# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-23-054680
**Filing Date:** 2023-3
**Character Count:** 616030
**Document Hash:** 54f49f9ed4d7a14a627a3c9f7137b4c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-054680.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-054680

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 23689456

**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           |
| C000095801 | Class L             | MXBHX           |
| 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           |
| C000095804 | Class L             | MXBTX           |
| 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           |
| C000095806 | Class L             | MXABX           |
| 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           |
| C000095809 | Class L             | MXANX           |
| 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           |
| C000095812 | Class L             | MXAZX           |
| 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           |
| C000168749 | Class L             | MXAJX           |

### 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           |
| C000168757 | Class L             | MXAWX           |

### 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           |
| C000168765 | Class L             | MXBFX           |

### 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           |
| C000168773 | Class L             | MXBRX           |

### 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           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> 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<br> (Address of principal executive offices)

Jonathan Kreider

President and Chief Executive Officer<br> Empower Funds, Inc.

8515 E. Orchard Road

Greenwood Village, Colorado 80111

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

------

#### Item 1. REPORTS TO STOCKHOLDERS

#### EMPOWER FUNDS, INC.

#### Empower Lifetime Funds (Formerly Great-West Lifetime Funds)<br> (Institutional Class, Investor Class, and Service Class)

#### Annual Report
December 31, 2022

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 Fund. Such offering is made only by the prospectus of the Fund, which includes details as to offering price and other information.

------

#### Empower Lifetime 2015 Fund

#### Management Discussion
*The Fund's investment adviser is Empower Capital Management, LLC ("ECM")*

#### ECM Commentary
Coming into 2022, the macroeconomic foundation upon which markets rested seemed pretty solid; the U.S. labor market was as strong as it had been in a generation, and economic growth was being powered forward by a strong consumer still flush with Covid era stimulus and in a mood to spend it. But even while markets continued to climb as 2021 drew to a close, you could feel trouble brewing - inflation was building faster than at any point since the 1980s, and investors understood that it was only a matter of time before the Federal Reserve (the "Fed") would have to address it.

And address it they did. After maintaining the federal funds rate at or very near zero throughout much of the pandemic, the Fed began pushing rates higher in March 2022, then continued to do so at each of its next five meetings, something it hadn't done since 2005. More than that, the pace of the tightening was exceptional - the Fed pushed rates up more in 2022 than in any other calendar year since disco was king via a tightening campaign that featured an unprecedented four back-to-back increases of 0.75%. It's fair to say that the Fed hadn't acted that aggressively in recent history until 2022. And it isn't done yet.

But investors saw such moves coming and began to react even before the Fed opened fire. The peak in equities corresponded almost exactly to the turn of the new year, with the S&P hitting its all-time high just shy of 4,800 on January 3. That also happened to be the very first trading day of 2022, but it was still almost three months before the Fed began its historic rate-ratcheting campaign. It's been mostly downhill for stocks ever since - vast swaths of the market are well below the line that divides "market correction" from outright "bear market," with only brief periods of respite in between.

But for all that, maybe the biggest shock in 2022 was a drop in bonds that closely rivaled the decline in stocks. In some ways, this shouldn't have been too surprising. After all, the environment that pressured stocks in 2022 - rapidly rising interest rates - was precisely the same environment bonds hate most. That's a function of the inverse (and mathematically inevitable) relationship bonds have with interest rates; when rates rise, bond prices fall, and vice versa.

But over longer periods, bonds and stocks tend to behave quite differently, which is why bonds act as powerful diversifiers of equity market risk in the first place. This is due at least in part to the regular income typically produced by bonds, which tends to provide some level of insulation from macroeconomic turmoil. So even if rising rates pressure stocks and bonds simultaneously, the situation often tends to reverse itself fairly quickly when risk aversion takes hold and recessionary fears peak.

Not so in 2022 - it looked like core bonds would finish the year with losses almost as steep as those suffered by U.S. large-cap stocks. How unusual is that? The last time U.S. stocks and bonds both finished the same calendar year lower was 1969. Forget disco; you have to go all the way back to Woodstock to find a period that rivals that.

But why is this happening? At the root of all this is the highest rate of inflation in 40 years and the Fed's efforts to control it using the only tool at its disposal - higher interest rates. But rising interest rates work on different segments of the economy in different ways and at far different speeds. Some segments, like housing, tend to respond quickly as the cost of buying a home changes more or less in tandem with

------

rising mortgage rates. By September, the average rate for a 30-year, fixed-rate mortgage surpassed 6% for the first time since 2008, more than twice as high as last January when it stood at 2.65%. Meanwhile, the available supply of homes has remained relentlessly tight, keeping prices high and causing affordability to plummet. Little surprise, then, that transaction volumes have collapsed, too.

There are signs that these same types of rate-related stresses are creeping into other areas of the economy as well, particularly as rates have risen beyond the so-called neutral rate and into restrictive territory, where the chilling effects of higher rates move beyond just simply removing Covid-related stimulus from the veins of the economy. But one area of the market that has clearly not reacted as strongly as the Fed would like is labor. The number of open positions in the U.S. reached a record of nearly 12 million in 2021 as the economy struggled to reopen in the wake of the pandemic. That figure has since begun to decline, but there are still well over 1.5 jobs for every available applicant - an extremely unusual circumstance for a ratio that has historically spent nearly all of its time below 1.0. This in turn creates headaches for the Fed because it raises the possibility of a wage price spiral - a particularly nefarious form of inflation that the Fed is anxious to avoid at all costs. Little wonder, then, that Jerome Powell and his peers have explicitly targeted a softer jobs market as one of the preconditions for ending the Fed's serial rate rising campaign.

Tragically, another headache for the Fed - and the world in general - has been Russia's invasion of Ukraine. The economic impacts were significant. Due to Russia's status as the largest exporter of natural gas and second-largest exporter of crude oil, the invasion triggered a supply shock that reverberated globally and hit Europe particularly hard given the continent's heavy reliance on Russia to meet its energy needs. Moreover, as both Russia and Ukraine are significant producers of grain and other agricultural foodstuffs, the invasion has threatened to make an already fragile global food supply situation even more tenuous. At a minimum, we suspect that Russia's invasion of Ukraine has made the likelihood of a recession in Europe far higher while at the same time extending the duration and depth of the ongoing inflationary episode for the rest of the world.

For the twelve-month period ended December 31, 2022, the Empower Lifetime 2015 Fund (Investor Class shares) returned -12.27%, relative to a -15.52% return for the Morningstar Lifetime Moderate 2015 Index and a -18.36% return for the MSCI ACWI Index, the Fund's benchmark indexes. Manager selection and asset allocation were both contributors to relative returns opposite the Fund's benchmark indexes. The use of core fixed income opposite long-term bonds was additive, while key outperforming underlying funds included the Empower Large Cap Growth Fund, an investment in a fixed interest contract, and Empower Small Cap Value Fund.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g450913imgb1ad85b71.jpg)

------

Note: Performance for the Service Class and Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;&nbsp;**Ten Year / Since<br> Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-11.95% | &nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;4.25% |
| Investor Class | &nbsp;&nbsp;&nbsp;-12.27% | &nbsp;&nbsp;&nbsp;3.06% | &nbsp;&nbsp;&nbsp;5.00% |
| Service Class | &nbsp;&nbsp;&nbsp;-12.36% | &nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;4.92% |

---

(a) Institutional Class inception date was May 1, 2015.

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Asset Class as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Asset Class** | **Percentage of<br> Fund Investments** |
| Bond | 46.42% |
| Large Cap Equity | 16.55 |
| Fixed Interest Contract | 13.01 |
| International Equity | 11.54 |
| Mid Cap Equity | 6.85 |
| Real Estate Equity | 3.15 |
| Small Cap Equity | 2.48 |
| Total | 100.00% |

---

#### Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

#### Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5%

------

per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1006.63 | $2.28 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1022.90 | $2.29 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1005.21 | $4.04 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1021.20 | $4.08 |
| **Service Class** |  |  |  |
| Actual | $1000.00 | $1005.17 | $4.55 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.70 | $4.58 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.45% for the Institutional Class shares, 0.80% for the Investor Class shares, and 0.90% for the Service Class shares multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period. 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%).<br> Performance does not include any fees or expenses of variable insurance contracts, IRS, qualified retirement plans or college savings programs, if applicable. If such fee or expenses were included, returns would be lower.

------

#### Empower Lifetime 2020 Fund

#### Management Discussion
*The Fund's investment adviser is Empower Capital Management, LLC ("ECM")*

#### ECM Commentary
Coming into 2022, the macroeconomic foundation upon which markets rested seemed pretty solid; the U.S. labor market was as strong as it had been in a generation, and economic growth was being powered forward by a strong consumer still flush with Covid era stimulus and in a mood to spend it. But even while markets continued to climb as 2021 drew to a close, you could feel trouble brewing - inflation was building faster than at any point since the 1980s, and investors understood that it was only a matter of time before the Federal Reserve (the "Fed") would have to address it.

And address it they did. After maintaining the federal funds rate at or very near zero throughout much of the pandemic, the Fed began pushing rates higher in March 2022, then continued to do so at each of its next five meetings, something it hadn't done since 2005. More than that, the pace of the tightening was exceptional - the Fed pushed rates up more in 2022 than in any other calendar year since disco was king via a tightening campaign that featured an unprecedented four back-to-back increases of 0.75%. It's fair to say that the Fed hadn't acted that aggressively in recent history until 2022. And it isn't done yet.

But investors saw such moves coming and began to react even before the Fed opened fire. The peak in equities corresponded almost exactly to the turn of the new year, with the S&P hitting its all-time high just shy of 4,800 on January 3. That also happened to be the very first trading day of 2022, but it was still almost three months before the Fed began its historic rate-ratcheting campaign. It's been mostly downhill for stocks ever since - vast swaths of the market are well below the line that divides "market correction" from outright "bear market," with only brief periods of respite in between.

But for all that, maybe the biggest shock in 2022 was a drop in bonds that closely rivaled the decline in stocks. In some ways, this shouldn't have been too surprising. After all, the environment that pressured stocks in 2022 - rapidly rising interest rates - was precisely the same environment bonds hate most. That's a function of the inverse (and mathematically inevitable) relationship bonds have with interest rates; when rates rise, bond prices fall, and vice versa.

But over longer periods, bonds and stocks tend to behave quite differently, which is why bonds act as powerful diversifiers of equity market risk in the first place. This is due at least in part to the regular income typically produced by bonds, which tends to provide some level of insulation from macroeconomic turmoil. So even if rising rates pressure stocks and bonds simultaneously, the situation often tends to reverse itself fairly quickly when risk aversion takes hold and recessionary fears peak.

Not so in 2022 - it looked like core bonds would finish the year with losses almost as steep as those suffered by U.S. large-cap stocks. How unusual is that? The last time U.S. stocks and bonds both finished the same calendar year lower was 1969. Forget disco; you have to go all the way back to Woodstock to find a period that rivals that.

But why is this happening? At the root of all this is the highest rate of inflation in 40 years and the Fed's efforts to control it using the only tool at its disposal - higher interest rates. But rising interest rates work on different segments of the economy in different ways and at far different speeds. Some segments, like housing, tend to respond quickly as the cost of buying a home changes more or less in tandem with

------

rising mortgage rates. By September, the average rate for a 30-year, fixed-rate mortgage surpassed 6% for the first time since 2008, more than twice as high as last January when it stood at 2.65%. Meanwhile, the available supply of homes has remained relentlessly tight, keeping prices high and causing affordability to plummet. Little surprise, then, that transaction volumes have collapsed, too.

There are signs that these same types of rate-related stresses are creeping into other areas of the economy as well, particularly as rates have risen beyond the so-called neutral rate and into restrictive territory, where the chilling effects of higher rates move beyond just simply removing Covid-related stimulus from the veins of the economy. But one area of the market that has clearly not reacted as strongly as the Fed would like is labor. The number of open positions in the U.S. reached a record of nearly 12 million in 2021 as the economy struggled to reopen in the wake of the pandemic. That figure has since begun to decline, but there are still well over 1.5 jobs for every available applicant - an extremely unusual circumstance for a ratio that has historically spent nearly all of its time below 1.0. This in turn creates headaches for the Fed because it raises the possibility of a wage price spiral - a particularly nefarious form of inflation that the Fed is anxious to avoid at all costs. Little wonder, then, that Jerome Powell and his peers have explicitly targeted a softer jobs market as one of the preconditions for ending the Fed's serial rate rising campaign.

Tragically, another headache for the Fed - and the world in general - has been Russia's invasion of Ukraine. The economic impacts were significant. Due to Russia's status as the largest exporter of natural gas and second-largest exporter of crude oil, the invasion triggered a supply shock that reverberated globally and hit Europe particularly hard given the continent's heavy reliance on Russia to meet its energy needs. Moreover, as both Russia and Ukraine are significant producers of grain and other agricultural foodstuffs, the invasion has threatened to make an already fragile global food supply situation even more tenuous. At a minimum, we suspect that Russia's invasion of Ukraine has made the likelihood of a recession in Europe far higher while at the same time extending the duration and depth of the ongoing inflationary episode for the rest of the world.

For the twelve-month period ended December 31, 2022, the Empower Lifetime 2020 Fund (Investor Class shares) returned -12.95%, relative to a -16.77% return for the Morningstar Lifetime Moderate 2020 Index and a -18.36% return for the MSCI ACWI Index, the Fund's benchmark indexes. Manager selection and asset allocation were both contributors to relative returns opposite the Fund's benchmark indexes. The use of core fixed income opposite long-term bonds was additive, while key outperforming underlying funds included the Empower Large Cap Growth Fund, an investment in a fixed interest contract, and Empower Small Cap Value Fund.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g450913img2a31ffb72.jpg)

\*For the period from April 28, 2016 (inception) through December 31, 2016.

Note: Performance for the Service Class and Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;&nbsp;**Since Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-12.61% | &nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;5.31% |
| Investor Class | &nbsp;&nbsp;&nbsp;-12.95% | &nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;4.94% |
| Service Class | &nbsp;&nbsp;&nbsp;-12.97% | &nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;4.86% |

---

(a) Institutional Class, Investor Class, and Service Class inception date was April 28, 2016.

------

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Asset Class as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Asset Class** | **Percentage of<br> Fund Investments** |
| Bond | 44.18% |
| Large Cap Equity | 18.06 |
| International Equity | 13.43 |
| Fixed Interest Contract | 10.64 |
| Mid Cap Equity | 7.47 |
| Real Estate Equity | 3.23 |
| Small Cap Equity | 2.99 |
| Total | 100.00% |

---

#### Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

#### Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1010.01 | $2.38 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1022.80 | $2.40 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1007.35 | $4.15 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1021.10 | $4.18 |
| **Service Class** |  |  |  |
| Actual | $1000.00 | $1008.10 | $4.66 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.60 | $4.69 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.47% for the Institutional Class shares, 0.82% for the Investor Class shares, and 0.92% for the Service Class shares multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period. 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, (0.38%).<br> Performance does not include any fees or expenses of variable insurance contracts, IRS, qualified retirement plans or college savings programs, if applicable. If such fee or expenses were included, returns would be lower.

------

#### Empower Lifetime 2025 Fund

#### Management Discussion
*The Fund's investment adviser is Empower Capital Management, LLC ("ECM")*

#### ECM Commentary
Coming into 2022, the macroeconomic foundation upon which markets rested seemed pretty solid; the U.S. labor market was as strong as it had been in a generation, and economic growth was being powered forward by a strong consumer still flush with Covid era stimulus and in a mood to spend it. But even while markets continued to climb as 2021 drew to a close, you could feel trouble brewing - inflation was building faster than at any point since the 1980s, and investors understood that it was only a matter of time before the Federal Reserve (the "Fed") would have to address it.

And address it they did. After maintaining the federal funds rate at or very near zero throughout much of the pandemic, the Fed began pushing rates higher in March 2022, then continued to do so at each of its next five meetings, something it hadn't done since 2005. More than that, the pace of the tightening was exceptional - the Fed pushed rates up more in 2022 than in any other calendar year since disco was king via a tightening campaign that featured an unprecedented four back-to-back increases of 0.75%. It's fair to say that the Fed hadn't acted that aggressively in recent history until 2022. And it isn't done yet.

But investors saw such moves coming and began to react even before the Fed opened fire. The peak in equities corresponded almost exactly to the turn of the new year, with the S&P hitting its all-time high just shy of 4,800 on January 3. That also happened to be the very first trading day of 2022, but it was still almost three months before the Fed began its historic rate-ratcheting campaign. It's been mostly downhill for stocks ever since - vast swaths of the market are well below the line that divides "market correction" from outright "bear market," with only brief periods of respite in between.

But for all that, maybe the biggest shock in 2022 was a drop in bonds that closely rivaled the decline in stocks. In some ways, this shouldn't have been too surprising. After all, the environment that pressured stocks in 2022 - rapidly rising interest rates - was precisely the same environment bonds hate most. That's a function of the inverse (and mathematically inevitable) relationship bonds have with interest rates; when rates rise, bond prices fall, and vice versa.

But over longer periods, bonds and stocks tend to behave quite differently, which is why bonds act as powerful diversifiers of equity market risk in the first place. This is due at least in part to the regular income typically produced by bonds, which tends to provide some level of insulation from macroeconomic turmoil. So even if rising rates pressure stocks and bonds simultaneously, the situation often tends to reverse itself fairly quickly when risk aversion takes hold and recessionary fears peak.

Not so in 2022 - it looked like core bonds would finish the year with losses almost as steep as those suffered by U.S. large-cap stocks. How unusual is that? The last time U.S. stocks and bonds both finished the same calendar year lower was 1969. Forget disco; you have to go all the way back to Woodstock to find a period that rivals that.

But why is this happening? At the root of all this is the highest rate of inflation in 40 years and the Fed's efforts to control it using the only tool at its disposal - higher interest rates. But rising interest rates work on different segments of the economy in different ways and at far different speeds. Some segments, like housing, tend to respond quickly as the cost of buying a home changes more or less in tandem with

------

rising mortgage rates. By September, the average rate for a 30-year, fixed-rate mortgage surpassed 6% for the first time since 2008, more than twice as high as last January when it stood at 2.65%. Meanwhile, the available supply of homes has remained relentlessly tight, keeping prices high and causing affordability to plummet. Little surprise, then, that transaction volumes have collapsed, too.

There are signs that these same types of rate-related stresses are creeping into other areas of the economy as well, particularly as rates have risen beyond the so-called neutral rate and into restrictive territory, where the chilling effects of higher rates move beyond just simply removing Covid-related stimulus from the veins of the economy. But one area of the market that has clearly not reacted as strongly as the Fed would like is labor. The number of open positions in the U.S. reached a record of nearly 12 million in 2021 as the economy struggled to reopen in the wake of the pandemic. That figure has since begun to decline, but there are still well over 1.5 jobs for every available applicant - an extremely unusual circumstance for a ratio that has historically spent nearly all of its time below 1.0. This in turn creates headaches for the Fed because it raises the possibility of a wage price spiral - a particularly nefarious form of inflation that the Fed is anxious to avoid at all costs. Little wonder, then, that Jerome Powell and his peers have explicitly targeted a softer jobs market as one of the preconditions for ending the Fed's serial rate rising campaign.

Tragically, another headache for the Fed - and the world in general - has been Russia's invasion of Ukraine. The economic impacts were significant. Due to Russia's status as the largest exporter of natural gas and second-largest exporter of crude oil, the invasion triggered a supply shock that reverberated globally and hit Europe particularly hard given the continent's heavy reliance on Russia to meet its energy needs. Moreover, as both Russia and Ukraine are significant producers of grain and other agricultural foodstuffs, the invasion has threatened to make an already fragile global food supply situation even more tenuous. At a minimum, we suspect that Russia's invasion of Ukraine has made the likelihood of a recession in Europe far higher while at the same time extending the duration and depth of the ongoing inflationary episode for the rest of the world.

For the twelve-month period ended December 31, 2022, the Empower Lifetime 2025 Fund (Investor Class shares) returned -13.83%, relative to a -17.58% return for the Morningstar Lifetime Moderate 2025 Index and a -18.36% return for the MSCI ACWI Index, the Fund's benchmark indexes. Manager selection and asset allocation were both contributors to relative returns opposite the Fund's benchmark indexes. The use of core fixed income opposite long-term bonds was additive, while key outperforming underlying funds included the Empower Large Cap Growth Fund, an investment in a fixed interest contract, and Empower Small Cap Value Fund.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g450913imgf66d46033.jpg)

------

Note: Performance for the Service Class and Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;&nbsp;**Ten Year / Since<br> Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-13.43% | &nbsp;&nbsp;&nbsp;3.85% | &nbsp;&nbsp;&nbsp;4.87% |
| Investor Class | &nbsp;&nbsp;&nbsp;-13.83% | &nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;6.20% |
| Service Class | &nbsp;&nbsp;&nbsp;-13.88% | &nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;6.09% |

---

(a) Institutional Class inception date was May 1, 2015.

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Asset Class as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Asset Class** | **Percentage of<br> Fund Investments** |
| Bond | 40.53% |
| Large Cap Equity | 20.06 |
| International Equity | 15.89 |
| Fixed Interest Contract | 8.33 |
| Mid Cap Equity | 8.23 |
| Small Cap Equity | 3.63 |
| Real Estate Equity | 3.33 |
| Total | 100.00% |

---

#### Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

#### Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5%

------

per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1012.78 | $2.49 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1022.70 | $2.50 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1010.01 | $4.26 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1021.00 | $4.28 |
| **Service Class** |  |  |  |
| Actual | $1000.00 | $1009.75 | $4.76 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.50 | $4.79 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.49% for the Institutional Class shares, 0.84% for the Investor Class shares, and 0.94% for the Service Class shares multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period. 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, (0.40%).<br> Performance does not include any fees or expenses of variable insurance contracts, IRS, qualified retirement plans or college savings programs, if applicable. If such fee or expenses were included, returns would be lower.

------

#### Empower Lifetime 2030 Fund

#### Management Discussion
*The Fund's investment adviser is Empower Capital Management, LLC ("ECM")*

#### ECM Commentary
Coming into 2022, the macroeconomic foundation upon which markets rested seemed pretty solid; the U.S. labor market was as strong as it had been in a generation, and economic growth was being powered forward by a strong consumer still flush with Covid era stimulus and in a mood to spend it. But even while markets continued to climb as 2021 drew to a close, you could feel trouble brewing - inflation was building faster than at any point since the 1980s, and investors understood that it was only a matter of time before the Federal Reserve (the "Fed") would have to address it.

And address it they did. After maintaining the federal funds rate at or very near zero throughout much of the pandemic, the Fed began pushing rates higher in March 2022, then continued to do so at each of its next five meetings, something it hadn't done since 2005. More than that, the pace of the tightening was exceptional - the Fed pushed rates up more in 2022 than in any other calendar year since disco was king via a tightening campaign that featured an unprecedented four back-to-back increases of 0.75%. It's fair to say that the Fed hadn't acted that aggressively in recent history until 2022. And it isn't done yet.

But investors saw such moves coming and began to react even before the Fed opened fire. The peak in equities corresponded almost exactly to the turn of the new year, with the S&P hitting its all-time high just shy of 4,800 on January 3. That also happened to be the very first trading day of 2022, but it was still almost three months before the Fed began its historic rate-ratcheting campaign. It's been mostly downhill for stocks ever since - vast swaths of the market are well below the line that divides "market correction" from outright "bear market," with only brief periods of respite in between.

But for all that, maybe the biggest shock in 2022 was a drop in bonds that closely rivaled the decline in stocks. In some ways, this shouldn't have been too surprising. After all, the environment that pressured stocks in 2022 - rapidly rising interest rates - was precisely the same environment bonds hate most. That's a function of the inverse (and mathematically inevitable) relationship bonds have with interest rates; when rates rise, bond prices fall, and vice versa.

But over longer periods, bonds and stocks tend to behave quite differently, which is why bonds act as powerful diversifiers of equity market risk in the first place. This is due at least in part to the regular income typically produced by bonds, which tends to provide some level of insulation from macroeconomic turmoil. So even if rising rates pressure stocks and bonds simultaneously, the situation often tends to reverse itself fairly quickly when risk aversion takes hold and recessionary fears peak.

Not so in 2022 - it looked like core bonds would finish the year with losses almost as steep as those suffered by U.S. large-cap stocks. How unusual is that? The last time U.S. stocks and bonds both finished the same calendar year lower was 1969. Forget disco; you have to go all the way back to Woodstock to find a period that rivals that.

But why is this happening? At the root of all this is the highest rate of inflation in 40 years and the Fed's efforts to control it using the only tool at its disposal - higher interest rates. But rising interest rates work on different segments of the economy in different ways and at far different speeds. Some segments, like housing, tend to respond quickly as the cost of buying a home changes more or less in tandem with

------

rising mortgage rates. By September, the average rate for a 30-year, fixed-rate mortgage surpassed 6% for the first time since 2008, more than twice as high as last January when it stood at 2.65%. Meanwhile, the available supply of homes has remained relentlessly tight, keeping prices high and causing affordability to plummet. Little surprise, then, that transaction volumes have collapsed, too.

There are signs that these same types of rate-related stresses are creeping into other areas of the economy as well, particularly as rates have risen beyond the so-called neutral rate and into restrictive territory, where the chilling effects of higher rates move beyond just simply removing Covid-related stimulus from the veins of the economy. But one area of the market that has clearly not reacted as strongly as the Fed would like is labor. The number of open positions in the U.S. reached a record of nearly 12 million in 2021 as the economy struggled to reopen in the wake of the pandemic. That figure has since begun to decline, but there are still well over 1.5 jobs for every available applicant - an extremely unusual circumstance for a ratio that has historically spent nearly all of its time below 1.0. This in turn creates headaches for the Fed because it raises the possibility of a wage price spiral - a particularly nefarious form of inflation that the Fed is anxious to avoid at all costs. Little wonder, then, that Jerome Powell and his peers have explicitly targeted a softer jobs market as one of the preconditions for ending the Fed's serial rate rising campaign.

Tragically, another headache for the Fed - and the world in general - has been Russia's invasion of Ukraine. The economic impacts were significant. Due to Russia's status as the largest exporter of natural gas and second-largest exporter of crude oil, the invasion triggered a supply shock that reverberated globally and hit Europe particularly hard given the continent's heavy reliance on Russia to meet its energy needs. Moreover, as both Russia and Ukraine are significant producers of grain and other agricultural foodstuffs, the invasion has threatened to make an already fragile global food supply situation even more tenuous. At a minimum, we suspect that Russia's invasion of Ukraine has made the likelihood of a recession in Europe far higher while at the same time extending the duration and depth of the ongoing inflationary episode for the rest of the world.

For the twelve-month period ended December 31, 2022, the Empower Lifetime 2030 Fund (Investor Class shares) returned -14.62%, relative to a -17.94% return for the Morningstar Lifetime Moderate 2030 Index and a -18.36% return for the MSCI ACWI Index, the Fund's benchmark indexes. Manager selection and asset allocation were both contributors to relative returns opposite the Fund's benchmark indexes. The use of core fixed income opposite long-term bonds was additive, while key outperforming underlying funds included the Empower Large Cap Growth Fund, an investment in a fixed interest contract, and Empower Small Cap Value Fund.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g450913img9c46d2774.jpg)

\*For the period from April 28, 2016 (inception) through December 31, 2016.

Note: Performance for the Service Class and Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;&nbsp;**Since Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-14.29% | &nbsp;&nbsp;&nbsp;4.11% | &nbsp;&nbsp;&nbsp;6.43% |
| Investor Class | &nbsp;&nbsp;&nbsp;-14.62% | &nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;6.05% |
| Service Class | &nbsp;&nbsp;&nbsp;-14.72% | &nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;5.98% |

---

(a) Institutional Class, Investor Class, and Service Class inception date was April 28, 2016.

------

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Asset Class as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Asset Class** | **Percentage of<br> Fund Investments** |
| Bond | 34.60% |
| Large Cap Equity | 22.86 |
| International Equity | 19.31 |
| Mid Cap Equity | 9.35 |
| Fixed Interest Contract | 5.95 |
| Small Cap Equity | 4.52 |
| Real Estate Equity | 3.41 |
| Total | 100.00% |

---

#### Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

#### Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1015.90 | $2.59 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1022.60 | $2.60 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1014.42 | $4.37 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.90 | $4.38 |
| **Service Class** |  |  |  |
| Actual | $1000.00 | $1013.89 | $4.87 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.40 | $4.89 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.51% for the Institutional Class shares, 0.86% for the Investor Class shares, and 0.96% for the Service Class shares multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period. 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%).<br> Performance does not include any fees or expenses of variable insurance contracts, IRS, qualified retirement plans or college savings programs, if applicable. If such fee or expenses were included, returns would be lower.

------

#### Empower Lifetime 2035 Fund

#### Management Discussion
*The Fund's investment adviser is Empower Capital Management, LLC ("ECM")*

#### ECM Commentary
Coming into 2022, the macroeconomic foundation upon which markets rested seemed pretty solid; the U.S. labor market was as strong as it had been in a generation, and economic growth was being powered forward by a strong consumer still flush with Covid era stimulus and in a mood to spend it. But even while markets continued to climb as 2021 drew to a close, you could feel trouble brewing - inflation was building faster than at any point since the 1980s, and investors understood that it was only a matter of time before the Federal Reserve (the "Fed") would have to address it.

And address it they did. After maintaining the federal funds rate at or very near zero throughout much of the pandemic, the Fed began pushing rates higher in March 2022, then continued to do so at each of its next five meetings, something it hadn't done since 2005. More than that, the pace of the tightening was exceptional - the Fed pushed rates up more in 2022 than in any other calendar year since disco was king via a tightening campaign that featured an unprecedented four back-to-back increases of 0.75%. It's fair to say that the Fed hadn't acted that aggressively in recent history until 2022. And it isn't done yet.

But investors saw such moves coming and began to react even before the Fed opened fire. The peak in equities corresponded almost exactly to the turn of the new year, with the S&P hitting its all-time high just shy of 4,800 on January 3. That also happened to be the very first trading day of 2022, but it was still almost three months before the Fed began its historic rate-ratcheting campaign. It's been mostly downhill for stocks ever since - vast swaths of the market are well below the line that divides "market correction" from outright "bear market," with only brief periods of respite in between.

But for all that, maybe the biggest shock in 2022 was a drop in bonds that closely rivaled the decline in stocks. In some ways, this shouldn't have been too surprising. After all, the environment that pressured stocks in 2022 - rapidly rising interest rates - was precisely the same environment bonds hate most. That's a function of the inverse (and mathematically inevitable) relationship bonds have with interest rates; when rates rise, bond prices fall, and vice versa.

But over longer periods, bonds and stocks tend to behave quite differently, which is why bonds act as powerful diversifiers of equity market risk in the first place. This is due at least in part to the regular income typically produced by bonds, which tends to provide some level of insulation from macroeconomic turmoil. So even if rising rates pressure stocks and bonds simultaneously, the situation often tends to reverse itself fairly quickly when risk aversion takes hold and recessionary fears peak.

Not so in 2022 - it looked like core bonds would finish the year with losses almost as steep as those suffered by U.S. large-cap stocks. How unusual is that? The last time U.S. stocks and bonds both finished the same calendar year lower was 1969. Forget disco; you have to go all the way back to Woodstock to find a period that rivals that.

But why is this happening? At the root of all this is the highest rate of inflation in 40 years and the Fed's efforts to control it using the only tool at its disposal - higher interest rates. But rising interest rates work on different segments of the economy in different ways and at far different speeds. Some segments, like housing, tend to respond quickly as the cost of buying a home changes more or less in tandem with

------

rising mortgage rates. By September, the average rate for a 30-year, fixed-rate mortgage surpassed 6% for the first time since 2008, more than twice as high as last January when it stood at 2.65%. Meanwhile, the available supply of homes has remained relentlessly tight, keeping prices high and causing affordability to plummet. Little surprise, then, that transaction volumes have collapsed, too.

There are signs that these same types of rate-related stresses are creeping into other areas of the economy as well, particularly as rates have risen beyond the so-called neutral rate and into restrictive territory, where the chilling effects of higher rates move beyond just simply removing Covid-related stimulus from the veins of the economy. But one area of the market that has clearly not reacted as strongly as the Fed would like is labor. The number of open positions in the U.S. reached a record of nearly 12 million in 2021 as the economy struggled to reopen in the wake of the pandemic. That figure has since begun to decline, but there are still well over 1.5 jobs for every available applicant - an extremely unusual circumstance for a ratio that has historically spent nearly all of its time below 1.0. This in turn creates headaches for the Fed because it raises the possibility of a wage price spiral - a particularly nefarious form of inflation that the Fed is anxious to avoid at all costs. Little wonder, then, that Jerome Powell and his peers have explicitly targeted a softer jobs market as one of the preconditions for ending the Fed's serial rate rising campaign.

Tragically, another headache for the Fed - and the world in general - has been Russia's invasion of Ukraine. The economic impacts were significant. Due to Russia's status as the largest exporter of natural gas and second-largest exporter of crude oil, the invasion triggered a supply shock that reverberated globally and hit Europe particularly hard given the continent's heavy reliance on Russia to meet its energy needs. Moreover, as both Russia and Ukraine are significant producers of grain and other agricultural foodstuffs, the invasion has threatened to make an already fragile global food supply situation even more tenuous. At a minimum, we suspect that Russia's invasion of Ukraine has made the likelihood of a recession in Europe far higher while at the same time extending the duration and depth of the ongoing inflationary episode for the rest of the world.

For the twelve-month period ended December 31, 2022, the Empower Lifetime 2035 Fund (Investor Class shares) returned -15.62%, relative to a -17.75% return for the Morningstar Lifetime Moderate 2035 Index and a -18.36% return for the MSCI ACWI Index, the Fund's benchmark indexes. Manager selection and asset allocation were both contributors to relative returns opposite the Fund's benchmark indexes. The use of core fixed income opposite long-term bonds was additive, while key outperforming underlying funds included the Empower Large Cap Growth Fund, an investment in a fixed interest contract, and Empower Small Cap Value Fund.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g450913img25bdd95f5.jpg)

------

Note: Performance for the Service Class and Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;&nbsp;**Ten Year / Since<br> Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-15.29% | &nbsp;&nbsp;&nbsp;4.46% | &nbsp;&nbsp;&nbsp;5.79% |
| Investor Class | &nbsp;&nbsp;&nbsp;-15.62% | &nbsp;&nbsp;&nbsp;4.07% | &nbsp;&nbsp;&nbsp;7.37% |
| Service Class | &nbsp;&nbsp;&nbsp;-15.70% | &nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;7.26% |

---

(a) Institutional Class inception date was May 1, 2015.

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Asset Class as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Asset Class** | **Percentage of<br> Fund Investments** |
| Large Cap Equity | 26.48% |
| Bond | 26.09 |
| International Equity | 23.77 |
| Mid Cap Equity | 10.79 |
| Small Cap Equity | 5.68 |
| Fixed Interest Contract | 3.70 |
| Real Estate Equity | 3.49 |
| Total | 100.00% |

---

#### Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

#### Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5%

------

per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1020.73 | $2.75 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1022.50 | $2.75 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1018.56 | $4.53 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.70 | $4.53 |
| **Service Class** |  |  |  |
| Actual | $1000.00 | $1018.36 | $5.04 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.20 | $5.04 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.54% for the Institutional Class shares, 0.89% for the Investor Class shares, and 0.99% for the Service Class shares multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period. 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%).<br> Performance does not include any fees or expenses of variable insurance contracts, IRS, qualified retirement plans or college savings programs, if applicable. If such fee or expenses were included, returns would be lower.

------

#### Empower Lifetime 2040 Fund

#### Management Discussion
*The Fund's investment adviser is Empower Capital Management, LLC ("ECM")*

#### ECM Commentary
Coming into 2022, the macroeconomic foundation upon which markets rested seemed pretty solid; the U.S. labor market was as strong as it had been in a generation, and economic growth was being powered forward by a strong consumer still flush with Covid era stimulus and in a mood to spend it. But even while markets continued to climb as 2021 drew to a close, you could feel trouble brewing - inflation was building faster than at any point since the 1980s, and investors understood that it was only a matter of time before the Federal Reserve (the "Fed") would have to address it.

And address it they did. After maintaining the federal funds rate at or very near zero throughout much of the pandemic, the Fed began pushing rates higher in March 2022, then continued to do so at each of its next five meetings, something it hadn't done since 2005. More than that, the pace of the tightening was exceptional - the Fed pushed rates up more in 2022 than in any other calendar year since disco was king via a tightening campaign that featured an unprecedented four back-to-back increases of 0.75%. It's fair to say that the Fed hadn't acted that aggressively in recent history until 2022. And it isn't done yet.

But investors saw such moves coming and began to react even before the Fed opened fire. The peak in equities corresponded almost exactly to the turn of the new year, with the S&P hitting its all-time high just shy of 4,800 on January 3. That also happened to be the very first trading day of 2022, but it was still almost three months before the Fed began its historic rate-ratcheting campaign. It's been mostly downhill for stocks ever since - vast swaths of the market are well below the line that divides "market correction" from outright "bear market," with only brief periods of respite in between.

But for all that, maybe the biggest shock in 2022 was a drop in bonds that closely rivaled the decline in stocks. In some ways, this shouldn't have been too surprising. After all, the environment that pressured stocks in 2022 - rapidly rising interest rates - was precisely the same environment bonds hate most. That's a function of the inverse (and mathematically inevitable) relationship bonds have with interest rates; when rates rise, bond prices fall, and vice versa.

But over longer periods, bonds and stocks tend to behave quite differently, which is why bonds act as powerful diversifiers of equity market risk in the first place. This is due at least in part to the regular income typically produced by bonds, which tends to provide some level of insulation from macroeconomic turmoil. So even if rising rates pressure stocks and bonds simultaneously, the situation often tends to reverse itself fairly quickly when risk aversion takes hold and recessionary fears peak.

Not so in 2022 - it looked like core bonds would finish the year with losses almost as steep as those suffered by U.S. large-cap stocks. How unusual is that? The last time U.S. stocks and bonds both finished the same calendar year lower was 1969. Forget disco; you have to go all the way back to Woodstock to find a period that rivals that.

But why is this happening? At the root of all this is the highest rate of inflation in 40 years and the Fed's efforts to control it using the only tool at its disposal - higher interest rates. But rising interest rates work on different segments of the economy in different ways and at far different speeds. Some segments, like housing, tend to respond quickly as the cost of buying a home changes more or less in tandem with

------

rising mortgage rates. By September, the average rate for a 30-year, fixed-rate mortgage surpassed 6% for the first time since 2008, more than twice as high as last January when it stood at 2.65%. Meanwhile, the available supply of homes has remained relentlessly tight, keeping prices high and causing affordability to plummet. Little surprise, then, that transaction volumes have collapsed, too.

There are signs that these same types of rate-related stresses are creeping into other areas of the economy as well, particularly as rates have risen beyond the so-called neutral rate and into restrictive territory, where the chilling effects of higher rates move beyond just simply removing Covid-related stimulus from the veins of the economy. But one area of the market that has clearly not reacted as strongly as the Fed would like is labor. The number of open positions in the U.S. reached a record of nearly 12 million in 2021 as the economy struggled to reopen in the wake of the pandemic. That figure has since begun to decline, but there are still well over 1.5 jobs for every available applicant - an extremely unusual circumstance for a ratio that has historically spent nearly all of its time below 1.0. This in turn creates headaches for the Fed because it raises the possibility of a wage price spiral - a particularly nefarious form of inflation that the Fed is anxious to avoid at all costs. Little wonder, then, that Jerome Powell and his peers have explicitly targeted a softer jobs market as one of the preconditions for ending the Fed's serial rate rising campaign.

Tragically, another headache for the Fed - and the world in general - has been Russia's invasion of Ukraine. The economic impacts were significant. Due to Russia's status as the largest exporter of natural gas and second-largest exporter of crude oil, the invasion triggered a supply shock that reverberated globally and hit Europe particularly hard given the continent's heavy reliance on Russia to meet its energy needs. Moreover, as both Russia and Ukraine are significant producers of grain and other agricultural foodstuffs, the invasion has threatened to make an already fragile global food supply situation even more tenuous. At a minimum, we suspect that Russia's invasion of Ukraine has made the likelihood of a recession in Europe far higher while at the same time extending the duration and depth of the ongoing inflationary episode for the rest of the world.

For the twelve-month period ended December 31, 2022, the Empower Lifetime 2040 Fund (Investor Class shares) returned -16.30%, relative to a -17.37% return for the Morningstar Lifetime Moderate 2040 Index and a -18.36% return for the MSCI ACWI Index, the Fund's benchmark indexes. Manager selection and asset allocation were both contributors to relative returns opposite the Fund's benchmark indexes. The use of core fixed income opposite long-term bonds was additive, while key outperforming underlying funds included the Empower Large Cap Growth Fund, an investment in a fixed interest contract, and Empower Small Cap Value Fund.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g450913imga8a2c71d6.jpg)

\*For the period from April 28, 2016 (inception) through December 31, 2016.

Note: Performance for the Service Class and Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;&nbsp;**Since Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-16.00% | &nbsp;&nbsp;&nbsp;4.71% | &nbsp;&nbsp;&nbsp;7.49% |
| Investor Class | &nbsp;&nbsp;&nbsp;-16.30% | &nbsp;&nbsp;&nbsp;4.34% | &nbsp;&nbsp;&nbsp;7.12% |
| Service Class | &nbsp;&nbsp;&nbsp;-16.41% | &nbsp;&nbsp;&nbsp;4.22% | &nbsp;&nbsp;&nbsp;7.00% |

---

(a) Institutional Class, Investor Class, and Service Class inception date was April 28, 2016.

------

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Asset Class as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Asset Class** | **Percentage of<br> Fund Investments** |
| Large Cap Equity | 29.78% |
| International Equity | 28.35 |
| Bond | 17.33 |
| Mid Cap Equity | 12.10 |
| Small Cap Equity | 6.90 |
| Real Estate Equity | 3.59 |
| Fixed Interest Contract | 1.95 |
| Total | 100.00% |

---

#### Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

#### Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1025.95 | $2.86 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1022.40 | $2.85 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1024.02 | $4.64 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.60 | $4.63 |
| **Service Class** |  |  |  |
| Actual | $1000.00 | $1023.88 | $5.15 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.10 | $5.14 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.56% for the Institutional Class shares, 0.91% for the Investor Class shares, and 1.01% for the Service Class shares multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period. 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%).<br> Performance does not include any fees or expenses of variable insurance contracts, IRS, qualified retirement plans or college savings programs, if applicable. If such fee or expenses were included, returns would be lower.

------

#### Empower Lifetime 2045 Fund

#### Management Discussion
*The Fund's investment adviser is Empower Capital Management, LLC ("ECM")*

#### ECM Commentary
Coming into 2022, the macroeconomic foundation upon which markets rested seemed pretty solid; the U.S. labor market was as strong as it had been in a generation, and economic growth was being powered forward by a strong consumer still flush with Covid era stimulus and in a mood to spend it. But even while markets continued to climb as 2021 drew to a close, you could feel trouble brewing - inflation was building faster than at any point since the 1980s, and investors understood that it was only a matter of time before the Federal Reserve (the "Fed") would have to address it.

And address it they did. After maintaining the federal funds rate at or very near zero throughout much of the pandemic, the Fed began pushing rates higher in March 2022, then continued to do so at each of its next five meetings, something it hadn't done since 2005. More than that, the pace of the tightening was exceptional - the Fed pushed rates up more in 2022 than in any other calendar year since disco was king via a tightening campaign that featured an unprecedented four back-to-back increases of 0.75%. It's fair to say that the Fed hadn't acted that aggressively in recent history until 2022. And it isn't done yet.

But investors saw such moves coming and began to react even before the Fed opened fire. The peak in equities corresponded almost exactly to the turn of the new year, with the S&P hitting its all-time high just shy of 4,800 on January 3. That also happened to be the very first trading day of 2022, but it was still almost three months before the Fed began its historic rate-ratcheting campaign. It's been mostly downhill for stocks ever since - vast swaths of the market are well below the line that divides "market correction" from outright "bear market," with only brief periods of respite in between.

But for all that, maybe the biggest shock in 2022 was a drop in bonds that closely rivaled the decline in stocks. In some ways, this shouldn't have been too surprising. After all, the environment that pressured stocks in 2022 - rapidly rising interest rates - was precisely the same environment bonds hate most. That's a function of the inverse (and mathematically inevitable) relationship bonds have with interest rates; when rates rise, bond prices fall, and vice versa.

But over longer periods, bonds and stocks tend to behave quite differently, which is why bonds act as powerful diversifiers of equity market risk in the first place. This is due at least in part to the regular income typically produced by bonds, which tends to provide some level of insulation from macroeconomic turmoil. So even if rising rates pressure stocks and bonds simultaneously, the situation often tends to reverse itself fairly quickly when risk aversion takes hold and recessionary fears peak.

Not so in 2022 - it looked like core bonds would finish the year with losses almost as steep as those suffered by U.S. large-cap stocks. How unusual is that? The last time U.S. stocks and bonds both finished the same calendar year lower was 1969. Forget disco; you have to go all the way back to Woodstock to find a period that rivals that.

But why is this happening? At the root of all this is the highest rate of inflation in 40 years and the Fed's efforts to control it using the only tool at its disposal - higher interest rates. But rising interest rates work on different segments of the economy in different ways and at far different speeds. Some segments, like housing, tend to respond quickly as the cost of buying a home changes more or less in tandem with

------

rising mortgage rates. By September, the average rate for a 30-year, fixed-rate mortgage surpassed 6% for the first time since 2008, more than twice as high as last January when it stood at 2.65%. Meanwhile, the available supply of homes has remained relentlessly tight, keeping prices high and causing affordability to plummet. Little surprise, then, that transaction volumes have collapsed, too.

There are signs that these same types of rate-related stresses are creeping into other areas of the economy as well, particularly as rates have risen beyond the so-called neutral rate and into restrictive territory, where the chilling effects of higher rates move beyond just simply removing Covid-related stimulus from the veins of the economy. But one area of the market that has clearly not reacted as strongly as the Fed would like is labor. The number of open positions in the U.S. reached a record of nearly 12 million in 2021 as the economy struggled to reopen in the wake of the pandemic. That figure has since begun to decline, but there are still well over 1.5 jobs for every available applicant - an extremely unusual circumstance for a ratio that has historically spent nearly all of its time below 1.0. This in turn creates headaches for the Fed because it raises the possibility of a wage price spiral - a particularly nefarious form of inflation that the Fed is anxious to avoid at all costs. Little wonder, then, that Jerome Powell and his peers have explicitly targeted a softer jobs market as one of the preconditions for ending the Fed's serial rate rising campaign.

Tragically, another headache for the Fed - and the world in general - has been Russia's invasion of Ukraine. The economic impacts were significant. Due to Russia's status as the largest exporter of natural gas and second-largest exporter of crude oil, the invasion triggered a supply shock that reverberated globally and hit Europe particularly hard given the continent's heavy reliance on Russia to meet its energy needs. Moreover, as both Russia and Ukraine are significant producers of grain and other agricultural foodstuffs, the invasion has threatened to make an already fragile global food supply situation even more tenuous. At a minimum, we suspect that Russia's invasion of Ukraine has made the likelihood of a recession in Europe far higher while at the same time extending the duration and depth of the ongoing inflationary episode for the rest of the world.

For the twelve-month period ended December 31, 2022, the Empower Lifetime 2045 Fund (Investor Class shares) returned -16.82%, relative to a -17.06% return for the Morningstar Lifetime Moderate 2045 Index and a -18.36% return for the MSCI ACWI Index, the Fund's benchmark indexes. Manager selection and asset allocation were both contributors to relative returns opposite the Fund's benchmark indexes. The use of core fixed income opposite long-term bonds was additive, while key outperforming underlying funds included the Empower Large Cap Growth Fund, an investment in a fixed interest contract, and Empower Small Cap Value Fund.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g450913img427f3e3f7.jpg)

------

Note: Performance for the Service Class and Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;&nbsp;**Ten Year / Since<br> Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-16.54% | &nbsp;&nbsp;&nbsp;4.81% | &nbsp;&nbsp;&nbsp;6.24% |
| Investor Class | &nbsp;&nbsp;&nbsp;-16.82% | &nbsp;&nbsp;&nbsp;4.42% | &nbsp;&nbsp;&nbsp;7.68% |
| Service Class | &nbsp;&nbsp;&nbsp;-16.92% | &nbsp;&nbsp;&nbsp;4.33% | &nbsp;&nbsp;&nbsp;7.62% |

---

(a) Institutional Class inception date was May 1, 2015.

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Asset Class as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Asset Class** | **Percentage of<br> Fund Investments** |
| International Equity | 32.15% |
| Large Cap Equity | 31.70 |
| Mid Cap Equity | 12.80 |
| Bond | 10.87 |
| Small Cap Equity | 7.88 |
| Real Estate Equity | 3.67 |
| Fixed Interest Contract | 0.93 |
| Total | 100.00% |

---

#### Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

#### Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5%

------

per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1028.63 | $2.97 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1022.30 | $2.96 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1026.69 | $4.75 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.50 | $4.74 |
| **Service Class** |  |  |  |
| Actual | $1000.00 | $1026.50 | $5.26 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.00 | $5.24 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.58% for the Institutional Class shares, 0.93% for the Investor Class shares, and 1.03% for the Service Class shares multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period. 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, (0.46%).<br> Performance does not include any fees or expenses of variable insurance contracts, IRS, qualified retirement plans or college savings programs, if applicable. If such fee or expenses were included, returns would be lower.

------

#### Empower Lifetime 2050 Fund

#### Management Discussion
*The Fund's investment adviser is Empower Capital Management, LLC ("ECM")*

#### ECM Commentary
Coming into 2022, the macroeconomic foundation upon which markets rested seemed pretty solid; the U.S. labor market was as strong as it had been in a generation, and economic growth was being powered forward by a strong consumer still flush with Covid era stimulus and in a mood to spend it. But even while markets continued to climb as 2021 drew to a close, you could feel trouble brewing - inflation was building faster than at any point since the 1980s, and investors understood that it was only a matter of time before the Federal Reserve (the "Fed") would have to address it.

And address it they did. After maintaining the federal funds rate at or very near zero throughout much of the pandemic, the Fed began pushing rates higher in March 2022, then continued to do so at each of its next five meetings, something it hadn't done since 2005. More than that, the pace of the tightening was exceptional - the Fed pushed rates up more in 2022 than in any other calendar year since disco was king via a tightening campaign that featured an unprecedented four back-to-back increases of 0.75%. It's fair to say that the Fed hadn't acted that aggressively in recent history until 2022. And it isn't done yet.

But investors saw such moves coming and began to react even before the Fed opened fire. The peak in equities corresponded almost exactly to the turn of the new year, with the S&P hitting its all-time high just shy of 4,800 on January 3. That also happened to be the very first trading day of 2022, but it was still almost three months before the Fed began its historic rate-ratcheting campaign. It's been mostly downhill for stocks ever since - vast swaths of the market are well below the line that divides "market correction" from outright "bear market," with only brief periods of respite in between.

But for all that, maybe the biggest shock in 2022 was a drop in bonds that closely rivaled the decline in stocks. In some ways, this shouldn't have been too surprising. After all, the environment that pressured stocks in 2022 - rapidly rising interest rates - was precisely the same environment bonds hate most. That's a function of the inverse (and mathematically inevitable) relationship bonds have with interest rates; when rates rise, bond prices fall, and vice versa.

But over longer periods, bonds and stocks tend to behave quite differently, which is why bonds act as powerful diversifiers of equity market risk in the first place. This is due at least in part to the regular income typically produced by bonds, which tends to provide some level of insulation from macroeconomic turmoil. So even if rising rates pressure stocks and bonds simultaneously, the situation often tends to reverse itself fairly quickly when risk aversion takes hold and recessionary fears peak.

Not so in 2022 - it looked like core bonds would finish the year with losses almost as steep as those suffered by U.S. large-cap stocks. How unusual is that? The last time U.S. stocks and bonds both finished the same calendar year lower was 1969. Forget disco; you have to go all the way back to Woodstock to find a period that rivals that.

But why is this happening? At the root of all this is the highest rate of inflation in 40 years and the Fed's efforts to control it using the only tool at its disposal - higher interest rates. But rising interest rates work on different segments of the economy in different ways and at far different speeds. Some segments, like housing, tend to respond quickly as the cost of buying a home changes more or less in tandem with

------

rising mortgage rates. By September, the average rate for a 30-year, fixed-rate mortgage surpassed 6% for the first time since 2008, more than twice as high as last January when it stood at 2.65%. Meanwhile, the available supply of homes has remained relentlessly tight, keeping prices high and causing affordability to plummet. Little surprise, then, that transaction volumes have collapsed, too.

There are signs that these same types of rate-related stresses are creeping into other areas of the economy as well, particularly as rates have risen beyond the so-called neutral rate and into restrictive territory, where the chilling effects of higher rates move beyond just simply removing Covid-related stimulus from the veins of the economy. But one area of the market that has clearly not reacted as strongly as the Fed would like is labor. The number of open positions in the U.S. reached a record of nearly 12 million in 2021 as the economy struggled to reopen in the wake of the pandemic. That figure has since begun to decline, but there are still well over 1.5 jobs for every available applicant - an extremely unusual circumstance for a ratio that has historically spent nearly all of its time below 1.0. This in turn creates headaches for the Fed because it raises the possibility of a wage price spiral - a particularly nefarious form of inflation that the Fed is anxious to avoid at all costs. Little wonder, then, that Jerome Powell and his peers have explicitly targeted a softer jobs market as one of the preconditions for ending the Fed's serial rate rising campaign.

Tragically, another headache for the Fed - and the world in general - has been Russia's invasion of Ukraine. The economic impacts were significant. Due to Russia's status as the largest exporter of natural gas and second-largest exporter of crude oil, the invasion triggered a supply shock that reverberated globally and hit Europe particularly hard given the continent's heavy reliance on Russia to meet its energy needs. Moreover, as both Russia and Ukraine are significant producers of grain and other agricultural foodstuffs, the invasion has threatened to make an already fragile global food supply situation even more tenuous. At a minimum, we suspect that Russia's invasion of Ukraine has made the likelihood of a recession in Europe far higher while at the same time extending the duration and depth of the ongoing inflationary episode for the rest of the world.

For the twelve-month period ended December 31, 2022, the Empower Lifetime 2050 Fund (Investor Class shares) returned -16.95%, relative to a -16.91% return for the Morningstar Lifetime Moderate 2050 Index and a -18.36% return for the MSCI ACWI Index, the Fund's benchmark indexes. Asset allocation effect was neutral opposite the benchmark indexes while manager selection was positive. Key outperforming underlying funds included the Empower Large Cap Growth Fund, an investment in a fixed interest contract, and Empower Small Cap Value Fund.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g450913img8bea53d38.jpg)

\*For the period from April 28, 2016 (inception) through December 31, 2016.

Note: Performance for the Service Class and Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;&nbsp;**Since Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-16.65% | &nbsp;&nbsp;&nbsp;4.78% | &nbsp;&nbsp;&nbsp;7.73% |
| Investor Class | &nbsp;&nbsp;&nbsp;-16.95% | &nbsp;&nbsp;&nbsp;4.42% | &nbsp;&nbsp;&nbsp;7.33% |
| Service Class | &nbsp;&nbsp;&nbsp;-17.07% | &nbsp;&nbsp;&nbsp;4.30% | &nbsp;&nbsp;&nbsp;7.25% |

---

(a) Institutional Class, Investor Class, and Service Class inception date was April 28, 2016.

------

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Asset Class as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Asset Class** | **Percentage of<br> Fund Investments** |
| International Equity | 34.44% |
| Large Cap Equity | 32.11 |
| Mid Cap Equity | 12.88 |
| Small Cap Equity | 8.50 |
| Bond | 7.84 |
| Real Estate Equity | 3.76 |
| Fixed Interest Contract | 0.47 |
| Total | 100.00% |

---

#### Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

#### Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1030.92 | $2.97 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1022.30 | $2.96 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1028.18 | $4.75 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.50 | $4.74 |
| **Service Class** |  |  |  |
| Actual | $1000.00 | $1027.95 | $5.26 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.00 | $5.24 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.58% for the Institutional Class shares, 0.93% for the Investor Class shares, and 1.03% for the Service Class shares multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period. 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, (0.46%).<br> Performance does not include any fees or expenses of variable insurance contracts, IRS, qualified retirement plans or college savings programs, if applicable. If such fee or expenses were included, returns would be lower.

------

#### Empower Lifetime 2055 Fund

#### Management Discussion
*The Fund's investment adviser is Empower Capital Management, LLC ("ECM")*

#### ECM Commentary
Coming into 2022, the macroeconomic foundation upon which markets rested seemed pretty solid; the U.S. labor market was as strong as it had been in a generation, and economic growth was being powered forward by a strong consumer still flush with Covid era stimulus and in a mood to spend it. But even while markets continued to climb as 2021 drew to a close, you could feel trouble brewing - inflation was building faster than at any point since the 1980s, and investors understood that it was only a matter of time before the Federal Reserve (the "Fed") would have to address it.

And address it they did. After maintaining the federal funds rate at or very near zero throughout much of the pandemic, the Fed began pushing rates higher in March 2022, then continued to do so at each of its next five meetings, something it hadn't done since 2005. More than that, the pace of the tightening was exceptional - the Fed pushed rates up more in 2022 than in any other calendar year since disco was king via a tightening campaign that featured an unprecedented four back-to-back increases of 0.75%. It's fair to say that the Fed hadn't acted that aggressively in recent history until 2022. And it isn't done yet.

But investors saw such moves coming and began to react even before the Fed opened fire. The peak in equities corresponded almost exactly to the turn of the new year, with the S&P hitting its all-time high just shy of 4,800 on January 3. That also happened to be the very first trading day of 2022, but it was still almost three months before the Fed began its historic rate-ratcheting campaign. It's been mostly downhill for stocks ever since - vast swaths of the market are well below the line that divides "market correction" from outright "bear market," with only brief periods of respite in between.

But for all that, maybe the biggest shock in 2022 was a drop in bonds that closely rivaled the decline in stocks. In some ways, this shouldn't have been too surprising. After all, the environment that pressured stocks in 2022 - rapidly rising interest rates - was precisely the same environment bonds hate most. That's a function of the inverse (and mathematically inevitable) relationship bonds have with interest rates; when rates rise, bond prices fall, and vice versa.

But over longer periods, bonds and stocks tend to behave quite differently, which is why bonds act as powerful diversifiers of equity market risk in the first place. This is due at least in part to the regular income typically produced by bonds, which tends to provide some level of insulation from macroeconomic turmoil. So even if rising rates pressure stocks and bonds simultaneously, the situation often tends to reverse itself fairly quickly when risk aversion takes hold and recessionary fears peak.

Not so in 2022 - it looked like core bonds would finish the year with losses almost as steep as those suffered by U.S. large-cap stocks. How unusual is that? The last time U.S. stocks and bonds both finished the same calendar year lower was 1969. Forget disco; you have to go all the way back to Woodstock to find a period that rivals that.

But why is this happening? At the root of all this is the highest rate of inflation in 40 years and the Fed's efforts to control it using the only tool at its disposal - higher interest rates. But rising interest rates work on different segments of the economy in different ways and at far different speeds. Some segments, like housing, tend to respond quickly as the cost of buying a home changes more or less in tandem with

------

rising mortgage rates. By September, the average rate for a 30-year, fixed-rate mortgage surpassed 6% for the first time since 2008, more than twice as high as last January when it stood at 2.65%. Meanwhile, the available supply of homes has remained relentlessly tight, keeping prices high and causing affordability to plummet. Little surprise, then, that transaction volumes have collapsed, too.

There are signs that these same types of rate-related stresses are creeping into other areas of the economy as well, particularly as rates have risen beyond the so-called neutral rate and into restrictive territory, where the chilling effects of higher rates move beyond just simply removing Covid-related stimulus from the veins of the economy. But one area of the market that has clearly not reacted as strongly as the Fed would like is labor. The number of open positions in the U.S. reached a record of nearly 12 million in 2021 as the economy struggled to reopen in the wake of the pandemic. That figure has since begun to decline, but there are still well over 1.5 jobs for every available applicant - an extremely unusual circumstance for a ratio that has historically spent nearly all of its time below 1.0. This in turn creates headaches for the Fed because it raises the possibility of a wage price spiral - a particularly nefarious form of inflation that the Fed is anxious to avoid at all costs. Little wonder, then, that Jerome Powell and his peers have explicitly targeted a softer jobs market as one of the preconditions for ending the Fed's serial rate rising campaign.

Tragically, another headache for the Fed - and the world in general - has been Russia's invasion of Ukraine. The economic impacts were significant. Due to Russia's status as the largest exporter of natural gas and second-largest exporter of crude oil, the invasion triggered a supply shock that reverberated globally and hit Europe particularly hard given the continent's heavy reliance on Russia to meet its energy needs. Moreover, as both Russia and Ukraine are significant producers of grain and other agricultural foodstuffs, the invasion has threatened to make an already fragile global food supply situation even more tenuous. At a minimum, we suspect that Russia's invasion of Ukraine has made the likelihood of a recession in Europe far higher while at the same time extending the duration and depth of the ongoing inflationary episode for the rest of the world.

For the twelve-month period ended December 31, 2022, the Empower Lifetime 2055 Fund (Investor Class shares) returned -17.13%, relative to a -16.93% return for the Morningstar Lifetime Moderate 2055 Index and a -18.36% return for the MSCI ACWI Index, the Fund's benchmark indexes. Asset allocation effect was neutral opposite the benchmark indexes while manager selection was positive. Key outperforming underlying funds included the Empower Large Cap Growth Fund, an investment in a fixed interest contract, and Empower Small Cap Value Fund.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g450913img0f6459e39.jpg)

------

Note: Performance for the Service Class and Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;&nbsp;**Ten Year / Since<br> Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-16.90% | &nbsp;&nbsp;&nbsp;4.66% | &nbsp;&nbsp;&nbsp;6.13% |
| Investor Class | &nbsp;&nbsp;&nbsp;-17.13% | &nbsp;&nbsp;&nbsp;4.29% | &nbsp;&nbsp;&nbsp;7.55% |
| Service Class | &nbsp;&nbsp;&nbsp;-17.16% | &nbsp;&nbsp;&nbsp;4.22% | &nbsp;&nbsp;&nbsp;7.46% |

---

(a) Institutional Class inception date was May 1, 2015.

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Asset Class as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Asset Class** | **Percentage of<br> Fund Investments** |
| International Equity | 35.83% |
| Large Cap Equity | 31.45 |
| Mid Cap Equity | 12.57 |
| Small Cap Equity | 8.93 |
| Bond | 7.05 |
| Real Estate Equity | 3.82 |
| Fixed Interest Contract | 0.35 |
| Total | 100.00% |

---

#### Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

#### Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5%

------

per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1029.85 | $2.97 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1022.30 | $2.96 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1028.18 | $4.75 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.50 | $4.74 |
| **Service Class** |  |  |  |
| Actual | $1000.00 | $1027.84 | $5.26 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.00 | $5.24 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.58% for the Institutional Class shares, 0.93% for the Investor Class shares, and 1.03% for the Service Class shares multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period. 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, (0.46%).<br> Performance does not include any fees or expenses of variable insurance contracts, IRS, qualified retirement plans or college savings programs, if applicable. If such fee or expenses were included, returns would be lower.

------

#### Empower Lifetime 2060 Fund

#### Management Discussion
*The Fund's investment adviser is Empower Capital Management, LLC ("ECM")*

#### ECM Commentary
Coming into 2022, the macroeconomic foundation upon which markets rested seemed pretty solid; the U.S. labor market was as strong as it had been in a generation, and economic growth was being powered forward by a strong consumer still flush with Covid era stimulus and in a mood to spend it. But even while markets continued to climb as 2021 drew to a close, you could feel trouble brewing - inflation was building faster than at any point since the 1980s, and investors understood that it was only a matter of time before the Federal Reserve (the "Fed") would have to address it.

And address it they did. After maintaining the federal funds rate at or very near zero throughout much of the pandemic, the Fed began pushing rates higher in March 2022, then continued to do so at each of its next five meetings, something it hadn't done since 2005. More than that, the pace of the tightening was exceptional - the Fed pushed rates up more in 2022 than in any other calendar year since disco was king via a tightening campaign that featured an unprecedented four back-to-back increases of 0.75%. It's fair to say that the Fed hadn't acted that aggressively in recent history until 2022. And it isn't done yet.

But investors saw such moves coming and began to react even before the Fed opened fire. The peak in equities corresponded almost exactly to the turn of the new year, with the S&P hitting its all-time high just shy of 4,800 on January 3. That also happened to be the very first trading day of 2022, but it was still almost three months before the Fed began its historic rate-ratcheting campaign. It's been mostly downhill for stocks ever since - vast swaths of the market are well below the line that divides "market correction" from outright "bear market," with only brief periods of respite in between.

But for all that, maybe the biggest shock in 2022 was a drop in bonds that closely rivaled the decline in stocks. In some ways, this shouldn't have been too surprising. After all, the environment that pressured stocks in 2022 - rapidly rising interest rates - was precisely the same environment bonds hate most. That's a function of the inverse (and mathematically inevitable) relationship bonds have with interest rates; when rates rise, bond prices fall, and vice versa.

But over longer periods, bonds and stocks tend to behave quite differently, which is why bonds act as powerful diversifiers of equity market risk in the first place. This is due at least in part to the regular income typically produced by bonds, which tends to provide some level of insulation from macroeconomic turmoil. So even if rising rates pressure stocks and bonds simultaneously, the situation often tends to reverse itself fairly quickly when risk aversion takes hold and recessionary fears peak.

Not so in 2022 - it looked like core bonds would finish the year with losses almost as steep as those suffered by U.S. large-cap stocks. How unusual is that? The last time U.S. stocks and bonds both finished the same calendar year lower was 1969. Forget disco; you have to go all the way back to Woodstock to find a period that rivals that.

But why is this happening? At the root of all this is the highest rate of inflation in 40 years and the Fed's efforts to control it using the only tool at its disposal - higher interest rates. But rising interest rates work on different segments of the economy in different ways and at far different speeds. Some segments, like housing, tend to respond quickly as the cost of buying a home changes more or less in tandem with

------

rising mortgage rates. By September, the average rate for a 30-year, fixed-rate mortgage surpassed 6% for the first time since 2008, more than twice as high as last January when it stood at 2.65%. Meanwhile, the available supply of homes has remained relentlessly tight, keeping prices high and causing affordability to plummet. Little surprise, then, that transaction volumes have collapsed, too.

There are signs that these same types of rate-related stresses are creeping into other areas of the economy as well, particularly as rates have risen beyond the so-called neutral rate and into restrictive territory, where the chilling effects of higher rates move beyond just simply removing Covid-related stimulus from the veins of the economy. But one area of the market that has clearly not reacted as strongly as the Fed would like is labor. The number of open positions in the U.S. reached a record of nearly 12 million in 2021 as the economy struggled to reopen in the wake of the pandemic. That figure has since begun to decline, but there are still well over 1.5 jobs for every available applicant - an extremely unusual circumstance for a ratio that has historically spent nearly all of its time below 1.0. This in turn creates headaches for the Fed because it raises the possibility of a wage price spiral - a particularly nefarious form of inflation that the Fed is anxious to avoid at all costs. Little wonder, then, that Jerome Powell and his peers have explicitly targeted a softer jobs market as one of the preconditions for ending the Fed's serial rate rising campaign.

Tragically, another headache for the Fed - and the world in general - has been Russia's invasion of Ukraine. The economic impacts were significant. Due to Russia's status as the largest exporter of natural gas and second-largest exporter of crude oil, the invasion triggered a supply shock that reverberated globally and hit Europe particularly hard given the continent's heavy reliance on Russia to meet its energy needs. Moreover, as both Russia and Ukraine are significant producers of grain and other agricultural foodstuffs, the invasion has threatened to make an already fragile global food supply situation even more tenuous. At a minimum, we suspect that Russia's invasion of Ukraine has made the likelihood of a recession in Europe far higher while at the same time extending the duration and depth of the ongoing inflationary episode for the rest of the world.

For the twelve-month period ended December 31, 2022, the Empower Lifetime 2060 Fund (Investor Class shares) returned -17.10%, relative to a -16.98% return for the Morningstar Lifetime Moderate 2060 Index and a -18.36% return for the MSCI ACWI Index, the Fund's benchmark indexes. Asset allocation effect was neutral opposite the benchmark indexes while manager selection was positive. Key outperforming underlying funds included the Empower Large Cap Growth Fund, an investment in a fixed interest contract, and Empower Small Cap Value Fund.

*The views and opinions in this report were current as of December 31, 2022 and are subject to change at any time. They are not guarantees of performance or investment results and should not be taken as investment advice. Fund holdings are subject to change at any time. Fund returns are net of fees unless otherwise noted.*

------

#### Growth of $10,000 (unaudited)
This graph compares the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records) with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, individual retirement accounts ("IRA(s)"), qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

![](g450913img59d78a8510.jpg)

\*For the period from May 1, 2019 (inception) through December 31, 2019.

Note: Performance for the Service Class and Institutional Class shares may vary due to their differing fee structure. See returns table below.

#### Average Annual Total Returns for the Periods Ended December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;**Since Inception<sup>(a)</sup>** |
| Institutional Class | &nbsp;&nbsp;&nbsp;-16.84% | &nbsp;&nbsp;&nbsp;5.17% |
| Investor Class | &nbsp;&nbsp;&nbsp;-17.10% | &nbsp;&nbsp;&nbsp;4.81% |
| Service Class | &nbsp;&nbsp;&nbsp;-17.15% | &nbsp;&nbsp;&nbsp;4.74% |

---

(a) Institutional Class, Investor Class, and Service Class inception date was May 1, 2019.

------

Results include the reinvestment of all dividends and capital gains distributions. Past performance is no guarantee of future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Summary of Investments by Asset Class as of December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| **Asset Class** | **Percentage of<br> Fund Investments** |
| International Equity | 37.10% |
| Large Cap Equity | 30.58 |
| Mid Cap Equity | 12.18 |
| Small Cap Equity | 9.23 |
| Bond | 6.69 |
| Real Estate Equity | 3.89 |
| Fixed Interest Contract | 0.33 |
| Total | 100.00% |

---

#### Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

#### Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value** | **Ending <br> Account Value** | **Expenses Paid<br> During Period\*** |
|  | **(07/01/22)** | **(12/31/22)** | **(07/01/22 – 12/31/22)** |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1029.33 | $3.02 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1022.20 | $3.01 |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1027.69 | $4.80 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.50 | $4.79 |
| **Service Class** |  |  |  |
| Actual | $1000.00 | $1027.51 | $5.31 |
| Hypothetical <br> (5% return before expenses) | $1000.00 | $1020.00 | $5.30 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.59% for the Institutional Class shares, 0.94% for the Investor Class shares, and 1.04% for the Service Class shares multiplied by the average account value over the period, multiplied by 184/365 days to reflect the one-half year period. 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, (0.47%).<br> Performance does not include any fees or expenses of variable insurance contracts, IRS, qualified retirement plans or college savings programs, if applicable. If such fee or expenses were included, returns would be lower.

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LIFETIME 2015 FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 6855816 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$56560484 |
| 3322413 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27841819 |
| 4038529 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29885115 |
| 1778326 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15987150 |
| 7956346 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 70413666 |
| 2818299 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22574572 |
| 3273926 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30414774 |
| **TOTAL BOND MUTUAL FUNDS — 46.43%<br> (Cost $292,178,476)** | **TOTAL BOND MUTUAL FUNDS — 46.43%<br> (Cost $292,178,476)** | &nbsp;&nbsp;&nbsp;**$253677580** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;382258 | American Century Real Estate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8807217 |
| 1000197 | DFA International Real Estate Securities Portfolio Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710730 |
| &nbsp;&nbsp;&nbsp;181637 | Empower Ariel Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939887 |
| &nbsp;&nbsp;&nbsp;853981 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6712294 |
| 1472569 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11648021 |
| 2686117 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24792863 |
| 1756341 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13154996 |
| 2668793 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20896647 |
| 3354010 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22773725 |
| 1061575 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7791960 |
| &nbsp;&nbsp;&nbsp;614393 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724684 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;5726477 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$43578491 |
| &nbsp;&nbsp;&nbsp;&nbsp;2433204 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18735667 |
| &nbsp;&nbsp;&nbsp;&nbsp;1375411 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8362498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84131 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 768960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671612 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4419210 |
| &nbsp;&nbsp;&nbsp;&nbsp;1524232 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8962482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713882 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6731903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129010 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216216 |
| **TOTAL EQUITY MUTUAL FUNDS — 40.59%<br> (Cost $252,954,510)** | **TOTAL EQUITY MUTUAL FUNDS — 40.59%<br> (Cost $252,954,510)** | &nbsp;&nbsp;&nbsp;**$221728451** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 71131884 <sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.50%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71131884 |
| **TOTAL FIXED INTEREST CONTRACT — 13.02%<br> (Cost $71,131,884)** | **TOTAL FIXED INTEREST CONTRACT — 13.02%<br> (Cost $71,131,884)** | &nbsp;&nbsp;&nbsp;**$71131884** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $616,264,870)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $616,264,870)** | &nbsp;&nbsp;&nbsp;**$546537915** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(200663)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$546337252** |

---

<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 at December 31, 2022. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LIFETIME 2020 FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 4949803 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$40835872 |
| 2397966 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20094955 |
| 2738630 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20265860 |
| 1288073 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11579778 |
| 4288901 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 37956769 |
| 2043975 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16372240 |
| 1821866 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16925139 |
| **TOTAL BOND MUTUAL FUNDS — 44.20%<br> (Cost $191,032,778)** | **TOTAL BOND MUTUAL FUNDS — 44.20%<br> (Cost $191,032,778)** | &nbsp;&nbsp;&nbsp;**$164030613** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;263153 | American Century Real Estate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6063052 |
| &nbsp;&nbsp;&nbsp;718164 | DFA International Real Estate Securities Portfolio Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664387 |
| &nbsp;&nbsp;&nbsp;137771 | Empower Ariel Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471393 |
| &nbsp;&nbsp;&nbsp;701871 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516709 |
| 1145932 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9064322 |
| 2104985 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19429009 |
| 1376058 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10306678 |
| 1973620 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15453447 |
| 2472895 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16790960 |
| &nbsp;&nbsp;&nbsp;783257 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749106 |
| &nbsp;&nbsp;&nbsp;427703 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289035 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;4235008 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$32228410 |
| &nbsp;&nbsp;&nbsp;&nbsp;1797264 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13838936 |
| &nbsp;&nbsp;&nbsp;&nbsp;1122380 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6824069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69501 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 635241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553615 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3642783 |
| &nbsp;&nbsp;&nbsp;&nbsp;1128961 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6638289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585337 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5519725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104583 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607264 |
| **TOTAL EQUITY MUTUAL FUNDS — 45.19%<br> (Cost $206,086,750)** | **TOTAL EQUITY MUTUAL FUNDS — 45.19%<br> (Cost $206,086,750)** | &nbsp;&nbsp;&nbsp;**$167732815** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 39510646 <sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.50%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39510646 |
| **TOTAL FIXED INTEREST CONTRACT — 10.65%<br> (Cost $39,510,646)** | **TOTAL FIXED INTEREST CONTRACT — 10.65%<br> (Cost $39,510,646)** | &nbsp;&nbsp;&nbsp;**$39510646** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $436,630,174)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $436,630,174)** | &nbsp;&nbsp;&nbsp;**$371274074** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(129933)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$371144141** |

---

<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 at December 31, 2022. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LIFETIME 2025 FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 17020413 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$140418409 |
| &nbsp;&nbsp;8226281 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 68936233 |
| &nbsp;&nbsp;8933241 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 66105983 |
| &nbsp;&nbsp;4410852 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39653561 |
| 10848853 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 96012348 |
| &nbsp;&nbsp;6983565 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55938352 |
| &nbsp;&nbsp;4851819 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 45073399 |
| **TOTAL BOND MUTUAL FUNDS — 40.55%<br> (Cost $594,547,717)** | **TOTAL BOND MUTUAL FUNDS — 40.55%<br> (Cost $594,547,717)** | &nbsp;&nbsp;&nbsp;**$512138285** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;913555 | American Century Real Estate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21048315 |
| &nbsp;&nbsp;2617931 | DFA International Real Estate Securities Portfolio Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9712524 |
| &nbsp;&nbsp;&nbsp;&nbsp;513667 | Empower Ariel Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485961 |
| &nbsp;&nbsp;2939014 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100653 |
| &nbsp;&nbsp;4585679 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36272723 |
| &nbsp;&nbsp;8378229 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77331049 |
| &nbsp;&nbsp;5470352 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40972934 |
| &nbsp;&nbsp;7414738 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58057402 |
| &nbsp;&nbsp;9303048 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63167696 |
| &nbsp;&nbsp;2950520 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21656818 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465517 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$11269826 |
| &nbsp;&nbsp;&nbsp;&nbsp;15916677 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 121125909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6755737 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 52019178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4642560 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28226764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291922 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2668163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280626 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15006516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242458 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24945656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454789 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23148660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440236 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10975080 |
| **TOTAL EQUITY MUTUAL FUNDS — 51.16%<br> (Cost $743,398,728)** | **TOTAL EQUITY MUTUAL FUNDS — 51.16%<br> (Cost $743,398,728)** | &nbsp;&nbsp;&nbsp;**$646191827** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 105224007 <sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.50%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105224007 |
| **TOTAL FIXED INTEREST CONTRACT — 8.33%<br> (Cost $105,224,007)** | **TOTAL FIXED INTEREST CONTRACT — 8.33%<br> (Cost $105,224,007)** | &nbsp;&nbsp;&nbsp;**$105224007** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $1,443,170,452)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $1,443,170,452)** | &nbsp;&nbsp;&nbsp;**$1263554119** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(473797)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1263080322** |

---

<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 at December 31, 2022. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LIFETIME 2030 FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 5389323 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$44461913 |
| 2607023 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21846857 |
| 2716187 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20099781 |
| 1398707 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12574374 |
| 2490828 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22043827 |
| 2211444 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17713670 |
| 1186890 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11026212 |
| **TOTAL BOND MUTUAL FUNDS — 34.62%<br> (Cost $173,251,495)** | **TOTAL BOND MUTUAL FUNDS — 34.62%<br> (Cost $173,251,495)** | &nbsp;&nbsp;&nbsp;**$149766634** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;316973 | American Century Real Estate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7303049 |
| &nbsp;&nbsp;&nbsp;956242 | DFA International Real Estate Securities Portfolio Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3547659 |
| &nbsp;&nbsp;&nbsp;200700 | Empower Ariel Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143476 |
| 1265565 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9947338 |
| 1891358 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14960641 |
| 3448318 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31827978 |
| 2252835 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16873734 |
| 2888812 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22619399 |
| 3621794 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24591984 |
| 1143827 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395690 |
| &nbsp;&nbsp;&nbsp;507824 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905165 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;6185740 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$47073479 |
| &nbsp;&nbsp;&nbsp;&nbsp;2630952 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20258332 |
| &nbsp;&nbsp;&nbsp;&nbsp;1979479 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12035230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123506 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1128844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972569 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6399501 |
| &nbsp;&nbsp;&nbsp;&nbsp;1648937 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9695748 |
| &nbsp;&nbsp;&nbsp;&nbsp;1055564 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9953971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185176 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4616451 |
| **TOTAL EQUITY MUTUAL FUNDS — 59.47%<br> (Cost $310,988,323)** | **TOTAL EQUITY MUTUAL FUNDS — 59.47%<br> (Cost $310,988,323)** | &nbsp;&nbsp;&nbsp;**$257277669** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 25734709 <sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.50%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25734709 |
| **TOTAL FIXED INTEREST CONTRACT — 5.95%<br> (Cost $25,734,709)** | **TOTAL FIXED INTEREST CONTRACT — 5.95%<br> (Cost $25,734,709)** | &nbsp;&nbsp;&nbsp;**$25734709** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $509,974,527)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $509,974,527)** | &nbsp;&nbsp;&nbsp;**$432779012** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(151471)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$432627541** |

---

<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 at December 31, 2022. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LIFETIME 2035 FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 12933131 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$106698332 |
| &nbsp;&nbsp;6263225 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 52485826 |
| &nbsp;&nbsp;6334381 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 46874419 |
| &nbsp;&nbsp;3367553 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30274300 |
| &nbsp;&nbsp;4183599 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 37024855 |
| &nbsp;&nbsp;5319968 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42612945 |
| &nbsp;&nbsp;2189257 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20338196 |
| **TOTAL BOND MUTUAL FUNDS — 26.10%<br> (Cost $391,113,067)** | **TOTAL BOND MUTUAL FUNDS — 26.10%<br> (Cost $391,113,067)** | &nbsp;&nbsp;&nbsp;**$336308873** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;954347 | American Century Real Estate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21988153 |
| &nbsp;&nbsp;3012781 | DFA International Real Estate Securities Portfolio Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11177419 |
| &nbsp;&nbsp;&nbsp;&nbsp;681171 | Empower Ariel Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7274901 |
| &nbsp;&nbsp;4797966 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37712014 |
| &nbsp;&nbsp;6857490 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54242742 |
| 12500119 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115376099 |
| &nbsp;&nbsp;8179401 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61263715 |
| &nbsp;&nbsp;9916518 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77646338 |
| 12424593 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84362986 |
| &nbsp;&nbsp;3941594 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28931303 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;1528258 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$11752305 |
| &nbsp;&nbsp;21284846 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 161977680 |
| &nbsp;&nbsp;&nbsp;&nbsp;9037669 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 69590051 |
| &nbsp;&nbsp;&nbsp;&nbsp;7394457 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44958300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466743 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4266033 |
| &nbsp;&nbsp;&nbsp;&nbsp;3643666 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23975318 |
| &nbsp;&nbsp;&nbsp;&nbsp;5666602 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33319616 |
| &nbsp;&nbsp;&nbsp;&nbsp;4006885 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37784923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692210 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17256802 |
| **TOTAL EQUITY MUTUAL FUNDS — 70.24%<br> (Cost $1,042,705,750)** | **TOTAL EQUITY MUTUAL FUNDS — 70.24%<br> (Cost $1,042,705,750)** | &nbsp;&nbsp;&nbsp;**$904856698** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 47672941 <sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.50%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47672941 |
| **TOTAL FIXED INTEREST CONTRACT — 3.70%<br> (Cost $47,672,941)** | **TOTAL FIXED INTEREST CONTRACT — 3.70%<br> (Cost $47,672,941)** | &nbsp;&nbsp;&nbsp;&nbsp;**$47672941** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $1,481,491,758)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $1,481,491,758)** | &nbsp;&nbsp;&nbsp;**$1288838512** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(502713)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1288335799** |

---

<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 at December 31, 2022. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LIFETIME 2040 FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 2289427 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$18887774 |
| 1106889 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9275728 |
| 1092365 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8083501 |
| &nbsp;&nbsp;&nbsp;596682 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5364169 |
| &nbsp;&nbsp;&nbsp;476509 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4217108 |
| &nbsp;&nbsp;&nbsp;939113 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7522298 |
| &nbsp;&nbsp;&nbsp;291553 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2708525 |
| **TOTAL BOND MUTUAL FUNDS — 17.34%<br> (Cost $63,912,579)** | **TOTAL BOND MUTUAL FUNDS — 17.34%<br> (Cost $63,912,579)** | &nbsp;&nbsp;&nbsp;**$56059103** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;244928 | American Century Real Estate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5643145 |
| &nbsp;&nbsp;&nbsp;803386 | DFA International Real Estate Securities Portfolio Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980562 |
| &nbsp;&nbsp;&nbsp;193155 | Empower Ariel Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062901 |
| 1483603 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11661118 |
| 2029286 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16051649 |
| 3702852 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34177324 |
| 2419679 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18123396 |
| 2783174 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21792255 |
| 3501600 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23775862 |
| 1105451 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114011 |
| &nbsp;&nbsp;&nbsp;391812 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013033 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;5964285 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$45388211 |
| &nbsp;&nbsp;2545816 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19602782 |
| &nbsp;&nbsp;2255295 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13712195 |
| &nbsp;&nbsp;&nbsp;&nbsp;142137 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1299135 |
| &nbsp;&nbsp;1109814 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7302574 |
| &nbsp;&nbsp;1591900 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9360373 |
| &nbsp;&nbsp;1239448 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 11687993 |
| &nbsp;&nbsp;&nbsp;&nbsp;215138 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5363386 |
| **TOTAL EQUITY MUTUAL FUNDS — 80.75%<br> (Cost $313,947,549)** | **TOTAL EQUITY MUTUAL FUNDS — 80.75%<br> (Cost $313,947,549)** | &nbsp;&nbsp;&nbsp;**$261111905** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 6292596 <sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.50%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6292596 |
| **TOTAL FIXED INTEREST CONTRACT — 1.95%<br> (Cost $6,292,596)** | **TOTAL FIXED INTEREST CONTRACT — 1.95%<br> (Cost $6,292,596)** | &nbsp;&nbsp;&nbsp;&nbsp;**$6292596** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $384,152,724)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $384,152,724)** | &nbsp;&nbsp;&nbsp;**$323463604** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(118223)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$323345381** |

---

<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 at December 31, 2022. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LIFETIME 2045 FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| &nbsp;&nbsp;4007290 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$33060146 |
| &nbsp;&nbsp;1935585 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16220199 |
| &nbsp;&nbsp;1880362 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13914682 |
| &nbsp;&nbsp;1040864 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9357363 |
| &nbsp;&nbsp;&nbsp;&nbsp;443572 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3925615 |
| &nbsp;&nbsp;1648042 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13200815 |
| &nbsp;&nbsp;&nbsp;&nbsp;367944 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3418196 |
| **TOTAL BOND MUTUAL FUNDS — 10.87%<br> (Cost $107,936,011)** | **TOTAL BOND MUTUAL FUNDS — 10.87%<br> (Cost $107,936,011)** | &nbsp;&nbsp;&nbsp;**$93097016** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;653340 | American Century Real Estate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15052956 |
| &nbsp;&nbsp;2233235 | DFA International Real Estate Securities Portfolio Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285303 |
| &nbsp;&nbsp;&nbsp;&nbsp;532851 | Empower Ariel Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690847 |
| &nbsp;&nbsp;4605694 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36200757 |
| &nbsp;&nbsp;6015570 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47583160 |
| 10982805 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101371291 |
| &nbsp;&nbsp;7178380 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53766061 |
| &nbsp;&nbsp;7823157 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61255321 |
| &nbsp;&nbsp;9813936 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66636628 |
| &nbsp;&nbsp;3105370 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22793414 |
| &nbsp;&nbsp;1048193 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8060601 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| 16779494 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$127691946 |
| &nbsp;&nbsp;7126987 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 54877801 |
| &nbsp;&nbsp;6824034 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41490129 |
| &nbsp;&nbsp;&nbsp;&nbsp;431903 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3947595 |
| &nbsp;&nbsp;3360017 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22108909 |
| &nbsp;&nbsp;4474022 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26307252 |
| &nbsp;&nbsp;3846234 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 36269986 |
| &nbsp;&nbsp;&nbsp;&nbsp;640129 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15958423 |
| **TOTAL EQUITY MUTUAL FUNDS — 88.24%<br> (Cost $880,827,135)** | **TOTAL EQUITY MUTUAL FUNDS — 88.24%<br> (Cost $880,827,135)** | &nbsp;&nbsp;&nbsp;**$755348380** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 7953299 <sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.50%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7953299 |
| **TOTAL FIXED INTEREST CONTRACT — 0.93%<br> (Cost $7,953,299)** | **TOTAL FIXED INTEREST CONTRACT — 0.93%<br> (Cost $7,953,299)** | &nbsp;&nbsp;&nbsp;&nbsp;**$7953299** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $996,716,445)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $996,716,445)** | &nbsp;&nbsp;&nbsp;**$856398695** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(337576)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$856061119** |

---

<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 at December 31, 2022. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LIFETIME 2050 FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;719223 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$5933590 |
| &nbsp;&nbsp;&nbsp;348048 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2916642 |
| &nbsp;&nbsp;&nbsp;329457 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2437981 |
| &nbsp;&nbsp;&nbsp;187464 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1685299 |
| &nbsp;&nbsp;&nbsp;&nbsp;20651 | Empower Inflation-Protected Securities Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 182760 |
| &nbsp;&nbsp;&nbsp;296444 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2374517 |
| &nbsp;&nbsp;&nbsp;&nbsp;43725 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 406211 |
| **TOTAL BOND MUTUAL FUNDS — 7.85%<br> (Cost $18,127,576)** | **TOTAL BOND MUTUAL FUNDS — 7.85%<br> (Cost $18,127,576)** | &nbsp;&nbsp;&nbsp;**$15937000** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;158238 | American Century Real Estate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645805 |
| &nbsp;&nbsp;&nbsp;557928 | DFA International Real Estate Securities Portfolio Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069913 |
| &nbsp;&nbsp;&nbsp;128309 | Empower Ariel Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370338 |
| 1206516 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9483216 |
| 1512606 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11964718 |
| 2762152 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25494660 |
| 1805742 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13525007 |
| 1870217 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14643799 |
| 2337008 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15868284 |
| &nbsp;&nbsp;&nbsp;741177 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440239 |
| &nbsp;&nbsp;&nbsp;250622 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927285 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| 4012387 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$30534263 |
| 1699263 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13084324 |
| 1748891 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10633258 |
| &nbsp;&nbsp;&nbsp;109201 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 998100 |
| &nbsp;&nbsp;&nbsp;860056 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5659171 |
| 1066597 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6271591 |
| 1006900 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9495064 |
| &nbsp;&nbsp;&nbsp;167959 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187217 |
| **TOTAL EQUITY MUTUAL FUNDS — 91.72%<br> (Cost $222,879,036)** | **TOTAL EQUITY MUTUAL FUNDS — 91.72%<br> (Cost $222,879,036)** | &nbsp;&nbsp;&nbsp;**$186296252** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 955288 <sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.50%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955288 |
| **TOTAL FIXED INTEREST CONTRACT — 0.47%<br> (Cost $955,288)** | **TOTAL FIXED INTEREST CONTRACT — 0.47%<br> (Cost $955,288)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$955288** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $241,961,900)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $241,961,900)** | &nbsp;&nbsp;&nbsp;**$203188540** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(74423)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$203114117** |

---

<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 at December 31, 2022. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LIFETIME 2055 FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| 1342858 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$11078580 |
| &nbsp;&nbsp;&nbsp;648801 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5436953 |
| &nbsp;&nbsp;&nbsp;635140 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700039 |
| &nbsp;&nbsp;&nbsp;351247 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3157713 |
| &nbsp;&nbsp;&nbsp;549865 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4404416 |
| &nbsp;&nbsp;&nbsp;&nbsp;67174 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 624044 |
| **TOTAL BOND MUTUAL FUNDS — 7.06%<br> (Cost $34,181,512)** | **TOTAL BOND MUTUAL FUNDS — 7.06%<br> (Cost $34,181,512)** | &nbsp;&nbsp;&nbsp;**$29401745** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;323164 | American Century Real Estate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7445711 |
| 1196780 | DFA International Real Estate Securities Portfolio Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440054 |
| &nbsp;&nbsp;&nbsp;255433 | Empower Ariel Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728026 |
| 2657750 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20889918 |
| 3195919 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25279716 |
| 5825600 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53770291 |
| 3804528 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28495911 |
| 3739839 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29282941 |
| 4696228 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31887391 |
| 1479899 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10862460 |
| &nbsp;&nbsp;&nbsp;520298 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001090 |
| 8037102 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61162346 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| &nbsp;&nbsp;3409028 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$26249515 |
| &nbsp;&nbsp;3765089 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22891741 |
| &nbsp;&nbsp;&nbsp;&nbsp;237435 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2170159 |
| &nbsp;&nbsp;1851509 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12182928 |
| &nbsp;&nbsp;2137453 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12568223 |
| &nbsp;&nbsp;2217941 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 20915179 |
| &nbsp;&nbsp;&nbsp;&nbsp;352282 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8782380 |
| **TOTAL EQUITY MUTUAL FUNDS — 92.63%<br> (Cost $450,283,635)** | **TOTAL EQUITY MUTUAL FUNDS — 92.63%<br> (Cost $450,283,635)** | &nbsp;&nbsp;&nbsp;**$386005980** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 1456839 <sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.50%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456839 |
| **TOTAL FIXED INTEREST CONTRACT — 0.35%<br> (Cost $1,456,839)** | **TOTAL FIXED INTEREST CONTRACT — 0.35%<br> (Cost $1,456,839)** | &nbsp;&nbsp;&nbsp;&nbsp;**$1456839** |
| **TOTAL INVESTMENTS — 100.04%<br> (Cost $485,921,986)** | **TOTAL INVESTMENTS — 100.04%<br> (Cost $485,921,986)** | &nbsp;&nbsp;&nbsp;**$416864564** |
| **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | **OTHER ASSETS & LIABILITIES, NET — (0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(161463)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$416703101** |

---

<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 at December 31, 2022. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LIFETIME 2060 FUND

### Schedule of Investments
*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** | **BOND MUTUAL FUNDS** |
| &nbsp;&nbsp;78870 | Empower Bond Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$650678 |
| &nbsp;&nbsp;38052 | Empower Core Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 318878 |
| &nbsp;&nbsp;39736 | Empower Global Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 294043 |
| &nbsp;&nbsp;20479 | Empower High Yield Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 184106 |
| &nbsp;&nbsp;32424 | Empower Multi-Sector Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 259720 |
| &nbsp;&nbsp;&nbsp;&nbsp;3924 | Empower Short Duration Bond Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36451 |
| **TOTAL BOND MUTUAL FUNDS — 6.69%<br> (Cost $1,900,642)** | **TOTAL BOND MUTUAL FUNDS — 6.69%<br> (Cost $1,900,642)** | &nbsp;&nbsp;&nbsp;**$1743876** |
| **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** | **EQUITY MUTUAL FUNDS** |
| &nbsp;&nbsp;20361 | American Century Real Estate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469118 |
| &nbsp;&nbsp;78910 | DFA International Real Estate Securities Portfolio Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292757 |
| &nbsp;&nbsp;15422 | Empower Ariel Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164703 |
| 177026 | Empower Emerging Markets Equity Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391421 |
| 204520 | Empower International Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617751 |
| 372676 | Empower International Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439797 |
| 243357 | Empower International Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822748 |
| 226998 | Empower Large Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777395 |
| 283405 | Empower Large Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924318 |
| &nbsp;&nbsp;89797 | Empower Mid Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659110 |
| &nbsp;&nbsp;32848 | Empower Real Estate Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252600 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** | **Equity Mutual Funds — (continued)** |
| 486740 | Empower S&P 500® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$3704091 |
| 206221 | Empower S&P Mid Cap 400® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1587904 |
| 243407 | Empower S&P Small Cap 600® Index Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1479913 |
| &nbsp;&nbsp;15151 | Empower Small Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 138483 |
| 119420 | Empower Small Cap Value Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 785786 |
| 129464 | Empower T. Rowe Price Mid Cap Growth Fund Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 761251 |
| 147828 | Fidelity® Emerging Markets Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 1394020 |
| &nbsp;&nbsp;22498 | Janus Henderson Triton Fund Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560877 |
| **TOTAL EQUITY MUTUAL FUNDS — 93.01%<br> (Cost $28,376,964)** | **TOTAL EQUITY MUTUAL FUNDS — 93.01%<br> (Cost $28,376,964)** | &nbsp;&nbsp;&nbsp;**$24224043** |
| **Account Balance** |  |  |
| **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** | **FIXED INTEREST CONTRACT** |
| 85961 <sup>(b)</sup> | Empower of America Contract<sup>(a)</sup> 1.50%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85961 |
| **TOTAL FIXED INTEREST CONTRACT — 0.33%<br> (Cost $85,961)** | **TOTAL FIXED INTEREST CONTRACT — 0.33%<br> (Cost $85,961)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$85961** |
| **TOTAL INVESTMENTS — 100.03%<br> (Cost $30,363,567)** | **TOTAL INVESTMENTS — 100.03%<br> (Cost $30,363,567)** | &nbsp;&nbsp;&nbsp;**$26053880** |
| **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | **OTHER ASSETS & LIABILITIES, NET — (0.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(8356)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$26045524** |

---

<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 at December 31, 2022. See Note 2 to the Financial Statements for further information.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | *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> | $524071849 | $354419646 | $1198669540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, unaffiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22466066 | &nbsp;&nbsp;&nbsp;&nbsp;16854428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64884579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445826 |
| &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;548169265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372633289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268816499 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088595 |
| &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;1832013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736177 |
| **NET ASSETS** | **$546337252** | **$371144141** | **$1263080322** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$4826491 | &nbsp;&nbsp;&nbsp;&nbsp;$3948962 | &nbsp;&nbsp;&nbsp;&nbsp;$11625067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;624308685 | &nbsp;&nbsp;&nbsp;440484761 | &nbsp;&nbsp;&nbsp;1461741136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated deficit | &nbsp;&nbsp;&nbsp;(82797924) | &nbsp;&nbsp;&nbsp;(73289582) | &nbsp;&nbsp;&nbsp;&nbsp;(210285881) |
| **NET ASSETS** | **$546337252** | **$371144141** | **$1263080322** |
| **NET ASSETS BY CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$311877558** | **$319793042** | &nbsp;&nbsp;&nbsp;&nbsp;**$541299622** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | **$182845009** | &nbsp;&nbsp;&nbsp;**$17343363** | &nbsp;&nbsp;&nbsp;&nbsp;**$541409603** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;**$51614685** | &nbsp;&nbsp;&nbsp;**$34007736** | &nbsp;&nbsp;&nbsp;&nbsp;**$180371097** |
| **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;30000000 | &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;130000000 |
| &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;25850700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34045441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43218629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15199144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43304296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7215069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29727749 |
| **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;**$12.06** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.39** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.52** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.50** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.50** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.15** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.40** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.07** |
| <sup>(a)</sup> Cost of investments, affiliated | $588027281 | $415027223 | $1361913394 |
| <sup>(b)</sup> Cost of investments, unaffiliated | &nbsp;&nbsp;&nbsp;$28237589 | &nbsp;&nbsp;&nbsp;$21602951 | &nbsp;&nbsp;&nbsp;&nbsp;$81257058 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | *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> | $407357882 | $1200631215 | $297788518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, unaffiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25421130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88207297 | &nbsp;&nbsp;&nbsp;&nbsp;25675086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064982 |
| &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;437271185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295679790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327190210 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6727010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357518 |
| &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;4643644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7343991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844829 |
| **NET ASSETS** | **$432627541** | **$1288335799** | **$323345381** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$4518674 | &nbsp;&nbsp;&nbsp;&nbsp;$12473467 | &nbsp;&nbsp;&nbsp;&nbsp;$3440606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;516022362 | &nbsp;&nbsp;&nbsp;1499531345 | &nbsp;&nbsp;&nbsp;389089923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated deficit | &nbsp;&nbsp;&nbsp;(87913495) | &nbsp;&nbsp;&nbsp;&nbsp;(223669013) | &nbsp;&nbsp;&nbsp;(69185148) |
| **NET ASSETS** | **$432627541** | **$1288335799** | **$323345381** |
| **NET ASSETS BY CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$332603669** | &nbsp;&nbsp;&nbsp;&nbsp;**$487895772** | **$252781112** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;**$35169125** | &nbsp;&nbsp;&nbsp;&nbsp;**$607917418** | &nbsp;&nbsp;&nbsp;**$25727886** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;**$64854747** | &nbsp;&nbsp;&nbsp;&nbsp;**$192522609** | &nbsp;&nbsp;&nbsp;**$44836383** |
| **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;230000000 | &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;140000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 |
| &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;34780605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39912102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26956045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50515300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6769756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34307263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4741921 |
| **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;**$9.56** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.38** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.67** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.50** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.58** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$5.61** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.46** |
| <sup>(a)</sup> Cost of investments, affiliated | $477619028 | $1371047573 | $351907864 |
| <sup>(b)</sup> Cost of investments, unaffiliated | &nbsp;&nbsp;&nbsp;$32355499 | &nbsp;&nbsp;&nbsp;&nbsp;$110444185 | &nbsp;&nbsp;&nbsp;$32244860 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | *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> | &nbsp;&nbsp;$780832027 | $183790541 | $375281240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, unaffiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75566668 | &nbsp;&nbsp;&nbsp;&nbsp;19397999 | &nbsp;&nbsp;&nbsp;&nbsp;41583324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797834 |
| &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;&nbsp;860535280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207561790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422409944 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474304 |
| &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;4474161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5706843 |
| **NET ASSETS** | &nbsp;&nbsp;**$856061119** | **$203114117** | **$416703101** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$8508174 | &nbsp;&nbsp;&nbsp;&nbsp;$2077247 | &nbsp;&nbsp;&nbsp;&nbsp;$4139821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | 1014326227 | &nbsp;&nbsp;&nbsp;243278865 | &nbsp;&nbsp;&nbsp;499178903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated deficit | &nbsp;&nbsp;&nbsp;(166773282) | &nbsp;&nbsp;&nbsp;(42241995) | &nbsp;&nbsp;&nbsp;(86615623) |
| **NET ASSETS** | &nbsp;&nbsp;**$856061119** | **$203114117** | **$416703101** |
| **NET ASSETS BY CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;**$322378762** | **$144747209** | &nbsp;&nbsp;&nbsp;**$93973003** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;**$397178756** | &nbsp;&nbsp;&nbsp;**$22871690** | **$230634869** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;**$136503601** | &nbsp;&nbsp;&nbsp;**$35495218** | &nbsp;&nbsp;&nbsp;**$92095229** |
| **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;135000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &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;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;110000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &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;26525501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14834552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34322520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15758636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24233719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19457581 |
| **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;**$12.15** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$15.20** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.57** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.64** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$5.63** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.81** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$4.73** |
| <sup>(a)</sup> Cost of investments, affiliated | &nbsp;&nbsp;$901467760 | $217874521 | $433931142 |
| <sup>(b)</sup> Cost of investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;$95248685 | &nbsp;&nbsp;&nbsp;$24087379 | &nbsp;&nbsp;&nbsp;$51990844 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of December 31, 2022*

---

| | |
|:---|:---|
|  | *Empower <br> Lifetime 2060 Fund* |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, affiliated<sup>(a)</sup> | $23337108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, unaffiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2716772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14839 |
| &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;26248962 |
| **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;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 |
| &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;203438 |
| **NET ASSETS** | **$26045524** |
| **NET ASSETS REPRESENTED BY:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$280776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;30496411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated deficit | &nbsp;&nbsp;&nbsp;(4731663) |
| **NET ASSETS** | **$26045524** |
| **NET ASSETS BY CLASS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$18430225** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;**$829765** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;**$6785534** |
| **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;35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &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;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;1990041 |
| &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;89135 |
| &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;728579 |
| **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;**$9.26** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.31** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.31** |
| <sup>(a)</sup> Cost of investments, affiliated | $27210630 |
| <sup>(b)</sup> Cost of investments, unaffiliated | &nbsp;&nbsp;&nbsp;$3152937 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the fiscal year ended December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | &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;$1038127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$540765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1445163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;13680580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8683073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29031197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15166702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9547221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31692544 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| &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;2965171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less management fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372080 |
| &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;2697439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6134471 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;**12469263** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7910435** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25558073** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1605330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1113316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3751235) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distributions received, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;12810477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9054418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33462765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distributions received, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13112016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8646704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32802822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, affiliated | &nbsp;&nbsp;(104717169) | &nbsp;&nbsp;&nbsp;&nbsp;(69603586) | &nbsp;&nbsp;&nbsp;&nbsp;(254912819) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;(10080123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6357637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24958193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114797292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75961223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279871012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101685276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67314519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247068190) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$(89216013)** | &nbsp;&nbsp;**$(59404084)** | &nbsp;&nbsp;**$(221510117)** |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the fiscal year ended December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | &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;&nbsp;$327700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$605984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9301488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27070019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6389963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10090109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29267372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6913319 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| &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;1911206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6449720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less management fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19038 |
| &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;1827053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370488 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8263056** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22973361** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5542831** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4140954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11925080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2407512) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1750154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(955667) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distributions received, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;12582430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42964517 | &nbsp;&nbsp;&nbsp;&nbsp;11940831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distributions received, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8857890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32018378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9321723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;(83126978) | &nbsp;&nbsp;&nbsp;&nbsp;(274328975) | &nbsp;&nbsp;&nbsp;&nbsp;(67215761) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8259572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29078932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7082021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91386550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303407907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74297782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82528660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271389529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64976059) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$(74265604)** | &nbsp;&nbsp;**$(248416168)** | &nbsp;&nbsp;**$(59433228)** |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the fiscal year ended December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$96258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16805243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7926567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737128 |
| &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;18238893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8682224 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &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;&nbsp;4201775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less management fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 |
| &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;4177083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950027 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14061810** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3370349** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6732197** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13044695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1448230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5086677) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2196683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(741858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1508935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distributions received, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33899090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182569 | &nbsp;&nbsp;&nbsp;&nbsp;16734912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distributions received, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20745954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6516290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11231135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;(188220623) | &nbsp;&nbsp;&nbsp;&nbsp;(41442381) | &nbsp;&nbsp;&nbsp;&nbsp;(91374579) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22654778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4825603) | &nbsp;&nbsp;&nbsp;&nbsp;(11583595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210875401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46267984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102958174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190129447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39751694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91727039) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$(176067637)** | &nbsp;&nbsp;**$(36381345)** | &nbsp;&nbsp;**$(84994842)** |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the fiscal year ended December 31, 2022*

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;*Empower <br> Lifetime 2060 Fund* |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43072 |
| &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;483705 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 |
| &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;&nbsp;&nbsp;&nbsp;80311 |
| &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;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less management fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| &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;&nbsp;&nbsp;80085 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**403620** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(985122) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234443) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distributions received, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distributions received, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183657) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, affiliated | &nbsp;&nbsp;&nbsp;&nbsp;(3192568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3548265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3731922) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$(3328302)** |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2015 Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12469263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16367443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13112016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52505852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114797292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6551862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89216013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62321433 |
| **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;(24638025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32157871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14534288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21025926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6898563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7820383) |
| &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;(46070876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61016180) |
| **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;69192254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124312455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21568964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34233325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16837231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8227347 |
| &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;24638025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32157871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14534288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21025926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 |
| &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;6898563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7820383 |
| &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;(128971604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104345689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75948195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119097269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19177171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24425687) |
| &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;(70440649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20708266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Decrease in Net Assets | &nbsp;&nbsp;&nbsp;(205727538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19403013) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752064790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771467803 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$546337252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$752064790 |
| **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;5189558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8064461 |
| &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;1635939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112 |
| &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;1982038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827123 |
| &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;1985612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132533 |
| &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;1175274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 |
| &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;922218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819646 |
| &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;(9800694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6804655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5744927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7822422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2333122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2453860) |
| &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;(4989466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1649298) |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2020 Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7910435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10155027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8646704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32623016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75961223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9449766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59404084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33328277 |
| **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;(25904876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29013958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1457910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1828507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3020659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3604568) |
| &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;(30383445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34480323) |
| **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;185869283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283803469 |
| &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;4556545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4109713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40819 |
| &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;5915317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420954 |
| &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;25904876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29013958 |
| &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;1457910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33290 |
| &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;3020659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604568 |
| &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;(207707497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169772432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8900700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12404545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12501838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14229124) |
| &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;(2826086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134423804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;(92613615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133271758 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463757756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330485998 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$371144141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$463757756 |
| **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;17781147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23408274 |
| &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;431437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366 |
| &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;571286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697594 |
| &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;2681066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442287 |
| &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;149221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766 |
| &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;311661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302460 |
| &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;(19962686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14077237) |
| &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;(848147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1024559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1190509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1183437) |
| &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;(115819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11061167 |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2025 Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25558073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36829355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32802822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134988609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279871012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13121186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221510117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158696778 |
| **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;(40262548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55387668) |
| &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;(41049429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66794333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152926) |
| &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;(28030806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30931686) |
| &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;(109342783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153266613) |
| **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;215011755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297528206 |
| &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;81742140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110236785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198741 |
| &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;69231161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73052550 |
| &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;40262548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55387668 |
| &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;41049429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66794333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152926 |
| &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;28030806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30931686 |
| &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;(236976535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206642339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203476478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329313852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2928394) |
| &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;(49184503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104246584) |
| &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;&nbsp;&nbsp;&nbsp;(14374172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8848274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Decrease in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345227072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3418109) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608307394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611725503 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1263080322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1608307394 |
| **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;15484208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18257456 |
| &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;5945017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6834801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19172 |
| &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;9313879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8019337 |
| &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;3139155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3476372 |
| &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;3206710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14865 |
| &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;4408677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626508 |
| &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;(17282952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12713804) |
| &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;(14849872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20389790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286466) |
| &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;(6928449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11341566) |
| &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;&nbsp;&nbsp;2429198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284404) |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2030 Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8263056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11729437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8857890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40077592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91386550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7659329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74265604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44147700 |
| **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;(28205628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30660603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3281243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3844812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5944013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6679258) |
| &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;(37430884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41188653) |
| **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;164339851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224155248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16883718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11866985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19564992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19531128 |
| &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;28205628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30660603 |
| &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;3281243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 |
| &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;5944013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679258 |
| &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;(143678001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114921994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21013146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17004026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20722040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16679507) |
| &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;52756810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148142555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;(58939678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151101602 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491567219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340465617 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$432627541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$491567219 |
| **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;15438699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17631739 |
| &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;1555933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
| &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;1810574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546098 |
| &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;2872987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465768 |
| &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;330571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| &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;603223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535057 |
| &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;(13652486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9072847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2010453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1337378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4113) | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1922620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1324859) |
| &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;5022320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11686578 |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2035 Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22973361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40470030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32018378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144394886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303407907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17488146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248416168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202353062 |
| **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;(38129847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48623318) |
| &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;(49272953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78387887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120771) |
| &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;(33932747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37469622) |
| &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;(121335547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164601598) |
| **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;179796754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193903193 |
| &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;100572722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142648252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225848 |
| &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;68985708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48590638 |
| &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;38129847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48623318 |
| &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;49272953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78387887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120771 |
| &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;33932747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37469622 |
| &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;(155266263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126870470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214007871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343440647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1241040) |
| &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;(51358363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73944012) |
| &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;49676945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320074770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42224824 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608410569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566185745 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1288335799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1608410569 |
| **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;13438580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11870288 |
| &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;7560926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8951349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21851 |
| &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;9846070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5524892 |
| &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;3055054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040032 |
| &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;4013081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11932 |
| &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;5772269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531910 |
| &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;(11611317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7806266) |
| &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;(15929892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21604257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122282) |
| &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;(7795153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8321516) |
| &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;8305966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071413 |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2040 Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5542831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9464421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9321723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33433941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74297782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2498156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59433228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40400206 |
| **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;(24049938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24409304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2834593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3671227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4908182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5656900) |
| &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;(31792713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33744760) |
| **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;122903914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148668921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13414070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12013449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13890877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14724372 |
| &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;24049938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24409304 |
| &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;2834593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3671227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7329 |
| &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;4908182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5656900 |
| &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;(87189525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71570620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19491310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19599467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17954984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11008990) |
| &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;57291811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106979478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;(33934130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113634924 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357279511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243644587 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$323345381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$357279511 |
| **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;11762506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11505550 |
| &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;1237295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
| &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;1294398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133960 |
| &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;2501138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931854 |
| &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;290977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 |
| &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;504832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443831 |
| &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;(8346776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5552954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1867441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1519152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1712517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(851699) |
| &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;5657905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311384 |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2045 Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14061810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28534380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20745954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106527405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210875401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15345532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176067637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150407317 |
| **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;(26910467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30073798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36894789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56847249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25567552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27893094) |
| &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;(89372808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114887339) |
| **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;136946458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133294012 |
| &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;87160339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105891333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406198 |
| &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;45572813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36598457 |
| &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;26910467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30073798 |
| &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;36894789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56847249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73198 |
| &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;25567552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27893094 |
| &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;(82160976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72803779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170265088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211001953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1201719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33453365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56820902) |
| &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;73097060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49248986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;(192343385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84768964 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048404504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963635540 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$856061119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1048404504 |
| **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;10151713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8032758 |
| &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;6731390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6731288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39086 |
| &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;6572660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013498 |
| &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;2174862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847534 |
| &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;3130500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6897 |
| &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;4345258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261762 |
| &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;(6123115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4399288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13066813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13420727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115279) |
| &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;(5141451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6188101) |
| &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;8766704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459286 |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2050 Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3370349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5586828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6516290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20276755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46267984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2309974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36381345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23553609 |
| **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;(12965545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11987120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2514738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3409430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3699021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4438597) |
| &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;(19179304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19841031) |
| **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;78847077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79153562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13029866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11119842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13713359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11298630 |
| &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;12965545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11987120 |
| &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;2514738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884 |
| &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;3699021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438597 |
| &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;(35042238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29362459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18228038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17214236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14342208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8917690) |
| &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;57100300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65928677 |
| &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;1539651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69641255 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201574466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131933211 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$203114117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$201574466 |
| **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;7187681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5818290 |
| &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;1167215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 |
| &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;1245920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835572 |
| &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;1300035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907427 |
| &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;249535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 |
| &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;368042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333804 |
| &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;(3217615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2163555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1694869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1277026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1337045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(662692) |
| &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;5264069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870885 |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2055 Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6732197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13745075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11231135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51693028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102958174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84994842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71940781 |
| **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;(6626660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6901598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17513652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26557849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21258396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22228578) |
| &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;(45398708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55731913) |
| **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;50046106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47083583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78965636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89429131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37025210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30279885 |
| &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;6626660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6901598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17513652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26557849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21258396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22228578 |
| &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;(25688438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26895578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106746526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128993605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27269781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42353480) |
| &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;51693146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23923233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;(78700404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40132101 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495403505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455271404 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$416703101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$495403505 |
| **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;2978089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310274 |
| &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;4906021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4589167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25569 |
| &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;6212120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624682 |
| &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;429981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343250 |
| &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;1181198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413 |
| &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;4259464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912136 |
| &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;(1535267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1318821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6559181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6627329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4885339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5030520) |
| &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;6982614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137841 |

---

<sup>(a)</sup> Class L ceased operations on April 22, 2022.

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2022 and December 31, 2021*

---

| | | |
|:---|:---|:---|
| *Empower Lifetime 2060 Fund* | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$403620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$490469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3548265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1151218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3328302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510064 |
| **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;(1378574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1079086) |
| &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;(66750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60750) |
| &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;(469938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260498) |
| &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;(1915262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1400334) |
| **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;13238634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16353958 |
| &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;219716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6347947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889136 |
| &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;1378574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079086 |
| &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;66750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60750 |
| &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;469938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260498 |
| &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;(6454237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6636812) |
| &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;(49374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2103907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(889474) |
| &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;13114041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12745826 |
| &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;7870477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12855556 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18175047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319491 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26045524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18175047 |
| **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;1302352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303964 |
| &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;21383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55720 |
| &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;621852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150399 |
| &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;146693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87653 |
| &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;7069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908 |
| &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;49665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21070 |
| &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;(617592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524835) |
| &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;(5040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3441) |
| &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;(208280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70911) |
| &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;1318102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024527 |

---

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### 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 year** | Net <br> investment<br> income<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 year** | **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;12/31/2022 | $14.83 | 0.26 | (2.07) | (1.81) | (0.26) | (0.70) | (0.96) | $12.06 | &nbsp;&nbsp;(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;&nbsp;8.48% |
| &nbsp;&nbsp;12/31/2020 | $13.77 | 0.47 | 1.02 | 1.49 | (0.25) | (0.24) | (0.49) | $14.77 | &nbsp;&nbsp;11.00% |
| &nbsp;&nbsp;12/31/2019 | $12.72 | 0.27 | 1.63 | 1.90 | (0.20) | (0.65) | (0.85) | $13.77 | &nbsp;&nbsp;15.17% |
| &nbsp;&nbsp;12/31/2018 | $14.12 | 0.33 | (0.93) | (0.60) | (0.30) | (0.50) | (0.80) | $12.72 | &nbsp;&nbsp;&nbsp;(4.42%) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $14.79 | 0.25 | (2.07) | (1.82) | (0.24) | (0.70) | (0.94) | $12.03 | &nbsp;&nbsp;(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;&nbsp;8.39% |
| &nbsp;&nbsp;12/31/2020 | $13.68 | 0.24 | 1.24 | 1.48 | (0.20) | (0.24) | (0.44) | $14.72 | &nbsp;&nbsp;11.01% |
| &nbsp;&nbsp;12/31/2019 | $12.64 | 0.25 | 1.61 | 1.86 | (0.17) | (0.65) | (0.82) | $13.68 | &nbsp;&nbsp;14.96% |
| &nbsp;&nbsp;12/31/2018 | $14.02 | 0.32 | (0.92) | (0.60) | (0.28) | (0.50) | (0.78) | $12.64 | &nbsp;&nbsp;&nbsp;(4.45%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $9.26 | 0.20 | (1.30) | (1.10) | (0.31) | (0.70) | (1.01) | $7.15 | &nbsp;&nbsp;(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;&nbsp;8.85% |
| &nbsp;&nbsp;12/31/2020 | $9.16 | 0.20 | 0.82 | 1.02 | (0.27) | (0.24) | (0.51) | $9.67 | &nbsp;&nbsp;11.47% |
| &nbsp;&nbsp;12/31/2019 | $8.76 | 0.23 | 1.10 | 1.33 | (0.28) | (0.65) | (0.93) | $9.16 | &nbsp;&nbsp;15.53% |
| &nbsp;&nbsp;12/31/2018 | $10.01 | 0.30 | (0.68) | (0.38) | (0.37) | (0.50) | (0.87) | $8.76 | &nbsp;&nbsp;&nbsp;(4.03%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Portfolio <br> turnover<br> rate<sup>(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | $311878 | 0.47% | 0.43% | 2.00% | 17% |
| &nbsp;&nbsp;12/31/2021 | $422380 | 0.47% | 0.43% | 2.27% | 25% |
| &nbsp;&nbsp;12/31/2020 | $370481 | 0.47% | 0.43% | 3.34% | 24% |
| &nbsp;&nbsp;12/31/2019 | $57202 | 0.47% | 0.43% | 2.00% | 17% |
| &nbsp;&nbsp;12/31/2018 | $60993 | 0.47% | 0.44% | 2.33% | 43% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $182845 | 0.57% | 0.53% | 1.86% | 17% |
| &nbsp;&nbsp;12/31/2021 | $268126 | 0.57% | 0.53% | 1.88% | 25% |
| &nbsp;&nbsp;12/31/2020 | $328331 | 0.57% | 0.53% | 1.73% | 24% |
| &nbsp;&nbsp;12/31/2019 | $369554 | 0.57% | 0.53% | 1.83% | 17% |
| &nbsp;&nbsp;12/31/2018 | $446092 | 0.57% | 0.54% | 2.28% | 43% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $51615 | 0.12% | 0.08% | 2.48% | 17% |
| &nbsp;&nbsp;12/31/2021 | $61545 | 0.12% | 0.08% | 2.45% | 25% |
| &nbsp;&nbsp;12/31/2020 | $72053 | 0.12% | 0.08% | 2.22% | 24% |
| &nbsp;&nbsp;12/31/2019 | $87560 | 0.12% | 0.08% | 2.46% | 17% |
| &nbsp;&nbsp;12/31/2018 | $73205 | 0.12% | 0.09% | 3.06% | 43% |

---

<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> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

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

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br> 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 year** | Net <br> investment<br> income<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 year** | **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;12/31/2022 | $11.70 | 0.20 | (1.71) | (1.51) | (0.21) | (0.59) | (0.80) | $9.39 | &nbsp;&nbsp;(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;&nbsp;9.17% |
| &nbsp;&nbsp;12/31/2020 | $10.91 | 0.46 | 0.75 | 1.21 | (0.22) | (0.33) | (0.55) | $11.57 | &nbsp;&nbsp;11.31% |
| &nbsp;&nbsp;12/31/2019 | $10.00 | 0.22 | 1.40 | 1.62 | (0.20) | (0.51) | (0.71) | $10.91 | &nbsp;&nbsp;16.44% |
| &nbsp;&nbsp;12/31/2018 | $11.12 | 0.29 | (0.82) | (0.53) | (0.30) | (0.29) | (0.59) | $10.00 | &nbsp;&nbsp;&nbsp;(4.94%) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $11.81 | 0.23 | (1.76) | (1.53) | (0.19) | (0.59) | (0.78) | $9.50 | &nbsp;&nbsp;(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;&nbsp;9.12% |
| &nbsp;&nbsp;12/31/2020 | $10.94 | 0.20 | 1.00 | 1.20 | (0.17) | (0.33) | (0.50) | $11.64 | &nbsp;&nbsp;11.21% |
| &nbsp;&nbsp;12/31/2019 | $10.03 | 0.21 | 1.40 | 1.61 | (0.19) | (0.51) | (0.70) | $10.94 | &nbsp;&nbsp;16.24% |
| &nbsp;&nbsp;12/31/2018 | $11.15 | 0.28 | (0.82) | (0.54) | (0.29) | (0.29) | (0.58) | $10.03 | &nbsp;&nbsp;&nbsp;(5.02%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $11.73 | 0.24 | (1.72) | (1.48) | (0.26) | (0.59) | (0.85) | $9.40 | &nbsp;&nbsp;(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;&nbsp;9.60% |
| &nbsp;&nbsp;12/31/2020 | $10.92 | 0.24 | 1.01 | 1.25 | (0.24) | (0.33) | (0.57) | $11.60 | &nbsp;&nbsp;11.72% |
| &nbsp;&nbsp;12/31/2019 | $10.03 | 0.27 | 1.39 | 1.66 | (0.26) | (0.51) | (0.77) | $10.92 | &nbsp;&nbsp;16.80% |
| &nbsp;&nbsp;12/31/2018 | $11.16 | 0.34 | (0.83) | (0.49) | (0.35) | (0.29) | (0.64) | $10.03 | &nbsp;&nbsp;&nbsp;(4.58%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Portfolio <br> turnover<br> rate<sup>(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | $319793 | 0.47% | 0.44% | 1.93% | 30% |
| &nbsp;&nbsp;12/31/2021 | $392502 | 0.47% | 0.44% | 2.51% | 26% |
| &nbsp;&nbsp;12/31/2020 | $251811 | 0.47% | 0.44% | 4.11% | 34% |
| &nbsp;&nbsp;12/31/2019 | $14883 | 0.47% | 0.44% | 2.02% | 26% |
| &nbsp;&nbsp;12/31/2018 | $15119 | 0.47% | 0.44% | 2.65% | 46% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $17343 | 0.57% | 0.54% | 2.22% | 30% |
| &nbsp;&nbsp;12/31/2021 | $24730 | 0.57% | 0.54% | 2.23% | 26% |
| &nbsp;&nbsp;12/31/2020 | $30583 | 0.57% | 0.54% | 1.86% | 34% |
| &nbsp;&nbsp;12/31/2019 | $32034 | 0.57% | 0.54% | 1.97% | 26% |
| &nbsp;&nbsp;12/31/2018 | $31750 | 0.57% | 0.54% | 2.57% | 46% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $34008 | 0.12% | 0.09% | 2.28% | 30% |
| &nbsp;&nbsp;12/31/2021 | $46048 | 0.12% | 0.09% | 2.90% | 26% |
| &nbsp;&nbsp;12/31/2020 | $47668 | 0.12% | 0.09% | 2.23% | 34% |
| &nbsp;&nbsp;12/31/2019 | $57786 | 0.12% | 0.09% | 2.49% | 26% |
| &nbsp;&nbsp;12/31/2018 | $43938 | 0.12% | 0.09% | 3.10% | 46% |

---

<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> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

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

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br> 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 year** | Net <br> investment<br> income<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 year** | **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;12/31/2022 | $15.65 | 0.26 | (2.42) | (2.16) | (0.23) | (0.74) | (0.97) | $12.52 | &nbsp;&nbsp;(13.83%) |
| &nbsp;&nbsp;12/31/2021 | $15.50 | 0.39 | 1.18 | 1.57 | (0.35) | (1.07) | (1.42) | $15.65 | &nbsp;&nbsp;10.16% |
| &nbsp;&nbsp;12/31/2020 | $14.46 | 0.49 | 1.23 | 1.72 | (0.27) | (0.41) | (0.68) | $15.50 | &nbsp;&nbsp;12.24% |
| &nbsp;&nbsp;12/31/2019 | $13.19 | 0.28 | 2.05 | 2.33 | (0.22) | (0.84) | (1.06) | $14.46 | &nbsp;&nbsp;18.01% |
| &nbsp;&nbsp;12/31/2018 | $15.08 | 0.32 | (1.15) | (0.83) | (0.30) | (0.76) | (1.06) | $13.19 | &nbsp;&nbsp;&nbsp;(5.73%) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $15.61 | 0.23 | (2.39) | (2.16) | (0.21) | (0.74) | (0.95) | $12.50 | &nbsp;&nbsp;(13.88%) |
| &nbsp;&nbsp;12/31/2021 | $15.44 | 0.32 | 1.23 | 1.55 | (0.31) | (1.07) | (1.38) | $15.61 | &nbsp;&nbsp;10.09% |
| &nbsp;&nbsp;12/31/2020 | $14.37 | 0.25 | 1.44 | 1.69 | (0.21) | (0.41) | (0.62) | $15.44 | &nbsp;&nbsp;12.12% |
| &nbsp;&nbsp;12/31/2019 | $13.11 | 0.27 | 2.03 | 2.30 | (0.20) | (0.84) | (1.04) | $14.37 | &nbsp;&nbsp;17.89% |
| &nbsp;&nbsp;12/31/2018 | $14.99 | 0.32 | (1.16) | (0.84) | (0.28) | (0.76) | (1.04) | $13.11 | &nbsp;&nbsp;&nbsp;(5.82%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $8.20 | 0.16 | (1.26) | (1.10) | (0.29) | (0.74) | (1.03) | $6.07 | &nbsp;&nbsp;(13.43%) |
| &nbsp;&nbsp;12/31/2021 | $8.78 | 0.24 | 0.68 | 0.92 | (0.43) | (1.07) | (1.50) | $8.20 | &nbsp;&nbsp;10.52% |
| &nbsp;&nbsp;12/31/2020 | $8.47 | 0.20 | 0.82 | 1.02 | (0.30) | (0.41) | (0.71) | $8.78 | &nbsp;&nbsp;12.67% |
| &nbsp;&nbsp;12/31/2019 | $8.16 | 0.22 | 1.23 | 1.45 | (0.30) | (0.84) | (1.14) | $8.47 | &nbsp;&nbsp;18.43% |
| &nbsp;&nbsp;12/31/2018 | $9.80 | 0.29 | (0.78) | (0.49) | (0.39) | (0.76) | (1.15) | $8.16 | &nbsp;&nbsp;&nbsp;(5.41%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Portfolio <br> turnover<br> rate<sup>(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;$541300 | 0.47% | 0.44% | 1.88% | 20% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;$655221 | 0.47% | 0.45% | 2.43% | 29% |
| &nbsp;&nbsp;12/31/2020 | &nbsp;&nbsp;$509178 | 0.47% | 0.44% | 3.35% | 28% |
| &nbsp;&nbsp;12/31/2019 | &nbsp;&nbsp;$108828 | 0.47% | 0.45% | 1.93% | 22% |
| &nbsp;&nbsp;12/31/2018 | &nbsp;&nbsp;$118244 | 0.47% | 0.45% | 2.17% | 39% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;$541410 | 0.57% | 0.54% | 1.67% | 20% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;$764922 | 0.57% | 0.55% | 2.00% | 29% |
| &nbsp;&nbsp;12/31/2020 | &nbsp;&nbsp;$901294 | 0.57% | 0.54% | 1.74% | 28% |
| &nbsp;&nbsp;12/31/2019 | $1026060 | 0.57% | 0.55% | 1.87% | 22% |
| &nbsp;&nbsp;12/31/2018 | $1081687 | 0.57% | 0.55% | 2.17% | 39% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;$180371 | 0.12% | 0.09% | 2.29% | 20% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;$188094 | 0.12% | 0.10% | 2.66% | 29% |
| &nbsp;&nbsp;12/31/2020 | &nbsp;&nbsp;$198671 | 0.12% | 0.09% | 2.40% | 28% |
| &nbsp;&nbsp;12/31/2019 | &nbsp;&nbsp;$212287 | 0.12% | 0.10% | 2.48% | 22% |
| &nbsp;&nbsp;12/31/2018 | &nbsp;&nbsp;$157901 | 0.12% | 0.10% | 2.97% | 39% |

---

<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> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

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

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br> 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 year** | Net <br> investment<br> income<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 year** | **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;12/31/2022 | $12.22 | 0.19 | (1.98) | (1.79) | (0.19) | (0.68) | (0.87) | $9.56 | &nbsp;&nbsp;(14.62%) |
| &nbsp;&nbsp;12/31/2021 | $11.94 | 0.35 | 1.03 | 1.38 | (0.32) | (0.78) | (1.10) | $12.22 | &nbsp;&nbsp;11.60% |
| &nbsp;&nbsp;12/31/2020 | $11.24 | 0.53 | 0.84 | 1.37 | (0.22) | (0.45) | (0.67) | $11.94 | &nbsp;&nbsp;12.61% |
| &nbsp;&nbsp;12/31/2019 | $10.13 | 0.23 | 1.75 | 1.98 | (0.21) | (0.66) | (0.87) | $11.24 | &nbsp;&nbsp;20.00% |
| &nbsp;&nbsp;12/31/2018 | $11.61 | 0.28 | (1.04) | (0.76) | (0.30) | (0.42) | (0.72) | $10.13 | &nbsp;&nbsp;&nbsp;(6.74%) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $12.34 | 0.19 | (2.01) | (1.82) | (0.17) | (0.68) | (0.85) | $9.67 | &nbsp;&nbsp;(14.72%) |
| &nbsp;&nbsp;12/31/2021 | $12.02 | 0.30 | 1.08 | 1.38 | (0.28) | (0.78) | (1.06) | $12.34 | &nbsp;&nbsp;11.54% |
| &nbsp;&nbsp;12/31/2020 | $11.28 | 0.22 | 1.15 | 1.37 | (0.18) | (0.45) | (0.63) | $12.02 | &nbsp;&nbsp;12.50% |
| &nbsp;&nbsp;12/31/2019 | $10.15 | 0.22 | 1.76 | 1.98 | (0.19) | (0.66) | (0.85) | $11.28 | &nbsp;&nbsp;19.84% |
| &nbsp;&nbsp;12/31/2018 | $11.64 | 0.27 | (1.05) | (0.78) | (0.29) | (0.42) | (0.71) | $10.15 | &nbsp;&nbsp;&nbsp;(6.82%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $12.26 | 0.24 | (1.99) | (1.75) | (0.25) | (0.68) | (0.93) | $9.58 | &nbsp;&nbsp;(14.29%) |
| &nbsp;&nbsp;12/31/2021 | $11.98 | 0.38 | 1.05 | 1.43 | (0.37) | (0.78) | (1.15) | $12.26 | &nbsp;&nbsp;12.00% |
| &nbsp;&nbsp;12/31/2020 | $11.26 | 0.24 | 1.17 | 1.41 | (0.24) | (0.45) | (0.69) | $11.98 | &nbsp;&nbsp;12.99% |
| &nbsp;&nbsp;12/31/2019 | $10.15 | 0.28 | 1.76 | 2.04 | (0.27) | (0.66) | (0.93) | $11.26 | &nbsp;&nbsp;20.52% |
| &nbsp;&nbsp;12/31/2018 | $11.64 | 0.33 | (1.05) | (0.72) | (0.35) | (0.42) | (0.77) | $10.15 | &nbsp;&nbsp;&nbsp;(6.43%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Portfolio <br> turnover<br> rate<sup>(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | $332604 | 0.47% | 0.45% | 1.77% | 26% |
| &nbsp;&nbsp;12/31/2021 | $368130 | 0.47% | 0.45% | 2.75% | 25% |
| &nbsp;&nbsp;12/31/2020 | $227945 | 0.47% | 0.45% | 4.60% | 35% |
| &nbsp;&nbsp;12/31/2019 | $10577 | 0.47% | 0.45% | 2.09% | 23% |
| &nbsp;&nbsp;12/31/2018 | &nbsp;&nbsp;&nbsp;$8157 | 0.47% | 0.46% | 2.45% | 40% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $35169 | 0.57% | 0.55% | 1.82% | 26% |
| &nbsp;&nbsp;12/31/2021 | $46395 | 0.57% | 0.55% | 2.39% | 25% |
| &nbsp;&nbsp;12/31/2020 | $46337 | 0.57% | 0.55% | 2.01% | 35% |
| &nbsp;&nbsp;12/31/2019 | $45451 | 0.57% | 0.55% | 1.93% | 23% |
| &nbsp;&nbsp;12/31/2018 | $39959 | 0.57% | 0.56% | 2.38% | 40% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $64855 | 0.12% | 0.10% | 2.22% | 26% |
| &nbsp;&nbsp;12/31/2021 | $76991 | 0.12% | 0.10% | 3.03% | 25% |
| &nbsp;&nbsp;12/31/2020 | $66143 | 0.12% | 0.10% | 2.16% | 35% |
| &nbsp;&nbsp;12/31/2019 | $78245 | 0.12% | 0.10% | 2.52% | 23% |
| &nbsp;&nbsp;12/31/2018 | $49277 | 0.12% | 0.11% | 2.81% | 40% |

---

<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> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

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

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br> 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 year** | Net <br> investment<br> income<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 year** | **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;12/31/2022 | $15.70 | 0.24 | (2.69) | (2.45) | (0.19) | (0.84) | (1.03) | $12.22 | &nbsp;&nbsp;(15.62%) |
| &nbsp;&nbsp;12/31/2021 | $15.17 | 0.46 | 1.57 | 2.03 | (0.37) | (1.13) | (1.50) | $15.70 | &nbsp;&nbsp;13.46% |
| &nbsp;&nbsp;12/31/2020 | $14.18 | 0.48 | 1.33 | 1.81 | (0.25) | (0.57) | (0.82) | $15.17 | &nbsp;&nbsp;13.30% |
| &nbsp;&nbsp;12/31/2019 | $12.71 | 0.25 | 2.51 | 2.76 | (0.20) | (1.09) | (1.29) | $14.18 | &nbsp;&nbsp;22.17% |
| &nbsp;&nbsp;12/31/2018 | $15.26 | 0.29 | (1.44) | (1.15) | (0.26) | (1.14) | (1.40) | $12.71 | &nbsp;&nbsp;&nbsp;(7.87%) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $15.46 | 0.20 | (2.62) | (2.42) | (0.17) | (0.84) | (1.01) | $12.03 | &nbsp;&nbsp;(15.70%) |
| &nbsp;&nbsp;12/31/2021 | $14.94 | 0.36 | 1.62 | 1.98 | (0.33) | (1.13) | (1.46) | $15.46 | &nbsp;&nbsp;13.34% |
| &nbsp;&nbsp;12/31/2020 | $13.93 | 0.24 | 1.54 | 1.78 | (0.20) | (0.57) | (0.77) | $14.94 | &nbsp;&nbsp;13.29% |
| &nbsp;&nbsp;12/31/2019 | $12.50 | 0.24 | 2.47 | 2.71 | (0.19) | (1.09) | (1.28) | $13.93 | &nbsp;&nbsp;22.09% |
| &nbsp;&nbsp;12/31/2018 | $15.03 | 0.28 | (1.42) | (1.14) | (0.25) | (1.14) | (1.39) | $12.50 | &nbsp;&nbsp;&nbsp;(7.95%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $7.92 | 0.14 | (1.34) | (1.20) | (0.27) | (0.84) | (1.11) | $5.61 | &nbsp;&nbsp;(15.29%) |
| &nbsp;&nbsp;12/31/2021 | $8.36 | 0.24 | 0.90 | 1.14 | (0.45) | (1.13) | (1.58) | $7.92 | &nbsp;&nbsp;13.83% |
| &nbsp;&nbsp;12/31/2020 | $8.17 | 0.18 | 0.87 | 1.05 | (0.29) | (0.57) | (0.86) | $8.36 | &nbsp;&nbsp;13.84% |
| &nbsp;&nbsp;12/31/2019 | $7.85 | 0.20 | 1.50 | 1.70 | (0.29) | (1.09) | (1.38) | $8.17 | &nbsp;&nbsp;22.58% |
| &nbsp;&nbsp;12/31/2018 | $10.05 | 0.27 | (0.97) | (0.70) | (0.36) | (1.14) | (1.50) | $7.85 | &nbsp;&nbsp;&nbsp;(7.56%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Portfolio <br> turnover<br> rate<sup>(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | $487896 | 0.47% | 0.46% | 1.75% | 22% |
| &nbsp;&nbsp;12/31/2021 | $549911 | 0.47% | 0.46% | 2.84% | 29% |
| &nbsp;&nbsp;12/31/2020 | $423605 | 0.47% | 0.46% | 3.40% | 24% |
| &nbsp;&nbsp;12/31/2019 | $98420 | 0.47% | 0.46% | 1.80% | 23% |
| &nbsp;&nbsp;12/31/2018 | $105406 | 0.47% | 0.46% | 1.89% | 37% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $607917 | 0.57% | 0.56% | 1.47% | 22% |
| &nbsp;&nbsp;12/31/2021 | $848269 | 0.57% | 0.56% | 2.26% | 29% |
| &nbsp;&nbsp;12/31/2020 | $934399 | 0.57% | 0.56% | 1.78% | 24% |
| &nbsp;&nbsp;12/31/2019 | $984866 | 0.57% | 0.56% | 1.76% | 23% |
| &nbsp;&nbsp;12/31/2018 | $978371 | 0.57% | 0.56% | 1.90% | 37% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $192523 | 0.12% | 0.11% | 2.16% | 22% |
| &nbsp;&nbsp;12/31/2021 | $209808 | 0.12% | 0.11% | 2.77% | 29% |
| &nbsp;&nbsp;12/31/2020 | $206898 | 0.12% | 0.11% | 2.28% | 24% |
| &nbsp;&nbsp;12/31/2019 | $202044 | 0.12% | 0.11% | 2.41% | 23% |
| &nbsp;&nbsp;12/31/2018 | $143007 | 0.12% | 0.11% | 2.74% | 37% |

---

<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> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

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

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br> 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 year** | Net <br> investment<br> income<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 year** | **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;12/31/2022 | $12.40 | 0.17 | (2.19) | (2.02) | (0.17) | (0.83) | (1.00) | $9.38 | &nbsp;&nbsp;(16.30%) |
| &nbsp;&nbsp;12/31/2021 | $11.89 | 0.40 | 1.39 | 1.79 | (0.36) | (0.92) | (1.28) | $12.40 | &nbsp;&nbsp;15.11% |
| &nbsp;&nbsp;12/31/2020 | $11.19 | 0.57 | 0.88 | 1.45 | (0.21) | (0.54) | (0.75) | $11.89 | &nbsp;&nbsp;13.60% |
| &nbsp;&nbsp;12/31/2019 | $9.91 | 0.23 | 2.08 | 2.31 | (0.21) | (0.82) | (1.03) | $11.19 | &nbsp;&nbsp;23.83% |
| &nbsp;&nbsp;12/31/2018 | $11.68 | 0.24 | (1.23) | (0.99) | (0.32) | (0.46) | (0.78) | $9.91 | &nbsp;&nbsp;&nbsp;(8.76%) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $12.53 | 0.18 | (2.23) | (2.05) | (0.15) | (0.83) | (0.98) | $9.50 | &nbsp;&nbsp;(16.41%) |
| &nbsp;&nbsp;12/31/2021 | $11.98 | 0.35 | 1.44 | 1.79 | (0.32) | (0.92) | (1.24) | $12.53 | &nbsp;&nbsp;14.97% |
| &nbsp;&nbsp;12/31/2020 | $11.24 | 0.22 | 1.23 | 1.45 | (0.17) | (0.54) | (0.71) | $11.98 | &nbsp;&nbsp;13.53% |
| &nbsp;&nbsp;12/31/2019 | $9.94 | 0.21 | 2.10 | 2.31 | (0.19) | (0.82) | (1.01) | $11.24 | &nbsp;&nbsp;23.63% |
| &nbsp;&nbsp;12/31/2018 | $11.72 | 0.25 | (1.27) | (1.02) | (0.30) | (0.46) | (0.76) | $9.94 | &nbsp;&nbsp;&nbsp;(8.85%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $12.51 | 0.21 | (2.21) | (2.00) | (0.22) | (0.83) | (1.05) | $9.46 | &nbsp;&nbsp;(16.00%) |
| &nbsp;&nbsp;12/31/2021 | $11.99 | 0.42 | 1.43 | 1.85 | (0.41) | (0.92) | (1.33) | $12.51 | &nbsp;&nbsp;15.52% |
| &nbsp;&nbsp;12/31/2020 | $11.26 | 0.23 | 1.27 | 1.50 | (0.23) | (0.54) | (0.77) | $11.99 | &nbsp;&nbsp;14.01% |
| &nbsp;&nbsp;12/31/2019 | $9.97 | 0.27 | 2.10 | 2.37 | (0.26) | (0.82) | (1.08) | $11.26 | &nbsp;&nbsp;24.18% |
| &nbsp;&nbsp;12/31/2018 | $11.74 | 0.31 | (1.28) | (0.97) | (0.34) | (0.46) | (0.80) | $9.97 | &nbsp;&nbsp;&nbsp;(8.40%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Portfolio <br> turnover<br> rate<sup>(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | $252781 | 0.47% | 0.46% | 1.65% | 24% |
| &nbsp;&nbsp;12/31/2021 | $260810 | 0.47% | 0.46% | 3.12% | 24% |
| &nbsp;&nbsp;12/31/2020 | $156385 | 0.47% | 0.46% | 5.03% | 30% |
| &nbsp;&nbsp;12/31/2019 | &nbsp;&nbsp;&nbsp;$5112 | 0.47% | 0.46% | 2.13% | 22% |
| &nbsp;&nbsp;12/31/2018 | &nbsp;&nbsp;&nbsp;$3638 | 0.47% | 0.46% | 2.05% | 36% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $25728 | 0.57% | 0.56% | 1.67% | 24% |
| &nbsp;&nbsp;12/31/2021 | $38173 | 0.57% | 0.56% | 2.66% | 24% |
| &nbsp;&nbsp;12/31/2020 | $40091 | 0.57% | 0.56% | 2.05% | 30% |
| &nbsp;&nbsp;12/31/2019 | $36469 | 0.57% | 0.56% | 1.90% | 22% |
| &nbsp;&nbsp;12/31/2018 | $27649 | 0.57% | 0.56% | 2.18% | 36% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $44836 | 0.12% | 0.11% | 1.99% | 24% |
| &nbsp;&nbsp;12/31/2021 | $58214 | 0.12% | 0.11% | 3.22% | 24% |
| &nbsp;&nbsp;12/31/2020 | $47103 | 0.12% | 0.11% | 2.18% | 30% |
| &nbsp;&nbsp;12/31/2019 | $49238 | 0.12% | 0.11% | 2.39% | 22% |
| &nbsp;&nbsp;12/31/2018 | $31825 | 0.12% | 0.11% | 2.63% | 36% |

---

<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> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

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

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br> 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 year** | Net <br> investment<br> income<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 year** | **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;12/31/2022 | $15.97 | 0.22 | (2.90) | (2.68) | (0.18) | (0.96) | (1.14) | $12.15 | &nbsp;&nbsp;(16.82%) |
| &nbsp;&nbsp;12/31/2021 | $15.17 | 0.53 | 1.89 | 2.42 | (0.41) | (1.21) | (1.62) | $15.97 | &nbsp;&nbsp;16.02% |
| &nbsp;&nbsp;12/31/2020 | $14.16 | 0.53 | 1.35 | 1.88 | (0.24) | (0.63) | (0.87) | $15.17 | &nbsp;&nbsp;13.89% |
| &nbsp;&nbsp;12/31/2019 | $12.58 | 0.22 | 2.80 | 3.02 | (0.19) | (1.25) | (1.44) | $14.16 | &nbsp;&nbsp;24.59% |
| &nbsp;&nbsp;12/31/2018 | $15.38 | 0.27 | (1.64) | (1.37) | (0.24) | (1.19) | (1.43) | $12.58 | &nbsp;&nbsp;&nbsp;(9.36%) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $15.26 | 0.17 | (2.75) | (2.58) | (0.15) | (0.96) | (1.11) | $11.57 | &nbsp;&nbsp;(16.92%) |
| &nbsp;&nbsp;12/31/2021 | $14.54 | 0.39 | 1.91 | 2.30 | (0.37) | (1.21) | (1.58) | $15.26 | &nbsp;&nbsp;15.91% |
| &nbsp;&nbsp;12/31/2020 | $13.57 | 0.22 | 1.57 | 1.79 | (0.19) | (0.63) | (0.82) | $14.54 | &nbsp;&nbsp;13.81% |
| &nbsp;&nbsp;12/31/2019 | $12.11 | 0.23 | 2.66 | 2.89 | (0.18) | (1.25) | (1.43) | $13.57 | &nbsp;&nbsp;24.51% |
| &nbsp;&nbsp;12/31/2018 | $14.86 | 0.26 | (1.59) | (1.33) | (0.23) | (1.19) | (1.42) | $12.11 | &nbsp;&nbsp;&nbsp;(9.43%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $8.19 | 0.14 | (1.49) | (1.35) | (0.25) | (0.96) | (1.21) | $5.63 | &nbsp;&nbsp;(16.54%) |
| &nbsp;&nbsp;12/31/2021 | $8.51 | 0.28 | 1.10 | 1.38 | (0.49) | (1.21) | (1.70) | $8.19 | &nbsp;&nbsp;16.39% |
| &nbsp;&nbsp;12/31/2020 | $8.32 | 0.19 | 0.91 | 1.10 | (0.28) | (0.63) | (0.91) | $8.51 | &nbsp;&nbsp;14.33% |
| &nbsp;&nbsp;12/31/2019 | $7.95 | 0.21 | 1.69 | 1.90 | (0.28) | (1.25) | (1.53) | $8.32 | &nbsp;&nbsp;25.14% |
| &nbsp;&nbsp;12/31/2018 | $10.33 | 0.27 | (1.12) | (0.85) | (0.34) | (1.19) | (1.53) | $7.95 | &nbsp;&nbsp;&nbsp;(9.01%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Portfolio <br> turnover<br> rate<sup>(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | $322379 | 0.47% | 0.47% | 1.66% | 21% |
| &nbsp;&nbsp;12/31/2021 | $324585 | 0.47% | 0.47% | 3.19% | 29% |
| &nbsp;&nbsp;12/31/2020 | $225206 | 0.47% | 0.46% | 3.78% | 23% |
| &nbsp;&nbsp;12/31/2019 | $44077 | 0.47% | 0.46% | 1.59% | 24% |
| &nbsp;&nbsp;12/31/2018 | $52347 | 0.47% | 0.46% | 1.74% | 33% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $397179 | 0.57% | 0.57% | 1.34% | 21% |
| &nbsp;&nbsp;12/31/2021 | $572549 | 0.57% | 0.57% | 2.50% | 29% |
| &nbsp;&nbsp;12/31/2020 | $589841 | 0.57% | 0.56% | 1.69% | 23% |
| &nbsp;&nbsp;12/31/2019 | $606808 | 0.57% | 0.56% | 1.70% | 24% |
| &nbsp;&nbsp;12/31/2018 | $581048 | 0.57% | 0.56% | 1.74% | 33% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $136504 | 0.12% | 0.12% | 2.05% | 21% |
| &nbsp;&nbsp;12/31/2021 | $151185 | 0.12% | 0.12% | 3.11% | 29% |
| &nbsp;&nbsp;12/31/2020 | $147820 | 0.12% | 0.11% | 2.39% | 23% |
| &nbsp;&nbsp;12/31/2019 | $129174 | 0.12% | 0.11% | 2.40% | 24% |
| &nbsp;&nbsp;12/31/2018 | $87290 | 0.12% | 0.11% | 2.64% | 33% |

---

<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> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

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

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br> 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 year** | Net <br> investment<br> income<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 year** | **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;12/31/2022 | $12.96 | 0.19 | (2.39) | (2.20) | (0.17) | (0.83) | (1.00) | $9.76 | &nbsp;&nbsp;(16.95%) |
| &nbsp;&nbsp;12/31/2021 | $12.37 | 0.47 | 1.52 | 1.99 | (0.40) | (1.00) | (1.40) | $12.96 | &nbsp;&nbsp;16.15% |
| &nbsp;&nbsp;12/31/2020 | $11.62 | 0.59 | 0.95 | 1.54 | (0.22) | (0.57) | (0.79) | $12.37 | &nbsp;&nbsp;13.96% |
| &nbsp;&nbsp;12/31/2019 | $10.20 | 0.24 | 2.23 | 2.47 | (0.21) | (0.84) | (1.05) | $11.62 | &nbsp;&nbsp;24.82% |
| &nbsp;&nbsp;12/31/2018 | $12.14 | 0.30 | (1.42) | (1.12) | (0.32) | (0.50) | (0.82) | $10.20 | &nbsp;&nbsp;&nbsp;(9.54%) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $13.08 | 0.16 | (2.39) | (2.23) | (0.15) | (0.83) | (0.98) | $9.87 | &nbsp;&nbsp;(17.07%) |
| &nbsp;&nbsp;12/31/2021 | $12.44 | 0.37 | 1.62 | 1.99 | (0.35) | (1.00) | (1.35) | $13.08 | &nbsp;&nbsp;16.06% |
| &nbsp;&nbsp;12/31/2020 | $11.66 | 0.21 | 1.32 | 1.53 | (0.18) | (0.57) | (0.75) | $12.44 | &nbsp;&nbsp;13.79% |
| &nbsp;&nbsp;12/31/2019 | $10.22 | 0.22 | 2.25 | 2.47 | (0.19) | (0.84) | (1.03) | $11.66 | &nbsp;&nbsp;24.80% |
| &nbsp;&nbsp;12/31/2018 | $12.17 | 0.26 | (1.41) | (1.15) | (0.30) | (0.50) | (0.80) | $10.22 | &nbsp;&nbsp;&nbsp;(9.70%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $13.03 | 0.20 | (2.37) | (2.17) | (0.22) | (0.83) | (1.05) | $9.81 | &nbsp;&nbsp;(16.65%) |
| &nbsp;&nbsp;12/31/2021 | $12.43 | 0.47 | 1.58 | 2.05 | (0.45) | (1.00) | (1.45) | $13.03 | &nbsp;&nbsp;16.56% |
| &nbsp;&nbsp;12/31/2020 | $11.66 | 0.24 | 1.34 | 1.58 | (0.24) | (0.57) | (0.81) | $12.43 | &nbsp;&nbsp;14.30% |
| &nbsp;&nbsp;12/31/2019 | $10.24 | 0.29 | 2.24 | 2.53 | (0.27) | (0.84) | (1.11) | $11.66 | &nbsp;&nbsp;25.28% |
| &nbsp;&nbsp;12/31/2018 | $12.19 | 0.32 | (1.41) | (1.09) | (0.36) | (0.50) | (0.86) | $10.24 | &nbsp;&nbsp;&nbsp;(9.21%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Portfolio <br> turnover<br> rate<sup>(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | $144747 | 0.47% | 0.47% | 1.76% | 20% |
| &nbsp;&nbsp;12/31/2021 | $123992 | 0.47% | 0.47% | 3.45% | 24% |
| &nbsp;&nbsp;12/31/2020 | $61877 | 0.47% | 0.46% | 5.04% | 31% |
| &nbsp;&nbsp;12/31/2019 | &nbsp;&nbsp;&nbsp;$3124 | 0.47% | 0.46% | 2.07% | 21% |
| &nbsp;&nbsp;12/31/2018 | &nbsp;&nbsp;&nbsp;$2166 | 0.47% | 0.47% | 2.49% | 33% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $22872 | 0.57% | 0.57% | 1.42% | 20% |
| &nbsp;&nbsp;12/31/2021 | $33950 | 0.57% | 0.57% | 2.72% | 24% |
| &nbsp;&nbsp;12/31/2020 | $34760 | 0.57% | 0.56% | 1.93% | 31% |
| &nbsp;&nbsp;12/31/2019 | $29274 | 0.57% | 0.56% | 1.91% | 21% |
| &nbsp;&nbsp;12/31/2018 | $20800 | 0.57% | 0.57% | 2.14% | 33% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $35495 | 0.12% | 0.12% | 1.81% | 20% |
| &nbsp;&nbsp;12/31/2021 | $43569 | 0.12% | 0.12% | 3.47% | 24% |
| &nbsp;&nbsp;12/31/2020 | $35250 | 0.12% | 0.11% | 2.17% | 31% |
| &nbsp;&nbsp;12/31/2019 | $32461 | 0.12% | 0.11% | 2.52% | 21% |
| &nbsp;&nbsp;12/31/2018 | $17395 | 0.12% | 0.12% | 2.61% | 33% |

---

<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> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

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

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br> 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 year** | Net <br> investment<br> income<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 year** | **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;12/31/2022 | $19.79 | 0.28 | (3.67) | (3.39) | (0.16) | (1.04) | (1.20) | $15.20 | &nbsp;&nbsp;(17.13%) |
| &nbsp;&nbsp;12/31/2021 | $18.56 | 0.69 | 2.29 | 2.98 | (0.43) | (1.32) | (1.75) | $19.79 | &nbsp;&nbsp;16.10% |
| &nbsp;&nbsp;12/31/2020 | $17.21 | 0.57 | 1.73 | 2.30 | (0.24) | (0.71) | (0.95) | $18.56 | &nbsp;&nbsp;13.96% |
| &nbsp;&nbsp;12/31/2019 | $15.10 | 0.28 | 3.41 | 3.69 | (0.20) | (1.38) | (1.58) | $17.21 | &nbsp;&nbsp;24.70% |
| &nbsp;&nbsp;12/31/2018 | $18.35 | 0.32 | (2.08) | (1.76) | (0.26) | (1.23) | (1.49) | $15.10 | &nbsp;&nbsp;&nbsp;(9.75%) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $19.08 | 0.22 | (3.49) | (3.27) | (0.13) | (1.04) | (1.17) | $14.64 | &nbsp;&nbsp;(17.16%) |
| &nbsp;&nbsp;12/31/2021 | $17.93 | 0.50 | 2.36 | 2.86 | (0.39) | (1.32) | (1.71) | $19.08 | &nbsp;&nbsp;15.94% |
| &nbsp;&nbsp;12/31/2020 | $16.63 | 0.28 | 1.92 | 2.20 | (0.19) | (0.71) | (0.90) | $17.93 | &nbsp;&nbsp;13.81% |
| &nbsp;&nbsp;12/31/2019 | $14.68 | 0.29 | 3.24 | 3.53 | (0.20) | (1.38) | (1.58) | $16.63 | &nbsp;&nbsp;24.70% |
| &nbsp;&nbsp;12/31/2018 | $17.83 | 0.31 | (1.98) | (1.67) | (0.25) | (1.23) | (1.48) | $14.68 | &nbsp;&nbsp;&nbsp;(9.82%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $7.24 | 0.12 | (1.34) | (1.22) | (0.25) | (1.04) | (1.29) | $4.73 | &nbsp;&nbsp;(16.90%) |
| &nbsp;&nbsp;12/31/2021 | $7.81 | 0.26 | 1.03 | 1.29 | (0.54) | (1.32) | (1.86) | $7.24 | &nbsp;&nbsp;16.54% |
| &nbsp;&nbsp;12/31/2020 | $7.81 | 0.17 | 0.84 | 1.01 | (0.30) | (0.71) | (1.01) | $7.81 | &nbsp;&nbsp;14.33% |
| &nbsp;&nbsp;12/31/2019 | $7.68 | 0.21 | 1.62 | 1.83 | (0.32) | (1.38) | (1.70) | $7.81 | &nbsp;&nbsp;25.19% |
| &nbsp;&nbsp;12/31/2018 | $10.17 | 0.27 | (1.14) | (0.87) | (0.39) | (1.23) | (1.62) | $7.68 | &nbsp;&nbsp;&nbsp;(9.43%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable)<sup>(d)</sup> | Portfolio <br> turnover<br> rate<sup>(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2022 | $93973 | 0.47% | 0.47% | 1.69% | 22% |
| &nbsp;&nbsp;12/31/2021 | $85259 | 0.47% | 0.47% | 3.39% | 32% |
| &nbsp;&nbsp;12/31/2020 | $55218 | 0.47% | 0.46% | 3.38% | 28% |
| &nbsp;&nbsp;12/31/2019 | $18634 | 0.47% | 0.46% | 1.65% | 26% |
| &nbsp;&nbsp;12/31/2018 | $20048 | 0.47% | 0.46% | 1.74% | 36% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $230635 | 0.57% | 0.57% | 1.36% | 22% |
| &nbsp;&nbsp;12/31/2021 | $309711 | 0.57% | 0.57% | 2.58% | 32% |
| &nbsp;&nbsp;12/31/2020 | $303106 | 0.57% | 0.56% | 1.75% | 28% |
| &nbsp;&nbsp;12/31/2019 | $289415 | 0.57% | 0.56% | 1.78% | 26% |
| &nbsp;&nbsp;12/31/2018 | $248803 | 0.57% | 0.56% | 1.77% | 36% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $92095 | 0.12% | 0.12% | 1.99% | 22% |
| &nbsp;&nbsp;12/31/2021 | $100392 | 0.12% | 0.12% | 3.06% | 32% |
| &nbsp;&nbsp;12/31/2020 | $96602 | 0.12% | 0.11% | 2.34% | 28% |
| &nbsp;&nbsp;12/31/2019 | $75956 | 0.12% | 0.11% | 2.52% | 26% |
| &nbsp;&nbsp;12/31/2018 | $46123 | 0.12% | 0.11% | 2.78% | 36% |

---

<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> Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests.

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

See Notes to Financial Statements.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.<br> 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 year** | Net <br> investment<br> income<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 year** | **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;12/31/2022 | $12.19 | 0.19 | (2.27) | (2.08) | (0.21) | (0.64) | (0.85) | $9.26 | &nbsp;&nbsp;(17.10%) |
| &nbsp;&nbsp;12/31/2021 | $11.42 | 0.51 | 1.30 | 1.81 | (0.44) | (0.60) | (1.04) | $12.19 | &nbsp;&nbsp;15.89% |
| &nbsp;&nbsp;12/31/2020 | $10.58 | 0.55 | 0.89 | 1.44 | (0.31) | (0.29) | (0.60) | $11.42 | &nbsp;&nbsp;13.93% |
| &nbsp;&nbsp;12/31/2019 <sup>(d)</sup> | $10.00 | 0.43 | 0.42 | 0.85 | (0.23) | (0.04) | (0.27) | $10.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.56% <sup>(e)</sup> |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | $12.25 | 0.19 | (2.29) | (2.10) | (0.20) | (0.64) | (0.84) | $9.31 | &nbsp;&nbsp;(17.15%) |
| &nbsp;&nbsp;12/31/2021 | $11.46 | 0.52 | 1.28 | 1.80 | (0.41) | (0.60) | (1.01) | $12.25 | &nbsp;&nbsp;15.69% |
| &nbsp;&nbsp;12/31/2020 | $10.59 | 0.72 | 0.72 | 1.44 | (0.28) | (0.29) | (0.57) | $11.46 | &nbsp;&nbsp;13.90% |
| &nbsp;&nbsp;12/31/2019 <sup>(d)</sup> | $10.00 | 0.30 | 0.56 | 0.86 | (0.23) | (0.04) | (0.27) | $10.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58% <sup>(e)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $12.23 | 0.26 | (2.32) | (2.06) | (0.22) | (0.64) | (0.86) | $9.31 | &nbsp;&nbsp;(16.84%) |
| &nbsp;&nbsp;12/31/2021 | $11.46 | 0.50 | 1.36 | 1.86 | (0.49) | (0.60) | (1.09) | $12.23 | &nbsp;&nbsp;16.26% |
| &nbsp;&nbsp;12/31/2020 | $10.59 | 0.75 | 0.74 | 1.49 | (0.33) | (0.29) | (0.62) | $11.46 | &nbsp;&nbsp;14.40% |
| &nbsp;&nbsp;12/31/2019 <sup>(d)</sup> | $10.00 | 0.38 | 0.50 | 0.88 | (0.25) | (0.04) | (0.29) | $10.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.80% <sup>(e)</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<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> 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** |  |
| &nbsp;&nbsp;12/31/2022 | $18430 | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;32% |
| &nbsp;&nbsp;12/31/2021 | $14125 | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;46% |
| &nbsp;&nbsp;12/31/2020 | $3333 | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;4.99% | 116% |
| &nbsp;&nbsp;12/31/2019 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$45 | &nbsp;&nbsp;0.47 % <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;0.46 % <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;243% <sup>(e)</sup> |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$830 | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;32% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$805 | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;4.12% | &nbsp;&nbsp;46% |
| &nbsp;&nbsp;12/31/2020 | &nbsp;&nbsp;&nbsp;&nbsp;$98 | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;7.14% | 116% |
| &nbsp;&nbsp;12/31/2019 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$23 | &nbsp;&nbsp;0.57 % <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;0.48 % <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;243% <sup>(e)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2022 | $6786 | &nbsp;&nbsp;0.12% | &nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;32% |
| &nbsp;&nbsp;12/31/2021 | $3245 | &nbsp;&nbsp;0.12% | &nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;46% |
| &nbsp;&nbsp;12/31/2020 | $1888 | &nbsp;&nbsp;0.12% | &nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;7.02% | 116% |
| &nbsp;&nbsp;12/31/2019 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$34 | &nbsp;&nbsp;0.12 % <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;0.11 % <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;243% <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 May 1, 2019.

<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.<br>

------

*Annual Report - December 31, 2022*

------

### EMPOWER FUNDS, INC.

### Notes to Financial Statements

------

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Empower Funds, Inc. (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-five funds. Interests in the Empower Lifetime 2015 Fund, the Empower Lifetime 2020 Fund, the Empower Lifetime 2025 Fund, the Empower Lifetime 2030 Fund, the Empower Lifetime 2035 Fund, the Empower Lifetime 2040 Fund, the Empower Lifetime 2045 Fund, the Empower Lifetime 2050 Fund, the Empower Lifetime 2055 Fund and the Empower Lifetime 2060 Fund (each a Fund, collectively the Funds) are included herein. The investment objective of each Fund is to seek capital appreciation and income consistent with its current asset allocation, except the investment objective of the Empower Lifetime 2015 Fund and Empower Lifetime 2020 Fund is to seek income and secondarily, capital growth. After the transition year, noted in the name of the Fund, the investment objective is to seek income and secondarily, capital growth. 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.

The Empower Lifetime 2015 Fund, Empower Lifetime 2020 Fund, Empower Lifetime 2025 Fund, Empower Lifetime 2030 Fund, Empower Lifetime 2035 Fund, Empower Lifetime 2040 Fund, Empower Lifetime 2045 Fund, Empower Lifetime 2050 Fund, Empower Lifetime 2055 Fund and the Empower Lifetime 2060 each offer three share classes, referred to as Investor Class, Service Class and Institutional Class shares. Class L shares were previously offered in the Empower Lifetime 2015 Fund, Empower Lifetime 2020 Fund, Empower Lifetime 2025 Fund, Empower Lifetime 2030 Fund, Empower Lifetime 2035 Fund, Empower Lifetime 2040 Fund, Empower Lifetime 2045 Fund, Empower Lifetime 2050 Fund and Empower Lifetime 2055 Fund but were redesignated into Service Class shares on April 22, 2022. 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. The 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 Fund.

<u>Security Valuation</u>

The Board of Directors of the Funds 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 investment adviser, Empower Capital Management, LLC (ECM or the Adviser), to complete valuation determinations under those policies and procedures. Effective September 8, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors approved the Adviser as the Funds valuation designee to make all fair value determinations with respect to the Funds investments, subject to oversight by the Board of Directors.

Investments in shares of the underlying mutual funds are valued at the net asset value 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 net asset value of each class of the 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.

------

*Annual Report - December 31, 2022*

------

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 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 the Fund's own assumptions and would be based on the best information available under the circumstances.

As of December 31, 2022, 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 carryforwards, 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 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.

Distributions to shareholders from net investment income of the Funds, if any, are declared and paid semi-annually. Capital gain distributions of the Funds, if any, are declared and paid at least annually. Distributions are reinvested in additional shares of the Funds at net asset value 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.

The tax character of distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
| **Empower Lifetime 2015 Fund** |  |  |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$12797701 | &nbsp;&nbsp;&nbsp;&nbsp;$16746216 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;33273175 | &nbsp;&nbsp;&nbsp;&nbsp;44269964 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$46070876 | &nbsp;&nbsp;&nbsp;&nbsp;$61016180 |

---

------

*Annual Report - December 31, 2022*

------

---

| | | |
|:---|:---|:---|
| **Empower Lifetime 2020 Fund** |  |  |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$8128632 | &nbsp;&nbsp;&nbsp;&nbsp;$10312059 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;22254813 | &nbsp;&nbsp;&nbsp;&nbsp;24168264 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$30383445 | &nbsp;&nbsp;&nbsp;&nbsp;$34480323 |

---

---

| | | |
|:---|:---|:---|
| **Empower Lifetime 2025 Fund** |  |  |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$26539343 | &nbsp;&nbsp;&nbsp;&nbsp;$37715982 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;82803440 | &nbsp;&nbsp;&nbsp;&nbsp;115550631 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$109342783 | &nbsp;&nbsp;&nbsp;&nbsp;$153266613 |

---

---

| | | |
|:---|:---|:---|
| **Empower Lifetime 2030 Fund** |  |  |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$8297717 | &nbsp;&nbsp;&nbsp;&nbsp;$12019827 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;29133167 | &nbsp;&nbsp;&nbsp;&nbsp;29168826 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$37430884 | &nbsp;&nbsp;&nbsp;&nbsp;$41188653 |

---

---

| | | |
|:---|:---|:---|
| **Empower Lifetime 2035 Fund** |  |  |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$23501775 | &nbsp;&nbsp;&nbsp;&nbsp;$40893319 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;97833772 | &nbsp;&nbsp;&nbsp;&nbsp;123708279 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$121335547 | &nbsp;&nbsp;&nbsp;&nbsp;$164601598 |

---

---

| | | |
|:---|:---|:---|
| **Empower Lifetime 2040 Fund** |  |  |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$5361387 | &nbsp;&nbsp;&nbsp;&nbsp;$9745774 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;26431326 | &nbsp;&nbsp;&nbsp;&nbsp;23998986 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$31792713 | &nbsp;&nbsp;&nbsp;&nbsp;$33744760 |

---

---

| | | |
|:---|:---|:---|
| **Empower Lifetime 2045 Fund** |  |  |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$14195368 | &nbsp;&nbsp;&nbsp;&nbsp;$29351360 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;75177440 | &nbsp;&nbsp;&nbsp;&nbsp;85535979 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$89372808 | &nbsp;&nbsp;&nbsp;&nbsp;$114887339 |

---

---

| | | |
|:---|:---|:---|
| **Empower Lifetime 2050 Fund** |  |  |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$3334736 | &nbsp;&nbsp;&nbsp;&nbsp;$5754928 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;15844568 | &nbsp;&nbsp;&nbsp;&nbsp;14086103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$19179304 | &nbsp;&nbsp;&nbsp;&nbsp;$19841031 |

---

---

| | | |
|:---|:---|:---|
| **Empower Lifetime 2055 Fund** |  |  |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$6468640 | &nbsp;&nbsp;&nbsp;&nbsp;$14264098 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;38930068 | &nbsp;&nbsp;&nbsp;&nbsp;41467815 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$45398708 | &nbsp;&nbsp;&nbsp;&nbsp;$55731913 |

---

------

*Annual Report - December 31, 2022*

------

---

| | | |
|:---|:---|:---|
| **Empower Lifetime 2060 Fund** |  |  |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$484944 | &nbsp;&nbsp;&nbsp;&nbsp;$611182 |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;1430318 | &nbsp;&nbsp;&nbsp;&nbsp;789152 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$1915262 | &nbsp;&nbsp;&nbsp;&nbsp;$1400334 |

---

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 tax components of capital shown in the following tables represent distribution requirements each Fund must satisfy under the income tax regulations, losses each Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation for federal income tax purposes. At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| **Empower Lifetime 2015 Fund** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$2186336 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;7339244 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(92323504) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(82797924) |

---

---

| | |
|:---|:---|
| **Empower Lifetime 2020 Fund** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;7009724 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(80299306) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(73289582) |

---

---

| | |
|:---|:---|
| **Empower Lifetime 2025 Fund** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$1860025 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;24294148 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(236440054) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(210285881) |

---

---

| | |
|:---|:---|
| **Empower Lifetime 2030 Fund** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;9943975 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(97857466) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(87913495) |

---

------

*Annual Report - December 31, 2022*

------

---

| | |
|:---|:---|
| **Empower Lifetime 2035 Fund** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;32033248 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(255702261) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(223669013) |

---

---

| | |
|:---|:---|
| **Empower Lifetime 2040 Fund** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$107615 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;9354488 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(78647251) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(69185148) |

---

---

| | |
|:---|:---|
| **Empower Lifetime 2045 Fund** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;26295116 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(193068398) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(166773282) |

---

---

| | |
|:---|:---|
| **Empower Lifetime 2050 Fund** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;6603837 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(48845832) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(42241995) |

---

---

| | |
|:---|:---|
| **Empower Lifetime 2055 Fund** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$316460 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;12754367 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(99686450) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(86615623) |

---

---

| | |
|:---|:---|
| **Empower Lifetime 2060 Fund** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$131427 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;794785 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;(5595) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(5652280) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(4731663) |

---

At December 31, 2022, the Funds had capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. During the year ended December 31, 2022, the Empower Lifetime 2015 Fund, the Empower

------

*Annual Report - December 31, 2022*

------

Lifetime 2025 Fund, the Empower Lifetime 2035 Fund, and the Empower Lifetime 2045 Fund utilized $262,679, $733,749, $782,957, and $140,732, respectively, of capital loss carryforwards to offset capital gains realized in that fiscal year. Capital loss limitation utilization due to fund mergers is limited in the current year, and potentially limited in later periods.

The following Funds have elected to defer to the next fiscal year the following Post-October losses:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Post-October Ordinary Losses** | &nbsp;&nbsp;**Post-October Capital Losses** |
| Empower Lifetime 2030 Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4) |
| Empower Lifetime 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(5595) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation for federal income tax purposes as of December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Federal Tax Cost<br> of Investments** | &nbsp;&nbsp;**Gross Unrealized<br> Appreciation<br> on Investments** | &nbsp;&nbsp;**Gross Unrealized<br> Depreciation<br> on Investments** | &nbsp;&nbsp;**Net Unrealized<br> Depreciation<br> on Investments** |
| Empower Lifetime 2015 Fund | &nbsp;&nbsp;&nbsp;$638861419 | &nbsp;&nbsp;$6042670 | &nbsp;&nbsp;$(98366174) | &nbsp;&nbsp;$(92323504) |
| Empower Lifetime 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;451573380 | &nbsp;&nbsp;&nbsp;&nbsp;1021935 | &nbsp;&nbsp;&nbsp;&nbsp;(81321241) | &nbsp;&nbsp;&nbsp;&nbsp;(80299306) |
| Empower Lifetime 2025 Fund | &nbsp;&nbsp;1499994173 | &nbsp;&nbsp;15815401 | &nbsp;&nbsp;(252255455) | &nbsp;&nbsp;(236440054) |
| Empower Lifetime 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;530636478 | &nbsp;&nbsp;&nbsp;&nbsp;2403897 | &nbsp;&nbsp;(100261363) | &nbsp;&nbsp;&nbsp;&nbsp;(97857466) |
| Empower Lifetime 2035 Fund | &nbsp;&nbsp;1544540773 | &nbsp;&nbsp;16909511 | &nbsp;&nbsp;(272611772) | &nbsp;&nbsp;(255702261) |
| Empower Lifetime 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;402110855 | &nbsp;&nbsp;&nbsp;&nbsp;2118452 | &nbsp;&nbsp;&nbsp;&nbsp;(80765703) | &nbsp;&nbsp;&nbsp;&nbsp;(78647251) |
| Empower Lifetime 2045 Fund | &nbsp;&nbsp;1049467093 | &nbsp;&nbsp;&nbsp;&nbsp;8793189 | &nbsp;&nbsp;(201861587) | &nbsp;&nbsp;(193068398) |
| Empower Lifetime 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp;252034372 | &nbsp;&nbsp;&nbsp;&nbsp;1329918 | &nbsp;&nbsp;&nbsp;&nbsp;(50175750) | &nbsp;&nbsp;&nbsp;&nbsp;(48845832) |
| Empower Lifetime 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;516551014 | &nbsp;&nbsp;&nbsp;&nbsp;3783171 | &nbsp;&nbsp;(103469621) | &nbsp;&nbsp;&nbsp;&nbsp;(99686450) |
| Empower Lifetime 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31706160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100430 | &nbsp;&nbsp;&nbsp;&nbsp;(5752710) | &nbsp;&nbsp;&nbsp;&nbsp;(5652280) |

---

2. INVESTMENT ADVISORY AGREEMENT & OTHER TRANSACTIONS WITH AFFILIATES

Empower Funds entered into an investment advisory agreement with ECM, a wholly-owned subsidiary of Empower of America. As compensation for its services to Empower Funds, the Adviser 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. The Adviser 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, Service Class, and Class L shares of each Fund a fee equal to 0.35% of the average daily net asset value of the shares of the applicable share class. Class L shares of the Empower Lifetime 2015-2055 Funds were redesignated into Service Class shares on April 22, 2022.

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 and Class L shares and for providing or arranging for the provision of services to Service Class and Class L 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 and 0.25% of the Class L shares. The Distributor has agreed to voluntarily waive all 12b-1 fees attributable to Service Class and Class L shares purchased by the Adviser in consideration for the Adviser providing initial capital to the Funds. Class L shares of the Empower Lifetime 2015-2055 Funds were redesignated into Service Class shares on April 22, 2022.

------

*Annual Report - December 31, 2022*

------

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-five funds for which they serve as directors was $1,258,500 for the year ended December 31, 2022.

Each Fund may invest in the Empower of America Contract pursuant to exemptive relief issued by the U.S. Securities and Exchange Commission. 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 year ended December 31, 2022, 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> 12/31/2022** | **Value <br> 12/31/2021** | **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> 12/31/2022** |
| **BOND MUTUAL FUNDS 46.43%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;6855816 | &nbsp;&nbsp;$75918732 | &nbsp;&nbsp;$7626850 | $17439283 | $(1759136) | &nbsp;&nbsp;&nbsp;$(9545815) | &nbsp;&nbsp;$1423504 | &nbsp;&nbsp;&nbsp;&nbsp;$78804 | &nbsp;&nbsp;$56560484 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;3322413 | &nbsp;&nbsp;&nbsp;37255881 | &nbsp;&nbsp;&nbsp;3731275 | &nbsp;&nbsp;&nbsp;8007767 | &nbsp;&nbsp;&nbsp;&nbsp;(701254) | &nbsp;&nbsp;&nbsp;&nbsp;(5137570) | &nbsp;&nbsp;&nbsp;&nbsp;673314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;27841819 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;4038529 | &nbsp;&nbsp;&nbsp;41184223 | &nbsp;&nbsp;&nbsp;2796089 | &nbsp;&nbsp;&nbsp;9078771 | &nbsp;&nbsp;(1213277) | &nbsp;&nbsp;&nbsp;&nbsp;(5016426) | &nbsp;&nbsp;&nbsp;&nbsp;273899 | &nbsp;&nbsp;&nbsp;&nbsp;147960 | &nbsp;&nbsp;&nbsp;29885115 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;1778326 | &nbsp;&nbsp;&nbsp;25572942 | &nbsp;&nbsp;&nbsp;1347814 | &nbsp;&nbsp;&nbsp;7884075 | &nbsp;&nbsp;&nbsp;&nbsp;(384636) | &nbsp;&nbsp;&nbsp;&nbsp;(3049531) | &nbsp;&nbsp;&nbsp;&nbsp;512515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;15987150 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;7956346 | &nbsp;&nbsp;102348662 | &nbsp;&nbsp;11272995 | &nbsp;&nbsp;29299103 | &nbsp;&nbsp;&nbsp;&nbsp;(419975) | &nbsp;&nbsp;&nbsp;(13908888) | &nbsp;&nbsp;&nbsp;4438620 | &nbsp;&nbsp;&nbsp;2014877 | &nbsp;&nbsp;&nbsp;70413666 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;2818299 | &nbsp;&nbsp;&nbsp;31222996 | &nbsp;&nbsp;&nbsp;2459034 | &nbsp;&nbsp;&nbsp;7457231 | &nbsp;&nbsp;&nbsp;&nbsp;(796688) | &nbsp;&nbsp;&nbsp;&nbsp;(3650227) | &nbsp;&nbsp;&nbsp;1070727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45721 | &nbsp;&nbsp;&nbsp;22574572 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;3273926 | &nbsp;&nbsp;&nbsp;38092212 | &nbsp;&nbsp;&nbsp;4933871 | &nbsp;&nbsp;10901489 | &nbsp;&nbsp;&nbsp;&nbsp;(407216) | &nbsp;&nbsp;&nbsp;&nbsp;(1709820) | &nbsp;&nbsp;&nbsp;&nbsp;670952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;30414774 |
|  |  |  |  |  | &nbsp;&nbsp;(5682182) | &nbsp;&nbsp;&nbsp;(42018277) | &nbsp;&nbsp;&nbsp;9063531 | &nbsp;&nbsp;&nbsp;2287362 | &nbsp;&nbsp;253677580 |
| **EQUITY MUTUAL FUNDS 36.48%** |  |  |  |  |  |  |  |  |  |
| Empower Ariel Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;181637 | &nbsp;&nbsp;&nbsp;&nbsp;2730577 | &nbsp;&nbsp;&nbsp;&nbsp;829196 | &nbsp;&nbsp;&nbsp;&nbsp;651985 | &nbsp;&nbsp;&nbsp;&nbsp;144369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(967901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64936 | &nbsp;&nbsp;&nbsp;&nbsp;437078 | &nbsp;&nbsp;&nbsp;&nbsp;1939887 |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;853981 | &nbsp;&nbsp;&nbsp;&nbsp;9331897 | &nbsp;&nbsp;&nbsp;1538074 | &nbsp;&nbsp;&nbsp;1968669 | &nbsp;&nbsp;&nbsp;&nbsp;109284 | &nbsp;&nbsp;&nbsp;&nbsp;(2189008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15945 | &nbsp;&nbsp;&nbsp;&nbsp;6712294 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;1472569 | &nbsp;&nbsp;&nbsp;15448912 | &nbsp;&nbsp;&nbsp;4672124 | &nbsp;&nbsp;&nbsp;3103236 | &nbsp;&nbsp;&nbsp;&nbsp;400066 | &nbsp;&nbsp;&nbsp;&nbsp;(5369779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;212834 | &nbsp;&nbsp;&nbsp;11648021 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;2686117 | &nbsp;&nbsp;&nbsp;34107200 | &nbsp;&nbsp;&nbsp;4456179 | &nbsp;&nbsp;&nbsp;8978312 | &nbsp;&nbsp;&nbsp;&nbsp;(649091) | &nbsp;&nbsp;&nbsp;&nbsp;(4792204) | &nbsp;&nbsp;&nbsp;&nbsp;619715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;24792863 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;1756341 | &nbsp;&nbsp;&nbsp;18735963 | &nbsp;&nbsp;&nbsp;2270804 | &nbsp;&nbsp;&nbsp;4007770 | &nbsp;&nbsp;&nbsp;&nbsp;485188 | &nbsp;&nbsp;&nbsp;&nbsp;(3844001) | &nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;319170 | &nbsp;&nbsp;&nbsp;13154996 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;2668793 | &nbsp;&nbsp;&nbsp;27705436 | &nbsp;&nbsp;&nbsp;7007125 | &nbsp;&nbsp;&nbsp;6846699 | &nbsp;&nbsp;&nbsp;&nbsp;(895946) | &nbsp;&nbsp;&nbsp;&nbsp;(6969215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88543 | &nbsp;&nbsp;&nbsp;1554058 | &nbsp;&nbsp;&nbsp;20896647 |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021**  | **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> 12/31/2022**  |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;3354010 | &nbsp;&nbsp;$31613652 | &nbsp;&nbsp;$5410574 | &nbsp;&nbsp;$8954272 | $1313109 | &nbsp;&nbsp;&nbsp;$(5296229) | &nbsp;&nbsp;&nbsp;&nbsp;$831555 | &nbsp;&nbsp;$2261340 | &nbsp;&nbsp;$22773725 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;1061575 | &nbsp;&nbsp;&nbsp;10907763 | &nbsp;&nbsp;&nbsp;1656997 | &nbsp;&nbsp;&nbsp;2810915 | &nbsp;&nbsp;&nbsp;&nbsp;490483 | &nbsp;&nbsp;&nbsp;&nbsp;(1961885) | &nbsp;&nbsp;&nbsp;&nbsp;161489 | &nbsp;&nbsp;&nbsp;&nbsp;227221 | &nbsp;&nbsp;&nbsp;&nbsp;7791960 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;614393 | &nbsp;&nbsp;&nbsp;&nbsp;8686424 | &nbsp;&nbsp;&nbsp;1879333 | &nbsp;&nbsp;&nbsp;2146842 | &nbsp;&nbsp;&nbsp;1279320 | &nbsp;&nbsp;&nbsp;&nbsp;(3694231) | &nbsp;&nbsp;&nbsp;&nbsp;195779 | &nbsp;&nbsp;&nbsp;&nbsp;169285 | &nbsp;&nbsp;&nbsp;&nbsp;4724684 |
| Empower S&P 500® Index Fund Institutional Class | &nbsp;&nbsp;5726477 | &nbsp;&nbsp;&nbsp;59290115 | &nbsp;&nbsp;11003843 | &nbsp;&nbsp;15185462 | &nbsp;&nbsp;(1496959) | &nbsp;&nbsp;&nbsp;(11530005) | &nbsp;&nbsp;&nbsp;1613592 | &nbsp;&nbsp;&nbsp;1209293 | &nbsp;&nbsp;&nbsp;43578491 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;2433204 | &nbsp;&nbsp;&nbsp;25601616 | &nbsp;&nbsp;&nbsp;5455617 | &nbsp;&nbsp;&nbsp;5662354 | &nbsp;&nbsp;&nbsp;1533001 | &nbsp;&nbsp;&nbsp;&nbsp;(6659212) | &nbsp;&nbsp;&nbsp;&nbsp;461153 | &nbsp;&nbsp;&nbsp;1526244 | &nbsp;&nbsp;&nbsp;18735667 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;1375411 | &nbsp;&nbsp;&nbsp;11629673 | &nbsp;&nbsp;&nbsp;2641834 | &nbsp;&nbsp;&nbsp;2132930 | &nbsp;&nbsp;&nbsp;&nbsp;966280 | &nbsp;&nbsp;&nbsp;&nbsp;(3776079) | &nbsp;&nbsp;&nbsp;&nbsp;184674 | &nbsp;&nbsp;&nbsp;&nbsp;868754 | &nbsp;&nbsp;&nbsp;&nbsp;8362498 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;84131 | &nbsp;&nbsp;&nbsp;&nbsp;1064830 | &nbsp;&nbsp;&nbsp;&nbsp;227742 | &nbsp;&nbsp;&nbsp;&nbsp;180827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768960 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;671612 | &nbsp;&nbsp;&nbsp;&nbsp;6318891 | &nbsp;&nbsp;&nbsp;1326264 | &nbsp;&nbsp;&nbsp;1375399 | &nbsp;&nbsp;&nbsp;&nbsp;659150 | &nbsp;&nbsp;&nbsp;&nbsp;(1850546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52966 | &nbsp;&nbsp;&nbsp;&nbsp;572117 | &nbsp;&nbsp;&nbsp;&nbsp;4419210 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;1524232 | &nbsp;&nbsp;&nbsp;11889639 | &nbsp;&nbsp;&nbsp;3377078 | &nbsp;&nbsp;&nbsp;2848423 | &nbsp;&nbsp;&nbsp;&nbsp;(312087) | &nbsp;&nbsp;&nbsp;&nbsp;(3455812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411 | &nbsp;&nbsp;&nbsp;1123381 | &nbsp;&nbsp;&nbsp;&nbsp;8962482 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;4076852 | &nbsp;&nbsp;&nbsp;(62698892) | &nbsp;&nbsp;&nbsp;4617049 | &nbsp;&nbsp;10523115 | &nbsp;&nbsp;199262385 |
| **FIXED INTEREST CONTRACT 13.02%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 71131884 | &nbsp;&nbsp;&nbsp;88828959 | &nbsp;&nbsp;10074210 | &nbsp;&nbsp;28809412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1038127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;71131884 |
|  |  |  |  |  | &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;&nbsp;0 | &nbsp;&nbsp;&nbsp;1038127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;71131884 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(1605330)** | **$(104717169)** | **$14718707** | **$12810477** | **$524071849** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021** | **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> 12/31/2022** |
| **BOND MUTUAL FUNDS 44.20%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;4949803 | $49217159 | $12238249 | $14729545 | $(1748147) | &nbsp;&nbsp;$(5889991) | &nbsp;&nbsp;$981051 | &nbsp;&nbsp;&nbsp;&nbsp;$53862 | &nbsp;&nbsp;$40835872 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;2397966 | &nbsp;&nbsp;24169497 | &nbsp;&nbsp;&nbsp;5826742 | &nbsp;&nbsp;&nbsp;6615072 | &nbsp;&nbsp;&nbsp;&nbsp;(651220) | &nbsp;&nbsp;&nbsp;(3286212) | &nbsp;&nbsp;&nbsp;&nbsp;460235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;20094955 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;2738630 | &nbsp;&nbsp;24895602 | &nbsp;&nbsp;&nbsp;4222454 | &nbsp;&nbsp;&nbsp;5843237 | &nbsp;&nbsp;&nbsp;&nbsp;(868460) | &nbsp;&nbsp;&nbsp;(3008959) | &nbsp;&nbsp;&nbsp;&nbsp;171040 | &nbsp;&nbsp;&nbsp;&nbsp;93982 | &nbsp;&nbsp;&nbsp;20265860 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;1288073 | &nbsp;&nbsp;16252041 | &nbsp;&nbsp;&nbsp;2402579 | &nbsp;&nbsp;&nbsp;4849605 | &nbsp;&nbsp;&nbsp;&nbsp;(33707) | &nbsp;&nbsp;&nbsp;(2225237) | &nbsp;&nbsp;&nbsp;&nbsp;352941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;11579778 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;4288901 | &nbsp;&nbsp;48969545 | &nbsp;&nbsp;11744181 | &nbsp;&nbsp;15540231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31839 | &nbsp;&nbsp;&nbsp;(7216726) | &nbsp;&nbsp;2235152 | &nbsp;&nbsp;1066082 | &nbsp;&nbsp;&nbsp;37956769 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;2043975 | &nbsp;&nbsp;20216825 | &nbsp;&nbsp;&nbsp;4054160 | &nbsp;&nbsp;&nbsp;5366185 | &nbsp;&nbsp;&nbsp;&nbsp;(465488) | &nbsp;&nbsp;&nbsp;(2532560) | &nbsp;&nbsp;&nbsp;&nbsp;745333 | &nbsp;&nbsp;&nbsp;&nbsp;31155 | &nbsp;&nbsp;&nbsp;16372240 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;1821866 | &nbsp;&nbsp;18852841 | &nbsp;&nbsp;&nbsp;5181840 | &nbsp;&nbsp;&nbsp;6312459 | &nbsp;&nbsp;&nbsp;&nbsp;(290555) | &nbsp;&nbsp;&nbsp;&nbsp;(797083) | &nbsp;&nbsp;&nbsp;&nbsp;356805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;16925139 |
|  |  |  |  |  | &nbsp;&nbsp;(4025738) | &nbsp;&nbsp;(24956768) | &nbsp;&nbsp;5302557 | &nbsp;&nbsp;1245081 | &nbsp;&nbsp;164030613 |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021**  | **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> 12/31/2022**  |
| **EQUITY MUTUAL FUNDS 40.65%** |  |  |  |  |  |  |  |  |  |
| Empower Ariel Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;137771 | &nbsp;&nbsp;$1846685 | &nbsp;&nbsp;&nbsp;&nbsp;$774262 | &nbsp;&nbsp;&nbsp;&nbsp;$419475 | &nbsp;&nbsp;&nbsp;$158148 | &nbsp;&nbsp;&nbsp;&nbsp;$(730079) | &nbsp;&nbsp;&nbsp;&nbsp;$45076 | &nbsp;&nbsp;$314090 | &nbsp;&nbsp;&nbsp;$1471393 |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;701871 | &nbsp;&nbsp;&nbsp;7021413 | &nbsp;&nbsp;&nbsp;1776775 | &nbsp;&nbsp;&nbsp;1657908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35525 | &nbsp;&nbsp;&nbsp;(1623571) | &nbsp;&nbsp;&nbsp;&nbsp;78201 | &nbsp;&nbsp;&nbsp;&nbsp;12583 | &nbsp;&nbsp;&nbsp;&nbsp;5516709 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;1145932 | &nbsp;&nbsp;11125871 | &nbsp;&nbsp;&nbsp;4671078 | &nbsp;&nbsp;&nbsp;3030142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71329 | &nbsp;&nbsp;&nbsp;(3702485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;161352 | &nbsp;&nbsp;&nbsp;&nbsp;9064322 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;2104985 | &nbsp;&nbsp;24443877 | &nbsp;&nbsp;&nbsp;5083807 | &nbsp;&nbsp;&nbsp;6284073 | &nbsp;&nbsp;&nbsp;&nbsp;(101554) | &nbsp;&nbsp;&nbsp;(3814602) | &nbsp;&nbsp;&nbsp;&nbsp;484882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;19429009 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;1376058 | &nbsp;&nbsp;13416891 | &nbsp;&nbsp;&nbsp;2860812 | &nbsp;&nbsp;&nbsp;3513689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11041 | &nbsp;&nbsp;&nbsp;(2457336) | &nbsp;&nbsp;&nbsp;&nbsp;188652 | &nbsp;&nbsp;&nbsp;&nbsp;248641 | &nbsp;&nbsp;&nbsp;10306678 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;1973620 | &nbsp;&nbsp;18857641 | &nbsp;&nbsp;&nbsp;7018735 | &nbsp;&nbsp;&nbsp;5764555 | &nbsp;&nbsp;&nbsp;&nbsp;(834438) | &nbsp;&nbsp;&nbsp;(4658374) | &nbsp;&nbsp;&nbsp;&nbsp;61620 | &nbsp;&nbsp;1126124 | &nbsp;&nbsp;&nbsp;15453447 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;2472895 | &nbsp;&nbsp;21622875 | &nbsp;&nbsp;&nbsp;4869638 | &nbsp;&nbsp;&nbsp;5585897 | &nbsp;&nbsp;&nbsp;1260824 | &nbsp;&nbsp;&nbsp;(4115656) | &nbsp;&nbsp;&nbsp;&nbsp;598004 | &nbsp;&nbsp;1659143 | &nbsp;&nbsp;&nbsp;16790960 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;783257 | &nbsp;&nbsp;&nbsp;7634195 | &nbsp;&nbsp;&nbsp;1580543 | &nbsp;&nbsp;&nbsp;2077371 | &nbsp;&nbsp;&nbsp;&nbsp;362456 | &nbsp;&nbsp;&nbsp;(1388261) | &nbsp;&nbsp;&nbsp;&nbsp;113861 | &nbsp;&nbsp;&nbsp;&nbsp;166015 | &nbsp;&nbsp;&nbsp;&nbsp;5749106 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;427703 | &nbsp;&nbsp;&nbsp;5462673 | &nbsp;&nbsp;&nbsp;1831782 | &nbsp;&nbsp;&nbsp;1830548 | &nbsp;&nbsp;&nbsp;&nbsp;611737 | &nbsp;&nbsp;&nbsp;(2174872) | &nbsp;&nbsp;&nbsp;&nbsp;129033 | &nbsp;&nbsp;&nbsp;&nbsp;117864 | &nbsp;&nbsp;&nbsp;&nbsp;3289035 |
| Empower S&P 500® Index Fund Institutional Class | &nbsp;&nbsp;4235008 | &nbsp;&nbsp;40421832 | &nbsp;&nbsp;11132333 | &nbsp;&nbsp;10829268 | &nbsp;&nbsp;&nbsp;&nbsp;(607669) | &nbsp;&nbsp;&nbsp;(8496487) | &nbsp;&nbsp;1156828 | &nbsp;&nbsp;&nbsp;&nbsp;887157 | &nbsp;&nbsp;&nbsp;32228410 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;1797264 | &nbsp;&nbsp;17592497 | &nbsp;&nbsp;&nbsp;5350685 | &nbsp;&nbsp;&nbsp;4436048 | &nbsp;&nbsp;&nbsp;1086409 | &nbsp;&nbsp;&nbsp;(4668198) | &nbsp;&nbsp;&nbsp;&nbsp;330687 | &nbsp;&nbsp;1118083 | &nbsp;&nbsp;&nbsp;13838936 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;1122380 | &nbsp;&nbsp;&nbsp;8874815 | &nbsp;&nbsp;&nbsp;2902474 | &nbsp;&nbsp;&nbsp;2183277 | &nbsp;&nbsp;&nbsp;&nbsp;581910 | &nbsp;&nbsp;&nbsp;(2769943) | &nbsp;&nbsp;&nbsp;&nbsp;146751 | &nbsp;&nbsp;&nbsp;&nbsp;702077 | &nbsp;&nbsp;&nbsp;&nbsp;6824069 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;69501 | &nbsp;&nbsp;&nbsp;&nbsp;812667 | &nbsp;&nbsp;&nbsp;&nbsp;294555 | &nbsp;&nbsp;&nbsp;&nbsp;229236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18830 | &nbsp;&nbsp;&nbsp;&nbsp;(242745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506 | &nbsp;&nbsp;&nbsp;&nbsp;20761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635241 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;553615 | &nbsp;&nbsp;&nbsp;4784579 | &nbsp;&nbsp;&nbsp;1466855 | &nbsp;&nbsp;&nbsp;1238466 | &nbsp;&nbsp;&nbsp;&nbsp;450181 | &nbsp;&nbsp;&nbsp;(1370185) | &nbsp;&nbsp;&nbsp;&nbsp;41721 | &nbsp;&nbsp;&nbsp;&nbsp;459038 | &nbsp;&nbsp;&nbsp;&nbsp;3642783 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;1128961 | &nbsp;&nbsp;&nbsp;8103642 | &nbsp;&nbsp;&nbsp;3362205 | &nbsp;&nbsp;&nbsp;2393534 | &nbsp;&nbsp;&nbsp;&nbsp;(192307) | &nbsp;&nbsp;&nbsp;(2434024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 | &nbsp;&nbsp;&nbsp;&nbsp;816409 | &nbsp;&nbsp;&nbsp;&nbsp;6638289 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;2912422 | &nbsp;&nbsp;(44646818) | &nbsp;&nbsp;3380516 | &nbsp;&nbsp;7809337 | &nbsp;&nbsp;150878387 |
| **FIXED INTEREST CONTRACT 10.65%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 39510646 | &nbsp;&nbsp;43954434 | &nbsp;&nbsp;11361272 | &nbsp;&nbsp;16345825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;540765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;39510646 |
|  |  |  |  |  | &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;&nbsp;&nbsp;540765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;39510646 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(1113316)** | **$(69603586)** | **$9223838** | **$9054418** | **$354419646** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021** | **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> 12/31/2022** |
| **BOND MUTUAL FUNDS 40.55%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;17020413 | $171553228 | $28073603 | $35938799 | $(3303043) | &nbsp;&nbsp;$(23269623) | &nbsp;&nbsp;$3399335 | &nbsp;&nbsp;&nbsp;&nbsp;$186419 | &nbsp;&nbsp;$140418409 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;8226281 | &nbsp;&nbsp;&nbsp;84489226 | &nbsp;&nbsp;13191478 | &nbsp;&nbsp;16506343 | &nbsp;&nbsp;(1484422) | &nbsp;&nbsp;&nbsp;(12238128) | &nbsp;&nbsp;&nbsp;1598832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;68936233 |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021**  | **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> 12/31/2022** |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;8933241 | &nbsp;&nbsp;$81984077 | &nbsp;&nbsp;$9959721 | $15074390 | $(1987072) | &nbsp;&nbsp;$(10763425) | &nbsp;&nbsp;&nbsp;&nbsp;$560562 | &nbsp;&nbsp;&nbsp;&nbsp;$308471 | &nbsp;&nbsp;&nbsp;&nbsp;$66105983 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;4410852 | &nbsp;&nbsp;&nbsp;55499208 | &nbsp;&nbsp;&nbsp;5025974 | &nbsp;&nbsp;13801178 | &nbsp;&nbsp;&nbsp;&nbsp;(650591) | &nbsp;&nbsp;&nbsp;&nbsp;(7070443) | &nbsp;&nbsp;&nbsp;1201877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;39653561 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;10848853 | &nbsp;&nbsp;125312067 | &nbsp;&nbsp;20310920 | &nbsp;&nbsp;30895363 | &nbsp;&nbsp;&nbsp;&nbsp;348427 | &nbsp;&nbsp;&nbsp;(18715276) | &nbsp;&nbsp;&nbsp;5680938 | &nbsp;&nbsp;&nbsp;2699341 | &nbsp;&nbsp;&nbsp;&nbsp;96012348 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;6983565 | &nbsp;&nbsp;&nbsp;70420094 | &nbsp;&nbsp;&nbsp;9184689 | &nbsp;&nbsp;14904508 | &nbsp;&nbsp;(1635161) | &nbsp;&nbsp;&nbsp;&nbsp;(8761923) | &nbsp;&nbsp;&nbsp;2559924 | &nbsp;&nbsp;&nbsp;&nbsp;107545 | &nbsp;&nbsp;&nbsp;&nbsp;55938352 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;4851819 | &nbsp;&nbsp;&nbsp;50427897 | &nbsp;&nbsp;10282165 | &nbsp;&nbsp;13164566 | &nbsp;&nbsp;&nbsp;&nbsp;(436605) | &nbsp;&nbsp;&nbsp;&nbsp;(2472097) | &nbsp;&nbsp;&nbsp;&nbsp;954186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;45073399 |
|  |  |  |  |  | &nbsp;&nbsp;(9148467) | &nbsp;&nbsp;&nbsp;(83290915) | &nbsp;&nbsp;15955654 | &nbsp;&nbsp;&nbsp;3301776 | &nbsp;&nbsp;&nbsp;&nbsp;512138285 |
| **EQUITY MUTUAL FUNDS 46.02%** |  |  |  |  |  |  |  |  |  |
| Empower Ariel Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;513667 | &nbsp;&nbsp;&nbsp;&nbsp;7144481 | &nbsp;&nbsp;&nbsp;2457195 | &nbsp;&nbsp;&nbsp;1626655 | &nbsp;&nbsp;&nbsp;&nbsp;239059 | &nbsp;&nbsp;&nbsp;&nbsp;(2489060) | &nbsp;&nbsp;&nbsp;&nbsp;176593 | &nbsp;&nbsp;&nbsp;1211271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485961 |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;&nbsp;2939014 | &nbsp;&nbsp;&nbsp;30151630 | &nbsp;&nbsp;&nbsp;5961794 | &nbsp;&nbsp;&nbsp;5975300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84634 | &nbsp;&nbsp;&nbsp;&nbsp;(7037471) | &nbsp;&nbsp;&nbsp;&nbsp;326080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53504 | &nbsp;&nbsp;&nbsp;&nbsp;23100653 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;4585679 | &nbsp;&nbsp;&nbsp;45355114 | &nbsp;&nbsp;13758495 | &nbsp;&nbsp;&nbsp;7276184 | &nbsp;&nbsp;&nbsp;&nbsp;613578 | &nbsp;&nbsp;&nbsp;(15564702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;652396 | &nbsp;&nbsp;&nbsp;&nbsp;36272723 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;8378229 | &nbsp;&nbsp;100095400 | &nbsp;&nbsp;12900953 | &nbsp;&nbsp;21255124 | &nbsp;&nbsp;(1983209) | &nbsp;&nbsp;&nbsp;(14410180) | &nbsp;&nbsp;&nbsp;1931700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;77331049 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;5470352 | &nbsp;&nbsp;&nbsp;55004669 | &nbsp;&nbsp;&nbsp;7344669 | &nbsp;&nbsp;10078088 | &nbsp;&nbsp;&nbsp;1139164 | &nbsp;&nbsp;&nbsp;(11298316) | &nbsp;&nbsp;&nbsp;&nbsp;751851 | &nbsp;&nbsp;&nbsp;&nbsp;993198 | &nbsp;&nbsp;&nbsp;&nbsp;40972934 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;7414738 | &nbsp;&nbsp;&nbsp;72167229 | &nbsp;&nbsp;18543989 | &nbsp;&nbsp;13182582 | &nbsp;&nbsp;(1715272) | &nbsp;&nbsp;&nbsp;(19471234) | &nbsp;&nbsp;&nbsp;&nbsp;238076 | &nbsp;&nbsp;&nbsp;4278332 | &nbsp;&nbsp;&nbsp;&nbsp;58057402 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;9303048 | &nbsp;&nbsp;&nbsp;83561158 | &nbsp;&nbsp;14374753 | &nbsp;&nbsp;20726723 | &nbsp;&nbsp;&nbsp;2980857 | &nbsp;&nbsp;&nbsp;(14041492) | &nbsp;&nbsp;&nbsp;2282745 | &nbsp;&nbsp;&nbsp;6291034 | &nbsp;&nbsp;&nbsp;&nbsp;63167696 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;2950520 | &nbsp;&nbsp;&nbsp;28803448 | &nbsp;&nbsp;&nbsp;4104491 | &nbsp;&nbsp;&nbsp;7008547 | &nbsp;&nbsp;&nbsp;&nbsp;196948 | &nbsp;&nbsp;&nbsp;&nbsp;(4242574) | &nbsp;&nbsp;&nbsp;&nbsp;440978 | &nbsp;&nbsp;&nbsp;&nbsp;630484 | &nbsp;&nbsp;&nbsp;&nbsp;21656818 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;1465517 | &nbsp;&nbsp;&nbsp;18901490 | &nbsp;&nbsp;&nbsp;4445203 | &nbsp;&nbsp;&nbsp;4143078 | &nbsp;&nbsp;&nbsp;2463954 | &nbsp;&nbsp;&nbsp;&nbsp;(7933789) | &nbsp;&nbsp;&nbsp;&nbsp;449086 | &nbsp;&nbsp;&nbsp;&nbsp;405207 | &nbsp;&nbsp;&nbsp;&nbsp;11269826 |
| Empower S&P 500® Index Fund Institutional Class | &nbsp;&nbsp;15916677 | &nbsp;&nbsp;155691056 | &nbsp;&nbsp;26641235 | &nbsp;&nbsp;27893414 | &nbsp;&nbsp;(2067247) | &nbsp;&nbsp;&nbsp;(33312968) | &nbsp;&nbsp;&nbsp;4406340 | &nbsp;&nbsp;&nbsp;3356586 | &nbsp;&nbsp;&nbsp;&nbsp;121125909 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;6755737 | &nbsp;&nbsp;&nbsp;67204238 | &nbsp;&nbsp;13972416 | &nbsp;&nbsp;14247151 | &nbsp;&nbsp;&nbsp;&nbsp;950236 | &nbsp;&nbsp;&nbsp;(14910325) | &nbsp;&nbsp;&nbsp;1260525 | &nbsp;&nbsp;&nbsp;4239308 | &nbsp;&nbsp;&nbsp;&nbsp;52019178 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;4642560 | &nbsp;&nbsp;&nbsp;37208636 | &nbsp;&nbsp;&nbsp;8989138 | &nbsp;&nbsp;&nbsp;7184906 | &nbsp;&nbsp;&nbsp;1454997 | &nbsp;&nbsp;&nbsp;(10786104) | &nbsp;&nbsp;&nbsp;&nbsp;614520 | &nbsp;&nbsp;&nbsp;2927927 | &nbsp;&nbsp;&nbsp;&nbsp;28226764 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;291922 | &nbsp;&nbsp;&nbsp;&nbsp;3431151 | &nbsp;&nbsp;&nbsp;&nbsp;836944 | &nbsp;&nbsp;&nbsp;&nbsp;574864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57485 | &nbsp;&nbsp;&nbsp;&nbsp;(1025068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668163 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;2280626 | &nbsp;&nbsp;&nbsp;20103391 | &nbsp;&nbsp;&nbsp;4639370 | &nbsp;&nbsp;&nbsp;4530968 | &nbsp;&nbsp;&nbsp;1251244 | &nbsp;&nbsp;&nbsp;&nbsp;(5205277) | &nbsp;&nbsp;&nbsp;&nbsp;175486 | &nbsp;&nbsp;&nbsp;1927846 | &nbsp;&nbsp;&nbsp;&nbsp;15006516 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;4242458 | &nbsp;&nbsp;&nbsp;31044524 | &nbsp;&nbsp;&nbsp;9292781 | &nbsp;&nbsp;&nbsp;5498305 | &nbsp;&nbsp;&nbsp;&nbsp;(269196) | &nbsp;&nbsp;&nbsp;&nbsp;(9893344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6559 | &nbsp;&nbsp;&nbsp;3105171 | &nbsp;&nbsp;&nbsp;&nbsp;24945656 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;5397232 | &nbsp;&nbsp;(171621904) | &nbsp;&nbsp;13075542 | &nbsp;&nbsp;30160989 | &nbsp;&nbsp;&nbsp;&nbsp;581307248 |
| **FIXED INTEREST CONTRACT 8.33%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 105224007 | &nbsp;&nbsp;117330653 | &nbsp;&nbsp;21103932 | &nbsp;&nbsp;34655742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1445164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;105224007 |
|  |  |  |  |  | &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;&nbsp;0 | &nbsp;&nbsp;&nbsp;1445164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;105224007 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(3751235)** | **$(254912819)** | **$30476360** | **$33462765** | **$1198669540** |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021** | **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> 12/31/2022** |
| **BOND MUTUAL FUNDS 34.62%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;5389323 | $47745791 | $15992136 | $13357416 | $(1761497) | &nbsp;&nbsp;$(5918598) | $1020596 | &nbsp;&nbsp;&nbsp;&nbsp;$55884 | &nbsp;&nbsp;$44461913 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;2607023 | &nbsp;&nbsp;23491388 | &nbsp;&nbsp;&nbsp;7622406 | &nbsp;&nbsp;&nbsp;5971622 | &nbsp;&nbsp;&nbsp;&nbsp;(662021) | &nbsp;&nbsp;&nbsp;(3295315) | &nbsp;&nbsp;&nbsp;&nbsp;478211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;21846857 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;2716187 | &nbsp;&nbsp;21827803 | &nbsp;&nbsp;&nbsp;5913560 | &nbsp;&nbsp;&nbsp;4947412 | &nbsp;&nbsp;&nbsp;&nbsp;(777396) | &nbsp;&nbsp;&nbsp;(2694170) | &nbsp;&nbsp;&nbsp;&nbsp;156577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88272 | &nbsp;&nbsp;&nbsp;20099781 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;1398707 | &nbsp;&nbsp;15078194 | &nbsp;&nbsp;&nbsp;2995168 | &nbsp;&nbsp;&nbsp;3349253 | &nbsp;&nbsp;&nbsp;&nbsp;(43888) | &nbsp;&nbsp;&nbsp;(2149735) | &nbsp;&nbsp;&nbsp;&nbsp;362429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;12574374 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;2490828 | &nbsp;&nbsp;24917946 | &nbsp;&nbsp;&nbsp;7745154 | &nbsp;&nbsp;&nbsp;6703126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 | &nbsp;&nbsp;&nbsp;(3916147) | &nbsp;&nbsp;1215904 | &nbsp;&nbsp;&nbsp;&nbsp;608016 | &nbsp;&nbsp;&nbsp;22043827 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;2211444 | &nbsp;&nbsp;19482194 | &nbsp;&nbsp;&nbsp;5464886 | &nbsp;&nbsp;&nbsp;4724418 | &nbsp;&nbsp;&nbsp;&nbsp;(500560) | &nbsp;&nbsp;&nbsp;(2508992) | &nbsp;&nbsp;&nbsp;&nbsp;777231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32017 | &nbsp;&nbsp;&nbsp;17713670 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;1186890 | &nbsp;&nbsp;10718544 | &nbsp;&nbsp;&nbsp;4230712 | &nbsp;&nbsp;&nbsp;3455808 | &nbsp;&nbsp;&nbsp;&nbsp;(173749) | &nbsp;&nbsp;&nbsp;&nbsp;(467236) | &nbsp;&nbsp;&nbsp;&nbsp;222815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;11026212 |
|  |  |  |  |  | &nbsp;&nbsp;(3915756) | &nbsp;&nbsp;(20950193) | &nbsp;&nbsp;4233763 | &nbsp;&nbsp;&nbsp;&nbsp;784189 | &nbsp;&nbsp;149766634 |
| **EQUITY MUTUAL FUNDS 53.59%** |  |  |  |  |  |  |  |  |  |
| Empower Ariel Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;200700 | &nbsp;&nbsp;&nbsp;2518442 | &nbsp;&nbsp;&nbsp;1145419 | &nbsp;&nbsp;&nbsp;&nbsp;579060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96439 | &nbsp;&nbsp;&nbsp;&nbsp;(941325) | &nbsp;&nbsp;&nbsp;&nbsp;66761 | &nbsp;&nbsp;&nbsp;&nbsp;463584 | &nbsp;&nbsp;&nbsp;&nbsp;2143476 |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;1265565 | &nbsp;&nbsp;11672100 | &nbsp;&nbsp;&nbsp;3650681 | &nbsp;&nbsp;&nbsp;2644860 | &nbsp;&nbsp;&nbsp;&nbsp;(76578) | &nbsp;&nbsp;&nbsp;(2730583) | &nbsp;&nbsp;&nbsp;&nbsp;140497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22546 | &nbsp;&nbsp;&nbsp;&nbsp;9947338 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;1891358 | &nbsp;&nbsp;16763277 | &nbsp;&nbsp;&nbsp;7135194 | &nbsp;&nbsp;&nbsp;2996748 | &nbsp;&nbsp;&nbsp;&nbsp;152749 | &nbsp;&nbsp;&nbsp;(5941082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;263781 | &nbsp;&nbsp;&nbsp;14960641 |
| Empower International Index Fund Institutional Class | &nbsp;&nbsp;3448318 | &nbsp;&nbsp;36934030 | &nbsp;&nbsp;&nbsp;8141429 | &nbsp;&nbsp;&nbsp;7106369 | &nbsp;&nbsp;&nbsp;&nbsp;(121220) | &nbsp;&nbsp;&nbsp;(6141112) | &nbsp;&nbsp;&nbsp;&nbsp;793719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;31827978 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;2252835 | &nbsp;&nbsp;20332987 | &nbsp;&nbsp;&nbsp;4596329 | &nbsp;&nbsp;&nbsp;4127733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10986 | &nbsp;&nbsp;&nbsp;(3927849) | &nbsp;&nbsp;&nbsp;&nbsp;309452 | &nbsp;&nbsp;&nbsp;&nbsp;407538 | &nbsp;&nbsp;&nbsp;16873734 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;2888812 | &nbsp;&nbsp;25049495 | &nbsp;&nbsp;&nbsp;9915823 | &nbsp;&nbsp;&nbsp;5455811 | &nbsp;&nbsp;&nbsp;&nbsp;(859359) | &nbsp;&nbsp;&nbsp;(6890108) | &nbsp;&nbsp;&nbsp;&nbsp;88260 | &nbsp;&nbsp;&nbsp;1637891 | &nbsp;&nbsp;&nbsp;22619399 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;3621794 | &nbsp;&nbsp;29317740 | &nbsp;&nbsp;&nbsp;7065072 | &nbsp;&nbsp;&nbsp;6877195 | &nbsp;&nbsp;&nbsp;&nbsp;699817 | &nbsp;&nbsp;&nbsp;(4913633) | &nbsp;&nbsp;&nbsp;&nbsp;868610 | &nbsp;&nbsp;&nbsp;2430359 | &nbsp;&nbsp;&nbsp;24591984 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;1143827 | &nbsp;&nbsp;10148683 | &nbsp;&nbsp;&nbsp;2211078 | &nbsp;&nbsp;&nbsp;2520667 | &nbsp;&nbsp;&nbsp;&nbsp;(49375) | &nbsp;&nbsp;&nbsp;(1443404) | &nbsp;&nbsp;&nbsp;&nbsp;165242 | &nbsp;&nbsp;&nbsp;&nbsp;242828 | &nbsp;&nbsp;&nbsp;&nbsp;8395690 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;507824 | &nbsp;&nbsp;&nbsp;5831160 | &nbsp;&nbsp;&nbsp;2220039 | &nbsp;&nbsp;&nbsp;1740279 | &nbsp;&nbsp;&nbsp;&nbsp;624395 | &nbsp;&nbsp;&nbsp;(2405755) | &nbsp;&nbsp;&nbsp;&nbsp;149464 | &nbsp;&nbsp;&nbsp;&nbsp;140305 | &nbsp;&nbsp;&nbsp;&nbsp;3905165 |
| Empower S&P 500® Index Fund Institutional Class | &nbsp;&nbsp;6185740 | &nbsp;&nbsp;54273030 | &nbsp;&nbsp;15345790 | &nbsp;&nbsp;11247456 | &nbsp;&nbsp;(1667526) | &nbsp;&nbsp;(11297885) | &nbsp;&nbsp;1671092 | &nbsp;&nbsp;&nbsp;1295564 | &nbsp;&nbsp;&nbsp;47073479 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;2630952 | &nbsp;&nbsp;23537134 | &nbsp;&nbsp;&nbsp;7223927 | &nbsp;&nbsp;&nbsp;5085517 | &nbsp;&nbsp;&nbsp;&nbsp;289978 | &nbsp;&nbsp;&nbsp;(5417212) | &nbsp;&nbsp;&nbsp;&nbsp;478377 | &nbsp;&nbsp;&nbsp;1634629 | &nbsp;&nbsp;&nbsp;20258332 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;1979479 | &nbsp;&nbsp;14194899 | &nbsp;&nbsp;&nbsp;5156520 | &nbsp;&nbsp;&nbsp;2951074 | &nbsp;&nbsp;&nbsp;&nbsp;600016 | &nbsp;&nbsp;&nbsp;(4365115) | &nbsp;&nbsp;&nbsp;&nbsp;255298 | &nbsp;&nbsp;&nbsp;1231264 | &nbsp;&nbsp;&nbsp;12035230 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;123506 | &nbsp;&nbsp;&nbsp;1291428 | &nbsp;&nbsp;&nbsp;&nbsp;513224 | &nbsp;&nbsp;&nbsp;&nbsp;266689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31295 | &nbsp;&nbsp;&nbsp;&nbsp;(409119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36010 | &nbsp;&nbsp;&nbsp;&nbsp;1128844 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;972569 | &nbsp;&nbsp;&nbsp;7670240 | &nbsp;&nbsp;&nbsp;2460832 | &nbsp;&nbsp;&nbsp;1655101 | &nbsp;&nbsp;&nbsp;&nbsp;478597 | &nbsp;&nbsp;&nbsp;(2076470) | &nbsp;&nbsp;&nbsp;&nbsp;72436 | &nbsp;&nbsp;&nbsp;&nbsp;804232 | &nbsp;&nbsp;&nbsp;&nbsp;6399501 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;1648937 | &nbsp;&nbsp;10781105 | &nbsp;&nbsp;&nbsp;4746208 | &nbsp;&nbsp;&nbsp;2555432 | &nbsp;&nbsp;&nbsp;&nbsp;(435412) | &nbsp;&nbsp;&nbsp;(3276133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;1187710 | &nbsp;&nbsp;&nbsp;&nbsp;9695748 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(225198) | &nbsp;&nbsp;(62176785) | &nbsp;&nbsp;5067725 | &nbsp;&nbsp;11798241 | &nbsp;&nbsp;231856539 |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021**  | **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> 12/31/2022**  |
| **FIXED INTEREST CONTRACT 5.95%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 25734709 | $24966456 | &nbsp;&nbsp;$9282333 | &nbsp;&nbsp;$8841780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;$327700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;$25734709 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;327700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;25734709 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(4140954)** | **$(83126978)** | **$9629188** | **$12582430** | **$407357882** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021** | **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> 12/31/2022** |
| **BOND MUTUAL FUNDS 26.10%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | 12933131 | $122989352 | $26634964 | $25777126 | &nbsp;&nbsp;$(1818992) | &nbsp;&nbsp;$(17148858) | &nbsp;&nbsp;$2483059 | &nbsp;&nbsp;&nbsp;&nbsp;$134088 | &nbsp;&nbsp;$106698332 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;6263225 | &nbsp;&nbsp;&nbsp;60379744 | &nbsp;&nbsp;12848102 | &nbsp;&nbsp;11678480 | &nbsp;&nbsp;&nbsp;&nbsp;(704418) | &nbsp;&nbsp;&nbsp;&nbsp;(9063540) | &nbsp;&nbsp;&nbsp;1166200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;52485826 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;6334381 | &nbsp;&nbsp;&nbsp;54266066 | &nbsp;&nbsp;&nbsp;9697432 | &nbsp;&nbsp;10109233 | &nbsp;&nbsp;&nbsp;(1244194) | &nbsp;&nbsp;&nbsp;&nbsp;(6979846) | &nbsp;&nbsp;&nbsp;&nbsp;363885 | &nbsp;&nbsp;&nbsp;&nbsp;203938 | &nbsp;&nbsp;&nbsp;&nbsp;46874419 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;3367553 | &nbsp;&nbsp;&nbsp;38639523 | &nbsp;&nbsp;&nbsp;4149230 | &nbsp;&nbsp;&nbsp;7439517 | &nbsp;&nbsp;&nbsp;&nbsp;(277674) | &nbsp;&nbsp;&nbsp;&nbsp;(5074936) | &nbsp;&nbsp;&nbsp;&nbsp;869727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;30274300 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;4183599 | &nbsp;&nbsp;&nbsp;43977336 | &nbsp;&nbsp;&nbsp;9765213 | &nbsp;&nbsp;&nbsp;9901053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268405 | &nbsp;&nbsp;&nbsp;&nbsp;(6816641) | &nbsp;&nbsp;&nbsp;2014487 | &nbsp;&nbsp;&nbsp;1015114 | &nbsp;&nbsp;&nbsp;&nbsp;37024855 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;5319968 | &nbsp;&nbsp;&nbsp;50080065 | &nbsp;&nbsp;&nbsp;9469702 | &nbsp;&nbsp;10703818 | &nbsp;&nbsp;&nbsp;(1154347) | &nbsp;&nbsp;&nbsp;&nbsp;(6233004) | &nbsp;&nbsp;&nbsp;1873575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76664 | &nbsp;&nbsp;&nbsp;&nbsp;42612945 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;2189257 | &nbsp;&nbsp;&nbsp;20778537 | &nbsp;&nbsp;&nbsp;6338642 | &nbsp;&nbsp;&nbsp;5803094 | &nbsp;&nbsp;&nbsp;&nbsp;(218223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(975889) | &nbsp;&nbsp;&nbsp;&nbsp;412239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;20338196 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(5149443) | &nbsp;&nbsp;&nbsp;(52292714) | &nbsp;&nbsp;&nbsp;9183172 | &nbsp;&nbsp;&nbsp;1429804 | &nbsp;&nbsp;&nbsp;&nbsp;336308873 |
| **EQUITY MUTUAL FUNDS 63.39%** |  |  |  |  |  |  |  |  |  |
| Empower Ariel Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;681171 | &nbsp;&nbsp;&nbsp;&nbsp;9552282 | &nbsp;&nbsp;&nbsp;2854447 | &nbsp;&nbsp;&nbsp;1911613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221621 | &nbsp;&nbsp;&nbsp;&nbsp;(3220215) | &nbsp;&nbsp;&nbsp;&nbsp;234688 | &nbsp;&nbsp;&nbsp;1612209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7274901 |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;4797966 | &nbsp;&nbsp;&nbsp;48733256 | &nbsp;&nbsp;&nbsp;9495460 | &nbsp;&nbsp;10454514 | &nbsp;&nbsp;&nbsp;(1038486) | &nbsp;&nbsp;&nbsp;(10062188) | &nbsp;&nbsp;&nbsp;&nbsp;532323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86585 | &nbsp;&nbsp;&nbsp;&nbsp;37712014 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;6857490 | &nbsp;&nbsp;&nbsp;66571786 | &nbsp;&nbsp;17639038 | &nbsp;&nbsp;10005052 | &nbsp;&nbsp;&nbsp;(1961956) | &nbsp;&nbsp;&nbsp;(19963030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;963696 | &nbsp;&nbsp;&nbsp;&nbsp;54242742 |
| Empower International Index Fund Institutional Class | 12500119 | &nbsp;&nbsp;147467714 | &nbsp;&nbsp;16511721 | &nbsp;&nbsp;22687872 | &nbsp;&nbsp;&nbsp;&nbsp;2013247 | &nbsp;&nbsp;&nbsp;(25915464) | &nbsp;&nbsp;&nbsp;2880785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;115376099 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;8179401 | &nbsp;&nbsp;&nbsp;81092930 | &nbsp;&nbsp;&nbsp;9776689 | &nbsp;&nbsp;21543300 | &nbsp;&nbsp;&nbsp;(6802638) | &nbsp;&nbsp;&nbsp;&nbsp;(8062604) | &nbsp;&nbsp;&nbsp;1124558 | &nbsp;&nbsp;&nbsp;1483321 | &nbsp;&nbsp;&nbsp;&nbsp;61263715 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;9916518 | &nbsp;&nbsp;&nbsp;94195079 | &nbsp;&nbsp;22253848 | &nbsp;&nbsp;10463692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577702 | &nbsp;&nbsp;&nbsp;(28338897) | &nbsp;&nbsp;&nbsp;&nbsp;309202 | &nbsp;&nbsp;&nbsp;5668265 | &nbsp;&nbsp;&nbsp;&nbsp;77646338 |
| Empower Large Cap Value Fund Institutional Class | 12424593 | &nbsp;&nbsp;110514751 | &nbsp;&nbsp;17970662 | &nbsp;&nbsp;26467260 | &nbsp;&nbsp;&nbsp;&nbsp;2961394 | &nbsp;&nbsp;&nbsp;(17655167) | &nbsp;&nbsp;&nbsp;3017682 | &nbsp;&nbsp;&nbsp;8387065 | &nbsp;&nbsp;&nbsp;&nbsp;84362986 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;3941594 | &nbsp;&nbsp;&nbsp;38247297 | &nbsp;&nbsp;&nbsp;5095929 | &nbsp;&nbsp;&nbsp;9887057 | &nbsp;&nbsp;&nbsp;&nbsp;(831703) | &nbsp;&nbsp;&nbsp;&nbsp;(4524866) | &nbsp;&nbsp;&nbsp;&nbsp;582050 | &nbsp;&nbsp;&nbsp;&nbsp;841255 | &nbsp;&nbsp;&nbsp;&nbsp;28931303 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;1528258 | &nbsp;&nbsp;&nbsp;19147473 | &nbsp;&nbsp;&nbsp;4211414 | &nbsp;&nbsp;&nbsp;5071931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968455 | &nbsp;&nbsp;&nbsp;&nbsp;(6534651) | &nbsp;&nbsp;&nbsp;&nbsp;457010 | &nbsp;&nbsp;&nbsp;&nbsp;422546 | &nbsp;&nbsp;&nbsp;&nbsp;11752305 |
| Empower S&P 500® Index Fund Institutional Class | 21284846 | &nbsp;&nbsp;204773174 | &nbsp;&nbsp;31590797 | &nbsp;&nbsp;30198550 | &nbsp;&nbsp;&nbsp;(2439573) | &nbsp;&nbsp;&nbsp;(44187741) | &nbsp;&nbsp;&nbsp;5813550 | &nbsp;&nbsp;&nbsp;4478441 | &nbsp;&nbsp;&nbsp;&nbsp;161977680 |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021**  | **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> 12/31/2022** |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;9037669 | &nbsp;&nbsp;$88402155 | $17157345 | $16026447 | &nbsp;&nbsp;$1542766 | &nbsp;&nbsp;$(19943002) | &nbsp;&nbsp;$1663287 | &nbsp;&nbsp;$5653843 | &nbsp;&nbsp;&nbsp;&nbsp;$69590051 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;7394457 | &nbsp;&nbsp;&nbsp;58094581 | &nbsp;&nbsp;13425849 | &nbsp;&nbsp;13411639 | &nbsp;&nbsp;&nbsp;(1458850) | &nbsp;&nbsp;&nbsp;(13150491) | &nbsp;&nbsp;&nbsp;&nbsp;964252 | &nbsp;&nbsp;&nbsp;4637753 | &nbsp;&nbsp;&nbsp;&nbsp;44958300 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;466743 | &nbsp;&nbsp;&nbsp;&nbsp;5361150 | &nbsp;&nbsp;&nbsp;1167548 | &nbsp;&nbsp;&nbsp;&nbsp;787666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39986) | &nbsp;&nbsp;&nbsp;&nbsp;(1474999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23429 | &nbsp;&nbsp;&nbsp;&nbsp;138794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266033 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;3643666 | &nbsp;&nbsp;&nbsp;31524725 | &nbsp;&nbsp;&nbsp;6893770 | &nbsp;&nbsp;&nbsp;7619128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631068 | &nbsp;&nbsp;&nbsp;&nbsp;(6824049) | &nbsp;&nbsp;&nbsp;&nbsp;275493 | &nbsp;&nbsp;&nbsp;3054450 | &nbsp;&nbsp;&nbsp;&nbsp;23975318 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;5666602 | &nbsp;&nbsp;&nbsp;40403839 | &nbsp;&nbsp;10720654 | &nbsp;&nbsp;&nbsp;5625980 | &nbsp;&nbsp;&nbsp;(1118698) | &nbsp;&nbsp;&nbsp;(12178897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8538 | &nbsp;&nbsp;&nbsp;4106490 | &nbsp;&nbsp;&nbsp;&nbsp;33319616 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(6775637) | &nbsp;&nbsp;(222036261) | &nbsp;&nbsp;17886847 | &nbsp;&nbsp;41534713 | &nbsp;&nbsp;&nbsp;&nbsp;816649401 |
| **FIXED INTEREST CONTRACT 3.70%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 47672941 | &nbsp;&nbsp;&nbsp;48508149 | &nbsp;&nbsp;13865410 | &nbsp;&nbsp;15306602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;605984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;47672941 |
|  |  |  |  |  | &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;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;605984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;47672941 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(11925080)** | **$(274328975)** | **$27676003** | **$42964517** | **$1200631215** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021** | **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> 12/31/2022** |
| **BOND MUTUAL FUNDS 17.34%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | 2289427 | $18918734 | &nbsp;&nbsp;$8670363 | $6631263 | &nbsp;&nbsp;$(977650) | &nbsp;&nbsp;$(2070060) | &nbsp;&nbsp;$417943 | &nbsp;&nbsp;&nbsp;&nbsp;$22459 | &nbsp;&nbsp;$18887774 |
| Empower Core Bond Fund Institutional Class | 1106889 | &nbsp;&nbsp;&nbsp;9289105 | &nbsp;&nbsp;&nbsp;4191958 | &nbsp;&nbsp;3026526 | &nbsp;&nbsp;&nbsp;&nbsp;(385773) | &nbsp;&nbsp;&nbsp;(1178809) | &nbsp;&nbsp;&nbsp;&nbsp;195091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;9275728 |
| Empower Global Bond Fund Institutional Class | 1092365 | &nbsp;&nbsp;&nbsp;8103534 | &nbsp;&nbsp;&nbsp;3246142 | &nbsp;&nbsp;2328213 | &nbsp;&nbsp;&nbsp;&nbsp;(314121) | &nbsp;&nbsp;&nbsp;&nbsp;(937962) | &nbsp;&nbsp;&nbsp;&nbsp;56930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33139 | &nbsp;&nbsp;&nbsp;&nbsp;8083501 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;596682 | &nbsp;&nbsp;&nbsp;5863353 | &nbsp;&nbsp;&nbsp;1683537 | &nbsp;&nbsp;1339669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7970) | &nbsp;&nbsp;&nbsp;&nbsp;(843052) | &nbsp;&nbsp;&nbsp;&nbsp;147584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;5364169 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;476509 | &nbsp;&nbsp;&nbsp;4235609 | &nbsp;&nbsp;&nbsp;2052554 | &nbsp;&nbsp;1416677 | &nbsp;&nbsp;&nbsp;&nbsp;(29363) | &nbsp;&nbsp;&nbsp;&nbsp;(654378) | &nbsp;&nbsp;&nbsp;&nbsp;211612 | &nbsp;&nbsp;&nbsp;&nbsp;113687 | &nbsp;&nbsp;&nbsp;&nbsp;4217108 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;939113 | &nbsp;&nbsp;&nbsp;7683680 | &nbsp;&nbsp;&nbsp;3225752 | &nbsp;&nbsp;2455458 | &nbsp;&nbsp;&nbsp;&nbsp;(255993) | &nbsp;&nbsp;&nbsp;&nbsp;(931676) | &nbsp;&nbsp;&nbsp;&nbsp;318603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12805 | &nbsp;&nbsp;&nbsp;&nbsp;7522298 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;291553 | &nbsp;&nbsp;&nbsp;2359064 | &nbsp;&nbsp;&nbsp;1372220 | &nbsp;&nbsp;&nbsp;&nbsp;935050 | &nbsp;&nbsp;&nbsp;&nbsp;(52900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87709) | &nbsp;&nbsp;&nbsp;&nbsp;52326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;2708525 |
|  |  |  |  |  | &nbsp;&nbsp;(2023770) | &nbsp;&nbsp;&nbsp;(6703646) | &nbsp;&nbsp;1400089 | &nbsp;&nbsp;&nbsp;&nbsp;182090 | &nbsp;&nbsp;&nbsp;56059103 |
| **EQUITY MUTUAL FUNDS 72.81%** |  |  |  |  |  |  |  |  |  |
| Empower Ariel Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;193155 | &nbsp;&nbsp;&nbsp;2328909 | &nbsp;&nbsp;&nbsp;1100084 | &nbsp;&nbsp;&nbsp;&nbsp;541049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40377 | &nbsp;&nbsp;&nbsp;&nbsp;(825043) | &nbsp;&nbsp;&nbsp;&nbsp;62216 | &nbsp;&nbsp;&nbsp;&nbsp;439819 | &nbsp;&nbsp;&nbsp;&nbsp;2062901 |
| Empower Emerging Markets Equity Fund Institutional Class | 1483603 | &nbsp;&nbsp;13190968 | &nbsp;&nbsp;&nbsp;4961941 | &nbsp;&nbsp;3487593 | &nbsp;&nbsp;&nbsp;&nbsp;(101838) | &nbsp;&nbsp;&nbsp;(3004198) | &nbsp;&nbsp;&nbsp;&nbsp;165256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25606 | &nbsp;&nbsp;&nbsp;11661118 |
| Empower International Growth Fund Institutional Class | 2029286 | &nbsp;&nbsp;17280461 | &nbsp;&nbsp;&nbsp;7700569 | &nbsp;&nbsp;2789661 | &nbsp;&nbsp;&nbsp;&nbsp;246693 | &nbsp;&nbsp;&nbsp;(6139720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;278795 | &nbsp;&nbsp;&nbsp;16051649 |
| Empower International Index Fund Institutional Class | 3702852 | &nbsp;&nbsp;38257111 | &nbsp;&nbsp;&nbsp;9053365 | &nbsp;&nbsp;6900283 | &nbsp;&nbsp;&nbsp;&nbsp;(66048) | &nbsp;&nbsp;&nbsp;(6232869) | &nbsp;&nbsp;&nbsp;&nbsp;854981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;34177324 |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021**  | **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> 12/31/2022**  |
| Empower International Value Fund Institutional Class | 2419679 | $21037107 | &nbsp;&nbsp;$5149720 | $3961999 | &nbsp;&nbsp;&nbsp;$125226 | &nbsp;&nbsp;$(4101432) | &nbsp;&nbsp;$333695 | &nbsp;&nbsp;&nbsp;&nbsp;$438169 | &nbsp;&nbsp;$18123396 |
| Empower Large Cap Growth Fund Institutional Class | 2783174 | &nbsp;&nbsp;23059866 | &nbsp;&nbsp;&nbsp;9741506 | &nbsp;&nbsp;4489915 | &nbsp;&nbsp;&nbsp;&nbsp;(706802) | &nbsp;&nbsp;&nbsp;(6519202) | &nbsp;&nbsp;&nbsp;&nbsp;82204 | &nbsp;&nbsp;&nbsp;1569444 | &nbsp;&nbsp;&nbsp;21792255 |
| Empower Large Cap Value Fund Institutional Class | 3501600 | &nbsp;&nbsp;27301497 | &nbsp;&nbsp;&nbsp;6935335 | &nbsp;&nbsp;5935074 | &nbsp;&nbsp;&nbsp;&nbsp;519192 | &nbsp;&nbsp;&nbsp;(4525896) | &nbsp;&nbsp;&nbsp;&nbsp;821904 | &nbsp;&nbsp;&nbsp;2344859 | &nbsp;&nbsp;&nbsp;23775862 |
| Empower Mid Cap Value Fund Institutional Class | 1105451 | &nbsp;&nbsp;&nbsp;9467397 | &nbsp;&nbsp;&nbsp;2046901 | &nbsp;&nbsp;2226598 | &nbsp;&nbsp;&nbsp;&nbsp;(233488) | &nbsp;&nbsp;&nbsp;(1173689) | &nbsp;&nbsp;&nbsp;&nbsp;155260 | &nbsp;&nbsp;&nbsp;&nbsp;234422 | &nbsp;&nbsp;&nbsp;&nbsp;8114011 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;391812 | &nbsp;&nbsp;&nbsp;4291167 | &nbsp;&nbsp;&nbsp;1604481 | &nbsp;&nbsp;1120098 | &nbsp;&nbsp;&nbsp;&nbsp;437112 | &nbsp;&nbsp;&nbsp;(1762517) | &nbsp;&nbsp;&nbsp;&nbsp;112077 | &nbsp;&nbsp;&nbsp;&nbsp;108545 | &nbsp;&nbsp;&nbsp;&nbsp;3013033 |
| Empower S&P 500® Index Fund Institutional Class | 5964285 | &nbsp;&nbsp;50324460 | &nbsp;&nbsp;14506688 | &nbsp;&nbsp;7987783 | &nbsp;&nbsp;&nbsp;&nbsp;(718417) | &nbsp;&nbsp;(11455154) | &nbsp;&nbsp;1577113 | &nbsp;&nbsp;&nbsp;1250095 | &nbsp;&nbsp;&nbsp;45388211 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | 2545816 | &nbsp;&nbsp;21835497 | &nbsp;&nbsp;&nbsp;6865224 | &nbsp;&nbsp;4378574 | &nbsp;&nbsp;&nbsp;&nbsp;(127134) | &nbsp;&nbsp;&nbsp;(4719365) | &nbsp;&nbsp;&nbsp;&nbsp;451588 | &nbsp;&nbsp;&nbsp;1578871 | &nbsp;&nbsp;&nbsp;19602782 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | 2255295 | &nbsp;&nbsp;15508386 | &nbsp;&nbsp;&nbsp;5876126 | &nbsp;&nbsp;3333251 | &nbsp;&nbsp;&nbsp;&nbsp;138599 | &nbsp;&nbsp;&nbsp;(4339066) | &nbsp;&nbsp;&nbsp;&nbsp;284166 | &nbsp;&nbsp;&nbsp;1399758 | &nbsp;&nbsp;&nbsp;13712195 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;142137 | &nbsp;&nbsp;&nbsp;1442436 | &nbsp;&nbsp;&nbsp;&nbsp;587944 | &nbsp;&nbsp;&nbsp;&nbsp;311588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4717) | &nbsp;&nbsp;&nbsp;&nbsp;(419657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41051 | &nbsp;&nbsp;&nbsp;&nbsp;1299135 |
| Empower Small Cap Value Fund Institutional Class | 1109814 | &nbsp;&nbsp;&nbsp;8401741 | &nbsp;&nbsp;&nbsp;3027485 | &nbsp;&nbsp;2048349 | &nbsp;&nbsp;&nbsp;&nbsp;300228 | &nbsp;&nbsp;&nbsp;(2078303) | &nbsp;&nbsp;&nbsp;&nbsp;80201 | &nbsp;&nbsp;&nbsp;&nbsp;912405 | &nbsp;&nbsp;&nbsp;&nbsp;7302574 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 1591900 | &nbsp;&nbsp;&nbsp;9909835 | &nbsp;&nbsp;&nbsp;4672698 | &nbsp;&nbsp;2006156 | &nbsp;&nbsp;&nbsp;&nbsp;(232725) | &nbsp;&nbsp;&nbsp;(3216004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;1136902 | &nbsp;&nbsp;&nbsp;&nbsp;9360373 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(383742) | &nbsp;&nbsp;(60512115) | &nbsp;&nbsp;4989874 | &nbsp;&nbsp;11758741 | &nbsp;&nbsp;235436819 |
| **FIXED INTEREST CONTRACT 1.95%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 6292596 | &nbsp;&nbsp;&nbsp;5490552 | &nbsp;&nbsp;&nbsp;3047451 | &nbsp;&nbsp;2319775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;74368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;6292596 |
|  |  |  |  |  | &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;&nbsp;&nbsp;74368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;6292596 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(2407512)** | **$(67215761)** | **$6464331** | **$11940831** | **$297788518** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021** | **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> 12/31/2022** |
| **BOND MUTUAL FUNDS 10.87%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;4007290 | &nbsp;&nbsp;$36901694 | $10768945 | &nbsp;&nbsp;$9869899 | &nbsp;&nbsp;&nbsp;&nbsp;$(997789) | &nbsp;&nbsp;&nbsp;$(4740594) | &nbsp;&nbsp;&nbsp;&nbsp;$758571 | &nbsp;&nbsp;&nbsp;&nbsp;$40778 | &nbsp;&nbsp;$33060146 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;1935585 | &nbsp;&nbsp;&nbsp;18113669 | &nbsp;&nbsp;&nbsp;5180741 | &nbsp;&nbsp;&nbsp;4483786 | &nbsp;&nbsp;&nbsp;&nbsp;(359752) | &nbsp;&nbsp;&nbsp;&nbsp;(2590425) | &nbsp;&nbsp;&nbsp;&nbsp;354345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;16220199 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;1880362 | &nbsp;&nbsp;&nbsp;15475051 | &nbsp;&nbsp;&nbsp;3943510 | &nbsp;&nbsp;&nbsp;3681910 | &nbsp;&nbsp;&nbsp;&nbsp;(536256) | &nbsp;&nbsp;&nbsp;&nbsp;(1821969) | &nbsp;&nbsp;&nbsp;&nbsp;104672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58984 | &nbsp;&nbsp;&nbsp;13914682 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;1040864 | &nbsp;&nbsp;&nbsp;11354566 | &nbsp;&nbsp;&nbsp;1957368 | &nbsp;&nbsp;&nbsp;2366424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4927) | &nbsp;&nbsp;&nbsp;&nbsp;(1588147) | &nbsp;&nbsp;&nbsp;&nbsp;263554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;9357363 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;443572 | &nbsp;&nbsp;&nbsp;&nbsp;4118957 | &nbsp;&nbsp;&nbsp;1588467 | &nbsp;&nbsp;&nbsp;1142559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(639250) | &nbsp;&nbsp;&nbsp;&nbsp;195391 | &nbsp;&nbsp;&nbsp;&nbsp;104654 | &nbsp;&nbsp;&nbsp;&nbsp;3925615 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;1648042 | &nbsp;&nbsp;&nbsp;14995100 | &nbsp;&nbsp;&nbsp;4033932 | &nbsp;&nbsp;&nbsp;3931050 | &nbsp;&nbsp;&nbsp;&nbsp;(335631) | &nbsp;&nbsp;&nbsp;&nbsp;(1897167) | &nbsp;&nbsp;&nbsp;&nbsp;573672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23235 | &nbsp;&nbsp;&nbsp;13200815 |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021**  | **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> 12/31/2022**  |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;367944 | &nbsp;&nbsp;&nbsp;$3176445 | &nbsp;&nbsp;$1445932 | &nbsp;&nbsp;$1067678 | &nbsp;&nbsp;&nbsp;&nbsp;$(48310) | &nbsp;&nbsp;&nbsp;&nbsp;$(136503) | &nbsp;&nbsp;&nbsp;&nbsp;$66948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$3418196 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(2280168) | &nbsp;&nbsp;&nbsp;(13414055) | &nbsp;&nbsp;&nbsp;2317153 | &nbsp;&nbsp;&nbsp;&nbsp;227651 | &nbsp;&nbsp;&nbsp;93097016 |
| **EQUITY MUTUAL FUNDS 79.41%** |  |  |  |  |  |  |  |  |  |
| Empower Ariel Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;532851 | &nbsp;&nbsp;&nbsp;&nbsp;7260060 | &nbsp;&nbsp;&nbsp;2255950 | &nbsp;&nbsp;&nbsp;1356326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151983 | &nbsp;&nbsp;&nbsp;&nbsp;(2468837) | &nbsp;&nbsp;&nbsp;&nbsp;179898 | &nbsp;&nbsp;&nbsp;1245469 | &nbsp;&nbsp;&nbsp;&nbsp;5690847 |
| Empower Emerging Markets Equity Fund Institutional Class | &nbsp;&nbsp;4605694 | &nbsp;&nbsp;&nbsp;44869207 | &nbsp;&nbsp;10433813 | &nbsp;&nbsp;&nbsp;9783786 | &nbsp;&nbsp;&nbsp;&nbsp;(960945) | &nbsp;&nbsp;&nbsp;&nbsp;(9318477) | &nbsp;&nbsp;&nbsp;&nbsp;510223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80458 | &nbsp;&nbsp;&nbsp;36200757 |
| Empower International Growth Fund Institutional Class | &nbsp;&nbsp;6015570 | &nbsp;&nbsp;&nbsp;56218376 | &nbsp;&nbsp;16357003 | &nbsp;&nbsp;&nbsp;7841878 | &nbsp;&nbsp;&nbsp;(1507570) | &nbsp;&nbsp;&nbsp;(17150341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;822765 | &nbsp;&nbsp;&nbsp;47583160 |
| Empower International Index Fund Institutional Class | 10982805 | &nbsp;&nbsp;124558511 | &nbsp;&nbsp;15833881 | &nbsp;&nbsp;17081520 | &nbsp;&nbsp;&nbsp;&nbsp;1671842 | &nbsp;&nbsp;&nbsp;(21939581) | &nbsp;&nbsp;&nbsp;2525145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;101371291 |
| Empower International Value Fund Institutional Class | &nbsp;&nbsp;7178380 | &nbsp;&nbsp;&nbsp;68389152 | &nbsp;&nbsp;&nbsp;9397315 | &nbsp;&nbsp;16688495 | &nbsp;&nbsp;&nbsp;(5300730) | &nbsp;&nbsp;&nbsp;&nbsp;(7331911) | &nbsp;&nbsp;&nbsp;&nbsp;985433 | &nbsp;&nbsp;&nbsp;1295384 | &nbsp;&nbsp;&nbsp;53766061 |
| Empower Large Cap Growth Fund Institutional Class | &nbsp;&nbsp;7823157 | &nbsp;&nbsp;&nbsp;71051048 | &nbsp;&nbsp;19564958 | &nbsp;&nbsp;&nbsp;7699261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400967 | &nbsp;&nbsp;&nbsp;(21661424) | &nbsp;&nbsp;&nbsp;&nbsp;235390 | &nbsp;&nbsp;&nbsp;4413262 | &nbsp;&nbsp;&nbsp;61255321 |
| Empower Large Cap Value Fund Institutional Class | &nbsp;&nbsp;9813936 | &nbsp;&nbsp;&nbsp;84441764 | &nbsp;&nbsp;14749553 | &nbsp;&nbsp;18767550 | &nbsp;&nbsp;&nbsp;&nbsp;2214466 | &nbsp;&nbsp;&nbsp;(13787139) | &nbsp;&nbsp;&nbsp;2348877 | &nbsp;&nbsp;&nbsp;6587961 | &nbsp;&nbsp;&nbsp;66636628 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;3105370 | &nbsp;&nbsp;&nbsp;29289378 | &nbsp;&nbsp;&nbsp;3865441 | &nbsp;&nbsp;&nbsp;7232368 | &nbsp;&nbsp;&nbsp;(1066617) | &nbsp;&nbsp;&nbsp;&nbsp;(3129037) | &nbsp;&nbsp;&nbsp;&nbsp;447513 | &nbsp;&nbsp;&nbsp;&nbsp;658560 | &nbsp;&nbsp;&nbsp;22793414 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;1048193 | &nbsp;&nbsp;&nbsp;12672084 | &nbsp;&nbsp;&nbsp;3123565 | &nbsp;&nbsp;&nbsp;3267589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738166 | &nbsp;&nbsp;&nbsp;&nbsp;(4467459) | &nbsp;&nbsp;&nbsp;&nbsp;307495 | &nbsp;&nbsp;&nbsp;&nbsp;289353 | &nbsp;&nbsp;&nbsp;&nbsp;8060601 |
| Empower S&P 500® Index Fund Institutional Class | 16779494 | &nbsp;&nbsp;155371936 | &nbsp;&nbsp;26944394 | &nbsp;&nbsp;24044760 | &nbsp;&nbsp;&nbsp;(5323410) | &nbsp;&nbsp;&nbsp;(30579624) | &nbsp;&nbsp;&nbsp;4508223 | &nbsp;&nbsp;&nbsp;3510926 | &nbsp;&nbsp;127691946 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | &nbsp;&nbsp;7126987 | &nbsp;&nbsp;&nbsp;67039378 | &nbsp;&nbsp;13689762 | &nbsp;&nbsp;11751527 | &nbsp;&nbsp;&nbsp;&nbsp;(187923) | &nbsp;&nbsp;&nbsp;(14099812) | &nbsp;&nbsp;&nbsp;1289112 | &nbsp;&nbsp;&nbsp;4427567 | &nbsp;&nbsp;&nbsp;54877801 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | &nbsp;&nbsp;6824034 | &nbsp;&nbsp;&nbsp;51504176 | &nbsp;&nbsp;12249395 | &nbsp;&nbsp;&nbsp;9779628 | &nbsp;&nbsp;&nbsp;&nbsp;(792760) | &nbsp;&nbsp;&nbsp;(12483814) | &nbsp;&nbsp;&nbsp;&nbsp;874716 | &nbsp;&nbsp;&nbsp;4238733 | &nbsp;&nbsp;&nbsp;41490129 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;431903 | &nbsp;&nbsp;&nbsp;&nbsp;4752949 | &nbsp;&nbsp;&nbsp;1220015 | &nbsp;&nbsp;&nbsp;&nbsp;718247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53444) | &nbsp;&nbsp;&nbsp;&nbsp;(1307122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21020 | &nbsp;&nbsp;&nbsp;&nbsp;124790 | &nbsp;&nbsp;&nbsp;&nbsp;3947595 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;3360017 | &nbsp;&nbsp;&nbsp;27903040 | &nbsp;&nbsp;&nbsp;6323517 | &nbsp;&nbsp;&nbsp;6197875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278489 | &nbsp;&nbsp;&nbsp;&nbsp;(5919773) | &nbsp;&nbsp;&nbsp;&nbsp;248524 | &nbsp;&nbsp;&nbsp;2776913 | &nbsp;&nbsp;&nbsp;22108909 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | &nbsp;&nbsp;4474022 | &nbsp;&nbsp;&nbsp;30530643 | &nbsp;&nbsp;&nbsp;9273466 | &nbsp;&nbsp;&nbsp;4334640 | &nbsp;&nbsp;&nbsp;(1027041) | &nbsp;&nbsp;&nbsp;&nbsp;(9162217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6521 | &nbsp;&nbsp;&nbsp;3199298 | &nbsp;&nbsp;&nbsp;26307252 |
|  |  |  |  |  | &nbsp;&nbsp;(10764527) | &nbsp;&nbsp;(174806568) | &nbsp;&nbsp;14488090 | &nbsp;&nbsp;33671439 | &nbsp;&nbsp;679781712 |
| **FIXED INTEREST CONTRACT 0.93%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | &nbsp;&nbsp;7953299 | &nbsp;&nbsp;&nbsp;&nbsp;7475819 | &nbsp;&nbsp;&nbsp;3123105 | &nbsp;&nbsp;&nbsp;2741883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;7953299 |
|  |  |  |  |  | &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;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;7953299 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(13044695)** | **$(188220623)** | **$16901501** | **$33899090** | **$780832027** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021** | **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> 12/31/2022** |
| **BOND MUTUAL FUNDS 7.85%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;719223 | &nbsp;&nbsp;$5754085 | &nbsp;&nbsp;$2968351 | $2163007 | &nbsp;&nbsp;$(337662) | &nbsp;&nbsp;&nbsp;&nbsp;$(625839) | &nbsp;&nbsp;$132021 | &nbsp;&nbsp;&nbsp;&nbsp;$7507 | &nbsp;&nbsp;&nbsp;$5933590 |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021**  | **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> 12/31/2022**  |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;348048 | &nbsp;&nbsp;$2818544 | &nbsp;&nbsp;$1451127 | &nbsp;&nbsp;$997181 | &nbsp;&nbsp;$(137238) | &nbsp;&nbsp;&nbsp;&nbsp;$(355848) | &nbsp;&nbsp;&nbsp;&nbsp;$61386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$2916642 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;329457 | &nbsp;&nbsp;&nbsp;2361258 | &nbsp;&nbsp;&nbsp;1092542 | &nbsp;&nbsp;&nbsp;&nbsp;734698 | &nbsp;&nbsp;&nbsp;&nbsp;(104306) | &nbsp;&nbsp;&nbsp;&nbsp;(281121) | &nbsp;&nbsp;&nbsp;&nbsp;17829 | &nbsp;&nbsp;&nbsp;&nbsp;10615 | &nbsp;&nbsp;&nbsp;&nbsp;2437981 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;187464 | &nbsp;&nbsp;&nbsp;1740857 | &nbsp;&nbsp;&nbsp;&nbsp;739502 | &nbsp;&nbsp;&nbsp;&nbsp;534962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4123) | &nbsp;&nbsp;&nbsp;&nbsp;(260098) | &nbsp;&nbsp;&nbsp;&nbsp;46892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1685299 |
| Empower Inflation-Protected Securities Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;20651 | &nbsp;&nbsp;&nbsp;&nbsp;100113 | &nbsp;&nbsp;&nbsp;&nbsp;144699 | &nbsp;&nbsp;&nbsp;&nbsp;45796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182760 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;296444 | &nbsp;&nbsp;&nbsp;2320453 | &nbsp;&nbsp;&nbsp;1154573 | &nbsp;&nbsp;&nbsp;&nbsp;817407 | &nbsp;&nbsp;&nbsp;&nbsp;(92032) | &nbsp;&nbsp;&nbsp;&nbsp;(283102) | &nbsp;&nbsp;&nbsp;&nbsp;102081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258 | &nbsp;&nbsp;&nbsp;&nbsp;2374517 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;43725 | &nbsp;&nbsp;&nbsp;&nbsp;319897 | &nbsp;&nbsp;&nbsp;&nbsp;233377 | &nbsp;&nbsp;&nbsp;&nbsp;135130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406211 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(687842) | &nbsp;&nbsp;&nbsp;(1834197) | &nbsp;&nbsp;&nbsp;&nbsp;374235 | &nbsp;&nbsp;&nbsp;&nbsp;26864 | &nbsp;&nbsp;&nbsp;15937000 |
| **EQUITY MUTUAL FUNDS 82.17%** |  |  |  |  |  |  |  |  |  |
| Empower Ariel Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;128309 | &nbsp;&nbsp;&nbsp;1387860 | &nbsp;&nbsp;&nbsp;&nbsp;806249 | &nbsp;&nbsp;&nbsp;&nbsp;295435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19484 | &nbsp;&nbsp;&nbsp;&nbsp;(528336) | &nbsp;&nbsp;&nbsp;&nbsp;40783 | &nbsp;&nbsp;&nbsp;&nbsp;291374 | &nbsp;&nbsp;&nbsp;&nbsp;1370338 |
| Empower Emerging Markets Equity Fund Institutional Class | 1206516 | &nbsp;&nbsp;&nbsp;9446550 | &nbsp;&nbsp;&nbsp;4561829 | &nbsp;&nbsp;2269749 | &nbsp;&nbsp;&nbsp;&nbsp;(70479) | &nbsp;&nbsp;&nbsp;(2255414) | &nbsp;&nbsp;&nbsp;&nbsp;135562 | &nbsp;&nbsp;&nbsp;&nbsp;20253 | &nbsp;&nbsp;&nbsp;&nbsp;9483216 |
| Empower International Growth Fund Institutional Class | 1512606 | &nbsp;&nbsp;11338068 | &nbsp;&nbsp;&nbsp;6604138 | &nbsp;&nbsp;1830674 | &nbsp;&nbsp;&nbsp;&nbsp;144968 | &nbsp;&nbsp;&nbsp;(4146814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;200660 | &nbsp;&nbsp;&nbsp;11964718 |
| Empower International Index Fund Institutional Class | 2762152 | &nbsp;&nbsp;25163891 | &nbsp;&nbsp;&nbsp;8719617 | &nbsp;&nbsp;4104980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142 | &nbsp;&nbsp;&nbsp;(4283868) | &nbsp;&nbsp;&nbsp;&nbsp;641864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;25494660 |
| Empower International Value Fund Institutional Class | 1805742 | &nbsp;&nbsp;13846914 | &nbsp;&nbsp;&nbsp;4939873 | &nbsp;&nbsp;2470420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48631 | &nbsp;&nbsp;&nbsp;(2791360) | &nbsp;&nbsp;&nbsp;&nbsp;250884 | &nbsp;&nbsp;&nbsp;&nbsp;327680 | &nbsp;&nbsp;&nbsp;13525007 |
| Empower Large Cap Growth Fund Institutional Class | 1870217 | &nbsp;&nbsp;13500436 | &nbsp;&nbsp;&nbsp;7615612 | &nbsp;&nbsp;2389605 | &nbsp;&nbsp;&nbsp;&nbsp;(422737) | &nbsp;&nbsp;&nbsp;(4082644) | &nbsp;&nbsp;&nbsp;&nbsp;52790 | &nbsp;&nbsp;1043870 | &nbsp;&nbsp;&nbsp;14643799 |
| Empower Large Cap Value Fund Institutional Class | 2337008 | &nbsp;&nbsp;16203600 | &nbsp;&nbsp;&nbsp;5769928 | &nbsp;&nbsp;3199155 | &nbsp;&nbsp;&nbsp;&nbsp;264539 | &nbsp;&nbsp;&nbsp;(2906089) | &nbsp;&nbsp;&nbsp;&nbsp;544086 | &nbsp;&nbsp;1574676 | &nbsp;&nbsp;&nbsp;15868284 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;741177 | &nbsp;&nbsp;&nbsp;5627081 | &nbsp;&nbsp;&nbsp;1805305 | &nbsp;&nbsp;1214607 | &nbsp;&nbsp;&nbsp;&nbsp;(125213) | &nbsp;&nbsp;&nbsp;&nbsp;(777540) | &nbsp;&nbsp;&nbsp;&nbsp;100858 | &nbsp;&nbsp;&nbsp;&nbsp;157107 | &nbsp;&nbsp;&nbsp;&nbsp;5440239 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;250622 | &nbsp;&nbsp;&nbsp;2429121 | &nbsp;&nbsp;&nbsp;1223036 | &nbsp;&nbsp;&nbsp;&nbsp;687690 | &nbsp;&nbsp;&nbsp;&nbsp;223731 | &nbsp;&nbsp;&nbsp;(1037182) | &nbsp;&nbsp;&nbsp;&nbsp;70609 | &nbsp;&nbsp;&nbsp;&nbsp;70056 | &nbsp;&nbsp;&nbsp;&nbsp;1927285 |
| Empower S&P 500® Index Fund Institutional Class | 4012387 | &nbsp;&nbsp;29699284 | &nbsp;&nbsp;12219788 | &nbsp;&nbsp;4120453 | &nbsp;&nbsp;&nbsp;&nbsp;(420245) | &nbsp;&nbsp;&nbsp;(7264356) | &nbsp;&nbsp;1044063 | &nbsp;&nbsp;&nbsp;&nbsp;841886 | &nbsp;&nbsp;&nbsp;30534263 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | 1699263 | &nbsp;&nbsp;12801723 | &nbsp;&nbsp;&nbsp;5581233 | &nbsp;&nbsp;2316947 | &nbsp;&nbsp;&nbsp;&nbsp;(89853) | &nbsp;&nbsp;&nbsp;(2981685) | &nbsp;&nbsp;&nbsp;&nbsp;297602 | &nbsp;&nbsp;1056347 | &nbsp;&nbsp;&nbsp;13084324 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | 1748891 | &nbsp;&nbsp;10571908 | &nbsp;&nbsp;&nbsp;5135650 | &nbsp;&nbsp;2179227 | &nbsp;&nbsp;&nbsp;&nbsp;(218877) | &nbsp;&nbsp;&nbsp;(2895073) | &nbsp;&nbsp;&nbsp;&nbsp;217663 | &nbsp;&nbsp;1082732 | &nbsp;&nbsp;&nbsp;10633258 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;109201 | &nbsp;&nbsp;&nbsp;&nbsp;969660 | &nbsp;&nbsp;&nbsp;&nbsp;521555 | &nbsp;&nbsp;&nbsp;&nbsp;210048 | &nbsp;&nbsp;&nbsp;&nbsp;(17053) | &nbsp;&nbsp;&nbsp;&nbsp;(283067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5132 | &nbsp;&nbsp;&nbsp;&nbsp;30578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998100 |
| Empower Small Cap Value Fund Institutional Class | &nbsp;&nbsp;860056 | &nbsp;&nbsp;&nbsp;5724078 | &nbsp;&nbsp;&nbsp;2577163 | &nbsp;&nbsp;1282628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41389 | &nbsp;&nbsp;&nbsp;(1359442) | &nbsp;&nbsp;&nbsp;&nbsp;61066 | &nbsp;&nbsp;&nbsp;&nbsp;701998 | &nbsp;&nbsp;&nbsp;&nbsp;5659171 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 1066597 | &nbsp;&nbsp;&nbsp;5819753 | &nbsp;&nbsp;&nbsp;3563130 | &nbsp;&nbsp;1095978 | &nbsp;&nbsp;&nbsp;&nbsp;(143815) | &nbsp;&nbsp;&nbsp;(2015314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp;756488 | &nbsp;&nbsp;&nbsp;&nbsp;6271591 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(760388) | &nbsp;&nbsp;(39608184) | &nbsp;&nbsp;3464448 | &nbsp;&nbsp;8155705 | &nbsp;&nbsp;166898253 |
| **FIXED INTEREST CONTRACT 0.47%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | &nbsp;&nbsp;955288 | &nbsp;&nbsp;&nbsp;&nbsp;739418 | &nbsp;&nbsp;&nbsp;&nbsp;534973 | &nbsp;&nbsp;&nbsp;&nbsp;329887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;10784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955288 |
|  |  |  |  |  | &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;&nbsp;&nbsp;10784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955288 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(1448230)** | **$(41442381)** | **$3849467** | **$8182569** | **$183790541** |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021** | **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> 12/31/2022** |
| **BOND MUTUAL FUNDS 7.06%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | 1342858 | $12794521 | &nbsp;&nbsp;$3856149 | &nbsp;&nbsp;$4096679 | &nbsp;&nbsp;$(508276) | &nbsp;&nbsp;$(1475411) | &nbsp;&nbsp;$257185 | &nbsp;&nbsp;&nbsp;&nbsp;$14335 | &nbsp;&nbsp;$11078580 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;648801 | &nbsp;&nbsp;&nbsp;6284616 | &nbsp;&nbsp;&nbsp;1848722 | &nbsp;&nbsp;&nbsp;1873737 | &nbsp;&nbsp;&nbsp;&nbsp;(196791) | &nbsp;&nbsp;&nbsp;&nbsp;(822648) | &nbsp;&nbsp;&nbsp;&nbsp;119884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;5436953 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;635140 | &nbsp;&nbsp;&nbsp;5458539 | &nbsp;&nbsp;&nbsp;1375390 | &nbsp;&nbsp;&nbsp;1525829 | &nbsp;&nbsp;&nbsp;&nbsp;(233822) | &nbsp;&nbsp;&nbsp;&nbsp;(608061) | &nbsp;&nbsp;&nbsp;&nbsp;37180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21108 | &nbsp;&nbsp;&nbsp;&nbsp;4700039 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;351247 | &nbsp;&nbsp;&nbsp;3866753 | &nbsp;&nbsp;&nbsp;&nbsp;873310 | &nbsp;&nbsp;&nbsp;1030693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040 | &nbsp;&nbsp;&nbsp;&nbsp;(551657) | &nbsp;&nbsp;&nbsp;&nbsp;89834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;3157713 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;549865 | &nbsp;&nbsp;&nbsp;5179527 | &nbsp;&nbsp;&nbsp;1466431 | &nbsp;&nbsp;&nbsp;1626209 | &nbsp;&nbsp;&nbsp;&nbsp;(152622) | &nbsp;&nbsp;&nbsp;&nbsp;(615333) | &nbsp;&nbsp;&nbsp;&nbsp;195276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8142 | &nbsp;&nbsp;&nbsp;&nbsp;4404416 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;67174 | &nbsp;&nbsp;&nbsp;&nbsp;633537 | &nbsp;&nbsp;&nbsp;&nbsp;252762 | &nbsp;&nbsp;&nbsp;&nbsp;236084 | &nbsp;&nbsp;&nbsp;&nbsp;(10183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26171) | &nbsp;&nbsp;&nbsp;&nbsp;12555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624044 |
|  |  |  |  |  | &nbsp;&nbsp;(1092654) | &nbsp;&nbsp;&nbsp;(4099281) | &nbsp;&nbsp;&nbsp;&nbsp;711914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43585 | &nbsp;&nbsp;&nbsp;29401745 |
| **EQUITY MUTUAL FUNDS 82.65%** |  |  |  |  |  |  |  |  |  |
| Empower Ariel Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;255433 | &nbsp;&nbsp;&nbsp;3310422 | &nbsp;&nbsp;&nbsp;1162315 | &nbsp;&nbsp;&nbsp;&nbsp;586310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78590 | &nbsp;&nbsp;&nbsp;(1158401) | &nbsp;&nbsp;&nbsp;&nbsp;84190 | &nbsp;&nbsp;&nbsp;&nbsp;589548 | &nbsp;&nbsp;&nbsp;&nbsp;2728026 |
| Empower Emerging Markets Equity Fund Institutional Class | 2657750 | &nbsp;&nbsp;24903550 | &nbsp;&nbsp;&nbsp;7510247 | &nbsp;&nbsp;&nbsp;5664874 | &nbsp;&nbsp;&nbsp;&nbsp;173164 | &nbsp;&nbsp;&nbsp;(5859005) | &nbsp;&nbsp;&nbsp;&nbsp;296110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45786 | &nbsp;&nbsp;&nbsp;20889918 |
| Empower International Growth Fund Institutional Class | 3195919 | &nbsp;&nbsp;28685239 | &nbsp;&nbsp;10107985 | &nbsp;&nbsp;&nbsp;4568644 | &nbsp;&nbsp;&nbsp;&nbsp;(641338) | &nbsp;&nbsp;&nbsp;(8944864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;431113 | &nbsp;&nbsp;&nbsp;25279716 |
| Empower International Index Fund Institutional Class | 5825600 | &nbsp;&nbsp;63537533 | &nbsp;&nbsp;10809233 | &nbsp;&nbsp;11199545 | &nbsp;&nbsp;&nbsp;&nbsp;(935611) | &nbsp;&nbsp;&nbsp;(9376930) | &nbsp;&nbsp;1345337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;53770291 |
| Empower International Value Fund Institutional Class | 3804528 | &nbsp;&nbsp;34963272 | &nbsp;&nbsp;&nbsp;6119365 | &nbsp;&nbsp;&nbsp;7518496 | &nbsp;&nbsp;(1410750) | &nbsp;&nbsp;&nbsp;(5068230) | &nbsp;&nbsp;&nbsp;&nbsp;525235 | &nbsp;&nbsp;&nbsp;&nbsp;688683 | &nbsp;&nbsp;&nbsp;28495911 |
| Empower Large Cap Growth Fund Institutional Class | 3739839 | &nbsp;&nbsp;32343818 | &nbsp;&nbsp;11326243 | &nbsp;&nbsp;&nbsp;4751499 | &nbsp;&nbsp;&nbsp;&nbsp;(228282) | &nbsp;&nbsp;&nbsp;(9635621) | &nbsp;&nbsp;&nbsp;&nbsp;109332 | &nbsp;&nbsp;&nbsp;2095412 | &nbsp;&nbsp;&nbsp;29282941 |
| Empower Large Cap Value Fund Institutional Class | 4696228 | &nbsp;&nbsp;39077662 | &nbsp;&nbsp;&nbsp;8136656 | &nbsp;&nbsp;&nbsp;9423948 | &nbsp;&nbsp;&nbsp;&nbsp;430751 | &nbsp;&nbsp;&nbsp;(5902979) | &nbsp;&nbsp;1116011 | &nbsp;&nbsp;&nbsp;3152965 | &nbsp;&nbsp;&nbsp;31887391 |
| Empower Mid Cap Value Fund Institutional Class | 1479899 | &nbsp;&nbsp;13467880 | &nbsp;&nbsp;&nbsp;2288279 | &nbsp;&nbsp;&nbsp;3230781 | &nbsp;&nbsp;&nbsp;&nbsp;(293021) | &nbsp;&nbsp;&nbsp;(1662918) | &nbsp;&nbsp;&nbsp;&nbsp;210836 | &nbsp;&nbsp;&nbsp;&nbsp;314706 | &nbsp;&nbsp;&nbsp;10862460 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;520298 | &nbsp;&nbsp;&nbsp;6011842 | &nbsp;&nbsp;&nbsp;1814869 | &nbsp;&nbsp;&nbsp;1435603 | &nbsp;&nbsp;&nbsp;&nbsp;586610 | &nbsp;&nbsp;&nbsp;(2390018) | &nbsp;&nbsp;&nbsp;&nbsp;150766 | &nbsp;&nbsp;&nbsp;&nbsp;144331 | &nbsp;&nbsp;&nbsp;&nbsp;4001090 |
| Empower S&P 500® Index Fund Institutional Class | 8037102 | &nbsp;&nbsp;71488799 | &nbsp;&nbsp;16479011 | &nbsp;&nbsp;11308038 | &nbsp;&nbsp;(1299068) | &nbsp;&nbsp;(15497426) | &nbsp;&nbsp;2140098 | &nbsp;&nbsp;&nbsp;1683504 | &nbsp;&nbsp;&nbsp;61162346 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | 3409028 | &nbsp;&nbsp;30718121 | &nbsp;&nbsp;&nbsp;7840167 | &nbsp;&nbsp;&nbsp;5316407 | &nbsp;&nbsp;&nbsp;&nbsp;336439 | &nbsp;&nbsp;&nbsp;(6992366) | &nbsp;&nbsp;&nbsp;&nbsp;610153 | &nbsp;&nbsp;&nbsp;2115173 | &nbsp;&nbsp;&nbsp;26249515 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | 3765089 | &nbsp;&nbsp;27166787 | &nbsp;&nbsp;&nbsp;7888201 | &nbsp;&nbsp;&nbsp;5669410 | &nbsp;&nbsp;&nbsp;&nbsp;(630554) | &nbsp;&nbsp;&nbsp;(6493837) | &nbsp;&nbsp;&nbsp;&nbsp;477212 | &nbsp;&nbsp;&nbsp;2328074 | &nbsp;&nbsp;&nbsp;22891741 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;237435 | &nbsp;&nbsp;&nbsp;2490651 | &nbsp;&nbsp;&nbsp;&nbsp;849895 | &nbsp;&nbsp;&nbsp;&nbsp;473731 | &nbsp;&nbsp;&nbsp;&nbsp;(22896) | &nbsp;&nbsp;&nbsp;&nbsp;(696656) | &nbsp;&nbsp;&nbsp;&nbsp;11266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67043 | &nbsp;&nbsp;&nbsp;&nbsp;2170159 |
| Empower Small Cap Value Fund Institutional Class | 1851509 | &nbsp;&nbsp;14692735 | &nbsp;&nbsp;&nbsp;3963835 | &nbsp;&nbsp;&nbsp;3269728 | &nbsp;&nbsp;&nbsp;&nbsp;191670 | &nbsp;&nbsp;&nbsp;(3203914) | &nbsp;&nbsp;&nbsp;&nbsp;135071 | &nbsp;&nbsp;&nbsp;1518421 | &nbsp;&nbsp;&nbsp;12182928 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 2137453 | &nbsp;&nbsp;13910411 | &nbsp;&nbsp;&nbsp;5245148 | &nbsp;&nbsp;&nbsp;2195203 | &nbsp;&nbsp;&nbsp;&nbsp;(329727) | &nbsp;&nbsp;&nbsp;(4392133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;1516568 | &nbsp;&nbsp;&nbsp;12568223 |
|  |  |  |  |  | &nbsp;&nbsp;(3994023) | &nbsp;&nbsp;(87275298) | &nbsp;&nbsp;7214653 | &nbsp;&nbsp;16691327 | &nbsp;&nbsp;344422656 |
| **FIXED INTEREST CONTRACT 0.35%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | 1456839 | &nbsp;&nbsp;&nbsp;1460518 | &nbsp;&nbsp;&nbsp;&nbsp;567018 | &nbsp;&nbsp;&nbsp;&nbsp;589226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;18529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1456839 |
|  |  |  |  |  | &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;&nbsp;&nbsp;18529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;1456839 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(5086677)** | **$(91374579)** | **$7945096** | **$16734912** | **$375281240** |

---

------

*Annual Report - December 31, 2022*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2022** | **Value <br> 12/31/2021** | **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> 12/31/2022** |
| **BOND MUTUAL FUNDS 6.69%** |  |  |  |  |  |  |  |  |  |
| Empower Bond Index Fund Institutional Class | &nbsp;&nbsp;78870 | &nbsp;&nbsp;$449982 | &nbsp;&nbsp;$507886 | $256499 | &nbsp;&nbsp;$(31105) | &nbsp;&nbsp;&nbsp;&nbsp;$(50691) | &nbsp;&nbsp;$12368 | &nbsp;&nbsp;&nbsp;&nbsp;$698 | &nbsp;&nbsp;&nbsp;&nbsp;$650678 |
| Empower Core Bond Fund Institutional Class | &nbsp;&nbsp;38052 | &nbsp;&nbsp;&nbsp;&nbsp;221509 | &nbsp;&nbsp;&nbsp;&nbsp;247195 | &nbsp;&nbsp;125019 | &nbsp;&nbsp;&nbsp;(16853) | &nbsp;&nbsp;&nbsp;&nbsp;(24807) | &nbsp;&nbsp;&nbsp;&nbsp;5684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;318878 |
| Empower Global Bond Fund Institutional Class | &nbsp;&nbsp;39736 | &nbsp;&nbsp;&nbsp;&nbsp;203757 | &nbsp;&nbsp;&nbsp;&nbsp;214481 | &nbsp;&nbsp;105822 | &nbsp;&nbsp;&nbsp;(15478) | &nbsp;&nbsp;&nbsp;&nbsp;(18373) | &nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;294043 |
| Empower High Yield Bond Fund Institutional Class | &nbsp;&nbsp;20479 | &nbsp;&nbsp;&nbsp;&nbsp;135121 | &nbsp;&nbsp;&nbsp;&nbsp;133340 | &nbsp;&nbsp;&nbsp;68889 | &nbsp;&nbsp;&nbsp;&nbsp;(6611) | &nbsp;&nbsp;&nbsp;&nbsp;(15466) | &nbsp;&nbsp;&nbsp;&nbsp;4608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;184106 |
| Empower Multi-Sector Bond Fund Institutional Class | &nbsp;&nbsp;32424 | &nbsp;&nbsp;&nbsp;&nbsp;181861 | &nbsp;&nbsp;&nbsp;&nbsp;201500 | &nbsp;&nbsp;106116 | &nbsp;&nbsp;&nbsp;(14762) | &nbsp;&nbsp;&nbsp;&nbsp;(17525) | &nbsp;&nbsp;&nbsp;10038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;259720 |
| Empower Short Duration Bond Fund Institutional Class | &nbsp;&nbsp;&nbsp;3924 | &nbsp;&nbsp;&nbsp;&nbsp;21613 | &nbsp;&nbsp;&nbsp;&nbsp;28992 | &nbsp;&nbsp;&nbsp;13582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36451 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(85664) | &nbsp;&nbsp;&nbsp;&nbsp;(127434) | &nbsp;&nbsp;&nbsp;35030 | &nbsp;&nbsp;&nbsp;&nbsp;2187 | &nbsp;&nbsp;&nbsp;1743876 |
| **EQUITY MUTUAL FUNDS 82.58%** |  |  |  |  |  |  |  |  |  |
| Empower Ariel Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;15422 | &nbsp;&nbsp;&nbsp;&nbsp;119032 | &nbsp;&nbsp;&nbsp;&nbsp;147968 | &nbsp;&nbsp;&nbsp;60149 | &nbsp;&nbsp;&nbsp;&nbsp;(8298) | &nbsp;&nbsp;&nbsp;&nbsp;(42148) | &nbsp;&nbsp;&nbsp;&nbsp;4194 | &nbsp;&nbsp;&nbsp;31874 | &nbsp;&nbsp;&nbsp;&nbsp;164703 |
| Empower Emerging Markets Equity Fund Institutional Class | 177026 | &nbsp;&nbsp;&nbsp;&nbsp;965450 | &nbsp;&nbsp;1049826 | &nbsp;&nbsp;499810 | &nbsp;&nbsp;(124520) | &nbsp;&nbsp;&nbsp;&nbsp;(124045) | &nbsp;&nbsp;&nbsp;19403 | &nbsp;&nbsp;&nbsp;&nbsp;2483 | &nbsp;&nbsp;&nbsp;1391421 |
| Empower International Growth Fund Institutional Class | 204520 | &nbsp;&nbsp;1069460 | &nbsp;&nbsp;1255363 | &nbsp;&nbsp;454359 | &nbsp;&nbsp;(129672) | &nbsp;&nbsp;&nbsp;&nbsp;(252713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;22981 | &nbsp;&nbsp;&nbsp;1617751 |
| Empower International Index Fund Institutional Class | 372676 | &nbsp;&nbsp;2362217 | &nbsp;&nbsp;2180105 | &nbsp;&nbsp;790601 | &nbsp;&nbsp;&nbsp;(84211) | &nbsp;&nbsp;&nbsp;&nbsp;(311924) | &nbsp;&nbsp;&nbsp;83937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;3439797 |
| Empower International Value Fund Institutional Class | 243357 | &nbsp;&nbsp;1299890 | &nbsp;&nbsp;1204884 | &nbsp;&nbsp;472847 | &nbsp;&nbsp;&nbsp;(57303) | &nbsp;&nbsp;&nbsp;&nbsp;(209179) | &nbsp;&nbsp;&nbsp;32971 | &nbsp;&nbsp;&nbsp;42379 | &nbsp;&nbsp;&nbsp;1822748 |
| Empower Large Cap Growth Fund Institutional Class | 226998 | &nbsp;&nbsp;1147986 | &nbsp;&nbsp;1417813 | &nbsp;&nbsp;468822 | &nbsp;&nbsp;(102052) | &nbsp;&nbsp;&nbsp;&nbsp;(319582) | &nbsp;&nbsp;&nbsp;&nbsp;5270 | &nbsp;&nbsp;117508 | &nbsp;&nbsp;&nbsp;1777395 |
| Empower Large Cap Value Fund Institutional Class | 283405 | &nbsp;&nbsp;1385209 | &nbsp;&nbsp;1338636 | &nbsp;&nbsp;516775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | &nbsp;&nbsp;&nbsp;&nbsp;(282752) | &nbsp;&nbsp;&nbsp;59486 | &nbsp;&nbsp;182792 | &nbsp;&nbsp;&nbsp;1924318 |
| Empower Mid Cap Value Fund Institutional Class | &nbsp;&nbsp;89797 | &nbsp;&nbsp;&nbsp;&nbsp;504029 | &nbsp;&nbsp;&nbsp;&nbsp;434325 | &nbsp;&nbsp;246524 | &nbsp;&nbsp;&nbsp;(52504) | &nbsp;&nbsp;&nbsp;&nbsp;(32720) | &nbsp;&nbsp;&nbsp;10201 | &nbsp;&nbsp;&nbsp;18097 | &nbsp;&nbsp;&nbsp;&nbsp;659110 |
| Empower Real Estate Index Fund Institutional Class | &nbsp;&nbsp;32848 | &nbsp;&nbsp;&nbsp;&nbsp;222319 | &nbsp;&nbsp;&nbsp;&nbsp;241619 | &nbsp;&nbsp;124821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp;(86517) | &nbsp;&nbsp;&nbsp;&nbsp;8087 | &nbsp;&nbsp;&nbsp;&nbsp;8950 | &nbsp;&nbsp;&nbsp;&nbsp;252600 |
| Empower S&P 500® Index Fund Institutional Class | 486740 | &nbsp;&nbsp;2525063 | &nbsp;&nbsp;2656939 | &nbsp;&nbsp;823818 | &nbsp;&nbsp;&nbsp;(73254) | &nbsp;&nbsp;&nbsp;&nbsp;(654093) | &nbsp;&nbsp;113629 | &nbsp;&nbsp;&nbsp;97633 | &nbsp;&nbsp;&nbsp;3704091 |
| Empower S&P Mid Cap 400® Index Fund Institutional Class | 206221 | &nbsp;&nbsp;1087322 | &nbsp;&nbsp;1161377 | &nbsp;&nbsp;405323 | &nbsp;&nbsp;&nbsp;(38699) | &nbsp;&nbsp;&nbsp;&nbsp;(255472) | &nbsp;&nbsp;&nbsp;32248 | &nbsp;&nbsp;121818 | &nbsp;&nbsp;&nbsp;1587904 |
| Empower S&P Small Cap 600® Index Fund Institutional Class | 243407 | &nbsp;&nbsp;1041743 | &nbsp;&nbsp;1149930 | &nbsp;&nbsp;459044 | &nbsp;&nbsp;&nbsp;(95036) | &nbsp;&nbsp;&nbsp;&nbsp;(252716) | &nbsp;&nbsp;&nbsp;27130 | &nbsp;&nbsp;141200 | &nbsp;&nbsp;&nbsp;1479913 |
| Empower Small Cap Growth Fund Institutional Class | &nbsp;&nbsp;15151 | &nbsp;&nbsp;&nbsp;&nbsp;95749 | &nbsp;&nbsp;&nbsp;&nbsp;111581 | &nbsp;&nbsp;&nbsp;55440 | &nbsp;&nbsp;&nbsp;(17071) | &nbsp;&nbsp;&nbsp;&nbsp;(13407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp;3659 | &nbsp;&nbsp;&nbsp;&nbsp;138483 |
| Empower Small Cap Value Fund Institutional Class | 119420 | &nbsp;&nbsp;&nbsp;&nbsp;564892 | &nbsp;&nbsp;&nbsp;&nbsp;588748 | &nbsp;&nbsp;276940 | &nbsp;&nbsp;&nbsp;(55122) | &nbsp;&nbsp;&nbsp;&nbsp;(90914) | &nbsp;&nbsp;&nbsp;&nbsp;7440 | &nbsp;&nbsp;&nbsp;89870 | &nbsp;&nbsp;&nbsp;&nbsp;785786 |
| Empower T. Rowe Price Mid Cap Growth Fund Institutional Class | 129464 | &nbsp;&nbsp;&nbsp;&nbsp;500624 | &nbsp;&nbsp;&nbsp;&nbsp;633702 | &nbsp;&nbsp;236123 | &nbsp;&nbsp;&nbsp;(66489) | &nbsp;&nbsp;&nbsp;&nbsp;(136952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;84880 | &nbsp;&nbsp;&nbsp;&nbsp;761251 |
|  |  |  |  |  | &nbsp;&nbsp;(899458) | &nbsp;&nbsp;(3065134) | &nbsp;&nbsp;404754 | &nbsp;&nbsp;966124 | &nbsp;&nbsp;21507271 |
| **FIXED INTEREST CONTRACT 0.33%** |  |  |  |  |  |  |  |  |  |
| Empower of America Contract | &nbsp;&nbsp;85961 | &nbsp;&nbsp;&nbsp;&nbsp;52227 | &nbsp;&nbsp;&nbsp;&nbsp;67118 | &nbsp;&nbsp;&nbsp;34233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85961 |
|  |  |  |  |  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85961 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(985122)** | **$(3192568)** | **$440633** | **$968311** | **$23337108** |

---

------

*Annual Report - December 31, 2022*

------

3. PURCHASES & SALES OF INVESTMENTS

For the year ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investments were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Empower Lifetime 2015 Fund | &nbsp;&nbsp;$105089576 | &nbsp;&nbsp;$196547110 |
| Empower Lifetime 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;119473474 | &nbsp;&nbsp;&nbsp;&nbsp;135646599 |
| Empower Lifetime 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;285523855 | &nbsp;&nbsp;&nbsp;&nbsp;349518999 |
| Empower Lifetime 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;151947698 | &nbsp;&nbsp;&nbsp;&nbsp;115271032 |
| Empower Lifetime 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;303879328 | &nbsp;&nbsp;&nbsp;&nbsp;307606227 |
| Empower Lifetime 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;122741724 | &nbsp;&nbsp;&nbsp;&nbsp;79094995 |
| Empower Lifetime 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp;220487591 | &nbsp;&nbsp;&nbsp;&nbsp;186888184 |
| Empower Lifetime 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp;89943479 | &nbsp;&nbsp;&nbsp;&nbsp;39949904 |
| Empower Lifetime 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;127426154 | &nbsp;&nbsp;&nbsp;&nbsp;96621916 |
| Empower Lifetime 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;19200189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6560418 |

---

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 Fund. In the normal course of business, the 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 December 31, 2022, 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.

------

*Annual Report - December 31, 2022*

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Empower Funds, Inc.

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Empower Lifetime 2015 Fund, Empower Lifetime 2020 Fund, Empower Lifetime 2025 Fund, Empower Lifetime 2030 Fund, Empower Lifetime 2035 Fund, Empower Lifetime 2040 Fund, Empower Lifetime 2045 Fund, Empower Lifetime 2050 Fund, Empower Lifetime 2055 Fund, and Empower Lifetime 2060 Fund (collectively, the "Funds"), ten of the funds of Empower Funds, Inc., as of December 31, 2022, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Statements of Operation | &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp;Financial Highlights |
| &nbsp;&nbsp;Empower Lifetime 2015 Fund, Empower Lifetime 2020 Fund, Empower Lifetime 2025 Fund, Empower Lifetime 2030 Fund, Empower Lifetime 2035 Fund, Empower Lifetime 2040 Fund, Empower Lifetime 2045 Fund, Empower Lifetime 2050 Fund, and Empower Lifetime 2055 Fund | &nbsp;&nbsp;For the year ended December 31, 2022 | &nbsp;&nbsp;For each of the two years in the period ended December 31, 2022 | &nbsp;&nbsp;For each of the five years in the period ended December 31, 2022 |
| &nbsp;&nbsp;Empower Lifetime 2060 Fund | &nbsp;&nbsp;For the year ended December 31, 2022 | &nbsp;&nbsp;For each of the two years in the period ended December 31, 2022 | &nbsp;&nbsp;For each of the three years in the period ended December 31, 2022 and for the period from May 2, 2019 (commencement of operations) to December 31, 2019 |

---

------

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado

February 23, 2023

We have served as the auditor of one or more Empower investment companies since 1982.

------

TAX INFORMATION (unaudited)

The Funds intend to pass through foreign tax credits and have derived gross income from sources within foreign countries amounting to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Foreign Tax<br> Credits** | &nbsp;&nbsp;**Gross Income<br> from Foreign<br> Countries** |
| Empower Lifetime 2015 Fund | &nbsp;&nbsp;&nbsp;$148755 | &nbsp;&nbsp;$2402906 |
| Empower Lifetime 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842766 |
| Empower Lifetime 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6463883 |
| Empower Lifetime 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847983 |
| Empower Lifetime 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976976 |
| Empower Lifetime 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884153 |
| Empower Lifetime 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp;1016646 | &nbsp;&nbsp;&nbsp;&nbsp;13922216 |
| Empower Lifetime 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139810 |
| Empower Lifetime 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564301 |
| Empower Lifetime 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295579 |

---

Dividends paid by each Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders. Of the ordinary income distributions declared for the year ended December 31, 2022, the following are the percentages that qualify for the dividend received deduction available to each Fund's corporate shareholders.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Percent of Ordinary Income Distributions<br> Qualifying for Dividends Received** |
| Empower Lifetime 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;24% |
| Empower Lifetime 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;28% |
| Empower Lifetime 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| Empower Lifetime 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;39% |
| Empower Lifetime 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;48% |
| Empower Lifetime 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;54% |
| Empower Lifetime 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp;97% |
| Empower Lifetime 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp;99% |
| Empower Lifetime 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;60% |
| Empower Lifetime 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

------

#### Fund Directors and Officers
Empower Funds is organized under Maryland law, and is governed by the Board of Directors. The following table provides information about each of the Directors and executive officers of Empower Funds.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** |
| &nbsp;&nbsp;**Name, Address,<br> and Age** | &nbsp;&nbsp;**Positions(s) <br> Held with<br> Empower<br> Funds** | **Term of Office<br> and Length of<br> Time Served\*\*** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Funds in Fund<br> Complex<br> Overseen by<br> Director** | **Other <br> Directorships<br> Held by Director** |
| &nbsp;&nbsp;Gail H. Klapper<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>79 | &nbsp;&nbsp;Chair &<br> Independent Director | &nbsp;&nbsp;Since 2016 (as Chair)<br>Since 2007 (as Independent Director) | Managing Attorney, Klapper Law Firm; Member/Director, The Colorado Forum; Director, Gold, Inc; Member, Colorado State Fair Board Authority; Manager, 6K Ranch, LLC; and former Director, Guaranty Bancorp | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James A. Hillary\*\*\*<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>59 | &nbsp;&nbsp;Independent Director | &nbsp;&nbsp;Since 2017 | Principal and Founding Partner, Fios Capital, LLC; Member, Fios Partners LLC, Fios Holdings LLC; Sole Member, Fios Companies LLC, Resolute Capital Asset Partners LLC; Manager, Applejack Holdings, LLC; and Manager and Member, Prestige Land Holdings, LLC | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;R. Timothy Hudner\*\*\*\*<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>63 | &nbsp;&nbsp;Independent Director | &nbsp;&nbsp;Since 2017 | Director, Colorado State Housing Board; and former Director, Grand Junction Housing Authority; Counseling and Education Center | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Steven A. Lake<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>68 | &nbsp;&nbsp;Independent Director | &nbsp;&nbsp;Since 2017 | Managing Member, Lake Advisors, LLC; Member, Gart Capital Partners, LLC; and Executive Member, Sage Enterprise Holdings, LLC | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** | &nbsp;&nbsp;**Independent Directors\*** |
| &nbsp;&nbsp;**Name, Address,<br> and Age** | &nbsp;&nbsp;**Positions(s) <br> Held with<br> Empower<br> Funds** | **Term of Office<br> and Length of<br> Time Served\*\*** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Funds in Fund<br> Complex<br> Overseen by<br> Director** | **Other <br> Directorships<br> Held by Director** |
| &nbsp;&nbsp;Stephen G. McConahey<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>79 | &nbsp;&nbsp;Independent Director & Audit Committee Chair | &nbsp;&nbsp;Since 2011 (as<br> Independent Director)<br>Since 2015 (as<br> Audit Committee Chair) | Chairman, SGM Capital, LLC; Partner, Iron Gate Capital, LLC; Director, The IMA Financial Group, Inc.; and former Director, Guaranty Bancorp | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**Interested Director\*\*\*\*\*** | &nbsp;&nbsp;**Interested Director\*\*\*\*\*** | &nbsp;&nbsp;**Interested Director\*\*\*\*\*** | &nbsp;&nbsp;**Interested Director\*\*\*\*\*** | &nbsp;&nbsp;**Interested Director\*\*\*\*\*** | &nbsp;&nbsp;**Interested Director\*\*\*\*\*** |
| &nbsp;&nbsp;**Name, Address,<br> and Age** | &nbsp;&nbsp;**Positions(s) Held<br> with Empower<br> Funds** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of Funds<br> in Fund Complex<br> Overseen by<br> Director** | **Other Directorships<br> Held by Director** |
| &nbsp;&nbsp;Jonathan D. Kreider<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>39 | &nbsp;&nbsp;Director, President &<br> Chief Executive Officer | &nbsp;&nbsp;Since 2020 | Senior Vice President & Head of Empower Investments, Empower, Empower of America and Empower Life & Annuity Insurance Company of New York ("Empower of NY"); President, Chief Executive Officer & Manager, ECM; formerly, Vice President, Empower Funds Investment Products and Empower Advisory Group, LLC ("EAG") | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;**Name, Address,<br> and Age** | &nbsp;&nbsp;**Positions(s) <br> Held with<br> Empower Funds** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Fund in Fund<br> Complex<br> Overseen by<br> Director** | **Other <br> Directorships<br> Held by Director** |
| &nbsp;&nbsp;Jonathan D. Kreider<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>39 | &nbsp;&nbsp;Director, President &<br> Chief Executive Officer | &nbsp;&nbsp;Since 2020 | Senior Vice President & Head of Empower Investments, Empower, Empower of America and Empower of NY; President, Chief Executive Officer & Manager, ECM; formerly, Vice President, Empower Funds Investment Products and Empower Advisory Group, LLC ("EAG") | &nbsp;&nbsp;45 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Katherine Stoner<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>66 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since 2016 | Head of Compliance, Empower Investments, Empower; Chief Compliance Officer, ECM and EAG | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** | &nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;**Name, Address,<br> and Age** | &nbsp;&nbsp;**Positions(s) <br> Held with<br> Empower Funds** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Fund in Fund<br> Complex<br> Overseen by<br> Director** | **Other <br> Directorships<br> Held by Director** |
| &nbsp;&nbsp;Ryan L. Logsdon<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>48 | &nbsp;&nbsp;Chief Legal Officer<br> & Secretary | &nbsp;&nbsp;Since 2010<br> (as Secretary)<br>Since 2021<br> (as Chief Legal Officer) | Deputy General Counsel, Empower; Vice President and Counsel, ECM; Secretary, Empower of America; Corporate Secretary, Empower of NY; formerly, Vice President & Counsel, Empower Funds; Vice President, Counsel & Secretary, EAG & EFSI | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Kelly B. New<br>8515 East Orchard Road,<br> Greenwood Village, CO<br> 80111<br>47 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;Since 2016<br> (Assistant Treasurer)<br>Since 2021<br> (as Treasurer) | Vice President, Fund Administration, Empower; Treasurer, ECM; Vice President & Treasurer, Empower Trust Company, LLC ("ETC"); formerly, Assistant Treasurer Empower Funds & ETC | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;John A. Clouthier<br>8515 East Orchard Road,<br> Greenwood Village,<br> CO 80111<br>55 | &nbsp;&nbsp;Assistant <br> Treasurer | &nbsp;&nbsp;Since 2007 | Assistant Vice President, Investment Administration, Empower; Assistant Treasurer, ECM; Assistant Vice President and Assistant Treasurer, ETC | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Abhijit Dande<br>8515 East Orchard Road,<br> Greenwood Village,<br> CO 80111<br>42 | &nbsp;&nbsp;Derivatives Risk<br> Manager | &nbsp;&nbsp;Since 2022 | Assistant Vice President, Financial Risk Management, Empower; Derivatives Risk Manager, ECM | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

\* A Director who is not an "interested person" of Empower Funds (as defined in Section 2(a)(19) of the 1940 Act, as amended) is referred to as an "Independent Director."

\*\* Each Director serves until the next shareholders' meeting (and until the election and qualification of a successor), or until death, resignation, removal or retirement which takes effect no later than May 1 following his or her 75th birthday unless otherwise determined by the remaining directors. The remaining Independent Directors determined that Ms. Klapper and Mr. McConahey should continue on the Board until at least May 1, 2024. Officers are elected by the Board on an annual basis to serve until their successors have been elected and qualified.

\*\*\* Mr. Hillary is the sole member of Resolute Capital Asset Partners LLC, which is the general partner for Resolute Capital Asset Partners Fund I LP. Goldman Sachs & Co. LLC, the clearing agent and custodian for Resolute Capital Asset Partners Fund I LP, is the parent company of Goldman Sachs Asset Management, LP, the Sub-Adviser of the Empower Core Strategies: Inflation-Protected

------

Securities, Empower Inflation-Protected Securities and Empower Mid Cap Value Funds; and a Sub-Adviser of the Empower Core Bond Fund. Mr. Hillary has personal banking accounts with an affiliate of J.P. Morgan Investment Management Inc., a Sub-Adviser of the Empower Core Strategies: U.S. Equity, Empower International Growth and Empower Large Cap Growth Funds. Mr. Hillary receives no special treatment due to the relationship.

\*\*\*\* Mr. Hudner's daughter is employed by JP Morgan Chase, N.A., an affiliate of J.P. Morgan Investment Management Inc., a Sub-Adviser of the Empower Core Strategies: U.S. Equity, Empower International Growth and Empower Large Cap Growth Funds. Mr. Hudner has personal investments in the following: (1) a mutual fund advised by Massachusetts Financial Services Company, a Sub-Adviser of the Empower International Value Fund, (2) a mutual fund advised by Virtus Investment Advisers, Inc., an affiliate of Virtus Fixed Income Advisers, LLC, a Sub-Adviser of the Empower Multi-Sector Bond Fund, and (3) a mutual fund advised by Lazard Asset Management LLC, a Sub-Adviser of the Empower Emerging Markets Equity Fund. Mr. Hudner receives no special treatment due to his ownership of such mutual funds.

\*\*\*\*\* An "Interested Director" refers to a Director who is an "interested person" of Empower Funds (as defined in Section 2(a)(19) of the 1940 Act, as amended) by virtue of their affiliation with ECM.

There are no arrangements or understandings between any Director or officer and any other person(s) pursuant to which s/he was elected as Director or officer.

Additional information about Empower Funds and its Directors is available in the Empower Funds' Statement of Additional Information ("SAI"), which can be obtained free of charge upon request to: Secretary, Empower Funds, Inc., 8525 East Orchard Road, Greenwood Village, Colorado 80111; (866) 831-7129. The SAI is also available on the Fund's web site at https://www.greatwestinvestments.com.

#### Availability of Quarterly Portfolio Schedule
Empower Funds files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit on Form N-PORT. Empower Funds' Forms N-PORT are available on the Commission's website at http://www.sec.gov.

#### 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 of the Securities and Exchange Commission's website at http://www.sec.gov.

#### 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 Securities and Exchange Commission's website at http://www.sec.gov.

------

#### ITEM 2. CODE OF ETHICS.
(a) As of the end of the period covered by this report, the registrant has adopted a Code of Ethics (the "Code of Ethics") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this Item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) During the period covered by this report, there have been no amendments to the registrant's Code of Ethics.

(d) During the period covered by this report, the registrant has not granted any express or implicit waivers from the provisions of the Code of Ethics.

(e) Registrant's Code of Ethics is attached hereto.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Mr. Stephen A. Lake is the audit committee financial expert and is "independent," pursuant to general instructions on Form N-CSR, Item 3.

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Directors.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were: $996,300 for fiscal year 2021 and $1,031,500 for fiscal year 2022.

------

(b) <u>Audit-Related Fees</u>. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were: $40,000 for fiscal year 2021 and $42,000 for fiscal year 2022. The nature of the services comprising the fees disclosed under this category involved performance of 17f-2 (self-custody) audits and administrative services related to the audit.

(c) <u>Tax Fees</u>. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were: $0 for fiscal year 2021 and $0 for fiscal year 2022.

(d) <u>All Other Fees</u>. There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs ((a) through (c) of this Item).

(e) (1) <u>Audit Committee's Pre-Approval Policies and Procedures.</u>

<u>Pre-Approval of Audit Services.</u> The Audit Committee must approve prior to retention all audit, review or attest engagements required under the securities laws that are provided to Empower Funds by its independent auditors. The Audit Committee will not grant such approval to any auditors that are proposed to perform an audit for Empower Funds if a chief executive officer, controller, chief financial officer, chief accounting officer or any person serving in an equivalent position for Empower Funds that is responsible for the financial reporting or operations of Empower Funds was employed by those auditors and participated in any capacity in an audit of Empower Funds during the year period (or such other period proscribed under SEC rules) preceding the date of initiation of such audit.

<u>Pre-Approval of Non-Audit Services</u>. The Audit Committee must pre-approve any non-audit services, including tax services, to be provided to Empower Funds by its independent auditors (except those within applicable de minimis statutory or regulatory exceptions)<sup>1</sup> provided that Empower Funds' auditors will not provide the following non-audit services to Empower Funds: (a) bookkeeping or other services related to the accounting records or financial statements of Empower Funds; (b) financial information systems design and implementation; (c) appraisal or valuation services, fairness opinions, or contribution-in-kind reports; (d) actuarial services; (e) internal audit outsourcing services; (f) management functions or human resources; (g) broker-dealer, investment adviser, or investment banking services; (h) legal services; (i) expert services unrelated to the audit; and (j) any other service that the

------

<sup>1</sup>No pre-approval is required as to non-audit services provided to Empower Funds if: (a) the aggregate amount of all non-audit services provided to Empower Funds constitute not more than 5% of the total amount of revenues paid by Empower Funds to the independent auditors during the fiscal year in which the services are provided; (b) these services were not recognized by Empower Funds at the time of the engagement to be non-audit services; and (c) the services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee prior to the completion of the audit.

------

Public Company Accounting Oversight Board determines, by regulation, is impermissible. <sup>2</sup>

<u>Pre-approval with respect to Non-Empower Funds Entities</u>. The Audit Committee must pre-approve any non-audit services that relate directly to the operations and financial reporting of Empower Funds (except those within applicable de minimis statutory or regulatory exceptions)<sup>3</sup> to be provided by Empower Funds' auditors to (a) Empower Funds' investment adviser; and (b) any entity controlling, controlled by, or under common control with the investment adviser if that entity provides ongoing services to Empower Funds.<sup>4</sup> The Audit Committee may approve audit and non-audit services on a case-by-case basis or adopt pre-approval policies and procedures that are detailed as to a particular service, provided that the Audit Committee is informed promptly of each service, or use a combination of these approaches.

<u>Delegation</u>. The Audit Committee may delegate pre-approval authority to one or more of the Audit Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

(f) (2) 100% of the services described pursuant to paragraphs (b) through (d) of this Item 4 of Form N-CSR were approved by the Audit Committee, and no such services were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(g) Not Applicable.

(h) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for fiscal year 2021 equaled $2,255,405 and for fiscal year 2022 equaled $1,022,840.

(i) The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by

------

<sup>2</sup>With respect to the prohibitions on (a) bookkeeping; (b) financial information systems design and implementation; (c) appraisal, valuation, fairness opinions, or contribution-in-kind reports; (d) actuarial; and (e) internal audit outsourcing, such services are permitted to be provided if it is reasonable to conclude that the results of these services will not be subject to audit procedures during an audit of the audit client's financial statements.

------

<sup>3</sup>For non-audit services provided to the adviser and entities in a control relationship with the adviser, no pre-approval is required if: (a) the aggregate amount of all non-audit services provided constitute not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the services are provided to Empower Funds, Empower Funds' investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser if that entity provides ongoing services to Empower Funds; (b) these services were not recognized by Empower Funds at the time of the engagement to be non-audit services; and (c) the services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee prior to the completion of the audit.

------

<sup>4</sup>No pre-approval is required by the Audit Committee as to non-audit services provided to any Empower Funds sub-adviser that primarily provides portfolio management services and is under the direction of another investment adviser and is not affiliated with Empower Funds' primary investment adviser.

------

another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.

#### ITEM 6. INVESTMENTS.
(a) The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

#### ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.

#### ITEM 10. 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.

#### ITEM 11. 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.

------

#### ITEM 12. DISCLOSURE OF LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) Not applicable.

#### ITEM 13. EXHIBITS.
(a) (1) [Code of Ethics required by Item 2 of Form N-CSR is attached hereto.](d450913dex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d450913dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d450913dex99906cert.htm)

------

#### 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<br> President & Chief Executive Officer

Date:February 23, 2023

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<br> President & Chief Executive Officer

Date:February 23, 2023

---

| | |
|:---|:---|
| By: | /s/ Kelly B. New |

---

------

Kelly B. New<br> Treasurer

Date:February 23, 2023

## Ex-99.Code

**EMPOWER FUNDS, INC.** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**Introduction** 

The Board of Directors of Empower Funds, Inc. (the "Fund"), formerly named Great-West Funds, Inc., which is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), has adopted this Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms of the Securities and Exchange Commission (the "Commission") thereunder. This Code establishes rules of conduct for "Principal Executive" and "Senior Financial" officers ("Covered Officers") of the Fund and is designed to implement a high standard of business conduct and ethics regarding actual or apparent conflicts of interest.

**1.** **Relationship to Codes of Ethics Under Rule 17j-1** 

The Fund is subject to and has adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act, which is also applicable to the Fund's investment adviser, Empower Capital Management, LLC ("ECM"), a wholly owned subsidiary of Empower Annuity Insurance Company of America. The Fund's principal underwriter Empower Financial Services, Inc. also adopted a code of ethics under Rule 17j-1 (together with the Fund and ECM's code, the "Rule 17j-1 Codes").

The Rule 17j-1 Codes impose reporting and disclosure requirements on covered persons relating to their personal investment transactions in securities, as well as substantively regulate such transactions, as the Board of Directors has determined to be reasonably necessary in order to prevent fraud, deceit or manipulative practices by such persons in connection with the purchase or sale, directly or indirectly, by the person of a security held or to be acquired by a portfolio.

The requirements of this Code are in addition to, not in substitution for, the provisions of the 17j-1 Codes that are applicable to Covered Officers. Accordingly, it shall be the responsibility of each Covered Officer to comply with the reporting, disclosure and pre-approval requirements of the Rule 17j-1 Codes as applicable to his or her personal securities investments. No personal securities investment transaction by a Covered Officer that complies with the procedural, reporting, disclosure and other provisions of the applicable Rule 17j-1 Codes shall be deemed to be a violation or constitute a waiver of any requirement of this Code.

**2.** **Applicability.** 

For purposes of this Code, the term "Covered Officer" shall mean each person who occupies the position of principal executive officer, managing director, principal financial officer, controller or principal accounting officer, each of whom are set forth in attached Exhibit A (as amended from time to time) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the Commission and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. accountability for adherence to the Code.

------

**3.** **Substantive Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Honest and ethical conduct, including ethical handling of actual or apparent conflicts of interest between
personal and professional relationships.

It shall be the responsibility of each Covered Officer to comply with the reporting, disclosure and pre-approval requirements of the Rule 17j-1 Codes as may be applicable to his or her personal securities investments.

No personal securities investment transaction by a Covered Officer that complies with the procedural, reporting, disclosure and other provisions of the applicable Rule 17j-1 Codes shall be deemed to be a violation or constitute a waiver of any requirement of this Code.

No Covered Officer shall derive any improper personal financial or other benefit of a substantial nature as a result of his or her position as the principal executive officer, principal financial officer, controller or principal accounting officer, as the case may be, through or from the Fund, or through or from any person or entity doing business or seeking to do business with the Fund, including, without limitation, gifts or gratuities (other than customary business gifts, meals or business entertainment that are not extravagant), preferred investment opportunities, or cash payments of any amount.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940 ("Investment Advisers Act").

**4.** **Examples of Conflicts of Interest** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Shall not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Shall not cause the Fund to take actions, or fail to take actions, for the individual personal benefit of the
Covered Officer rather than for the benefit of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Shall not use material non-public knowledge of portfolio transactions
made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Shall not retaliate against any other Covered Officer or any employee of the Fund or their affiliated persons
for reports of potential Violations that are made in good faith.

The list provided above provides examples of conflicts of interest under this Code; Covered Officers should contact the Chief Compliance Officer regarding questions or other situations which may involve a conflict of interest. The Fund and ECM's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and ECM both of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for ECM or for both), be involved

------

in establishing policies and implementing decisions that will have different effects on ECM and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and ECM and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

The employment of a member of the immediate family of a Covered Officer by an entity doing business, or seeking to do business, with the Fund shall not be deemed a violation of this Code if the Covered Officer discloses such employment to the Board of Directors of the Fund.

Any Covered Officer who shall, in his or her capacity as principal executive officer, principal financial officer, controller or principal accounting officer, receive or be offered any personal financial or other benefit that is or may be proscribed by this Code promptly shall report same to the Fund's Chief Compliance Officer. The Chief Compliance Officer shall be, and hereby is, authorized to determine whether the receipt of such financial or other benefit is or would be proscribed by this Code. If the Chief Compliance Officer shall determine the receipt of any such personal financial or other benefit is or would be proscribed by this Code, then the Chief Compliance Officer may direct that such benefit be refused or, if already received, that such benefit anonymously be donated to a charitable organization. Upon such donation, no violation of this Code shall be deemed to have occurred by reason of the Covered Officer having received such personal financial or other benefit. The Chief Compliance Officer's determination that the offer to or receipt by a Covered Officer of a benefit is not a violation of this Code shall not be deemed a waiver of any provision of this Code.

The Chief Compliance Officer shall maintain a record of reports, if any, by Covered Officers of the receipt or offer of personal financial or other benefits, and the Chief Compliance Officer's determinations and directions with respect to such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Full, fair, accurate, timely and understandable disclosure in reports and documents the Fund files with, or
submits to, the Commission and in other public communications made by the Fund.

Each Covered Officer is responsible for the full, fair, accurate, timely and understandable disclosure in reports and documents the Fund files with, or submits to, the Commission and in other public communications made by the Fund, insofar as such disclosure or communication relates to matters within the scope of such Covered Officer's responsibilities of office. Without limiting the generality of the foregoing, no Covered Officer willfully shall cause or permit any such disclosure or communication regarding a matter within the scope of his or her responsibility to: misstate a material fact; or omit to state a material fact necessary to make any statement made in any such disclosure or communication, in light of the circumstances in which such statement is made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance with applicable governmental laws, rules and regulations.

A Covered Officer promptly shall report to the Chief Compliance Officer any non-compliance or apparent non-compliance by the Fund with applicable governmental laws, rules and regulations including, without limitation, federal securities laws, regarding any matter that is within the scope of office of such Covered Officer, and shall take such action, if any, as may be directed by the Chief Compliance Officer with respect to the investigation or cure of such non-compliance or apparent non-compliance.

The fact that a violation of applicable governmental laws, rules or regulations has, or may have, occurred shall not itself be deemed violation of this Code. A determination by the Chief Compliance Officer that a violation of applicable governmental laws, rules or regulations has, or has not, occurred shall not be deemed a waiver of any provision of this Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prompt internal reporting of violations of this Code.

It is the responsibility of each Covered Officer to promptly to report to the Chief Compliance Officer any violation or apparent violation of this Code by any Covered Officer. The Chief Compliance Officer shall maintain a record of the reports, if any, of violations or apparent violations of this Code by any Covered Officer.

The Chief Compliance Officer shall determine, in response to any such report, whether or not a violation of this Code has occurred. The Chief Compliance Officer, in carrying out his or her duties under the Code, may consult with outside counsel to the Fund with respect to violations and potential violations of the Code or applicable legal requirements. In the event the Chief Compliance Officer shall determine that a violation has occurred, he or she shall report such violation to the Board of Directors of the Fund. If after due investigation the Chief Compliance Officer determines that no violation has occurred, no further action is necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Accountability for adherence to this Code.

Compliance with the requirements of this Code is a condition of office of each Covered Officer. In the event of violation of the requirements of this Code by a Covered Officer, the Board of Directors of the Fund may take such action, as it deems appropriate, including, but not limited to, removal from office of the Covered Officer.

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and maintained and protected accordingly. The Code is intended solely for the internal use of the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Each Covered Officer shall acknowledge in writing his or her receipt of a copy of this Code, and his or her agreement that adherence to this Code is a condition of office.

**5.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, ECM, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund and ECM's codes of ethics under Rule 17j-1 of the Investment Company Act and ECM's more detailed policies and procedures set forth in the Fund's compliance manuals are separate requirements applying to the Covered Officers and others and are not part of this Code.

**6.** **Amendments** 

Any changes or waivers of this Code will, to the extent required, be disclosed as provided by Commission Rules. Any amendments to this Code, other than amendments to Exhibit A, must be approved by a majority of the Directors, including a majority of the Independent Directors.

**7.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Directors of the Fund, its counsel, and ECM.

------

**8.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Amended and Restated as Adopted by the Board of Directors of Great-West Funds, Inc. on April 18, 2013.

------

**EXHIBIT A** 

**Covered Officers** 

Jonathan Kreider, Chief Executive Officer & President

Kelly B. New, Treasurer

**Chief Compliance Officer** 

Katherine Stoner, Chief Compliance Officer

## 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: | February 23, 2023 |
| 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: | February 23, 2023 |
| By: | /s/ Kelly B. New |
|  | Kelly B. New |
|  | Treasurer |

---

## Exhibit 99.906

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

**(18 U.S.C. 1350)** 

In connection with the Annual Report of Empower Funds, Inc. (the "Registrant") on Form N-CSR for the period ended December 31, 2022 (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.

---

| | |
|:---|:---|
| Date: | February 23, 2023 |
| By: | /s/ Jonathan D. Kreider |
|  | Jonathan D. Kreider |
|  | President & Chief Executive Officer |
| Date: | February 23, 2023 |
| By: | /s/ Kelly B. New |
|  | Kelly B. New |
|  | Treasurer |

---

------

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.