# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-25-046403
**Filing Date:** 2025-7
**Character Count:** 390891
**Document Hash:** f96ea4a9403e18ada39631fe38e6e022
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046403.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001145549-25-046403

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 251121935

**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 S&P Small Cap 600 Index Fund (Series ID: S000023741)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069818 | Investor Class      | MXISX           |
| C000095778 | Class L             | MXNSX           |
| C000155767 | Institutional Class | MXERX           |

## Nport-Ex

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

---

| | |
|:---|:---|
| **Empower S&P Small Cap 600® Index Fund** | &nbsp;&nbsp;&nbsp;**Empower Small Cap Growth Fund** |
| **Institutional Class Ticker / MXERX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXMSX** |
| **Investor Class Ticker / MXISX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXMTX** |
| **Class L Ticker / MXNSX** |  |
| **Empower Small Cap Value Fund** |  |
| **Institutional Class Ticker / MXTFX** |  |
| **Investor Class Ticker / MXLSX** |  |

---

<br> (the "Fund(s)")

#### Quarterly Holdings Report
<br> March 31, 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 S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 3.94% | Basic Materials — 3.94% | Basic Materials — 3.94% |
| &nbsp;&nbsp;22034 | AdvanSix Inc | &nbsp;&nbsp;&nbsp;$499070 |
| &nbsp;&nbsp;25068 | Balchem Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4161288 |
| &nbsp;&nbsp;83441 | Celanese Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4736945 |
| &nbsp;&nbsp;37294 | Century Aluminum Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 692177 |
| 111753 | Chemours Co | &nbsp;&nbsp;&nbsp;&nbsp; 1512018 |
| 169142 | Element Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3824301 |
| &nbsp;&nbsp;94175 | FMC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973243 |
| &nbsp;&nbsp;14238 | Hawkins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508089 |
| &nbsp;&nbsp;42163 | HB Fuller Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366188 |
| &nbsp;&nbsp;28035 | Ingevity Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109906 |
| &nbsp;&nbsp;18885 | Innospec Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789354 |
| &nbsp;&nbsp;12360 | Kaiser Aluminum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749263 |
| &nbsp;&nbsp;14905 | Koppers Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417340 |
| &nbsp;&nbsp;23963 | Minerals Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523328 |
| &nbsp;&nbsp;92693 | MP Materials Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262636 |
| &nbsp;&nbsp;10146 | Quaker Chemical Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254147 |
| &nbsp;&nbsp;13370 | Rogers Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902876 |
| &nbsp;&nbsp;32695 | Sensient Technologies Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433489 |
| &nbsp;&nbsp;16801 | Stepan Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924727 |
| &nbsp;&nbsp;25974 | Sylvamo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38382461 |
| Communications — 4.29% | Communications — 4.29% | Communications — 4.29% |
| &nbsp;&nbsp;58776 | A10 Networks Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960400 |
| &nbsp;&nbsp;&nbsp;&nbsp;3349 | Cable One Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890064 |
| &nbsp;&nbsp;44193 | Calix Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566200 |
| &nbsp;&nbsp;66840 | Cargurus Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947049 |
| &nbsp;&nbsp;40501 | Cars.com Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456446 |
| &nbsp;&nbsp;32284 | Cogent Communications Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979332 |
| &nbsp;&nbsp;20094 | ePlus Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226337 |
| &nbsp;&nbsp;86703 | Etsy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090647 |
| &nbsp;&nbsp;98540 | Extreme Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303684 |
| &nbsp;&nbsp;41248 | Gogo Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355558 |
| &nbsp;&nbsp;85235 | Harmonic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817404 |
| &nbsp;&nbsp;17725 | HealthStream Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570390 |
| &nbsp;&nbsp;54476 | IAC Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502628 |
| &nbsp;&nbsp;19650 | InterDigital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062637 |
| &nbsp;&nbsp;18076 | Liquidity Services Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560537 |
| 761918 | Lumen Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986719 |
| &nbsp;&nbsp;45013 | QuinStreet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803032 |
| &nbsp;&nbsp;20684 | Scholastic Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390514 |
| &nbsp;&nbsp;37859 | Shenandoah Telecommunications Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475888 |
| &nbsp;&nbsp;19648 | Shutterstock Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366042 |
| &nbsp;&nbsp;90975 | Sprinklr Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759641 |
| &nbsp;&nbsp;23007 | TechTarget Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340734 |
| 123322 | TEGNA Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246927 |
| &nbsp;&nbsp;75071 | Telephone & Data Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908251 |
| &nbsp;&nbsp;33324 | Thryv Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426880 |
| &nbsp;&nbsp;83442 | TripAdvisor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182373 |
| &nbsp;&nbsp;70008 | Viasat Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729483 |
| 171201 | Viavi Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915739 |
| &nbsp;&nbsp;49688 | Yelp Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839947 |
| &nbsp;&nbsp;31687 | Ziff Davis Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41852280 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — 13.65% | Consumer, Cyclical — 13.65% | Consumer, Cyclical — 13.65% |
| &nbsp;&nbsp;52037 | Academy Sports & Outdoors Inc | &nbsp;&nbsp;&nbsp;$2373408 |
| &nbsp;&nbsp;20674 | Acushnet Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1419477 |
| &nbsp;&nbsp;61261 | Adient PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 787816 |
| &nbsp;&nbsp;44621 | Advance Auto Parts Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1749589 |
| &nbsp;&nbsp;11636 | Allegiant Travel Co | &nbsp;&nbsp;&nbsp;&nbsp; 600999 |
| &nbsp;&nbsp;98314 | American Axle & Manufacturing Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 400138 |
| 130980 | American Eagle Outfitters Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1521988 |
| &nbsp;&nbsp;15092 | Asbury Automotive Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332917 |
| &nbsp;&nbsp;18742 | BJ's Restaurants Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642101 |
| &nbsp;&nbsp;61261 | Bloomin' Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439241 |
| &nbsp;&nbsp;23560 | Boot Barn Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531051 |
| 166002 | BorgWarner Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755957 |
| &nbsp;&nbsp;33568 | Brinker International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003310 |
| &nbsp;&nbsp;23879 | Buckle Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915043 |
| &nbsp;&nbsp;23112 | Caleres Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398220 |
| &nbsp;&nbsp;28531 | Carter's Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166918 |
| &nbsp;&nbsp;&nbsp;&nbsp;6093 | Cavco Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166106 |
| &nbsp;&nbsp;20560 | Century Communities Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379576 |
| &nbsp;&nbsp;39655 | Champion Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3757708 |
| &nbsp;&nbsp;35384 | Cheesecake Factory Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721785 |
| &nbsp;&nbsp;82421 | Cinemark Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051459 |
| &nbsp;&nbsp;18042 | Cracker Barrel Old Country Store Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700390 |
| &nbsp;&nbsp;95229 | Dana Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269403 |
| &nbsp;&nbsp;21730 | Dave & Buster's Entertainment Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381796 |
| &nbsp;&nbsp;20963 | Dorman Products Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526880 |
| &nbsp;&nbsp;19900 | Dream Finders Homes Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448944 |
| &nbsp;&nbsp;16047 | Ethan Allen Interiors Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444502 |
| &nbsp;&nbsp;60143 | Foot Locker Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848016 |
| &nbsp;&nbsp;32757 | Fox Factory Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764548 |
| &nbsp;&nbsp;36784 | Freshpet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059325 |
| &nbsp;&nbsp;28474 | G-III Apparel Group Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778764 |
| &nbsp;&nbsp;22215 | Gentherm Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594029 |
| &nbsp;&nbsp;29976 | GMS Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193344 |
| &nbsp;&nbsp;17300 | Golden Entertainment Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456547 |
| &nbsp;&nbsp;22604 | Green Brick Partners Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318039 |
| &nbsp;&nbsp;&nbsp;&nbsp;9820 | Group 1 Automotive Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750749 |
| &nbsp;&nbsp;24282 | Guess? Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268802 |
| 264619 | Hanesbrands Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526852 |
| &nbsp;&nbsp;35842 | HNI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589593 |
| &nbsp;&nbsp;17902 | Installed Building Products Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069477 |
| &nbsp;&nbsp;45853 | Interface Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909724 |
| &nbsp;&nbsp;13144 | Jack in the Box Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357385 |
| 223035 | JetBlue Airways Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075029 |
| &nbsp;&nbsp;88605 | Kohl's Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724789 |
| &nbsp;&nbsp;38303 | Kontoor Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456371 |
| &nbsp;&nbsp;30777 | La-Z-Boy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203073 |
| &nbsp;&nbsp;19177 | LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676645 |
| 106462 | Leggett & Platt Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842114 |
| &nbsp;&nbsp;15104 | LGI Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003963 |
| &nbsp;&nbsp;20867 | M/I Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382594 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;12852 | Madison Square Garden Sports Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$2502541 |
| &nbsp;&nbsp;13204 | MarineMax Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 283886 |
| &nbsp;&nbsp;55799 | Meritage Homes Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3955033 |
| &nbsp;&nbsp;52184 | MillerKnoll Inc | &nbsp;&nbsp;&nbsp;&nbsp; 998802 |
| &nbsp;&nbsp;&nbsp;&nbsp;9490 | Monarch Casino & Resort Inc | &nbsp;&nbsp;&nbsp;&nbsp; 737848 |
| &nbsp;&nbsp;56332 | National Vision Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 719923 |
| 316751 | Newell Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1963856 |
| &nbsp;&nbsp;25977 | ODP Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372250 |
| &nbsp;&nbsp;80469 | OPENLANE Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551442 |
| &nbsp;&nbsp;10754 | Oxford Industries Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630937 |
| &nbsp;&nbsp;25763 | Papa John's International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058344 |
| &nbsp;&nbsp;25648 | Patrick Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168795 |
| &nbsp;&nbsp;&nbsp;&nbsp;8993 | PC Connection Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561343 |
| 115484 | Penn Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883544 |
| &nbsp;&nbsp;31067 | Phinia Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318173 |
| &nbsp;&nbsp;18632 | PriceSmart Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636821 |
| &nbsp;&nbsp;14941 | Pursuit Attractions & Hospitality Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528762 |
| 111758 | Resideo Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978117 |
| &nbsp;&nbsp;48110 | Rush Enterprises Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569555 |
| 291047 | Sabre Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817842 |
| &nbsp;&nbsp;73086 | Sally Beauty Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659967 |
| &nbsp;&nbsp;17225 | ScanSource Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585822 |
| &nbsp;&nbsp;30837 | Shake Shack Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718898 |
| &nbsp;&nbsp;11505 | Shoe Carnival Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252995 |
| &nbsp;&nbsp;33382 | Signet Jewelers Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938159 |
| &nbsp;&nbsp;71980 | Six Flags Entertainment Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567527 |
| &nbsp;&nbsp;31126 | SkyWest Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719479 |
| &nbsp;&nbsp;11927 | Sonic Automotive Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679362 |
| &nbsp;&nbsp;86615 | Sonos Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924182 |
| &nbsp;&nbsp;16876 | Standard Motor Products Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420719 |
| &nbsp;&nbsp;53641 | Steven Madden Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428996 |
| &nbsp;&nbsp;33995 | Sun Country Airlines Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418818 |
| &nbsp;&nbsp;32525 | Titan International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272885 |
| 110076 | Topgolf Callaway Brands Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725401 |
| &nbsp;&nbsp;71561 | Tri Pointe Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284227 |
| &nbsp;&nbsp;11497 | UniFirst Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000478 |
| &nbsp;&nbsp;42887 | Urban Outfitters Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247279 |
| &nbsp;&nbsp;57995 | Victoria's Secret & Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077547 |
| &nbsp;&nbsp;21186 | Winnebago Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730070 |
| &nbsp;&nbsp;64057 | Wolverine World Wide Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891033 |
| &nbsp;&nbsp;18815 | XPEL Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133070937 |
| Consumer, Non-Cyclical — 18.96% | Consumer, Non-Cyclical — 18.96% | Consumer, Non-Cyclical — 18.96% |
| &nbsp;&nbsp;48380 | ABM Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291277 |
| &nbsp;&nbsp;92413 | ACADIA Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534980 |
| &nbsp;&nbsp;82845 | AdaptHealth Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898040 |
| &nbsp;&nbsp;13190 | Addus HomeCare Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304359 |
| 182158 | ADMA Biologics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614015 |
| &nbsp;&nbsp;28885 | Adtalem Global Education Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906986 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;37767 | Alarm.com Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$2101734 |
| 124678 | Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4116867 |
| &nbsp;&nbsp;27804 | AMN Healthcare Services Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 680086 |
| &nbsp;&nbsp;27758 | Amphastar Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 804704 |
| &nbsp;&nbsp;25077 | Andersons Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1076556 |
| &nbsp;&nbsp;12318 | ANI Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 824690 |
| &nbsp;&nbsp;46605 | Arcus Biosciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 365849 |
| &nbsp;&nbsp;73711 | Arlo Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727528 |
| &nbsp;&nbsp;92668 | Arrowhead Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180590 |
| &nbsp;&nbsp;26897 | Artivion Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661128 |
| &nbsp;&nbsp;31064 | Astrana Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963295 |
| &nbsp;&nbsp;37738 | Avanos Medical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540786 |
| &nbsp;&nbsp;33678 | Azenta Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166606 |
| &nbsp;&nbsp;54787 | B&G Foods Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376387 |
| &nbsp;&nbsp;26391 | BioLife Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602770 |
| &nbsp;&nbsp;31349 | Cal-Maine Foods Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849624 |
| &nbsp;&nbsp;85034 | Catalyst Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062074 |
| &nbsp;&nbsp;&nbsp;&nbsp;7690 | Central Garden & Pet Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281915 |
| &nbsp;&nbsp;40183 | Central Garden & Pet Co Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315190 |
| &nbsp;&nbsp;87574 | Certara Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866983 |
| &nbsp;&nbsp;27531 | Chefs' Warehouse Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499338 |
| &nbsp;&nbsp;25384 | Collegium Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757712 |
| &nbsp;&nbsp;83544 | Concentra Group Holdings Parent Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812905 |
| &nbsp;&nbsp;22678 | CONMED Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369524 |
| &nbsp;&nbsp;71853 | Corcept Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8207050 |
| &nbsp;&nbsp;83044 | CoreCivic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684963 |
| &nbsp;&nbsp;21017 | CorVel Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353273 |
| &nbsp;&nbsp;88987 | Cytek Biosciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356838 |
| &nbsp;&nbsp;36902 | Deluxe Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583421 |
| &nbsp;&nbsp;91747 | Dynavax Technologies Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189959 |
| &nbsp;&nbsp;35929 | Edgewell Personal Care Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121344 |
| &nbsp;&nbsp;48196 | Embecta Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614499 |
| &nbsp;&nbsp;42029 | Enovis Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605928 |
| &nbsp;&nbsp;48068 | EVERTEC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767460 |
| &nbsp;&nbsp;71097 | Fortrea Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536782 |
| &nbsp;&nbsp;24379 | Fresh Del Monte Produce Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751605 |
| 104962 | GEO Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065940 |
| &nbsp;&nbsp;42489 | Glaukos Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181767 |
| &nbsp;&nbsp;77561 | Grocery Outlet Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084303 |
| &nbsp;&nbsp;30349 | Harmony Biosciences Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007283 |
| &nbsp;&nbsp;60917 | Healthcare Services Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614043 |
| &nbsp;&nbsp;14777 | Heidrick & Struggles International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632899 |
| &nbsp;&nbsp;18098 | Helen of Troy Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968062 |
| 109117 | Hertz Global Holdings Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429921 |
| &nbsp;&nbsp;18897 | ICU Medical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624037 |
| &nbsp;&nbsp;40646 | Innoviva Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736912 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;22513 | Inspire Medical Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$3585871 |
| &nbsp;&nbsp;25854 | Integer Holdings Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3051031 |
| &nbsp;&nbsp;49150 | Integra LifeSciences Holdings Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1080808 |
| &nbsp;&nbsp;13490 | Interparfums Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1536106 |
| &nbsp;&nbsp;11612 | J & J Snack Foods Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1529533 |
| &nbsp;&nbsp;&nbsp;&nbsp;6474 | John B Sanfilippo & Son Inc | &nbsp;&nbsp;&nbsp;&nbsp; 458748 |
| &nbsp;&nbsp;30082 | John Wiley & Sons Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1340454 |
| &nbsp;&nbsp;38574 | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616474 |
| &nbsp;&nbsp;19512 | Krystal Biotech Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518014 |
| &nbsp;&nbsp;15144 | LeMaitre Vascular Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270582 |
| &nbsp;&nbsp;14105 | Ligand Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483000 |
| &nbsp;&nbsp;49689 | LiveRamp Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298870 |
| &nbsp;&nbsp;25119 | Matthews International Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558647 |
| &nbsp;&nbsp;43944 | Merit Medical Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645320 |
| &nbsp;&nbsp;&nbsp;&nbsp;9162 | MGP Ingredients Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269180 |
| &nbsp;&nbsp;65889 | Mister Car Wash Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519864 |
| &nbsp;&nbsp;25163 | Monro Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364109 |
| &nbsp;&nbsp;64819 | Myriad Genetics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574945 |
| &nbsp;&nbsp;17332 | National Beverage Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719971 |
| &nbsp;&nbsp;&nbsp;&nbsp;9661 | National HealthCare Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896541 |
| 145466 | Neogen Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261190 |
| 102694 | NeoGenomics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974566 |
| &nbsp;&nbsp;34046 | Omnicell Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190248 |
| 198542 | Organon & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956290 |
| &nbsp;&nbsp;60961 | Owens & Minor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550478 |
| &nbsp;&nbsp;34310 | Pacira BioSciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852603 |
| &nbsp;&nbsp;59385 | Patterson Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855187 |
| 191530 | Payoneer Global Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400084 |
| &nbsp;&nbsp;61393 | Pediatrix Medical Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889585 |
| &nbsp;&nbsp;45686 | Perdoceo Education Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150373 |
| &nbsp;&nbsp;17144 | Phibro Animal Health Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366196 |
| &nbsp;&nbsp;71314 | Premier Inc Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374934 |
| &nbsp;&nbsp;38074 | Prestige Consumer Healthcare Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273222 |
| &nbsp;&nbsp;33236 | PROG Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884078 |
| &nbsp;&nbsp;58571 | Progyny Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308476 |
| &nbsp;&nbsp;45742 | Protagonist Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212083 |
| &nbsp;&nbsp;34119 | Quanex Building Products Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634272 |
| &nbsp;&nbsp;49702 | QuidelOrtho Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738079 |
| &nbsp;&nbsp;50280 | RadNet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499922 |
| &nbsp;&nbsp;76448 | Robert Half Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170238 |
| &nbsp;&nbsp;79678 | Select Medical Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330623 |
| &nbsp;&nbsp;70392 | Simply Good Foods Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427820 |
| &nbsp;&nbsp;27898 | SpartanNash Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565213 |
| &nbsp;&nbsp;36271 | STAAR Surgical Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639458 |
| &nbsp;&nbsp;18774 | Strategic Education Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576265 |
| &nbsp;&nbsp;32225 | Stride Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076462 |
| &nbsp;&nbsp;40561 | Supernus Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328373 |
| &nbsp;&nbsp;47460 | Tandem Diabetes Care Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909334 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;35387 | Teleflex Inc | &nbsp;&nbsp;&nbsp;$4890129 |
| 102837 | TG Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4054863 |
| &nbsp;&nbsp;13850 | Tootsie Roll Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp; 436011 |
| &nbsp;&nbsp;25353 | TransMedics Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1705750 |
| &nbsp;&nbsp;32884 | TreeHouse Foods Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 890828 |
| &nbsp;&nbsp;&nbsp;&nbsp;5339 | UFP Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1076930 |
| &nbsp;&nbsp;47622 | United Natural Foods Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1304367 |
| &nbsp;&nbsp;19688 | Universal Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103512 |
| &nbsp;&nbsp;40465 | Upbound Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969541 |
| &nbsp;&nbsp;12077 | US Physical Therapy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873892 |
| &nbsp;&nbsp;&nbsp;&nbsp;7208 | USANA Health Sciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194400 |
| &nbsp;&nbsp;37267 | Vericel Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662854 |
| 127200 | Verra Mobility Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863272 |
| &nbsp;&nbsp;91516 | Vestis Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906008 |
| &nbsp;&nbsp;77987 | Vir Biotechnology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505356 |
| &nbsp;&nbsp;10404 | WD-40 Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538576 |
| 140098 | WillScot Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894724 |
| &nbsp;&nbsp;48705 | WK Kellogg Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970691 |
| &nbsp;&nbsp;50021 | Xencor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184760434 |
| Energy — 4.61% | Energy — 4.61% | Energy — 4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;8706 | Alpha Metallurgical Resources Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090426 |
| 135054 | Archrock Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543817 |
| &nbsp;&nbsp;52419 | Atlas Energy Solutions Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935155 |
| &nbsp;&nbsp;17357 | Bristow Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548134 |
| &nbsp;&nbsp;54875 | California Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412854 |
| &nbsp;&nbsp;71079 | Comstock Resources Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445747 |
| &nbsp;&nbsp;38935 | Core Laboratories Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583636 |
| &nbsp;&nbsp;39089 | Core Natural Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013762 |
| 139749 | Crescent Energy Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570779 |
| &nbsp;&nbsp;23679 | CVR Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459373 |
| &nbsp;&nbsp;78250 | DNOW Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336510 |
| 112208 | Helix Energy Solutions Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932448 |
| &nbsp;&nbsp;74868 | Helmerich & Payne Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955552 |
| &nbsp;&nbsp;31445 | Innovex International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564752 |
| 123570 | Liberty Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956113 |
| 143301 | Magnolia Oil & Gas Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619783 |
| &nbsp;&nbsp;76648 | Northern Oil & Gas Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317069 |
| &nbsp;&nbsp;75964 | Oceaneering International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656775 |
| &nbsp;&nbsp;45885 | Par Pacific Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654320 |
| 271400 | Patterson-UTI Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230908 |
| &nbsp;&nbsp;89618 | Peabody Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214324 |
| &nbsp;&nbsp;64567 | ProPetro Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474567 |
| &nbsp;&nbsp;10697 | REX American Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401886 |
| &nbsp;&nbsp;54652 | RPC Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300586 |
| &nbsp;&nbsp;88176 | SM Energy Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640871 |
| &nbsp;&nbsp;43028 | SolarEdge Technologies Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696193 |
| &nbsp;&nbsp;67275 | SunCoke Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618930 |
| 163831 | Sunrun Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960050 |
| &nbsp;&nbsp;92160 | Talos Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895795 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| &nbsp;&nbsp;36022 | Tidewater Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1522650 |
| &nbsp;&nbsp;21966 | Vital Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 466119 |
| &nbsp;&nbsp;39657 | Warrior Met Coal Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1892432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44912316 |
| Financial — 27.40% | Financial — 27.40% | Financial — 27.40% |
| &nbsp;&nbsp;90853 | Acadia Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp; 1903370 |
| &nbsp;&nbsp;23082 | Acadian Asset Management Inc | &nbsp;&nbsp;&nbsp;&nbsp; 596901 |
| &nbsp;&nbsp;79855 | Air Lease Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857793 |
| &nbsp;&nbsp;54150 | Alexander & Baldwin Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933004 |
| &nbsp;&nbsp;37629 | American Assets Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757848 |
| &nbsp;&nbsp;49823 | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868310 |
| &nbsp;&nbsp;13862 | AMERISAFE Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728448 |
| &nbsp;&nbsp;94708 | Apollo Commercial Real Estate Finance Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906356 |
| 172218 | Apple Hospitality Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223334 |
| 142333 | Arbor Realty Trust Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672413 |
| &nbsp;&nbsp;67340 | Armada Hoffler Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505723 |
| &nbsp;&nbsp;59540 | ARMOUR Residential Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018134 |
| &nbsp;&nbsp;54081 | Artisan Partners Asset Management Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114567 |
| &nbsp;&nbsp;36890 | Assured Guaranty Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250009 |
| &nbsp;&nbsp;99699 | Atlantic Union Bankshares Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104627 |
| &nbsp;&nbsp;41771 | Axos Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695065 |
| 102749 | Banc of California Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458008 |
| &nbsp;&nbsp;14953 | BancFirst Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642886 |
| &nbsp;&nbsp;36429 | Bancorp Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924908 |
| &nbsp;&nbsp;30251 | Bank of Hawaii Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086411 |
| &nbsp;&nbsp;56776 | BankUnited Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955365 |
| &nbsp;&nbsp;25882 | Banner Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650495 |
| &nbsp;&nbsp;35265 | Berkshire Hills Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920064 |
| 285782 | BGC Group Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620621 |
| 128532 | Blackstone Mortgage Trust Inc Class A REIT <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570640 |
| 143285 | Brandywine Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639051 |
| &nbsp;&nbsp;38261 | Bread Financial Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916111 |
| &nbsp;&nbsp;69851 | Brookline Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761376 |
| &nbsp;&nbsp;89035 | Capitol Federal Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498596 |
| 144448 | CareTrust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128324 |
| &nbsp;&nbsp;54953 | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364628 |
| &nbsp;&nbsp;13240 | Centerspace REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857290 |
| &nbsp;&nbsp;22358 | Central Pacific Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604560 |
| &nbsp;&nbsp;10869 | City Holding Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276781 |
| 208673 | Cleanspark Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402283 |
| &nbsp;&nbsp;20097 | Cohen & Steers Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612784 |
| &nbsp;&nbsp;40567 | Community Financial System Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306640 |
| &nbsp;&nbsp;71190 | Curbline Properties Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722086 |
| 173561 | Cushman & Wakefield PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773793 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;21803 | Customers Bancorp Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1094511 |
| &nbsp;&nbsp;99430 | CVB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1835478 |
| 165581 | DiamondRock Hospitality Co REIT | &nbsp;&nbsp;&nbsp;&nbsp; 1278285 |
| &nbsp;&nbsp;30958 | Dime Community Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp; 863109 |
| 127396 | Douglas Emmett Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 2038336 |
| &nbsp;&nbsp;21758 | Eagle Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 456918 |
| &nbsp;&nbsp;73851 | Easterly Government Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 782821 |
| &nbsp;&nbsp;66765 | Ellington Financial Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885304 |
| &nbsp;&nbsp;66084 | Elme Communities REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149862 |
| &nbsp;&nbsp;17955 | Employers Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909241 |
| &nbsp;&nbsp;18663 | Encore Capital Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639768 |
| &nbsp;&nbsp;19870 | Enova International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918647 |
| 141817 | Essential Properties Realty Trust Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628907 |
| &nbsp;&nbsp;61369 | eXp World Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600189 |
| &nbsp;&nbsp;42631 | EZCORP Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627528 |
| &nbsp;&nbsp;25763 | FB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194373 |
| 156157 | First BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632548 |
| &nbsp;&nbsp;74491 | First Commonwealth Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157590 |
| &nbsp;&nbsp;72184 | First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803156 |
| &nbsp;&nbsp;94629 | First Hawaiian Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312733 |
| &nbsp;&nbsp;77197 | Four Corners Property Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215554 |
| &nbsp;&nbsp;63562 | Franklin BSP Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809780 |
| 140259 | Fulton Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537285 |
| 329595 | Genworth Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336829 |
| &nbsp;&nbsp;37846 | Getty Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180038 |
| 149570 | Global Net Lease Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202543 |
| &nbsp;&nbsp;18595 | Goosehead Insurance Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195326 |
| &nbsp;&nbsp;91446 | HA Sustainable Infrastructure Capital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673881 |
| &nbsp;&nbsp;24622 | Hanmi Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557935 |
| &nbsp;&nbsp;&nbsp;&nbsp;6468 | HCI Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965220 |
| &nbsp;&nbsp;27886 | Heritage Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678466 |
| &nbsp;&nbsp;81180 | Highwoods Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406175 |
| &nbsp;&nbsp;36553 | Hilltop Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113039 |
| &nbsp;&nbsp;95357 | Hope Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998388 |
| &nbsp;&nbsp;30067 | Horace Mann Educators Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284763 |
| &nbsp;&nbsp;32350 | Independent Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026728 |
| &nbsp;&nbsp;22341 | Innovative Industrial Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208425 |
| &nbsp;&nbsp;55763 | Jackson Financial Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671824 |
| &nbsp;&nbsp;67586 | JBG Smith Properties REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088810 |
| &nbsp;&nbsp;90921 | Kennedy-Wilson Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789194 |
| &nbsp;&nbsp;47823 | KKR Real Estate Finance Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516488 |
| &nbsp;&nbsp;19029 | Lakeland Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131084 |
| 128612 | Lincoln National Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618457 |
| &nbsp;&nbsp;34934 | LTC Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238410 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 224000 | LXP Industrial Trust REIT | &nbsp;&nbsp;&nbsp;$1937600 |
| 189505 | Macerich Co REIT | &nbsp;&nbsp;&nbsp;&nbsp; 3253801 |
| 256025 | MARA Holdings Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2944288 |
| &nbsp;&nbsp;19773 | Marcus & Millichap Inc | &nbsp;&nbsp;&nbsp;&nbsp; 681180 |
| 462720 | Medical Properties Trust Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2790202 |
| &nbsp;&nbsp;20957 | Mercury General Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1171496 |
| &nbsp;&nbsp;91715 | Millrose Properties Inc REIT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2431365 |
| &nbsp;&nbsp;54387 | Moelis & Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174025 |
| &nbsp;&nbsp;48391 | Mr Cooper Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787564 |
| &nbsp;&nbsp;28544 | National Bank Holdings Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092379 |
| &nbsp;&nbsp;56298 | Navient Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711044 |
| &nbsp;&nbsp;35316 | NBT Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515056 |
| &nbsp;&nbsp;74062 | New York Mortgage Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480662 |
| &nbsp;&nbsp;15980 | NexPoint Residential Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631689 |
| &nbsp;&nbsp;60334 | NMI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175041 |
| &nbsp;&nbsp;93037 | Northwest Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118305 |
| &nbsp;&nbsp;35220 | OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409504 |
| 107341 | Outfront Media Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732484 |
| &nbsp;&nbsp;72364 | Pacific Premier Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542801 |
| &nbsp;&nbsp;20427 | Palomar Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800133 |
| &nbsp;&nbsp;10953 | Park National Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658284 |
| &nbsp;&nbsp;18466 | Pathward Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347095 |
| &nbsp;&nbsp;87630 | Pebblebrook Hotel Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887692 |
| &nbsp;&nbsp;67042 | PennyMac Mortgage Investment Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982165 |
| &nbsp;&nbsp;94626 | Phillips Edison & Co Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452903 |
| &nbsp;&nbsp;12238 | Piper Sandler Cos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030863 |
| &nbsp;&nbsp;18250 | PJT Partners Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516310 |
| &nbsp;&nbsp;28144 | PRA Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580329 |
| &nbsp;&nbsp;&nbsp;&nbsp;8976 | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750932 |
| &nbsp;&nbsp;38384 | ProAssurance Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896266 |
| &nbsp;&nbsp;98230 | Provident Financial Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686609 |
| 111509 | Radian Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687603 |
| 119971 | Ready Capital Corp REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610652 |
| &nbsp;&nbsp;93096 | Redwood Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565093 |
| &nbsp;&nbsp;70341 | Renasant Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386670 |
| &nbsp;&nbsp;45288 | Ryman Hospitality Properties Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141135 |
| &nbsp;&nbsp;27783 | S&T Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029360 |
| &nbsp;&nbsp;34519 | Safehold Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646196 |
| &nbsp;&nbsp;11285 | Safety Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890161 |
| &nbsp;&nbsp;10575 | Saul Centers Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381440 |
| &nbsp;&nbsp;63742 | Seacoast Banking Corp of Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640082 |
| &nbsp;&nbsp;38677 | ServisFirst Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194720 |
| &nbsp;&nbsp;95363 | Simmons First National Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957802 |
| &nbsp;&nbsp;72418 | SiriusPoint Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252107 |
| &nbsp;&nbsp;32789 | SITE Centers Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421011 |
| &nbsp;&nbsp;52817 | SL Green Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047541 |
| &nbsp;&nbsp;20093 | Southside Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581893 |
| &nbsp;&nbsp;28124 | St Joe Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320422 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;37653 | Stellar Bancorp Inc | &nbsp;&nbsp;&nbsp;$1041482 |
| &nbsp;&nbsp;50707 | StepStone Group Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2648427 |
| &nbsp;&nbsp;21193 | Stewart Information Services Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1512121 |
| &nbsp;&nbsp;33000 | StoneX Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2520502 |
| &nbsp;&nbsp;77145 | Summit Hotel Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 417354 |
| 150025 | Sunstone Hotel Investors Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 1411735 |
| &nbsp;&nbsp;85436 | Tanger Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 2886882 |
| &nbsp;&nbsp;75369 | Terreno Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764828 |
| &nbsp;&nbsp;&nbsp;&nbsp;8951 | Tompkins Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563734 |
| &nbsp;&nbsp;17466 | Triumph Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009535 |
| &nbsp;&nbsp;24958 | Trupanion Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930185 |
| &nbsp;&nbsp;15661 | TrustCo Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477347 |
| &nbsp;&nbsp;45868 | Trustmark Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581987 |
| &nbsp;&nbsp;80000 | Two Harbors Investment Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068800 |
| &nbsp;&nbsp;91908 | United Community Banks Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585372 |
| &nbsp;&nbsp;14528 | United Fire Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427995 |
| 177914 | Uniti Group Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896687 |
| &nbsp;&nbsp;10803 | Universal Health Realty Income Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442491 |
| &nbsp;&nbsp;94281 | Urban Edge Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791339 |
| &nbsp;&nbsp;60080 | Veris Residential Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016554 |
| &nbsp;&nbsp;43086 | Veritex Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075857 |
| &nbsp;&nbsp;61814 | Virtu Financial Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356350 |
| &nbsp;&nbsp;&nbsp;&nbsp;5278 | Virtus Investment Partners Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909716 |
| &nbsp;&nbsp;61290 | WaFd Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751668 |
| &nbsp;&nbsp;24436 | Walker & Dunlop Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085857 |
| &nbsp;&nbsp;19677 | Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996247 |
| &nbsp;&nbsp;31707 | Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461971 |
| &nbsp;&nbsp;83973 | WisdomTree Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749039 |
| &nbsp;&nbsp;&nbsp;&nbsp;2760 | World Acceptance Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349278 |
| &nbsp;&nbsp;45348 | WSFS Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352201 |
| &nbsp;&nbsp;79569 | Xenia Hotels & Resorts Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267026776 |
| Industrial — 16.21% | Industrial — 16.21% | Industrial — 16.21% |
| &nbsp;&nbsp;26686 | AAR Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494149 |
| &nbsp;&nbsp;29034 | Advanced Energy Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767231 |
| &nbsp;&nbsp;21615 | AeroVironment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576292 |
| &nbsp;&nbsp;&nbsp;&nbsp;7934 | Alamo Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413918 |
| &nbsp;&nbsp;23630 | Albany International Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631415 |
| &nbsp;&nbsp;12060 | American Woodmark Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709490 |
| &nbsp;&nbsp;16141 | Apogee Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747813 |
| &nbsp;&nbsp;17257 | ArcBest Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217999 |
| &nbsp;&nbsp;37596 | Arcosa Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899404 |
| &nbsp;&nbsp;32897 | Armstrong World Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634529 |
| &nbsp;&nbsp;18487 | Astec Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636877 |
| &nbsp;&nbsp;22629 | AZZ Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892011 |
| &nbsp;&nbsp;22693 | Badger Meter Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317343 |
| &nbsp;&nbsp;26669 | Benchmark Electronics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014222 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;29601 | Boise Cascade Co | &nbsp;&nbsp;&nbsp;$2903562 |
| &nbsp;&nbsp;33996 | Brady Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2401477 |
| &nbsp;&nbsp;51447 | Cactus Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2357816 |
| &nbsp;&nbsp;12620 | CSW Industrials Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3678982 |
| &nbsp;&nbsp;23653 | CTS Corp | &nbsp;&nbsp;&nbsp;&nbsp; 982782 |
| &nbsp;&nbsp;26879 | Dorian LPG Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 600477 |
| &nbsp;&nbsp;&nbsp;&nbsp;9384 | DXP Enterprises Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 771928 |
| &nbsp;&nbsp;22443 | Dycom Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418967 |
| &nbsp;&nbsp;48786 | Energizer Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459677 |
| &nbsp;&nbsp;40937 | Enerpac Tool Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836434 |
| &nbsp;&nbsp;16178 | Enpro Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617439 |
| &nbsp;&nbsp;54594 | Enviri Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363050 |
| &nbsp;&nbsp;19853 | ESCO Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159009 |
| &nbsp;&nbsp;38142 | Everus Construction Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414687 |
| &nbsp;&nbsp;47105 | Federal Signal Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464573 |
| &nbsp;&nbsp;17265 | Forward Air Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346854 |
| &nbsp;&nbsp;30300 | Franklin Electric Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844564 |
| &nbsp;&nbsp;58523 | Frontdoor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248454 |
| 174797 | Gates Industrial Corp PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218013 |
| &nbsp;&nbsp;22679 | Gibraltar Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330350 |
| &nbsp;&nbsp;33673 | Granite Construction Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538944 |
| &nbsp;&nbsp;23173 | Greenbrier Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186921 |
| &nbsp;&nbsp;30288 | Griffon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165592 |
| 106435 | Hayward Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481575 |
| &nbsp;&nbsp;37558 | Heartland Express Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346285 |
| &nbsp;&nbsp;52178 | Hillenbrand Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259577 |
| &nbsp;&nbsp;45766 | Hub Group Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701122 |
| &nbsp;&nbsp;24251 | Ichor Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548315 |
| &nbsp;&nbsp;15850 | Insteel Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416855 |
| &nbsp;&nbsp;30121 | International Seaways Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000017 |
| &nbsp;&nbsp;34763 | Itron Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641772 |
| &nbsp;&nbsp;35103 | JBT Marel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289587 |
| &nbsp;&nbsp;&nbsp;&nbsp;9057 | Kadant Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051394 |
| &nbsp;&nbsp;57329 | Kennametal Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221108 |
| &nbsp;&nbsp;70202 | Knowles Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067070 |
| 114983 | Kratos Defense & Security Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413845 |
| &nbsp;&nbsp;&nbsp;&nbsp;8649 | Lindsay Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094271 |
| &nbsp;&nbsp;47778 | Marten Transport Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655514 |
| &nbsp;&nbsp;94079 | Masterbrand Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228672 |
| &nbsp;&nbsp;15380 | Materion Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255008 |
| &nbsp;&nbsp;25595 | Matson Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280511 |
| &nbsp;&nbsp;38279 | Mercury Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649442 |
| &nbsp;&nbsp;&nbsp;&nbsp;4422 | Mesa Laboratories Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524715 |
| &nbsp;&nbsp;29820 | Metallus Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398395 |
| &nbsp;&nbsp;21602 | Moog Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744707 |
| 119478 | Mueller Water Products Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037131 |
| &nbsp;&nbsp;12066 | MYR Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364544 |
| &nbsp;&nbsp;&nbsp;&nbsp;3954 | National Presto Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347596 |
| &nbsp;&nbsp;37853 | NV5 Global Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729427 |
| 114378 | O-I Glass Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311916 |
| &nbsp;&nbsp;11995 | OSI Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331108 |
| &nbsp;&nbsp;20979 | Plexus Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688039 |
| &nbsp;&nbsp;&nbsp;&nbsp;6902 | Powell Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175618 |
| &nbsp;&nbsp;17312 | Proto Labs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606612 |
| 106313 | RXO Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030578 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;40837 | Sanmina Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$3110963 |
| &nbsp;&nbsp;34739 | Schneider National Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp; 793786 |
| 112331 | Sealed Air Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3246366 |
| &nbsp;&nbsp;35006 | SPX Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4508073 |
| &nbsp;&nbsp;&nbsp;&nbsp;9049 | Standex International Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1460418 |
| &nbsp;&nbsp;13856 | Sturm Ruger & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp; 544402 |
| &nbsp;&nbsp;14519 | Tennant Co | &nbsp;&nbsp;&nbsp;&nbsp; 1157890 |
| &nbsp;&nbsp;62160 | Trinity Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744210 |
| &nbsp;&nbsp;59701 | Triumph Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512823 |
| &nbsp;&nbsp;76919 | TTM Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577609 |
| &nbsp;&nbsp;17336 | Vicor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810978 |
| &nbsp;&nbsp;83986 | Vishay Intertechnology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335377 |
| &nbsp;&nbsp;45859 | Werner Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343669 |
| &nbsp;&nbsp;42602 | World Kinect Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208193 |
| &nbsp;&nbsp;23808 | Worthington Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192543 |
| &nbsp;&nbsp;25407 | Worthington Steel Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643559 |
| 109898 | Zurn Elkay Water Solutions Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157970866 |
| Technology — 7.41% | Technology — 7.41% | Technology — 7.41% |
| &nbsp;&nbsp;80878 | ACI Worldwide Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4424835 |
| &nbsp;&nbsp;86736 | Adeia Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146650 |
| &nbsp;&nbsp;16489 | Agilysys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196112 |
| &nbsp;&nbsp;19283 | Alpha & Omega Semiconductor Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479375 |
| 109993 | Amentum Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001873 |
| &nbsp;&nbsp;24826 | Axcelis Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233107 |
| &nbsp;&nbsp;39391 | Blackline Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907312 |
| 110364 | Box Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405833 |
| &nbsp;&nbsp;17225 | CEVA Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441132 |
| &nbsp;&nbsp;71399 | Clear Secure Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849948 |
| &nbsp;&nbsp;33505 | Cohu Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492859 |
| &nbsp;&nbsp;31731 | Corsair Gaming Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281137 |
| &nbsp;&nbsp;20954 | CSG Systems International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267088 |
| &nbsp;&nbsp;29591 | Digi International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823518 |
| &nbsp;&nbsp;48048 | DigitalOcean Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604323 |
| &nbsp;&nbsp;34831 | Diodes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503654 |
| &nbsp;&nbsp;21240 | Donnelley Financial Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928400 |
| 105087 | DoubleVerify Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405013 |
| 139719 | DXC Technology Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382209 |
| &nbsp;&nbsp;58733 | FormFactor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661557 |
| &nbsp;&nbsp;44347 | Grid Dynamics Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694031 |
| &nbsp;&nbsp;17212 | Impinj Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561128 |
| &nbsp;&nbsp;21051 | Insight Enterprises Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157440 |
| &nbsp;&nbsp;39990 | Kulicke & Soffa Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318870 |
| &nbsp;&nbsp;61419 | MaxLinear Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667010 |
| &nbsp;&nbsp;47838 | N-able Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339171 |
| &nbsp;&nbsp;54207 | NCR Atleos Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429981 |
| 108934 | NCR Voyix Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062107 |
| &nbsp;&nbsp;54176 | NetScout Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138238 |
| &nbsp;&nbsp;22308 | PDF Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426306 |
| &nbsp;&nbsp;43096 | Penguin Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748578 |
| &nbsp;&nbsp;50415 | Photronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046615 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| 120897 | Pitney Bowes Inc | &nbsp;&nbsp;&nbsp;$1094118 |
| &nbsp;&nbsp;78107 | Privia Health Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1753502 |
| &nbsp;&nbsp;32424 | Progress Software Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1670160 |
| &nbsp;&nbsp;71448 | Qorvo Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5173550 |
| &nbsp;&nbsp;87073 | Sandisk Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4145546 |
| &nbsp;&nbsp;44334 | Schrodinger Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 875153 |
| &nbsp;&nbsp;64954 | Semtech Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2234418 |
| &nbsp;&nbsp;10733 | Simulations Plus Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263173 |
| &nbsp;&nbsp;14605 | SiTime Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232666 |
| &nbsp;&nbsp;42129 | SolarWinds Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776438 |
| &nbsp;&nbsp;28996 | SPS Commerce Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848639 |
| &nbsp;&nbsp;71709 | Teradata Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612018 |
| &nbsp;&nbsp;36050 | Ultra Clean Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771831 |
| &nbsp;&nbsp;46104 | Veeco Instruments Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925768 |
| 111922 | Wolfspeed Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342481 |
| &nbsp;&nbsp;90435 | Xerox Holdings Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72181672 |
| Utilities — 2.45% | Utilities — 2.45% | Utilities — 2.45% |
| &nbsp;&nbsp;28865 | American States Water Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271098 |
| &nbsp;&nbsp;60687 | Avista Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540965 |
| &nbsp;&nbsp;45306 | California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195529 |
| &nbsp;&nbsp;17390 | Chesapeake Utilities Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233398 |
| &nbsp;&nbsp;25111 | Clearway Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714659 |
| &nbsp;&nbsp;63932 | Clearway Energy Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935221 |
| 157170 | MDU Resources Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657745 |
| &nbsp;&nbsp;27829 | MGE Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586984 |
| &nbsp;&nbsp;13080 | Middlesex Water Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838428 |
| &nbsp;&nbsp;30975 | Northwest Natural Holding Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323252 |
| &nbsp;&nbsp;32160 | Otter Tail Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584699 |
| &nbsp;&nbsp;23356 | SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277340 |
| &nbsp;&nbsp;11612 | Unitil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23829214 |
| **TOTAL COMMON STOCK — 98.92%<br> (Cost $961,517,213)** | **TOTAL COMMON STOCK — 98.92%<br> (Cost $961,517,213)** | &nbsp;&nbsp;&nbsp;**$963986956** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;32013308 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 4.29%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$32013308 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.28%<br> (Cost $32,013,308)** | &nbsp;&nbsp;&nbsp;&nbsp;**$32013308** |
| **Principal Amount** |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.67% | U.S. Treasury Bonds and Notes — 0.67% |
| $6581000 U.S. Treasury Bills<sup>(e)</sup><br> 4.23%, 05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6547121 |
| **TOTAL SHORT TERM INVESTMENTS — 0.67%<br> (Cost $6,547,121)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6547121** |
| **TOTAL INVESTMENTS — 102.87%<br> (Cost $1,000,077,642)** | &nbsp;&nbsp;&nbsp;**$1002547385** |
| **OTHER ASSETS & LIABILITIES, NET — (2.87)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(27991925)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$974555460** |

---

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

<sup>(b)</sup> All or a portion of the security is on loan as of March 31, 2025.

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

<sup>(d)</sup> Rate shown is the 7-day yield as of March 31, 2025.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 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> (Depreciation)** |
| **Long** |  |  |  |  |  |
| Russell 2000 E-mini Futures | 108 | USD | 10946 | Jun 2025 | $(235137) |
|  |  |  |  | **Net Depreciation** | **$(235137)** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP GROWTH FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 1.86% | Basic Materials — 1.86% | Basic Materials — 1.86% |
| 100085 | Element Solutions Inc | &nbsp;&nbsp;&nbsp;$2262922 |
| &nbsp;&nbsp;10772 | Steel Dynamics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1347362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610284 |
| Communications — 3.02% | Communications — 3.02% | Communications — 3.02% |
| &nbsp;&nbsp;29895 | Ciena Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1806555 |
| &nbsp;&nbsp;&nbsp;&nbsp;5141 | Credo Technology Group Holding Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 206462 |
| &nbsp;&nbsp;92900 | DigitalBridge Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819378 |
| &nbsp;&nbsp;41800 | Grindr Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748220 |
| &nbsp;&nbsp;20699 | Opera Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329942 |
| &nbsp;&nbsp;75616 | Powerfleet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415132 |
| &nbsp;&nbsp;14416 | Q2 Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153424 |
| &nbsp;&nbsp;20890 | QuinStreet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5851791 |
| Consumer, Cyclical — 9.28% | Consumer, Cyclical — 9.28% | Consumer, Cyclical — 9.28% |
| &nbsp;&nbsp;23213 | Academy Sports & Outdoors Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058745 |
| &nbsp;&nbsp;12712 | Boot Barn Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365650 |
| &nbsp;&nbsp;&nbsp;&nbsp;5376 | Burlington Stores Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281262 |
| &nbsp;&nbsp;20532 | Champion Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945612 |
| &nbsp;&nbsp;31275 | Core & Main Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510895 |
| &nbsp;&nbsp;18813 | IMAX Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495723 |
| &nbsp;&nbsp;97384 | International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583464 |
| &nbsp;&nbsp;42536 | Life Time Group Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284587 |
| &nbsp;&nbsp;89317 | Lions Gate Entertainment Corp Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707391 |
| &nbsp;&nbsp;16053 | Ollie's Bargain Outlet Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867927 |
| &nbsp;&nbsp;28843 | On Holding AG Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266785 |
| &nbsp;&nbsp;16560 | OneSpaWorld Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278042 |
| &nbsp;&nbsp;21887 | Patrick Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850765 |
| &nbsp;&nbsp;10704 | Sweetgreen Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267814 |
| &nbsp;&nbsp;&nbsp;&nbsp;3056 | VSE Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366689 |
| &nbsp;&nbsp;52792 | Wabash National Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583352 |
| &nbsp;&nbsp;14241 | Warby Parker Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17974316 |
| Consumer, Non-Cyclical — 30.88% | Consumer, Non-Cyclical — 30.88% | Consumer, Non-Cyclical — 30.88% |
| &nbsp;&nbsp;30028 | 89bio Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218304 |
| &nbsp;&nbsp;41736 | Adaptive Biotechnologies Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310098 |
| &nbsp;&nbsp;60367 | ADMA Biologics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197681 |
| 135732 | Amicus Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107573 |
| &nbsp;&nbsp;&nbsp;&nbsp;6643 | Arcellx Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435781 |
| &nbsp;&nbsp;74796 | ARS Pharmaceuticals Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940934 |
| &nbsp;&nbsp;62135 | Artivion Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527278 |
| 124809 | Avantor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023154 |
| &nbsp;&nbsp;&nbsp;&nbsp;8961 | Axsome Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045121 |
| &nbsp;&nbsp;23048 | Azenta Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798383 |
| &nbsp;&nbsp;&nbsp;&nbsp;9344 | Beta Bionics Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114371 |
| &nbsp;&nbsp;22687 | Biohaven Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545395 |
| &nbsp;&nbsp;54939 | BioLife Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254807 |
| &nbsp;&nbsp;14313 | Blueprint Medicines Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266844 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;57478 | Butterfly Network Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$131050 |
| &nbsp;&nbsp;20673 | CareDx Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 366946 |
| &nbsp;&nbsp;38137 | Celsius Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1358440 |
| &nbsp;&nbsp;22525 | Centessa Pharmaceuticals PLC ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 323910 |
| &nbsp;&nbsp;12630 | Ceribell Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 242622 |
| &nbsp;&nbsp;14097 | Chefs' Warehouse Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 767723 |
| &nbsp;&nbsp;14070 | CONMED Corp | &nbsp;&nbsp;&nbsp;&nbsp; 849687 |
| &nbsp;&nbsp;&nbsp;&nbsp;4236 | CRA International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733675 |
| &nbsp;&nbsp;16245 | CVRx Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198676 |
| &nbsp;&nbsp;23917 | Cytokinetics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961224 |
| 101112 | Dynavax Technologies Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311423 |
| &nbsp;&nbsp;11251 | elf Beauty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706450 |
| &nbsp;&nbsp;&nbsp;&nbsp;7979 | Enliven Therapeutics Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157027 |
| &nbsp;&nbsp;21114 | Evolus Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254001 |
| &nbsp;&nbsp;&nbsp;&nbsp;6840 | FTI Consulting Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122307 |
| &nbsp;&nbsp;&nbsp;&nbsp;5567 | GeneDx Holdings Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493041 |
| &nbsp;&nbsp;24731 | Haemonetics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571655 |
| &nbsp;&nbsp;13065 | HealthEquity Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154554 |
| &nbsp;&nbsp;&nbsp;&nbsp;9147 | ICON PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600634 |
| &nbsp;&nbsp;27132 | Insmed Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069900 |
| &nbsp;&nbsp;12361 | iRhythm Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293950 |
| &nbsp;&nbsp;&nbsp;&nbsp;7176 | Janux Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193752 |
| &nbsp;&nbsp;10121 | KinderCare Learning Cos Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117302 |
| &nbsp;&nbsp;46060 | Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022993 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | LENZ Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52011 |
| &nbsp;&nbsp;33057 | LiveRamp Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864110 |
| &nbsp;&nbsp;15095 | Mirum Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680030 |
| &nbsp;&nbsp;20249 | Natural Grocers by Vitamin Cottage Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814010 |
| &nbsp;&nbsp;90490 | Neogen Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784548 |
| &nbsp;&nbsp;10879 | Neurocrine Biosciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203217 |
| &nbsp;&nbsp;19081 | NeuroPace Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234505 |
| 126239 | Ocular Therapeutix Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925332 |
| &nbsp;&nbsp;31789 | Oddity Tech Ltd Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375192 |
| &nbsp;&nbsp;23376 | Paymentus Holdings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610114 |
| &nbsp;&nbsp;54046 | Payoneer Global Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395076 |
| &nbsp;&nbsp;20788 | Performance Food Group Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634560 |
| &nbsp;&nbsp;&nbsp;&nbsp;6695 | PROCEPT BioRobotics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390051 |
| &nbsp;&nbsp;10096 | RB Global Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012629 |
| &nbsp;&nbsp;&nbsp;&nbsp;5427 | Rhythm Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287468 |
| &nbsp;&nbsp;10082 | Sarepta Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643433 |
| &nbsp;&nbsp;19935 | Scholar Rock Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640910 |
| &nbsp;&nbsp;15742 | Shift4 Payments Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286279 |
| &nbsp;&nbsp;&nbsp;&nbsp;2240 | Soleno Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160048 |
| &nbsp;&nbsp;23825 | SpringWorks Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051397 |
| &nbsp;&nbsp;68467 | Stevanato Group Spa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398096 |
| &nbsp;&nbsp;&nbsp;&nbsp;4419 | Stride Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559004 |
| 162105 | SunOpta Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787830 |
| &nbsp;&nbsp;22709 | Tarsus Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166561 |
| &nbsp;&nbsp;10184 | TransMedics Group Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685180 |
| &nbsp;&nbsp;22926 | Travere Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410834 |
| &nbsp;&nbsp;&nbsp;&nbsp;3895 | Twist Bioscience Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152918 |
| &nbsp;&nbsp;&nbsp;&nbsp;1098 | UFP Technologies Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221478 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP GROWTH FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| 25243 | Ultragenyx Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$914049 |
| 20543 | uniQure NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 217756 |
| 36889 | Universal Technical Institute Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 947310 |
| 31963 | Valvoline Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1112632 |
| 12891 | Vaxcyte Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 486764 |
| &nbsp;&nbsp;5914 | Vera Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 142054 |
| &nbsp;&nbsp;9571 | Veracyte Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 283780 |
| &nbsp;&nbsp;4777 | Vericel Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213150 |
| 83750 | Verra Mobility Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885213 |
| 15379 | Vita Coco Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471366 |
| 12465 | Vital Farms Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379809 |
| 10006 | Willdan Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407444 |
| &nbsp;&nbsp;4316 | Xenon Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59821616 |
| Energy — 1.91% | Energy — 1.91% | Energy — 1.91% |
| 24698 | Civitas Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861713 |
| 43251 | Flowco Holdings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109388 |
| 54720 | TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705178 |
| Financial — 12.21% | Financial — 12.21% | Financial — 12.21% |
| 58446 | Baldwin Insurance Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611952 |
| 40836 | Bowhead Specialty Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659983 |
| 16896 | Coastal Financial Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527567 |
| 27875 | Core Scientific Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201815 |
| 30969 | Essent Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787531 |
| &nbsp;&nbsp;7864 | Evercore Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570598 |
| 13548 | FTAI Aviation Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504235 |
| 26473 | Glacier Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170636 |
| &nbsp;&nbsp;8624 | Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304600 |
| 11097 | Palomar Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521177 |
| &nbsp;&nbsp;1407 | Piper Sandler Cos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348458 |
| 32832 | Ryan Specialty Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425300 |
| 37194 | Skyward Specialty Insurance Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968306 |
| 22628 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132915 |
| 27178 | Triumph Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570888 |
| 35069 | Virtu Financial Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23642791 |
| Industrial — 16.39% | Industrial — 16.39% | Industrial — 16.39% |
| 17050 | AAON Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332116 |
| 21760 | AAR Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218342 |
| 16237 | Advanced Drainage Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764150 |
| 13484 | Advanced Energy Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285160 |
| &nbsp;&nbsp;4672 | Argan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612826 |
| 27435 | AZEK Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341297 |
| 10578 | Boise Cascade Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037596 |
| 35807 | CECO Environmental Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816400 |
| 10514 | Chart Industries Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517801 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| 19895 | Construction Partners Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1429854 |
| &nbsp;&nbsp;8428 | Dycom Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1283922 |
| 27116 | Flowserve Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1324345 |
| &nbsp;&nbsp;8851 | Generac Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120979 |
| 11931 | Intuitive Machines Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 88886 |
| 14107 | Itron Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477849 |
| 11779 | JBT Marel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1439394 |
| 14281 | Kirby Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442524 |
| 24598 | Knight-Swift Transportation Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069767 |
| 60107 | Kratos Defense & Security Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784577 |
| &nbsp;&nbsp;5295 | Limbach Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394319 |
| 15738 | Modine Manufacturing Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207891 |
| 36030 | Montrose Environmental Group Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513788 |
| 10330 | MYR Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168220 |
| &nbsp;&nbsp;3735 | OSI Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725860 |
| &nbsp;&nbsp;2335 | Powell Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397721 |
| &nbsp;&nbsp;6461 | Primoris Services Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370926 |
| 13398 | SPX Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725394 |
| &nbsp;&nbsp;2505 | Sterling Infrastructure Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283591 |
| &nbsp;&nbsp;8513 | Xometry Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212144 |
| 41420 | Zurn Elkay Water Solutions Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31753671 |
| Technology — 23.19% | Technology — 23.19% | Technology — 23.19% |
| 17885 | Agilysys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297378 |
| 20037 | Alkami Technology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525971 |
| 39783 | Allegro MicroSystems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999747 |
| &nbsp;&nbsp;7219 | Ambarella Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363332 |
| 17446 | ASGN Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099447 |
| 79254 | Box Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445778 |
| 35278 | Braze Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272830 |
| 25712 | Cellebrite Di Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499584 |
| 47917 | Confluent Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123175 |
| &nbsp;&nbsp;5941 | CyberArk Software Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008058 |
| 65275 | DoubleVerify Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872727 |
| 78100 | Evolent Health Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739607 |
| 31236 | FormFactor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883667 |
| 43468 | Grid Dynamics Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680274 |
| 47747 | JFrog Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527904 |
| 38802 | KBR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932728 |
| 12854 | Life360 Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493465 |
| 16906 | Lumentum Holdings Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053920 |
| 42525 | nCino Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168162 |
| 20004 | Nutanix Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396479 |
| &nbsp;&nbsp;6181 | Onto Innovation Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750003 |
| 36900 | PAR Technology Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263446 |
| 57065 | Phreesia Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458581 |
| 45286 | Privia Health Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016671 |
| 20245 | Procore Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336575 |
| 16695 | PTC Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586890 |
| 24720 | Pure Storage Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094354 |
| 60946 | SentinelOne Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107998 |
| 26201 | Sprout Social Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576160 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP GROWTH FUND

### Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;30793 | SS&C Technologies Holdings Inc | &nbsp;&nbsp;&nbsp;$2572139 |
| &nbsp;&nbsp;&nbsp;&nbsp;21403 | Synaptics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1363799 |
| &nbsp;&nbsp;&nbsp;&nbsp;12049 | Teradyne Inc | &nbsp;&nbsp;&nbsp;&nbsp; 995247 |
| &nbsp;&nbsp;&nbsp;&nbsp;43556 | Varonis Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1761840 |
| &nbsp;&nbsp;&nbsp;&nbsp;38483 | Vertex Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1347290 |
| &nbsp;&nbsp;&nbsp;&nbsp;12482 | Viant Technology Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 154902 |
| &nbsp;&nbsp;&nbsp;&nbsp;43128 | Waystar Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611262 |
| &nbsp;&nbsp;&nbsp;&nbsp;47494 | Weave Communications Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44908099 |
| **TOTAL COMMON STOCK — 98.74%<br> (Cost $193,480,335)** | **TOTAL COMMON STOCK — 98.74%<br> (Cost $193,480,335)** | &nbsp;&nbsp;&nbsp;**$191267746** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 6772083 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 4.29%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6772083 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.50%<br> (Cost $6,772,083)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.50%<br> (Cost $6,772,083)** | &nbsp;&nbsp;&nbsp;&nbsp;**$6772083** |
| **TOTAL INVESTMENTS — 102.24%<br> (Cost $200,252,418)** | **TOTAL INVESTMENTS — 102.24%<br> (Cost $200,252,418)** | &nbsp;&nbsp;&nbsp;**$198039829** |
| **OTHER ASSETS & LIABILITIES, NET — (2.24)%** | **OTHER ASSETS & LIABILITIES, NET — (2.24)%** | &nbsp;&nbsp;&nbsp;**$(4336233)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$193703596** |

---

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

<sup>(b)</sup> All or a portion of the security is on loan as of March 31, 2025.

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

<sup>(d)</sup> Rate shown is the 7-day yield as of March 31, 2025.

<sup>ADR</sup> American Depositary Receipt

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP VALUE FUND Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 2.73% | Basic Materials — 2.73% | Basic Materials — 2.73% |
| &nbsp;&nbsp;13200 | AdvanSix Inc | &nbsp;&nbsp;&nbsp;$298980 |
| &nbsp;&nbsp;24900 | American Vanguard Corp | &nbsp;&nbsp;&nbsp;&nbsp; 109560 |
| &nbsp;&nbsp;39841 | Cabot Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3312381 |
| &nbsp;&nbsp;24100 | Constellium SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 243169 |
| 322787 | Ecovyst Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001279 |
| &nbsp;&nbsp;21599 | Hawkins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2287766 |
| &nbsp;&nbsp;39600 | Huntsman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625284 |
| &nbsp;&nbsp;&nbsp;&nbsp;7800 | Ingevity Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308802 |
| &nbsp;&nbsp;&nbsp;&nbsp;3100 | Innospec Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293725 |
| 141565 | Magnera Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570821 |
| &nbsp;&nbsp;26800 | Mercer International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164820 |
| &nbsp;&nbsp;24000 | Olin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581760 |
| &nbsp;&nbsp;&nbsp;&nbsp;4200 | Sylvamo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13080041 |
| Communications — 2.13% | Communications — 2.13% | Communications — 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;8400 | Aviat Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161028 |
| &nbsp;&nbsp;30219 | Cogent Communications Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852727 |
| &nbsp;&nbsp;&nbsp;&nbsp;7300 | ePlus Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445519 |
| &nbsp;&nbsp;28300 | National CineMedia Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165272 |
| &nbsp;&nbsp;33400 | Shutterstock Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622242 |
| &nbsp;&nbsp;52400 | Stagwell Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317020 |
| &nbsp;&nbsp;30700 | TEGNA Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559354 |
| &nbsp;&nbsp;87899 | United States Cellular Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10201378 |
| Consumer, Cyclical — 14.85% | Consumer, Cyclical — 14.85% | Consumer, Cyclical — 14.85% |
| &nbsp;&nbsp;52693 | Academy Sports & Outdoors Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403328 |
| &nbsp;&nbsp;30200 | Accel Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299584 |
| &nbsp;&nbsp;41100 | Adient PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528546 |
| &nbsp;&nbsp;&nbsp;&nbsp;7000 | Advance Auto Parts Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274470 |
| &nbsp;&nbsp;32121 | Allison Transmission Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073016 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100 | Asbury Automotive Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242924 |
| &nbsp;&nbsp;65321 | Atlanta Braves Holdings Inc Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613493 |
| &nbsp;&nbsp;79372 | Bath & Body Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406559 |
| &nbsp;&nbsp;19878 | Beacon Roofing Supply Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458908 |
| &nbsp;&nbsp;&nbsp;&nbsp;4800 | Beazer Homes USA Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97872 |
| &nbsp;&nbsp;54800 | Bloomin' Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392916 |
| &nbsp;&nbsp;85212 | Blue Bird Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758312 |
| &nbsp;&nbsp;20241 | Boot Barn Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174491 |
| &nbsp;&nbsp;41876 | Brunswick Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255023 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000 | Carter's Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327200 |
| &nbsp;&nbsp;&nbsp;&nbsp;4400 | Century Communities Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295240 |
| &nbsp;&nbsp;20049 | Champion Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899843 |
| &nbsp;&nbsp;26760 | Churchill Downs Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972233 |
| &nbsp;&nbsp;27688 | Crocs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940466 |
| &nbsp;&nbsp;&nbsp;&nbsp;8900 | Dave & Buster's Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156373 |
| 126300 | Denny's Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463521 |
| &nbsp;&nbsp;20000 | Douglas Dynamics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464600 |
| &nbsp;&nbsp;25500 | El Pollo Loco Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262650 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;19500 | Fox Factory Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$455130 |
| &nbsp;&nbsp;11500 | G-III Apparel Group Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 314525 |
| 375801 | Garrett Motion Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3145454 |
| &nbsp;&nbsp;27200 | Gentex Corp | &nbsp;&nbsp;&nbsp;&nbsp; 633760 |
| &nbsp;&nbsp;21275 | Global Industrial Co | &nbsp;&nbsp;&nbsp;&nbsp; 476560 |
| &nbsp;&nbsp;35800 | Goodyear Tire & Rubber Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 330792 |
| &nbsp;&nbsp;&nbsp;&nbsp;6400 | Green Brick Partners Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 373184 |
| &nbsp;&nbsp;&nbsp;&nbsp;1120 | Group 1 Automotive Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427784 |
| &nbsp;&nbsp;25500 | Harley-Davidson Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643875 |
| &nbsp;&nbsp;23200 | Haverty Furniture Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457504 |
| &nbsp;&nbsp;16000 | Hilton Grand Vacations Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598560 |
| &nbsp;&nbsp;13900 | Interface Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275776 |
| &nbsp;&nbsp;40800 | International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663408 |
| &nbsp;&nbsp;&nbsp;&nbsp;7379 | JAKKS Pacific Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182040 |
| &nbsp;&nbsp;&nbsp;&nbsp;9800 | Johnson Outdoors Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243432 |
| &nbsp;&nbsp;48325 | KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808649 |
| &nbsp;&nbsp;&nbsp;&nbsp;7200 | Lear Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635184 |
| &nbsp;&nbsp;50600 | Leggett & Platt Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400246 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000 | LGI Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265880 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000 | M/I Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342540 |
| &nbsp;&nbsp;&nbsp;&nbsp;8800 | MarineMax Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189200 |
| &nbsp;&nbsp;&nbsp;&nbsp;8400 | Marriott Vacations Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539616 |
| &nbsp;&nbsp;84700 | Methode Electronics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540386 |
| &nbsp;&nbsp;&nbsp;&nbsp;4900 | Miller Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207613 |
| &nbsp;&nbsp;31100 | MillerKnoll Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595254 |
| &nbsp;&nbsp;&nbsp;&nbsp;3900 | Monarch Casino & Resort Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303225 |
| 198629 | MRC Global Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280261 |
| &nbsp;&nbsp;&nbsp;&nbsp;7400 | MSC Industrial Direct Co Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574758 |
| &nbsp;&nbsp;22900 | OneWater Marine Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370522 |
| &nbsp;&nbsp;&nbsp;&nbsp;9200 | Oxford Industries Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539764 |
| &nbsp;&nbsp;&nbsp;&nbsp;4400 | Papa John's International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180752 |
| &nbsp;&nbsp;&nbsp;&nbsp;2400 | PC Connection Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149808 |
| &nbsp;&nbsp;59300 | PetMed Express Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248467 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | Phinia Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288524 |
| &nbsp;&nbsp;15000 | Polaris Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614100 |
| &nbsp;&nbsp;46766 | Pursuit Attractions & Hospitality Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655049 |
| &nbsp;&nbsp;&nbsp;&nbsp;4300 | PVH Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277952 |
| &nbsp;&nbsp;32200 | Resideo Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569940 |
| &nbsp;&nbsp;&nbsp;&nbsp;4900 | REV Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154840 |
| &nbsp;&nbsp;11250 | Rush Enterprises Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600862 |
| &nbsp;&nbsp;17600 | ScanSource Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598576 |
| &nbsp;&nbsp;&nbsp;&nbsp;9300 | Signet Jewelers Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539958 |
| &nbsp;&nbsp;50183 | Six Flags Entertainment Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790028 |
| &nbsp;&nbsp;&nbsp;&nbsp;9100 | Sonic Automotive Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518336 |
| &nbsp;&nbsp;45900 | Steelcase Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503064 |
| &nbsp;&nbsp;13600 | Steven Madden Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362304 |
| &nbsp;&nbsp;13100 | Sun Country Airlines Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161392 |
| &nbsp;&nbsp;&nbsp;&nbsp;5100 | Thor Industries Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386631 |
| &nbsp;&nbsp;36100 | Titan Machinery Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615144 |
| &nbsp;&nbsp;12200 | Travel + Leisure Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564738 |
| &nbsp;&nbsp;14700 | Tri Pointe Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469224 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500 | UniFirst Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 |
| &nbsp;&nbsp;12300 | United Parks & Resorts Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559158 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP VALUE FUND Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;8400 | Visteon Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$652008 |
| &nbsp;&nbsp;33674 | VSE Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4040543 |
| &nbsp;&nbsp;47600 | Wabash National Corp | &nbsp;&nbsp;&nbsp;&nbsp; 525980 |
| &nbsp;&nbsp;68846 | YETI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2278803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71143631 |
| Consumer, Non-Cyclical — 15.35% | Consumer, Non-Cyclical — 15.35% | Consumer, Non-Cyclical — 15.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;8800 | ABM Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp; 416768 |
| &nbsp;&nbsp;12000 | Acadia Healthcare Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363840 |
| &nbsp;&nbsp;20264 | Addus HomeCare Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003907 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600 | Adtalem Global Education Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161024 |
| 440412 | Alight Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611643 |
| &nbsp;&nbsp;57206 | Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888942 |
| &nbsp;&nbsp;15600 | Amphastar Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452244 |
| &nbsp;&nbsp;12700 | Andersons Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545211 |
| &nbsp;&nbsp;50527 | ANI Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382783 |
| &nbsp;&nbsp;&nbsp;&nbsp;9600 | Astrana Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297696 |
| &nbsp;&nbsp;25360 | BellRing Brands Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888306 |
| &nbsp;&nbsp;&nbsp;&nbsp;7400 | Brink's Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637584 |
| &nbsp;&nbsp;&nbsp;&nbsp;7900 | Cass Information Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341675 |
| &nbsp;&nbsp;&nbsp;&nbsp;8700 | Central Garden & Pet Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318942 |
| &nbsp;&nbsp;44943 | Collegium Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341549 |
| &nbsp;&nbsp;26486 | Colliers International Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212752 |
| 196393 | Concentra Group Holdings Parent Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261728 |
| &nbsp;&nbsp;16000 | Edgewell Personal Care Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499360 |
| 107723 | Embecta Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373468 |
| &nbsp;&nbsp;26238 | Emerald Holding Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103115 |
| &nbsp;&nbsp;&nbsp;&nbsp;8300 | Ennis Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166747 |
| &nbsp;&nbsp;15700 | Envista Holdings Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270982 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | Euronet Worldwide Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694525 |
| &nbsp;&nbsp;&nbsp;&nbsp;8600 | Forrester Research Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79464 |
| &nbsp;&nbsp;&nbsp;&nbsp;4500 | Franklin Covey Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124290 |
| &nbsp;&nbsp;48991 | Haemonetics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113378 |
| &nbsp;&nbsp;66200 | Hain Celestial Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274730 |
| &nbsp;&nbsp;62400 | Healthcare Services Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628992 |
| &nbsp;&nbsp;11200 | Heidrick & Struggles International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479696 |
| &nbsp;&nbsp;10700 | Helen of Troy Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572343 |
| &nbsp;&nbsp;17072 | Herc Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292257 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300 | Huron Consulting Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186485 |
| &nbsp;&nbsp;37000 | Inmode Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656380 |
| &nbsp;&nbsp;&nbsp;&nbsp;9600 | Insperity Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856608 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200 | Interparfums Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136644 |
| &nbsp;&nbsp;10798 | J & J Snack Foods Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422313 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | John B Sanfilippo & Son Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460590 |
| &nbsp;&nbsp;56758 | John Wiley & Sons Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529137 |
| &nbsp;&nbsp;13000 | Kforce Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635570 |
| &nbsp;&nbsp;52803 | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581628 |
| &nbsp;&nbsp;27440 | Lantheus Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678144 |
| &nbsp;&nbsp;17400 | Laureate Education Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355830 |
| &nbsp;&nbsp;14200 | LivaNova PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557776 |
| &nbsp;&nbsp;12000 | ManpowerGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694560 |
| &nbsp;&nbsp;&nbsp;&nbsp;4100 | MGP Ingredients Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120458 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | National Research Corp | &nbsp;&nbsp;&nbsp;$87040 |
| 180693 | Nomad Foods Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3550617 |
| &nbsp;&nbsp;93706 | Option Care Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3275025 |
| &nbsp;&nbsp;28523 | Post Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3318936 |
| 102534 | Quanex Building Products Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1906107 |
| &nbsp;&nbsp;63300 | Resources Connection Inc | &nbsp;&nbsp;&nbsp;&nbsp; 413982 |
| 149295 | Select Medical Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2493226 |
| &nbsp;&nbsp;58900 | SIGA Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322772 |
| &nbsp;&nbsp;84286 | Supernus Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760366 |
| &nbsp;&nbsp;46000 | TrueBlue Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244260 |
| &nbsp;&nbsp;&nbsp;&nbsp;4842 | UFP Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976680 |
| &nbsp;&nbsp;&nbsp;&nbsp;5700 | Utah Medical Products Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319428 |
| &nbsp;&nbsp;21366 | WEX Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354889 |
| &nbsp;&nbsp;41900 | WK Kellogg Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73530459 |
| Energy — 6.98% | Energy — 6.98% | Energy — 6.98% |
| 110977 | Antero Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4487910 |
| 342068 | Baytex Energy Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762812 |
| &nbsp;&nbsp;66946 | California Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943616 |
| &nbsp;&nbsp;20400 | Core Laboratories Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305796 |
| &nbsp;&nbsp;64587 | Crescent Energy Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725958 |
| &nbsp;&nbsp;28500 | CVR Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552900 |
| &nbsp;&nbsp;49000 | Delek US Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738430 |
| &nbsp;&nbsp;11800 | Excelerate Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338424 |
| &nbsp;&nbsp;66100 | Expro Group Holdings NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657034 |
| &nbsp;&nbsp;38300 | Innovex International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687868 |
| 320800 | Kosmos Energy Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731424 |
| &nbsp;&nbsp;29200 | Liberty Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462236 |
| &nbsp;&nbsp;19800 | Murphy Oil Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562320 |
| &nbsp;&nbsp;58600 | National Energy Services Reunited Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431296 |
| &nbsp;&nbsp;86400 | NextDecade Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672192 |
| &nbsp;&nbsp;89456 | Noble Corp PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120107 |
| &nbsp;&nbsp;89659 | Northern Oil & Gas Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710391 |
| &nbsp;&nbsp;44100 | NOV Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671202 |
| 294941 | NPK International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713607 |
| &nbsp;&nbsp;74831 | Oceaneering International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632064 |
| &nbsp;&nbsp;54600 | Oil States International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281190 |
| &nbsp;&nbsp;39000 | Par Pacific Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556140 |
| &nbsp;&nbsp;32300 | PBF Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616607 |
| &nbsp;&nbsp;43300 | ProFrac Holding Corp Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328647 |
| &nbsp;&nbsp;58200 | ProPetro Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427770 |
| &nbsp;&nbsp;14900 | REX American Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559793 |
| &nbsp;&nbsp;75400 | RPC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414700 |
| &nbsp;&nbsp;40000 | Select Water Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 |
| &nbsp;&nbsp;67600 | Talos Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657072 |
| &nbsp;&nbsp;51017 | Tidewater Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156488 |
| 143800 | VAALCO Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540688 |
| &nbsp;&nbsp;33100 | Vital Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702382 |
| &nbsp;&nbsp;35132 | Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33450383 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP VALUE FUND Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — 27.73% | Financial — 27.73% | Financial — 27.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;7800 | 1st Source Corp | &nbsp;&nbsp;&nbsp;$466518 |
| &nbsp;&nbsp;37902 | Agree Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2925655 |
| &nbsp;&nbsp;64980 | Air Lease Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3139184 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500 | Alexander's Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 313740 |
| &nbsp;&nbsp;29200 | Ambac Financial Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 255500 |
| &nbsp;&nbsp;22100 | Amerant Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 456144 |
| &nbsp;&nbsp;15000 | American Assets Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 302100 |
| &nbsp;&nbsp;64940 | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738596 |
| &nbsp;&nbsp;39500 | Apollo Commercial Real Estate Finance Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378015 |
| &nbsp;&nbsp;52900 | Ares Commercial Real Estate Corp REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244927 |
| &nbsp;&nbsp;&nbsp;&nbsp;5800 | Arrow Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152482 |
| &nbsp;&nbsp;20000 | Associated Banc-Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450600 |
| &nbsp;&nbsp;&nbsp;&nbsp;3600 | Assured Guaranty Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317160 |
| &nbsp;&nbsp;41278 | Banc of California Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585735 |
| &nbsp;&nbsp;&nbsp;&nbsp;8600 | Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189802 |
| &nbsp;&nbsp;16900 | BankUnited Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582036 |
| &nbsp;&nbsp;&nbsp;&nbsp;5400 | BayCom Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135918 |
| &nbsp;&nbsp;18300 | Berkshire Hills Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477447 |
| &nbsp;&nbsp;12200 | Bread Financial Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610976 |
| &nbsp;&nbsp;16500 | Bridgewater Bancshares Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229185 |
| &nbsp;&nbsp;64900 | BrightSpire Capital Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360844 |
| &nbsp;&nbsp;53800 | Brookline Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586420 |
| &nbsp;&nbsp;&nbsp;&nbsp;5200 | Burke & Herbert Financial Services Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291772 |
| &nbsp;&nbsp;93334 | Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833620 |
| &nbsp;&nbsp;10600 | California Bancorp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151898 |
| &nbsp;&nbsp;&nbsp;&nbsp;8200 | Camden National Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331854 |
| &nbsp;&nbsp;&nbsp;&nbsp;5300 | Capital Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150149 |
| 110400 | Capitol Federal Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618240 |
| &nbsp;&nbsp;&nbsp;&nbsp;9500 | Carter Bankshares Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153710 |
| &nbsp;&nbsp;&nbsp;&nbsp;7200 | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309816 |
| &nbsp;&nbsp;17100 | Central Pacific Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462384 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000 | Civista Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156320 |
| &nbsp;&nbsp;50800 | Claros Mortgage Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189484 |
| &nbsp;&nbsp;13000 | CNB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289250 |
| &nbsp;&nbsp;18600 | CNO Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774690 |
| &nbsp;&nbsp;17900 | Columbia Banking System Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446426 |
| &nbsp;&nbsp;&nbsp;&nbsp;7000 | Community Trust Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352520 |
| &nbsp;&nbsp;25300 | ConnectOne Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615043 |
| &nbsp;&nbsp;54300 | Cushman & Wakefield PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554946 |
| &nbsp;&nbsp;&nbsp;&nbsp;2200 | Diamond Hill Investment Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314248 |
| &nbsp;&nbsp;58300 | DiamondRock Hospitality Co REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450076 |
| &nbsp;&nbsp;10100 | Dime Community Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281588 |
| &nbsp;&nbsp;86600 | Douglas Elliman Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148952 |
| &nbsp;&nbsp;27400 | Eagle Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575400 |
| &nbsp;&nbsp;65100 | Empire State Realty Trust Inc Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509082 |
| &nbsp;&nbsp;65998 | Employers Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342139 |
| &nbsp;&nbsp;18300 | Enact Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635925 |
| &nbsp;&nbsp;&nbsp;&nbsp;8300 | Enterprise Financial Services Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446042 |
| &nbsp;&nbsp;10500 | Essent Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606060 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;3800 | Evans Bancorp Inc | &nbsp;&nbsp;&nbsp;$148086 |
| &nbsp;&nbsp;13500 | F&G Annuities & Life Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 486675 |
| &nbsp;&nbsp;&nbsp;&nbsp;7790 | Farmers National Banc Corp | &nbsp;&nbsp;&nbsp;&nbsp; 101659 |
| &nbsp;&nbsp;25765 | Federal Agricultural Mortgage Corp Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4831195 |
| &nbsp;&nbsp;17400 | Federated Hermes Inc | &nbsp;&nbsp;&nbsp;&nbsp; 709398 |
| 115388 | Fidelis Insurance Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1869286 |
| &nbsp;&nbsp;18100 | Financial Institutions Inc | &nbsp;&nbsp;&nbsp;&nbsp; 451776 |
| &nbsp;&nbsp;47926 | First Busey Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035202 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | First Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318370 |
| &nbsp;&nbsp;93021 | First Foundation Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482779 |
| &nbsp;&nbsp;24200 | First Hawaiian Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591448 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000 | First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214240 |
| &nbsp;&nbsp;16100 | First Interstate BancSystem Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461265 |
| &nbsp;&nbsp;&nbsp;&nbsp;4296 | First Merchants Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173730 |
| &nbsp;&nbsp;&nbsp;&nbsp;4600 | First Mid Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160540 |
| &nbsp;&nbsp;14000 | First of Long Island Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172900 |
| &nbsp;&nbsp;&nbsp;&nbsp;2400 | Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66720 |
| &nbsp;&nbsp;53500 | Flagstar Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621670 |
| &nbsp;&nbsp;41200 | Flushing Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523240 |
| &nbsp;&nbsp;83250 | Granite Point Mortgage Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216450 |
| &nbsp;&nbsp;&nbsp;&nbsp;5600 | Great Southern Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310072 |
| &nbsp;&nbsp;72129 | Hanmi Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634443 |
| &nbsp;&nbsp;&nbsp;&nbsp;3100 | Hanover Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539245 |
| &nbsp;&nbsp;66800 | Heritage Commerce Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635936 |
| &nbsp;&nbsp;16400 | Heritage Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399012 |
| &nbsp;&nbsp;19900 | Hilltop Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605955 |
| &nbsp;&nbsp;&nbsp;&nbsp;1900 | Hingham Institution For Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451820 |
| &nbsp;&nbsp;&nbsp;&nbsp;2800 | Home Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125440 |
| 158176 | Home BancShares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471635 |
| &nbsp;&nbsp;12700 | HomeStreet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149098 |
| 233814 | Hope Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448033 |
| &nbsp;&nbsp;17100 | Horace Mann Educators Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730683 |
| &nbsp;&nbsp;29100 | Horizon Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438828 |
| &nbsp;&nbsp;&nbsp;&nbsp;8100 | Independent Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507465 |
| &nbsp;&nbsp;27700 | International Money Express Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349574 |
| &nbsp;&nbsp;70600 | Kearny Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441956 |
| &nbsp;&nbsp;53195 | Kemper Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556086 |
| &nbsp;&nbsp;12900 | Legacy Housing Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325338 |
| &nbsp;&nbsp;&nbsp;&nbsp;9000 | Lincoln National Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323190 |
| &nbsp;&nbsp;&nbsp;&nbsp;7400 | Live Oak Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197284 |
| &nbsp;&nbsp;&nbsp;&nbsp;9000 | Marcus & Millichap Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310050 |
| &nbsp;&nbsp;97531 | Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444795 |
| &nbsp;&nbsp;22122 | McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464391 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | Mercantile Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295392 |
| &nbsp;&nbsp;15800 | Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584600 |
| &nbsp;&nbsp;&nbsp;&nbsp;3300 | Mercury General Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184470 |
| &nbsp;&nbsp;20100 | MGIC Investment Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498078 |
| &nbsp;&nbsp;&nbsp;&nbsp;6200 | Mid Penn Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160642 |
| &nbsp;&nbsp;14100 | Midland States Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241392 |
| &nbsp;&nbsp;11600 | MidWestOne Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343476 |
| &nbsp;&nbsp;49500 | Navient Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625185 |
| &nbsp;&nbsp;27300 | NB Bancorp Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493311 |
| &nbsp;&nbsp;16200 | NMI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584010 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP VALUE FUND Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;1407 | Northeast Bank | &nbsp;&nbsp;&nbsp;$128797 |
| 45700 | Northfield Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 498587 |
| &nbsp;&nbsp;3800 | Northrim BanCorp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 278236 |
| 35600 | OceanFirst Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp; 605556 |
| 12800 | Origin Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 443776 |
| 25900 | Pacific Premier Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 552188 |
| 51700 | Park Hotels & Resorts Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 552156 |
| 13700 | Peapack-Gladstone Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389080 |
| 52500 | Pebblebrook Hotel Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531825 |
| &nbsp;&nbsp;3200 | Peoples Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142304 |
| 82697 | Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521625 |
| 40264 | Pinnacle Financial Partners Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269595 |
| 47689 | Popular Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405033 |
| 55989 | PotlatchDeltic Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526224 |
| &nbsp;&nbsp;8040 | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672626 |
| 21300 | ProAssurance Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497355 |
| 55901 | Prosperity Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989654 |
| 34903 | Provident Financial Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599284 |
| 20100 | Radian Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664707 |
| &nbsp;&nbsp;9500 | RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156750 |
| 18000 | RMR Group Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299700 |
| &nbsp;&nbsp;4000 | Selective Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366160 |
| 69900 | Seritage Growth Properties Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225777 |
| 12451 | Shore Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168587 |
| &nbsp;&nbsp;7400 | Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206312 |
| 29900 | Simmons First National Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613847 |
| 83726 | Skyward Specialty Insurance Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430780 |
| 21600 | SLM Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634392 |
| &nbsp;&nbsp;4800 | South Plains Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158976 |
| &nbsp;&nbsp;5600 | Southern Missouri Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291312 |
| 44229 | SouthState Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105336 |
| 81008 | STAG Industrial Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926009 |
| &nbsp;&nbsp;6900 | Stewart Information Services Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492315 |
| 38039 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585556 |
| &nbsp;&nbsp;4700 | Tompkins Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296006 |
| &nbsp;&nbsp;5300 | Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181207 |
| 11300 | TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451661 |
| 15500 | TrustCo Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472440 |
| &nbsp;&nbsp;7800 | United Fire Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229788 |
| 16200 | Univest Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459432 |
| 49100 | Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436499 |
| 26300 | Veritex Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656711 |
| &nbsp;&nbsp;3580 | Virtus Investment Partners Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617049 |
| 22240 | WaFd Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635619 |
| 20100 | Washington Trust Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620286 |
| 19280 | Wesbanco Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596909 |
| 48379 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716958 |
| 56800 | Western Union Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600944 |
| &nbsp;&nbsp;&nbsp;&nbsp;330 | White Mountains Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635517 |
| 43738 | Wintrust Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;132854350 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — 16.97% | Industrial — 16.97% | Industrial — 16.97% |
| &nbsp;&nbsp;43500 | AerSale Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$325815 |
| &nbsp;&nbsp;&nbsp;&nbsp;8500 | Albany International Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp; 586840 |
| &nbsp;&nbsp;&nbsp;&nbsp;6600 | American Woodmark Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 388278 |
| &nbsp;&nbsp;10100 | Apogee Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp; 467933 |
| &nbsp;&nbsp;44079 | Arcosa Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3399372 |
| &nbsp;&nbsp;&nbsp;&nbsp;2200 | Armstrong World Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp; 309936 |
| &nbsp;&nbsp;&nbsp;&nbsp;6200 | Arrow Electronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 643746 |
| &nbsp;&nbsp;&nbsp;&nbsp;7200 | Atkore Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431928 |
| &nbsp;&nbsp;99535 | Atmus Filtration Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655921 |
| &nbsp;&nbsp;12200 | Avnet Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586698 |
| &nbsp;&nbsp;&nbsp;&nbsp;1800 | AZZ Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150498 |
| &nbsp;&nbsp;45338 | Bel Fuse Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394003 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500 | Belden Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150375 |
| &nbsp;&nbsp;&nbsp;&nbsp;2300 | Brady Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162472 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000 | Cactus Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366640 |
| 105143 | CECO Environmental Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397260 |
| &nbsp;&nbsp;11251 | Clean Harbors Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217572 |
| &nbsp;&nbsp;14700 | Columbus McKinnon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248871 |
| &nbsp;&nbsp;10900 | Energizer Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326128 |
| &nbsp;&nbsp;17400 | Fluor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623268 |
| &nbsp;&nbsp;22000 | Gates Industrial Corp PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405020 |
| &nbsp;&nbsp;&nbsp;&nbsp;9700 | Greenbrier Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496834 |
| &nbsp;&nbsp;48740 | Griffon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484910 |
| &nbsp;&nbsp;29500 | Heartland Express Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271990 |
| &nbsp;&nbsp;23700 | Hillenbrand Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572118 |
| &nbsp;&nbsp;11800 | Insteel Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310340 |
| &nbsp;&nbsp;37449 | International Seaways Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243307 |
| &nbsp;&nbsp;&nbsp;&nbsp;3200 | Itron Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335232 |
| &nbsp;&nbsp;82700 | Janus International Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595440 |
| &nbsp;&nbsp;58800 | JELD-WEN Holding Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351036 |
| &nbsp;&nbsp;&nbsp;&nbsp;9003 | Kadant Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033201 |
| &nbsp;&nbsp;12700 | Kennametal Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270510 |
| &nbsp;&nbsp;19500 | Kimball Electronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320775 |
| &nbsp;&nbsp;56644 | Knife River Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109855 |
| &nbsp;&nbsp;&nbsp;&nbsp;7800 | L B Foster Co Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153504 |
| &nbsp;&nbsp;31079 | Limbach Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314453 |
| &nbsp;&nbsp;&nbsp;&nbsp;3900 | Lindsay Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493428 |
| &nbsp;&nbsp;10493 | Littelfuse Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064393 |
| &nbsp;&nbsp;11100 | Marten Transport Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152292 |
| &nbsp;&nbsp;57195 | Mercury Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464532 |
| &nbsp;&nbsp;33249 | Moog Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5763714 |
| &nbsp;&nbsp;39900 | Myers Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476007 |
| &nbsp;&nbsp;&nbsp;&nbsp;3200 | National Presto Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281312 |
| &nbsp;&nbsp;15100 | NEXTracker Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636314 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700 | OSI Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330378 |
| &nbsp;&nbsp;&nbsp;&nbsp;5191 | Plexus Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665123 |
| &nbsp;&nbsp;11822 | Powell Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013641 |
| &nbsp;&nbsp;&nbsp;&nbsp;7700 | Proto Labs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269808 |
| 106108 | Pure Cycle Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110951 |
| &nbsp;&nbsp;&nbsp;&nbsp;4300 | Sanmina Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327574 |
| &nbsp;&nbsp;&nbsp;&nbsp;5800 | Schneider National Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132530 |
| &nbsp;&nbsp;26800 | Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650436 |
| &nbsp;&nbsp;10200 | Silgan Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521424 |
| &nbsp;&nbsp;14300 | Sonoco Products Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675532 |
| &nbsp;&nbsp;31688 | TD SYNNEX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294284 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP VALUE FUND Schedule of Investments
*As of March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;6000 | Tennant Co | &nbsp;&nbsp;&nbsp;$478500 |
| &nbsp;&nbsp;25700 | Thermon Group Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 715745 |
| &nbsp;&nbsp;&nbsp;&nbsp;7700 | Timken Co | &nbsp;&nbsp;&nbsp;&nbsp; 553399 |
| &nbsp;&nbsp;91429 | TriMas Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2142182 |
| 156605 | TTM Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3211969 |
| &nbsp;&nbsp;14100 | Tutor Perini Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 326838 |
| &nbsp;&nbsp;32805 | UFP Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3511447 |
| 117057 | Vishay Intertechnology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861206 |
| 146116 | Vontier Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799911 |
| &nbsp;&nbsp;23900 | World Kinect Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677804 |
| &nbsp;&nbsp;12200 | Worthington Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81315851 |
| Technology — 5.38% | Technology — 5.38% | Technology — 5.38% |
| &nbsp;&nbsp;39500 | Adeia Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522190 |
| &nbsp;&nbsp;&nbsp;&nbsp;8200 | ASGN Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516764 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600 | Cirrus Logic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159448 |
| &nbsp;&nbsp;64096 | Concentrix Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3566301 |
| &nbsp;&nbsp;56577 | Crane NXT Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908058 |
| &nbsp;&nbsp;10500 | Diodes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453285 |
| &nbsp;&nbsp;35357 | Donnelley Financial Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545455 |
| &nbsp;&nbsp;54198 | Five9 Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471476 |
| &nbsp;&nbsp;&nbsp;&nbsp;9600 | IPG Photonics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606144 |
| &nbsp;&nbsp;91874 | Kyndryl Holdings Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884843 |
| &nbsp;&nbsp;&nbsp;&nbsp;9700 | Maximus Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661443 |
| &nbsp;&nbsp;25938 | MKS Instruments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078931 |
| 124674 | PagerDuty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277794 |
| &nbsp;&nbsp;28300 | Photronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587508 |
| &nbsp;&nbsp;50566 | Sandisk Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407447 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600 | Science Applications International Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179632 |
| &nbsp;&nbsp;54121 | V2X Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654635 |
| &nbsp;&nbsp;28700 | ZoomInfo Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25768354 |
| Utilities — 4.49% | Utilities — 4.49% | Utilities — 4.49% |
| &nbsp;&nbsp;17800 | Avista Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745286 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | Black Hills Corp | &nbsp;&nbsp;&nbsp;$691410 |
| &nbsp;&nbsp;&nbsp;&nbsp;194853 | MDU Resources Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3294964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | Northwest Natural Holding Co | &nbsp;&nbsp;&nbsp;&nbsp; 679248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100 | Northwestern Energy Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 700227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | Otter Tail Corp | &nbsp;&nbsp;&nbsp;&nbsp; 522405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | Portland General Electric Co | &nbsp;&nbsp;&nbsp;&nbsp; 735900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 | SJW Group | &nbsp;&nbsp;&nbsp;&nbsp; 612528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | Southwest Gas Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | Spire Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23380 | Talen Energy Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69187 | TXNM Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700121 |
| &nbsp;&nbsp;&nbsp;&nbsp;105023 | UGI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | Unitil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21525508 |
| **TOTAL COMMON STOCK — 96.61%<br> (Cost $437,005,419)** | **TOTAL COMMON STOCK — 96.61%<br> (Cost $437,005,419)** | &nbsp;&nbsp;&nbsp;**$462869955** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 17948848 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 4.29%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17948848 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.75%<br> (Cost $17,948,848)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.75%<br> (Cost $17,948,848)** | &nbsp;&nbsp;&nbsp;**$17948848** |
| **TOTAL INVESTMENTS — 100.36%<br> (Cost $454,954,267)** | **TOTAL INVESTMENTS — 100.36%<br> (Cost $454,954,267)** | &nbsp;&nbsp;&nbsp;**$480818803** |
| **OTHER ASSETS & LIABILITIES, NET — (0.36)%** | **OTHER ASSETS & LIABILITIES, NET — (0.36)%** | &nbsp;&nbsp;&nbsp;**$(1732605)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$479086198** |

---

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

<sup>(b)</sup> All or a portion of the security is on loan as of March 31, 2025.

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

<sup>(d)</sup> Rate shown is the 7-day yield as of March 31, 2025.

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

See Notes to Schedule of Investments.<br>

------

*March 31, 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 over-the-counter ("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.

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.

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.

------

*March 31, 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 |
| 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 |

---

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 March 31, 2025, all of the Fund's investments are valued using Level 1 inputs, except for Short Term Investments, which are valued using Level 2 inputs. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.

<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.

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

---

| | |
|:---|:---|
| Empower S&P Small Cap 600® 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;128 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$14112588 |

---

------

*March 31, 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 S&P Small Cap 600 Index Fund

- **b. EDGAR series identifier (if any):** S000023741

- **c. LEI of Series:** OCDGEEE6P7SF7YX05Z97

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

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

- **b. Date as of which information is reported:** 2025-03-31

**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:** $977181327.05

**Total Liabilities:** $2214356.40

**Net Assets:** $974966970.65

**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 C000069818 | 2.80%                | -5.75%               | -6.10%               |
| Class ID C000095778 | 2.72%                | -5.75%               | -6.20%               |
| Class ID C000155767 | 2.89%                | -5.77%               | -6.13%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20029226.55             | $12816002.30                               |
| Month 2  | $19160323.51             | $-65294979.20                              |
| Month 3  | $28874675.53             | $-77523510.34                              |

### 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        |  32013030 | PA      | $32013029.86  | 3.28%             | 2025-04-01      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Adma Biologics Inc                          | Adma Biologics Inc COM                                    | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    182158 | NS      | $3614014.81   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                     | AZZ Inc COM                                               | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     22629 | NS      | $1892010.72   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc.                     | Advance Auto Parts Inc. COM USD0.0001                     | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     44621 | NS      | $1749589.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Alpha Metallurgical Resources Inc           | Alpha Metallurgical Resources Inc COM                     | CUSIP: 020764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8706 | NS      | $1090426.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc.                  | American Assets Trust Inc. COM                            | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37629 | NS      | $757848.06    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin Brands Inc                          | Bloomin Brands Inc COM                                    | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |     61261 | NS      | $439241.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc.               | Catalyst Pharmaceuticals Inc. COM                         | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     85034 | NS      | $2062074.50   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company                | Central Garden & Pet Company COM                          | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      7690 | NS      | $281915.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                         | Clearway Energy Inc CL C                                  | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |     63932 | NS      | $1935221.61   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc                       | Core Laboratories Inc COM                                 | CUSIP: 21867A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38935 | NS      | $583635.66    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytek Biosciences Inc                       | Cytek Biosciences Inc COM                                 | CUSIP: 23285D109<br>LEI: 549300K2J28BOC6FBO89 | Long             | EC               | CORP              | US        |     88987 | NS      | $356837.87    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                    | Etsy Inc COM                                              | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     86703 | NS      | $4090647.48   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Bsp Realty Trust Inc               | Franklin Bsp Realty Trust Inc COMMON STOCK                | CUSIP: 35243J101<br>LEI: 549300LH3QNZK9Y1KC93 | Long             | EC               | CORP              | US        |     63562 | NS      | $809779.88    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.                    | Group 1 Automotive, Inc. COM                              | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      9820 | NS      | $3750748.94   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                                     | IAC Inc COM NEW                                           | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |     54476 | NS      | $2502627.55   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                                | OPENLANE Inc COM                                          | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |     80469 | NS      | $1551442.30   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corporation                         | Knowles Corporation COM                                   | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     70202 | NS      | $1067070.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                      | Lincoln National Corp. COM                                | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |    128612 | NS      | $4618457.02   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                                | Lindsay Corp COM                                          | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |      8649 | NS      | $1094271.48   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group, Inc.                   | MDU Resources Group, Inc. COM                             | CUSIP: 552690109<br>LEI: 549300MA0UV6AI6SNV27 | Long             | EC               | CORP              | US        |    157170 | NS      | $2657744.78   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc.                              | M/I Homes Inc. COM                                        | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |     20867 | NS      | $2382594.10   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                        | The Macerich Company COM                                  | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    189505 | NS      | $3253800.93   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                       | Veris Residential Inc COM                                 | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |     60080 | NS      | $1016553.59   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Matthews International Corp                 | Matthews International Corp CL A                          | CUSIP: 577128101<br>LEI: 549300ZVC5O0ATML6U61 | Long             | EC               | CORP              | US        |     25119 | NS      | $558646.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corporation                 | Mercury General Corporation COM                           | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |     20957 | NS      | $1171496.29   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Middlesex Water Co.                         | Middlesex Water Co. COM                                   | CUSIP: 596680108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13080 | NS      | $838428.01    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc.                            | MillerKnoll Inc. COM                                      | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |     52184 | NS      | $998801.75    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| National Healthcare Corporation             | National Healthcare Corporation COM                       | CUSIP: 635906100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9661 | NS      | $896540.79    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogenomics Inc                             | Neogenomics Inc COM NEW                                   | CUSIP: 64049M209<br>LEI: 549300KN62PPGHBVXB46 | Long             | EC               | CORP              | US        |    102694 | NS      | $974566.06    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                | Organon & Co COMMON STOCK                                 | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |    198542 | NS      | $2956290.35   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp.                    | Perdoceo Education Corp. COM                              | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     45686 | NS      | $1150373.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc.                          | PROG Holdings Inc. COM NPV                                | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     33236 | NS      | $884077.60    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Proto Labs Inc                              | Proto Labs Inc COM                                        | CUSIP: 743713109<br>LEI: 529900QHG5MGWT2WQQ09 | Long             | EC               | CORP              | US        |     17312 | NS      | $606612.49    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings Inc.          | Sun Country Airlines Holdings Inc. COM                    | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |     33995 | NS      | $418818.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc                        | Tri Pointe Homes Inc COM                                  | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71561 | NS      | $2284227.14   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc.(South Carolina) | United Community Banks Inc.(South Carolina) COM           | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     91908 | NS      | $2585372.04   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                       | Urban Edge Properties COM                                 | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94281 | NS      | $1791339.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Limited                     | Signet Jewelers Limited COM STK USD0.18                   | CUSIP: G81276100<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |     33382 | NS      | $1938158.95   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports and Outdoors Inc             | Academy Sports and Outdoors Inc COM                       | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52037 | NS      | $2373407.64   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerisafe Inc                               | Amerisafe Inc COM                                         | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |     13862 | NS      | $728448.10    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corporation                     | AdaptHealth Corporation COMMON STOCK                      | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82845 | NS      | $898039.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc.                                  | Adeia Inc. COM                                            | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86736 | NS      | $1146649.90   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Acushnet Holdings Corp                      | Acushnet Holdings Corp COM                                | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |     20674 | NS      | $1419476.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                                 | Bancorp Inc COM NPV                                       | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36429 | NS      | $1924908.37   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Hawaii Corp.                        | Bank of Hawaii Corp. COM USD0.01                          | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |     30251 | NS      | $2086411.45   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Biolife Solutions Inc.                      | Biolife Solutions Inc. COM NEW                            | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |     26391 | NS      | $602770.45    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc                 | AMN Healthcare Services Inc COM USD0.01                   | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     27804 | NS      | $680085.84    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc                            | A10 Networks Inc COM                                      | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |     58776 | NS      | $960399.85    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcbest Corporation                         | Arcbest Corporation COM                                   | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |     17257 | NS      | $1217999.07   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc.              | Armada Hoffler Properties Inc. COM                        | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |     67340 | NS      | $505723.41    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy Inc.                             | CVR Energy Inc. COM                                       | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |     23679 | NS      | $459372.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc                      | Cheesecake Factory Inc COM                                | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     35384 | NS      | $1721785.42   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Badger Meter Inc                            | Badger Meter Inc COM                                      | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |     22693 | NS      | $4317343.25   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc.                             | BankUnited Inc. COM                                       | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     56776 | NS      | $1955365.44   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceva Inc                                    | Ceva Inc COM                                              | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Long             | EC               | CORP              | US        |     17225 | NS      | $441132.25    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings, Inc.        | Cogent Communications Holdings, Inc. COM NEW              | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32284 | NS      | $1979332.05   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                         | Acadia Realty Trust COM SH BEN INT                        | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90853 | NS      | $1903370.36   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American Woodmark Corporation               | American Woodmark Corporation COM                         | CUSIP: 030506109<br>LEI: 5299007PFSDWMA74RB56 | Long             | EC               | CORP              | US        |     12060 | NS      | $709489.81    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                           | ACI Worldwide Inc COM                                     | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     80878 | NS      | $4424835.36   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                          | Avista Corporation COM NPV                                | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     60687 | NS      | $2540964.73   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group, Inc.               | Asbury Automotive Group, Inc. COM USD0.01                 | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |     15092 | NS      | $3332917.20   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                          | Axos Financial Inc COM                                    | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     41771 | NS      | $2695064.94   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp.                                   | AAR Corp. COM                                             | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |     26686 | NS      | $1494149.14   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc.                         | ABM Industries Inc. COM                                   | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     48380 | NS      | $2291276.83   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.                   | Axcelis Technologies Inc. COM NEW                         | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |     24826 | NS      | $1233107.41   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc Of California Inc.                     | Banc Of California Inc. COM                               | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |    102749 | NS      | $1458008.32   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American Axle & Manufacturing Holdings Inc. | American Axle & Manufacturing Holdings Inc. COM           | CUSIP: 024061103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98314 | NS      | $400137.98    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| The Andersons Inc                           | The Andersons Inc COM NPV                                 | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |     25077 | NS      | $1076555.62   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                             | City Holding Co COM                                       | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10869 | NS      | $1276781.43   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                          | Cohen & Steers Inc COM                                    | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |     20097 | NS      | $1612784.25   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker, Inc.                           | Foot Locker, Inc. COM                                     | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |     60143 | NS      | $848016.28    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc                               | GEO Group Inc COM                                         | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |    104962 | NS      | $3065939.96   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co.                 | DiamondRock Hospitality Co. COM USD0.01                   | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |    165581 | NS      | $1278285.31   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc           | Donnelley Financial Solutions Inc COM                     | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     21240 | NS      | $928400.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                    | HNI Corp COM USD1                                         | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |     35842 | NS      | $1589592.68   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group, Inc.          | Helix Energy Solutions Group, Inc. COM                    | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |    112208 | NS      | $932448.46    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                   | Edgewell Personal Care Co COM                             | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |     35929 | NS      | $1121344.09   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc                      | Energizer Holdings Inc COM                                | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |     48786 | NS      | $1459677.12   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc               | Amphastar Pharmaceuticals Inc COM                         | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |     27758 | NS      | $804704.41    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc                                  | Buckle Inc COM                                            | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     23879 | NS      | $915043.29    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Pharmaceuticals Inc                  | Acadia Pharmaceuticals Inc COM                            | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |     92413 | NS      | $1534979.88   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment, Inc.                         | AeroVironment, Inc. COM                                   | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     21615 | NS      | $2576291.86   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand, Inc.                           | Hillenbrand, Inc. COM                                     | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     52178 | NS      | $1259576.94   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corporation                        | Ingevity Corporation COM                                  | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     28035 | NS      | $1109905.66   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp.                          | FB Financial Corp. COM                                    | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |     25763 | NS      | $1194372.68   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                       | Jackson Financial Inc COM CL A                            | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     55763 | NS      | $4671824.07   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                          | Liberty Energy Inc COM CL A                               | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    123570 | NS      | $1956113.07   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc.                             | NV5 Global Inc. COM                                       | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37853 | NS      | $729427.31    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mortgage Trust Inc                 | New York Mortgage Trust Inc COM                           | CUSIP: 649604840<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EC               | CORP              | US        |     74062 | NS      | $480662.39    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                         | Viavi Solutions Inc COM                                   | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |    171201 | NS      | $1915739.18   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                  | Arcosa Inc COM                                            | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     37596 | NS      | $2899403.49   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcus Biosciences Inc.                      | Arcus Biosciences Inc. COM                                | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46605 | NS      | $365849.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMOUR Residential REIT, Inc.               | ARMOUR Residential REIT, Inc. COM SHS                     | CUSIP: 042315705<br>LEI: 549300K0WA0EJUX74V72 | Long             | EC               | CORP              | US        |     59540 | NS      | $1018134.02   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Cable One Inc                               | Cable One Inc COM                                         | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |      3349 | NS      | $890063.75    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company                | Central Garden & Pet Company CL A NON-VTG                 | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     40183 | NS      | $1315189.61   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Incorporated                         | Diodes Incorporated COM                                   | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |     34831 | NS      | $1503654.29   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                       | Element Solutions Inc COM                                 | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |    169142 | NS      | $3824300.50   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc.               | Medical Properties Trust Inc. COM                         | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |    462720 | NS      | $2790201.68   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| OUTFRONT Media Inc                          | OUTFRONT Media Inc COM NEW                                | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |    107341 | NS      | $1732483.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                                | Agilysys Inc COM                                          | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |     16489 | NS      | $1196112.08   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                     | Alexander & Baldwin Inc COM                               | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54150 | NS      | $933004.49    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp              | Atlantic Union Bankshares Corp COM                        | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69292 | NS      | $2157752.85   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                      | Boot Barn Holdings Inc COM                                | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     23560 | NS      | $2531050.74   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Company                    | Allegiant Travel Company COM USD0.001                     | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |     11636 | NS      | $600999.41    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                | Bread Financial Holdings Inc COM USD0.01                  | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     38261 | NS      | $1916110.89   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings, Inc.                      | Amentum Holdings, Inc. COM                                | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |    109993 | NS      | $2001872.63   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. COM           | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |     94708 | NS      | $906355.55    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp                     | Enerpac Tool Group Corp CL A COM                          | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |     40937 | NS      | $1836433.84   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc.                       | Extreme Networks Inc. COM                                 | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     98540 | NS      | $1303684.17   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Arbor Realty Trust, Inc.                    | Arbor Realty Trust, Inc. COM USD0.01                      | CUSIP: 038923108<br>LEI: 549300ASFUWYQO0RW077 | Long             | EC               | CORP              | US        |    142333 | NS      | $1672412.75   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Archrock Inc                                | Archrock Inc COM                                          | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |    135054 | NS      | $3543817.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                          | Caretrust Reit Inc COM                                    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |    144448 | NS      | $4128323.86   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Company                    | Century Aluminum Company COM USD0.01                      | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |     37294 | NS      | $692176.63    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                          | Avanos Medical Inc COM                                    | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     37738 | NS      | $540785.53    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| B&G Foods, Inc.                             | B&G Foods, Inc. COM                                       | CUSIP: 05508R106<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | EC               | CORP              | US        |     54787 | NS      | $376386.69    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Formfactor Inc                              | Formfactor Inc COM USD0.001                               | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |     58733 | NS      | $1661556.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                        | Hayward Holdings Inc COM                                  | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106435 | NS      | $1481575.22   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                | Balchem Corp COM                                          | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     25068 | NS      | $4161288.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BJS Restaurants In                          | BJS Restaurants In COM                                    | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |     18742 | NS      | $642100.93    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc             | Installed Building Products Inc COM                       | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |     17902 | NS      | $3069477.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| N-Able Inc.                                 | N-Able Inc. COMMON STOCK                                  | CUSIP: 62878D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47838 | NS      | $339171.42    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc              | Blackstone Mortgage Trust, Inc COM CL A                   | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |    128532 | NS      | $2570640.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Boise Cascade Co                            | Boise Cascade Co COM                                      | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     29601 | NS      | $2903562.09   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc.                        | Payoneer Global Inc. COM                                  | CUSIP: 70451X104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    191530 | NS      | $1400084.29   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc                           | Upbound Group Inc COM USD0.01                             | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     40465 | NS      | $969541.41    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc.                                    | Box Inc. CL A                                             | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |    110364 | NS      | $3405832.95   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Azenta Inc                                  | Azenta Inc COM USD0.01                                    | CUSIP: 114340102<br>LEI: 35ZN6X1ANPH25YN32Y17 | Long             | EC               | CORP              | US        |     33678 | NS      | $1166605.88   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider National Inc                      | Schneider National Inc CL B                               | CUSIP: 80689H102<br>LEI: 529900V6GZ6G6E3BLV72 | Long             | EC               | CORP              | US        |     34739 | NS      | $793786.18    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                           | Shoe Carnival Inc COM                                     | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11505 | NS      | $252994.95    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc.                        | CSW Industrials Inc. COM                                  | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     12620 | NS      | $3678982.33   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                  | Cactus Inc CL A                                           | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     51447 | NS      | $2357815.95   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp                 | Simmons First National Corp CL A $1 PAR                   | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |     95363 | NS      | $1957802.39   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc.                         | Champion Homes Inc. COM                                   | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39655 | NS      | $3757707.75   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc.                        | Cal-Maine Foods Inc. COM NEW                              | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     31349 | NS      | $2849624.09   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                                 | Caleres Inc COM                                           | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |     23112 | NS      | $398219.76    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywest Inc                                 | Skywest Inc COM                                           | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     31126 | NS      | $2719478.62   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Staar Surgical Co                           | Staar Surgical Co COM PAR $0.01                           | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |     36271 | NS      | $639457.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products, Inc.               | Standard Motor Products, Inc. COM                         | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     16876 | NS      | $420718.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp                  | Standex International Corp COM                            | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      9049 | NS      | $1460418.14   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corporation            | California Resources Corporation COM STOCK                | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     54875 | NS      | $2412853.79   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Carters Inc.                                | Carters Inc. COM USD0.01                                  | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     28531 | NS      | $1166917.88   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Certara Inc                                 | Certara Inc COM                                           | CUSIP: 15687V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87574 | NS      | $866982.61    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| The Chemours Company LLC                    | The Chemours Company LLC COM                              | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |    111753 | NS      | $1512018.13   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                                   | Stepan Co COM                                             | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |     16801 | NS      | $924727.04    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services Corporation    | Stewart Information Services Corporation COM              | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |     21193 | NS      | $1512120.55   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc.                       | Sturm Ruger & Co Inc. COM                                 | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |     13856 | NS      | $544402.25    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrun Inc.                                 | Sunrun Inc. COM                                           | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |    163831 | NS      | $960049.64    | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Tanger Inc.                                 | Tanger Inc. COM                                           | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     85436 | NS      | $2886882.46   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Incorporated                       | Teleflex Incorporated COM                                 | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |     35387 | NS      | $4890129.50   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                                  | Tennant Co COM                                            | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |     14519 | NS      | $1157890.25   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan International, Inc.                   | Titan International, Inc. COM                             | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |     32525 | NS      | $272884.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tompkins Financial Corp.                    | Tompkins Financial Corp. COM                              | CUSIP: 890110109<br>LEI: 254900QDQ6V0QJ0Z2348 | Long             | EC               | CORP              | US        |      8951 | NS      | $563733.98    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tootsie Roll Industries Inc.                | Tootsie Roll Industries Inc. COM                          | CUSIP: 890516107<br>LEI: 529900SBKOV9XX4M4Q35 | Long             | EC               | CORP              | US        |     13850 | NS      | $436010.91    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc.                      | Cinemark Holdings Inc. COM                                | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |     82421 | NS      | $2051458.68   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources, Inc.                    | Comstock Resources, Inc. COM                              | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |     71079 | NS      | $1445746.85   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Trinity Industries, Inc.                    | Trinity Industries, Inc. COM                              | CUSIP: 896522109<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | EC               | CORP              | US        |     62160 | NS      | $1744209.62   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                              | Trustmark Corp COM                                        | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |     45868 | NS      | $1581987.34   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Parent Inc         | Concentra Group Holdings Parent Inc COMMON STOCK          | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83544 | NS      | $1812904.84   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Corsair Gaming Inc                          | Corsair Gaming Inc COM                                    | CUSIP: 22041X102<br>LEI: 549300Y7YT18L8G0H525 | Long             | EC               | CORP              | US        |     31731 | NS      | $281136.66    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifirst Corp                               | Unifirst Corp COM                                         | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |     11497 | NS      | $2000478.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                                 | Unitil Corp COM                                           | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11612 | NS      | $669896.28    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group Inc                             | Uniti Group Inc COM                                       | CUSIP: 91325V108<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |    177914 | NS      | $896686.56    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corporation                       | Universal Corporation COM                                 | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |     19688 | NS      | $1103512.38   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income Trust        | Universal Health Realty Income Trust SH BEN INT           | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |     10803 | NS      | $442490.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc.                       | Urban Outfitters Inc. COM                                 | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     42887 | NS      | $2247278.79   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc.                      | Veeco Instruments Inc. COM                                | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |     46104 | NS      | $925768.32    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ViaSat, Inc.                                | ViaSat, Inc. COM USD0.0001                                | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |     70008 | NS      | $729483.34    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vicor Corp                                  | Vicor Corp COM                                            | CUSIP: 925815102<br>LEI: 5299005KMQOTR6B51F09 | Long             | EC               | CORP              | US        |     17336 | NS      | $810978.08    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.                | Vishay Intertechnology, Inc. COM                          | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     83986 | NS      | $1335377.38   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings Inc                   | DigitalOcean Holdings Inc COM                             | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |     48048 | NS      | $1604322.72   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc.              | Dime Community Bancshares Inc. COM                        | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30958 | NS      | $863109.03    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co.                                   | WD-40 Co. COM                                             | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |     10404 | NS      | $2538576.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corporation                  | WSFS Financial Corporation COM                            | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     45348 | NS      | $2352200.76   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                        | Warrior Met Coal Inc COM                                  | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     39657 | NS      | $1892432.04   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                    | WaFd Inc COM                                              | CUSIP: 938824109<br>LEI: D38AC76TAMYI50NBPX33 | Long             | EC               | CORP              | US        |     61290 | NS      | $1751668.25   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc.                        | Dorman Products Inc. COM                                  | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |     20963 | NS      | $2526880.07   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                   | DoubleVerify Holdings Inc COM                             | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105087 | NS      | $1405013.19   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                            | Elme Communities SH BEN INT                               | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |     66084 | NS      | $1149861.59   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Werner Enterprises Inc.                     | Werner Enterprises Inc. COM                               | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |     45859 | NS      | $1343668.65   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc                     | Ellington Financial Inc COM                               | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |     66765 | NS      | $885303.89    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Essential Properties Realty Trust Inc.      | Essential Properties Realty Trust Inc. COM                | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    141817 | NS      | $4628906.82   | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Ethan Allen Interiors Inc.                  | Ethan Allen Interiors Inc. COM                            | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16047 | NS      | $444501.90    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc.              | Everus Construction Group Inc. COM                        | CUSIP: 300426103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38142 | NS      | $1414686.75   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EXP World Holdings Inc                      | EXP World Holdings Inc COM                                | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |     61369 | NS      | $600188.82    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| EZCORP Inc.                                 | EZCORP Inc. CL A NON VTG                                  | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     42631 | NS      | $627528.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                   | FMC Corp. COM NEW                                         | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     94175 | NS      | $3973243.25   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                        | Federal Signal Corp. COM                                  | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     47105 | NS      | $3464572.69   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp. Inc.                         | First Bancorp. Inc. COM                                   | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30473 | NS      | $1223186.23   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First Commonwealth Financial Corp PA        | First Commonwealth Financial Corp PA COM                  | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |     74491 | NS      | $1157590.17   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha & Omega Semiconductor Ltd.            | Alpha & Omega Semiconductor Ltd. COM USD0.002             | CUSIP: G6331P104<br>LEI: 5493001FE7J03YOV2V35 | Long             | EC               | CORP              | BM        |     19283 | NS      | $479375.38    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp.                    | First Financial Bancorp. COM                              | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     72184 | NS      | $1803156.33   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortrea Holdings Inc.                       | Fortrea Holdings Inc. COMMON STOCK                        | CUSIP: 34965K107<br>LEI: 5493000FIVFABOVCDU97 | Long             | EC               | CORP              | US        |     71097 | NS      | $536782.34    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Finders Homes Inc                     | Dream Finders Homes Inc COM CL A                          | CUSIP: 26154D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19900 | NS      | $448944.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Franklin Electric Co Inc                    | Franklin Electric Co Inc COM                              | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |     30300 | NS      | $2844564.01   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc.                    | ANI Pharmaceuticals Inc. COM                              | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |     12318 | NS      | $824690.10    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus Homecare Corp                         | Addus Homecare Corp COM                                   | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |     13190 | NS      | $1304359.10   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Golden Entertainment Inc                    | Golden Entertainment Inc COM                              | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |     17300 | NS      | $456547.01    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp.                | Grocery Outlet Holding Corp. COM                          | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77561 | NS      | $1084302.75   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| H B Fuller Company                          | H B Fuller Company COM                                    | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     42163 | NS      | $2366187.54   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                | Fulton Financial Corporation COM                          | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |    140259 | NS      | $2537285.36   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd.                       | Marten Transport Ltd. COM                                 | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47778 | NS      | $655514.17    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                         | Mister Car Wash Inc COM                                   | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65889 | NS      | $519864.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc.            | Four Corners Property Trust Inc. COM                      | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     77197 | NS      | $2215553.86   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| G III Apparel Group Ltd                     | G III Apparel Group Ltd COM                               | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     28474 | NS      | $778763.89    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                                     | GMS Inc COM                                               | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |     29976 | NS      | $2193343.87   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries, Inc.                  | Gibraltar Industries, Inc. COM USD0.01                    | CUSIP: 374689107<br>LEI: 549300AE5O3GN0YBLM57 | Long             | EC               | CORP              | US        |     22679 | NS      | $1330350.13   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp.                               | Glaukos Corp. COM                                         | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     42489 | NS      | $4181767.37   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                     | Goosehead Insurance Inc COM CL A                          | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |     18595 | NS      | $2195325.66   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanesbrands Inc.                            | Hanesbrands Inc. COM                                      | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | EC               | CORP              | US        |    264619 | NS      | $1526851.62   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings Inc            | Harmony Biosciences Holdings Inc COM                      | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30349 | NS      | $1007283.30   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                                 | Hawkins Inc COM                                           | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |     14238 | NS      | $1508088.96   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                  | Highwoods Properties, Inc. COM                            | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     81180 | NS      | $2406175.25   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                    | Granite Construction Inc COM                              | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     33673 | NS      | $2538944.23   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| The Greenbrier Companies, Inc.              | The Greenbrier Companies, Inc. COM                        | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     23173 | NS      | $1186921.05   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Store Inc.       | Cracker Barrel Old Country Store Inc. COM USD0.01         | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |     18042 | NS      | $700390.46    | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Dave & Buster's Entertainment Inc           | Dave & Buster's Entertainment Inc COM                     | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |     21730 | NS      | $381796.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Deluxe Corporation                          | Deluxe Corporation COM                                    | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |     36902 | NS      | $583420.63    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc.                     | Digi International Inc. COM                               | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     29591 | NS      | $823517.54    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                                | Moelis & Co. CL A                                         | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     54387 | NS      | $3174025.37   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc                | National Vision Holdings Inc COM                          | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |     56332 | NS      | $719922.96    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries, Inc.                     | Oxford Industries, Inc. COM                               | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |     10754 | NS      | $630937.19    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| PDF Solutions Inc                           | PDF Solutions Inc COM                                     | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |     22308 | NS      | $426305.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc.              | Papa John's International Inc. COM                        | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |     25763 | NS      | $1058344.03   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings, Inc.                  | Par Pacific Holdings, Inc. COM NEW                        | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |     45885 | NS      | $654320.11    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Park National Corp                          | Park National Corp COM                                    | CUSIP: 700658107<br>LEI: 5493001T01TDELV5OO63 | Long             | EC               | CORP              | US        |     10953 | NS      | $1658284.21   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Rex American Resources Corp                 | Rex American Resources Corp COM                           | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10697 | NS      | $401886.29    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc.                            | Robert Half Inc. COM                                      | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     76448 | NS      | $4170238.30   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Corp                                 | Rogers Corp COM                                           | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |     13370 | NS      | $902876.11    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| S&T Bancorp Inc                             | S&T Bancorp Inc COM                                       | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27783 | NS      | $1029360.16   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW Group                                   | SJW Group COM                                             | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23356 | NS      | $1277339.66   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| St. Joe Co.                                 | St. Joe Co. COM                                           | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |     28124 | NS      | $1320421.81   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                            | StoneX Group Inc COM                                      | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     33000 | NS      | $2520578.24   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc.                  | USANA Health Sciences Inc. COM                            | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |      7208 | NS      | $194399.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc.                              | PRA Group Inc. COM                                        | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |     28144 | NS      | $580329.28    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc                 | Pacific Premier Bancorp Inc COM                           | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |     72364 | NS      | $1542800.49   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc          | Easterly Government Properties Inc COM                    | CUSIP: 27616P103<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |     73851 | NS      | $782820.60    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc.                   | Green Brick Partners Inc. COM                             | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     22604 | NS      | $1318039.22   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                           | Radian Group Inc. COM                                     | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |    111509 | NS      | $3687602.74   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc.                               | Safehold Inc. COM                                         | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |     34519 | NS      | $646195.66    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hertz Global Holdings Inc.                  | Hertz Global Holdings Inc. COM NEW                        | CUSIP: 42806J700<br>LEI: 549300NBK3K85MH1EX16 | Long             | EC               | CORP              | US        |    109117 | NS      | $429920.97    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Crescent Energy Co.                         | Crescent Energy Co. CL A COM                              | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139749 | NS      | $1570778.76   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation                  | Terreno Realty Corporation COM                            | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75369 | NS      | $4764828.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripadvisor Inc                             | Tripadvisor Inc COM                                       | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Long             | EC               | CORP              | US        |     83442 | NS      | $1182373.17   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corporation                 | JetBlue Airways Corporation COM USD0.01                   | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |    223035 | NS      | $1075028.68   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                              | Ziff Davis Inc COM                                        | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |     31687 | NS      | $1190797.51   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc.                             | MGE Energy Inc. COM                                       | CUSIP: 55277P104<br>LEI: 549300BYWGHSXX2TEO67 | Long             | EC               | CORP              | US        |     27829 | NS      | $2586983.89   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation              | Magnolia Oil & Gas Corporation CL A                       | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143301 | NS      | $3619783.23   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc.                          | PC Connection Inc. COM                                    | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |      8993 | NS      | $561343.06    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo Inc COM                                             | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     71448 | NS      | $5173549.85   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corporation           | Horace Mann Educators Corporation COM                     | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     30067 | NS      | $1284762.91   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                             | ICU Medical Inc COM                                       | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     18897 | NS      | $2624037.47   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ready Capital Corp.                         | Ready Capital Corp. COM                                   | CUSIP: 75574U101<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EC               | CORP              | US        |    119971 | NS      | $610652.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Sally Beauty Holdings Inc.                  | Sally Beauty Holdings Inc. COM                            | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     73086 | NS      | $659966.59    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corporation                         | Semtech Corporation COM STK USD0.01                       | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     64954 | NS      | $2234417.58   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                             | Shake Shack Inc CL A                                      | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |     30837 | NS      | $2718898.29   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                         | StepStone Group Inc COM CL A                              | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50707 | NS      | $2648426.63   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tegna Inc                                   | Tegna Inc COM                                             | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |    123322 | NS      | $2246926.75   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc.                      | TransMedics Group Inc. COM                                | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     25353 | NS      | $1705749.88   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corporation               | WillScot Holdings Corporation COM CL A                    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    140098 | NS      | $3894724.50   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc.                      | Worthington Steel Inc. COM SHS                            | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |     25407 | NS      | $643559.31    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Xencor Inc                                  | Xencor Inc COM                                            | CUSIP: 98401F105<br>LEI: 549300V5IF65437JKG30 | Long             | EC               | CORP              | US        |     50021 | NS      | $532223.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                                  | Adient PLC ORD SHS                                        | CUSIP: G0084W101<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | IE        |     61261 | NS      | $787816.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                     | Cushman & Wakefield PLC SHS                               | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    173561 | NS      | $1773793.41   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd                             | SiriusPoint Ltd COM USD0.1                                | CUSIP: G8192H106<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |     72418 | NS      | $1252107.22   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                                | Griffon Corp COM                                          | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |     30288 | NS      | $2165592.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Guess Inc                                   | Guess Inc COM                                             | CUSIP: 401617105<br>LEI: 549300QVH3ZK2DW0KP86 | Long             | EC               | CORP              | US        |     24282 | NS      | $268801.74    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| United Fire Group Inc                       | United Fire Group Inc COM                                 | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14528 | NS      | $427994.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp.                      | Independent Bank Corp. COM                                | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |     32350 | NS      | $2026727.49   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc.                    | Insight Enterprises Inc. COM                              | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     21051 | NS      | $3157439.49   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc                | Adtalem Global Education Inc COM                          | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |     28885 | NS      | $2906986.47   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Advansix Inc                                | Advansix Inc COM                                          | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     22034 | NS      | $499070.09    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corporation                          | Enovis Corporation COM                                    | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |     42029 | NS      | $1605928.13   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                                | Innoviva Inc COM                                          | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     40646 | NS      | $736911.96    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                      | Marcus & Millichap Inc COM                                | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |     19773 | NS      | $681179.84    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corporation                  | Verra Mobility Corporation COM USD0.0001                  | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |    127200 | NS      | $2863271.97   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.            | Advanced Energy Industries, Inc. COM                      | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |     29034 | NS      | $2767230.56   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                       | Air Lease Corporation CL A                                | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     79855 | NS      | $3857795.02   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                             | Alamo Group Inc COM                                       | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |      7934 | NS      | $1413918.12   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                     | Alarm.com Holdings Inc. COM                               | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |     37767 | NS      | $2101733.56   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp.                  | Albany International Corp. CL A                           | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |     23630 | NS      | $1631415.17   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc.              | American Eagle Outfitters Inc. COM USD0.01                | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |    130980 | NS      | $1521987.61   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                   | American States Water Co. COM                             | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |     28865 | NS      | $2271098.18   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                              | Ameris Bancorp COM                                        | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     49823 | NS      | $2868310.11   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc.                     | Apogee Enterprises Inc. COM                               | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     16141 | NS      | $747812.54    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Astrana Health Inc                          | Astrana Health Inc COM NEW                                | CUSIP: 03763A207<br>LEI: 5493008O4R82Q4STJ936 | Long             | EC               | CORP              | US        |     31064 | NS      | $963294.65    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                               | BGC Group Inc CL A                                        | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |    285782 | NS      | $2620620.92   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc                           | Bristow Group Inc COM                                     | CUSIP: 11040G103<br>LEI: 5OR64DV4VUQ8NW3R8C06 | Long             | EC               | CORP              | US        |     17357 | NS      | $548134.06    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality Reit Inc                  | Apple Hospitality Reit Inc COM NEW                        | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    172218 | NS      | $2223334.34   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                       | Arlo Technologies Inc COM                                 | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |     73711 | NS      | $727527.57    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                                | Cargurus Inc COM CL A                                     | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |     66840 | NS      | $1947049.26   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                         | Clearway Energy Inc CL A                                  | CUSIP: 18539C105<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |     25111 | NS      | $714659.07    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc.            | Armstrong World Industries, Inc. COM                      | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |     32897 | NS      | $4634529.39   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc               | Arrowhead Pharmaceuticals Inc COM                         | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |     92668 | NS      | $1180590.38   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                                | Innospec Inc COM                                          | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |     18885 | NS      | $1789353.75   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                 | Inspire Medical Systems Inc COM                           | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     22513 | NS      | $3585870.66   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Management Inc.      | Artisan Partners Asset Management Inc. CL A               | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     54081 | NS      | $2114567.11   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Astec Industries Inc.                       | Astec Industries Inc. COM                                 | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |     18487 | NS      | $636877.15    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp.                             | BancFirst Corp. COM                                       | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |     14953 | NS      | $1642886.12   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                                 | Banner Corp COM NEW                                       | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25882 | NS      | $1650495.16   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics, Inc.                 | Benchmark Electronics, Inc. COM                           | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |     26669 | NS      | $1014222.06   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hills Bancorp, Inc.               | Berkshire Hills Bancorp, Inc. COM                         | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |     35265 | NS      | $920063.87    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Inc                               | Blackline Inc COM                                         | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |     39391 | NS      | $1907312.23   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                             | BorgWarner Inc. COM                                       | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |    166002 | NS      | $4755957.50   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc.                     | Insteel Industries Inc. COM                               | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     15850 | NS      | $416855.01    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                            | Interparfums Inc COM                                      | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13490 | NS      | $1536106.30   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron, Inc.                                 | Itron, Inc. COM                                           | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     34763 | NS      | $3641771.92   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                        | JBG SMITH Properties COM                                  | CUSIP: 46590V100<br>LEI: 549300HHIW6GDQCPEC54 | Long             | EC               | CORP              | US        |     67586 | NS      | $1088810.48   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Curbline Properties Corp.                   | Curbline Properties Corp. COM                             | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |     71190 | NS      | $1722086.13   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp, Inc.                     | Customers Bancorp, Inc. COM                               | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     21803 | NS      | $1094510.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                                  | Brady Corp CL A                                           | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |     33996 | NS      | $2401477.45   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                     | Brandywine Realty Trust SH BEN INT NEW                    | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |    143285 | NS      | $639051.10    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| J&J Snack Foods Corp                        | J&J Snack Foods Corp COM                                  | CUSIP: 466032109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11612 | NS      | $1529532.63   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp.                             | JBT Marel Corp. COM                                       | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |     35103 | NS      | $4289586.61   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                              | Kennametal Inc COM                                        | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     57329 | NS      | $1221107.69   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc                 | Kennedy-Wilson Holdings Inc COM                           | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |     90921 | NS      | $789194.27    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                                | Kohl's Corp. COM                                          | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     88605 | NS      | $724788.89    | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Koppers Holdings Inc                        | Koppers Holdings Inc COM                                  | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14905 | NS      | $417340.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                         | Krystal Biotech Inc COM                                   | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     19512 | NS      | $3518013.60   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke and Soffa Industries, Inc.          | Kulicke and Soffa Industries, Inc. COM                    | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |     39990 | NS      | $1318870.19   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                               | LGI Homes Inc COM                                         | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |     15104 | NS      | $1003962.87   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                          | LTC Properties Inc COM                                    | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |     34934 | NS      | $1238410.30   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                      | Dycom Industries, Inc. COM                                | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |     22443 | NS      | $3418966.63   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp.                  | Dynavax Technologies Corp. COM NEW                        | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |     91747 | NS      | $1189958.58   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                                | La-Z-Boy Inc COM                                          | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     30777 | NS      | $1203072.94   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp.                    | Lakeland Financial Corp. COM                              | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19029 | NS      | $1131083.76   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                                | Harmonic Inc COM USD0.001                                 | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |     85235 | NS      | $817403.64    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Enviri Corp.                                | Enviri Corp. COM                                          | CUSIP: 415864107<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | EC               | CORP              | US        |     54594 | NS      | $363050.09    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc   | HA Sustainable Infrastructure Capital Inc COM             | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     91446 | NS      | $2673881.06   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles International Inc      | Heidrick & Struggles International Inc COM USD0.01        | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |     14777 | NS      | $632898.91    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Energy Inc                            | Vital Energy Inc COM                                      | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |     21966 | NS      | $466118.52    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt Inc.                        | Leggett & Platt Inc. COM                                  | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |    106462 | NS      | $842114.42    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemaitre Vascular Inc.                      | Lemaitre Vascular Inc. COM                                | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     15144 | NS      | $1270581.59   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                        | LXP Industrial Trust COM USD0.0001                        | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    224000 | NS      | $1937599.97   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc                      | Lumen Technologies Inc COM                                | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |    761918 | NS      | $2986718.57   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Grp Inc                                 | MYR Grp Inc COM                                           | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |     12066 | NS      | $1364543.92   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB Group Inc                               | HUB Group Inc CL A                                        | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45766 | NS      | $1701122.17   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                           | MP Materials Corp COM CL A                                | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     92693 | NS      | $2262636.25   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Madison Square Garden Sports Corp           | Madison Square Garden Sports Corp CL A                    | CUSIP: 55825T103<br>LEI: 529900BQELIZ5ZQYB788 | Long             | EC               | CORP              | US        |     12852 | NS      | $2502541.44   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Mara Holdings Inc                           | Mara Holdings Inc COM                                     | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |    256025 | NS      | $2944287.50   | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Matson Inc                                  | Matson Inc COM                                            | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     25595 | NS      | $3280511.18   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Maxlinear Inc                               | Maxlinear Inc COM                                         | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |     61419 | NS      | $667010.35    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc.                    | Millrose Properties Inc. COM CL A                         | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91715 | NS      | $2431364.75   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc.                  | Minerals Technologies Inc. COM                            | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     23963 | NS      | $1523327.86   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Marinemax Inc                               | Marinemax Inc COM STK USD0.001                            | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |     13204 | NS      | $283886.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Mesa Laboratories Inc.                      | Mesa Laboratories Inc. COM                                | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               | CORP              | US        |      4422 | NS      | $524714.52    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                 | Monarch Casino & Resort Inc COM                           | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      9490 | NS      | $737847.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                                   | Monro Inc COM                                             | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25163 | NS      | $364108.61    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                   | Patterson-UTI Energy Inc. COM USD0.01                     | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    271400 | NS      | $2230908.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc            | Ryman Hospitality Properties Inc COM                      | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     45288 | NS      | $4141134.75   | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Moog Inc.                                   | Moog Inc. CL A                                            | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |     21602 | NS      | $3744706.67   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products, Inc.                | Mueller Water Products, Inc. COM STK USD0.01 SER 'A'      | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    119478 | NS      | $3037130.75   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mr Cooper Group Inc                         | Mr Cooper Group Inc COM                                   | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |     48391 | NS      | $5787563.51   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Myriad Genetics Inc.                        | Myriad Genetics Inc. COM                                  | CUSIP: 62855J104<br>LEI: 52990044IHUOUMETT163 | Long             | EC               | CORP              | US        |     64819 | NS      | $574944.53    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                             | NBT Bancorp Inc COM                                       | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35316 | NS      | $1515056.40   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Voyix Corporation                       | NCR Voyix Corporation COM                                 | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |    108934 | NS      | $1062106.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp.                            | NCR Atleos Corp. COM SHS                                  | CUSIP: 63001N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54207 | NS      | $1429980.67   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| National Presto Industries Inc.             | National Presto Industries Inc. COM                       | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3954 | NS      | $347596.14    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Schrodinger Inc.                            | Schrodinger Inc. COM                                      | CUSIP: 80810D103<br>LEI: 984500044BAE4791E559 | Long             | EC               | CORP              | US        |     44334 | NS      | $875153.14    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenandoah Telecommunications Co.           | Shenandoah Telecommunications Co. COM                     | CUSIP: 82312B106<br>LEI: 549300XH3H4OUKFPHS84 | Long             | EC               | CORP              | US        |     37859 | NS      | $475887.63    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Energy Solutions Inc.                 | Atlas Energy Solutions Inc. COM NEW                       | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52419 | NS      | $935154.94    | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Newell Brands Inc.                          | Newell Brands Inc. COM                                    | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    316751 | NS      | $1963856.26   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil And Gas, Inc.                  | Northern Oil And Gas, Inc. COM                            | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     76648 | NS      | $2317069.03   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc                    | Northwest Bancshares Inc COM                              | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93037 | NS      | $1118304.72   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Group, Inc.                         | Triumph Group, Inc. COM USD0.001                          | CUSIP: 896818101<br>LEI: 5493007L6S47Q14SL582 | Long             | EC               | CORP              | US        |     59701 | NS      | $1512823.32   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc.                       | UFP Technologies Inc. COM                                 | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |      5339 | NS      | $1076929.70   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica Bancorp                         | Westamerica Bancorp COM                                   | CUSIP: 957090103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19677 | NS      | $996246.51    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wiley John & Sons Inc.                      | Wiley John & Sons Inc. CL A                               | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |     30082 | NS      | $1340453.94   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.             | Oceaneering International, Inc. COM                       | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |     75964 | NS      | $1656774.86   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corporation                      | Otter Tail Corporation COM                                | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32160 | NS      | $2584699.24   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens & Minor Inc                           | Owens & Minor Inc COM                                     | CUSIP: 690732102<br>LEI: 549300LMT5KQQXCEZ733 | Long             | EC               | CORP              | US        |     60961 | NS      | $550477.83    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                        | Palomar Holdings Inc COM                                  | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     20427 | NS      | $2800133.18   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc.                   | Winnebago Industries Inc. COM                             | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |     21186 | NS      | $730069.56    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide, Inc.                  | Wolverine World Wide, Inc. COM                            | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     64057 | NS      | $891032.87    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson Companies Inc.                    | Patterson Companies Inc. COM USD0.01                      | CUSIP: 703395103<br>LEI: YM48Q2087CUE26GWEK09 | Long             | EC               | CORP              | US        |     59385 | NS      | $1855187.43   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp.                        | Peabody Energy Corp. COM                                  | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     89618 | NS      | $1214323.91   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PENN Entertainment Inc                      | PENN Entertainment Inc COM                                | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115484 | NS      | $1883543.99   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc.                                 | Phinia Inc. COMMON STOCK                                  | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     31067 | NS      | $1318172.83   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                             | Photronics Inc. COM                                       | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     50415 | NS      | $1046615.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pitney Bowes Inc.                           | Pitney Bowes Inc. COM                                     | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |    120897 | NS      | $1094117.85   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc.              | Healthcare Services Group Inc. COM                        | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     60917 | NS      | $614043.36    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express Inc.                      | Heartland Express Inc. COM                                | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |     37558 | NS      | $346284.76    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                                 | Plexus Corp COM                                           | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |     20979 | NS      | $2688039.26   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc.                      | Powell Industries Inc. COM                                | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      6902 | NS      | $1175617.67   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank                              | Preferred Bank COM NEW                                    | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      8976 | NS      | $750932.17    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                              | Pricesmart Inc COM                                        | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     18632 | NS      | $1636821.23   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corporation                | World Acceptance Corporation COM                          | CUSIP: 981419104<br>LEI: 529900M7JQUDCH7Q9153 | Long             | EC               | CORP              | US        |      2760 | NS      | $349278.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corporation                    | World Kinect Corporation COM                              | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     42602 | NS      | $1208192.69   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                       | Helmerich & Payne Inc COM                                 | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     74868 | NS      | $1955552.17   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc                            | Hope Bancorp Inc COM                                      | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |     95357 | NS      | $998387.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc.                     | Liquidity Services Inc. COM                               | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |     18076 | NS      | $560536.76    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                               | Materion Corp COM                                         | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |     15380 | NS      | $1255007.98   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                                 | Premier Inc CL A                                          | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71314 | NS      | $1374933.95   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Tandem Diabetes Care Inc                    | Tandem Diabetes Care Inc COM NEW                          | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |     47460 | NS      | $909333.58    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Privia Health Group Inc.                    | Privia Health Group Inc. COM                              | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78107 | NS      | $1753502.21   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp.                     | Progress Software Corp. COM                               | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |     32424 | NS      | $1670160.28   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                                 | Progyny Inc COM                                           | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58571 | NS      | $1308476.16   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc                | Protagonist Therapeutics Inc COM                          | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45742 | NS      | $2212083.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc                 | Worthington Enterprises Inc COM                           | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |     23808 | NS      | $1192542.73   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                  | Xenia Hotels & Resorts Inc COM                            | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |     79569 | NS      | $935731.44    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc                | Acadian Asset Management Inc COM                          | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |     23082 | NS      | $596900.51    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.                 | Brinker International, Inc. COM                           | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     33568 | NS      | $5003310.49   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Corporation      | Zurn Elkay Water Solutions Corporation COM                | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |    109898 | NS      | $3624436.05   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen Of Troy Corp                          | Helen Of Troy Corp COM USD0.10                            | CUSIP: G4388N106<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     18098 | NS      | $968062.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Houghton                             | Quaker Houghton COM                                       | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |     10146 | NS      | $1254147.06   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp.              | Quanex Building Products Corp. COM                        | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |     34119 | NS      | $634272.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| QuinStreet Inc.                             | QuinStreet Inc. COM                                       | CUSIP: 74874Q100<br>LEI: 549300TP8MFBFPOS4Y78 | Long             | EC               | CORP              | US        |     45013 | NS      | $803031.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RPC Inc                                     | RPC Inc COM                                               | CUSIP: 749660106<br>LEI: 549300ZDXAFBC3SB4918 | Long             | EC               | CORP              | US        |     54652 | NS      | $300586.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Brookline Bancorp, Inc.                     | Brookline Bancorp, Inc. COM USD0.01                       | CUSIP: 11373M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69851 | NS      | $761375.91    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc.              | CSG Systems International Inc. COM                        | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |     20954 | NS      | $1267088.38   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Trust Inc                           | Redwood Trust Inc COM                                     | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |     93096 | NS      | $565092.72    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                    | Resideo Technologies Inc COM                              | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    111758 | NS      | $1978116.57   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corporation                             | CTS Corporation COM                                       | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     23653 | NS      | $982782.16    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial                               | CVB Financial COM                                         | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99430 | NS      | $1835477.79   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group              | California Water Service Group COM                        | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     45306 | NS      | $2195528.73   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc.                                  | Calix Inc. COM USD0.01                                    | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |     44193 | NS      | $1566199.91   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Topgolf Callaway Brands Corp                | Topgolf Callaway Brands Corp COM                          | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |    110076 | NS      | $725400.83    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitol Fed Fin In                          | Capitol Fed Fin In COM                                    | CUSIP: 14057J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89035 | NS      | $498596.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cars.com Inc                                | Cars.com Inc COM                                          | CUSIP: 14575E105<br>LEI: 5493002G6J07LNGX4M98 | Long             | EC               | CORP              | US        |     40501 | NS      | $456446.27    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp                      | Cathay General Bancorp COM                                | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |     54953 | NS      | $2364627.63   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries                            | Cavco Industries COM                                      | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6093 | NS      | $3166105.60   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corporation                        | Celanese Corporation COM                                  | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     83441 | NS      | $4736945.50   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                 | Centerspace COM                                           | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |     13240 | NS      | $857290.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp.             | Central Pacific Financial Corp. COM NEW                   | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     22358 | NS      | $604560.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc                     | Century Communities Inc COM                               | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |     20560 | NS      | $1379576.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs Warehouse Inc.                        | Chefs Warehouse Inc. COM                                  | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |     27531 | NS      | $1499338.29   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                        | Sl Green Realty Corp COM                                  | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     52817 | NS      | $3047540.90   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                            | SPS Commerce Inc COM                                      | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |     28996 | NS      | $3848639.09   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corporation            | Chesapeake Utilities Corporation COM                      | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |     17390 | NS      | $2233397.72   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CleanSpark Inc.                             | CleanSpark Inc. COM NEW                                   | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |    208673 | NS      | $1402282.50   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Clear Secure Inc                            | Clear Secure Inc COM CL A                                 | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71399 | NS      | $1849948.13   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                    | Cohu Inc COM                                              | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     33505 | NS      | $492858.55    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabre Corporation                           | Sabre Corporation COM                                     | CUSIP: 78573M104<br>LEI: 529900VKCYZW8GZ4WW58 | Long             | EC               | CORP              | US        |    291047 | NS      | $817842.08    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Safety Insurance Group Inc.                 | Safety Insurance Group Inc. COM                           | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |     11285 | NS      | $890160.79    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc.               | Collegium Pharmaceutical Inc. COM USD0.001                | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |     25384 | NS      | $757712.39    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc              | Community Financial System Inc COM                        | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |     40567 | NS      | $2306639.62   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanfilippo(John B)                          | Sanfilippo(John B) COM                                    | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |      6474 | NS      | $458747.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                | Sanmina Corp COM                                          | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     40837 | NS      | $3110962.71   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Conmed Corporation                          | Conmed Corporation COM                                    | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |     22678 | NS      | $1369524.42   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc.                   | Corcept Therapeutics Inc. COM                             | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     71853 | NS      | $8207049.73   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Corecivic Inc                               | Corecivic Inc COM                                         | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |     83044 | NS      | $1684962.79   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc.                 | Core Natural Resources Inc. COM SHS                       | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     39089 | NS      | $3013762.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp                            | QuidelOrtho Corp COM                                      | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |     49702 | NS      | $1738078.95   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Corvel Corp                                 | Corvel Corp COM                                           | CUSIP: 221006109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21017 | NS      | $2353273.46   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                                | Artivion Inc COM                                          | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |     26897 | NS      | $661128.26    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DXP Enterprises Inc.                        | DXP Enterprises Inc. COM NEW                              | CUSIP: 233377407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9384 | NS      | $771927.85    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Company                      | DXC Technology Company COM                                | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |    139719 | NS      | $2382208.94   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc.                                   | Dana Inc. COM STK USD0.01                                 | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     95229 | NS      | $1269402.60   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                          | Douglas Emmett Inc COM                                    | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127396 | NS      | $2038336.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bancorp Inc                           | Eagle Bancorp Inc COM                                     | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |     21758 | NS      | $456918.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp.                               | Embecta Corp. COMMON STOCK                                | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |     48196 | NS      | $614499.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Employers Holdings Inc.                     | Employers Holdings Inc. COM STK USD0.01                   | CUSIP: 292218104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17955 | NS      | $909241.22    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group Inc.                   | Encore Capital Group Inc. COM                             | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |     18663 | NS      | $639767.64    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                                   | Enpro Inc COM USD0.01                                     | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     16178 | NS      | $2617438.64   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.                    | Enova International Inc. COM                              | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     19870 | NS      | $1918647.23   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Eplus Inc                                   | Eplus Inc COM                                             | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |     20094 | NS      | $1226336.83   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers, Inc.                          | Saul Centers, Inc. COM                                    | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10575 | NS      | $381440.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corporation                      | Scholastic Corporation COM                                | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20684 | NS      | $390513.92    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp.                            | Sealed Air Corp. COM                                      | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    112331 | NS      | $3246365.97   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp                  | Sensient Technologies Corp COM USD0.10                    | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |     32695 | NS      | $2433488.90   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Shutterstock Inc                            | Shutterstock Inc COM                                      | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |     19648 | NS      | $366042.23    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive, Inc.                      | Sonic Automotive, Inc. CL A                               | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |     11927 | NS      | $679361.91    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestis Corp.                                | Vestis Corp. COM SHS                                      | CUSIP: 29430C102<br>LEI: 254900QDW0TA2TMFAP59 | Long             | EC               | CORP              | US        |     91516 | NS      | $906008.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc.                      | ESCO Technologies Inc. COM USD0.01                        | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     19853 | NS      | $3159009.31   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                                 | Evertec Inc USD0.01                                       | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     48068 | NS      | $1767460.38   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp Puerto Rico                   | First Bancorp Puerto Rico COM USD1                        | CUSIP: 318672706<br>LEI: 549300QGC3EY3EV0NS72 | Long             | EC               | CORP              | PR        |    125684 | NS      | $2409362.33   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc.                         | First Hawaiian Inc. COM                                   | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     94629 | NS      | $2312732.74   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Forward Air Corp.                           | Forward Air Corp. COM USD0.01                             | CUSIP: 349853101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17265 | NS      | $346853.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corporation             | Fox Factory Holding Corporation COM                       | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |     32757 | NS      | $764548.38    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                                | Freshpet Inc COM                                          | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     36784 | NS      | $3059325.25   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                               | Frontdoor Inc COM                                         | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |     58523 | NS      | $2248453.65   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc.                     | Genworth Financial Inc. COM SHS                           | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |    329595 | NS      | $2336828.55   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm Inc                                | Gentherm Inc COM                                          | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |     22215 | NS      | $594029.09    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                           | Getty Realty Corp COM                                     | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     37846 | NS      | $1180038.27   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease Inc COM NEW                              | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |    149570 | NS      | $1202542.80   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogo Inc                                    | Gogo Inc COM                                              | CUSIP: 38046C109<br>LEI: 549300VL3DIHSFHYTO04 | Long             | EC               | CORP              | US        |     41248 | NS      | $355557.77    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Grid Dynamics Holdings Inc.                 | Grid Dynamics Holdings Inc. CL A                          | CUSIP: 39813G109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44347 | NS      | $694030.56    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group, Inc.                             | HCI Group, Inc. COM                                       | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |      6468 | NS      | $965219.64    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp.                       | Hanmi Financial Corp. COM USD0.001                        | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |     24622 | NS      | $557934.51    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc.                           | HealthStream Inc. COM                                     | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |     17725 | NS      | $570390.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp.                    | Heritage Financial Corp. COM                              | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27886 | NS      | $678466.38    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                        | Hilltop Holdings Inc COM                                  | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     36553 | NS      | $1113038.84   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                                  | Impinj Inc COM                                            | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |     17212 | NS      | $1561128.38   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc.                  | Innovex International Inc. COM                            | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     31445 | NS      | $564752.21    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Propertes Inc         | Innovative Industrial Propertes Inc COM USD0.001          | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |     22341 | NS      | $1208424.66   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Integra LifeSciences Holdings Corporation   | Integra LifeSciences Holdings Corporation COM STK USD0.01 | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |     49150 | NS      | $1080808.51   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.                      | Integer Holdings Corp. COM                                | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |     25854 | NS      | $3051030.53   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface, Inc.                             | Interface, Inc. COM                                       | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     45853 | NS      | $909723.51    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                          | InterDigital, Inc. COM                                    | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |     19650 | NS      | $4062637.50   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack in the Box Inc.                        | Jack in the Box Inc. COM STK USD0.01                      | CUSIP: 466367109<br>LEI: 5493002OJW26P0SUUP68 | Long             | EC               | CORP              | US        |     13144 | NS      | $357385.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust Inc.          | KKR Real Estate Finance Trust Inc. COM                    | CUSIP: 48251K100<br>LEI: 549300K23AYZDZ2REL62 | Long             | EC               | CORP              | US        |     47823 | NS      | $516488.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                                  | Kadant Inc COM USD0.01                                    | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |      9057 | NS      | $3051393.93   | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Kaiser Aluminium Corporation                | Kaiser Aluminium Corporation COM PAR $0.01                | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12360 | NS      | $749263.21    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                          | Kontoor Brands Inc COM                                    | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     38303 | NS      | $2456371.47   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                                  | Korn Ferry COM USD0.01                                    | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     38574 | NS      | $2616474.39   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.   | Kratos Defense & Security Solutions, Inc. COM NEW         | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    114983 | NS      | $3413845.25   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                              | LCI Industries COM                                        | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |     19177 | NS      | $1676645.09   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Incorporated         | Ligand Pharmaceuticals Incorporated COM NEW               | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     14105 | NS      | $1482999.69   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Liveramp Holdings Inc                       | Liveramp Holdings Inc COM                                 | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |     49689 | NS      | $1298870.49   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc.                        | MGP Ingredients Inc. COM                                  | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |      9162 | NS      | $269179.55    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Madden(Steven)Ltd.                          | Madden(Steven)Ltd. COM                                    | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     53641 | NS      | $1428996.26   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterBrand Inc                             | MasterBrand Inc COMMON STOCK                              | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |     94079 | NS      | $1228671.75   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Southside Bancshares Inc.                   | Southside Bancshares Inc. COM                             | CUSIP: 84470P109<br>LEI: 549300TC83207VQA2K65 | Long             | EC               | CORP              | US        |     20093 | NS      | $581893.27    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar Bancorp Inc                         | Stellar Bancorp Inc COM                                   | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |     37653 | NS      | $1041481.97   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                 | Pediatrix Medical Group Inc COM                           | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61393 | NS      | $889584.58    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                         | Mercury Systems Inc COM USD0.01                           | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |     38279 | NS      | $1649442.11   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc.                  | Merit Medical Systems Inc. COM NPV                        | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     43944 | NS      | $4645320.26   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                         | Meritage Homes Corp COM                                   | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     55799 | NS      | $3955033.12   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                      | Pathward Financial Inc COM                                | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |     18466 | NS      | $1347094.69   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                            | NMI Holdings Inc COM                                      | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |     60334 | NS      | $2175040.66   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank Holdings Corp                 | National Bank Holdings Corp CL A                          | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28544 | NS      | $1092378.89   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| National Beverage Corp.                     | National Beverage Corp. COM                               | CUSIP: 635017106<br>LEI: 549300O9MZIQJI8TGV17 | Long             | EC               | CORP              | US        |     17332 | NS      | $719971.29    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corporation                         | Navient Corporation COM                                   | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |     56298 | NS      | $711043.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                                 | Neogen Corp COM USD0.16                                   | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |    145466 | NS      | $1261190.25   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc                     | Strategic Education Inc COM                               | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |     18774 | NS      | $1576265.04   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                                  | Stride Inc COM                                            | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     32225 | NS      | $4076462.50   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSCOUT Systems Inc.                       | NETSCOUT Systems Inc. COM                                 | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |     54176 | NS      | $1138237.76   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexpoint Residential Trust Inc              | Nexpoint Residential Trust Inc COM                        | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |     15980 | NS      | $631689.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.               | Summit Hotel Properties, Inc. COM                         | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |     77145 | NS      | $417354.46    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals, Inc               | Supernus Pharmaceuticals, Inc COM                         | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     40561 | NS      | $1328372.75   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Company           | Northwest Natural Holding Company COM                     | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |     30975 | NS      | $1323252.02   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc.                                   | DNOW Inc. COM                                             | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     78250 | NS      | $1336509.99   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp.                               | Sylvamo Corp. COMMON STOCK                                | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |     25974 | NS      | $1742076.18   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                        | TTM Technologies Inc COM NPV                              | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |     76919 | NS      | $1577608.69   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                               | O-I Glass Inc COM                                         | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114378 | NS      | $1311915.66   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                 | OFG Bancorp COM USD1                                      | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     35220 | NS      | $1409504.40   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc                            | Talos Energy Inc COM                                      | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |     92160 | NS      | $895795.20    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone and Data Systems Inc.             | Telephone and Data Systems Inc. COM NEW                   | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75071 | NS      | $2908250.57   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI System Inc.                             | OSI System Inc. COM NPV                                   | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |     11995 | NS      | $2331108.33   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                | Omnicell Inc COM                                          | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |     34046 | NS      | $1190248.15   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                         | TG Therapeutics Inc COM                                   | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |    102837 | NS      | $4054862.98   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| The ODP Corporation                         | The ODP Corporation COM                                   | CUSIP: 88337F105<br>LEI: 549300OI428NU7XTM839 | Long             | EC               | CORP              | US        |     25977 | NS      | $372250.42    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc.                           | PJT Partners Inc. COM CL A                                | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     18250 | NS      | $2516309.98   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira Biosciences Inc                      | Pacira Biosciences Inc COM                                | CUSIP: 695127100<br>LEI: 549300P56LERYBDHCF69 | Long             | EC               | CORP              | US        |     34310 | NS      | $852603.51    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Thryv Holdings Inc.                         | Thryv Holdings Inc. COM NEW                               | CUSIP: 886029206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33324 | NS      | $426880.44    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc New                           | Tidewater Inc New COM                                     | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     36022 | NS      | $1522650.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.                     | Patrick Industries Inc. COM                               | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     25648 | NS      | $2168794.87   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                     | Pebblebrook Hotel Trust COM USD0.01 SBI                   | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |     87630 | NS      | $887691.90    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc                       | Triumph Financial Inc COM                                 | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |     17466 | NS      | $1009534.80   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Hldgs Inc                           | Veritex Hldgs Inc COM                                     | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |     43086 | NS      | $1075857.41   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Mortgage Investment Trust          | PennyMac Mortgage Investment Trust COM                    | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               | CORP              | US        |     67042 | NS      | $982165.31    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corporation            | Phibro Animal Health Corporation CL A COM                 | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |     17144 | NS      | $366195.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Victorias Secret and Co                     | Victorias Secret and Co COMMON STOCK                      | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |     57995 | NS      | $1077547.11   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VIR Biotechnology Inc                       | VIR Biotechnology Inc COM                                 | CUSIP: 92764N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77987 | NS      | $505355.76    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                    | Phillips Edison & Co Inc COMMON STOCK                     | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |     94626 | NS      | $3452902.79   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                     | Piper Sandler Companies COM                               | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |     12238 | NS      | $3030863.11   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc.             | Virtus Investment Partners Inc. COM                       | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |      5278 | NS      | $909716.09    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                             | Whitestone REIT COM                                       | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31707 | NS      | $461970.99    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc            | Prestige Consumer Healthcare Inc COM                      | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38074 | NS      | $3273221.77   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Proassurance Corp                           | Proassurance Corp COM USD0.01                             | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |     38384 | NS      | $896266.39    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree, Inc.                            | WisdomTree, Inc. COM                                      | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |     83973 | NS      | $749039.16    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolfspeed Inc.                              | Wolfspeed Inc. COM                                        | CUSIP: 977852102<br>LEI: 549300OGU88P3AW3TO93 | Long             | EC               | CORP              | US        |    111922 | NS      | $342481.31    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| ProPetro Holding Corp.                      | ProPetro Holding Corp. COM                                | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64567 | NS      | $474567.45    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services Inc.           | Provident Financial Services Inc. COM USD0.01             | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     98230 | NS      | $1686609.10   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc.                | Fresh Del Monte Produce Inc. COM USD0.01                  | CUSIP: G36738105<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | KY        |     24379 | NS      | $751604.58    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Penguin Solutions Inc                       | Penguin Solutions Inc COM USD0.03                         | CUSIP: G8232Y101<br>LEI: 529900RDGHQY8XKXPN14 | Long             | EC               | CORP              | KY        |     43096 | NS      | $748577.53    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc.                                    | RXO Inc. COMMON STOCK                                     | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |    106313 | NS      | $2030578.27   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Radnet Inc                                  | Radnet Inc COM                                            | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     50280 | NS      | $2499921.55   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc.                  | International Seaways Inc. COM                            | CUSIP: Y41053102<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | MH        |     30121 | NS      | $1000017.19   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Renasant Corp.                              | Renasant Corp. COM USD5                                   | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     47841 | NS      | $1623245.13   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc.                       | Rush Enterprises Inc. CL A                                | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |     48110 | NS      | $2569555.09   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co.                               | SM Energy Co. COM                                         | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     88176 | NS      | $2640871.16   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                      | SPX Technologies, Inc. COM                                | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35006 | NS      | $4508072.77   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandisk Corporation                         | Sandisk Corporation COM                                   | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87073 | NS      | $4145545.50   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc.                             | ScanSource Inc. COM NPV                                   | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |     17225 | NS      | $585822.24    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corporation Of Florida     | Seacoast Banking Corporation Of Florida COM NEW           | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     63742 | NS      | $1640081.68   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corporation         | Select Medical Holdings Corporation COM                   | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79678 | NS      | $1330622.56   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares, Inc.                | ServisFirst Bancshares, Inc. COM                          | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38677 | NS      | $3194720.19   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Company                   | Simply Good Foods Company COM                             | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70392 | NS      | $2427820.07   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc.                       | Simulations Plus Inc. COM                                 | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10733 | NS      | $263173.16    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Site Centers Corp                           | Site Centers Corp COM                                     | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |     32789 | NS      | $421010.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitime Corporation                          | Sitime Corporation COM                                    | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14605 | NS      | $2232666.38   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp.               | Six Flags Entertainment Corp. COM                         | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               | CORP              | US        |     71980 | NS      | $2567526.54   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaredge Technologies Inc                  | Solaredge Technologies Inc COM                            | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |     43028 | NS      | $696193.07    | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Solarwinds Corporation                      | Solarwinds Corporation COM NEW                            | CUSIP: 83417Q204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42129 | NS      | $776437.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonos Inc                                   | Sonos Inc COM                                             | CUSIP: 83570H108<br>LEI: 549300WEPU6075I77M08 | Long             | EC               | CORP              | US        |     86615 | NS      | $924182.06    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Spartannash Co.                             | Spartannash Co. COM                                       | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |     27898 | NS      | $565213.47    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprinklr Inc                                | Sprinklr Inc CL A                                         | CUSIP: 85208T107<br>LEI: 254900AR04RJ2BQO5S78 | Long             | EC               | CORP              | US        |     90975 | NS      | $759641.23    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy, Inc.                        | SunCoke Energy, Inc. COM                                  | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     67275 | NS      | $618930.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.               | Sunstone Hotel Investors Inc. COM                         | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |    150025 | NS      | $1411735.28   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtarget Inc                              | Techtarget Inc COM NEW                                    | CUSIP: 87874R308<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23007 | NS      | $340733.66    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                               | Teradata Corp COM                                         | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |     71709 | NS      | $1612018.38   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc.                               | Metallus Inc. COM                                         | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     29820 | NS      | $398395.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods, Inc.                       | TreeHouse Foods, Inc. COM                                 | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |     32884 | NS      | $890827.56    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Trupanion Inc                               | Trupanion Inc COM                                         | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Long             | EC               | CORP              | US        |     24958 | NS      | $930184.65    | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Trustco Bank Corp NY                        | Trustco Bank Corp NY COM NEW                              | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15661 | NS      | $477347.27    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Two Harbors Investment Corp.                | Two Harbors Investment Corp. COM                          | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               | CORP              | US        |     80000 | NS      | $1068800.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc                     | US Physical Therapy Inc COM                               | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |     12077 | NS      | $873891.71    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                    | Ultra Clean Holdings Inc COM                              | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     36050 | NS      | $771830.49    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods, Inc.                  | United Natural Foods, Inc. COM                            | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     47622 | NS      | $1304366.61   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                | WIB 0 05/15/25                                            | CUSIP: 912797LB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7060500 | NS      | $7024180.39   | 0.72%             | 2025-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Vericel Corporation                         | Vericel Corporation COM                                   | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     37267 | NS      | $1662853.55   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Pursuit Attractions and Hospitality Inc     | Pursuit Attractions and Hospitality Inc COM               | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |     14941 | NS      | $528761.99    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                         | Virtu Financial Inc CL A                                  | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     61814 | NS      | $2356349.75   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| WK Kellogg Co                               | WK Kellogg Co COM SHS                                     | CUSIP: 92942W107<br>LEI: 529900SWC935GFWUJ804 | Long             | EC               | CORP              | US        |     48705 | NS      | $970690.65    | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Walker & Dunlop Inc.                        | Walker & Dunlop Inc. COM                                  | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24436 | NS      | $2085856.96   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Xpel Inc.                                   | Xpel Inc. COM                                             | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               | CORP              | US        |     18815 | NS      | $552784.70    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Holdings Corporation                  | Xerox Holdings Corporation COM NEW                        | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Long             | EC               | CORP              | US        |     90435 | NS      | $436801.05    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Yelp Inc                                    | Yelp Inc CL A                                             | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     49688 | NS      | $1839946.64   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                | Alkermes PLC COM USD0.01                                  | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    124678 | NS      | $4116867.51   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                       | Assured Guaranty Ltd. COM USD0.01                         | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     36890 | NS      | $3250009.05   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                   | Gates Industrial Corp PLC ORD SHS                         | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |    174797 | NS      | $3218012.85   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd                          | Ichor Holdings Ltd SHS                                    | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | KY        |     24251 | NS      | $548315.11    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd.                             | Dorian LPG Ltd. COM USD0.01                               | CUSIP: Y2106R110<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | MH        |     26879 | NS      | $600476.87    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                 | E-mini Russell 2000 Index Futures,Jun-2025,ETH            | CUSIP: 0002RTYM5<br>LEI: SNZ2OJLFK8MNNCLQOF39 | Long             | DE               | CORP              | US        |       108 | NC      | $-199031.09   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-22

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

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

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