Articles Supplementary dated July 14, 2023 and December 22, 2023

EX-99.(A)(27) 2 d765170dex99a27.htm ARTICLES SUPPLEMENTARY DATED JULY 14, 2023 AND DECEMBER 22, 2023 Articles Supplementary dated July 14, 2023 and December 22, 2023

EMPOWER FUNDS, INC.

ARTICLES

SUPPLEMENTARY

Empower Funds, Inc., a Maryland corporation registered as an open-end investment company under the Investment Company Act of 1940, as amended (the “Corporation”), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

FIRST: On June 15, 2023, the Board of Directors of the Corporation, pursuant to the authority contained in the Corporation’s charter, and in accordance with Section 2-105(c) of the Maryland General Corporation Law, unanimously adopted resolutions approving:

The increase in the number of Institutional Class shares of Empower Bond Index Fund, Empower Core Bond Fund, Empower Emerging Markets Equity Fund, Empower Global Bond Fund, Empower Government Money Market Fund, Empower International Growth Fund, Empower International Index Fund, Empower International Value Fund, Empower Large Cap Growth Fund, Empower Large Cap Value Fund, Empower Lifetime 2015 Fund, Empower Lifetime 2025 Fund, Empower Lifetime 2035 Fund, Empower Lifetime 2040 Fund, Empower Lifetime 2045 Fund, Empower Lifetime 2050 Fund, Empower S&P 500^® Index Fund, Empower S&P Mid Cap 400^® Index Fund, Empower S&P Small Cap 600^® Index Fund, Empower SecureFoundation^® Balanced Fund, Empower T. Rowe Price Mid Cap Growth Fund and Empower U.S. Government Securities Fund that the Corporation shall have the authority to issue from six billion three hundred sixty million (6,360,000,000) shares to seven billion nine hundred sixty million (7,960,000,000) shares.

The increase in the number of Investor Class shares of Empower Aggressive Profile Fund, Empower Bond Index Fund, Empower Core Strategies: Flexible Bond Fund, Empower Core Strategies: U.S. Equity Fund, Empower Emerging Markets Equity Fund, Empower High Yield Bond Fund, Empower International Index Fund, Empower International Value Fund, Empower Large Cap Growth Fund, Empower Large Cap Value Fund, Empower Lifetime 2050 Fund, Empower Moderate Profile Fund, Empower Moderately Aggressive Profile Fund, Empower Real Estate Index Fund, Empower S&P 500^® Index Fund, Empower S&P Mid Cap 400^® Index Fund, Empower Small Cap Value Fund and Empower U.S. Government Securities Fund that the Corporation shall have the authority to issue from five billion six hundred five million (5,605,000,000) shares to seven billion three hundred five million (7,305,000,000) shares.

3.	The increase in the number of Investor II Class shares of stock of the Empower Large Cap Value Fund that the Corporation shall have the authority to issue from fifty-five million (55,000,000) shares to one hundred five million (105,000,000) shares.

4.	The increase in the number of Service Class shares of stock of Empower Lifetime 2035 Fund and Empower SecureFoundation^® Balanced Fund that the Corporation shall have the authority to issue from two hundred sixty million (260,000,000) shares to three hundred sixty million (360,000,000) shares.

5.	The increase in the number of Class L shares of stock of Empower S&P Mid Cap 400^® Index Fund that the Corporation shall have the authority to issue from ten million (10,000,000) shares to sixty million (60,000,000) shares.

6.	The re-classification of the following shares of Common Stock of the Corporation as follows:

SECOND: The total number of shares of capital stock that the Corporation has authority to issue has been increased or decreased by the Board of Directors in accordance with Section 2-105(c) of the Maryland General Corporation Law to the extent hereafter set forth.

THIRD: The shares of the Corporation reclassified pursuant to Articles One of these Articles

Supplementary have been so classified by the Board of Directors under the authority contained in the Articles of Amendment and Restatement of the Corporation.

FOURTH: Immediately prior to the effectiveness of these Articles Supplementary of the Corporation, the Corporation had the authority to issue twenty-three billion (23,000,000,000) shares of common stock of the par value of $0.10 per share and of the aggregate par value of two billion three hundred million dollars ($2,300,000,000), of which the Board of Directors had designated twenty-two billion fifty million (22,050,000,000) shares into portfolios and classes and classified the shares of each portfolio and class as follows:



Previous Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Aggressive Profile Fund	Institutional Class	85

Empower Aggressive Profile Fund	Investor Class	430

Empower Ariel Mid Cap Value Fund	Institutional Class	30

Empower Ariel Mid Cap Value Fund	Investor Class	400

Empower Bond Index Fund	Institutional Class	430

Empower Bond Index Fund	Investor Class	600

Empower Conservative Profile Fund	Institutional Class	30

Empower Conservative Profile Fund	Investor Class	600

Empower Conservative Profile Fund	Class L	120

Empower Core Bond Fund	Institutional Class	210

Empower Core Bond Fund	Investor Class	40

Empower Core Strategies: Flexible Bond Fund	Institutional Class	15

Empower Core Strategies: Flexible Bond Fund	Investor Class	780

Empower Core Strategies: Inflation-Protected Securities Fund	Institutional Class	20

Empower Core Strategies: Inflation-Protected Securities Fund	Investor Class	200

Empower Core Strategies: International Equity Fund	Institutional Class	25

Empower Core Strategies: International Equity Fund	Investor Class	199

Empower Core Strategies: U.S. Equity Fund	Institutional Class	25

Empower Core Strategies: U.S. Equity Fund	Investor Class	200

Empower Emerging Markets Equity Fund	Institutional Class	180

Empower Emerging Markets Equity Fund	Investor Class	185

Empower Global Bond Fund	Institutional Class	280

Empower Global Bond Fund	Investor Class	35

Empower Government Money Market Fund	Institutional Class	1,200

Empower Government Money Market Fund	Investor Class	1,784

Empower High Yield Bond Fund	Institutional Class	170



Previous Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower High Yield Bond Fund	Investor Class	160

Empower Inflation-Protected Securities Fund	Institutional Class	250

Empower Inflation-Protected Securities Fund	Investor Class	30

Empower International Growth Fund	Institutional Class	200

Empower International Growth Fund	Investor Class	20

Empower International Index Fund	Institutional Class	300

Empower International Index Fund	Investor Class	285

Empower International Value Fund	Institutional Class	460

Empower International Value Fund	Investor Class	200

Empower Large Cap Growth Fund	Institutional Class	300

Empower Large Cap Growth Fund	Investor Class	200

Empower Large Cap Value Fund	Institutional Class	600

Empower Large Cap Value Fund	Investor Class	80

Empower Large Cap Value Fund	Investor II Class	55

Empower Lifetime 2015 Fund	Institutional Class	30

Empower Lifetime 2015 Fund	Investor Class	230

Empower Lifetime 2015 Fund	Service Class	120

Empower Lifetime 2020 Fund	Institutional Class	22

Empower Lifetime 2020 Fund	Investor Class	210

Empower Lifetime 2020 Fund	Service Class	25

Empower Lifetime 2025 Fund	Institutional Class	130

Empower Lifetime 2025 Fund	Investor Class	250

Empower Lifetime 2025 Fund	Service Class	235

Empower Lifetime 2030 Fund	Institutional Class	75

Empower Lifetime 2030 Fund	Investor Class	205

Empower Lifetime 2030 Fund	Service Class	20

Empower Lifetime 2035 Fund	Institutional Class	140

Empower Lifetime 2035 Fund	Investor Class	220

Empower Lifetime 2035 Fund	Service Class	230

Empower Lifetime 2040 Fund	Institutional Class	20

Empower Lifetime 2040 Fund	Investor Class	140

Empower Lifetime 2040 Fund	Service Class	35

Empower Lifetime 2045 Fund	Institutional Class	110

Empower Lifetime 2045 Fund	Investor Class	135

Empower Lifetime 2045 Fund	Service Class	170



Previous Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Lifetime 2050 Fund	Institutional Class	15

Empower Lifetime 2050 Fund	Investor Class	65

Empower Lifetime 2050 Fund	Service Class	35

Empower Lifetime 2055 Fund	Institutional Class	105

Empower Lifetime 2055 Fund	Investor Class	35

Empower Lifetime 2055 Fund	Service Class	105

Empower Lifetime 2060 Fund	Institutional Class	10

Empower Lifetime 2060 Fund	Investor Class	35

Empower Lifetime 2060 Fund	Service Class	35

Empower Mid Cap Value Fund	Institutional Class	350

Empower Mid Cap Value Fund	Investor Class	120

Empower Moderate Profile Fund	Institutional Class	85

Empower Moderate Profile Fund	Investor Class	950

Empower Moderate Profile Fund	Class L	130

Empower Moderately Aggressive Profile Fund	Institutional Class	75

Empower Moderately Aggressive Profile Fund	Investor Class	470

Empower Moderately Conservative Profile Fund	Institutional Class	60

Empower Moderately Conservative Profile Fund	Investor Class	380

Empower Moderately Conservative Profile Fund	Class L	70

Empower Multi-Sector Bond Fund	Institutional Class	295

Empower Multi-Sector Bond Fund	Investor Class	200

Empower Real Estate Index Fund	Institutional Class	200

Empower Real Estate Index Fund	Investor Class	135

Empower S&P 500^® Index Fund	Institutional Class	550

Empower S&P 500^® Index Fund	Investor Class	500

Empower S&P Mid Cap 400^® Index Fund	Institutional Class	250

Empower S&P Mid Cap 400^® Index Fund	Investor Class	200

Empower S&P Mid Cap 400^® Index Fund	Class L	10

Empower S&P Small Cap 600^® Index Fund	Institutional Class	200

Empower S&P Small Cap 600^® Index Fund	Investor Class	240

Empower S&P Small Cap 600^® Index Fund	Class L	10

Empower SecureFoundation^® Balanced ETF Fund	Class A	20

Empower SecureFoundation^® Balanced Fund	Institutional Class	100

Empower SecureFoundation^® Balanced Fund	Investor Class	190

Empower SecureFoundation^® Balanced Fund	Service Class	30



Previous Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower SecureFoundation^® Balanced Fund	Class L	140

Empower Short Duration Bond Fund	Institutional Class	175

Empower Short Duration Bond Fund	Investor Class	40

Empower Small Cap Growth Fund	Institutional Class	60

Empower Small Cap Growth Fund	Investor Class	15

Empower Small Cap Value Fund	Institutional Class	250

Empower Small Cap Value Fund	Investor Class	15

Empower T. Rowe Price Mid Cap Growth Fund	Institutional Class	540

Empower T. Rowe Price Mid Cap Growth Fund	Investor Class	125

Empower U.S. Government Securities Fund	Institutional Class	115

Empower U.S. Government Securities Fund	Investor Class	150



Unclassified Capital Stock:		950



Total:		23,000

As supplemented hereby, the Corporation’s Articles of Amendment and Restatement authorize the issuance of thirty billion (30,000,000,000) shares of common stock of the par value of $0.10 per share and of the aggregate par value of three billion dollars ($3,000,000,000), classified as follows:



Current Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Aggressive Profile Fund	Institutional Class	85

Empower Aggressive Profile Fund	Investor Class	480

Empower Ariel Mid Cap Value Fund	Institutional Class	30

Empower Ariel Mid Cap Value Fund	Investor Class	400

Empower Bond Index Fund	Institutional Class	530

Empower Bond Index Fund	Investor Class	900

Empower Conservative Profile Fund	Institutional Class	30

Empower Conservative Profile Fund	Investor Class	600

Empower Conservative Profile Fund	Class L	120

Empower Core Bond Fund	Institutional Class	260

Empower Core Bond Fund	Investor Class	40

Empower Core Strategies: Flexible Bond Fund	Institutional Class	15

Empower Core Strategies: Flexible Bond Fund	Investor Class	1,080



Current Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Core Strategies: Inflation-Protected Securities Fund	Institutional Class	20

Empower Core Strategies: Inflation-Protected Securities Fund	Investor Class	200

Empower Core Strategies: International Equity Fund	Institutional Class	25

Empower Core Strategies: International Equity Fund	Investor Class	199

Empower Core Strategies: U.S. Equity Fund	Institutional Class	25

Empower Core Strategies: U.S. Equity Fund	Investor Class	300

Empower Emerging Markets Equity Fund	Institutional Class	230

Empower Emerging Markets Equity Fund	Investor Class	235

Empower Global Bond Fund	Institutional Class	330

Empower Global Bond Fund	Investor Class	35

Empower Government Money Market Fund	Institutional Class	1,300

Empower Government Money Market Fund	Investor Class	1,784

Empower High Yield Bond Fund	Institutional Class	170

Empower High Yield Bond Fund	Investor Class	210

Empower Inflation-Protected Securities Fund	Institutional Class	250

Empower Inflation-Protected Securities Fund	Investor Class	30

Empower International Growth Fund	Institutional Class	250

Empower International Growth Fund	Investor Class	20

Empower International Index Fund	Institutional Class	350

Empower International Index Fund	Investor Class	385

Empower International Value Fund	Institutional Class	560

Empower International Value Fund	Investor Class	350

Empower Large Cap Growth Fund	Institutional Class	400

Empower Large Cap Growth Fund	Investor Class	250

Empower Large Cap Value Fund	Institutional Class	700

Empower Large Cap Value Fund	Investor Class	130

Empower Large Cap Value Fund	Investor II Class	105

Empower Lifetime 2015 Fund	Institutional Class	80

Empower Lifetime 2015 Fund	Investor Class	230

Empower Lifetime 2015 Fund	Service Class	120

Empower Lifetime 2020 Fund	Institutional Class	22

Empower Lifetime 2020 Fund	Investor Class	210

Empower Lifetime 2020 Fund	Service Class	25

Empower Lifetime 2025 Fund	Institutional Class	180



Current Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Lifetime 2025 Fund	Investor Class	250

Empower Lifetime 2025 Fund	Service Class	235

Empower Lifetime 2030 Fund	Institutional Class	75

Empower Lifetime 2030 Fund	Investor Class	205

Empower Lifetime 2030 Fund	Service Class	20

Empower Lifetime 2035 Fund	Institutional Class	190

Empower Lifetime 2035 Fund	Investor Class	220

Empower Lifetime 2035 Fund	Service Class	280

Empower Lifetime 2040 Fund	Institutional Class	70

Empower Lifetime 2040 Fund	Investor Class	140

Empower Lifetime 2040 Fund	Service Class	35

Empower Lifetime 2045 Fund	Institutional Class	160

Empower Lifetime 2045 Fund	Investor Class	135

Empower Lifetime 2045 Fund	Service Class	170

Empower Lifetime 2050 Fund	Institutional Class	65

Empower Lifetime 2050 Fund	Investor Class	115

Empower Lifetime 2050 Fund	Service Class	35

Empower Lifetime 2055 Fund	Institutional Class	105

Empower Lifetime 2055 Fund	Investor Class	35

Empower Lifetime 2055 Fund	Service Class	105

Empower Lifetime 2060 Fund	Institutional Class	10

Empower Lifetime 2060 Fund	Investor Class	35

Empower Lifetime 2060 Fund	Service Class	35

Empower Mid Cap Value Fund	Institutional Class	350

Empower Mid Cap Value Fund	Investor Class	120

Empower Moderate Profile Fund	Institutional Class	85

Empower Moderate Profile Fund	Investor Class	1,050

Empower Moderate Profile Fund	Class L	130

Empower Moderately Aggressive Profile Fund	Institutional Class	75

Empower Moderately Aggressive Profile Fund	Investor Class	570

Empower Moderately Conservative Profile Fund	Institutional Class	60

Empower Moderately Conservative Profile Fund	Investor Class	380

Empower Moderately Conservative Profile Fund	Class L	70

Empower Multi-Sector Bond Fund	Institutional Class	295

Empower Multi-Sector Bond Fund	Investor Class	200



Current Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Real Estate Index Fund	Institutional Class	200

Empower Real Estate Index Fund	Investor Class	185

Empower S&P 500^® Index Fund	Institutional Class	650

Empower S&P 500^® Index Fund	Investor Class	550

Empower S&P Mid Cap 400^® Index Fund	Institutional Class	300

Empower S&P Mid Cap 400^® Index Fund	Investor Class	250

Empower S&P Mid Cap 400^® Index Fund	Class L	60

Empower S&P Small Cap 600^® Index Fund	Institutional Class	300

Empower S&P Small Cap 600^® Index Fund	Investor Class	240

Empower S&P Small Cap 600^® Index Fund	Class L	10

Empower SecureFoundation^® Balanced ETF Fund	Class A	20

Empower SecureFoundation^® Balanced Fund	Institutional Class	200

Empower SecureFoundation^® Balanced Fund	Investor Class	190

Empower SecureFoundation^® Balanced Fund	Service Class	80

Empower SecureFoundation^® Balanced Fund	Class L	140

Empower Short Duration Bond Fund	Institutional Class	175

Empower Short Duration Bond Fund	Investor Class	40

Empower Small Cap Growth Fund	Institutional Class	60

Empower Small Cap Growth Fund	Investor Class	15

Empower Small Cap Value Fund	Institutional Class	250

Empower Small Cap Value Fund	Investor Class	65

Empower T. Rowe Price Mid Cap Growth Fund	Institutional Class	690

Empower T. Rowe Price Mid Cap Growth Fund	Investor Class	125

Empower U.S. Government Securities Fund	Institutional Class	165

Empower U.S. Government Securities Fund	Investor Class	200



Unclassified Capital Stock:		4,450



Total:		30,000

FIFTH: The Corporation is registered as an open-end company under the Investment Company Act of 1940.

SIXTH: These Articles Supplementary shall be effective on July 14, 2023.

IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be signed, and witnessed, in its name and on its behalf by its undersigned officers who acknowledge that these Articles Supplementary are the act of the Corporation; that to the best of their knowledge, information and belief, all matters and facts set forth herein relating to the authorization and approval of these Articles Supplementary are true in all material respects; and that this statement is made under the penalties of perjury.


EMPOWER FUNDS, INC.

By:		/s/ Jonathan Kreider
Name:		Jonathan Kreider
Title:		President & Chief Executive Officer


ATTEST:

By:		/s/ Ryan Logsdon
Name:		Ryan Logsdon
Title:		Chief Legal Officer & Secretary

EMPOWER FUNDS, INC.

ARTICLES SUPPLEMENTARY

FIRST: On December 14, 2023, the Board of Directors of the Corporation, pursuant to the authority contained in the Corporation’s charter, and in accordance with Section 2-105(c) of the Maryland General Corporation Law, unanimously adopted resolutions approving:

The increase in the number of Investor Class shares of the Empower Conservative Profile Fund, Empower Core Strategies: Inflation-Protected Securities Fund, Empower Core Strategies: International Equity Fund and Empower Large Cap Growth Fund that the Corporation shall have the authority to issue from one billion two hundred forty-nine million (1,249,000,000) to one billion nine hundred forty-nine million (1,949,000,000).

8.	The increase in the number of Institutional Class shares of the Empower Government Money Market Fund that the Corporation shall have the authority to issue from one billion three hundred million (1,300,000,000) to one billion six hundred million (1,600,000,000).

9.	The re-classification of the following shares of Common Stock of the Corporation as follows:



Previously Classified Shares (expressed in millions)		Re-Classified Shares (expressed in millions)

Empower Conservative Profile Fund Investor Class - 600		Empower Conservative Profile Fund Investor Class - 800

Empower Core Strategies: Inflation-Protected Securities Fund Investor Class - 200		Empower Core Strategies: Inflation-Protected Securities Fund Investor Class - 500

Empower Core Strategies: International Equity Fund Investor Class - 199		Empower Core Strategies: International Equity Fund Investor Class - 299

Empower Government Money Market Fund Institutional Class - 1,300		Empower Government Money Market Fund Institutional Class - 1,600

Empower Large Cap Growth Fund Investor Class - 250		Empower Large Cap Growth Fund Investor Class - 350

SECOND: The shares of the Corporation reclassified pursuant to Articles Second of these Articles Supplementary have been so classified by the Board of Directors under the authority contained in the Articles of Amendment and Restatement of the Corporation.

THIRD: Immediately prior to the effectiveness of these Articles Supplementary of the Corporation, the Corporation had the authority to issue thirty billion (30,000,000,000) shares of common stock of the par value of $0.10 per share and of the aggregate par value of three billion dollars ($3,000,000,000), of which the Board of Directors had designated twenty-five billion five hundred fifty million (25,550,000,000) shares into portfolios and classes and classified the shares of each portfolio and class as follows:



Previous Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Aggressive Profile Fund	Institutional Class	85

Empower Aggressive Profile Fund	Investor Class	480

Empower Ariel Mid Cap Value Fund	Institutional Class	30

Empower Ariel Mid Cap Value Fund	Investor Class	400

Empower Bond Index Fund	Institutional Class	530

Empower Bond Index Fund	Investor Class	900

Empower Conservative Profile Fund	Institutional Class	30

Empower Conservative Profile Fund	Investor Class	600

Empower Conservative Profile Fund	Class L	120

Empower Core Bond Fund	Institutional Class	260

Empower Core Bond Fund	Investor Class	40

Empower Core Strategies: Flexible Bond Fund	Institutional Class	15

Empower Core Strategies: Flexible Bond Fund	Investor Class	1,080

Empower Core Strategies: Inflation-Protected Securities Fund	Institutional Class	20

Empower Core Strategies: Inflation-Protected Securities Fund	Investor Class	200

Empower Core Strategies: International Equity Fund	Institutional Class	25

Empower Core Strategies: International Equity Fund	Investor Class	199

Empower Core Strategies: U.S. Equity Fund	Institutional Class	25

Empower Core Strategies: U.S. Equity Fund	Investor Class	300

Empower Emerging Markets Equity Fund	Institutional Class	230

Empower Emerging Markets Equity Fund	Investor Class	235

Empower Global Bond Fund	Institutional Class	330

Empower Global Bond Fund	Investor Class	35

Empower Government Money Market Fund	Institutional Class	1,300

Empower Government Money Market Fund	Investor Class	1,784

Empower High Yield Bond Fund	Institutional Class	170

Empower High Yield Bond Fund	Investor Class	210



Previous Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Inflation-Protected Securities Fund	Institutional Class	250

Empower Inflation-Protected Securities Fund	Investor Class	30

Empower International Growth Fund	Institutional Class	250

Empower International Growth Fund	Investor Class	20

Empower International Index Fund	Institutional Class	350

Empower International Index Fund	Investor Class	385

Empower International Value Fund	Institutional Class	560

Empower International Value Fund	Investor Class	350

Empower Large Cap Growth Fund	Institutional Class	400

Empower Large Cap Growth Fund	Investor Class	250

Empower Large Cap Value Fund	Institutional Class	700

Empower Large Cap Value Fund	Investor Class	130

Empower Large Cap Value Fund	Investor II Class	105

Empower Lifetime 2015 Fund	Institutional Class	80

Empower Lifetime 2015 Fund	Investor Class	230

Empower Lifetime 2015 Fund	Service Class	120

Empower Lifetime 2020 Fund	Institutional Class	22

Empower Lifetime 2020 Fund	Investor Class	210

Empower Lifetime 2020 Fund	Service Class	25

Empower Lifetime 2025 Fund	Institutional Class	180

Empower Lifetime 2025 Fund	Investor Class	250

Empower Lifetime 2025 Fund	Service Class	235

Empower Lifetime 2030 Fund	Institutional Class	75

Empower Lifetime 2030 Fund	Investor Class	205

Empower Lifetime 2030 Fund	Service Class	20

Empower Lifetime 2035 Fund	Institutional Class	190

Empower Lifetime 2035 Fund	Investor Class	220

Empower Lifetime 2035 Fund	Service Class	280



Previous Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Lifetime 2040 Fund	Institutional Class	70

Empower Lifetime 2040 Fund	Investor Class	140

Empower Lifetime 2040 Fund	Service Class	35

Empower Lifetime 2045 Fund	Institutional Class	160

Empower Lifetime 2045 Fund	Investor Class	135

Empower Lifetime 2045 Fund	Service Class	170

Empower Lifetime 2050 Fund	Institutional Class	65

Empower Lifetime 2050 Fund	Investor Class	115

Empower Lifetime 2050 Fund	Service Class	35

Empower Lifetime 2055 Fund	Institutional Class	105

Empower Lifetime 2055 Fund	Investor Class	35

Empower Lifetime 2055 Fund	Service Class	105

Empower Lifetime 2060 Fund	Institutional Class	10

Empower Lifetime 2060 Fund	Investor Class	35

Empower Lifetime 2060 Fund	Service Class	35

Empower Mid Cap Value Fund	Institutional Class	350

Empower Mid Cap Value Fund	Investor Class	120

Empower Moderate Profile Fund	Institutional Class	85

Empower Moderate Profile Fund	Investor Class	1,050

Empower Moderate Profile Fund	Class L	130

Empower Moderately Aggressive Profile Fund	Institutional Class	75

Empower Moderately Aggressive Profile Fund	Investor Class	570

Empower Moderately Conservative Profile Fund	Institutional Class	60

Empower Moderately Conservative Profile Fund	Investor Class	380

Empower Moderately Conservative Profile Fund	Class L	70

Empower Multi-Sector Bond Fund	Institutional Class	295

Empower Multi-Sector Bond Fund	Investor Class	200

Empower Real Estate Index Fund	Institutional Class	200

Empower Real Estate Index Fund	Investor Class	185



Previous Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower S&P 500^® Index Fund	Institutional Class	650

Empower S&P 500^® Index Fund	Investor Class	550

Empower S&P Mid Cap 400^® Index Fund	Institutional Class	300

Empower S&P Mid Cap 400^® Index Fund	Investor Class	250

Empower S&P Mid Cap 400^® Index Fund	Class L	60

Empower S&P Small Cap 600^® Index Fund	Institutional Class	300

Empower S&P Small Cap 600^® Index Fund	Investor Class	240

Empower S&P Small Cap 600^® Index Fund	Class L	10

Empower SecureFoundation^® Balanced ETF Fund	Class A	20

Empower SecureFoundation^® Balanced Fund	Institutional Class	200

Empower SecureFoundation^® Balanced Fund	Investor Class	190

Empower SecureFoundation^® Balanced Fund	Service Class	80

Empower SecureFoundation^® Balanced Fund	Class L	140

Empower Short Duration Bond Fund	Institutional Class	175

Empower Short Duration Bond Fund	Investor Class	40

Empower Small Cap Growth Fund	Institutional Class	60

Empower Small Cap Growth Fund	Investor Class	15

Empower Small Cap Value Fund	Institutional Class	250

Empower Small Cap Value Fund	Investor Class	65

Empower T. Rowe Price Mid Cap Growth Fund	Institutional Class	690

Empower T. Rowe Price Mid Cap Growth Fund	Investor Class	125

Empower U.S. Government Securities Fund	Institutional Class	165

Empower U.S. Government Securities Fund	Investor Class	200



Unclassified Capital Stock:		4,450



Total:		30,000



Current Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Aggressive Profile Fund	Institutional Class	85

Empower Aggressive Profile Fund	Investor Class	480

Empower Ariel Mid Cap Value Fund	Institutional Class	30

Empower Ariel Mid Cap Value Fund	Investor Class	400

Empower Bond Index Fund	Institutional Class	530

Empower Bond Index Fund	Investor Class	900

Empower Conservative Profile Fund	Institutional Class	30

Empower Conservative Profile Fund	Investor Class	800

Empower Conservative Profile Fund	Class L	120

Empower Core Bond Fund	Institutional Class	260

Empower Core Bond Fund	Investor Class	40

Empower Core Strategies: Flexible Bond Fund	Institutional Class	15

Empower Core Strategies: Flexible Bond Fund	Investor Class	1,080

Empower Core Strategies: Inflation-Protected Securities Fund	Institutional Class	20

Empower Core Strategies: Inflation-Protected Securities Fund	Investor Class	500

Empower Core Strategies: International Equity Fund	Institutional Class	25

Empower Core Strategies: International Equity Fund	Investor Class	299

Empower Core Strategies: U.S. Equity Fund	Institutional Class	25

Empower Core Strategies: U.S. Equity Fund	Investor Class	300

Empower Emerging Markets Equity Fund	Institutional Class	230

Empower Emerging Markets Equity Fund	Investor Class	235

Empower Global Bond Fund	Institutional Class	330

Empower Global Bond Fund	Investor Class	35

Empower Government Money Market Fund	Institutional Class	1,600

Empower Government Money Market Fund	Investor Class	1,784

Empower High Yield Bond Fund	Institutional Class	170

Empower High Yield Bond Fund	Investor Class	210

Empower Inflation-Protected Securities Fund	Institutional Class	250

Empower Inflation-Protected Securities Fund	Investor Class	30

Empower International Growth Fund	Institutional Class	250

Empower International Growth Fund	Investor Class	20

Empower International Index Fund	Institutional Class	350

Empower International Index Fund	Investor Class	385



Current Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower International Value Fund	Institutional Class	560

Empower International Value Fund	Investor Class	350

Empower Large Cap Growth Fund	Institutional Class	400

Empower Large Cap Growth Fund	Investor Class	350

Empower Large Cap Value Fund	Institutional Class	700

Empower Large Cap Value Fund	Investor Class	130

Empower Large Cap Value Fund	Investor II Class	105

Empower Lifetime 2015 Fund	Institutional Class	80

Empower Lifetime 2015 Fund	Investor Class	230

Empower Lifetime 2015 Fund	Service Class	120

Empower Lifetime 2020 Fund	Institutional Class	22

Empower Lifetime 2020 Fund	Investor Class	210

Empower Lifetime 2020 Fund	Service Class	25

Empower Lifetime 2025 Fund	Institutional Class	180

Empower Lifetime 2025 Fund	Investor Class	250

Empower Lifetime 2025 Fund	Service Class	235

Empower Lifetime 2030 Fund	Institutional Class	75

Empower Lifetime 2030 Fund	Investor Class	205

Empower Lifetime 2030 Fund	Service Class	20

Empower Lifetime 2035 Fund	Institutional Class	190

Empower Lifetime 2035 Fund	Investor Class	220

Empower Lifetime 2035 Fund	Service Class	280

Empower Lifetime 2040 Fund	Institutional Class	70

Empower Lifetime 2040 Fund	Investor Class	140

Empower Lifetime 2040 Fund	Service Class	35

Empower Lifetime 2045 Fund	Institutional Class	160

Empower Lifetime 2045 Fund	Investor Class	135

Empower Lifetime 2045 Fund	Service Class	170

Empower Lifetime 2050 Fund	Institutional Class	65

Empower Lifetime 2050 Fund	Investor Class	115

Empower Lifetime 2050 Fund	Service Class	35

Empower Lifetime 2055 Fund	Institutional Class	105

Empower Lifetime 2055 Fund	Investor Class	35

Empower Lifetime 2055 Fund	Service Class	105

Empower Lifetime 2060 Fund	Institutional Class	10



Current Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower Lifetime 2060 Fund	Investor Class	35

Empower Lifetime 2060 Fund	Service Class	35

Empower Mid Cap Value Fund	Institutional Class	350

Empower Mid Cap Value Fund	Investor Class	120

Empower Moderate Profile Fund	Institutional Class	85

Empower Moderate Profile Fund	Investor Class	1,050

Empower Moderate Profile Fund	Class L	130

Empower Moderately Aggressive Profile Fund	Institutional Class	75

Empower Moderately Aggressive Profile Fund	Investor Class	570

Empower Moderately Conservative Profile Fund	Institutional Class	60

Empower Moderately Conservative Profile Fund	Investor Class	380

Empower Moderately Conservative Profile Fund	Class L	70

Empower Multi-Sector Bond Fund	Institutional Class	295

Empower Multi-Sector Bond Fund	Investor Class	200

Empower Real Estate Index Fund	Institutional Class	200

Empower Real Estate Index Fund	Investor Class	185

Empower S&P 500^® Index Fund	Institutional Class	650

Empower S&P 500^® Index Fund	Investor Class	550

Empower S&P Mid Cap 400^® Index Fund	Institutional Class	300

Empower S&P Mid Cap 400^® Index Fund	Investor Class	250

Empower S&P Mid Cap 400^® Index Fund	Class L	60

Empower S&P Small Cap 600^® Index Fund	Institutional Class	300

Empower S&P Small Cap 600^® Index Fund	Investor Class	240

Empower S&P Small Cap 600^® Index Fund	Class L	10

Empower SecureFoundation^® Balanced ETF Fund	Class A	20

Empower SecureFoundation^® Balanced Fund	Institutional Class	200

Empower SecureFoundation^® Balanced Fund	Investor Class	190

Empower SecureFoundation^® Balanced Fund	Service Class	80

Empower SecureFoundation^® Balanced Fund	Class L	140

Empower Short Duration Bond Fund	Institutional Class	175

Empower Short Duration Bond Fund	Investor Class	40

Empower Small Cap Growth Fund	Institutional Class	60

Empower Small Cap Growth Fund	Investor Class	15

Empower Small Cap Value Fund	Institutional Class	250

Empower Small Cap Value Fund	Investor Class	65



Current Classification of Shares

Series/Portfolio	Class	Authorized Shares (expressed in millions)

Empower T. Rowe Price Mid Cap Growth Fund	Institutional Class	690

Empower T. Rowe Price Mid Cap Growth Fund	Investor Class	125

Empower U.S. Government Securities Fund	Institutional Class	165

Empower U.S. Government Securities Fund	Investor Class	200



Unclassified Capital Stock:		3,450



Total:		30,000

FOURTH: The Corporation is registered as an open-end company under the Investment Company Act of 1940.

FIFTH: These Articles Supplementary shall be effective on December 22, 2023.

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EMPOWER FUNDS, INC.

By:		/s/ Jonathan Kreider
Name:		Jonathan Kreider
Title:		President & Chief Executive Officer


ATTEST:

By:		/s/ Ryan L. Logsdon
Name:		Ryan L. Logsdon
Title:		Chief Legal Officer & Secretary



Previously Classified Shares (expressed in millions)		Re-Classified Shares (expressed in millions)

Empower Aggressive Profile Fund Investor Class - 430		Empower Aggressive Profile Fund Investor Class - 480

Empower Bond Index Fund Investor Class - 600		Empower Bond Index Fund Investor Class - 900

Empower Bond Index Fund Institutional Class - 430		Empower Bond Index Fund Institutional Class - 530

Empower Core Bond Fund Institutional Class - 210		Empower Core Bond Fund Institutional Class - 260

Empower Core Strategies: Flexible Bond Fund Investor Class - 780		Empower Core Strategies: Flexible Bond Fund Investor Class - 1080

Empower Core Strategies: U.S. Equity Fund Investor Class - 200		Empower Core Strategies: U.S. Equity Fund Investor Class - 300

Empower Emerging Markets Equity Fund Investor Class - 185		Empower Emerging Markets Equity Fund Investor Class - 235

Empower Emerging Markets Equity Fund Institutional Class - 180		Empower Emerging Markets Equity Fund Institutional Class - 230

Empower Global Bond Fund Institutional Class - 280		Empower Global Bond Fund Institutional Class - 330

Empower Government Money Market Fund Institutional Class - 1200		Empower Government Money Market Fund Institutional Class - 1300

Empower High Yield Bond Fund Investor Class - 160		Empower High Yield Bond Fund Investor Class - 210

Empower International Growth Fund Institutional Class - 200		Empower International Growth Fund Institutional Class - 250

Empower International Index Fund Investor Class - 285		Empower International Index Fund Investor Class - 385

Empower International Index Fund Institutional Class - 300		Empower International Index Fund Institutional Class - 350

Empower International Value Fund Investor Class - 200		Empower International Value Fund Investor Class - 350

Empower International Value Fund Institutional Class - 460		Empower International Value Fund Institutional Class - 560

Empower Large Cap Growth Fund Investor Class - 200		Empower Large Cap Growth Fund Investor Class - 250

Empower Large Cap Growth Fund Institutional Class - 300		Empower Large Cap Growth Fund Institutional Class - 400

Empower Large Cap Value Fund Investor Class - 80		Empower Large Cap Value Fund Investor Class - 130

Empower Large Cap Value Fund Investor II Class - 55		Empower Large Cap Value Fund Investor II Class - 105

Empower Large Cap Value Fund Institutional Class - 600		Empower Large Cap Value Fund Institutional Class - 700

Empower Lifetime 2015 Fund Institutional Class - 30		Empower Lifetime 2015 Fund Institutional Class - 80

Empower Lifetime 2025 Fund Institutional Class - 130		Empower Lifetime 2025 Fund Institutional Class - 180



Previously Classified Shares (expressed in millions)		Re-Classified Shares (expressed in millions)

Empower Lifetime 2035 Fund Service Class - 230		Empower Lifetime 2035 Fund Service Class - 280

Empower Lifetime 2035 Fund Institutional Class - 140		Empower Lifetime 2035 Fund Institutional Class - 190

Empower Lifetime 2040 Fund Institutional Class - 20		Empower Lifetime 2040 Fund Institutional Class - 70

Empower Lifetime 2045 Fund Institutional Class - 110		Empower Lifetime 2045 Fund Institutional Class - 160

Empower Lifetime 2050 Fund Investor Class - 65		Empower Lifetime 2050 Fund Investor Class - 115

Empower Lifetime 2050 Fund Institutional Class - 15		Empower Lifetime 2050 Fund Institutional Class - 65

Empower Moderate Profile Fund Investor Class - 950		Empower Moderate Profile Fund Investor Class - 1050

Empower Moderately Aggressive Profile Fund Investor Class - 470		Empower Moderately Aggressive Profile Fund Investor Class - 570

Empower Real Estate Index Fund Investor Class - 135		Empower Real Estate Index Fund Investor Class - 185

Empower S&P 500^® Index Fund Investor Class - 500		Empower S&P 500^® Index Fund Investor Class - 550

Empower S&P 500^® Index Fund Institutional Class - 550		Empower S&P 500^® Index Fund Institutional Class - 650

Empower S&P Mid Cap 400^® Index Fund Investor Class - 200		Empower S&P Mid Cap 400^® Index Fund Investor Class - 250

Empower S&P Mid Cap 400^® Index Fund Class L - 10		Empower S&P Mid Cap 400^® Index Fund Class L - 60

Empower S&P Mid Cap 400^® Index Fund Institutional Class - 250		Empower S&P Mid Cap 400^® Index Fund Institutional Class - 300

Empower S&P Small Cap 600^® Index Fund Institutional Class - 200		Empower S&P Small Cap 600^® Index Fund Institutional Class - 300

Empower SecureFoundation^® Balanced Fund Service Class - 30		Empower SecureFoundation^® Balanced Fund Service Class - 80

Empower SecureFoundation^® Balanced Fund Institutional Class - 100		Empower SecureFoundation^® Balanced Fund Institutional Class - 200

Empower Small Cap Value Fund Investor Class - 15		Empower Small Cap Value Fund Investor Class - 65

Empower T. Rowe Price Mid Cap Growth Fund Institutional Class - 540		Empower T. Rowe Price Mid Cap Growth Fund Institutional Class - 690

Empower U.S. Government Securities Fund Investor Class - 150		Empower U.S. Government Securities Fund Investor Class - 200

Empower U.S. Government Securities Fund Institutional Class - 115		Empower U.S. Government Securities Fund Institutional Class - 165