UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------------- FORM N-17f-2 OMB Approval ----------------------------- Certificate of Accounting of Securities and OMB Number: 3235-0360 Similar Investments in the Custody Expires: March 31, 2021 of Management Investment Companies Estimate average burden hours per response . . . . . 2.00 Pursuant to Rule 17f-2 [17 CFR 270.17f-2] ----------------------------- ----------------------------------------------------------------------------- 1. Investment Company Act File Number: 811-03364 Date examination completed: June 30, 2026 2. State identification Number: AL AK AZ AR CA CO X CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY PUERTO RICO Other (specify): ----------------------------------------------------------------------------- 3. Exact name of investment company as specified in registration statement: Empower Funds, Inc. ----------------------------------------------------------------------------- 4. Address of principal executive office (number, street, city, state, zip code): 8515 East Orchard Rd Greenwood Village, CO 80111 ----------------------------------------------------------------------------- INDEPENDENT ACCOUNTANTS' REPORT To the Board of Directors of the Empower Funds, Inc.: We have examined management of Empower Funds, Inc.'s assertion, included in the accompanying Management Assertion Regarding Compliance with Rule 17f-2 Under the Investment Company Act of 1940, that the Empower Aggressive Profile Fund, Empower Conservative Profile Fund, Empower Moderate Profile Fund, Empower Moderately Aggressive Profile Fund, Empower Moderately Conservative Profile Fund, Empower SecureFoundation Balanced Fund, Empower Lifetime 2015 Fund, Empower Lifetime 2020 Fund, Empower Lifetime 2025 Fund, Empower Lifetime 2030 Fund, Empower Lifetime 2035 Fund, Empower Lifetime 2040 Fund, Empower Lifetime 2045 Fund, Empower Lifetime 2050 Fund, Empower Lifetime 2055 Fund, Empower Lifetime 2060 Fund, Empower Lifetime 2065 Fund, and Empower Global Bond Fund (each a "Fund", collectively the "Funds") of Empower Funds, Inc. complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 (the "specified requirements") as of June 30, 2026. The Funds' management is responsible for its assertion. Our responsibility is to express an opinion on management's assertion about the Funds' compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether management's assertion is fairly stated, in all material respects. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management's assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. Included among our procedures were the following tests performed as of June 30, 2026, the examination date we selected without prior notice to management, and with respect to agreement of security purchases and sales, for the period from April 30, 2026 (the date of our last examination) through June 30, 2026: 1. Confirmation of all securities held by institutions in book-entry form with The Depository Trust Company, the Federal Reserve, or by various foreign sub-custodians. 2. Confirmation of all relevant securities held with the transfer agent, DST Asset Manager Solutions, Inc. ("DST"). 3. Confirmation of all securities hypothecated, pledged, placed in escrow, or out for transfer with brokers, pledgees, and/or transfer agents. 4. Reconciliation of all such securities to the books and records of the Funds and DST or the Bank of New York Mellon (the "Custodian"). 5. Agreement of 18 security purchases and 18 security sales or maturities since our last report from the books and records of the Funds to DST trade records or to subsequent settlement in cash records provided by the Custodian. Our examination does not provide a legal determination on the Funds' compliance with specified requirements. In our opinion, management's assertion that each of the Funds listed above of Empower Funds, Inc. complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of June 30, 2026, with respect to securities reflected in the investment accounts of the Funds is fairly stated, in all material respects. This report is intended solely for the information and use of management and the Board of Directors of Empower Funds, Inc. and the U.S. Securities and Exchange Commission and is not intended to be, and should not be, used by anyone other than these specified parties. DELOITTE & TOUCHE LLP Denver, Colorado October 26, 2026 MANAGEMENT'S ASSERTION REGARDING COMPLIANCE WITH RULE 17F-2 UNDER THE INVESTMENT COMPANY ACT OF 1940 We, as members of management of the Empower Aggressive Profile Fund, Empower Conservative Profile Fund, Empower Moderate Profile Fund, Empower Moderately Aggressive Profile Fund, Empower Moderately Conservative Profile Fund, Empower SecureFoundation Balanced Fund, Empower Lifetime 2015 Fund, Empower Lifetime 2020 Fund, Empower Lifetime 2025 Fund, Empower Lifetime 2030 Fund, Empower Lifetime 2035 Fund, Empower Lifetime 2040 Fund, Empower Lifetime 2045 Fund, Empower Lifetime 2050 Fund, Empower Lifetime 2055 Fund, Empower Lifetime 2060 Fund, Empower Lifetime 2065 Fund, and Empower Global Bond Fund (each a "Fund", collectively the "Funds") of Empower Funds, Inc., are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, "Custody of Investments by Registered Management Investment Companies," of the Investment Company Act of 1940. We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of each of the Fund's compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of June 30, 2026, and from April 30, 2026, through June 30, 2026. Based on this evaluation, we assert that each of the Funds were in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of June 30, 2026, and from April 30, 2026, through June 30, 2026, with respect to securities reflected in the investment accounts of the Funds. Empower Funds, Inc. By: _________________________________________________ Jonathan D. Kreider President & Chief Executive Officer, Empower Funds, Inc. _________________________________________________ Kelly New Chief Financial Officer & Treasurer, Empower Funds, Inc. _________________________________________________ Ryan Logsdon Chief Legal Officer & Secretary, Empower Funds, Inc. October 26, 2026