# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-25-287401
**Filing Date:** 2025-11
**Character Count:** 606137
**Document Hash:** 712326e426ca226371bedb1595c550a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-287401.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001193125-25-287401

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMPOWER FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000356476

**ORGANIZATION NAME:**
- **EIN:** 840876044
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 251497447

**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 International Index Fund (Series ID: S000030871)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000095750 | Investor Class      | MXINX           |
| C000155807 | Institutional Class | MXPBX           |

## Nport-Ex

#### EMPOWER FUNDS, INC.<br> ("Empower Funds")

---

| | |
|:---|:---|
| **Empower Emerging Markets Equity Fund** | &nbsp;&nbsp;&nbsp;**Empower International Growth Fund** |
| **Institutional Class Ticker / MXENX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXHTX** |
| **Investor Class Ticker / MXEOX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXIGX** |
| **Empower International Index Fund** | &nbsp;&nbsp;&nbsp;**Empower International Value Fund** |
| **Institutional Class Ticker / MXPBX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXJVX** |
| **Investor Class Ticker / MXINX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXIVX** |

---

(the "Fund(s)")

#### Quarterly Holdings Report
<br> September 30, 2025

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

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 4.97% | Basic Materials — 4.97% | Basic Materials — 4.97% |
| $2648000 | Aluminum Corp of China Ltd Class H | &nbsp;&nbsp;&nbsp;$2738902 |
| &nbsp;&nbsp; 10973900 | Aneka Tambang Tbk | &nbsp;&nbsp;&nbsp;&nbsp; 2076199 |
| &nbsp;&nbsp; 70318 | Anglogold Ashanti PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4945465 |
| &nbsp;&nbsp; 97513 | Anji Microelectronics Technology Shanghai Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp; 3135877 |
| &nbsp;&nbsp; 144881 | Archean Chemical Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1124827 |
| &nbsp;&nbsp; 967000 | China Hongqiao Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 3275069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028000 | China Nonferrous Mining Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66558 | Cia de Minas Buenaventura SAA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139000 | Daxin Materials Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | Eternal Materials Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209767 | Gold Fields Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279300 | Grupo Mexico SAB de CV Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300537 | Harmony Gold Mining Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308203 | Hindalco Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33700 | Industrias Penoles SAB de CV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29275 | KGHM Polska Miedz SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14074 | LG Chem Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118900 | Lloyds Metals & Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755146 | National Aluminium Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68027 | Navin Fluorine International Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664000 | Satellite Chemical Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539918 | Vedanta Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29129 | Wheaton Precious Metals Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596967 | Yunnan Aluminium Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161503 | Zijin Gold International Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218000 | Zijin Mining Group Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13454528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82236440 |
| Communications — 19.13% | Communications — 19.13% | Communications — 19.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | Accton Technology Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9786483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302700 | Advanced Info Service PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249200 | Alibaba Group Holding Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72665487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351000 | Arcadyan Technology Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62240 | Bilibili Inc Class Z<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80782 | Cartrade Tech Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497986 | Eternal Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9170446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372012 | Etihad Etisalat Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700819 |
| &nbsp;&nbsp;237334800 | GoTo Gojek Tokopedia Tbk PT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | Hithink RoyalFlush Information Network Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278048 | Indus Towers Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934696 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| $178675 | Info Edge India Ltd | &nbsp;&nbsp;&nbsp;$2636034 |
| &nbsp;&nbsp; 399009 | JD.com Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 6990842 |
| &nbsp;&nbsp; 25508 | Kakao Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1086103 |
| &nbsp;&nbsp; 125364 | Kanzhun Ltd ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2928503 |
| &nbsp;&nbsp; 599600 | Kuaishou Technology<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6485190 |
| &nbsp;&nbsp; 362389 | Magyar Telekom Telecommunications PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1935448 |
| &nbsp;&nbsp; 34796 | MakeMyTrip Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3256906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830500 | Meitu Inc<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675410 | Meituan Class B<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9022646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | MercadoLibre Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6491 | Naspers Ltd Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14531 | NCSoft Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74190 | PDD Holdings Inc ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9805692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127153 | Saudi Telecom Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11319 | Sea Ltd ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319100 | Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8434100 | Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651621 | Telkom SA SOC Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223000 | Tencent Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104211343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288908 | Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6743113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59879 | Trip.com Group Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5124600 | True Corp PCL NVDR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102196 | Vipshop Holdings Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2749200 | Xiaomi Corp Class B<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19106796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316898353 |
| Consumer, Cyclical — 8.29% | Consumer, Cyclical — 8.29% | Consumer, Cyclical — 8.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972000 | Alibaba Health Information Technology Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315800 | ANTA Sports Products Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40182 | Atour Lifestyle Holdings Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100364 | Beijing Roborock Technology Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606500 | BYD Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8572682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123023 | Clicks Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208117 | Contemporary Amperex Technology Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11803030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272 | Force Motors Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805211 | Ford Otomotiv Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276400 | Fuyao Glass Industry Group Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005000 | Geely Automobile Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120605 | H World Group Ltd ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835600 | Haier Smart Home Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49749 | Hero MotoCorp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11952 | Hyundai Mobis Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164751 | Hyundai Motor India Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4793216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165250 | JD Health International Inc<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480760 | Jollibee Foods Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86236 | JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7088 | JYP Entertainment Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378068 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| $124145 | Kia Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$8910743 |
| &nbsp;&nbsp; 54649722 | Latam Airlines Group SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1241557 |
| &nbsp;&nbsp; 39699 | LG Electronics Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2141405 |
| &nbsp;&nbsp; 56083 | Li Auto Inc ADR<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1421143 |
| &nbsp;&nbsp;&nbsp; 1032200 | Loncin Motor Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1747313 |
| &nbsp;&nbsp; 35220000 | Map Aktif Adiperkasa PT | &nbsp;&nbsp;&nbsp;&nbsp; 1141964 |
| &nbsp;&nbsp;&nbsp; 1228500 | Marcopolo SA | &nbsp;&nbsp;&nbsp;&nbsp; 2045096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222000 | Merida Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478400 | Midea Group Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4892180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | Nien Made Enterprise Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850200 | Nusantara Sejahtera Raya Tbk PT<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130417 | OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254000 | Pop Mart International Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8699967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444000 | President Chain Store Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877000 | Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160400 | Shenzhou International Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577800 | Sime Darby Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115008 | Tata Motors Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8543907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224955 | Turk Hava Yollari AO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84704 | TVS Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187328 | Wal-Mart de Mexico SAB de CV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425000 | Weichai Power Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734700 | Yutong Bus Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463394 | Zabka Group SA<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137355169 |
| Consumer, Non-Cyclical — 8.09% | Consumer, Non-Cyclical — 8.09% | Consumer, Non-Cyclical — 8.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325300 | 99 Speed Mart Retail Holdings Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76179 | Acutaas Chemicals Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174041 | Adani Ports & Special Economic Zone Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46472 | Ajanta Pharma Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386800 | Alfa SAB de CV Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18548 | Alkem Laboratories Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350469 | Almarai Co JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4701335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404 | Alteogen Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51823 | Apollo Hospitals Enterprise Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309582 | Arca Continental SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859700 | Bangkok Dusit Medical Services PCL Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908100 | Bangkok Dusit Medical Services PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11947 | BeOne Medicines Ltd ADR<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79007 | Bid Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52487 | Britannia Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3541548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261800 | Charoen Pokphand Foods PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904000 | China Resources Beer Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260739 | Cipla Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8479 | CJ CheilJedang Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394398 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $270315 | Dino Polska SA<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;$3258278 |
| &nbsp;&nbsp; 16038 | Gillette India Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1711936 |
| &nbsp;&nbsp; 386000 | Hengan International Group Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1258638 |
| &nbsp;&nbsp;&nbsp; 3384800 | Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp; 1468639 |
| &nbsp;&nbsp; 226500 | Innovent Biologics Inc<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2820181 |
| &nbsp;&nbsp; 856130 | International Container Terminal Services Inc | &nbsp;&nbsp;&nbsp;&nbsp; 6943138 |
| &nbsp;&nbsp; 442400 | Jiangsu Hengrui Pharmaceuticals Co Ltd Class H<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5018945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918100 | KPJ Healthcare Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | Kweichow Moutai Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188460 | Lupin Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144400 | Mao Geping Cosmetics Co Ltd Class H<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212681 | Marico Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671428 |
| &nbsp;&nbsp;&nbsp;&nbsp;17789700 | Monde Nissin Corp<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181812 | SAI Life Sciences Ltd<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5673 | Samsung Biologics Co Ltd<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81150 | Shenzhen Mindray Bio Medical Electronics Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952600 | Star Lake Bioscience Co Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085297 |
| &nbsp;&nbsp;&nbsp;&nbsp;10557700 | Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621206 | Sun Pharmaceutical Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11182865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435557 | Tata Consumer Products Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108757 | Tiger Brands Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218308 | Torrent Pharmaceuticals Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639000 | Uni-President China Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537100 | Westports Holdings Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307000 | Wuxi Biologics Cayman Inc<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601004 | Zhejiang NHU Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133992544 |
| Diversified — 0.08% | Diversified — 0.08% | Diversified — 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856000 | CITIC Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253798 |
| Energy — 2.34% | Energy — 2.34% | Energy — 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591000 | Adaro Andalan Indonesia PT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915402 | ADNOC Drilling Co PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072459 | ADNOC Gas PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299709 | Bharat Petroleum Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044818 | Gulf International Services QSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41711 | HD Hyundai Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363735 | Hindustan Petroleum Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661300 | Indian Oil Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116838 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| $89412 | ORLEN SA | &nbsp;&nbsp;&nbsp;$2130409 |
| &nbsp;&nbsp;&nbsp; 1466000 | PetroChina Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp; 1329025 |
| &nbsp;&nbsp; 362407 | Petroleo Brasileiro SA Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp; 4588073 |
| &nbsp;&nbsp;&nbsp; 1339600 | PTT Exploration & Production PCL | &nbsp;&nbsp;&nbsp;&nbsp; 4743759 |
| &nbsp;&nbsp; 379036 | Reliance Industries Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5821920 |
| &nbsp;&nbsp; 239459 | Saudi Arabian Oil Co<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1572296 |
| &nbsp;&nbsp; 34277 | WAAREE Energies Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1283682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38683259 |
| Financial — 22.82% | Financial — 22.82% | Financial — 22.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137126 | 360 ONE WAM Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768733 | Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767922 | Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4588000 | Agricultural Bank of China Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220956 | Al Rajhi Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6313865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540516 | Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910421 | Alpha Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3872078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028656 | Axis Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13104508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984776 | Bajaj Finance Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616800 | Banco del Bajio SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227000 | Bangkok Bank PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5603950 |
| &nbsp;&nbsp;&nbsp;&nbsp;13708500 | Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507828 | Bank of Baroda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4390529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7371000 | Bank of China Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4029040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241500 | Bank of Hangzhou Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492940 | Bank of Ningbo Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535692 | Bank of Shanghai Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75013 | Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615127 |
| &nbsp;&nbsp;&nbsp;&nbsp;18874300 | Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953544 | BDO Unibank Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177423 |
| &nbsp;&nbsp;&nbsp;&nbsp;24461400 | BFI Finance Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206300 | BOC Aviation Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781232 | Canara Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20328 | Capitec Bank Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439000 | China Construction Bank Corp Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303000 | China Life Insurance Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845500 | China Merchants Bank Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11045273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679600 | China Pacific Insurance Group Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7837000 | Chongqing Rural Commercial Bank Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6047295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380500 | CIMB Group Holdings Bhd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4159558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124531 | Co for Cooperative Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624655 | Commercial International Bank GDR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054351 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $85736 | Computer Age Management Services Ltd | &nbsp;&nbsp;&nbsp;$3629937 |
| &nbsp;&nbsp; 26513 | Credicorp Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 7059882 |
| &nbsp;&nbsp; 555624 | Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp; 2036023 |
| &nbsp;&nbsp;&nbsp; 1347942 | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp; 4789111 |
| &nbsp;&nbsp; 236833 | FinVolution Group ADR | &nbsp;&nbsp;&nbsp;&nbsp; 1745459 |
| &nbsp;&nbsp; 145125 | Five-Star Business Finance Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 876229 |
| &nbsp;&nbsp;&nbsp; 1935200 | Gentera SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp; 5037321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164959 | Godrej Properties Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398200 | Grupo Financiero Inbursa SAB de CV Class O<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113050 | Hana Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7028878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174763 | HDFC Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12589590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172300 | Huaxia Bank Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817290 | ICICI Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12386233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734000 | Industrial & Commercial Bank of China Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165233 | Investec Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661620 | Itau Unibanco Holding SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154500 | JF SmartInvest Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934671 | Jiangsu Changshu Rural Commercial Bank Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217780 | JSE Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601544 | Karur Vysya Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148451 | KB Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12252537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180683 | KE Holdings Inc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13255 | KIWOOM Securities Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261766 | LexinFintech Holdings Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459162 | LIC Housing Finance Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2919387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244094 | Life Insurance Corp of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532669 | Manappuram Finance Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28230 | Meritz Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953850 | Metropolitan Bank & Trust Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258270 | Mirae Asset Securities Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361402 | National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5262549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581700 | New China Life Insurance Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101506 | Nova Ljubljanska Banka dd GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618600 | NU Holdings Ltd Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9903786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113400 | Oberoi Realty Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5710032 | Old Mutual Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90040 | OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7788761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865000 | People's Insurance Co Group of China Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272000 | PICC Property & Casualty Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9637007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562000 | Ping An Insurance Group Co of China Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17429515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622818 | Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5290369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480354 | Power Finance Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549172 | Prologis Property Mexico SA de CV REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66892 | Qfin Holdings Inc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925152 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $132099 | Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;$1130323 |
| &nbsp;&nbsp; 580997 | Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp; 6069933 |
| &nbsp;&nbsp; 232972 | SBI Life Insurance Co Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4700918 |
| &nbsp;&nbsp;&nbsp; 3471296 | South Indian Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1130872 |
| &nbsp;&nbsp;&nbsp; 2199800 | SP Setia Bhd Group | &nbsp;&nbsp;&nbsp;&nbsp; 539140 |
| &nbsp;&nbsp;&nbsp; 1456500 | Srisawad Corp PCL | &nbsp;&nbsp;&nbsp;&nbsp; 1347218 |
| &nbsp;&nbsp;&nbsp; 1050824 | State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp; 10315647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | Sunshine Insurance Group Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491065 |
| &nbsp;&nbsp;&nbsp;&nbsp;38422600 | TMBThanachart Bank PCL<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317225 | Union Bank of India Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522489 | Woori Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9676055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317769 | Yes Bank Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378107764 |
| Industrial — 8.35% | Industrial — 8.35% | Industrial — 8.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45343 | Amber Enterprises India Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730691 | Aselsan Elektronik Sanayi Ve Ticaret AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381700 | Bharat Electronics Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267552 | Cemex SAB de CV Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240700 | China Tower Corp Ltd Class H<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231000 | Compeq Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176000 | CyberPower Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147000 | Delta Electronics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32311112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630300 | Delta Electronics Thailand PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | E Ink Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117480 | Electrical Industries Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | Elite Material Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289000 | Evergreen Marine Corp Taiwan Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | Genius Electronic Optical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111634 | Grasim Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75356 | Han Kuk Carbon Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | Hanwha Aerospace Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9331 | HD Hyundai Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6771 | HD Hyundai Heavy Industries Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | HD Hyundai Marine Solution Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20560 | HD Korea Shipbuilding & Offshore Engineering Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6024483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36504 | Hindustan Aeronautics Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214000 | Hon Hai Precision Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33811 | Hyundai Rotem Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5285366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63811 | IsuPetasys Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731500 | JD Logistics Inc<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | Jentech Precision Industrial Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3908857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236781 | Jiangsu Hengli Hydraulic Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195845 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $567866 | Jindal Saw Ltd | &nbsp;&nbsp;&nbsp;$1297911 |
| &nbsp;&nbsp; 16637 | JK Cement Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1180076 |
| &nbsp;&nbsp;&nbsp; 4635 | LIG Nex1 Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1702150 |
| &nbsp;&nbsp; 111000 | Lotes Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 5673893 |
| &nbsp;&nbsp; 791600 | Nanofilm Technologies International Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 473363 |
| &nbsp;&nbsp; 102427 | Samsung Heavy Industries Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1599663 |
| &nbsp;&nbsp; 11601 | Solar Industries India Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1742567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473000 | Sunonwealth Electric Machine Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409800 | Sunway Construction Group Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218598 | Suzlon Energy Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146500 | Techtronic Industries Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39186 | Titan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395734 | Wiselink Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95450 | Yankey Engineering Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607000 | Zhen Ding Technology Holding Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138348420 |
| Technology — 22.97% | Technology — 22.97% | Technology — 22.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826000 | ASE Technology Holding Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101000 | Asia Vital Components Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28174 | Asseco Poland SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151000 | Asustek Computer Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86869 | Bizlink Holding Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | Chunghwa Precision Test Tech Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153756 | Coforge Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11297 | Elm Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | Global Unichip Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252553 | HCL Technologies Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811324 | Infosys Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13195767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171000 | International Games System Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529800 | Kingsoft Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | MediaTek Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22985968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161999 | Montage Technology Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63195 | NAURA Technology Group Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599800 | NetEase Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18217343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61291 | Netweb Technologies India Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80979 | Rasan Information Technology Co<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | Realtek Semiconductor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7603483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | Rockchip Electronics Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018008 | Samsung Electronics Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61029916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157800 | Shanghai Amarsoft Information & Technology Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16567 | Silicon Motion Technology Corp ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123685 | SK Hynix Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30661264 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $3951000 | Taiwan Semiconductor Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;$171622854 |
| &nbsp;&nbsp; 179400 | TOTVS SA | &nbsp;&nbsp;&nbsp;&nbsp; 1538750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380566056 |
| Utilities — 1.64% | Utilities — 1.64% | Utilities — 1.64% |
| &nbsp;&nbsp; 590500 | Cia De Sanena Do Parana | &nbsp;&nbsp;&nbsp;&nbsp; 4102906 |
| &nbsp;&nbsp;&nbsp; 3002000 | Huaneng Power International Inc Class H | &nbsp;&nbsp;&nbsp;&nbsp; 2089654 |
| &nbsp;&nbsp; 271079 | Korea Electric Power Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6994047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280128 | Nava Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353125 | PGE Polska Grupa Energetyczna SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788045 | Saudi Electricity Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007831 | Tauron Polska Energia SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721400 | Tenaga Nasional Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27224252 |
| **TOTAL COMMON STOCK — 98.68%<br> (Cost $1,228,248,898)** | **TOTAL COMMON STOCK — 98.68%<br> (Cost $1,228,248,898)** | &nbsp;&nbsp;&nbsp;**$1634666055** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Consumer, Cyclical — 0.00%<sup>(d)</sup> | Consumer, Cyclical — 0.00%<sup>(d)</sup> | Consumer, Cyclical — 0.00%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344804 | TVS Motor Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38834 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — 0.80% | Financial — 0.80% | Financial — 0.80% |
| $3984700 | Banco Bradesco SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$13266736 |
| **TOTAL PREFERRED STOCK — 0.80%<br> (Cost $11,612,485)** | **TOTAL PREFERRED STOCK — 0.80%<br> (Cost $11,612,485)** | &nbsp;&nbsp;&nbsp;&nbsp;**$13305570** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;20988213 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(e)</sup>, 4.09%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20988213 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.27%<br> (Cost $20,988,213)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.27%<br> (Cost $20,988,213)** | &nbsp;&nbsp;&nbsp;&nbsp;**$20988213** |
| **TOTAL INVESTMENTS — 100.75%<br> (Cost $1,260,849,596)** | **TOTAL INVESTMENTS — 100.75%<br> (Cost $1,260,849,596)** | &nbsp;&nbsp;&nbsp;**$1668959838** |
| **OTHER ASSETS & LIABILITIES, NET — (0.75)%** | **OTHER ASSETS & LIABILITIES, NET — (0.75)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(12342238)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1656617600** |

---

<sup>(a)</sup> All or a portion of the security is on loan as of September 30, 2025.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the aggregate fair value of 144A securities was $68,200,732, representing 4.12% of net assets.

<sup>(d)</sup> Represents less than 0.005% of net assets.

<sup>(e)</sup> Collateral received for securities on loan.

<sup>(f)</sup> Rate shown is the 7-day yield as of September 30, 2025.

<sup>ADR</sup> American Depositary Receipt

<sup>GDR</sup> Global Depositary Receipt

<sup>NVDR</sup> Non-Voting Depository Receipt

<sup>REIT</sup> Real Estate Investment Trust

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

Summary of Investments by Country as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Country** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Fund Investments** |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$421762107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27% |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311873720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.69 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266860692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195246100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85921024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46782720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45361704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36328421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27844061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25058556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24884088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22026794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20425821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20365758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18372538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14472283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14045012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9805692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9724209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8679238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7412143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Slovenia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1668959838** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 2.42% | Basic Materials — 2.42% | Basic Materials — 2.42% |
| $52459 | Air Liquide SA | &nbsp;&nbsp;&nbsp;$10930212 |
| &nbsp;&nbsp; 81131 | Novonesis Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4993129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15923341 |
| Communications — 6.09% | Communications — 6.09% | Communications — 6.09% |
| &nbsp;&nbsp; 413000 | M3 Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6685772 |
| &nbsp;&nbsp; 54482 | Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3852709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73163 | Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22039 | Sea Ltd ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939030 |
| &nbsp;&nbsp;1050297 | Telstra Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348475 |
| &nbsp;&nbsp;&nbsp;&nbsp;152500 | Tencent Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12994465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39999316 |
| Consumer, Cyclical — 18.34% | Consumer, Cyclical — 18.34% | Consumer, Cyclical — 18.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43560 | Cie Financiere Richemont SA Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362057 |
| &nbsp;&nbsp;&nbsp;&nbsp;338673 | Clicks Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911518 |
| &nbsp;&nbsp;&nbsp;&nbsp;176315 | Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46700 | Cosmos Pharmaceutical Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33192 | Dollarama Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32949 | IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415089 |
| &nbsp;&nbsp;&nbsp;&nbsp;197084 | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10907417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89598 | InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10830913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11406 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7019060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14190 | Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75700 | Nintendo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6549507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7751 | Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96776 | Ryanair Holdings PLC Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | Sanrio Co Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689843 |
| &nbsp;&nbsp;&nbsp;&nbsp;479300 | Sony Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13778294 |
| &nbsp;&nbsp;&nbsp;&nbsp;205900 | Suzuki Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997674 |
| &nbsp;&nbsp;&nbsp;&nbsp;183500 | Toei Animation Co Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64922 | Toromont Industries Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7208269 |
| &nbsp;&nbsp;&nbsp;&nbsp;204836 | Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5919258 |
| &nbsp;&nbsp;&nbsp;&nbsp;133776 | Volvo AB Class B<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;120453003 |
| Consumer, Non-Cyclical — 18.39% | Consumer, Non-Cyclical — 18.39% | Consumer, Non-Cyclical — 18.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;136200 | Ajinomoto Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760 | Argenx SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64394 | AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9863464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42477 | Coloplast A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661097 |
| &nbsp;&nbsp;&nbsp;&nbsp;314392 | Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7520552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45347 | EssilorLuxottica SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14772001 |
| &nbsp;&nbsp;&nbsp;&nbsp;147851 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424139 |
| &nbsp;&nbsp;&nbsp;&nbsp;801307 | Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39641 | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104256 |
| &nbsp;&nbsp;&nbsp;&nbsp;114300 | Kao Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6692 | Lonza Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474528 |
| &nbsp;&nbsp;&nbsp;&nbsp;109401 | Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6091630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33314 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279793 |
| &nbsp;&nbsp;&nbsp;&nbsp;205300 | Recruit Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11037724 |
| &nbsp;&nbsp;&nbsp;&nbsp;349529 | RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16727059 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $245100 | Terumo Corp | &nbsp;&nbsp;&nbsp;$4043298 |
| &nbsp;&nbsp; 132006 | Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7840709 |
| &nbsp;&nbsp; 36109 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4928890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;120777076 |
| Financial — 16.02% | Financial — 16.02% | Financial — 16.02% |
| &nbsp;&nbsp; 113777 | 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6270191 |
| &nbsp;&nbsp; 603800 | AIA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5786798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25003 | Aon PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8915570 |
| &nbsp;&nbsp;&nbsp;&nbsp;259735 | Computershare Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240349 |
| &nbsp;&nbsp;&nbsp;&nbsp;169910 | DBS Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6738258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16355 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379737 |
| &nbsp;&nbsp;&nbsp;&nbsp;203055 | Gjensidige Forsikring ASA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5967111 |
| &nbsp;&nbsp;&nbsp;&nbsp;254205 | HDFC Bank Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8683643 |
| &nbsp;&nbsp;&nbsp;&nbsp;251400 | Hong Kong Exchanges & Clearing Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14272118 |
| &nbsp;&nbsp;&nbsp;&nbsp;110389 | London Stock Exchange Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12656777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6733 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298860 |
| &nbsp;&nbsp;&nbsp;&nbsp;378426 | NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867 | Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8984856 |
| &nbsp;&nbsp;&nbsp;&nbsp;220253 | QBE Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997258 |
| &nbsp;&nbsp;&nbsp;&nbsp;104800 | Rakuten Bank Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5849875 |
| &nbsp;&nbsp;&nbsp;&nbsp;479300 | Sony Financial Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;105244861 |
| Industrial — 21.43% | Industrial — 21.43% | Industrial — 21.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;243664 | Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8481428 |
| &nbsp;&nbsp;&nbsp;&nbsp;251134 | Atlas Copco AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258726 |
| &nbsp;&nbsp;&nbsp;&nbsp;363100 | Azbil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3442778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19993 | Bilfinger SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84058 | Diploma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6010878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23277 | DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86326 | Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958602 |
| &nbsp;&nbsp;&nbsp;&nbsp;237257 | Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11038089 |
| &nbsp;&nbsp;&nbsp;&nbsp;564093 | Hexagon AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6731408 |
| &nbsp;&nbsp;&nbsp;&nbsp;286600 | Hitachi Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45700 | Hoya Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6318955 |
| &nbsp;&nbsp;&nbsp;&nbsp;298900 | IHI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5566796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | Keyence Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37211 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6183038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | Lotes Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48364 | Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4813271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226898 |
| &nbsp;&nbsp;&nbsp;&nbsp;632833 | Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10168046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43396 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15399943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15362 | Sartorius AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32254 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9078628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7031 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41319 | SPIE SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11048 | VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;140742232 |
| Technology — 14.60% | Technology — 14.60% | Technology — 14.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25246 | Accenture PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225664 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $48500 | Advantest Corp | &nbsp;&nbsp;&nbsp;$4798724 |
| &nbsp;&nbsp; 22423 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp; 21866683 |
| &nbsp;&nbsp; 36143 | Check Point Software Technologies Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7478348 |
| &nbsp;&nbsp; 112192 | Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5023478 |
| &nbsp;&nbsp; 82400 | Obic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2871920 |
| &nbsp;&nbsp; 271513 | Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4025928 |
| &nbsp;&nbsp; 57075 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp; 15282859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77229 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21569288 |
| &nbsp;&nbsp;&nbsp;&nbsp;787500 | TOTVS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6754544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95897436 |
| Utilities — 0.74% | Utilities — 0.74% | Utilities — 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;206938 | SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852481 |
| **TOTAL COMMON STOCK — 98.03%<br> (Cost $557,738,989)** | **TOTAL COMMON STOCK — 98.03%<br> (Cost $557,738,989)** | &nbsp;&nbsp;&nbsp;**$643889746** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 8684893 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(d)</sup>, 4.09%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$8684893 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.32%<br> (Cost $8,684,893)** | &nbsp;&nbsp;&nbsp;&nbsp;**$8684893** |
| **TOTAL INVESTMENTS — 99.35%<br> (Cost $566,423,882)** | &nbsp;&nbsp;&nbsp;**$652574639** |
| **OTHER ASSETS & LIABILITIES, NET — 0.65%** | &nbsp;&nbsp;&nbsp;&nbsp;**$4254260** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$656828899** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the aggregate fair value of 144A securities was $13,588,867, representing 2.07% of net assets.

<sup>(c)</sup> All or a portion of the security is on loan as of September 30, 2025.

<sup>(d)</sup> Collateral received for securities on loan.

<sup>(e)</sup> Rate shown is the 7-day yield as of September 30, 2025.

<sup>ADR</sup> American Depositary Receipt

Summary of Investments by Country as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Country** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Fund Investments** |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$131369551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.13% |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103628958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.88 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68896453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51562421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48988262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26578671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26231443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23318641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20058917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19477654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19395919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15930894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12994465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12586082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11585692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10677288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8684893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8683643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7478348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6754544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5967111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4813271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$652574639** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 4.73% | Basic Materials — 4.73% | Basic Materials — 4.73% |
| $91077 | Air Liquide SA | &nbsp;&nbsp;&nbsp;$18976552 |
| &nbsp;&nbsp; 25047 | Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp; 1787552 |
| &nbsp;&nbsp; 181649 | Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp; 6847037 |
| &nbsp;&nbsp; 57251 | Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2128386 |
| &nbsp;&nbsp; 72320 | ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp; 2609018 |
| &nbsp;&nbsp;&nbsp; 8854 | Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp; 561416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195400 | Asahi Kasei Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139158 | BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799244 | BHP Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22327042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74937 | BlueScope Steel Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40954 | Boliden AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19022 | Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26885 | Covestro AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27985 | DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | EMS-Chemie Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295305 | Evolution Mining Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44661 | Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253563 | Fortescue Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34232 | Fresnillo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | Givaudan SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5922769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591324 | Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7327971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9885 | Holmen AB Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105397 | ICL Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98300 | JFE Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210200 | Mitsubishi Chemical Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66234 | Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147700 | Nippon Paint Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | Nippon Sanso Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736370 | Nippon Steel Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117400 | Nitto Denko Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233642 | Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202900 | Northern Star Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3168346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52761 | Novonesis Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57921 | Rio Tinto Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177704 | Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11709927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263200 | Shin-Etsu Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8618099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698714 | South32 Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | Sumitomo Metal Mining Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11314 | Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19777 | Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230100 | Toray Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85248 | UPM-Kymmene OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24574 | Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148031782 |
| Communications — 5.19% | Communications — 5.19% | Communications — 5.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145280 | Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901706 | BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55407 | CAR Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33581 | Delivery Hero SE<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549613 | Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18725078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22640 | Elisa OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390919 | Grab Holdings Ltd Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575900 | HKT Trust & HKT Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851480 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| $192058 | Informa PLC | &nbsp;&nbsp;&nbsp;$2378368 |
| &nbsp;&nbsp; 490700 | KDDI Corp | &nbsp;&nbsp;&nbsp;&nbsp; 7825943 |
| &nbsp;&nbsp; 637478 | Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp; 3059610 |
| &nbsp;&nbsp; 425200 | LY Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1364896 |
| &nbsp;&nbsp; 74600 | M3 Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1207648 |
| &nbsp;&nbsp; 39500 | MonotaRO Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 573491 |
| &nbsp;&nbsp; 840674 | Nokia OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4042645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4649200 | NTT Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291122 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91824 | Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206022 | Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14568899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34271 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225400 | Rakuten Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10920 | Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60100 | Sea Ltd ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10741673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158600 | Singapore Telecommunications Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4434900 | SoftBank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6522849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150500 | SoftBank Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18990173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23925 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16699650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3941 | Swisscom AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95564 | Tele2 AB Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491963 | Telecom Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432067 | Telefonaktiebolaget LM Ericsson Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577069 | Telefonica SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92199 | Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406531 | Telia Co AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652286 | Telstra Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | Trend Micro Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131887 | Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | Wix.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161830 | WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67800 | ZOZO Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162512981 |
| Consumer, Cyclical — 12.34% | Consumer, Cyclical — 12.34% | Consumer, Cyclical — 12.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32801 | Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39731 | AddTech AB Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27779 | adidas AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78800 | Aisin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72733 | Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | ANA Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86126 | Aristocrat Leisure Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104900 | Asics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49988 | Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13083 | Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | Bandai Namco Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207611 | Barratt Redrow PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43408 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88800 | Bridgestone Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54804 | Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83710 | Cie Financiere Richemont SA Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16069508 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| $108363 | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;$3902567 |
| &nbsp;&nbsp; 401442 | CK Hutchison Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2637467 |
| &nbsp;&nbsp; 267275 | Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 9106666 |
| &nbsp;&nbsp; 15757 | Continental AG | &nbsp;&nbsp;&nbsp;&nbsp; 1042423 |
| &nbsp;&nbsp;&nbsp; 9281 | CTS Eventim AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp; 911160 |
| &nbsp;&nbsp; 70582 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 2918681 |
| &nbsp;&nbsp; 89100 | Daiwa House Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 3200029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269100 | Denso Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3872803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102503 | Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146 | D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17842 | Dr Ing hc F Porsche AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86769 | Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23843 | Evolution AB<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29800 | Fast Retailing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9050612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16398 | FDJ UNITED<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19925 | Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9658092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336000 | Galaxy Entertainment Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929073 | Genting Singapore Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82247 | H & M Hennes & Mauritz AB Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988 | Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12265726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622100 | Honda Motor Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9190 | IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171949 | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9516345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22281 | InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177929 | International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84800 | Isuzu Motors Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187200 | ITOCHU Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10651380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22100 | Japan Airlines Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406834 | JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12169 | Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262738 | Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374020 | Lottery Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39471 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24289786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | Marubeni Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5489488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51200 | MatsukiyoCocokara & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115987 | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7310681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504600 | Mitsubishi Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12029364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389900 | Mitsui & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9681691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34976 | Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17837 | Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173900 | Nintendo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15045698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333700 | Nissan Motor Co Ltd<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58500 | Nitori Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168200 | Oriental Land Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287000 | Pan Pacific International Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349100 | Panasonic Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12476 | Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23461 | Porsche Automobil Holding SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114725 | Qantas Airways Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614401 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| $28993 | Renault SA | &nbsp;&nbsp;&nbsp;$1192150 |
| &nbsp;&nbsp; 35399 | Rexel SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1165453 |
| &nbsp;&nbsp; 135986 | Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp; 3973851 |
| &nbsp;&nbsp; 80000 | Ryohin Keikaku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1591773 |
| &nbsp;&nbsp; 318946 | Sands China Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 886254 |
| &nbsp;&nbsp; 26400 | Sanrio Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1239218 |
| &nbsp;&nbsp; 56600 | Sekisui Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1053703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98400 | Sekisui House Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30470 | SGH Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | Shimano Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222900 | Singapore Airlines Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13381 | Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968300 | Sony Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27835431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318594 | Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86600 | Subaru Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168600 | Sumitomo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110200 | Sumitomo Electric Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233200 | Suzuki Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258 | Swatch Group AG<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | Toho Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51500 | Tokyo Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400 | Toyota Industries Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492175 | Toyota Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28659409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113500 | Toyota Tsusho Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171551 | Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4957403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249159 | Volvo AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7165216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178678 | Wesfarmers Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10869570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25414 | Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143500 | Yamaha Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38428 | Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 | Zensho Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386575084 |
| Consumer, Non-Cyclical — 20.06% | Consumer, Non-Cyclical — 20.06% | Consumer, Non-Cyclical — 20.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048 | Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347300 | Aeon Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142800 | Ajinomoto Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77722 | Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5845849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155642 | Anheuser-Busch InBev SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9593 | Argenx SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7087805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216400 | Asahi Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66741 | Ashtead Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271000 | Astellas Pharma Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241833 | AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37042444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | Barry Callebaut AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155925 | Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16177 | Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6667 | BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209868 | Brambles Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326068 | British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17338279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53137 | Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14199 | Carlsberg AS Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90402 | Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777280 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $104600 | Chugai Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;$4637390 |
| &nbsp;&nbsp; 36985 | Coca-Cola Europacific Partners PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3353326 |
| &nbsp;&nbsp; 32526 | Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp; 1533655 |
| &nbsp;&nbsp;&nbsp; 9801 | Cochlear Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1806184 |
| &nbsp;&nbsp; 201443 | Coles Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 3100775 |
| &nbsp;&nbsp; 20681 | Coloplast A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1782498 |
| &nbsp;&nbsp; 76243 | CSL Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 10029475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60800 | Dai Nippon Printing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268600 | Daiichi Sankyo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6043557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101402 | Danone SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8835513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92203 | Davide Campari-Milano NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13662 | Demant A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352528 | Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8432801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36510 | Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43700 | Eisai Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46839 | EssilorLuxottica SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15258027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98172 | Essity AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17410 | Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145741 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92279 | Fisher & Paykel Healthcare Corp Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31863 | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66013 | Fresenius SE & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173800 | FUJIFILM Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20063 | Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3547144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9897 | Genmab A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52914 | Grifols SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648166 | GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13912982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442981 | Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6491720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19967 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43426 | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17541 | Henkel AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26567 | Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122877 | Imperial Brands PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24599 | Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5705 | Ipsen SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274871 | J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189600 | Japan Tobacco Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6218321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25651 | JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46150 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | Kao Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26274 | Kerry Group PLC Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40961 | Kesko OYJ Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115300 | Kikkoman Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114500 | Kirin Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21900 | Kobe Bussan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141392 | Koninklijke Ahold Delhaize NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5721374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123940 | Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34100 | Kyowa Kirin Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40673 | Lifco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10970 | Lonza Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7334963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37860 | L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16449730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295642 | Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | MEIJI Holdings Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19601 | Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543133 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $78088 | Mowi ASA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1652000 |
| &nbsp;&nbsp; 403755 | Nestle SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 37078939 |
| &nbsp;&nbsp; 77300 | Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 437928 |
| &nbsp;&nbsp; 30800 | Nissin Foods Holdings Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 580138 |
| &nbsp;&nbsp;&nbsp; 7190 | NMC Health PLC<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
| &nbsp;&nbsp; 297649 | Novartis AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38271230 |
| &nbsp;&nbsp; 507333 | Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp; 28249148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170600 | Olympus Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18344 | Orion OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108824 | Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66800 | Otsuka Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30345 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32055 | QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16591 | Randstad NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107614 | Reckitt Benckiser Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17729 | Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209200 | Recruit Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11247403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290839 | RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13892038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416344 | Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110095 | Roche Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36659825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10043 | Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63930 | Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174796 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16552164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052 | Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68400 | Secom Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74704 | Securitas AB Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331400 | Seven & i Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26069 | SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124400 | Shionogi & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60600 | Shiseido Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50373 | Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680021 | Sigma Healthcare LTD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120834 | Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70722 | Sonic Healthcare Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | Sonova Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16518 | Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | Suntory Beverage & Food Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27834 | Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77700 | Sysmex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246252 | Takeda Pharmaceutical Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200800 | Terumo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029209 | Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6167374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187046 | Teva Pharmaceutical Industries Ltd Sponsored ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40700 | TOPPAN Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482923 | Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19580 | UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171300 | Unicharm Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382513 | Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22604679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234145 | WH Group Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304700 | Wilmar International Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673844 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $110603 | Wise PLC Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1540350 |
| &nbsp;&nbsp; 37319 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp; 5094055 |
| &nbsp;&nbsp; 184545 | Woolworths Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 3256862 |
| &nbsp;&nbsp; 37800 | Yakult Honsha Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 616396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628208372 |
| Diversified — 0.05% | Diversified — 0.05% | Diversified — 0.05% |
| &nbsp;&nbsp; 27379 | Jardine Matheson Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1680523 |
| Energy — 3.24% | Energy — 3.24% | Energy — 3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44876 | Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180848 | APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113326 | Bollore SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477546 | BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14223533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14805 | DCC PLC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408750 | ENEOS Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323263 | Eni SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5655858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127150 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59226 | Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134380 | Idemitsu Kosan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 | Inpex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63045 | Neste OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22501 | OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185887 | Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475505 | Santos Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922590 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32875841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321726 | TotalEnergies SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19595949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151210 | Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301914 | Woodside Energy Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101641207 |
| Financial — 25.78% | Financial — 25.78% | Financial — 25.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148530 | 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8185411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94599 | ABN AMRO Bank NV<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40284 | Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225212 | Aegon Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26406 | AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24552 | Ageas SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000 | AIA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16053142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320435 | AIB Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60399 | Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25411543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9069 | Amundi SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469313 | ANZ Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10305423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24342 | ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32748 | ASX Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479359 | Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277712 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13317721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6298 | Azrieli Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6774 | Baloise Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32306 | Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214955 | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903981 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17419436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179296 | Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690972 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $1348033 | Banco Comercial Portugues SA Class R | &nbsp;&nbsp;&nbsp;$1196713 |
| &nbsp;&nbsp; 780561 | Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp; 3046702 |
| &nbsp;&nbsp;&nbsp; 2324230 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp; 24391294 |
| &nbsp;&nbsp; 191791 | Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp; 3898573 |
| &nbsp;&nbsp; 233691 | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp; 4604319 |
| &nbsp;&nbsp; 153229 | Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2537069 |
| &nbsp;&nbsp; 100575 | Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp; 1589926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628 | Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201150 | Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11324139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159450 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14583786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552500 | BOC Hong Kong Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238121 | BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613788 | CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632540 | CapitaLand Ascendas REIT<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989896 | CapitaLand Integrated Commercial Trust REIT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388357 | Capitaland Investment Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | Chiba Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318924 | CK Asset Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118736 | Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261612 | Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28890731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85494 | Computershare Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8357 | Covivio SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159795 | Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28928 | CVC Capital Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570200 | Dai-ichi Life Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42500 | Daito Trust Construction Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199500 | Daiwa Securities Group Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104175 | Danske Bank A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4449791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327333 | DBS Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12981309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291432 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10321325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29877 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133572 | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55752 | EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48282 | Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11424 | Euronext NV<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14841 | EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134890 | Fastighets AB Balder Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101542 | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9108 | Futu Holdings Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059 | Gecina SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134362 | Generali | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26535 | Gjensidige Forsikring ASA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314259 | Goodman Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13148 | Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117700 | Hang Seng Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9087 | Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430 | Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212830 | Henderson Land Development Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190412 | Hong Kong Exchanges & Clearing Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10809795 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $164600 | Hongkong Land Holdings Ltd | &nbsp;&nbsp;&nbsp;$1041918 |
| &nbsp;&nbsp;&nbsp; 2726304 | HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp; 38469277 |
| &nbsp;&nbsp; 63900 | Hulic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 699982 |
| &nbsp;&nbsp; 19677 | Industrivarden AB Class A | &nbsp;&nbsp;&nbsp;&nbsp; 781719 |
| &nbsp;&nbsp; 23521 | Industrivarden AB Class C | &nbsp;&nbsp;&nbsp;&nbsp; 933632 |
| &nbsp;&nbsp; 151897 | Infratil Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1088676 |
| &nbsp;&nbsp; 472356 | ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp; 12383205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388363 | Insurance Australia Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239697 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14824993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23025 | Investment AB Latour Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267319 | Investor AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200599 | Israel Discount Bank Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142800 | Japan Exchange Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289300 | Japan Post Bank Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268400 | Japan Post Holdings Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28600 | Japan Post Insurance Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33498 | Julius Baer Group Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35657 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30640 | Klepierre SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11067 | L E Lundbergforetagen AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123636 | Land Securities Group PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11321 | LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928492 | Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423944 | Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9469965 | Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10713510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75042 | London Stock Exchange Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8604026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325926 | M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57138 | Macquarie Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8293577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425961 | Medibank Pvt Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172900 | Mitsubishi Estate Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133200 | Mitsubishi HC Capital Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792500 | Mitsubishi UFJ Financial Group Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28915496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415300 | Mitsui Fudosan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24532 | Mizrahi Tefahot Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394410 | Mizuho Financial Group Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13258437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199200 | MS&AD Insurance Group Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4511071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20486 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13079821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483284 | National Australia Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14098244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278746 | NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9028769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | Nippon Building Fund Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40153 | NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451600 | Nomura Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489831 | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8064494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185500 | ORIX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524985 | Oversea-Chinese Banking Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580 | Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684110 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $35355 | Phoenix Financial Ltd | &nbsp;&nbsp;&nbsp;$1323836 |
| &nbsp;&nbsp; 119837 | Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1039023 |
| &nbsp;&nbsp; 405641 | Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp; 5676131 |
| &nbsp;&nbsp; 225558 | QBE Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 3069450 |
| &nbsp;&nbsp;&nbsp; 9217 | REA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1409445 |
| &nbsp;&nbsp; 336900 | Resona Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3435469 |
| &nbsp;&nbsp; 29400 | Sagax AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 614211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374248 | Sampo OYJ Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40740 | SBI Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837904 | Scentre Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120687 | Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185478 | Segro PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128300 | Singapore Exchange Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643178 | Sino Land Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246636 | Skandinaviska Enskilda Banken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115683 | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7701771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268 | Sofina SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138150 | Sompo Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968300 | Sony Financial Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310179 | Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6017720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398085 | Stockland REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576000 | Sumitomo Mitsui Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16204536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94872 | Sumitomo Mitsui Trust Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50200 | Sumitomo Realty & Development Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216500 | Sun Hung Kai Properties Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176469 | Suncorp Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218399 | Svenska Handelsbanken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127125 | Swedbank AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | Swire Pacific Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453 | Swiss Life Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13521 | Swiss Prime Site AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47530 | Swiss Re AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8827602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73300 | T&D Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10884 | Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289200 | Tokio Marine Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12239856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51122 | Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497105 | UBS Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20437753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19143 | Unibail-Rodamco-Westfield REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219618 | UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16711904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54715 | Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199206 | United Overseas Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577875 | Vicinity Ltd REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110887 | Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40363 | Washington H Soul Pattinson & Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538999 | Westpac Banking Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13887218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | Wharf Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262300 | Wharf Real Estate Investment Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151900 | Yokohama Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162955 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $22920 | Zurich Insurance Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$16382834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807582288 |
| Industrial — 16.15% | Industrial — 16.15% | Industrial — 16.15% |
| &nbsp;&nbsp; 245035 | ABB Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17731548 |
| &nbsp;&nbsp;&nbsp; 3711 | Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp; 745685 |
| &nbsp;&nbsp; 29471 | ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp; 2362354 |
| &nbsp;&nbsp; 112310 | Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3070487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4717 | Aeroports de Paris SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | AGC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93564 | Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21849689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47251 | Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49297 | Alstom SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77976 | Amrize Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | AP Moller - Maersk A/S Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | AP Moller - Maersk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155782 | Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432246 | Atlas Copco AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7330021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233717 | Atlas Copco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267006 | Auckland International Airport Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461247 | BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12833229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64977 | Beijer Ref AB<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29080 | Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73991 | Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126000 | Central Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70762 | Cie de Saint-Gobain SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7667196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97000 | CK Infrastructure Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53200 | Daifuku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | Daikin Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4841009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789 | Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154536 | Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6905824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31803 | DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6353308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155600 | East Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10680 | Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340 | Elbit Systems Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105716 | Epiroc AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59749 | Epiroc AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146500 | FANUC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79842 | Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | Fuji Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38200 | Fujikura Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21787 | GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254 | Geberit AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51956 | Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56378 | Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36700 | Hankyu Hanshin Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21517 | Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10174 | Hensoldt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324545 | Hexagon AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3872845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721200 | Hitachi Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19106801 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $81515 | Holcim AG | &nbsp;&nbsp;&nbsp;$6955232 |
| &nbsp;&nbsp; 55700 | Hoya Corp | &nbsp;&nbsp;&nbsp;&nbsp; 7701659 |
| &nbsp;&nbsp; 151200 | IHI Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2815991 |
| &nbsp;&nbsp; 41235 | Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp; 948715 |
| &nbsp;&nbsp; 42215 | Infrastrutture Wireless Italiane SpA<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 496088 |
| &nbsp;&nbsp; 32354 | InPost SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 398332 |
| &nbsp;&nbsp; 94762 | James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1758724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72100 | Kajima Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400 | Kawasaki Heavy Industries Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53800 | Kawasaki Kisen Kaisha Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240400 | Keppel Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30660 | Keyence Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11422718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23148 | Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10450 | Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147800 | Komatsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51340 | Kone OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72669 | Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163500 | Kubota Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416 | Kuehne + Nagel International AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191900 | Kyocera Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60308 | Leonardo SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 | Makita Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178314 | Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102097 | Metso OYJ<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55400 | MINEBEA MITSUMI Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305500 | Mitsubishi Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7846382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504600 | Mitsubishi Heavy Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13204932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | Mitsui OSK Lines Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267702 | MTR Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8149 | MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262600 | Murata Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230206 | Nibe Industrier AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Nidec Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70400 | Nippon Yusen KK<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97200 | Obayashi Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68448 | Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42685 | Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4248087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7210 | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16865474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15330 | ROCKWOOL A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334821 | Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21447239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47961 | Saab AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56699 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20120779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167452 | Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924 | Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087 | Schindler Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679 | Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86111 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24237917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100 | SCREEN Holdings Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47900 | SG Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | Shimadzu Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119066 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32145299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106979 | Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12578534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46822 | SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485580 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $23785 | Sika AG | &nbsp;&nbsp;&nbsp;$5341130 |
| &nbsp;&nbsp; 240600 | Singapore Technologies Engineering Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1606615 |
| &nbsp;&nbsp; 196574 | SITC International Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 756797 |
| &nbsp;&nbsp; 48882 | Skanska AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1268775 |
| &nbsp;&nbsp; 58531 | SKF AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1455736 |
| &nbsp;&nbsp;&nbsp; 8600 | SMC Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2658193 |
| &nbsp;&nbsp; 51591 | Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1634309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11053 | Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87160 | Stora Enso OYJ Class R<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89602 | Svenska Cellulosa AB SCA Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | Taisei Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295100 | TDK Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237000 | Techtronic Industries Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61340 | Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13876 | Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42046 | Tokyo Metro Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | Tokyu Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34056 | Trelleborg AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507 | VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77949 | Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10832757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72945 | Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65700 | West Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358600 | Yangzijiang Shipbuilding Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38700 | Yokogawa Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505972625 |
| Technology — 6.86% | Technology — 6.86% | Technology — 6.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121100 | Advantest Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11981969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7344 | ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4429545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61678 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60147763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12172 | BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140100 | Canon Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58400 | Capcom Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25734 | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13175 | Check Point Software Technologies Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7510 | CyberArk Software Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105022 | Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | Disco Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282700 | Fujitsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6631671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205629 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8066885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | Konami Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | Lasertec Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22769 | Logitech International SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6451 | Monday.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204200 | NEC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6536256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8357 | Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54900 | Nexon Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10082 | Nice Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61269 | Nomura Research Institute Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673 | Nova Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48400 | Obic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686905 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $5700 | Oracle Corp Japan | &nbsp;&nbsp;&nbsp;$581988 |
| &nbsp;&nbsp; 34200 | Otsuka Corp | &nbsp;&nbsp;&nbsp;&nbsp; 713898 |
| &nbsp;&nbsp;&nbsp; 8516 | Pro Medicus Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1733821 |
| &nbsp;&nbsp; 253500 | Renesas Electronics Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2916567 |
| &nbsp;&nbsp; 150444 | Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2230747 |
| &nbsp;&nbsp; 163241 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp; 43710718 |
| &nbsp;&nbsp; 21400 | SCSK Corp | &nbsp;&nbsp;&nbsp;&nbsp; 640570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102026 | STMicroelectronics NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8564 | Teleperformance SE<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | TIS Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70500 | Tokyo Electron Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12497321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32711 | WiseTech Global Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26240 | Xero Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214822370 |
| Utilities — 3.19% | Utilities — 3.19% | Utilities — 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 | BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776767 | Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102200 | Chubu Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246000 | CLP Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133474 | Contact Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360583 | E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6791768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48136 | EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505278 | EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46934 | Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283749 | Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12165535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283832 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6101421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76560 | Fortum OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | Hikari Tsushin Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725229 | Hong Kong & China Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953703 | Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18053013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140500 | Kansai Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190448 | Meridian Energy Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771824 | National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11084886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252884 | Origin Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24443 | Orsted A/S<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59700 | Osaka Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230500 | Power Assets Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68587 | Redeia Corp SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98467 | RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133800 | Sembcorp Industries Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42039 | Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334346 | Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173881 | SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222211 | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100447 | United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93691 | Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10010 | Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99818625 |
| **TOTAL COMMON STOCK — 97.59%<br> (Cost $2,321,466,148)** | **TOTAL COMMON STOCK — 97.59%<br> (Cost $2,321,466,148)** | &nbsp;&nbsp;&nbsp;**$3056845857** |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Consumer, Cyclical — 0.13% | Consumer, Cyclical — 0.13% | Consumer, Cyclical — 0.13% |
| $7888 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;$734747 |
| &nbsp;&nbsp; 30954 | Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp; 3355104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089851 |
| Consumer, Non-Cyclical — 0.07% | Consumer, Non-Cyclical — 0.07% | Consumer, Non-Cyclical — 0.07% |
| &nbsp;&nbsp; 25910 | Henkel AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp; 2090589 |
| **TOTAL PREFERRED STOCK — 0.20%<br> (Cost $7,262,183)** | **TOTAL PREFERRED STOCK — 0.20%<br> (Cost $7,262,183)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6180440** |
| **RIGHTS** | **RIGHTS** | **RIGHTS** |
| Communications — 0.00%<sup>(e)</sup> | Communications — 0.00%<sup>(e)</sup> | Communications — 0.00%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491963 | Telecom Italia SpA<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;25 |
| Financial — 0.00%<sup>(e)</sup> | Financial — 0.00%<sup>(e)</sup> | Financial — 0.00%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268 | Sofina SA<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059 |
| Industrial — 0.00%<sup>(e)</sup> | Industrial — 0.00%<sup>(e)</sup> | Industrial — 0.00%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13981 | ACS Actividades de Construccion y Servicios SA<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20520 |
| Utilities — 0.03% | Utilities — 0.03% | Utilities — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776475 | Iberdrola SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366645 | Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014009 |
| **TOTAL RIGHTS — 0.03%<br> (Cost $1,322,747)** | **TOTAL RIGHTS — 0.03%<br> (Cost $1,322,747)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1039613** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 116518490 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(f)</sup>, 4.09%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;$116518490 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.72%<br> (Cost $116,518,490)** | &nbsp;&nbsp;&nbsp;**$116518490** |
| **Principal Amount** |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 1.51% | U.S. Treasury Bonds and Notes — 1.51% |
| &nbsp;&nbsp;47509400 U.S. Treasury Bills<sup>(h)</sup><br> 4.01%, 11/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 47288154 |
| **TOTAL SHORT TERM INVESTMENTS — 1.51%<br> (Cost $47,288,154)** | &nbsp;&nbsp;&nbsp;&nbsp;**$47288154** |
| **TOTAL INVESTMENTS — 103.05%<br> (Cost $2,493,857,722)** | &nbsp;&nbsp;&nbsp;**$3227872554** |
| **OTHER ASSETS & LIABILITIES, NET — (3.05)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(95651237)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$3132221317** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan as of September 30, 2025.

<sup>(c)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the aggregate fair value of 144A securities was $34,032,274, representing 1.09% of net assets.

<sup>(d)</sup> Security is fair valued using significant unobservable inputs.

<sup>(e)</sup> Represents less than 0.005% of net assets.

<sup>(f)</sup> Collateral received for securities on loan.

<sup>(g)</sup> Rate shown is the 7-day yield as of September 30, 2025.

<sup>(h)</sup> Zero coupon bond; the interest rate shown is the effective yield on date of purchase.

<sup>ADR</sup> American Depositary Receipt

<sup>REIT</sup> Real Estate Investment Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of September 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of September 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of September 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of September 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of September 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of September 30, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation** |
| **Long** |  |  |  |  |  |
| MSCI EAFE Index Futures | 545 | USD | 75899 | Dec 2025 | $196209 |
|  |  |  |  | **Net Appreciation** | **$196209** |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of September 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of September 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of September 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of September 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of September 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of September 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of September 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: |
| **Counterparty** | **Currency<br> Purchased** | **Quantity of<br> Currency<br> Purchased** | **Currency<br> Sold** | **Quantity of<br> Currency<br> Sold** | **Settlement Date** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| CGM | USD | &nbsp;&nbsp;&nbsp;138199 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101760 | 10/09/2025 | &nbsp;&nbsp;$1342 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;81437 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60532 | 10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;12900 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;1897200 | 10/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;40558 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;5956800 | 11/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;47983 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;7042250 | 11/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592450 | 11/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748000 | 11/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;55162 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521504 | 10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(240) |
| MEL | SEK | &nbsp;&nbsp;&nbsp;&nbsp;23874 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541 | 10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;63235 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97116 | 10/03/2025 | &nbsp;&nbsp;(1028) |
| MEL | USD | &nbsp;&nbsp;&nbsp;108374 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165314 | 10/07/2025 | &nbsp;&nbsp;(1019) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;37626 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57011 | 10/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(100) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;24373 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36930 | 10/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5498 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8287 | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;37507 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56561 | 10/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;17157 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25744 | 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| MEL | USD | 5508149 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;4341000 | 10/10/2025 | &nbsp;&nbsp;47937 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;10491 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8890 | 10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6790 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782 | 10/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| MEL | USD | 6473206 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;5486087 | 10/10/2025 | &nbsp;&nbsp;28353 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;62188 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46325 | 10/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(114) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;19112 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14095 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;29611 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21837 | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;63564 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46989 | 10/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;10192 | HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79300 | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;30262 | HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235200 | 10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6673 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992800 | 11/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;99696 | JPY | &nbsp;&nbsp;14828760 | 11/19/2025 | &nbsp;&nbsp;(1097) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7164 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;1065305 | 11/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) |
| MEL | USD | &nbsp;&nbsp;&nbsp;110661 | JPY | &nbsp;&nbsp;16345075 | 11/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(499) |
| MEL | USD | &nbsp;&nbsp;&nbsp;482448 | JPY | &nbsp;&nbsp;71710738 | 11/26/2025 | &nbsp;&nbsp;(5284) |
| MEL | USD | &nbsp;&nbsp;&nbsp;147788 | JPY | &nbsp;&nbsp;21962895 | 11/28/2025 | &nbsp;&nbsp;(1616) |
| MEL | USD | &nbsp;&nbsp;&nbsp;314182 | JPY | &nbsp;&nbsp;46676780 | 12/01/2025 | &nbsp;&nbsp;(3442) |
| MEL | USD | 1261375 | JPY | 187379329 | 12/02/2025 | (13842) |
| MEL | USD | &nbsp;&nbsp;&nbsp;867866 | JPY | 128910498 | 12/03/2025 | &nbsp;&nbsp;(9540) |
| MEL | USD | &nbsp;&nbsp;&nbsp;311811 | JPY | &nbsp;&nbsp;46311102 | 12/04/2025 | &nbsp;&nbsp;(3433) |
| MEL | USD | &nbsp;&nbsp;&nbsp;710712 | JPY | 105546922 | 12/05/2025 | &nbsp;&nbsp;(7839) |
| MEL | USD | &nbsp;&nbsp;&nbsp;564332 | JPY | &nbsp;&nbsp;83784010 | 12/08/2025 | &nbsp;&nbsp;(6255) |
| MEL | USD | &nbsp;&nbsp;&nbsp;112054 | JPY | &nbsp;&nbsp;16634500 | 12/09/2025 | &nbsp;&nbsp;(1244) |
| MEL | USD | &nbsp;&nbsp;&nbsp;297404 | JPY | &nbsp;&nbsp;44145812 | 12/10/2025 | &nbsp;&nbsp;(3308) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;1038870 | 12/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;11182 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18689 | 10/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |
|  |  |  |  |  | **Net Appreciation** | **$19132** |

---

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| CGM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets |
| MEL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Capital |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian Dollar |
| CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Franc |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro Dollar |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Pound |
| HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Dollar |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japanese Yen |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Dollar |
| SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedish Krona |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Dollar |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

Summary of Investments by Country as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Country** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Fund Investments** |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$680851593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.09% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430248429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.33 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327666025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301261066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.33 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300804645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.32 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203040402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163806644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159816531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110979890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106197365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95013942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67834708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58585859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53634581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32880836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32661194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26964311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25504000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18328309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8348545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6677501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5482890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$3227872554** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 8.61% | Basic Materials — 8.61% | Basic Materials — 8.61% |
| $72735 | Agnico Eagle Mines Ltd | &nbsp;&nbsp;&nbsp;$12250527 |
| &nbsp;&nbsp; 134187 | ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp; 4840933 |
| &nbsp;&nbsp; 121900 | BHP Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 3405301 |
| &nbsp;&nbsp; 41450 | Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1510327 |
| &nbsp;&nbsp; 127054 | Franco-Nevada Corp | &nbsp;&nbsp;&nbsp;&nbsp; 28280174 |
| &nbsp;&nbsp; 1764700 | Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp; 8126359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242600 | ICL Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | Johnson Matthey PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75800 | Kaneka Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142100 | Kansai Paint Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316008 |
| &nbsp;&nbsp;&nbsp;&nbsp;1035500 | Kingboard Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347200 | Mitsubishi Chemical Group Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64600 | Mitsubishi Gas Chemical Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100 | Mitsui Chemicals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95400 | Nippon Soda Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226200 | Nitto Denko Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5362012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396925 | Northern Star Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6198107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21206 | Novonesis Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305103 |
| &nbsp;&nbsp;&nbsp;&nbsp;1120000 | Perenti Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082017 |
| &nbsp;&nbsp;&nbsp;&nbsp;1540173 | Perseus Mining Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | Rio Tinto Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6937021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53163 | Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150100 | Tokuyama Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126076 | Wheaton Precious Metals Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14108699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58600 | Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128819484 |
| Communications — 2.47% | Communications — 2.47% | Communications — 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685700 | Airtel Africa PLC<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249955 |
| &nbsp;&nbsp;&nbsp;&nbsp;2057600 | BT Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363900 | M3 Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795200 | Nokia OYJ<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823969 |
| &nbsp;&nbsp;&nbsp;&nbsp;1726600 | NTT Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192200 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51600 | Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304500 | Telefonaktiebolaget LM Ericsson Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298600 | Television Francaise 1 SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044714 |
| &nbsp;&nbsp;&nbsp;&nbsp;4809700 | Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5591917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36988205 |
| Consumer, Cyclical — 11.87% | Consumer, Cyclical — 11.87% | Consumer, Cyclical — 11.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129705 | Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10310249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121685 | Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52500 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5291353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204400 | Betsson AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21536 | Cie Financiere Richemont SA Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67700 | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438137 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| $360400 | Citizen Watch Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$2443049 |
| &nbsp;&nbsp; 357000 | CK Hutchison Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2345484 |
| &nbsp;&nbsp; 95500 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 3949082 |
| &nbsp;&nbsp; 40800 | Daiwa House Industry Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1465333 |
| &nbsp;&nbsp; 111800 | Daiwabo Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2227837 |
| &nbsp;&nbsp; 314900 | Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp; 2672624 |
| &nbsp;&nbsp; 279000 | Harvey Norman Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1360948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495900 | Honda Motor Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5117355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | HUGO BOSS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584800 | International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227300 | Isuzu Motors Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158700 | Iveco Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | Jardine Cycle & Carriage Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984300 | Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73400 | Kohnan Shoji Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112400 | Marubeni Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72400 | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4563385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264400 | Mitsui & Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101700 | Nagase & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140500 | NGK Insulators Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181700 | Okamura Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208974 | OVS SpA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626700 | Pets at Home Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603400 | Pirelli & C SpA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700800 | Qantas Airways Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5063839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65700 | Rexel SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99600 | Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141238 | Ryanair Holdings PLC Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215300 | Sankyo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423994 | Schaeffler AG<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117500 | Sojitz Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3107540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129100 | Stanley Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166012 | Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129400 | Subaru Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216700 | Sumitomo Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6269780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230700 | Sumitomo Forestry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202900 | Super Retail Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112500 | Tokmanni Group Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153500 | Toyota Boshoku Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257900 | Toyota Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57500 | Traton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279300 | Volvo AB Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8031999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303600 | Yamaha Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106600 | Yokohama Rubber Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942750 |
| &nbsp;&nbsp;&nbsp;&nbsp;1030400 | Yue Yuen Industrial Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177654575 |
| Consumer, Non-Cyclical — 18.81% | Consumer, Non-Cyclical — 18.81% | Consumer, Non-Cyclical — 18.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27800 | Adecco Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69459 | Agilent Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8915063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64461 | Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4848425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52700 | Arcs Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124942 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $115600 | Bayer AG | &nbsp;&nbsp;&nbsp;$3848468 |
| &nbsp;&nbsp; 42401 | Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp; 4436685 |
| &nbsp;&nbsp; 135400 | British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp; 7199734 |
| &nbsp;&nbsp; 14020 | Carlsberg AS Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1631899 |
| &nbsp;&nbsp; 212700 | Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp; 3223427 |
| &nbsp;&nbsp; 170 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp; 2599078 |
| &nbsp;&nbsp; 40600 | Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp; 1914358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43400 | Colruyt Group NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318286 | Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7613700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31123 | EssilorLuxottica SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10138465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208521 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10470602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79600 | Ezaki Glico Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31500 | Fresenius SE & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145110 | Greencore Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416600 | GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8942382 |
| &nbsp;&nbsp;&nbsp;&nbsp;2762340 | Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12427287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177500 | Imperial Brands PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7538067 |
| &nbsp;&nbsp;&nbsp;&nbsp;1028800 | Inghams Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40419 | Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | Ipsen SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790800 | J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394959 | Kenvue Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6410185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192800 | Koninklijke Ahold Delhaize NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7801579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | Kose Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56700 | Lion Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 | Megmilk Snow Brand Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288200 | Metcash Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723699 |
| &nbsp;&nbsp;&nbsp;&nbsp;1421600 | Mitie Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76670 | Mowi ASA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80400 | Nippon Shinyaku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166700 | Novartis AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21434017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236800 | Olympus Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298800 | Ono Pharmaceutical Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67888 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6683635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63155 | Reckitt Benckiser Group PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59090 | Roche Holding AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19675999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323000 | Rohto Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158643 | Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9461896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63800 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159100 | Santen Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124000 | Scandinavian Tobacco Group A/S<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172700 | Securitas AB Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181600 | Shionogi & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469730 | Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8516469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27900 | Societe BIC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742664 |
| &nbsp;&nbsp;&nbsp;&nbsp;1981700 | Sonae SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113020 |
| &nbsp;&nbsp;&nbsp;&nbsp;1143600 | Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6852844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173400 | Teva Pharmaceutical Industries Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141300 | Toyo Suisan Kaisha Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10094422 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $1268000 | United Laboratories International Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$2454065 |
| &nbsp;&nbsp; 20193 | Waters Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6054063 |
| &nbsp;&nbsp; 5235500 | WH Group Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5669790 |
| &nbsp;&nbsp; 37003 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp; 5050921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281479962 |
| Energy — 4.94% | Energy — 4.94% | Energy — 4.94% |
| &nbsp;&nbsp; 244160 | Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp; 6196619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445100 | BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163700 | Eni SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3657918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146762 | Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692100 | New Hope Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41900 | OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247289 | Petroleo Brasileiro SA Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318500 | Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5663654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74500 | Rubis SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296100 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10551314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432652 | TotalEnergies SE<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26352319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237047 | Woodside Energy Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73951330 |
| Financial — 27.41% | Financial — 27.41% | Financial — 27.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42200 | 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168200 | ABN AMRO Bank NV<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457600 | Aegon Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20600 | AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492600 |
| &nbsp;&nbsp;&nbsp;&nbsp;2060312 | AIB Group PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18783389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41800 | ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140600 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6742494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281800 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876400 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9197248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264500 | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976349 | Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16165768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878600 | Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500 | BAWAG Group AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5339254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68200 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6237781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402173 | BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473044 |
| &nbsp;&nbsp;&nbsp;&nbsp;1987209 | CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20988795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636600 | Chiba Bank Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6673132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133900 | Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186800 | Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449800 | Dai-ichi Life Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134900 | Danske Bank A/S<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5762196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94570 | DBS Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316400 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11205588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52145 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13964010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105200 | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91800 | EFG International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82400 | Eurocommercial Properties NV REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68882 | Euronext NV<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10312453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299500 | Gunma Bank Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329903 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $898600 | Helia Group Ltd | &nbsp;&nbsp;&nbsp;$3428284 |
| &nbsp;&nbsp; 223000 | Hiscox Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 4113082 |
| &nbsp;&nbsp; 447300 | HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp; 6311588 |
| &nbsp;&nbsp; 196800 | ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp; 5159276 |
| &nbsp;&nbsp; 356600 | Japan Post Holdings Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3539363 |
| &nbsp;&nbsp; 97557 | Julius Baer Group Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6793135 |
| &nbsp;&nbsp; 24400 | KBC Ancora | &nbsp;&nbsp;&nbsp;&nbsp; 1939287 |
| &nbsp;&nbsp;13570317 | Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15352298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80605 | London Stock Exchange Group PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9241858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413500 | Mebuki Financial Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301900 | Mitsubishi HC Capital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137200 | Mizuho Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4612098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6001675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421906 | National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143578 |
| &nbsp;&nbsp;&nbsp;&nbsp;3971746 | NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28043080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77200 | NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496100 | Nomura Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179900 | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131700 | ORIX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48426 | Plus500 Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385700 | QBE Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248703 |
| &nbsp;&nbsp;&nbsp;&nbsp;1842700 | Resona Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18790560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14166 | Samsung Fire & Marine Insurance Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99100 | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6597733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83100 | Sumitomo Mitsui Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177000 | Swedbank AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48400 | Swiss Re AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8989184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38100 | Sydbank AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522679 | UBS Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21489191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | United Overseas Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | Vontobel Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28444 | Willis Towers Watson PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9825980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410318467 |
| Industrial — 14.46% | Industrial — 14.46% | Industrial — 14.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217000 | Amada Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30400 | ANDRITZ AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266773 | Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9285804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54300 | Bekaert SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | Bilfinger SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88500 | Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3991687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162500 | Brother Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98352 | Cie de Saint-Gobain SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10656624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91275 | CRH PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10943873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | D/S Norden A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54100 | Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25700 | Dfds A/S<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127548 | Epiroc AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915400 | Firstgroup PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10856 | GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30779 | Hirose Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828840 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $19400 | Horiba Ltd | &nbsp;&nbsp;&nbsp;$1639686 |
| &nbsp;&nbsp; 324346 | IMI PLC | &nbsp;&nbsp;&nbsp;&nbsp; 10009241 |
| &nbsp;&nbsp; 15700 | Implenia AG | &nbsp;&nbsp;&nbsp;&nbsp; 1323606 |
| &nbsp;&nbsp; 41900 | Kalmar OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1664145 |
| &nbsp;&nbsp; 97100 | Kamigumi Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2945403 |
| &nbsp;&nbsp; 52152 | Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp; 4906931 |
| &nbsp;&nbsp; 144100 | Komatsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 5020042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38400 | Koninklijke Heijmans N.V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | Krones AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136468 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22675737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36400 | Leonardo SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82400 | Logista Integral SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119700 | Macnica Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Mitsubishi Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13483963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87900 | Nippon Yusen KK<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227900 | QinetiQ Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266700 | Rengo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | ROCKWOOL A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32200 | Sankyu Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10657 | Schindler Holding AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76675 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21581938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49500 | SCREEN Holdings Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199500 | Shimadzu Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92300 | Signify NV<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13451 | Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136100 | SKF AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31902 | Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235951 | Svenska Cellulosa AB SCA Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82700 | Taisei Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72400 | Takeuchi Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208135 | Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46900 | TKH Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134500 | Toyo Seikan Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205600 | Tsubakimoto Chain Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216400695 |
| Technology — 7.12% | Technology — 7.12% | Technology — 7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6056 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10269 | Cadence Design Systems Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77200 | Canon Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46443 | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6775003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75200 | Computacenter PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286531 | Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9639223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153100 | Ferrotec Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4133641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86400 | Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73571 | Nomura Research Institute Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824541 |
| &nbsp;&nbsp;&nbsp;&nbsp;2174000 | PAX Global Technology Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198973 | Samsung Electronics Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11928497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61170 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16379369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151900 | Seiko Epson Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | Sopra Steria Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66200 | STMicroelectronics NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871143 |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $98197 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;$27425440 |
| &nbsp;&nbsp; 161000 | TeamViewer SE<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1644016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106626653 |
| Utilities — 1.20% | Utilities — 1.20% | Utilities — 1.20% |
| &nbsp;&nbsp; 1171400 | A2A SpA | &nbsp;&nbsp;&nbsp;&nbsp; 3065598 |
| &nbsp;&nbsp; 470100 | AGL Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2752307 |
| &nbsp;&nbsp; 421000 | Drax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 3967645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131300 | Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182800 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17909636 |
| **TOTAL COMMON STOCK — 96.89%<br> (Cost $1,093,723,861)** | **TOTAL COMMON STOCK — 96.89%<br> (Cost $1,093,723,861)** | &nbsp;&nbsp;&nbsp;**$1450149007** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Consumer, Cyclical — 0.21% | Consumer, Cyclical — 0.21% | Consumer, Cyclical — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28400 | Volkswagen AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078276 |
| **TOTAL PREFERRED STOCK — 0.21%<br> (Cost $5,694,810)** | **TOTAL PREFERRED STOCK — 0.21%<br> (Cost $5,694,810)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$3078276** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 78316930 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(d)</sup>, 4.09%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$78316930 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 5.23%<br> (Cost $78,316,930)** | &nbsp;&nbsp;&nbsp;&nbsp;**$78316930** |
| **TOTAL INVESTMENTS — 102.33%<br> (Cost $1,177,735,601)** | &nbsp;&nbsp;&nbsp;**$1531544213** |
| **OTHER ASSETS & LIABILITIES, NET — (2.33)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(34804095)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1496740118** |

---

<sup>(a)</sup> All or a portion of the security is on loan as of September 30, 2025.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the aggregate fair value of 144A securities was $38,255,527, representing 2.56% of net assets.

<sup>(d)</sup> Collateral received for securities on loan.

<sup>(e)</sup> Rate shown is the 7-day yield as of September 30, 2025.

<sup>ADR</sup> American Depositary Receipt

<sup>REIT</sup> Real Estate Investment Trust

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL VALUE FUND

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

Summary of Investments by Country as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Country** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Fund Investments** |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$263152171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.18% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214120703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176673880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.54 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126478334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114247202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.46 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110126954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66511122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62452163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59773234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54639400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51433516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40378377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27425440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21320118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17498838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16539613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16491793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16488271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12322496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10307481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9722696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9651071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8570331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6145262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1531544213** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Schedule of Investments.<br>

------

*September 30, 2025*

------

### EMPOWER FUNDS, INC.

### Notes to Schedule of Investments (Unaudited)

------

<u>Security Valuation</u>

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

Each Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE") on each day the NYSE is open for trading. The net asset value ("NAV") of each class of a Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.

For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the OTC market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.

For private equity securities that are not traded on an exchange, an appropriate source, which may include the use of an internally developed or approved valuation model, a different external pricing vendor, or sourcing a price from a broker will be used. Valuation of these securities will be reviewed regularly by the Fair Value Pricing Committee.

Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which has been determined to approximate fair value. Short term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.

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.

Foreign equity securities are generally valued using an adjusted systematic fair value price from an independent pricing service. Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.

For derivatives that are traded on an exchange, the last sale price as of the close of business of the exchange will be used. For derivatives traded OTC, independent pricing services will be utilized when possible. If a price cannot be located from the primary source, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.

Independent pricing services are approved by the Board and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities 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. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.

------

*September 30, 2025*

------

The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.

---

| | |
|:---|:---|
| **<u>Class</u>** | **<u>Inputs</u>** |
| Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data |
| Preferred Stock | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices |
| Rights | Exchange traded close price, bids and evaluated bids |
| Government Money Market Mutual Funds | Net asset value of underlying mutual fund |
| Short Term Investments | Maturity date, credit quality and interest rates |
| Futures Contracts | Exchange traded close price |
| Forward Foreign Currency Contracts | Foreign currency spot and forward rates |

---

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

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

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

Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect a Fund's own assumptions and would be based on the best information available under the circumstances.

As of September 30, 2025, the inputs used to value each Fund's investments are detailed in the following table. More information regarding the sector or geography classifications, as applicable, are included in the Schedule of Investments.

#### Empower Emerging Markets Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$25564924 | &nbsp;&nbsp;&nbsp;&nbsp;$56671516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$82236440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45807894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271090459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316898353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29418882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107936287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137355169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19871534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114121010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133992544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9056761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29626498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38683259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77547776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300559988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378107764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135943128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138348420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376297759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380566056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7294843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19929409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27224252 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221236203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413429852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634666055 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13305570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13305570 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20988213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20988213 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$242224416 | &nbsp;&nbsp;$1426735422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1668959838 |

---

------

*September 30, 2025*

------

#### Empower International Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$15923341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$15923341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36060286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39999316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24325061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96127942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120453003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120777076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120777076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17599213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87645648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105244861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140742232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140742232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35273300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60624136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95897436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81136604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562753142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643889746 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8684893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8684893 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$89821497 | &nbsp;&nbsp;&nbsp;&nbsp;$562753142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$652574639 |

---

------

*September 30, 2025*

------

#### Empower International Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$1840206 | &nbsp;&nbsp;&nbsp;&nbsp;$146191576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$148031782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31215695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131297286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162512981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385535054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386575084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6871763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621336125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628208372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101641207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101641207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7796400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799785888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807582288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505215828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505972625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7603990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207218380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214822370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97704275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99818625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60919754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995925619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056845857 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180440 |
| Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014009 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039613 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116518490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116518490 |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47288154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47288154 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178215585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3049635965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227872554 |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<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;79335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79335 |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196209 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$178411794 | &nbsp;&nbsp;$3049715300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21004 | &nbsp;&nbsp;$3228148098 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  |  |  |  |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<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;(60203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60203) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(60203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(60203) |

---

<sup>(a)</sup> Forward Foreign Currency Contracts and Futures Contracts are reported at the security's unrealized appreciation (depreciation), which represents the change in the contract's value from trade date.

------

*September 30, 2025*

------

#### Empower International Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$54639400 | &nbsp;&nbsp;&nbsp;&nbsp;$74180084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$128819484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36988205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36988205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169149223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177654575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24937292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256542670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281479962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71028374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73951330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12318580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397999887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410318467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13718820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202681875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216400695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32638875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73987778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106626653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17909636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153875784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296273223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450149007 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078276 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78316930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78316930 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$232192714 | &nbsp;&nbsp;$1299351499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1531544213 |

---

<u>Foreign Currency Translations and Transactions</u>

The accounting records of each Fund are maintained in U.S. dollars. Investment securities, and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

A Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss.

<u>Futures Contracts</u>

A Fund may use futures to equitize cash. A futures contract is an agreement between two parties to buy or sell a specified underlying investment for a fixed price at a specified future date. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities that comprise the index, or that the clearinghouse will fail to perform its obligations.

<u>Forward Foreign Currency Contracts</u>

A Fund may enter into OTC forward foreign currency contracts (forward contracts) primarily to capture potential returns from changes in currency exchange rates or to reduce the risk of undesired currency exposure. A forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate.

The following table represents the average month-end volume of each Fund's derivative transactions, if any, during the reporting period:

---

| | |
|:---|:---|
| Empower International Index Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$74522193 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$13876783 |

---

------

*September 30, 2025*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** EMPOWER FUNDS, INC.

- **b. Investment Company Act file number:** 811-03364

- **c. CIK number of Registrant:** 0000356476

- **d. LEI of Registrant:** RUYOMHMDMSPQ01U66388

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 8515 E Orchard Road

  - **City:** Greenwood Village

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80111

  - **Telephone number:** 866-831-7129

**Item A.2. Information about the Series.**

- **a. Name of Series:** Empower International Index Fund

- **b. EDGAR series identifier (if any):** S000030871

- **c. LEI of Series:** RYPCEWFVUCBIVW9YAP22

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3134999887.76

**Total Liabilities:** $2103632.78

**Net Assets:** $3132896254.98

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000095750 | -2.54%               | 4.74%                | 2.39%                |
| Class ID C000155807 | -2.49%               | 4.79%                | 2.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $38865920.01             | $-76129599.45                              |
| Month 2  | $43586665.48             | $126177254.82                              |
| Month 3  | $45596134.25             | $63414258.88                               |

### Schedule of Portfolio Investments

| Name                                                              | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SINGAPORE COMMODITY EXCHANGE                                      | SGX MB Iron Ore CFR China (65% Fe Fines) Index Futures,Dec-2025,Composite   | CUSIP: 0002MFSZ5<br>LEI: N/A                  | Long             | DCO              | CORP              | SG        |       545 | NC      | $196209.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999134<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $108373.58    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999135<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $19112.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999136<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $37625.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999137<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $24373.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999138<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $5497.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999139<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $6466104.08   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999140<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $7102.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999141<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $10191.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999142<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $5508149.29   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999143<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $12613.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999144<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $12942.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999145<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $11950.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999146<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $17156.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999147<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $29611.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999148<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $19407.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999149<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $44156.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999150<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $30261.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999151<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $6673.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999152<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $99696.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999153<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $7163.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999154<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $31386.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999155<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $79274.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999156<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $482448.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                    | CUSIP: 999999119<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $55162.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                    | CUSIP: 999999120<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $138198.55    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                    | CUSIP: 999999121<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $81437.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                    | CUSIP: 999999122<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $12900.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                    | CUSIP: 999999123<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $40558.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                    | CUSIP: 999999124<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $47982.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                    | CUSIP: 999999125<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $4038.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                    | CUSIP: 999999126<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $5100.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999127<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $10491.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999128<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2536.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999129<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $63234.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999130<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $273257.95    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999131<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $62188.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999132<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $11181.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999133<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $6789.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999160<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $1261375.37   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999161<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $867866.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999162<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $311810.98    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999163<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $710712.05    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999164<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $564332.44    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999165<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $112053.51    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999166<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $297404.17    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999167<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $7002.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999157<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $94875.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999158<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $52913.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                 | CUSIP: 999999159<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $314182.33    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DREY INST PREF GOV MM-M                                           | DREYFUS INSTL PREFER GOVT-IS #6546                                          | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | CORP              | US        | 116518478 | PA      | $116518477.53 | 3.72%             | 2025-10-01      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Intertek Group PLC                                                | Intertek Group PLC ORD GBP0.01                                              | CUSIP: G4911B108<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |     24599 | NS      | $1565159.37   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal S.A.                                                      | L'Oreal S.A. EUR0.20                                                        | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     37860 | NS      | $16449730.43  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                            | Intesa Sanpaolo S.p.A. NPV                                                  | CUSIP: T55067101<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |   2239697 | NS      | $14824993.17  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                                      | Capgemini SE EUR8                                                           | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     25734 | NS      | $3754019.66   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlsberg A/S                                                     | Carlsberg A/S SER'B'DKK20                                                   | CUSIP: K36628137<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |     14199 | NS      | $1652734.57   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller-Maersk                                                  | AP Moller-Maersk SER'B'DKK1000                                              | CUSIP: K0514G101<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |       647 | NS      | $1271857.05   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| GEA Group AG                                                      | GEA Group AG NPV                                                            | CUSIP: D28304109<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |     21787 | NS      | $1610763.29   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                                    | Continental AG NPV                                                          | CUSIP: D16212140<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     15757 | NS      | $1042423.12   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                                     | Beiersdorf AG NPV                                                           | CUSIP: D08792109<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |     16177 | NS      | $1692701.92   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                                        | Allianz SE NPV(REGD)(VINKULIERT)                                            | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     60399 | NS      | $25411543.18  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Endesa SA - Empresa Nacional Electricidad                         | Endesa SA - Empresa Nacional Electricidad EUR1.2                            | CUSIP: E41222113<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |     46934 | NS      | $1499353.27   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Lufthansa AG                                             | Deutsche Lufthansa AG ORD NPV (REGD)(VINK)                                  | CUSIP: D1908N106<br>LEI: 529900PH63HYJ86ASW55 | Long             | EC               | CORP              | DE        |    102503 | NS      | $869965.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Reinsurance AG                                             | Munich Reinsurance AG NPV(REGD)                                             | CUSIP: D55535104<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |     20486 | NS      | $13079820.91  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen AG                                                     | Volkswagen AG NON VTG PRF NPV                                               | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |     30954 | NS      | $3355104.32   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                | Banco Bilbao Vizcaya Argentaria SA EUR0.49                                  | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    903981 | NS      | $17419436.11  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering S.A.                                                       | Kering S.A. EUR4                                                            | CUSIP: F5433L103<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |     12169 | NS      | $4077811.56   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                                            | Mercedes-Benz Group AG ORD NPV(REGD)                                        | CUSIP: D1668R123<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |    115987 | NS      | $7310681.43   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Acciona SA                                                        | Acciona SA EUR1                                                             | CUSIP: E0008Z109<br>LEI: 54930002KP75TLLLNO21 | Long             | EC               | CORP              | ES        |      3711 | NS      | $745685.38    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                                       | Bayerische Motoren Werke AG EUR1                                            | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     43408 | NS      | $4374991.15   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajinomoto Co Inc.                                                 | Ajinomoto Co Inc. NPV                                                       | CUSIP: J00882126<br>LEI: 353800UT0TLROREPIC92 | Long             | EC               | CORP              | JP        |    142800 | NS      | $4093963.90   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ANA Holdings Inc.                                                 | ANA Holdings Inc. NPV                                                       | CUSIP: J0156Q112<br>LEI: 5493008IRKIY0G3TE305 | Long             | EC               | CORP              | JP        |     23200 | NS      | $448212.01    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                                          | Asahi Group Holdings Ltd NPV                                                | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |    216400 | NS      | $2594405.19   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Kasei Corp.                                                 | Asahi Kasei Corp. NPV                                                       | CUSIP: J0242P110<br>LEI: 353800GPI4Z3MGDGN142 | Long             | EC               | CORP              | JP        |    195400 | NS      | $1535790.60   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AGC Inc.                                                          | AGC Inc. NPV                                                                | CUSIP: J0025W100<br>LEI: JE4WFFEELMVPFZ0G1E77 | Long             | EC               | CORP              | JP        |     29400 | NS      | $958802.34    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd.                                           | ANZ Group Holdings Ltd. NPV                                                 | CUSIP: Q0429F119<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |    469313 | NS      | $10305422.95  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                             | Westpac Banking Corp. NPV                                                   | CUSIP: Q97417101<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | EC               | CORP              | AU        |    538999 | NS      | $13887218.21  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| LY Corporation                                                    | LY Corporation NPV                                                          | CUSIP: J9894K105<br>LEI: 52990078MD2OL792YM35 | Long             | EC               | CORP              | JP        |    425200 | NS      | $1364895.93   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Telstra Group Ltd.                                                | Telstra Group Ltd. NPV                                                      | CUSIP: Q8975N105<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |    652286 | NS      | $2079567.20   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CLP Holdings Ltd.                                                 | CLP Holdings Ltd. NPV                                                       | CUSIP: Y1660Q104<br>LEI: 25490002BUTSMP94GO68 | Long             | EC               | CORP              | HK        |    246000 | NS      | $2035479.44   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgestone Corp.                                                 | Bridgestone Corp. NPV                                                       | CUSIP: J04578126<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |     88800 | NS      | $4104173.37   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| OBIC Co Ltd.                                                      | OBIC Co Ltd. NPV                                                            | CUSIP: J5946V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48400 | NS      | $1686904.85   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd.                                                    | BHP Group Ltd. NPV                                                          | CUSIP: Q1498M100<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    799244 | NS      | $22327042.44  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Canon Inc.                                                        | Canon Inc. NPV                                                              | CUSIP: J05124144<br>LEI: 529900JH1GSC035SSP77 | Long             | EC               | CORP              | JP        |    140100 | NS      | $4088551.76   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Chiba Bank Ltd.                                                   | Chiba Bank Ltd. NPV                                                         | CUSIP: J05670104<br>LEI: FGJPAKKCTZVSKZXNBS63 | Long             | EC               | CORP              | JP        |     81000 | NS      | $849079.05    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubu Electric Power Co Inc.                                      | Chubu Electric Power Co Inc. NPV                                            | CUSIP: J06510101<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |    102200 | NS      | $1419354.97   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Origin Energy Ltd.                                                | Origin Energy Ltd. NPV                                                      | CUSIP: Q71610101<br>LEI: ZSN2LWNPYW6ISMRUC664 | Long             | EC               | CORP              | AU        |    252884 | NS      | $2086922.64   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                    | Commonwealth Bank of Australia ORD NPV                                      | CUSIP: Q26915100<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |    261612 | NS      | $28890730.62  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO Tinto Limited                                                 | RIO Tinto Limited NPV                                                       | CUSIP: Q81437107<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |     57921 | NS      | $4672083.68   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                                         | KDDI Corp NPV                                                               | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    490700 | NS      | $7825942.63   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Daito Trust Construction Co Ltd.                                  | Daito Trust Construction Co Ltd. NPV                                        | CUSIP: J11151107<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |     42500 | NS      | $932503.21    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Dai Nippon Printing Co Ltd.                                       | Dai Nippon Printing Co Ltd. NPV                                             | CUSIP: J10584142<br>LEI: 529900S7NFNQ4FT6OP83 | Long             | EC               | CORP              | JP        |     60800 | NS      | $1033888.12   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa House Industry Co Ltd.                                      | Daiwa House Industry Co Ltd. NPV                                            | CUSIP: J11508124<br>LEI: 353800K9WXR9XRZJZI46 | Long             | EC               | CORP              | JP        |     89100 | NS      | $3200029.29   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa Securities Group Inc.                                       | Daiwa Securities Group Inc. NPV                                             | CUSIP: J11718111<br>LEI: 353800WRC7Y23PWFJG38 | Long             | EC               | CORP              | JP        |    199500 | NS      | $1621152.84   | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| East Japan Railway Co.                                            | East Japan Railway Co. NPV                                                  | CUSIP: J1257M109<br>LEI: 353800SENYJ2DSM6PS44 | Long             | EC               | CORP              | JP        |    155600 | NS      | $3805794.96   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Eisai Co Ltd.                                                     | Eisai Co Ltd. NPV                                                           | CUSIP: J12852117<br>LEI: 353800HDEE0ZYEX4QV91 | Long             | EC               | CORP              | JP        |     43700 | NS      | $1476308.53   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Elbit Systems Ltd                                                 | Elbit Systems Ltd ILS1                                                      | CUSIP: M3760D101<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |      4340 | NS      | $2207948.94   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Holdings Inc                                                  | SBI Holdings Inc NPV                                                        | CUSIP: J6991H100<br>LEI: 353800L6LMHYIPSMRQ17 | Long             | EC               | CORP              | JP        |     40740 | NS      | $1773716.78   | 0.06%             |  |  |  | No            |                  2 | On Loan: —       |
| Mitsubishi UFJ Financial Group Inc.                               | Mitsubishi UFJ Financial Group Inc. NPV                                     | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |   1792500 | NS      | $28915495.82  | 0.92%             |  |  |  | No            |                  2 | On Loan: —       |
| FUJIFILM Holdings Corp.                                           | FUJIFILM Holdings Corp. NPV                                                 | CUSIP: J14208102<br>LEI: 529900UBKMFM0ST6H474 | Long             | EC               | CORP              | JP        |    173800 | NS      | $4322110.49   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujikura Ltd.                                                     | Fujikura Ltd. NPV                                                           | CUSIP: J14784128<br>LEI: 353800PSDZ8VRCKVPL51 | Long             | EC               | CORP              | JP        |     38200 | NS      | $3736606.22   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanuc Corp.                                                       | Fanuc Corp. NPV                                                             | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |    146500 | NS      | $4209963.40   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujitsu Ltd.                                                      | Fujitsu Ltd. NPV                                                            | CUSIP: J15708159<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |    282700 | NS      | $6631671.13   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Hang Seng Bank Ltd.                                               | Hang Seng Bank Ltd. NPV                                                     | CUSIP: Y30327103<br>LEI: 5493009Z5F07LWZYMK62 | Long             | EC               | CORP              | HK        |    117700 | NS      | $1791031.66   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hankyu Hanshin Holdings Inc.                                      | Hankyu Hanshin Holdings Inc. NPV                                            | CUSIP: J18439109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     36700 | NS      | $1082248.94   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Henderson Land Development Co Ltd.                                | Henderson Land Development Co Ltd. NPV                                      | CUSIP: Y31476107<br>LEI: 529900SYQB7IVR9QGN76 | Long             | EC               | CORP              | HK        |    212830 | NS      | $749685.09    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd.                                                      | Hitachi Ltd. NPV                                                            | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |    721200 | NS      | $19106801.07  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd.                                       | Hongkong Land Holdings Ltd. ORD USD0.10(SINGAPORE REG)                      | CUSIP: G4587L109<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | SG        |    164600 | NS      | $1041918.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Honda Motor Co Ltd.                                               | Honda Motor Co Ltd. NPV                                                     | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |    622100 | NS      | $6419654.14   | 0.20%             |  |  |  | No            |                  2 | On Loan: —       |
| Power Assets Holdings Ltd.                                        | Power Assets Holdings Ltd. NPV                                              | CUSIP: Y7092Q109<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |    230500 | NS      | $1458979.98   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Wharf (Holdings) Ltd. The                                         | Wharf (Holdings) Ltd. The NPV                                               | CUSIP: Y8800U127<br>LEI: 254900JCV4TBBPX9IW91 | Long             | EC               | CORP              | HK        |    157000 | NS      | $449093.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOC Hong Kong (Holdings) Ltd.                                     | BOC Hong Kong (Holdings) Ltd. NPV                                           | CUSIP: Y0920U103<br>LEI: 254900JB98W77JDJMW15 | Long             | EC               | CORP              | HK        |    552500 | NS      | $2588337.63   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Hapoalim BM                                                  | Bank Hapoalim BM ILS1                                                       | CUSIP: M1586M115<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |    191791 | NS      | $3898572.64   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd.                                          | QBE Insurance Group Ltd. NPV                                                | CUSIP: Q78063114<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |    225558 | NS      | $3069450.11   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp.                                                         | SMC Corp. NPV                                                               | CUSIP: J75734103<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      8600 | NS      | $2658193.07   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Santos Ltd.                                                       | Santos Ltd. NPV                                                             | CUSIP: Q82869118<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |    475505 | NS      | $2111649.55   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co Ltd                                                      | Secom Co Ltd NPV                                                            | CUSIP: J69972107<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |     68400 | NS      | $2509418.09   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui Chemical Co Ltd.                                          | Sekisui Chemical Co Ltd. NPV                                                | CUSIP: J70703137<br>LEI: 529900KQIVT7NWFNMI70 | Long             | EC               | CORP              | JP        |     56600 | NS      | $1053702.99   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Ltd                                                 | Sekisui House Ltd NPV                                                       | CUSIP: J70746136<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |     98400 | NS      | $2237870.61   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd.                                        | Shin-Etsu Chemical Co Ltd. NPV                                              | CUSIP: J72810120<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |    263200 | NS      | $8618098.73   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Shiseido Co Ltd.                                                  | Shiseido Co Ltd. NPV                                                        | CUSIP: J74358144<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |     60600 | NS      | $1034464.24   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                                                  | Sony Group Corp. NPV                                                        | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    968300 | NS      | $27835431.32  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Electric Industries Ltd.                                 | Sumitomo Electric Industries Ltd. NPV                                       | CUSIP: J77411114<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |    110200 | NS      | $3135636.49   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Corp.                                                    | Sumitomo Corp. NPV                                                          | CUSIP: J77282119<br>LEI: V82KK8NH1P0JS71FJC05 | Long             | EC               | CORP              | JP        |    168600 | NS      | $4878102.87   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Hung Kai Properties Ltd.                                      | Sun Hung Kai Properties Ltd. NPV                                            | CUSIP: Y82594121<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |    216500 | NS      | $2589675.73   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp.                                                | Suzuki Motor Corp. NPV                                                      | CUSIP: J78529138<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |    233200 | NS      | $3395131.94   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SITC International Holdings Co Ltd.                               | SITC International Holdings Co Ltd. HKD0.10                                 | CUSIP: G8187G105<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |    196574 | NS      | $756797.07    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Renesas Electronics Corp.                                         | Renesas Electronics Corp. NPV                                               | CUSIP: J4881V107<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |    253500 | NS      | $2916566.50   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Sino Land Co Ltd.                                                 | Sino Land Co Ltd. NPV                                                       | CUSIP: Y80267126<br>LEI: 529900G5P51053HJVZ92 | Long             | EC               | CORP              | HK        |    643178 | NS      | $813187.09    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Realty & Development Co Ltd.                             | Sumitomo Realty & Development Co Ltd. NPV                                   | CUSIP: J77841112<br>LEI: 353800SO2DCLOI3LNZ64 | Long             | EC               | CORP              | JP        |     50200 | NS      | $2214291.59   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Swire Pacific Ltd.                                                | Swire Pacific Ltd. 'A' NPV                                                  | CUSIP: Y83310105<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |     61000 | NS      | $516959.13    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK Corp.                                                         | TDK Corp. NPV                                                               | CUSIP: J82141136<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |    295100 | NS      | $4273285.35   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Taisei Corp.                                                      | Taisei Corp. NPV                                                            | CUSIP: J79561148<br>LEI: 529900TF7XJKIOWMLQ79 | Long             | EC               | CORP              | JP        |     24200 | NS      | $1662958.77   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd.                                     | Takeda Pharmaceutical Co Ltd. NPV                                           | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |    246252 | NS      | $7232517.97   | 0.23%             |  |  |  | No            |                  2 | On Loan: —       |
| Advantest Corp.                                                   | Advantest Corp. NPV                                                         | CUSIP: J00210104<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |    121100 | NS      | $11981968.70  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Gas Co Ltd                                                  | Tokyo Gas Co Ltd NPV                                                        | CUSIP: J87000113<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |     51500 | NS      | $1831271.08   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                                               | Tokyo Electron Ltd. NPV                                                     | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     70500 | NS      | $12497321.14  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyu Corp                                                        | Tokyu Corp NPV                                                              | CUSIP: J88720149<br>LEI: 3538005PGNIBTZYXAE45 | Long             | EC               | CORP              | JP        |     71000 | NS      | $865874.41    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| TOPPAN Holdings Inc                                               | TOPPAN Holdings Inc NPV                                                     | CUSIP: 890747108<br>LEI: 3538003H9W4KIDODQY20 | Long             | EC               | CORP              | JP        |     40700 | NS      | $1042817.13   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Toray Industries Inc.                                             | Toray Industries Inc. NPV                                                   | CUSIP: J89494116<br>LEI: 35380099TCYR5FHT0A11 | Long             | EC               | CORP              | JP        |    230100 | NS      | $1467984.29   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Industries Corp.                                           | Toyota Industries Corp. NPV                                                 | CUSIP: J92628106<br>LEI: 35380000WKGEAHEMW830 | Long             | EC               | CORP              | JP        |     24400 | NS      | $2744231.03   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp.                                               | Toyota Tsusho Corp. NPV                                                     | CUSIP: J92719111<br>LEI: 549300CEE2ENIUJNXB84 | Long             | EC               | CORP              | JP        |    113500 | NS      | $3141943.75   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                | Toyota Motor Corp. NPV                                                      | CUSIP: J92676113<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |   1492175 | NS      | $28659408.58  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                                         | United Overseas Bank Ltd. NPV                                               | CUSIP: Y9T10P105<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    199206 | NS      | $5349767.49   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Wesfarmers Ltd.                                                   | Wesfarmers Ltd. ORD NPV                                                     | CUSIP: Q95870103<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |    178678 | NS      | $10869569.77  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Woolworths Group Ltd.                                             | Woolworths Group Ltd. NPV                                                   | CUSIP: Q98418108<br>LEI: QNWEWQBS7HP85QHXQL92 | Long             | EC               | CORP              | AU        |    184545 | NS      | $3256862.02   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Yakult Honsha Co Ltd                                              | Yakult Honsha Co Ltd NPV                                                    | CUSIP: J95468120<br>LEI: 353800YJPSPGG7KI0S71 | Long             | EC               | CORP              | JP        |     37800 | NS      | $616395.78    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Astellas Pharma Inc.                                              | Astellas Pharma Inc. NPV                                                    | CUSIP: J03393105<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |    271000 | NS      | $2953896.44   | 0.09%             |  |  |  | No            |                  2 | On Loan: —       |
| Yokogawa Electric Corporation                                     | Yokogawa Electric Corporation NPV                                           | CUSIP: J97272124<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |     38700 | NS      | $1110635.80   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Axa SA                                                            | Axa SA EUR2.29                                                              | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |    277712 | NS      | $13317721.12  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                                               | EssilorLuxottica SA EUR0.18                                                 | CUSIP: F31665106<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |     46839 | NS      | $15258026.97  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                    | BNP Paribas SA EUR2                                                         | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |    159450 | NS      | $14583785.51  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Klepierre SA                                                      | Klepierre SA EUR1.40                                                        | CUSIP: F5396X102<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |     30640 | NS      | $1196186.10   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA                                            | Yara International ASA NOK1.7                                               | CUSIP: R9900C106<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |     24574 | NS      | $900734.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken N.V.                                                     | Heineken N.V. EUR1.60                                                       | CUSIP: N39427211<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     43426 | NS      | $3400656.95   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd.                               | Teva Pharmaceutical Industries Ltd. SPONSORED ADS                           | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |    187046 | NS      | $3778329.25   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Trelleborg AB                                                     | Trelleborg AB SER'B'NPV                                                     | CUSIP: W96297101<br>LEI: 213800XY16PAWG2PAD14 | Long             | EC               | CORP              | SE        |     34056 | NS      | $1273293.75   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sigma Healthcare Ltd.                                             | Sigma Healthcare Ltd. NPV                                                   | CUSIP: Q8T84B108<br>LEI: 529900BZSP3BK7GYAO50 | Long             | EC               | CORP              | AU        |    680021 | NS      | $1335427.25   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ACS Actividades De Construccion Y Servicios S.A.                  | ACS Actividades De Construccion Y Servicios S.A. EUR0.5                     | CUSIP: E7813W163<br>LEI: 95980020140005558665 | Long             | EC               | CORP              | ES        |     29471 | NS      | $2362353.92   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Neste Oyj                                                         | Neste Oyj NPV                                                               | CUSIP: X5688A109<br>LEI: 5493009GY1X8GQ66AM14 | Long             | EC               | CORP              | FI        |     63045 | NS      | $1158376.87   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sembcorp Industries Ltd.                                          | Sembcorp Industries Ltd. NPV                                                | CUSIP: Y79711159<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |    133800 | NS      | $625140.83    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Legrand SA                                                        | Legrand SA EUR4                                                             | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |     40800 | NS      | $6779391.99   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Eiffage SA                                                        | Eiffage SA EUR4                                                             | CUSIP: F2924U106<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |     10680 | NS      | $1368303.00   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Idemitsu Kosan Co.,Ltd.                                           | Idemitsu Kosan Co.,Ltd. NPV                                                 | CUSIP: J2388K103<br>LEI: 549300P0R46FF6DUA630 | Long             | EC               | CORP              | JP        |    134380 | NS      | $919373.07    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Yangzijiang Shipbuilding Holdings Ltd.                            | Yangzijiang Shipbuilding Holdings Ltd. NPV (SGD)                            | CUSIP: Y9728A102<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | SG        |    358600 | NS      | $938191.50    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HKT Trust & HKT Ltd.                                              | HKT Trust & HKT Ltd. HKD0.0005 SHARE STAPLED UNIT                           | CUSIP: Y3R29Z107<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    575900 | NS      | $851479.93    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Eneos Holdings Inc                                                | Eneos Holdings Inc NPV                                                      | CUSIP: J29699105<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |    408750 | NS      | $2588698.30   | 0.08%             |  |  |  | No            |                  2 | On Loan: —       |
| Sofina SA                                                         | Sofina SA NPV                                                               | CUSIP: B80925124<br>LEI: 5493000GMVR38VUO5D39 | Long             | EC               | CORP              | BE        |      2268 | NS      | $670592.75    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Swiss Prime Site AG                                               | Swiss Prime Site AG CHF2.00 (REGD)                                          | CUSIP: H8403W107<br>LEI: 506700XI9H64OPR34158 | Long             | EC               | CORP              | CH        |     13521 | NS      | $1894141.48   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| EMS-Chemie Holding AG                                             | EMS-Chemie Holding AG CHF0.01 (REGD)                                        | CUSIP: H22206199<br>LEI: 529900G1XFTGSE0DIX60 | Long             | EC               | CORP              | CH        |      1209 | NS      | $858958.78    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BKW AG                                                            | BKW AG CHF2.50                                                              | CUSIP: H10053108<br>LEI: 549300IE30SKTUO98Q38 | Long             | EC               | CORP              | CH        |      3443 | NS      | $738450.91    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hensoldt AG                                                       | Hensoldt AG NPV                                                             | CUSIP: D3R14P109<br>LEI: 894500686FYLLZD3M624 | Long             | EC               | CORP              | DE        |     10174 | NS      | $1325091.63   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational AG                                                       | Rational AG NPV                                                             | CUSIP: D6349P107<br>LEI: 529900K139N6UFJ1A758 | Long             | EC               | CORP              | DE        |       804 | NS      | $614401.48    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                                  | Delivery Hero SE NPV                                                        | CUSIP: D1T0KZ103<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |     33581 | NS      | $964259.32    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerzbank AG                                                    | Commerzbank AG NPV                                                          | CUSIP: D172W1279<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | EC               | CORP              | DE        |    118736 | NS      | $4495597.54   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                                                 | Siemens Energy AG NPV                                                       | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |    106979 | NS      | $12578533.88  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Tryg AS                                                           | Tryg AS DKK5                                                                | CUSIP: K9640A110<br>LEI: 213800ZRS8AC4LSTCE39 | Long             | EC               | CORP              | DK        |     51122 | NS      | $1297947.57   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Getlink SE                                                        | Getlink SE EUR0.40                                                          | CUSIP: F4R053105<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |     51956 | NS      | $958042.95    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Generale des Etablissements Michelin                    | Compagnie Generale des Etablissements Michelin EUR0.50 (POST SUBDIVISION)   | CUSIP: F61824870<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |    108363 | NS      | $3902567.36   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva PLC                                                         | Aviva PLC ORD GBP0.328947368                                                | CUSIP: G0683Q158<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |    479359 | NS      | $4433158.87   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Infrastructure Holdings Ltd.                                   | CK Infrastructure Holdings Ltd. HKD1                                        | CUSIP: G2178K100<br>LEI: 5299005U11RQ1C27MR12 | Long             | EC               | CORP              | BM        |     97000 | NS      | $636402.79    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                                      | British American Tobacco PLC ORD GBP0.25                                    | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |    326068 | NS      | $17338278.99  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Veolia Environnement S.A.                                         | Veolia Environnement S.A. EUR5                                              | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |     93691 | NS      | $3195059.77   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                                         | Halma PLC ORD GBP0.10                                                       | CUSIP: G42504103<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |     56378 | NS      | $2622916.86   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                            | Standard Chartered PLC ORD USD0.50                                          | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |    310179 | NS      | $6017720.43   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller-Maersk                                                  | AP Moller-Maersk SER'A'DKK1000                                              | CUSIP: K0514G135<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |       450 | NS      | $882713.05    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Corp.                                                      | Otsuka Corp. NPV                                                            | CUSIP: J6243L115<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |     34200 | NS      | $713897.82    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Konami Group Corp.                                                | Konami Group Corp. NPV                                                      | CUSIP: J3600L101<br>LEI: 353800FC4A5QCMIZFV94 | Long             | EC               | CORP              | JP        |     15100 | NS      | $2178355.55   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corporation                                                | Kubota Corporation NPV                                                      | CUSIP: J36662138<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |    163500 | NS      | $2054280.65   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KYOCERA Corp.                                                     | KYOCERA Corp. NPV                                                           | CUSIP: J37479110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    191900 | NS      | $2577926.22   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp.                                                    | Marubeni Corp. NPV                                                          | CUSIP: J39788138<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |    220000 | NS      | $5489487.68   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Panasonic Holdings Corp.                                          | Panasonic Holdings Corp. NPV                                                | CUSIP: J6354Y104<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |    349100 | NS      | $3789165.81   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                                          | Mitsubishi Estate Co Ltd NPV                                                | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |    172900 | NS      | $3973906.58   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Legal & General Group PLC                                         | Legal & General Group PLC ORD GBP0.025                                      | CUSIP: G54404127<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |    928492 | NS      | $2980983.16   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Pearson PLC                                                       | Pearson PLC ORD GBP0.25                                                     | CUSIP: G69651100<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |     91824 | NS      | $1305217.40   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corp.                                                  | Mitsubishi Corp. NPV                                                        | CUSIP: J43830116<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |    504600 | NS      | $12029364.45  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                                         | Mitsubishi Electric Corp. NPV                                               | CUSIP: J43873116<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |    305500 | NS      | $7846382.38   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Ltd.                                  | Mitsubishi Heavy Industries Ltd. NPV                                        | CUSIP: J44002178<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |    504600 | NS      | $13204932.14  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui & Co Ltd.                                                  | Mitsui & Co Ltd. NPV                                                        | CUSIP: J44690139<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |    389900 | NS      | $9681690.60   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd.                                            | Mitsui Fudosan Co Ltd. NPV                                                  | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |    415300 | NS      | $4521000.23   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd.                                      | Murata Manufacturing Co Ltd. NPV                                            | CUSIP: J46840104<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |    262600 | NS      | $4985213.32   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                                    | Prudential PLC GBP0.05                                                      | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    405641 | NS      | $5676131.00   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                                     | Rio Tinto PLC ORD GBP0.10                                                   | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    177704 | NS      | $11709926.57  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                      | National Australia Bank Ltd. NPV                                            | CUSIP: Q65336119<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |    483284 | NS      | $14098243.83  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd.                                                  | Nintendo Co Ltd. NPV                                                        | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    173900 | NS      | $15045697.69  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp.                                                       | Denso Corp. NPV                                                             | CUSIP: J12075107<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |    269100 | NS      | $3872802.66   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp.                                                         | NEC Corp. NPV                                                               | CUSIP: J48818207<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |    204200 | NS      | $6536255.62   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Inc.                                                          | NTT Inc. NPV                                                                | CUSIP: J59396101<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |   4649200 | NS      | $4859907.05   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Minebea Mitsumi Inc.                                              | Minebea Mitsumi Inc. NPV                                                    | CUSIP: J42884130<br>LEI: 353800CCB0CZ75YZ4010 | Long             | EC               | CORP              | JP        |     55400 | NS      | $1041009.53   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Oriental Land Co Ltd.                                             | Oriental Land Co Ltd. NPV                                                   | CUSIP: J6174U100<br>LEI: 353800PIFKBZ6KTU5994 | Long             | EC               | CORP              | JP        |    168200 | NS      | $4049091.83   | 0.13%             |  |  |  | No            |                  2 | On Loan: —       |
| Obayashi Corp.                                                    | Obayashi Corp. NPV                                                          | CUSIP: J59826107<br>LEI: 529900YT4O5S0LCXWD54 | Long             | EC               | CORP              | JP        |     97200 | NS      | $1595393.43   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIX Corp.                                                        | ORIX Corp. NPV                                                              | CUSIP: J61933123<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |    185500 | NS      | $4868631.12   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Gas Co Ltd                                                  | Osaka Gas Co Ltd NPV                                                        | CUSIP: J62320130<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |     59700 | NS      | $1729131.07   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                                                 | National Grid PLC ORD GBP0.12431289                                         | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    771824 | NS      | $11084886.35  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Moncler S.p.A.                                                    | Moncler S.p.A. NPV                                                          | CUSIP: T6730E110<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |     34976 | NS      | $2058460.31   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| West Japan Railway Co.                                            | West Japan Railway Co. NPV                                                  | CUSIP: J95094108<br>LEI: 353800QGUXHZ7EBCR121 | Long             | EC               | CORP              | JP        |     65700 | NS      | $1440665.12   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                                         | Danone SA EUR0.25                                                           | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    101402 | NS      | $8835513.28   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                                                           | Sika AG CHF0.01 (REG)                                                       | CUSIP: H7631K273<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |     23785 | NS      | $5341130.11   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Evonik Industries AG                                              | Evonik Industries AG NPV                                                    | CUSIP: D2R90Y117<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |     44661 | NS      | $776616.06    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Boliden AB                                                        | Boliden AB NPV                                                              | CUSIP: W17218210<br>LEI: 21380059QU7IM1ONDJ56 | Long             | EC               | CORP              | SE        |     40954 | NS      | $1671675.49   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Lifco AB                                                          | Lifco AB SER'B'NPV                                                          | CUSIP: W5321L166<br>LEI: 549300RTLL4VDQRCTW41 | Long             | EC               | CORP              | SE        |     40673 | NS      | $1377175.26   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Lasertec Corp.                                                    | Lasertec Corp. NPV                                                          | CUSIP: J38702106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13500 | NS      | $1846867.83   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Daifuku Co Ltd.                                                   | Daifuku Co Ltd. NPV                                                         | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |     53200 | NS      | $1702611.27   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Monotaro CoLtd                                                    | Monotaro CoLtd NPV                                                          | CUSIP: J46583100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     39500 | NS      | $573490.86    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rockwool A/S                                                      | Rockwool A/S SER'B'DKK1                                                     | CUSIP: K8254S250<br>LEI: 213800QRC7LNX935OZ09 | Long             | EC               | CORP              | DK        |     15330 | NS      | $571523.69    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AerCap Holdings N.V.                                              | AerCap Holdings N.V. EUR0.01                                                | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |     26406 | NS      | $3195126.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel N.V.                                                   | Akzo Nobel N.V. EUR0.50(POST REV SPLIT)                                     | CUSIP: N01803308<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |     25047 | NS      | $1787552.38   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Davide Campari-Milano N.V.                                        | Davide Campari-Milano N.V. EUR0.01                                          | CUSIP: N24565108<br>LEI: 213800ED5AN2J56N6Z02 | Long             | EC               | CORP              | NL        |     92203 | NS      | $583052.16    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Meridian Energy Ltd.                                              | Meridian Energy Ltd. NPV                                                    | CUSIP: Q5997E121<br>LEI: 254900IFKXIGNCY3A092 | Long             | EC               | CORP              | NZ        |    190448 | NS      | $614996.62    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Hexagon AB                                                        | Hexagon AB SER'B'NPV                                                        | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |    324545 | NS      | $3872845.34   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Saab AB                                                           | Saab AB NPV B                                                               | CUSIP: W72838175<br>LEI: 549300ZHO4JCQQI13M69 | Long             | EC               | CORP              | SE        |     47961 | NS      | $2946830.91   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Unipol Assicurazioni S.p.A.                                       | Unipol Assicurazioni S.p.A. NPV                                             | CUSIP: T9532W106<br>LEI: 8156005CE5E7340CCA86 | Long             | EC               | CORP              | IT        |     54715 | NS      | $1176243.88   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                                    | Atlas Copco AB SER'A'NPV                                                    | CUSIP: W1R924252<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    432246 | NS      | $7330020.79   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Addtech AB                                                        | Addtech AB SER'B'NPV                                                        | CUSIP: W4260L147<br>LEI: 549300QZ5U2IDRHPWL60 | Long             | EC               | CORP              | SE        |     39731 | NS      | $1292459.24   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                 | HSBC Holdings PLC ORD USD0.50                                               | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |   2726304 | NS      | $38469277.31  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                                          | Next PLC ORD GBP0.10                                                        | CUSIP: G6500M106<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |     17837 | NS      | $2972294.66   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bouygues SA                                                       | Bouygues SA EUR1                                                            | CUSIP: F11487125<br>LEI: 969500MOCLNQFNZN0D63 | Long             | EC               | CORP              | FR        |     29080 | NS      | $1311618.77   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP SA                                                            | EDP SA EUR1(REGD)                                                           | CUSIP: X67925119<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |    505278 | NS      | $2398039.06   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Post AG                                                  | Deutsche Post AG NPV(REGD)                                                  | CUSIP: D19225107<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |    154536 | NS      | $6905823.98   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International N.V.                                            | ASM International N.V. EUR0.04                                              | CUSIP: N07045201<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      7344 | NS      | $4429544.60   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortum Oyj                                                        | Fortum Oyj EUR3.40                                                          | CUSIP: X2978Z118<br>LEI: 635400IUIZZIUJSAMF76 | Long             | EC               | CORP              | FI        |     76560 | NS      | $1453163.81   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                                         | Sanofi SA EUR2                                                              | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    174796 | NS      | $16552163.90  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Hennes & Mauritz AB                                               | Hennes & Mauritz AB SER'B'NPV                                               | CUSIP: W41422101<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |     82247 | NS      | $1537501.44   | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| Siemens AG                                                        | Siemens AG NPV(REGD)                                                        | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |    119066 | NS      | $32145298.52  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica, S.A.                                                  | Telefonica, S.A. EUR1                                                       | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |    577069 | NS      | $2969722.85   | 0.09%             |  |  |  | No            |                  2 | On Loan: —       |
| Deutsche Bank AG                                                  | Deutsche Bank AG ORD NPV(REGD)                                              | CUSIP: D18190898<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |    291432 | NS      | $10321324.64  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                                       | Bayerische Motoren Werke AG NON VTG PREF EUR1                               | CUSIP: D12096125<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EP               | CORP              | DE        |      7888 | NS      | $734746.95    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Givaudan SA                                                       | Givaudan SA CHF10                                                           | CUSIP: H3238Q102<br>LEI: 213800SVRMQA1TD91D41 | Long             | EC               | CORP              | CH        |      1452 | NS      | $5922769.38   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Central Japan Railway Co.                                         | Central Japan Railway Co. NPV                                               | CUSIP: J05523105<br>LEI: 353800YAR3OVUITHTG64 | Long             | EC               | CORP              | JP        |    126000 | NS      | $3612376.11   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd.                                     | Chugai Pharmaceutical Co Ltd. NPV                                           | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |    104600 | NS      | $4637389.72   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Transurban Group                                                  | Transurban Group STAPLED UNITS NPV                                          | CUSIP: Q9194A106<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |    482923 | NS      | $4406116.87   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Cochlear Ltd                                                      | Cochlear Ltd ORD NPV                                                        | CUSIP: Q25953102<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |      9801 | NS      | $1806184.05   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kikkoman Corp                                                     | Kikkoman Corp NPV                                                           | CUSIP: J32620106<br>LEI: 529900T9K5UH9HXOND47 | Long             | EC               | CORP              | JP        |    115300 | NS      | $976420.46    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Nippon Sanso Holdings Corp.                                       | Nippon Sanso Holdings Corp. NPV                                             | CUSIP: J5545N100<br>LEI: 353800F1K6653B4VPY57 | Long             | EC               | CORP              | JP        |     26200 | NS      | $927892.12    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanrio Co., Ltd                                                   | Sanrio Co., Ltd NPV                                                         | CUSIP: J68209105<br>LEI: 3538002Q5JQLOMSPH125 | Long             | EC               | CORP              | JP        |     26400 | NS      | $1239218.00   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Stockland Corp Ltd.                                               | Stockland Corp Ltd. NPV (STAPLED)                                           | CUSIP: Q8773B105<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    398085 | NS      | $1609940.69   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sysmex Corp.                                                      | Sysmex Corp. NPV                                                            | CUSIP: J7864H102<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |     77700 | NS      | $960555.87    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd.                                                          | ABB Ltd. CHF0.12 (REGD)                                                     | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |    245035 | NS      | $17731548.23  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Baloise Holding AG                                                | Baloise Holding AG CHF0.10 (REGD) (VINKULIERT)                              | CUSIP: H04530202<br>LEI: 529900G5XKBZN48T6283 | Long             | EC               | CORP              | CH        |      6774 | NS      | $1676537.71   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                                           | Eni SpA NPV                                                                 | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    323263 | NS      | $5655858.07   | 0.18%             |  |  |  | No            |                  2 | On Loan: —       |
| Swiss Life Holding AG                                             | Swiss Life Holding AG CHF0.1 (REGD)                                         | CUSIP: H8404J162<br>LEI: 5493000KUC3Z24U77V93 | Long             | EC               | CORP              | CH        |      4453 | NS      | $4807509.79   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| PRO Medicus Ltd.                                                  | PRO Medicus Ltd. NPV                                                        | CUSIP: Q77301101<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      8516 | NS      | $1733820.47   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                                          | Engie SA EUR1                                                               | CUSIP: F7629A107<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    283832 | NS      | $6101420.95   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuehne & Nagel International AG                                   | Kuehne & Nagel International AG CHF1 (REGD)                                 | CUSIP: H4673L145<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |      7416 | NS      | $1387811.32   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Oyj                                                         | Orion Oyj SER'B'NPV                                                         | CUSIP: X6002Y112<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |     18344 | NS      | $1408336.05   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Brambles Ltd.                                                     | Brambles Ltd. NPV                                                           | CUSIP: Q6634U106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    209868 | NS      | $3443440.36   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Galp Energia SGPS SA                                              | Galp Energia SGPS SA EUR1                                                   | CUSIP: X3078L108<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |     59226 | NS      | $1122321.10   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                                            | SKF AB SER'B'NPV                                                            | CUSIP: W84237143<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |     58531 | NS      | $1455736.37   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB (publ)                                          | Industrivarden AB (publ) SER'C'NPV                                          | CUSIP: W45430126<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |     23521 | NS      | $933631.99    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Sabadell SA                                              | Banco de Sabadell SA EUR0.125                                               | CUSIP: E15819191<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |    780561 | NS      | $3046701.67   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola, S.A.                                                   | Iberdrola, S.A. EUR0.75                                                     | CUSIP: E6165F166<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    953703 | NS      | $18053012.80  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                              | Macquarie Group Ltd. NPV                                                    | CUSIP: Q57085286<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |     57138 | NS      | $8293577.45   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Elia Group SA/NV                                                  | Elia Group SA/NV NPV                                                        | CUSIP: B35656105<br>LEI: 549300S1MP1NFDIKT460 | Long             | EC               | CORP              | BE        |      7014 | NS      | $810337.13    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGRO PLC                                                         | SEGRO PLC ORD GBP0.10                                                       | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |    185478 | NS      | $1638391.25   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sofina SA                                                         | Sofina SA NPV (SUB RIGHTS 02/10/2025)                                       | CUSIP: B80925140<br>LEI: 5493000GMVR38VUO5D39 | Long             | EC               | CORP              | BE        |      2268 | NS      | $5059.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Covestro AG                                                       | Covestro AG NPV (ASD 27/11/2024 ADNOC INT CASH)                             | CUSIP: D15349117<br>LEI: 3912005AWHKLQ1CPLV11 | Long             | EC               | CORP              | DE        |     26885 | NS      | $1840206.10   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Ing H C F Porsche AG                                           | Dr Ing H C F Porsche AG NON-VTG PRF NPV                                     | CUSIP: D2R3HA114<br>LEI: 529900EWEX125AULXI58 | Long             | EP               | CORP              | DE        |     17842 | NS      | $865038.88    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Vestas Wind Systems AS                                            | Vestas Wind Systems AS DKK0.20                                              | CUSIP: K9773J201<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |    151210 | NS      | $2876502.25   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsted A/S                                                        | Orsted A/S DKK10 (SUBS RTS 02/10/2025)                                      | CUSIP: K7507F107<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |    366645 | NS      | $365027.47    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Industria De Diseno Textil SA                                     | Industria De Diseno Textil SA EUR0.03 (POST SUBD)                           | CUSIP: E6282J125<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |    171949 | NS      | $9516345.50   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo PLC                                                         | Sampo PLC NPV A                                                             | CUSIP: X75653232<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |    374248 | NS      | $4302723.78   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CVC Capital Partners PLC                                          | CVC Capital Partners PLC ORD NPV                                            | CUSIP: G2716N103<br>LEI: 213800E8UQS1KA32YD39 | Long             | EC               | CORP              | JE        |     28928 | NS      | $505119.59    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                                        | Haleon PLC ORD GBP0.01                                                      | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |   1442981 | NS      | $6491720.35   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group PLC                                 | InterContinental Hotels Group PLC ORD GBP0.208521303                        | CUSIP: G4804L163<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |     22281 | NS      | $2693403.56   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Melrose Industries PLC                                            | Melrose Industries PLC ORD GBP0.001                                         | CUSIP: G5973J210<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |    178314 | NS      | $1467554.33   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                                | Anglo American PLC ORD USD0.623855311355311                                 | CUSIP: G03764142<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    181649 | NS      | $6847037.24   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Sig Group AG                                                      | Sig Group AG CHF0.01                                                        | CUSIP: H76406117<br>LEI: 5493004Z6P7TSVB1L042 | Long             | EC               | CORP              | CH        |     46822 | NS      | $485580.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingspan Group PLC                                                | Kingspan Group PLC ORD EUR0.13                                              | CUSIP: G52654103<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |     23148 | NS      | $1935431.42   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Azrieli Group                                                     | Azrieli Group ILS0.10                                                       | CUSIP: M1571Q105<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      6298 | NS      | $624753.59    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Entain PLC                                                        | Entain PLC ORD EUR0.01                                                      | CUSIP: G3167C109<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |     86769 | NS      | $1025241.52   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DISCO Corp.                                                       | DISCO Corp. NPV                                                             | CUSIP: J12327102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14400 | NS      | $4514983.45   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Insurance Co Ltd.                                      | Japan Post Insurance Co Ltd. NPV                                            | CUSIP: J2800E107<br>LEI: 54930042SK2Z708BA841 | Long             | EC               | CORP              | JP        |     28600 | NS      | $810553.89    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kobe Bussan Co Ltd.                                               | Kobe Bussan Co Ltd. NPV                                                     | CUSIP: J3478K102<br>LEI: 353800CJIFNHN2DXRD59 | Long             | EC               | CORP              | JP        |     21900 | NS      | $603573.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Capcom Co Ltd.                                                    | Capcom Co Ltd. NPV                                                          | CUSIP: J05187109<br>LEI: 529900JJWQKXS3TC8744 | Long             | EC               | CORP              | JP        |     58400 | NS      | $1585619.00   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| YOKOHAMA FINANCIAL GROUP INC                                      | YOKOHAMA FINANCIAL GROUP INC NPV                                            | CUSIP: J08613101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    151900 | NS      | $1162955.25   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Airlines Co Ltd.                                            | Japan Airlines Co Ltd. NPV                                                  | CUSIP: J25979121<br>LEI: 3538002MH5L1QZZ93477 | Long             | EC               | CORP              | JP        |     22100 | NS      | $444992.07    | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Imperial Brands PLC                                               | Imperial Brands PLC GBP0.10                                                 | CUSIP: G4720C107<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |    122877 | NS      | $5218338.34   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Associated British Foods PLC                                      | Associated British Foods PLC ORD 5 15/22P                                   | CUSIP: G05600138<br>LEI: GBQKSY6W7G0OHCQ8OQ72 | Long             | EC               | CORP              | GB        |     49988 | NS      | $1380560.82   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BT Group PLC                                                      | BT Group PLC ORD GBP0.05                                                    | CUSIP: G16612106<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |    901706 | NS      | $2319208.94   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Matsukiyococokara & Co.                                           | Matsukiyococokara & Co. NPV                                                 | CUSIP: J41208109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     51200 | NS      | $1040029.76   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd.                            | Check Point Software Technologies Ltd. ORD ILS0.01                          | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |     13175 | NS      | $2726039.27   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                         | Airbus SE EUR1                                                              | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |     93564 | NS      | $21849689.15  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                               | LVMH Moet Hennessy Louis Vuitton SE EUR0.30                                 | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     39471 | NS      | $24289786.05  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                                         | Thales SA EUR3                                                              | CUSIP: F9156M108<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |     13876 | NS      | $4386414.55   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannover Rueck SE                                                 | Hannover Rueck SE ORD NPV(REGD)                                             | CUSIP: D3015J135<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |      9087 | NS      | $2742090.41   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                    | ING Groep N.V. EUR0.01                                                      | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    472356 | NS      | $12383205.32  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd.                                        | Woodside Energy Group Ltd. NPV                                              | CUSIP: Q98327333<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |    301914 | NS      | $4559190.37   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                                            | RWE AG NPV                                                                  | CUSIP: D6629K109<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     98467 | NS      | $4379698.18   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Securitas AB                                                      | Securitas AB SER'B'NPV                                                      | CUSIP: W7912C118<br>LEI: 635400TTYKE8EIWDS617 | Long             | EC               | CORP              | SE        |     74704 | NS      | $1126020.00   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Tele2 AB (publ)                                                   | Tele2 AB (publ) SER'B'NPV                                                   | CUSIP: W95878166<br>LEI: 213800EKD193RVI9HL76 | Long             | EC               | CORP              | SE        |     95564 | NS      | $1630187.16   | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| Holmen AB                                                         | Holmen AB SER'B'NPV                                                         | CUSIP: W4R00P201<br>LEI: 52990080SH3454F0QE68 | Long             | EC               | CORP              | SE        |      9885 | NS      | $375571.13    | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Repsol SA                                                         | Repsol SA EUR1                                                              | CUSIP: E8471S130<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |    185887 | NS      | $3305500.52   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                                 | Wolters Kluwer NV EUR0.12                                                   | CUSIP: N9643A197<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |     37319 | NS      | $5094055.17   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sagax AB                                                          | Sagax AB SER'B'NPV                                                          | CUSIP: W7519A200<br>LEI: 549300LJX28T6OM8DT95 | Long             | EC               | CORP              | SE        |     29400 | NS      | $614211.16    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                               | Deutsche Telekom AG NPV(REGD)                                               | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |    549613 | NS      | $18725077.78  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG                            | Chocoladefabriken Lindt & Spruengli AG CHF10 (PTG CERT)                     | CUSIP: H49983184<br>LEI: 529900JYJNNOKKAGK736 | Long             | EP               | CORP              | CH        |       155 | NS      | $2369747.49   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Trend Micro Inc.                                                  | Trend Micro Inc. NPV                                                        | CUSIP: J9298Q104<br>LEI: 3538005O5UJ5RNAGVE16 | Long             | EC               | CORP              | JP        |     19100 | NS      | $1045395.85   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd.                                                | Computershare Ltd. NPV                                                      | CUSIP: Q2721E105<br>LEI: 21380085HOKTMGLV9G93 | Long             | EC               | CORP              | AU        |     85494 | NS      | $2054064.21   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Sse PLC                                                           | Sse PLC GBP0.50                                                             | CUSIP: G8842P102<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |    173881 | NS      | $4077329.05   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                            | BP PLC ORD USD0.25                                                          | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |   2477546 | NS      | $14223533.01  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc.                                  | Sumitomo Mitsui Trust Group Inc. NPV                                        | CUSIP: J7772M102<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |     94872 | NS      | $2753566.40   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitori Holdings Co Ltd.                                           | Nitori Holdings Co Ltd. NPV                                                 | CUSIP: J58214131<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     58500 | NS      | $1131116.50   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimadzu Corporation                                              | Shimadzu Corporation NPV                                                    | CUSIP: J72165129<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     35400 | NS      | $892699.83    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonic Healthcare Ltd.                                             | Sonic Healthcare Ltd. NPV                                                   | CUSIP: Q8563C107<br>LEI: 549300NQQ5L2NONWR862 | Long             | EC               | CORP              | AU        |     70722 | NS      | $1001697.48   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Metal Mining Co Ltd.                                     | Sumitomo Metal Mining Co Ltd. NPV                                           | CUSIP: J77712180<br>LEI: 353800CF81IXL9974H84 | Long             | EC               | CORP              | JP        |     37000 | NS      | $1191214.40   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp.                                                      | Terumo Corp. NPV                                                            | CUSIP: J83173104<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |    200800 | NS      | $3312501.61   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Motor Co Ltd.                                              | Yamaha Motor Co Ltd. NPV                                                    | CUSIP: J95776126<br>LEI: 3538004LR5NXILJDHY88 | Long             | EC               | CORP              | JP        |    143500 | NS      | $1074422.20   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                                                | Deutsche Boerse AG NPV(REGD)                                                | CUSIP: D1882G119<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |     29877 | NS      | $8000819.11   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                         | Nestle SA CHF0.10 (REGD)                                                    | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    403755 | NS      | $37078939.23  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                                                 | Sonova Holding AG CHF0.05 (REGD)                                            | CUSIP: H8024W106<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |      8200 | NS      | $2249312.21   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Snam S.p.A.                                                       | Snam S.p.A. NPV                                                             | CUSIP: T8578N103<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |    334346 | NS      | $2007496.58   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                      | B 0 11/12/25                                                                | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  47509400 | NS      | $47288154.50  | 1.51%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAR Group Limited                                                 | CAR Group Limited NPV                                                       | CUSIP: Q21411121<br>LEI: 5299009TFWZGH2AN7D11 | Long             | EC               | CORP              | AU        |     55407 | NS      | $1347540.32   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Admiral Group PLC                                                 | Admiral Group PLC ORD GBP0.001                                              | CUSIP: G0110T106<br>LEI: 213800FGVM7Z9EJB2685 | Long             | EC               | CORP              | GB        |     40284 | NS      | $1817060.95   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                                                          | Kone Oyj SER'B'NPV                                                          | CUSIP: X4551T105<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |     51340 | NS      | $3501867.98   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG                                         | Partners Group Holding AG CHF0.01 (REGD)                                    | CUSIP: H6120A101<br>LEI: 549300I3IVVWZWDHI788 | Long             | EC               | CORP              | CH        |      3580 | NS      | $4684110.45   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                              | Schindler Holding AG CHF0.10 (REGD)                                         | CUSIP: H7258G233<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |      3679 | NS      | $1331243.43   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                                                        | Symrise AG NPV (BR)                                                         | CUSIP: D827A1108<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |     19777 | NS      | $1720016.29   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                                          | Volvo AB SER'B'NPV                                                          | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |    249159 | NS      | $7165216.30   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Cellulosa Aktiebolaget SCA (publ)                         | Svenska Cellulosa Aktiebolaget SCA (publ) SER'B'NPV                         | CUSIP: W90152120<br>LEI: 549300FW5JDRV1IJ0M67 | Long             | EC               | CORP              | SE        |     89602 | NS      | $1186017.48   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                          | Lloyds Banking Group PLC ORD GBP0.1                                         | CUSIP: G5533W248<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |   9469965 | NS      | $10713510.13  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                                | Smith & Nephew PLC ORD USD0.20                                              | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    120834 | NS      | $2190788.48   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Geberit AG                                                        | Geberit AG CHF0.10 (REGD)                                                   | CUSIP: H2942E124<br>LEI: 52990093Z5OHD6T7BS47 | Long             | EC               | CORP              | CH        |      5254 | NS      | $3967829.29   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Financial Group Inc.                                         | Sony Financial Group Inc. NPV                                               | CUSIP: J7639Z106<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |    968300 | NS      | $1073815.50   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                                 | Bureau Veritas SA EUR0.12                                                   | CUSIP: F96888114<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |     53137 | NS      | $1666665.77   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresnillo PLC                                                     | Fresnillo PLC ORD USD0.50                                                   | CUSIP: G371E2108<br>LEI: 549300JXWH1UV5J0XV81 | Long             | EC               | CORP              | GB        |     34232 | NS      | $1091032.13   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP Renovaveis SA                                                 | EDP Renovaveis SA EUR5                                                      | CUSIP: E3847K101<br>LEI: 529900MUFAH07Q1TAX06 | Long             | EC               | CORP              | ES        |     48136 | NS      | $636193.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                                      | Glencore PLC ORD USD0.01                                                    | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   1591324 | NS      | $7327970.54   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                                          | Rolls-Royce Holdings PLC ORD GBP0.20                                        | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |   1334821 | NS      | $21447238.83  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotus Bakeries                                                    | Lotus Bakeries NPV                                                          | CUSIP: B5783H102<br>LEI: 5493004C0K34IFI67I03 | Long             | EC               | CORP              | BE        |        62 | NS      | $585014.31    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Ageas SA/NV                                                       | Ageas SA/NV NPV                                                             | CUSIP: B0148L138<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |     24552 | NS      | $1702841.41   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Talanx AG                                                         | Talanx AG NPV                                                               | CUSIP: D82827110<br>LEI: 5299006ZIILJ6VJVSJ32 | Long             | EC               | CORP              | DE        |     10884 | NS      | $1451139.29   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab As                                                         | Genmab As DKK1                                                              | CUSIP: K3967W102<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |      9897 | NS      | $3053702.06   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsted A/S                                                        | Orsted A/S DKK10                                                            | CUSIP: K7653Q105<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |     24443 | NS      | $425175.90    | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Novo Nordisk A/S                                                  | Novo Nordisk A/S SER'B'DKK0.1                                               | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    507333 | NS      | $28249147.64  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Grifols S.A.                                                      | Grifols S.A. EUR0.25 (CLASS A) POST SUBD                                    | CUSIP: E5706X215<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |     52914 | NS      | $770383.59    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Iberdrola, S.A.                                                   | Iberdrola, S.A. EUR0.75(18/07/2025)                                         | CUSIP: E6R44C567<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    869385 | NS      | $407254.38    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bollore SE                                                        | Bollore SE EUR0.16                                                          | CUSIP: F10659260<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |    113326 | NS      | $642688.91    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                                                | Teleperformance SE EUR2.50                                                  | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |      8564 | NS      | $639676.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Amundi SA                                                         | Amundi SA EUR2.5                                                            | CUSIP: F0300Q103<br>LEI: 96950010FL2T1TJKR531 | Long             | EC               | CORP              | FR        |      9069 | NS      | $720756.92    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BioMerieux SA                                                     | BioMerieux SA NPV                                                           | CUSIP: F1149Y232<br>LEI: 549300AK8Y0LBIQ4T071 | Long             | EC               | CORP              | FR        |      6667 | NS      | $894837.18    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                                                          | Wise PLC CLS A ORD GBP0.01                                                  | CUSIP: G97229101<br>LEI: 213800LD9XCHIC1C4V71 | Long             | EC               | CORP              | GB        |    110603 | NS      | $1540350.11   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                                   | AstraZeneca PLC ORD USD0.25                                                 | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    241833 | NS      | $37042444.39  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                                                    | Kingfisher PLC ORD GBP0.157142857                                           | CUSIP: G5256E441<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    262738 | NS      | $1094150.47   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                                                       | Informa PLC ORD GBP0.001                                                    | CUSIP: G4770L106<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |    192058 | NS      | $2378368.17   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Amrize Ltd.                                                       | Amrize Ltd. USD0.01                                                         | CUSIP: H2927K103<br>LEI: 529900SLCCO6K43P8146 | Long             | EC               | CORP              | CH        |     77976 | NS      | $3812701.25   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Futu Holdings Ltd.                                                | Futu Holdings Ltd. SPON ADS CL A                                            | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |      9108 | NS      | $1583972.28   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius SE & Co. KGaA                                           | Fresenius SE & Co. KGaA NPV                                                 | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     66013 | NS      | $3689181.58   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Straumann Holding AG                                              | Straumann Holding AG CHF0.01 (REGD) (POST SPLIT)                            | CUSIP: H8300N127<br>LEI: 50670046ML5FVIM60Z37 | Long             | EC               | CORP              | CH        |     16518 | NS      | $1770822.72   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co. Ltd.                                    | Techtronic Industries Co. Ltd. NPV                                          | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |    237000 | NS      | $3029624.51   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                                         | Bank of Ireland Group PLC ORD EUR1.00                                       | CUSIP: G0756R109<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |    153229 | NS      | $2537068.73   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TIS Inc.                                                          | TIS Inc. NPV                                                                | CUSIP: J8T622102<br>LEI: 35380064HYEZXBQHDF07 | Long             | EC               | CORP              | JP        |     32500 | NS      | $1072017.44   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc                                          | Japan Exchange Group Inc NPV                                                | CUSIP: J2740B106<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |    142800 | NS      | $1594644.89   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| M3, Inc.                                                          | M3, Inc. NPV                                                                | CUSIP: J4697J108<br>LEI: 3538001UOKRWIODYM055 | Long             | EC               | CORP              | JP        |     74600 | NS      | $1207647.95   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                                                | Publicis Groupe SA EUR0.40                                                  | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     34271 | NS      | $3298020.99   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG                                           | Heidelberg Materials AG NPV                                                 | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |     21517 | NS      | $4863840.08   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Screen Holdings Co Ltd.                                           | Screen Holdings Co Ltd. NPV                                                 | CUSIP: J6988U114<br>LEI: 353800ND89FTQ9XQ0R07 | Long             | EC               | CORP              | JP        |     12100 | NS      | $1096407.60   | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| SoftBank Corp                                                     | SoftBank Corp NPV                                                           | CUSIP: J75963132<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |   4434900 | NS      | $6522848.73   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                                                      | Bankinter SA EUR0.30(REGD)                                                  | CUSIP: E2116H880<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |    100575 | NS      | $1589926.50   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Barry Callebaut AG                                                | Barry Callebaut AG CHF0.02 (REGD)                                           | CUSIP: H05072105<br>LEI: 213800Y5RWKLDPUTT265 | Long             | EC               | CORP              | CH        |       574 | NS      | $790520.40    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Elisa OYJ                                                         | Elisa OYJ NPV                                                               | CUSIP: X1949T102<br>LEI: 743700TU2S3DXWGU7H32 | Long             | EC               | CORP              | FI        |     22640 | NS      | $1188337.84   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                             | Banco Santander, S.A. EUR0.50(REGD)                                         | CUSIP: E19790109<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |   2324230 | NS      | $24391293.66  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Paint Holdings Co Ltd.                                     | Nippon Paint Holdings Co Ltd. NPV                                           | CUSIP: J55053128<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |    147700 | NS      | $1007663.74   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Demant A/S                                                        | Demant A/S DKK0.20                                                          | CUSIP: K3008M105<br>LEI: 213800RM6L9LN78BVA56 | Long             | EC               | CORP              | DK        |     13662 | NS      | $475601.69    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson (publ)                            | Telefonaktiebolaget LM Ericsson (publ) SER'B'NPV                            | CUSIP: W26049119<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    432067 | NS      | $3580110.21   | 0.11%             |  |  |  | No            |                  2 | On Loan: —       |
| Telia Company AB                                                  | Telia Company AB NPV                                                        | CUSIP: W95890104<br>LEI: 213800FSR9RNDUOTXO25 | Long             | EC               | CORP              | SE        |    406531 | NS      | $1550903.12   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd.                                        | CK Hutchison Holdings Ltd. HKD1                                             | CUSIP: G21765105<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | KY        |    401442 | NS      | $2637466.97   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                                         | QIAGEN NV COM SHS                                                           | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |     32055 | NS      | $1429770.00   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SGH Ltd.                                                          | SGH Ltd. NPV                                                                | CUSIP: Q84384124<br>LEI: 254900DME8O9GCK94794 | Long             | EC               | CORP              | AU        |     30470 | NS      | $1005810.77   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                                     | Assa Abloy AB SER'B'NPV                                                     | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |    155782 | NS      | $5422441.80   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                                            | Koninklijke Philips NV EUR0.20                                              | CUSIP: N7637U112<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |    123940 | NS      | $3395230.11   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Aisin Corp.                                                       | Aisin Corp. NPV                                                             | CUSIP: J00714105<br>LEI: 3538004IOK08PDY6I723 | Long             | EC               | CORP              | JP        |     78800 | NS      | $1360887.23   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp                                                        | Asics Corp NPV                                                              | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |    104900 | NS      | $2744970.38   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                                           | Bank Leumi Le-Israel BM ILS1                                                | CUSIP: M16043107<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |    233691 | NS      | $4604318.73   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                              | Infrastrutture Wireless Italiane SpA NPV                                    | CUSIP: T6032P102<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |     42215 | NS      | $496088.44    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Nexi S.p.A.                                                       | Nexi S.p.A. NPV                                                             | CUSIP: T6S18J104<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |     77300 | NS      | $437927.84    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                                    | Atlas Copco AB SER'B'NPV                                                    | CUSIP: W1R924229<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    233717 | NS      | $3516846.61   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Indutrade AB                                                      | Indutrade AB NPV                                                            | CUSIP: W4939U106<br>LEI: 549300FISLQ6CEFP1867 | Long             | EC               | CORP              | SE        |     41235 | NS      | $948715.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitaland Investment Ltd.                                        | Capitaland Investment Ltd. NPV                                              | CUSIP: Y1091P105<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |    388357 | NS      | $811064.75    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Contact Energy Ltd                                                | Contact Energy Ltd NPV                                                      | CUSIP: Q2818G104<br>LEI: 549300FT5JOXS1PZ1I32 | Long             | EC               | CORP              | NZ        |    133474 | NS      | $704238.19    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL Ltd.                                                          | CSL Ltd. ORD NPV                                                            | CUSIP: Q3018U109<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     76243 | NS      | $10029474.70  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                                | Rakuten Group Inc. NPV                                                      | CUSIP: J64264104<br>LEI: 529900IMXUCQKUL1H943 | Long             | EC               | CORP              | JP        |    225400 | NS      | $1461643.27   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd.                                            | Daikin Industries Ltd. NPV                                                  | CUSIP: J10038115<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |     42000 | NS      | $4841008.79   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd.                                           | Aristocrat Leisure Ltd. NPV                                                 | CUSIP: Q0521T108<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |     86126 | NS      | $3987069.02   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi HC Capital Inc.                                        | Mitsubishi HC Capital Inc. NPV                                              | CUSIP: J4706D100<br>LEI: 353800MZ3QX9RLMH7B09 | Long             | EC               | CORP              | JP        |    133200 | NS      | $1100323.91   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Insurance Australia Group Ltd.                                    | Insurance Australia Group Ltd. NPV                                          | CUSIP: Q49361100<br>LEI: 549300PFEWKNHRG25N08 | Long             | EC               | CORP              | AU        |    388363 | NS      | $2104435.60   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MTR Corp Ltd.                                                     | MTR Corp Ltd. NPV                                                           | CUSIP: Y6146T101<br>LEI: 254900IH4U9NHH9AQM97 | Long             | EC               | CORP              | HK        |    267702 | NS      | $906596.02    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd.                                           | Singapore Exchange Ltd. NPV                                                 | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |    128300 | NS      | $1647037.00   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd.                                            | Fast Retailing Co Ltd. NPV                                                  | CUSIP: J1346E100<br>LEI: 353800ZCXKHDPY0N5218 | Long             | EC               | CORP              | JP        |     29800 | NS      | $9050612.44   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Fisher & Paykel Healthcare Corp Ltd.                              | Fisher & Paykel Healthcare Corp Ltd. NPV                                    | CUSIP: Q38992105<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |     92279 | NS      | $1982130.34   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuji Electric Co., Ltd.                                           | Fuji Electric Co., Ltd. NPV                                                 | CUSIP: J14112106<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |     19000 | NS      | $1273641.10   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Subaru Corp.                                                      | Subaru Corp. NPV                                                            | CUSIP: J7676H100<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |     86600 | NS      | $1764847.98   | 0.06%             |  |  |  | No            |                  2 | On Loan: —       |
| Nippon Building Fund Inc.                                         | Nippon Building Fund Inc. REIT                                              | CUSIP: J52088101<br>LEI: 52990053R8NL2MB32172 | Long             | EC               | CORP              | JP        |      1070 | NS      | $1009331.58   | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| CapitaLand Integrated Commercial Trust                            | CapitaLand Integrated Commercial Trust NPV (REAL ESTATE INVESTMENT TRUST)   | CUSIP: Y0259J109<br>LEI: 54930031292WUTXF0L29 | Long             | EC               | CORP              | SG        |    989896 | NS      | $1758000.63   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc.                                              | Resona Holdings Inc. NPV                                                    | CUSIP: J6448E106<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |    336900 | NS      | $3435469.44   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd.                                   | Galaxy Entertainment Group Ltd. NPV                                         | CUSIP: Y2679D118<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |    336000 | NS      | $1847448.61   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc.                                        | Tokio Marine Holdings Inc. NPV                                              | CUSIP: J86298106<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |    289200 | NS      | $12239855.95  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corp.                                                      | Makita Corp. NPV                                                            | CUSIP: J39584107<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |     35300 | NS      | $1144122.75   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncorp Group Ltd.                                                | Suncorp Group Ltd. NPV                                                      | CUSIP: Q88040334<br>LEI: 549300BVOKRTHDIWVT46 | Long             | EC               | CORP              | AU        |    176469 | NS      | $2366041.53   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nice Limited                                                      | Nice Limited ILS1                                                           | CUSIP: M7494X101<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |     10082 | NS      | $1460520.19   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp.                                                     | Olympus Corp. NPV                                                           | CUSIP: J61240107<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |    170600 | NS      | $2156899.13   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryohin Keikaku Co Ltd.                                            | Ryohin Keikaku Co Ltd. NPV                                                  | CUSIP: J6571N105<br>LEI: 549300PMNF56J66BY371 | Long             | EC               | CORP              | JP        |     80000 | NS      | $1591772.88   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Softbank Group Corp.                                              | Softbank Group Corp. NPV                                                    | CUSIP: J7596P109<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |    150500 | NS      | $18990172.59  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co Ltd.                                                | Shionogi & Co Ltd. NPV                                                      | CUSIP: J74229105<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |    124400 | NS      | $2191910.92   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Airlines Ltd.                                           | Singapore Airlines Ltd. NPV                                                 | CUSIP: Y7992P128<br>LEI: 549300ZG62N2599PWR15 | Long             | EC               | CORP              | SG        |    222900 | NS      | $1126850.86   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Toho Co Ltd.                                                      | Toho Co Ltd. NPV                                                            | CUSIP: J84764117<br>LEI: 529900IYHHYWU4O3H185 | Long             | EC               | CORP              | JP        |     16400 | NS      | $1054239.82   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp.                                                    | Unicharm Corp. NPV                                                          | CUSIP: J94104114<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |    171300 | NS      | $1111304.21   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizrahi Tefahot Bank Limited                                      | Mizrahi Tefahot Bank Limited ILS0.01                                        | CUSIP: M7031A135<br>LEI: YZO9YEGEO4VYDZMDWF93 | Long             | EC               | CORP              | IL        |     24532 | NS      | $1611894.94   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo S.A.                                                       | Sodexo S.A. EUR4                                                            | CUSIP: F84941123<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |     13381 | NS      | $844266.38    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Groupe Bruxelles Lambert SA                                       | Groupe Bruxelles Lambert SA NPV                                             | CUSIP: B4746J115<br>LEI: 549300KV0ZEHT2KVU152 | Long             | EC               | CORP              | BE        |     13148 | NS      | $1178710.77   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Porsche Automobil Holding SE                                      | Porsche Automobil Holding SE NON VTG PRF NPV                                | CUSIP: D6240C122<br>LEI: 52990053Z17ZYM1KFV27 | Long             | EP               | CORP              | DE        |     23461 | NS      | $924546.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                                  | Roche Holding AG CHF1 (BR)                                                  | CUSIP: H69293225<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |      5235 | NS      | $1811257.61   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                                       | Equinor ASA NOK2.50                                                         | CUSIP: R2R90P103<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |    127150 | NS      | $3100695.02   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| The Swatch Group AG                                               | The Swatch Group AG CHF2.25(BR)                                             | CUSIP: H83949141<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |      4258 | NS      | $804752.98    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Gecina SA                                                         | Gecina SA EUR7.50                                                           | CUSIP: F4268U171<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               | CORP              | FR        |      7059 | NS      | $709147.03    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Covivio SA                                                        | Covivio SA EUR3                                                             | CUSIP: F2R22T119<br>LEI: 969500P8M3W2XX376054 | Long             | EC               | CORP              | FR        |      8357 | NS      | $563257.71    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd.                                                          | Sea Ltd. SPONSORD ADS                                                       | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     60100 | NS      | $10741673.00  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| REA Group Ltd.                                                    | REA Group Ltd. ORD NPV                                                      | CUSIP: Q8051B108<br>LEI: 894500KA4UBDATOFPN36 | Long             | EC               | CORP              | AU        |      9217 | NS      | $1409445.37   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| South32 Ltd.                                                      | South32 Ltd. NPV                                                            | CUSIP: Q86668102<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |    698714 | NS      | $1266570.42   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Vicinity Centres Re Ltd                                           | Vicinity Centres Re Ltd NPV (STAPLED SECURITY)                              | CUSIP: Q9395F102<br>LEI: 549300S7GOEVR0EGFN47 | Long             | EC               | CORP              | AU        |    577875 | NS      | $962748.11    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Coles Group Ltd.                                                  | Coles Group Ltd. NPV                                                        | CUSIP: Q26203408<br>LEI: 549300OHQRG2HN8LZ793 | Long             | EC               | CORP              | AU        |    201443 | NS      | $3100774.76   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| TERNA - Rete Elettrica Nazionale S.p.A.                           | TERNA - Rete Elettrica Nazionale S.p.A. ORD EUR0.22                         | CUSIP: T9471R100<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |    222211 | NS      | $2255112.56   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Centrica PLC                                                      | Centrica PLC ORD GBP0.061728395                                             | CUSIP: G2018Z143<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |    776767 | NS      | $1743776.39   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Goodman Group                                                     | Goodman Group NPV (STAPLED UNITS)                                           | CUSIP: Q4229W132<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    314259 | NS      | $6810307.82   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                                         | Safran SA EUR0.20                                                           | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     56699 | NS      | $20120779.31  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                                         | Bunzl PLC ORD GBP0.32142857                                                 | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |     54804 | NS      | $1730724.31   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                                              | Rentokil Initial PLC ORD GBP0.01                                            | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    416344 | NS      | $2108531.67   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken Holding N.V.                                             | Heineken Holding N.V. EUR1.60                                               | CUSIP: N39338194<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |     19967 | NS      | $1371000.68   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Alstom SA                                                         | Alstom SA EUR7.00                                                           | CUSIP: F0259M475<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |     49297 | NS      | $1289930.18   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo S.p.A.                                                   | Leonardo S.p.A. NPV                                                         | CUSIP: T6S996112<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |     60308 | NS      | $3858920.19   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Oversea-Chinese Banking Corp Ltd.                                 | Oversea-Chinese Banking Corp Ltd. NPV                                       | CUSIP: Y64248209<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |    524985 | NS      | $6693357.21   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Chemical Group Corp.                                   | Mitsubishi Chemical Group Corp. NPV                                         | CUSIP: J44046100<br>LEI: 353800YNKX4RQUGAR072 | Long             | EC               | CORP              | JP        |    210200 | NS      | $1207419.82   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Arkema SA                                                         | Arkema SA EUR10                                                             | CUSIP: F0392W125<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |      8854 | NS      | $561416.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                                      | Unilever PLC ORD GBP0.031111                                                | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    382513 | NS      | $22604678.98  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                              | Schindler Holding AG CHF0.10 (PTG CERT)                                     | CUSIP: H7258G209<br>LEI: 5299007DRLI319H7Q933 | Long             | EP               | CORP              | CH        |      6087 | NS      | $2314741.80   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeroports de Paris                                                | Aeroports de Paris EUR3                                                     | CUSIP: F00882104<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |      4717 | NS      | $624907.59    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Experian PLC                                                      | Experian PLC ORD USD0.10                                                    | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |    145741 | NS      | $7318188.69   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Severn Trent PLC                                                  | Severn Trent PLC ORD GBP0.9789                                              | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |     42039 | NS      | $1465188.83   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                       | Aker BP ASA NOK1                                                            | CUSIP: R0139K100<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |     44876 | NS      | $1138923.22   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                                                        | Sandvik AB NPV                                                              | CUSIP: W74857165<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |    167452 | NS      | $4677837.84   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian S.p.A.                                                   | Prysmian S.p.A. NPV                                                         | CUSIP: T7630L105<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |     42685 | NS      | $4248087.25   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                                          | Vinci SA EUR2.50                                                            | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     77949 | NS      | $10832756.89  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide S.A.(L')                                              | Air Liquide S.A.(L') EUR5.50                                                | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     91077 | NS      | $18976551.73  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                                       | Reckitt Benckiser Group PLC ORD GBP0.10                                     | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |    107614 | NS      | $8283593.94   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Caixabank S.A.                                                    | Caixabank S.A. EUR1                                                         | CUSIP: E2427M123<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |    613788 | NS      | $6482796.86   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc.                               | MS&AD Insurance Group Holdings Inc. NPV                                     | CUSIP: J4687C105<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |    199200 | NS      | $4511071.48   | 0.14%             |  |  |  | No            |                  2 | On Loan: —       |
| Amadeus IT Group SA                                               | Amadeus IT Group SA EUR0.01                                                 | CUSIP: E04648114<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |     72733 | NS      | $5781545.37   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                                       | Pandora A/S DKK1                                                            | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |     12476 | NS      | $1631204.90   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group AG                                              | Julius Baer Group AG CHF0.02 (REGD)                                         | CUSIP: H4414N103<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |     33498 | NS      | $2332548.37   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                          | AIA Group Ltd, Hong Kong NPV                                                | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   1675000 | NS      | $16053142.34  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| International Consolidated Airlines Group S.A.                    | International Consolidated Airlines Group S.A. ORD EUR0.10 (CDI)            | CUSIP: E67674106<br>LEI: 959800TZHQRUSH1ESL13 | Long             | EC               | CORP              | ES        |    177929 | NS      | $931185.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss RE AG                                                       | Swiss RE AG CHF0.10                                                         | CUSIP: H8431B109<br>LEI: 529900PS9YW3YY29F326 | Long             | EC               | CORP              | CH        |     47530 | NS      | $8827601.98   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Meiji Holdings Co Ltd.                                            | Meiji Holdings Co Ltd. NPV                                                  | CUSIP: J41729104<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |     33300 | NS      | $690487.74    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| James Hardie Industries PLC                                       | James Hardie Industries PLC CDI(CHESS DEPOSITARY INTERESTS)                 | CUSIP: G4253H119<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |     94762 | NS      | $1758723.52   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SA                                                        | Edenred SA EUR2                                                             | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |     36510 | NS      | $869477.67    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis (Novozymes) B                                           | Novonesis (Novozymes) B SER'B'DKK2                                          | CUSIP: K7317J133<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |     52761 | NS      | $3247124.75   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Anheuser-Busch Inbev SA/NV                                        | Anheuser-Busch Inbev SA/NV NPV                                              | CUSIP: B639CJ108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |    155642 | NS      | $9303790.82   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Aegon Ltd.                                                        | Aegon Ltd. EUR0.12                                                          | CUSIP: G0112X105<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | EC               | CORP              | BM        |    225212 | NS      | $1815664.46   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                                      | UBS Group AG USD0.10 (REGD)                                                 | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    497105 | NS      | $20437752.98  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                                          | Alcon AG CHF0.04                                                            | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     77722 | NS      | $5845849.09   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| DSM Firmenich AG                                                  | DSM Firmenich AG EUR0.01                                                    | CUSIP: H0245V108<br>LEI: 506700G44V67MPM4BI12 | Long             | EC               | CORP              | CH        |     27985 | NS      | $2387640.82   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandoz Group AG                                                   | Sandoz Group AG CHF0.05                                                     | CUSIP: H7140B103<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |     63930 | NS      | $3812957.41   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| SGS SA                                                            | SGS SA CHF0.04 (REGD)                                                       | CUSIP: H63838116<br>LEI: 2138007JNS19JHNA2336 | Long             | EC               | CORP              | CH        |     26069 | NS      | $2709086.23   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Aumovio SE                                                        | Aumovio SE NPV                                                              | CUSIP: D0R9B8108<br>LEI: 391200IGI9RQ7VTOK384 | Long             | EC               | CORP              | DE        |         0 | NS      | $20.62        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS Eventim AG & Co. KGaA                                         | CTS Eventim AG & Co. KGaA NPV                                               | CUSIP: D1648T108<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |      9281 | NS      | $911160.02    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                                                        | Scout24 SE NPV                                                              | CUSIP: D345XT105<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |     10920 | NS      | $1369998.58   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                                                     | Nemetschek SE ORD NPV                                                       | CUSIP: D56134105<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |      8357 | NS      | $1090604.57   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                                    | Rheinmetall AG NPV                                                          | CUSIP: D65111102<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      7210 | NS      | $16865473.81  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                                               | MTU Aero Engines AG NPV (REGD)                                              | CUSIP: D5565H104<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |      8149 | NS      | $3759450.07   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG                                          | Daimler Truck Holding AG NPV                                                | CUSIP: D1T3RZ100<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |     70582 | NS      | $2918681.45   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                                           | Siemens Healthineers AG NPV                                                 | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |     50373 | NS      | $2728521.67   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Coloplast AS                                                      | Coloplast AS SER'B'DKK1                                                     | CUSIP: K16018192<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |     20681 | NS      | $1782497.69   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ACS Actividades De Construccion Y Servicios S.A.                  | ACS Actividades De Construccion Y Servicios S.A. EUR0.5(STK DIV 07/07/2021) | CUSIP: E7813W502<br>LEI: 95980020140005558665 | Long             | EC               | CORP              | ES        |     13981 | NS      | $20519.94     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cellnex Telecom S.A.U                                             | Cellnex Telecom S.A.U EUR0.25                                               | CUSIP: E2R41M104<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |     73991 | NS      | $2562864.42   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Redeia Corporacion S.A.                                           | Redeia Corporacion S.A. EUR0.5                                              | CUSIP: E42807110<br>LEI: 5493009HMD0C90GUV498 | Long             | EC               | CORP              | ES        |     68587 | NS      | $1324260.06   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola, S.A.                                                   | Iberdrola, S.A. EUR0.75(STK DIV 24/01/2025)                                 | CUSIP: E6R44C542<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    907090 | NS      | $241727.45    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA                                              | Dassault Aviation SA EUR0.80                                                | CUSIP: F24539169<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |      2789 | NS      | $939541.83    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes                                                 | Dassault Systemes EUR0.10                                                   | CUSIP: F24571451<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |    105022 | NS      | $3533057.44   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Metso Oyj                                                         | Metso Oyj NPV                                                               | CUSIP: X5404W104<br>LEI: 549300R0VN9C371W0E07 | Long             | EC               | CORP              | FI        |    102097 | NS      | $1407338.94   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Unibail-Rodamco-Westfield SE                                      | Unibail-Rodamco-Westfield SE NPV (1 ORD UNIBAIL-R & 1CLASS A WFD)           | CUSIP: F95094581<br>LEI: 969500SHQITWXSIS7N89 | Long             | EC               | CORP              | FR        |     19143 | NS      | $2016044.39   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                                 | Compass Group PLC ORD GBP0.1105                                             | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    267275 | NS      | $9106665.67   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| JD Sports Fashion PLC                                             | JD Sports Fashion PLC ORD GBP0.0005                                         | CUSIP: G5144Y120<br>LEI: 213800HROV6Y9MUU8375 | Long             | EC               | CORP              | GB        |    406834 | NS      | $523627.18    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                                    | Prudential PLC ELECTRONIC ELECTION ENTL DIV H1 2025 (PR                     | CUSIP: G7289N141<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    405641 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                                                 | Ashtead Group PLC ORD GBP0.10                                               | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     66741 | NS      | $4474841.73   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC                                         | Hikma Pharmaceuticals PLC ORD GBP0.10                                       | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     26567 | NS      | $609513.48    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NMC Health PLC                                                    | NMC Health PLC ORD GBP0.10                                                  | CUSIP: G65836101<br>LEI: 2138008YQEVWBE1V2M52 | Long             | EC               | CORP              | GB        |      7190 | NS      | $483.49       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| The Sage Group PLC                                                | The Sage Group PLC GBP0.01051948                                            | CUSIP: G7771K142<br>LEI: 2138005RN5XYLTF8G138 | Long             | EC               | CORP              | GB        |    150444 | NS      | $2230746.55   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Group Holdings PLC                                        | Phoenix Group Holdings PLC ORD GBP0.10                                      | CUSIP: G7S8MZ109<br>LEI: 2138001P49OLAEU33T68 | Long             | EC               | CORP              | GB        |    119837 | NS      | $1039023.47   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                                         | Mondi PLC ORD EUR0.22                                                       | CUSIP: G6258S115<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |     66234 | NS      | $915707.01    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                                         | Shell PLC ORD EUR0.07                                                       | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    922590 | NS      | $32875840.75  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC                                             | Auto Trader Group PLC ORD GBP0.01                                           | CUSIP: G06708104<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |    145280 | NS      | $1542959.22   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Land Securities Group PLC                                         | Land Securities Group PLC ORD GBP0.106666666                                | CUSIP: G5375M142<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               | CORP              | GB        |    123636 | NS      | $968883.74    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Banque Cantonale Vaudoise                                         | Banque Cantonale Vaudoise CHF1 (REGD)                                       | CUSIP: H04825354<br>LEI: K1MOBB3OPSBBQO554R76 | Long             | EC               | CORP              | CH        |      4628 | NS      | $548407.06    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Helvetia Holding AG                                               | Helvetia Holding AG CHF0.02 (REGD) POST SUBD                                | CUSIP: H3701P102<br>LEI: 529900SUJBXTORH0LT80 | Long             | EC               | CORP              | CH        |      5430 | NS      | $1334369.50   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| VAT Group AG                                                      | VAT Group AG CHF0.10 (REGD)                                                 | CUSIP: H90508104<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |      4507 | NS      | $1799047.93   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group PLC                                                     | AIB Group PLC ORD EUR0.625                                                  | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |    320435 | NS      | $2921331.91   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                              | Ryanair Holdings PLC ORD EUR0.006                                           | CUSIP: G7727C186<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    135986 | NS      | $3973851.22   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Financial Ltd.                                            | Phoenix Financial Ltd. ILS1                                                 | CUSIP: M7918D145<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     35355 | NS      | $1323836.13   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nova Ltd                                                          | Nova Ltd ILS0.01                                                            | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |      4673 | NS      | $1485997.38   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Isracard Ltd                                                      | Isracard Ltd NPV                                                            | CUSIP: M5R26V107<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |         0 | NS      | $0.16         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Monday.Com Limited                                                | Monday.Com Limited SHS                                                      | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      6451 | NS      | $1249494.18   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Scsk Corp                                                         | Scsk Corp NPV                                                               | CUSIP: J70081104<br>LEI: 529900SNGFXMSUBB7864 | Long             | EC               | CORP              | JP        |     21400 | NS      | $640570.34    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                                                           | WPP PLC ORD GBP0.10                                                         | CUSIP: G9788D103<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |    161830 | NS      | $806456.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SG Holdings Co Ltd.                                               | SG Holdings Co Ltd. NPV                                                     | CUSIP: J7134P108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47900 | NS      | $494777.34    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Suntory Beverage & Food Ltd                                       | Suntory Beverage & Food Ltd NPV                                             | CUSIP: J78186103<br>LEI: 549300FONLMVK7YYYH41 | Long             | EC               | CORP              | JP        |     21600 | NS      | $675084.79    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Zensho Holdings Co., Ltd.                                         | Zensho Holdings Co., Ltd. NPV                                               | CUSIP: J9885X108<br>LEI: 353800DYF3UDM49ITT03 | Long             | EC               | CORP              | JP        |     15300 | NS      | $999508.94    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Bank Co Ltd.                                           | Japan Post Bank Co Ltd. NPV                                                 | CUSIP: J2800C101<br>LEI: 5493006JVO6N2HC2XZ76 | Long             | EC               | CORP              | JP        |    289300 | NS      | $3542455.33   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd.                                          | Recruit Holdings Co Ltd. NPV                                                | CUSIP: J6433A101<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |    209200 | NS      | $11247402.86  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV AS                                                            | DSV AS DKK1                                                                 | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |     31803 | NS      | $6353308.04   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Wharf Real Estate Investment Co Ltd.                              | Wharf Real Estate Investment Co Ltd. HKD0.1                                 | CUSIP: G9593A104<br>LEI: 529900QLPKS8U9QOPB59 | Long             | EC               | CORP              | HK        |    262300 | NS      | $774520.92    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd.                                                     | WH Group Ltd. USD0.0001                                                     | CUSIP: G96007102<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |   1234145 | NS      | $1336518.66   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                                            | Eurofins Scientific SE EUR0.01                                              | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     17410 | NS      | $1269652.13   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology S.A.                                           | Spotify Technology S.A. SHS                                                 | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     23925 | NS      | $16699650.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpost S.A                                                        | Inpost S.A EUR0.01                                                          | CUSIP: L5125Z108<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |     32354 | NS      | $398332.16    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyberark Software Ltd.                                            | Cyberark Software Ltd. COM ILS0.01                                          | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      7510 | NS      | $3628456.55   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| EURONEXT                                                          | EURONEXT EUR1.60                                                            | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |     11424 | NS      | $1710308.31   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                                           | IMCD NV EUR0.16                                                             | CUSIP: N4447S106<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |      9190 | NS      | $952522.81    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                                         | Prosus NV EUR0.05 (N SHARES)                                                | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    206022 | NS      | $14568899.17  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                                                 | ASML Holding N.V. EUR0.09                                                   | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     61678 | NS      | $60147763.31  | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                                     | Koninklijke Ahold Delhaize NV EUR0.01                                       | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |    141392 | NS      | $5721373.53   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV                                    | BE Semiconductor Industries NV EUR0.01                                      | CUSIP: N13107144<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |     12172 | NS      | $1822526.07   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                                          | Adyen NV EUR0.01                                                            | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      4048 | NS      | $6513569.77   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| JDE Peets N.V                                                     | JDE Peets N.V EUR0.01                                                       | CUSIP: N44664105<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |     25651 | NS      | $941076.89    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Stellantis N.V                                                    | Stellantis N.V COM EUR0.01                                                  | CUSIP: N82405106<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |    318594 | NS      | $2958134.86   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrovial SE                                                      | Ferrovial SE EUR0.01                                                        | CUSIP: N3168P101<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |     79842 | NS      | $4586191.41   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Mowi ASA                                                          | Mowi ASA NOK7.50                                                            | CUSIP: R4S04H101<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |     78088 | NS      | $1651999.98   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SalMar ASA                                                        | SalMar ASA NOK0.25                                                          | CUSIP: R7445C102<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |     10043 | NS      | $537033.88    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Xero Ltd.                                                         | Xero Ltd. NPV                                                               | CUSIP: Q98665104<br>LEI: 254900UG5D8YST164N14 | Long             | EC               | CORP              | NZ        |     26240 | NS      | $2738014.10   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution Mining Ltd.                                             | Evolution Mining Ltd. NPV                                                   | CUSIP: Q3647R147<br>LEI: 254900BCFW5QO5LW8F27 | Long             | EC               | CORP              | AU        |    295305 | NS      | $2105091.25   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Lottery Corporation Ltd                                           | Lottery Corporation Ltd NPV                                                 | CUSIP: Q56337100<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    374020 | NS      | $1452383.36   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd.                                      | Northern Star Resources Ltd. NPV                                            | CUSIP: Q6951U101<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |    202900 | NS      | $3168346.21   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| DnB Bank ASA                                                      | DnB Bank ASA NOK12.50                                                       | CUSIP: R1R15X100<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |    133572 | NS      | $3640638.32   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| L E Lundbergforetagen AB (Publ)                                   | L E Lundbergforetagen AB (Publ) SER'B'NPV                                   | CUSIP: W54114108<br>LEI: 529900BPSFZS6O3A9R04 | Long             | EC               | CORP              | SE        |     11067 | NS      | $575041.68    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB (publ)                                          | Industrivarden AB (publ) SER'A'NPV                                          | CUSIP: W45430100<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |     19677 | NS      | $781718.97    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                          | Svenska Handelsbanken AB SER'A'NPV                                          | CUSIP: W9112U104<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |    218399 | NS      | $2849590.74   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Essity AB                                                         | Essity AB SER'B'NPV                                                         | CUSIP: W3R06F100<br>LEI: 549300G8E6YUVJ1DA153 | Long             | EC               | CORP              | SE        |     98172 | NS      | $2566130.56   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                                         | Epiroc AB SER'A'NPV                                                         | CUSIP: W25918124<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |    105716 | NS      | $2238015.60   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                                       | Investor AB SER'B'NPV                                                       | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |    267319 | NS      | $8368244.03   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijer Ref AB                                                     | Beijer Ref AB SER'B'NPV                                                     | CUSIP: W14029123<br>LEI: 549300PZZEUVH08H4G75 | Long             | EC               | CORP              | SE        |     64977 | NS      | $1015702.44   | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Genting Singapore Ltd.                                            | Genting Singapore Ltd. NPV                                                  | CUSIP: Y2692C139<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |    929073 | NS      | $529664.15    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                                  | UniCredit S.p.A. NPV                                                        | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    219618 | NS      | $16711904.26  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT AB                                                            | EQT AB NPV                                                                  | CUSIP: W3R27C102<br>LEI: 213800U7P9GOIRKCTB34 | Long             | EC               | CORP              | SE        |     55752 | NS      | $1933559.77   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NIBE Industrier AB                                                | NIBE Industrier AB SER'B'NPV                                                | CUSIP: W6S38Z126<br>LEI: 549300ZQH0FIF1P0MX67 | Long             | EC               | CORP              | SE        |    230206 | NS      | $909881.84    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd.                                 | Singapore Telecommunications Ltd. NPV(BOARD LOT 100)                        | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |   1158600 | NS      | $3704123.07   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Barratt Redrow PLC                                                | Barratt Redrow PLC ORD GBP0.10                                              | CUSIP: G08288105<br>LEI: 2138006R85VEOF5YNK29 | Long             | EC               | CORP              | GB        |    207611 | NS      | $1091995.04   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kesko Oyj                                                         | Kesko Oyj SER'B'EUR2                                                        | CUSIP: X44874109<br>LEI: 743700OX6HSVMCAHPB95 | Long             | EC               | CORP              | FI        |     40961 | NS      | $871730.45    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                                      | KBC Group NV NPV                                                            | CUSIP: B5337G162<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |     35657 | NS      | $4273109.52   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                                                   | Kerry Group PLC 'A'ORD EUR0.125                                             | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |     26274 | NS      | $2371963.12   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Wartsila Oyj Abp                                                  | Wartsila Oyj Abp NPV                                                        | CUSIP: X98155116<br>LEI: 743700G7A9J1PHM3X223 | Long             | EC               | CORP              | FI        |     72945 | NS      | $2187968.37   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| OMV AG                                                            | OMV AG NPV                                                                  | CUSIP: A51460110<br>LEI: 549300V62YJ9HTLRI486 | Long             | EC               | CORP              | AT        |     22501 | NS      | $1202183.30   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Verbund AG                                                        | Verbund AG CLASS'A'NPV                                                      | CUSIP: A91460104<br>LEI: 5299006UDSEJCTTEJS30 | Long             | EC               | CORP              | AT        |     10010 | NS      | $729060.42    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                                  | Pernod Ricard SA EUR1.55                                                    | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     30345 | NS      | $2987492.57   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Renault S.A.                                                      | Renault S.A. EUR3.81                                                        | CUSIP: F77098105<br>LEI: 969500F7JLTX36OUI695 | Long             | EC               | CORP              | FR        |     28993 | NS      | $1192149.87   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Telenor ASA                                                       | Telenor ASA ORD NOK6                                                        | CUSIP: R21882106<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |     92199 | NS      | $1529903.21   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                                                        | Merck KGaA NPV                                                              | CUSIP: D5357W103<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |     19601 | NS      | $2543133.31   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Orange SA                                                         | Orange SA EUR4                                                              | CUSIP: F6866T100<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    291122 | NS      | $4722296.59   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Corp                                                        | Nokia Corp NPV                                                              | CUSIP: X61873133<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |    840674 | NS      | $4042644.55   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| APA Group Ltd.                                                    | APA Group Ltd. NPV (STAPLED UNITS)                                          | CUSIP: Q0437B100<br>LEI: 549300T9RBSX164T8H40 | Long             | EC               | CORP              | AU        |    180848 | NS      | $1061693.50   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                              | Sumitomo Mitsui Financial Group Inc. NPV                                    | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |    576000 | NS      | $16204535.67  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp.                                                 | Nitto Denko Corp. NPV                                                       | CUSIP: J58472119<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |    117400 | NS      | $2782936.67   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc.                                                 | T&D Holdings Inc. NPV                                                       | CUSIP: J86796109<br>LEI: 3538008ARJ1MACEWA242 | Long             | EC               | CORP              | JP        |     73300 | NS      | $1791725.38   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                                  | Roche Holding AG GENUSSCHEINE NPV                                           | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |    110095 | NS      | $36659825.27  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                                                         | Holcim AG CHF2 (REGD)                                                       | CUSIP: H3816Q102<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     81515 | NS      | $6955231.66   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                                                    | Lonza Group AG CHF1 (REGD)                                                  | CUSIP: H50524133<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |     10970 | NS      | $7334962.78   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington H. Soul Pattinson & Co Ltd.                            | Washington H. Soul Pattinson & Co Ltd. NPV                                  | CUSIP: Q85717108<br>LEI: 549300G2Q3P6ZVNC1465 | Long             | EC               | CORP              | AU        |     40363 | NS      | $1027670.94   | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| London Stock Exchange Group PLC                                   | London Stock Exchange Group PLC ORD GBP0.06918604                           | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |     75042 | NS      | $8604026.12   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech International SA                                         | Logitech International SA CHF0.25 (REGD)                                    | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |     22769 | NS      | $2504554.19   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                                         | Orkla ASA NOK1.25                                                           | CUSIP: R67787102<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |    108824 | NS      | $1137736.23   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins - S.G.P.S., S.A.                                 | Jeronimo Martins - S.G.P.S., S.A. EUR1                                      | CUSIP: X40338109<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |     46150 | NS      | $1123534.89   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc.                                               | Sompo Holdings Inc. NPV                                                     | CUSIP: J7621A101<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |    138150 | NS      | $4270984.50   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Syensqo SA                                                        | Syensqo SA NPV                                                              | CUSIP: B8T189100<br>LEI: 549300060XNJ90PLNS10 | Long             | EC               | CORP              | BE        |     11314 | NS      | $918565.74    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Knorr-Bremse AG                                                   | Knorr-Bremse AG NPV                                                         | CUSIP: D4S43E114<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |     10450 | NS      | $983230.44    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME S.A.                                                     | Aena SME S.A. EUR10                                                         | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |    112310 | NS      | $3070487.25   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| DCC PLC                                                           | DCC PLC ORD EUR0.25 (CDI)                                                   | CUSIP: G2689P101<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |     14805 | NS      | $952626.69    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Wix.com Limited                                                   | Wix.com Limited COM ILS0.01                                                 | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      8000 | NS      | $1421040.01   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group N.V                                         | Universal Music Group N.V EUR10.00                                          | CUSIP: N90313102<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |    171551 | NS      | $4957402.66   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecom Italia S.p.A.                                             | Telecom Italia S.p.A. SUBS RTS                                              | CUSIP: T92777167<br>LEI: 549300W384M3RI3VXU42 | Long             | EC               | CORP              | IT        |   1491963 | NS      | $24.65        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Antofagasta PLC                                                   | Antofagasta PLC ORD GBP0.05                                                 | CUSIP: G0398N128<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |     57251 | NS      | $2128385.58   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Marks & Spencer Group PLC                                         | Marks & Spencer Group PLC ORD GBP0.01                                       | CUSIP: G5824M107<br>LEI: 213800EJP14A79ZG1X44 | Long             | EC               | CORP              | GB        |    295642 | NS      | $1450059.25   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                                                            | UCB SA NPV                                                                  | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |     19580 | NS      | $5465478.50   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                             | Societe Generale S.A. EUR1.25                                               | CUSIP: F8591M517<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |    115683 | NS      | $7701770.94   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd                                     | Nomura Research Institute Ltd NPV                                           | CUSIP: J5900F106<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     61269 | NS      | $2352242.42   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui O.S.K. Lines Ltd.                                          | Mitsui O.S.K. Lines Ltd. NPV                                                | CUSIP: J45013133<br>LEI: 353800P8O843TMAZ6S09 | Long             | EC               | CORP              | JP        |     51000 | NS      | $1548334.95   | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| Qantas Airways Ltd.                                               | Qantas Airways Ltd. NPV                                                     | CUSIP: Q77974550<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |    114725 | NS      | $828979.63    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                                                     | Alfa Laval AB NPV                                                           | CUSIP: W04008152<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |     47251 | NS      | $2157729.11   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Bandai Namco Holdings Inc.                                        | Bandai Namco Holdings Inc. NPV                                              | CUSIP: Y0606D102<br>LEI: 3538008EFEM34VRJDQ95 | Long             | EC               | CORP              | JP        |     95000 | NS      | $3160793.42   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Link Real Estate Investment Trust                                 | Link Real Estate Investment Trust UNITS                                     | CUSIP: Y5281M111<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               | CORP              | HK        |    423944 | NS      | $2178219.11   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitbread Group PLC                                               | Whitbread Group PLC ORD GBP0.76797385                                       | CUSIP: G9606P197<br>LEI: 2138006LIAYQKUCYBB20 | Long             | EC               | CORP              | GB        |     25414 | NS      | $1102273.73   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Keppel Ltd.                                                       | Keppel Ltd. NPV                                                             | CUSIP: Y4722Z120<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |    240400 | NS      | $1663989.56   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Avolta AG                                                         | Avolta AG CHF5 (REGD)                                                       | CUSIP: H2082J107<br>LEI: 549300X53WDBVW7TIF57 | Long             | EC               | CORP              | CH        |     13083 | NS      | $714380.50    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                                                  | Coca-Cola HBC AG ORD CHF6.70(CDI)                                           | CUSIP: H1512E100<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     32526 | NS      | $1533655.25   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Zalando SE                                                        | Zalando SE NPV                                                              | CUSIP: D98423102<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |     38428 | NS      | $1179290.51   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Ipsen SA                                                          | Ipsen SA EUR1                                                               | CUSIP: F5362H107<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |      5705 | NS      | $766048.37    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                                | Coca-Cola Europacific Partners PLC ORD EUR0.01                              | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |     36985 | NS      | $3353325.78   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Poste Italiane S.p.A.                                             | Poste Italiane S.p.A. NPV                                                   | CUSIP: T7S697106<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | NUSS              | IT        |     68448 | NS      | $1627085.43   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Metro Co Ltd                                                | Tokyo Metro Co Ltd NPV                                                      | CUSIP: J8T324105<br>LEI: 35380049N9IQPZ74JY58 | Long             | EC               | CORP              | JP        |     42046 | NS      | $481900.59    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| ZOZO Inc.                                                         | ZOZO Inc. NPV                                                               | CUSIP: J9893A108<br>LEI: 549300GC7XPQMZA0OW13 | Long             | EC               | CORP              | JP        |     67800 | NS      | $622990.70    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Auckland International Airport Ltd.                               | Auckland International Airport Ltd. NPV                                     | CUSIP: Q06213146<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |    267006 | NS      | $1220489.95   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Fastighets AB Balder                                              | Fastighets AB Balder SER'B'NPV                                              | CUSIP: W2951M127<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |    134890 | NS      | $966555.63    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                                                      | Evolution AB NPV                                                            | CUSIP: W3287P115<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |     23843 | NS      | $1962849.25   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                                        | Diageo PLC ORD GBP0.28 101/108                                              | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    352528 | NS      | $8432800.88   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                   | BAE Systems PLC ORD GBP0.025                                                | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    461247 | NS      | $12833229.38  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                                      | Barclays PLC ORD GBP0.25                                                    | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |   2201150 | NS      | $11324139.01  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Adidas AG                                                         | Adidas AG NPV (REGD)                                                        | CUSIP: D0066B185<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |     27779 | NS      | $5885872.03   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Assicurazioni Generali S.p.A.                                     | Assicurazioni Generali S.p.A. NPV                                           | CUSIP: T05040109<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |    134362 | NS      | $5280443.71   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                   | Danske Bank A/S DKK10                                                       | CUSIP: K22272114<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |    104175 | NS      | $4449790.68   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG                                         | Fresenius Medical Care AG NPV                                               | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |     31863 | NS      | $1683568.23   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International                                              | Hermes International NPV                                                    | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |      4988 | NS      | $12265725.61  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Swisscom AG                                                       | Swisscom AG CHF1(REGD)                                                      | CUSIP: H8398N104<br>LEI: 5493005SL9HHOXS3B739 | Long             | EC               | CORP              | CH        |      3941 | NS      | $2864517.15   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Carrefour S.A.                                                    | Carrefour S.A. EUR2.50                                                      | CUSIP: F13923119<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |     90402 | NS      | $1370024.57   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                                          | Infineon Technologies AG ORD NPV (REGD)                                     | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |    205629 | NS      | $8066884.65   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke KPN N.V.                                              | Koninklijke KPN N.V. EUR0.04                                                | CUSIP: N4297B146<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |    637478 | NS      | $3059610.01   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG                            | Chocoladefabriken Lindt & Spruengli AG CHF100 (REGD)                        | CUSIP: H49983176<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |        16 | NS      | $2407532.15   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| STMicroelectronics N.V.                                           | STMicroelectronics N.V. EUR1.04                                             | CUSIP: N83574108<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | NL        |    102026 | NS      | $2883765.26   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Technologies Engineering Ltd.                           | Singapore Technologies Engineering Ltd. NPV                                 | CUSIP: Y7996W103<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |    240600 | NS      | $1606614.49   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Ltd.                                                          | ASX Ltd. NPV                                                                | CUSIP: Q0604U105<br>LEI: 549300VSBVYUCBIQKT71 | Long             | EC               | CORP              | AU        |     32748 | NS      | $1269204.28   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp Japan                                                 | Oracle Corp Japan NPV                                                       | CUSIP: J6165M109<br>LEI: 529900MIMKY9RU60Z323 | Long             | EC               | CORP              | JP        |      5700 | NS      | $581988.19    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd.                                           | DBS Group Holdings Ltd. NPV                                                 | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    327333 | NS      | $12981308.93  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                               | Hong Kong Exchanges & Clearing Ltd. NPV                                     | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |    190412 | NS      | $10809795.15  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| ICL Group Ltd                                                     | ICL Group Ltd ILS1                                                          | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |    105397 | NS      | $658126.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kawasaki Kisen Kaisha Ltd.                                        | Kawasaki Kisen Kaisha Ltd. NPV                                              | CUSIP: J31588148<br>LEI: 353800FL04R73DS5P870 | Long             | EC               | CORP              | JP        |     53800 | NS      | $764975.59    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Kyowa Kirin Co Ltd.                                               | Kyowa Kirin Co Ltd. NPV                                                     | CUSIP: J38296117<br>LEI: 529900TBXKVTQGYA3582 | Long             | EC               | CORP              | JP        |     34100 | NS      | $533067.17    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JFE Holdings, Inc.                                                | JFE Holdings, Inc. NPV                                                      | CUSIP: J2817M100<br>LEI: 3538002Y11Y03NA9B530 | Long             | EC               | CORP              | JP        |     98300 | NS      | $1206251.82   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| CapitaLand Ascendas REIT                                          | CapitaLand Ascendas REIT NPV(REAL ESTATE INVESTMENT TRUSTS)                 | CUSIP: Y0205X103<br>LEI: 549300ILIBAEMQZK3L20 | Long             | EC               | CORP              | SG        |    632540 | NS      | $1368812.25   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Mizuho Financial Group Inc.                                       | Mizuho Financial Group Inc. NPV                                             | CUSIP: J4599L102<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |    394410 | NS      | $13258437.29  | 0.42%             |  |  |  | No            |                  2 | On Loan: —       |
| Nidec Corp.                                                       | Nidec Corp. NPV                                                             | CUSIP: J52968104<br>LEI: 353800IF171MZTNL6Y31 | Long             | EC               | CORP              | JP        |    125000 | NS      | $2221858.55   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissin Foods Holdings Co Ltd.                                     | Nissin Foods Holdings Co Ltd. NPV                                           | CUSIP: J58063124<br>LEI: 529900YMZMNSHC1W6V41 | Long             | EC               | CORP              | JP        |     30800 | NS      | $580137.87    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Shimano Inc.                                                      | Shimano Inc. NPV                                                            | CUSIP: J72262108<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |     11300 | NS      | $1262871.72   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Skanska AB                                                        | Skanska AB SER'B'NPV                                                        | CUSIP: W83567110<br>LEI: 549300UINV5RINHGMG07 | Long             | EC               | CORP              | SE        |     48882 | NS      | $1268775.21   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel S.p.A.                                                       | Enel S.p.A. EUR1                                                            | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |   1283749 | NS      | $12165534.83  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                              | Credit Agricole S.A. EUR3                                                   | CUSIP: F22797108<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |    159795 | NS      | $3148941.95   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecom Italia S.p.A.                                             | Telecom Italia S.p.A. NPV                                                   | CUSIP: T92778108<br>LEI: 549300W384M3RI3VXU42 | Long             | EC               | CORP              | IT        |   1491963 | NS      | $781704.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Medibank Pvt Ltd.                                                 | Medibank Pvt Ltd. NPV                                                       | CUSIP: Q5921Q109<br>LEI: BDYVSUPTML83OLINBJ17 | Long             | EC               | CORP              | AU        |    425961 | NS      | $1357024.28   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Wisetech Global Ltd.                                              | Wisetech Global Ltd. NPV                                                    | CUSIP: Q98056106<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |     32711 | NS      | $1955572.14   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Sainsbury (J) PLC                                                 | Sainsbury (J) PLC ORD GBP0.28571428                                         | CUSIP: G77732173<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |    274871 | NS      | $1235141.35   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Seven & i Holdings Co Ltd.                                        | Seven & i Holdings Co Ltd. NPV                                              | CUSIP: J7165H108<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |    331400 | NS      | $4446864.10   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                                            | Daiichi Sankyo Co Ltd. NPV                                                  | CUSIP: J11257102<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |    268600 | NS      | $6043556.94   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                                  | TotalEnergies SE EUR2.5                                                     | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    321726 | NS      | $19595948.61  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd.                                         | Wilmar International Ltd. NPV                                               | CUSIP: Y9586L109<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |    304700 | NS      | $673844.03    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx PLC                                                          | Relx PLC ORD GBP0.1444                                                      | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    290839 | NS      | $13892038.10  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| United Utilities Group PLC                                        | United Utilities Group PLC ORD GBP0.05                                      | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    100447 | NS      | $1551099.64   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| D'Ieteren Group                                                   | D'Ieteren Group NPV                                                         | CUSIP: B49343187<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |      3146 | NS      | $590499.53    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Gjensidige Forsikring ASA                                         | Gjensidige Forsikring ASA NOK2                                              | CUSIP: R2763X101<br>LEI: 5967007LIEEXZX6FAO47 | Long             | EC               | CORP              | NO        |     26535 | NS      | $779775.39    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                                       | Brenntag SE NPV                                                             | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |     19022 | NS      | $1139851.34   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                  | Sands China Ltd. USD0.01                                                    | CUSIP: G7800X107<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |    318946 | NS      | $886254.04    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd.                                           | Otsuka Holdings Co Ltd. NPV                                                 | CUSIP: J63117105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     66800 | NS      | $3562494.61   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc.                                       | Dai-ichi Life Holdings Inc. NPV                                             | CUSIP: J09748112<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |    570200 | NS      | $4485290.25   | 0.14%             |  |  |  | No            |                  2 | On Loan: —       |
| Compagnie Financiere Richemont Sa                                 | Compagnie Financiere Richemont Sa CHF1 (REGD)                               | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     83710 | NS      | $16069508.34  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                                 | Galderma Group AG CHF0.01                                                   | CUSIP: H3301B107<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |     20063 | NS      | $3547144.45   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius AG                                                      | Sartorius AG NON VTG PFD NPV                                                | CUSIP: D6705R119<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |      3924 | NS      | $917342.22    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Vonovia SE                                                        | Vonovia SE NPV                                                              | CUSIP: D9581T100<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |    110887 | NS      | $3465427.43   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| LEG Immobilien SE                                                 | LEG Immobilien SE NPV                                                       | CUSIP: D4960A103<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |     11321 | NS      | $902261.24    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank ABP                                                   | Nordea Bank ABP NPV                                                         | CUSIP: X5S8VL105<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |    489831 | NS      | $8064494.02   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel, S.A.                                                       | Rexel, S.A. EUR5                                                            | CUSIP: F7782J366<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |     35399 | NS      | $1165453.13   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech SA                                       | Sartorius Stedim Biotech SA EUR0.20                                         | CUSIP: F8005V210<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |      4052 | NS      | $825772.38    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                                                           | GSK plc ORD GBP0.3125                                                       | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    648166 | NS      | $13912982.13  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd.                                                | Grab Holdings Ltd. CLASS A ORD                                              | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |    390919 | NS      | $2353332.38   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| M&G PLC                                                           | M&G PLC ORD GBP0.05                                                         | CUSIP: G6107R102<br>LEI: 254900TWUJUQ44TQJY84 | Long             | EC               | CORP              | GB        |    325926 | NS      | $1111069.05   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirax Group PLC                                                  | Spirax Group PLC ORD GBP0.269230769                                         | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |     11053 | NS      | $1017056.42   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BELIMO Holding AG                                                 | BELIMO Holding AG CHF0.05 (REGD)                                            | CUSIP: H07171129<br>LEI: 506700339DLX749VEM23 | Long             | EC               | CORP              | CH        |      1409 | NS      | $1481854.13   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Finecobank Banca Fineco S.p.A.                                    | Finecobank Banca Fineco S.p.A. EUR0.33                                      | CUSIP: T4R999104<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |    101542 | NS      | $2203838.53   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Mediolanum SpA                                              | Banca Mediolanum SpA NPV                                                    | CUSIP: T1R88K108<br>LEI: 7LVZJ6XRIE7VNZ4UBX81 | Long             | EC               | CORP              | IT        |     32306 | NS      | $648861.06    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BPM S.p.A.                                                  | Banco BPM S.p.A. NPV                                                        | CUSIP: T1708N101<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |    179296 | NS      | $2690971.57   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Monte dei Paschi di Siena S.p.A.                            | Banca Monte dei Paschi di Siena S.p.A. NPV (POST SPLT)                      | CUSIP: T1188K429<br>LEI: J4CP7MHCXR8DAQMKIL78 | Long             | EC               | CORP              | IT        |    214955 | NS      | $1912721.63   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hulic Co Ltd.                                                     | Hulic Co Ltd. NPV                                                           | CUSIP: J23594112<br>LEI: 3538002E12E7IHAKTB10 | Long             | EC               | CORP              | JP        |     63900 | NS      | $699982.29    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Holdings Corp.                          | Pan Pacific International Holdings Corp. NPV                                | CUSIP: J6352W100<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |    287000 | NS      | $1889591.62   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexon Co Ltd.                                                     | Nexon Co Ltd. NPV                                                           | CUSIP: J4914X104<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |     54900 | NS      | $1204813.39   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikari Tsushin Inc                                                | Hikari Tsushin Inc NPV                                                      | CUSIP: J1949F108<br>LEI: 3538001SOIIV8U3OXH94 | Long             | EC               | CORP              | JP        |      2700 | NS      | $752135.86    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                                        | Tenaris SA USD1                                                             | CUSIP: L90272136<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     61340 | NS      | $1099100.39   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Randstad N.V                                                      | Randstad N.V EUR0.10                                                        | CUSIP: N7291Y137<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |     16591 | NS      | $707429.94    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| NN Group N.V.                                                     | NN Group N.V. EUR0.12                                                       | CUSIP: N64038107<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |     40153 | NS      | $2831495.84   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                                         | Argenx SE EUR0.10                                                           | CUSIP: N0610Q109<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      9593 | NS      | $7087805.13   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank N.V.                                                | ABN AMRO Bank N.V. DR EACH REP SHS                                          | CUSIP: N0162C102<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |     94599 | NS      | $3034702.54   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari N V                                                       | Ferrari N V COM EUR0.01                                                     | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |     19925 | NS      | $9658091.71   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland N.V.                                                | ASR Nederland N.V. EUR0.16                                                  | CUSIP: N0709G103<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |     24342 | NS      | $1656461.70   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Infratil Ltd.                                                     | Infratil Ltd. ORD NPV                                                       | CUSIP: Q4933Q124<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |    151897 | NS      | $1088676.26   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                                         | Epiroc AB SER'B'NPV                                                         | CUSIP: W25918157<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |     59749 | NS      | $1130359.60   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BPER Banca S.p.A.                                                 | BPER Banca S.p.A. NPV                                                       | CUSIP: T1325T119<br>LEI: N747OI7JINV7RUUH6190 | Long             | EC               | CORP              | IT        |    238121 | NS      | $2648426.86   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Investment AB Latour (publ)                                       | Investment AB Latour (publ) SER'B'NPV                                       | CUSIP: W5R10B108<br>LEI: 5493006GFBLNB3Y0Y789 | Long             | EC               | CORP              | SE        |     23025 | NS      | $546715.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedish Orphan Biovitrum AB                                       | Swedish Orphan Biovitrum AB NPV                                             | CUSIP: W95637117<br>LEI: 549300124Y3MQI87PT35 | Long             | EC               | CORP              | SE        |     27834 | NS      | $850836.26    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB (publ)                           | Skandinaviska Enskilda Banken AB (publ) SER'A'NPV                           | CUSIP: W25381141<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |    246636 | NS      | $4835928.17   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                             | Schneider Electric SE EUR4.00                                               | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     86111 | NS      | $24237916.45  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                                            | SAP SE ORD NPV                                                              | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    163241 | NS      | $43710718.33  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedbank AB (publ)                                                | Swedbank AB (publ) SER'A'NPV                                                | CUSIP: W94232100<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |    127125 | NS      | $3837357.30   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                                           | E.ON SE NPV                                                                 | CUSIP: D24914133<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |    360583 | NS      | $6791768.32   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                                              | Henkel AG & Co. KGaA NPV(BR)                                                | CUSIP: D3207M102<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |     17541 | NS      | $1302012.83   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM-Kymmene Corporation                                           | UPM-Kymmene Corporation NPV                                                 | CUSIP: X9518S108<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |     85248 | NS      | $2334662.44   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                                          | Bayer AG NPV (REGD)                                                         | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |    155925 | NS      | $5190937.98   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Stora Enso Oyj                                                    | Stora Enso Oyj SER'R'NPV                                                    | CUSIP: X8T9CM113<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |     87160 | NS      | $959191.27    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Henkel AG & Co. KGaA                                              | Henkel AG & Co. KGaA NON-VTG PRF NPV                                        | CUSIP: D3207M110<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |     25910 | NS      | $2090588.91   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BASF SE                                                           | BASF SE NPV                                                                 | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |    139158 | NS      | $6952945.28   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                                               | Erste Group Bank AG NPV                                                     | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     48282 | NS      | $4746257.21   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                                          | Accor SA EUR3                                                               | CUSIP: F00189120<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |     32801 | NS      | $1558392.97   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Zurich Insurance Group AG                                         | Zurich Insurance Group AG CHF0.10                                           | CUSIP: H9870Y105<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |     22920 | NS      | $16382834.38  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd.                                                    | Fortescue Ltd. NPV                                                          | CUSIP: Q39360104<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |    253563 | NS      | $3140235.92   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong & China Gas Co Ltd. (Towngas)                           | Hong Kong & China Gas Co Ltd. (Towngas) NPV                                 | CUSIP: Y33370100<br>LEI: 254900P7BETXGC7YU827 | Long             | EC               | CORP              | HK        |   1725229 | NS      | $1497140.81   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| HOYA Corp.                                                        | HOYA Corp. NPV                                                              | CUSIP: J22848105<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     55700 | NS      | $7701658.92   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                                       | Novartis AG CHF0.49 (REGD)                                                  | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    297649 | NS      | $38271230.27  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Israel Discount Bank Ltd.                                         | Israel Discount Bank Ltd. ILS0.10                                           | CUSIP: 465074201<br>LEI: 549300XWZ7BG5G23OF51 | Long             | EC               | CORP              | IL        |    200599 | NS      | $1981864.84   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| IHI Corp.                                                         | IHI Corp. NPV                                                               | CUSIP: J2398N113<br>LEI: 549300ETQIESIUQ2OE26 | Long             | EC               | CORP              | JP        |    151200 | NS      | $2815990.50   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd.                                                 | Isuzu Motors Ltd. NPV                                                       | CUSIP: J24994113<br>LEI: 529900C0QSXVCC7AR494 | Long             | EC               | CORP              | JP        |     84800 | NS      | $1068765.68   | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| ITOCHU Corp.                                                      | ITOCHU Corp. NPV                                                            | CUSIP: J2501P104<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |    187200 | NS      | $10651379.75  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Scentre Group Ltd.                                                | Scentre Group Ltd. NPV STAPLED UNIT                                         | CUSIP: Q8351E109<br>LEI: 529900TUCASM3W86E831 | Long             | EC               | CORP              | AU        |    837904 | NS      | $2260140.76   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                                  | Smiths Group PLC ORD GBP0.375                                               | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |     51591 | NS      | $1634309.20   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                                                 | Japan Tobacco Inc NPV                                                       | CUSIP: J27869106<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |    189600 | NS      | $6218321.11   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeon Co Ltd.                                                      | Aeon Co Ltd. NPV                                                            | CUSIP: J00288100<br>LEI: 5299009MXFL34SA71416 | Long             | EC               | CORP              | JP        |    347300 | NS      | $4215615.98   | 0.13%             |  |  |  | No            |                  2 | On Loan: —       |
| 3i Group PLC                                                      | 3i Group PLC ORD GBP0.738636                                                | CUSIP: G88473148<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |    148530 | NS      | $8185411.14   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd.                                    | Jardine Matheson Holdings Ltd. USD0.25(SINGAPORE REG)                       | CUSIP: G50736100<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | BM        |     27379 | NS      | $1680523.03   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kajima Corp.                                                      | Kajima Corp. NPV                                                            | CUSIP: J29223120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     72100 | NS      | $2101343.26   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Electric Power Co Inc                                      | Kansai Electric Power Co Inc NPV                                            | CUSIP: J30169106<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |    140500 | NS      | $2009689.88   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                 | NatWest Group PLC ORD GBP1.0769                                             | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |   1278746 | NS      | $9028768.75   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Schroders PLC                                                     | Schroders PLC ORD GBP0.20                                                   | CUSIP: G78602144<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |    120687 | NS      | $612104.57    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kao Corp.                                                         | Kao Corp. NPV                                                               | CUSIP: J30642169<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |     73000 | NS      | $3181416.42   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kawasaki Heavy Industries Ltd                                     | Kawasaki Heavy Industries Ltd NPV                                           | CUSIP: J31502131<br>LEI: 5493008FFSI8SQ74AT93 | Long             | EC               | CORP              | JP        |     24400 | NS      | $1610389.13   | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| Japan Post Holdings Co Ltd.                                       | Japan Post Holdings Co Ltd. NPV                                             | CUSIP: J2800D109<br>LEI: 5299003D9N4JBS256X18 | Long             | EC               | CORP              | JP        |    268400 | NS      | $2663951.19   | 0.09%             |  |  |  | No            |                  2 | On Loan: —       |
| Kongsberg Gruppen ASA                                             | Kongsberg Gruppen ASA NOK0.25                                               | CUSIP: R60837151<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |     72669 | NS      | $2322308.75   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                                                     | Keyence Corp. NPV                                                           | CUSIP: J32491102<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     30660 | NS      | $11422717.67  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Kirin Holdings Co Ltd                                             | Kirin Holdings Co Ltd NPV                                                   | CUSIP: 497350108<br>LEI: 353800GBVL72LLMTYM96 | Long             | EC               | CORP              | JP        |    114500 | NS      | $1677554.60   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd.                                                      | Komatsu Ltd. NPV                                                            | CUSIP: J35759125<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |    147800 | NS      | $5148939.61   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BlueScope Steel (Finance) Ltd / BlueScope Steel Finance (USA) LLC | BlueScope Steel (Finance) Ltd / BlueScope Steel Finance (USA) LLC NPV       | CUSIP: Q1415L177<br>LEI: 529900H6UQI16XACWC95 | Long             | EC               | CORP              | AU        |     74937 | NS      | $1125619.27   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Steel Corp.                                                | Nippon Steel Corp. NPV                                                      | CUSIP: J55678106<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |    736370 | NS      | $3032918.03   | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| Nissan Motor Co Ltd.                                              | Nissan Motor Co Ltd. NPV                                                    | CUSIP: J57160129<br>LEI: 353800DRBDH1LUTNAY26 | Long             | EC               | CORP              | JP        |    333700 | NS      | $811551.21    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Nomura Holdings Inc.                                              | Nomura Holdings Inc. NPV                                                    | CUSIP: J58646100<br>LEI: 549300B3CEAHYG7K8164 | Long             | EC               | CORP              | JP        |    451600 | NS      | $3309629.28   | 0.11%             |  |  |  | No            |                  2 | On Loan: —       |
| Nippon Yusen Kabushiki Kaisha                                     | Nippon Yusen Kabushiki Kaisha NPV                                           | CUSIP: J56515232<br>LEI: 353800YPW4XM0ZN5I149 | Long             | EC               | CORP              | JP        |     70400 | NS      | $2402410.90   | 0.08%             |  |  |  | No            |                  2 | On Loan: —       |
| Compagnie de Saint-Gobain SA                                      | Compagnie de Saint-Gobain SA EUR4                                           | CUSIP: F80343100<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     70762 | NS      | $7667195.88   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp.                                                       | Inpex Corp. NPV                                                             | CUSIP: J2467E101<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |    141600 | NS      | $2549603.89   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                                                   | Norsk Hydro ASA NOK1.098                                                    | CUSIP: R61115102<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    233642 | NS      | $1588559.76   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| FDJ United SA                                                     | FDJ United SA EUR0.40                                                       | CUSIP: F55896108<br>LEI: 969500R4CLSQFTYYI535 | Long             | EC               | CORP              | FR        |     16398 | NS      | $549861.98    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                                         | Tesco PLC ORD GBP0.0633333                                                  | CUSIP: G8T67X102<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |   1029209 | NS      | $6167373.88   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                | Vodafone Group PLC ORD USD0.2095238                                         | CUSIP: G93882192<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |   3131887 | NS      | $3641236.17   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd.                                            | CK Asset Holdings Ltd. HKD1                                                 | CUSIP: G2177B101<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |    318924 | NS      | $1544582.30   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal S.A.                                                | ArcelorMittal S.A. NPV                                                      | CUSIP: L0302D210<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     72320 | NS      | $2609017.79   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Exor Nv                                                           | Exor Nv EUR0.01                                                             | CUSIP: N3140A107<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |     14841 | NS      | $1452577.70   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Recordati Industria Chimica e Farmaceutica S.p.A.                 | Recordati Industria Chimica e Farmaceutica S.p.A. EUR0.125                  | CUSIP: T78458139<br>LEI: 815600FBF92FD3531704 | Long             | EC               | CORP              | IT        |     17729 | NS      | $1082092.59   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Comercial Portugues, S.A.                                   | Banco Comercial Portugues, S.A. NPV                                         | CUSIP: X03188319<br>LEI: JU1U6S0DG9YLT7N8ZV32 | Long             | EC               | CORP              | PT        |   1348033 | NS      | $1196713.00   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-11

**Name of Applicant:** EMPOWER FUNDS, INC.

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

**Title:** Treasurer, Empower Funds, Inc.