<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000356476</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000025515</seriesId>
        <classId>C000076368</classId>
        <classId>C000155800</classId>
        <classId>C000076369</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>EMPOWER FUNDS, INC.</regName>
      <regFileNumber>811-03364</regFileNumber>
      <regCik>0000356476</regCik>
      <regLei>RUYOMHMDMSPQ01U66388</regLei>
      <regStreet1>8515 E Orchard Road</regStreet1>
      <regCity>Greenwood Village</regCity>
      <regStateConditional regCountry="US" regState="US-CO"/>
      <regZipOrPostalCode>80111</regZipOrPostalCode>
      <regPhone>866-831-7129</regPhone>
      <seriesName>Empower Lifetime 2035 Fund</seriesName>
      <seriesId>S000025515</seriesId>
      <seriesLei>549300TT5OPUJOHN5J58</seriesLei>
      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>1896524162.940000000000</totAssets>
      <totLiabs>2853735.420000000000</totLiabs>
      <netAssets>1893670427.510000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000076368" rtn1="0.9427609427608896" rtn2="0.5336891260841137" rtn3="0.46036166339615825"/>
          <monthlyTotReturn classId="C000076369" rtn1="0.9271523178807861" rtn2="0.5905511811023167" rtn3="0.44908486417107873"/>
          <monthlyTotReturn classId="C000155800" rtn1="1.0416666666666297" rtn2="0.515463917525727" rtn3="0.4816192975187539"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-32720417.340000000000" netUnrealizedAppr="18383206.800000000000"/>
        <othMon2 netRealizedGain="-32634557.460000000000" netUnrealizedAppr="10469905.000000000000"/>
        <othMon3 netRealizedGain="-30545690.790000000000" netUnrealizedAppr="-78247594.200000000000"/>
      </returnInfo>
      <mon1Flow redemption="440590943.520000000000" reinvestment="313545.310000000000" sales="516848847.100000000000"/>
      <mon2Flow redemption="469773645.820000000000" reinvestment="313545.310000000000" sales="569145010.620000000000"/>
      <mon3Flow redemption="510208979.390000000000" reinvestment="85899812.190000000000" sales="629752528.150000000000"/>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>FIDELITY</name>
        <lei>N/A</lei>
        <title>FIDELITY EMRG MKT</title>
        <cusip>316146331</cusip>
        <identifiers>
          <isin value="US3161463316"/>
          <ticker value="FPADX"/>
        </identifiers>
        <balance>3518324</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48130672</valUSD>
        <pctVal>2.5416604337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>LOOMIS SAYLES BOND INST</title>
        <cusip>39137E244</cusip>
        <identifiers>
          <isin value="US39137E2440"/>
          <ticker value="MXUGX"/>
        </identifiers>
        <balance>10014516</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82920192</valUSD>
        <pctVal>4.3788079908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>LARGE CAP VALUE-INST</title>
        <cusip>39137E251</cusip>
        <identifiers>
          <isin value="US39137E2515"/>
          <ticker value="MXVHX"/>
        </identifiers>
        <balance>13838183</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95345080</valUSD>
        <pctVal>5.0349352567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>TEMPLETON GBL BOND FUND-INST</title>
        <cusip>39137E285</cusip>
        <identifiers>
          <isin value="US39137E2853"/>
          <ticker value="MXZMX"/>
        </identifiers>
        <balance>6705070.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52634804</valUSD>
        <pctVal>2.7795123816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>TROWE PRICE MIDCAP GROWTH-INST</title>
        <cusip>39137E293</cusip>
        <identifiers>
          <isin value="US39137E2937"/>
          <ticker value="MXYKX"/>
        </identifiers>
        <balance>18380636</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88962280</valUSD>
        <pctVal>4.6978755494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>SHORT DURATION BOND FUND-INST</title>
        <cusip>39137E319</cusip>
        <identifiers>
          <isin value="US39137E3190"/>
          <ticker value="MXXJX"/>
        </identifiers>
        <balance>3227438.25</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31112504</valUSD>
        <pctVal>1.6429735369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>SMALL CAP VALUE FUND-INST</title>
        <cusip>39137E335</cusip>
        <identifiers>
          <isin value="US39137E3356"/>
          <ticker value="MXTFX"/>
        </identifiers>
        <balance>6586209</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44852084</valUSD>
        <pctVal>2.3685263998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>INTERNATIONAL INDEX FUND-INST</title>
        <cusip>39137E376</cusip>
        <identifiers>
          <isin value="US39137E3760"/>
          <ticker value="MXPBX"/>
        </identifiers>
        <balance>12059700.26</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>156655511.05</valUSD>
        <pctVal>8.2725858087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>S&amp;P 500 INDEX FUND-INST</title>
        <cusip>39137E434</cusip>
        <identifiers>
          <isin value="US39137E4347"/>
          <ticker value="MXKWX"/>
        </identifiers>
        <balance>40445988</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>427918528</valUSD>
        <pctVal>22.5973074186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>MFS INTL VALUE FUND-INST</title>
        <cusip>39137E442</cusip>
        <identifiers>
          <isin value="US39137E4420"/>
          <ticker value="MXJVX"/>
        </identifiers>
        <balance>8049043</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82985632</valUSD>
        <pctVal>4.3822637136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>FEDERATED BOND FUND-INST</title>
        <cusip>39137E459</cusip>
        <identifiers>
          <isin value="US39137E4594"/>
          <ticker value="MXIUX"/>
        </identifiers>
        <balance>10417777</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88655280</valUSD>
        <pctVal>4.6816636471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>MFS INTL GROWTH FUND-INST</title>
        <cusip>39137E467</cusip>
        <identifiers>
          <isin value="US39137E4677"/>
          <ticker value="MXHTX"/>
        </identifiers>
        <balance>7728667</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>73267768</valUSD>
        <pctVal>3.8690876161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>MULTI-MAN LRG CAP GROWTH-INST</title>
        <cusip>39137E475</cusip>
        <identifiers>
          <isin value="US39137E4750"/>
          <ticker value="MXGSX"/>
        </identifiers>
        <balance>7219842.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88154280</valUSD>
        <pctVal>4.6552070899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>HIGH YIELD BOND-INST</title>
        <cusip>39137E483</cusip>
        <identifiers>
          <isin value="US39137E4834"/>
          <ticker value="MXFRX"/>
        </identifiers>
        <balance>4023077.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42403236</valUSD>
        <pctVal>2.2392088604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>BOND INDEX FUND-INST</title>
        <cusip>39137E525</cusip>
        <identifiers>
          <isin value="US39137E5252"/>
          <ticker value="MXCOX"/>
        </identifiers>
        <balance>17842212</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>147733504</valUSD>
        <pctVal>7.8014369266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>INFL-PROTECT SEC FUND INST CL</title>
        <cusip>39137G298</cusip>
        <identifiers>
          <isin value="US39137G2984"/>
          <ticker value="MXIOX"/>
        </identifiers>
        <balance>3006850.75</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27242068</valUSD>
        <pctVal>1.4385854901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>MULTI MGR SCG FUND INST</title>
        <cusip>39137G736</cusip>
        <identifiers>
          <isin value="US39137G7363"/>
          <ticker value="MXMSX"/>
        </identifiers>
        <balance>1792911.13</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20331612</valUSD>
        <pctVal>1.0736615889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JANUS</name>
        <lei>N/A</lei>
        <title>TRITON N</title>
        <cusip>47103D793</cusip>
        <identifiers>
          <isin value="US47103D7930"/>
          <ticker value="JGMNX"/>
        </identifiers>
        <balance>745484</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20336802</valUSD>
        <pctVal>1.0739356598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>REAL ESTATE INDEX FUND-INST</title>
        <cusip>39137E343</cusip>
        <identifiers>
          <isin value="US39137E3430"/>
          <ticker value="MXSFX"/>
        </identifiers>
        <balance>6969119.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57564928</valUSD>
        <pctVal>3.0398599019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>GS MID CAP VALUE FUND-INST</title>
        <cusip>39137E426</cusip>
        <identifiers>
          <isin value="US39137E4263"/>
          <ticker value="MXKJX"/>
        </identifiers>
        <balance>11552897</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96697752</valUSD>
        <pctVal>5.1063664825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>EM EQUITY FUND INST CL</title>
        <cusip>39137G330</cusip>
        <identifiers>
          <isin value="US39137G3305"/>
          <ticker value="MXENX"/>
        </identifiers>
        <balance>3960774.75</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48083804</valUSD>
        <pctVal>2.5391854518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER</name>
        <lei>N/A</lei>
        <title>GUARANTEED FUNDING ACCOUNT</title>
        <cusip>GPFML1001</cusip>
        <identifiers>
          <other otherDesc="In-House" value="GPFML1001"/>
        </identifiers>
        <balance>57107144</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72526072</valUSD>
        <pctVal>3.8299205050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-02-12</ncom:dateSigned>
      <ncom:nameOfApplicant>EMPOWER FUNDS, INC.</ncom:nameOfApplicant>
      <ncom:signature>/s/Kelly New</ncom:signature>
      <ncom:signerName>Kelly New</ncom:signerName>
      <ncom:title>Treasurer, Empower Funds, Inc.</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
