and may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800)-SEC-0330.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Funds' accountants during the reporting period.

#### Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that Empower Funds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (866)-831-7129, and on the Empower Funds website at https://www.empower.com/investments/empower-funds/fund-documents.

#### Availability of Proxy Voting Record
Information regarding how Empower Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (866)-831-7129, and on the Empower Funds website at https://www.empower.com/investments/empower-funds/fund-documents.

#### Statement Regarding Basis for Approval of Investment Advisory Contract
The Board of Directors (the "Board") of Empower Funds, Inc. ("Empower Funds"), including the Directors who are not interested persons of Empower Funds (the "Independent Directors"), at a meeting held on April 17, 2025 (the "April Board Meeting"), unanimously approved the continuation of the investment advisory agreement (the "Advisory Agreement") between Empower Capital Management, LLC ("ECM") and Empower Funds, on behalf of each of the following series of Empower Funds: (i) Empower Lifetime 2015 Fund; (ii); Empower Lifetime 2020 Fund; (iii) Empower Lifetime 2025 Fund; (iv) Empower Lifetime 2030 Fund; (v) Empower Lifetime 2035 Fund; (vi) Empower Lifetime 2040 Fund; (vii) Empower Lifetime 2045 Fund; (viii) Empower Lifetime 2050 Fund; (ix) Empower Lifetime 2055 Fund; (x) Empower Lifetime 2060 Fund; and (xi) Empower Lifetime 2065 Fund (each a "Fund," and collectively, the "Funds").

Pursuant to the Advisory Agreement, ECM acts as investment adviser and, subject to oversight by the Board, directs the investments of each of the Funds in accordance with its investment objectives, policies and limitations. ECM also provides, subject to oversight by the Board, the management and administrative services necessary for the Funds' operation.

On March 31, 2025 (the "March Meeting"), the Independent Directors met separately with independent legal counsel in advance of the April Board Meeting to evaluate information encompassing a wide variety of topics furnished by ECM in connection with the proposed continuation of the Advisory Agreement, and reviewed, among other things, comparative information on each Fund's investment performance, fees and expenses, including data prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data. Representatives of Broadridge met with the Independent Directors at the March Meeting to review and discuss Broadridge's peer group selection methodology. In addition, at the March Meeting, the Independent Directors met separately with representatives of an independent provider of mutual fund advisory contract renewal consulting services (the "Independent Consultant") to review comparative information regarding each Fund's investment performance, fees and expenses, as well as enterprise profitability data. Additionally, the Independent Directors considered supplemental information provided in response to their requests made following the March Meeting. The Independent Directors further discussed continuation of the Advisory Agreement separately with independent legal counsel, including at a separate meeting of the Independent Directors convened immediately prior to the April Board Meeting and at the April Board Meeting. The Independent Directors weighed and considered the information provided in light of their substantial accumulated experience in governing the Funds and other series of Empower Funds. Although the Board considered the approval of the Advisory Agreement as part of its multi-faceted annual review process of agreements across Empower Funds, the Board's approvals were made on a fund-by-fund basis.

In approving the continuation of the Advisory Agreement, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Advisory Agreement. The Board noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Furthermore, at each of its

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meetings, the Board covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of advisory agreements for Empower Funds, including the services and support provided to Empower Funds, including the Funds and their shareholders. Additionally, the Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the mutual fund marketplace.

In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board's approval was based on each Director's business judgment after a comprehensive consideration of the information as a whole. Individual Directors may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The Independent Directors were assisted throughout the evaluation process by independent legal counsel.

Based upon its review of the Advisory Agreement and the information provided to it, the Board concluded that the Advisory Agreement was reasonable in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The principal factors and conclusions that formed the basis for the Directors' determinations to approve the continuation of the Advisory Agreement are discussed below.

#### Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided and to be provided to the Funds by ECM. Among other things, the Board considered ECM's organizational history and ownership, personnel, experience, resources and performance track record, its ability to provide or obtain such services as may be necessary in managing, acquiring and disposing of investments on behalf of the Funds, and its ability to provide research and to obtain and evaluate the economic, statistical and financial data relevant to the investment policies of the Funds. With respect to personnel, the Board noted that ECM's affiliate, Empower Retirement, LLC ("Empower") provides employees, including various management professionals, who provide services on behalf of ECM - which does not have its own employees - pursuant to an intercompany agreement between ECM and Empower. (Each of Empower and ECM is an indirect wholly-owned subsidiary of Empower Annuity Insurance Company of America ("Empower of America"). References herein to personnel, services, activities and resources of ECM should be understood generally as including Empower.)

The Board reviewed the qualifications, education, experience, tenure and responsibilities of the senior personnel serving the Funds and the portfolio management team responsible for the day-to-day management of the Funds, as well as the organization's efforts to attract, retain and motivate capable personnel to serve the Funds. The Board also considered ECM's reputation for management of its investment strategies and its decision-making process regarding asset allocation and investments.

In addition, the Board considered ECM's overall financial condition and ability to carry out its obligations to the Funds, its technical resources and operational capabilities, including for investment administration functions, fund accounting services and financial reporting, as well as the controls, internal audit reviews and third-party assessments relating to such operations and services. Also considered by the Board was ECM's risk management framework, cybersecurity program and controls relating to enterprise resiliency, noting prior discussions with and presentations by ECM's Chief Information Security Officer. The Board also took into account various organizational developments, including integration initiatives relating to recent acquisitions, as well as various system enhancements, such as the modernization of a proprietary reconciliation platform and similar efforts to achieve operational efficiencies.

As part of its assessment of the nature, extent and quality of services, the Board evaluated information regarding ECM's regulatory and compliance environment and compliance policies and procedures. The Board considered ECM's compliance program resources and history, reports from the Chief Compliance Officer about ECM's oversight of and compliance with applicable laws and regulations and compliance-related resources devoted by ECM in support of the Funds' obligations pursuant to Rule 38a-1 under the 1940 Act. The Board also considered ECM's efforts generally to ensure that third-party programs and vendors used to service the Funds - including for purposes of regulatory compliance support - are monitored effectively.

Consideration also was given to the fact that the Board meets with representatives of ECM each year to discuss portfolio management strategies and performance. Additionally, the quality of ECM's communications with the Board, as well as ECM's responsiveness to the Board, were taken into account. Also considered was ECM's response to market volatility, changing circumstances in the mutual fund industry and investor sentiment, regulatory developments, economic indicators,

------

monetary and fiscal policy developments and emerging issues. In this regard, the Board received information on the impacts of macroeconomic and geopolitical developments on ECM generally and the Funds, and considered how monitoring and analysis of such developments informs ECM's performance of its services to the Funds.

The Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Funds by ECM.

#### Investment Performance
The Board received and considered information regarding the investment performance of each Fund. The Board reviewed performance information for the Investor Class and Institutional Class shares of each Fund as compared against a Morningstar target date index and a "performance universe" of peer funds compiled by Broadridge, based on Lipper fund classification schema. This performance data generally included, among other things, annualized returns for the one-, three-, five- and ten-year periods ended December 31, 2024 with respect to the Investor Class, and, for the Institutional Class, annualized returns for the one-, three- and five-year periods ended December 31, 2024.

In reviewing the available performance data, the Board noted that the following Funds were launched on April 28, 2016: (i) Empower Lifetime 2020 Fund; (ii) Empower Lifetime 2030 Fund; (iii) Empower Lifetime 2040 Fund; and (iv) Empower Lifetime 2050 Fund. In addition, the Board noted that Empower Lifetime 2060 Fund was launched on May 1, 2019. Similarly, the Board noted that Empower Lifetime 2065 Fund was launched on January 10, 2025 and does not have a full year of performance.

In evaluating each Fund's investment performance, the Board considered each Fund's performance relative to the applicable Morningstar index as well as the Fund's quintile ranking within its performance universe - with the first quintile being the best performers and the fifth quintile being the worst performers - and made the following observations:

**Empower Lifetime 2015 Fund: The annualized returns of the Investor Class for the one-, three-, five- and ten-year periods ended December 31, 2024 were in the fourth, third, third and fourth quintiles, respectively, of its performance universe, which exceeded the performance universe median for the five-year period ended December 31, 2024, equaled the performance universe median for the three-year period ended December 31, 2024 and had specific rankings in the 66th percentile for the one- and ten-year periods ended December 31, 2024. The annualized returns of the Institutional Class exceeded its performance universe median for the one-, three- and five-year periods ended December 31, 2024, ranking in the third, second and second quintiles of its performance universe for each such period. The Fund outperformed the Morningstar index for each period reviewed with the exception of the one-year period ended December 31, 2024 and the Investor Class for the ten-year period, which underperformed the index by one basis point for such period.**

**Empower Lifetime 2020 Fund: The annualized returns of the Investor Class were in the fifth, third and third quintiles of its performance universe for the one-, three- and five-year periods ended December 31, 2024, respectively, which exceeded the performance universe median for the five-year period and equaled the performance universe median for the three-year period ended December 31, 2024. As to the Institutional Class, the annualized returns were in the third, second and second quintiles of its performance universe for the one-, three- and five-year periods ended December 31, 2024, respectively, exceeding its performance universe median for the three- and five-year periods and specifically ranking in the 60th percentile for the one-year period. The Fund outperformed the Morningstar index for each period reviewed with the exception of the one-year period ended December 31, 2024.**

**Empower Lifetime 2025 Fund: For the Investor Class, the annualized returns were in the fifth, third, third and third quintiles of its performance universe for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, which exceeded the performance universe median for the ten-year period and had specific performance universe rankings in the 51st and 52nd percentiles for the three- and five-year periods, respectively. As to the Institutional Class, the annualized returns were in the fourth, second and second quintiles of its performance universe for the one-, three- and five-year periods ended December 31, 2024, exceeding its performance universe median for the three- and five-year periods and specifically ranking in the 65th percentile of its performance universe for the one-year period. The Fund outperformed the Morningstar index for each period reviewed with the exception of the one-year period ended December 31, 2024.**

**Empower Lifetime 2030 Fund: The annualized returns of the Fund's Investor Class ranked in the fifth, fourth and fourth quintiles of its performance universe for the one-, three- and five-year periods ended December 31, 2024, respectively, and ranked specifically in the 62nd and 66th percentiles for the three- and five-year periods ended December 31, 2024, respectively. For the Institutional Class, the annualized returns ranked in the fourth, third and third quintiles of its performance**

------

universe for the one-, three- and five-year periods ended December 31, 2024, respectively, which exceeded the performance universe median for the three- and five-year periods ended December 31, 2024. The Fund outperformed the Morningstar index for each period reviewed with the exception of the one-year period ended December 31, 2024.

**Empower Lifetime 2035 Fund: The annualized returns of the Investor Class for the one-, three-, five- and ten-year periods ended December 31, 2024 were in the fifth quintile, with the exception of the ten-year period, which returns were in the fourth quintile. The annualized returns of the Institutional Class for the one-, three- and five-year periods ended December 31, 2024 were in the fifth, fourth and fourth quintiles, and specifically ranked in the 63rd and 68th percentiles for the three- and five-year periods, respectively. The Fund outperformed the Morningstar index for each period reviewed with the exception of the one-year period ended December 31, 2024 and the ten-year period for the Investor Class.**

**Empower Lifetime 2040 Fund: The annualized returns of the Investor Class were in the fifth quintile for each period reviewed. As to the Institutional Class, the annualized returns were in the fifth, fourth and fourth quintiles of its performance universe for the one-, three- and five-year periods ended December 31, 2024, respectively. Although the Investor Class underperformed the Morningstar index for each period reviewed, the Institutional Class outperformed the Morningstar index for the three- and five-year periods ended December 31, 2024 and underperformed the index for the one-year period ended December 31, 2024.**

**Empower Lifetime 2045 Fund: The annualized returns of the Investor Class for the one-, three-, five- and ten-year periods ended December 31, 2024 were in the fifth quintile, with the exception of the ten-year period, which returns were in the fourth quintile. For the Institutional Class, the annualized returns were in the fifth quintile of its performance universe for the one-, three- and five-year periods ended December 31, 2024. The Fund underperformed the Morningstar index for each period reviewed, with the exception of the Institutional Class for the five-year period ended December 31, 2024.**

**Empower Lifetime 2050 Fund: The annualized returns for each class were in the fifth quintile of its respective performance universe for each period reviewed. The Fund underperformed the Morningstar index for each period reviewed.**

**Empower Lifetime 2055 Fund: The annualized returns for each class were in the fifth quintile of its respective performance universe for each period reviewed. The Fund underperformed the Morningstar index for each period reviewed.**

**Empower Lifetime 2060 Fund: The annualized returns for each class were in the fifth quintile of its respective performance universe for each period reviewed. The Fund underperformed the Morningstar index for each period reviewed.**

In evaluating the comparative performance data, the Board considered that the Funds are "target date" funds, which have an asset allocation strategy designed to meet certain investment goals based on an investor's investment horizon (such as projected retirement date) and personal objectives. As the Funds approach their respective target year (i.e., the presumed retirement year for the investor), they become more conservative as demonstrated by their declining allocation to equities. Thus, the Board took into account ECM's glide path construction and asset allocation processes, noting that a third party was responsible for the glide path construction prior to 2024, as well as the changes ECM has made or is in the process of making to the Funds' glide paths, asset allocations and underlying funds that are designed to improve performance. Also relevant to the Board's evaluation was ECM's assessment that each Fund meets expectations with respect to its investment objective. Moreover, the Board considered its discussions of the Funds' overall performance with ECM representatives, including at its quarterly Board meetings and at the April Board Meeting.

The Board determined that it was satisfied with the explanations for, oversight of and information provided regarding each Fund's investment performance.

#### Costs and Profitability
The Board considered the costs of services provided by ECM from its relationship with the Funds. With respect to the costs of services, the Board considered the unified investment management fee structure of the Funds and the level of the investment management fees payable by the Funds. In addition, the Board noted that ECM has contractually agreed, for a one-year renewable term, through April 30, 2026, to reduce its management fee by a stated amount with respect to each Fund's investment in a fixed income contract issued and guaranteed by ECM's parent company, Empower of America.

In light of the Funds' unified investment management fee structure, as well as each Fund's investment strategy of investing in a professionally selected mix of underlying funds, the Board considered each Fund's total annual operating expense ratio, including underlying fund expenses, in comparison to the total annual operating expense ratios of peer groups of funds

------

managed by other investment advisers, as determined independently by Broadridge, based on Lipper fund classification schema. In addition, the Board considered each Fund's total expense ratio in comparison to the median expense ratios of all funds in the peer groups. In assessing the comparative expense data, the Board noted that it received a description of the methodology Broadridge used to determine the similarity of each Fund to the funds included in its peer group.

The Board made the following observations regarding each Fund's total annual operating expense ratio, including underlying fund expenses, with respect to the quintile ranking of such expense ratio within the peer group (with the first quintile being the lowest expenses and the fifth quintile being the highest expenses):

**Empower Lifetime 2015 Fund: The total annual operating expense ratio, including underlying fund expenses, for each class of the Fund was above its respective peer group median and ranked in the fourth quintile of its respective peer group.**

**Empower Lifetime 2020 Fund: The total annual operating expense ratio, including underlying fund expenses, for each class of the Fund was above its respective peer group median and ranked in the fifth and fourth quintiles for the Investor Class and Institutional Class, respectively.**

**Empower Lifetime 2045 Fund and Empower Lifetime 2055 Fund: The total annual operating expense ratio, including underlying fund expenses, for each class of the Fund was above its respective peer group median and ranked in the fourth and fifth quintiles for the Investor Class and Institutional Class, respectively.**

**Empower Lifetime 2065 Fund: The total annual operating expense ratio, including underlying fund expenses, for each class of the Fund ranked in the fourth quintile of its respective peer group.**

**Empower Lifetime 2025 Fund, Empower Lifetime 2030 Fund, Empower Lifetime 2035 Fund, Empower Lifetime 2040 Fund, Empower Lifetime 2050 Fund and Empower Lifetime 2060 Fund: The total annual operating expense ratio, including underlying fund expenses, for the Investor Class, equaled its peer group median and ranked in the third quintile of its peer group. The total annual operating expense ratio, including underlying fund expenses, for the Institutional Class ranked in the fifth quintile of its peer group.**

As part of its comprehensive evaluation, the Board also reviewed a report from the Independent Consultant assessing expenses in the context of performance and other factors. Moreover, the Board took into account the additional reviews performed by and the related commentary provided by ECM regarding the Funds. In this connection, the Board noted the factors identified by ECM as contributing to the Funds' rankings, including the use of internally-managed or sub-advised strategies, the allocation to actively managed strategies opposite passively managed strategies, the scale of underlying funds and the share class structure, and that, after considering differences among peer funds with respect to the foregoing, ECM believes that each Fund's total expense ratio is reasonable. In addition to considering all of the foregoing, the Board placed particular importance on the Independent Consultant's overall conclusion that each Fund's management fees and expenses are reasonable relative to the quality of services provided, expenses of similar funds and the profitability of ECM.

In addition, the Board received information regarding the fees charged by ECM to separate accounts and other products managed by ECM and noted that the Funds may have higher advisory fees than the separate accounts and other products managed by ECM because of the increased regulatory and compliance requirements of the Funds and the differences in the range of services provided to the Funds and to such other clients.

The Board further considered the overall financial soundness of ECM and the profits estimated to have been realized by ECM and its affiliates. The Board reviewed the financial statements and profitability information from ECM.

With respect to ECM's profitability information, the Board considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Board noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as ECM, and that it is difficult to make comparisons of profitability between advisers because comparative information is not generally publicly available. The Board also reviewed a report from the Independent Consultant comparing pre-tax profitability margins for the latest available fiscal year for certain publicly-traded investment management and financial services firms, as compared to ECM's overall profits, as calculated by the Independent Consultant. The Board also compared ECM's overall pre-tax profitability margin, as calculated by ECM, to those of the publicly-traded firms in the Independent Consultant's report. The Board considered that, while ECM's overall profitability is not unreasonable, profitability information is affected by numerous factors, including the adviser's organization, capital structure and cost of capital, the types of products it manages, its mix of businesses and operating scale and the adviser's assumptions regarding allocations of revenue and expenses, including differing accounting approaches among

------

organizations. In addition, with respect to Empower Lifetime 2020 Fund and Empower Lifetime 2060 Fund in particular, the Board noted that ECM reported a negative margin associated with its management of each of such Funds. The Board further noted that no profitability information was provided for Empower Lifetime 2065 Fund, which launched on January 10, 2025.

Based on the information provided, the Board concluded that the costs of the services provided and, as applicable, the profits estimated to have been realized by ECM and its affiliates were not unreasonable in relation to the nature, extent and quality of the services provided.

#### Economies of Scale
The Board received and considered information about the potential for ECM to experience economies of scale in the provision of services to the Funds and the extent to which potential scale benefits are shared with shareholders. In evaluating economies of scale, the Board considered, among other things, the current level of management fees payable by each Fund, and whether those fees include breakpoints, as well as comparative fee information, the profitability and financial condition of ECM and the current level of Fund assets. Although there are no contractual breakpoints in each Fund's management fee schedule, the Board noted that ECM shares potential economies of scale from its business in a variety of ways, including through fee waiver arrangements, services that benefit shareholders and investments in the business intended to enhance services available to each Fund and its shareholders. The Board also noted that under each Fund's unified investment management fee structure ECM, and not the Fund, would be responsible for paying almost all of the expenses necessary to service the Fund, including those of other service providers, and consequently, ECM bears the risk of these expenses increasing.

Based on the information provided, the Board concluded that ECM's arrangements with respect to each Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

#### Other Factors
The Board received and considered information regarding ancillary benefits derived or to be derived by ECM from its relationship with the Funds as part of the total mix of information evaluated by the Board.

The Board noted where services were provided to the Funds by affiliates of ECM, including, in particular, the various recordkeeping, administrative and shareholder services provided by Empower pursuant to a shareholder services agreement (the "Shareholder Services Agreement"). The Board considered its assessment, as part of the Board's annual contract review process, of the services provided by and fees paid under the Shareholder Services Agreement - an assessment that included, among other things, reviews of service metrics data, the nature and quality of shareholder services, fees retained by Empower and those paid to third-party providers and Empower's estimated profitability on shareholder services fees from the Funds.

In addition to the foregoing arrangements, the Board took into account the fact that, as noted above, each Fund invests in a fixed income contract issued and guaranteed by Empower of America. The Board also considered that the Funds are used as a funding vehicle under variable life and annuity contracts offered by insurance companies affiliated with ECM and as a funding vehicle under retirement plans for which affiliates of ECM may provide various retirement plan services. Additionally, the Board considered the extent to which Empower of America and/or its affiliated insurance companies may receive benefits under the federal income tax laws with respect to tax deductions and credits, and evaluated information provided by ECM in this regard.

The Board concluded that the Funds' management fees were reasonable, taking into account any ancillary benefits derived by ECM or its affiliates.

#### Conclusion
Based upon all the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement continue to be reasonable and that the continuation of the Advisory Agreement is in the best interests of each Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) Item 8 is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) Item 9 is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) Item 10 is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 11. STATEMENT REGARDING BASIS OF APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

(a) Item 11 is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors that were implemented after the registrant last provided disclosure in response to this Item 407(c)(2)(iv) of Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 16. CONTROLS AND PROCEDURES.**

(a) The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported, within the time periods specified in the commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 17. DISCLOSURE OF LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

Not applicable.

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**ITEM 19. EXHIBITS.**

(a) (1) Not required in filing.

(2) [A separate certification for each principal executive and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto.](N-CSR_302_CERT.htm)

(3) Not applicable.

(4) Not applicable.

(b) [A separate certification for each principal executive and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto.](N-CSR_906_CERT.htm)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EMPOWER FUNDS, INC.

By: /s/ Jonathan D. Kreider

Jonathan D. Kreider

President & Chief Executive Officer

Date: August 21, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Jonathan D. Kreider

Jonathan D. Kreider

President & Chief Executive Officer

Date: August 21, 2025

By: /s/ Kelly B. New

Kelly B. New

Chief Financial Officer & Treasurer

Date: August 21, 2025

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## Ex-99.Cert

#### CERTIFICATIONS
I, Jonathan D. Kreider, certify that:

1. I have reviewed this report on Form N-CSR of Empower Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:  | August 21, 2025  |
| By:  | /s/ Jonathan D. Kreider  |
|  | Jonathan D. Kreider  |
|  | President & Chief Executive Officer  |

---

I, Kelly B. New, certify that:

1. I have reviewed this report on Form N-CSR of Empower Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:  | August 21, 2025  |
| By:  | /s/ Kelly B. New  |
|  | Kelly B. New  |
|  | Chief Financial Officer & Treasurer  |

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## Exhibit 99.906

#### CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002

#### (18 U.S.C. 1350)
In connection with the Semi-Annual Report of Empower Funds, Inc. (the "Registrant") on Form N-CSR for the period ended June 30, 2025 (the "Report"), the undersigneds hereby certify, to the best of their knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date:  | August 21, 2025  |
| By:  | /s/ Jonathan D. Kreider  |
|  | Jonathan D. Kreider  |
|  | President & Chief Executive Officer  |

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| | |
|:---|:---|
| Date:  | August 21, 2025  |
| By:  | /s/ Kelly B. New  |
|  | Kelly B. New  |
|  | Chief Financial Officer & Treasurer  |

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__________

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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