# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-25-052227
**Filing Date:** 2025-8
**Character Count:** 69949
**Document Hash:** bf6dcc7c95e4eda059f73aeea0795081
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052227.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001145549-25-052227

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**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:** 251239051

**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 Large Cap Value Fund (Series ID: S000032956)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000101688 | Investor Class      | MXEQX           |
| C000155814 | Institutional Class | MXVHX           |
| C000214216 | Investor Class II   | MXHAX           |

## 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 Large Cap Value Fund

- **b. EDGAR series identifier (if any):** S000032956

- **c. LEI of Series:** DVOIKVU0SHNYT5NF2675

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1758495905.98

**Total Liabilities:** $86816429.39

**Net Assets:** $1671679476.59

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.169581951073 | **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 C000101688 | -3.71%               | 3.92%                | 3.14%                |
| Class ID C000155814 | -3.72%               | 3.86%                | 3.27%                |
| Class ID C000214216 | -3.69%               | 3.91%                | 3.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $52666474.45             | $-64413322.88                              |
| Month 2  | $55106358.87             | $54771769.30                               |
| Month 3  | $93561153.21             | $9688932.29                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** DVOIKVU0SHNYT5NF2675

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dreyfus Instl Resv                 | Dreyfus Instl Resv PFD GOVT INSTL                                        | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | RF                | US        |  17687803 | PA      | $17687803.33  | 1.06%             | 2025-07-01      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES INC                | HSBC SECURITIES INC                                                      | CUSIP: 888888177<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $1965168.89   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES INC                | HSBC SECURITIES INC                                                      | CUSIP: 888888178<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2269542.22   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | MORGAN STANLEY                                                           | CUSIP: 888888179<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2727070.94   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | MORGAN STANLEY                                                           | CUSIP: 888888180<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2449785.66   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK                  | STATE STREET BANK                                                        | CUSIP: 888888181<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2536419.90   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK                  | STATE STREET BANK                                                        | CUSIP: 888888182<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2380628.56   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| TORONTO DOMINION BANK              | TORONTO DOMINION BANK                                                    | CUSIP: 888888183<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $1930519.96   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| TORONTO DOMINION BANK              | TORONTO DOMINION BANK                                                    | CUSIP: 888888184<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2982326.72   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS INVESTMENT BANK                | UBS INVESTMENT BANK                                                      | CUSIP: 888888185<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $672874.78    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP               | WESTPAC BANKING CORP                                                     | CUSIP: 888888186<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $321903.95    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK INTL                 | BARCLAYS BANK INTL                                                       | CUSIP: 888888170<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $578456.76    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK INTL                 | BARCLAYS BANK INTL                                                       | CUSIP: 888888171<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3491817.93   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS           | CITIGROUP GLOBAL MARKETS                                                 | CUSIP: 888888172<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $1261941.00   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS           | CITIGROUP GLOBAL MARKETS                                                 | CUSIP: 888888173<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $635128.29    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | GOLDMAN SACHS GROUP INC                                                  | CUSIP: 888888174<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2354360.15   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | GOLDMAN SACHS GROUP INC                                                  | CUSIP: 888888175<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2986201.84   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | GOLDMAN SACHS GROUP INC                                                  | CUSIP: 888888176<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2228776.09   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Agco Corporation                   | Agco Corporation COM                                                     | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     34915 | NS      | $3601831.40   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                        | AbbVie Inc. COM                                                          | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     56989 | NS      | $10578298.07  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                          | Adobe Inc COM                                                            | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      5920 | NS      | $2290329.60   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.        | Advanced Micro Devices Inc. COM                                          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     27266 | NS      | $3869045.44   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation           | The Allstate Corporation COM                                             | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     88572 | NS      | $17830429.60  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                   | Amazon.com, Inc. COM                                                     | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    160191 | NS      | $35144304.00  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                       | Ameren Corp. COM                                                         | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |    106454 | NS      | $10223842.12  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.             | Applied Materials Inc. COM                                               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     30944 | NS      | $5664918.05   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ Wholesale Club Holdings Inc     | BJ Wholesale Club Holdings Inc COM                                       | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     56277 | NS      | $6068348.94   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corporation                   | Ball Corporation COM                                                     | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     69032 | NS      | $3872004.93   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company      | Becton, Dickinson and Company COM                                        | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     68200 | NS      | $11747450.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                     | Blackrock Inc. COM                                                       | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      9111 | NS      | $9559716.75   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                 | The Boeing Company COM                                                   | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     53647 | NS      | $11240655.99  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                 | The Boeing Company 6% SER A DEP SHS REPSTG 1/20TH INT MANDATORY CONV PFD | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     51358 | NS      | $3504670.00   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company       | Bristol-Myers Squibb Company COM                                         | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     68955 | NS      | $3191926.98   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.       | CF Industries Holdings, Inc. COM USD0.01                                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    123695 | NS      | $11379940.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                    | CSX Corporation COM                                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    247259 | NS      | $8068061.03   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                    | CVS Health Corp COM                                                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    157729 | NS      | $10880146.54  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.        | Capital One Financial Corp. COM                                          | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     97367 | NS      | $20715802.55  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.              | Cardinal Health, Inc. COM                                                | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      4862 | NS      | $816816.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                           | AT&T Inc COM                                                             | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     37346 | NS      | $1080793.22   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                      | Alphabet Inc. CAP STK CL A                                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    174646 | NS      | $30777864.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc.  | American International Group Inc. COM NEW                                | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    239384 | NS      | $20488876.31  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.              | Bank of America Corp. COM                                                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    598500 | NS      | $28321020.16  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                      | Chevron Corp. COM USD0.75                                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15382 | NS      | $2202548.56   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                | Cisco Systems, Inc. COM                                                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    294013 | NS      | $20398621.87  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                 | Coca-Cola Co (The) COM                                                   | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    305279 | NS      | $21598489.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.              | Colgate-Palmolive Co. COM USD1.00                                        | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    101998 | NS      | $9271618.27   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.               | Elevance Health Inc. COM                                                 | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     38344 | NS      | $14914282.34  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.       | Charter Communications, Inc. CL A                                        | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     19053 | NS      | $7789056.96   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                      | Alphabet Inc. CAP STK CL C                                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     43706 | NS      | $7753007.50   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation         | American Tower Corporation COM                                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     17193 | NS      | $3799996.87   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                     | Citigroup Inc. COM USD0.01                                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    504679 | NS      | $42958276.42  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                        | Corteva Inc COM                                                          | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    199950 | NS      | $14902273.35  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corporation         | Dollar General Corporation COM                                           | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     20129 | NS      | $2302355.01   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                 | EOG Resources Inc. COM USD0.01                                           | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     27223 | NS      | $3256143.05   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                 | Conagra Brands Inc COM                                                   | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |    121466 | NS      | $2486409.01   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc.          | Corebridge Financial Inc. COM                                            | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |    100107 | NS      | $3553798.50   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                    | EQT Corporation COM                                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     81096 | NS      | $4729518.71   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc             | Equitable Holdings Inc COM                                               | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    222085 | NS      | $12458968.51  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                | Dominion Energy Inc COM STK NPV                                          | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    108053 | NS      | $6107155.60   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc              | Dupont De Nemours Inc COM                                                | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     90327 | NS      | $6195528.92   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                | Fifth Third Bancorp COM                                                  | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    195768 | NS      | $8051937.79   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                        | Fiserv Inc. COM                                                          | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     40935 | NS      | $7057603.39   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc           | Ferguson Enterprises Inc COMMON STOCK NEW                                | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      7248 | NS      | $1578252.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.       | Honeywell International Inc. COM USD1                                    | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     51412 | NS      | $11972826.77  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                         | Biogen Inc COM                                                           | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     15176 | NS      | $1905953.85   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                    | The Cigna Group COM                                                      | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     52548 | NS      | $17371317.73  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.              | Freeport-McMoRan Inc. CL B                                               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    265959 | NS      | $11529322.70  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                        | Kenvue Inc. COM                                                          | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    547723 | NS      | $11463842.41  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                | Expand Energy Corp. COM                                                  | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     39499 | NS      | $4619013.05   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                | Comcast Corporation COM USD0.01 CL A                                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    256490 | NS      | $9154127.96   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.               | JPMorgan Chase & Co. COM USD1.00                                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     88269 | NS      | $25590066.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc               | Keurig Dr Pepper Inc COM                                                 | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     20857 | NS      | $689532.42    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                       | Cummins Inc. COM                                                         | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     15698 | NS      | $5141095.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                | Walt Disney Company COM                                                  | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     73065 | NS      | $9060790.74   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp               | Las Vegas Sands Corp COM                                                 | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    204969 | NS      | $8918201.23   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                   | Merck & Co., Inc COM                                                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    108454 | NS      | $8585218.71   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc         | L3 Harris Technologies Inc COM                                           | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     57077 | NS      | $14317194.73  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                          | Sanofi SA EUR2                                                           | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    156791 | NS      | $15179563.23  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| MetLife Inc.                       | MetLife Inc. COM USD0.01                                                 | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    218708 | NS      | $17588497.36  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.               | Otis Worldwide Corp. COM                                                 | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     75886 | NS      | $7514231.63   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company           | Eastman Chemical Company COM                                             | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     48842 | NS      | $3646543.75   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                 | Equity Residential SH BEN INT                                            | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    179767 | NS      | $12132474.90  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                  | Exxon Mobil Corp. COM NPV                                                | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    298294 | NS      | $32156093.45  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                 | Meta Platforms Inc CL A                                                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      6323 | NS      | $4666943.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                  | FedEx Corporation COM USD0.10                                            | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     51387 | NS      | $11680778.90  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corporation                | Fortive Corporation COM                                                  | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    103253 | NS      | $5382578.90   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                       | GE Aerospace COM NEW                                                     | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     41016 | NS      | $10557108.38  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.          | Goldman Sachs Group, Inc. COM USD0.01                                    | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     15474 | NS      | $10951723.25  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                 | Ingersoll Rand Inc COM                                                   | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    114428 | NS      | $9518121.04   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.           | Lululemon Athletica Inc. COM                                             | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     11588 | NS      | $2753077.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                         | Siemens AG NPV(REGD)                                                     | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     41362 | NS      | $10624199.92  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Marvell Technology Inc             | Marvell Technology Inc COM                                               | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4151 | NS      | $321287.41    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                   | News Corporation CL A                                                    | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |    298242 | NS      | $8863752.28   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                 | NEE 6.926 09/01/25                                                       | CUSIP: 65339F713<br>LEI: 254900RHL9MEUS5NKX63 | Long             | DBT              | CORP              | US        |     29238 | NS      | $1161918.13   | 0.07%             | 2025-09-01      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| Mckesson Corp.                     | Mckesson Corp. COM                                                       | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     24648 | NS      | $18061561.31  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                   | NRG Energy, Inc. COM NEW                                                 | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     82270 | NS      | $13210916.48  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                        | Phillips 66 COM                                                          | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     29960 | NS      | $3574228.01   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralliant Corp.                     | Ralliant Corp. COM                                                       | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34418 | NS      | $1668910.88   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                          | RTX Corp. COM                                                            | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    104180 | NS      | $15212363.70  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.     | Rexford Industrial Realty Inc. COM                                       | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    129244 | NS      | $4597209.07   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                    | Salesforce Inc. COM                                                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     32400 | NS      | $8835156.21   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                          | Sanofi SA SPON ADR ECH REP 0.5 ORD SH                                    | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     39211 | NS      | $1894283.45   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                      | U.S. Bancorp. COM USD0.01                                                | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    163352 | NS      | $7391678.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.        | United Parcel Service, Inc. CLASS'B'COM USD0.01                          | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     66236 | NS      | $6685861.78   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills       | WIB 0 10/02/25                                                           | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     52000 | NS      | $51450.41     | 0.00%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills       | B 0 11/06/25                                                             | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    193000 | NS      | $190148.89    | 0.01%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings Inc         | Zimmer Biomet Holdings Inc COM USD0.01                                   | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    120268 | NS      | $10969644.37  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                   | TotalEnergies SE EUR2.5                                                  | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    174360 | NS      | $10657378.09  | 0.64%             |  |  |  | No            |                  2 | On Loan: —       |
| Samsung Electronics Co Ltd.        | Samsung Electronics Co Ltd. KRW100                                       | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    144462 | NS      | $6388341.32   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                    | T-Mobile US Inc COM                                                      | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     59654 | NS      | $14213161.95  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                     | TC Energy Corp COM NPV                                                   | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     71059 | NS      | $3469067.26   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Accenture PLC                      | Accenture PLC CLS'A'USD0.0000225                                         | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     65315 | NS      | $19522000.05  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                      | Medtronic PLC USD0.0001                                                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     75753 | NS      | $6603389.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                          | Shell PLC ORD EUR0.07                                                    | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    291615 | NS      | $10172295.15  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Target Corp.                       | Target Corp. COM STK USD0.0833                                           | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     54021 | NS      | $5329171.71   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                | TE Connectivity PLC ORD SHS                                              | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     11033 | NS      | $1860936.15   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                         | Chubb Ltd. COM                                                           | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     43546 | NS      | $12616147.11  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.   | Philip Morris International Inc. COM                                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    204709 | NS      | $37283650.57  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                      | Prologis Inc. COM USD0.01                                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     74669 | NS      | $7849205.10   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.       | Stanley Black & Decker, Inc. COM                                         | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    135804 | NS      | $9200721.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                         | 3M Company COM USD0.01                                                   | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     14466 | NS      | $2202303.80   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.            | UnitedHealth Group Inc. COM                                              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     59747 | NS      | $18639271.64  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.        | Verizon Communications Inc. COM USD0.10                                  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     45849 | NS      | $1983886.21   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                        | Viatris Inc COM                                                          | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    624031 | NS      | $5572596.84   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd.         | West Fraser Timber Co Ltd. COM                                           | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     39649 | NS      | $2906271.76   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                    | Xcel Energy Inc COM USD2.5                                               | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     26373 | NS      | $1796001.31   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                    | South Bow Corp. COM                                                      | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |    131312 | NS      | $3408760.22   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| CRH PLC                            | CRH PLC ORD EUR 0.32                                                     | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    120446 | NS      | $11056943.20  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc       | Apollo Global Management Inc COM                                         | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     93425 | NS      | $13254204.63  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                    | AstraZeneca PLC SPONSORED ADR                                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    217004 | NS      | $15164239.22  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc.                     | CME Group Inc. COM                                                       | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     44975 | NS      | $12396009.78  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                     | ConocoPhillips COM USD0.01                                               | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    209622 | NS      | $18811478.51  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company             | General Motors Company COM                                               | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    302772 | NS      | $14899410.16  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                | Global Payments Inc COM NPV                                              | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     12803 | NS      | $1024752.13   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.  | The Hartford Insurance Group Inc. COM                                    | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     71991 | NS      | $9133498.18   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corporation                   | Hess Corporation COM                                                     | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     18941 | NS      | $2624086.13   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc      | Hilton Worldwide Holdings Inc COM                                        | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     40476 | NS      | $10780377.89  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                    | Home Depot Inc. COM                                                      | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     17098 | NS      | $6268810.66   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                        | Humana Inc. COM                                                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      4728 | NS      | $1155901.42   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated | Huntington Bancshares Incorporated COM                                   | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    493943 | NS      | $8278484.62   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                  | Intel Corporation COM                                                    | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    132546 | NS      | $2969030.37   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.            | International Paper Co. COM                                              | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    227662 | NS      | $10661411.54  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                  | Johnson & Johnson COM                                                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     24215 | NS      | $3698841.25   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corporation         | Kimberly-Clark Corporation COM                                           | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |    108289 | NS      | $13960617.83  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corporation                  | Loews Corporation COM                                                    | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     86638 | NS      | $7941239.11   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                      | Volkswagen AG NON VTG PRF NPV                                            | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |     35930 | NS      | $3798295.58   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Mattel, Inc.                       | Mattel, Inc. COM                                                         | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    163281 | NS      | $3219901.26   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                    | Microsoft Corp. COM                                                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     66906 | NS      | $33279713.07  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                     | Morgan Stanley COM NEW                                                   | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     12981 | NS      | $1828503.67   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                 | NextEra Energy Inc COM                                                   | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    295761 | NS      | $20531728.77  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corporation       | Norfolk Southern Corporation COM                                         | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     19543 | NS      | $5002421.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation       | Northrop Grumman Corporation COM                                         | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     22249 | NS      | $11124055.08  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                       | Oracle Corp. COM                                                         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     34664 | NS      | $7578590.44   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                   | PG&E Corporation COM                                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     31129 | NS      | $433938.26    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.  | PNC Financial Services Group Inc. COM                                    | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     66377 | NS      | $12374000.30  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.               | PPG Industries, Inc. COM                                                 | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     46923 | NS      | $5337491.25   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                    | PPL Corporation COM USD0.01                                              | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    253319 | NS      | $8584980.94   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.           | The Procter & Gamble Co. COM                                             | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    154039 | NS      | $24541493.93  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                    | Pulte Group Inc COM                                                      | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147008 | NS      | $15503463.66  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                      | QUALCOMM Inc. COM                                                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    165227 | NS      | $26314052.31  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                       | Rayonier Inc COM                                                         | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    186390 | NS      | $4134130.18   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.    | Regeneron Pharmaceuticals, Inc. COM                                      | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     23333 | NS      | $12249825.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.          | Rockwell Automation, Inc. COM                                            | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     16399 | NS      | $5447255.82   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited               | Schlumberger Limited COM USD0.01                                         | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    162838 | NS      | $5503924.46   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation     | The Charles Schwab Corporation COM                                       | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    341297 | NS      | $31139938.49  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                             | Sempra COM                                                               | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     89226 | NS      | $6760654.01   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                       | Southern Co. COM                                                         | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    183137 | NS      | $16817470.71  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.             | Southwest Airlines Co. COM                                               | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |    650961 | NS      | $21117175.09  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                 | State Street Corp. COM                                                   | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     80593 | NS      | $8570259.49   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.              | Sun Communities, Inc. COM                                                | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     11091 | NS      | $1402900.62   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated     | Texas Instruments Incorporated COM USD1.00                               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     40692 | NS      | $8448473.05   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc       | Thermo Fisher Scientific Inc COM                                         | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     43691 | NS      | $17714952.68  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                   | TotalEnergies SE SPONSORED ADS                                           | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     28778 | NS      | $1766681.42   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                  | Tyson Foods, Inc. CL A                                                   | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    114597 | NS      | $6410556.16   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.               | United Rentals, Inc. COM                                                 | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     11835 | NS      | $8916489.22   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                | Valero Energy Corp. COM USD0.01                                          | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     57066 | NS      | $7670811.83   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust               | Vornado Realty Trust SH BEN INT                                          | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170027 | NS      | $6501832.28   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                        | Walmart Inc COM                                                          | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    256557 | NS      | $25086143.55  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                  | Wells Fargo & Co. COM                                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    189038 | NS      | $15145724.70  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company               | Weyerhaeuser Company COM NEW                                             | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    322492 | NS      | $8284819.63   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)      | Williams Companies Inc. (The) COM                                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     81071 | NS      | $5092069.42   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC | Johnson Controls International PLC SHS                                   | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |    127652 | NS      | $13482604.28  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC    | Seagate Technology Holdings PLC ORD SHS                                  | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     82841 | NS      | $11956441.54  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-20

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

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

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