# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-25-052243
**Filing Date:** 2025-8
**Character Count:** 41093
**Document Hash:** daa0cf0fb97bb16f4d5344300b4d90fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052243.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001145549-25-052243

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 251239067

**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 Real Estate Index Fund (Series ID: S000038789)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000119487 | Investor Class      | MXREX           |
| C000155815 | Institutional Class | MXSFX           |

## 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 Real Estate Index Fund

- **b. EDGAR series identifier (if any):** S000038789

- **c. LEI of Series:** 549300XP0KJCX9NXMH47

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1034290850.71

**Total Liabilities:** $4516685.33

**Net Assets:** $1029774165.38

**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 C000119487 | -2.79%               | 2.02%                | -0.91%               |
| Class ID C000155815 | -2.76%               | 2.10%                | -0.85%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-160650.76              | $-26725896.60                              |
| Month 2  | $-159818.82              | $17191124.83                               |
| Month 3  | $-224178.71              | $-16533497.30                              |

### 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        |   9471599 | PA      | $9471599.39   | 0.92%             | 2025-07-01      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| S&P 500 EMINI FUTURES                       | S&P 500 EMINI FUTURES                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DIR              | CORP              | GB        |        45 | NC      | $280573.98    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.       | Alexandria Real Estate Equities, Inc. COM USD0.01 | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |    152578 | NS      | $11081740.14  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc.                  | American Assets Trust Inc. COM                    | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47203 | NS      | $932259.25    | 0.09%             |  |  |  | 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        |    128580 | NS      | $2387730.62   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corp COM                             | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |    108822 | NS      | $7950535.34   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                     | Alexander & Baldwin Inc COM                       | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71390 | NS      | $1272883.69   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent COM USD0.01 'A'             | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    314939 | NS      | $11359849.67  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                    | Broadstone Net Lease Inc COM                      | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |    188691 | NS      | $3028490.59   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                       | Camden Property Trust SH BEN INT                  | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |    105879 | NS      | $11931504.31  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co.                 | DiamondRock Hospitality Co. COM USD0.01           | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |    203768 | NS      | $1560862.89   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc.               | American Healthcare REIT Inc. COM SHS             | CUSIP: 398182303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158065 | NS      | $5807308.22   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| HRTI LLC                                    | HRTI LLC CL A COM                                 | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |    348267 | NS      | $5523514.53   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc               | Independence Realty Trust Inc COM                 | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    231962 | NS      | $4103407.83   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                | NNN REIT Inc COM                                  | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |    186263 | NS      | $8042836.30   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexpoint Residential Trust Inc              | Nexpoint Residential Trust Inc COM                | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |     22164 | NS      | $738504.49    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.              | Rexford Industrial Realty Inc. COM                | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    234004 | NS      | $8323522.30   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.               | Sunstone Hotel Investors Inc. COM                 | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |    195420 | NS      | $1696245.59   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                  | Americold Realty Trust Inc COM                    | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |    260063 | NS      | $4324847.70   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Company | Apartment Investment and Management Company CL A  | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |    131322 | NS      | $1135935.29   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                       | Urban Edge Properties COM                         | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    123462 | NS      | $2303800.97   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality Reit Inc                  | Apple Hospitality Reit Inc COM NEW                | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    221480 | NS      | $2584671.58   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                  | Brixmor Property Group Inc COM                    | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    303312 | NS      | $7898244.43   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                          | Caretrust Reit Inc COM                            | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |    189968 | NS      | $5813020.80   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                 | Centerspace COM                                   | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |     16816 | NS      | $1012155.07   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                       | Chatham Lodging Trust COM                         | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47493 | NS      | $331026.21    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc.             | Community Healthcare Trust Inc. COM               | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |     23654 | NS      | $393366.02    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                     | COPT Defense Properties COM USD0.01               | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |    112353 | NS      | $3098695.77   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                        | CubeSmart (Maryland) COM                          | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    225908 | NS      | $9601090.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp.                   | Curbline Properties Corp. COM                     | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |     92972 | NS      | $2122550.81   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                   | Digital Realty Trust Inc. COM                     | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    313742 | NS      | $54694642.41  | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust                | Diversified Healthcare Trust COM SH BEN INT       | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    215177 | NS      | $770333.65    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                          | Douglas Emmett Inc COM                            | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    164401 | NS      | $2472591.03   | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| EPR Properties                              | EPR Properties COM SH BEN INT                     | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     75546 | NS      | $4401309.92   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc          | Easterly Government Properties Inc COM SHS        | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |     41415 | NS      | $919412.98    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.                  | Eastgroup Properties, Inc. COM                    | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     51971 | NS      | $8685393.52   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                               | Equinix, Inc. COM                                 | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     96941 | NS      | $77113657.38  | 7.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc             | Equity Lifestyle Properties Inc COM               | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    189474 | NS      | $11684861.51  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                          | Equity Residential SH BEN INT                     | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    338880 | NS      | $22871011.42  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY COMMONWEALTH                         | ESCROW SHARES                                     | CUSIP: 294ESC017<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76265 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Essential Properties Realty Trust Inc.      | Essential Properties Realty Trust Inc. COM        | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    195739 | NS      | $6246031.61   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                  | Essex Property Trust, Inc. COM                    | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     63807 | NS      | $18082904.04  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                    | Extra Space Storage Inc. COM USD0.01              | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |    210305 | NS      | $31007369.26  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust             | Federal Realty Investment Trust SH BEN INT NEW    | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     76937 | NS      | $7308245.77   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust, Inc.         | First Industrial Realty Trust, Inc. COM           | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131211 | NS      | $6315185.39   | 0.61%             |  |  |  | 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        |    100457 | NS      | $2703297.89   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                           | Getty Realty Corp COM                             | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     50079 | NS      | $1384183.54   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Gladstone Commercial Corp.                  | Gladstone Commercial Corp. COM                    | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               | CORP              | US        |     45441 | NS      | $651169.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease Inc COM NEW                      | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |    189958 | NS      | $1434182.92   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc.                    | Global Medical REIT Inc. COM NEW                  | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     59423 | NS      | $411801.39    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                   | Healthpeak Properties Inc COM                     | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    688494 | NS      | $12055529.93  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                  | Highwoods Properties, Inc. COM                    | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |    107446 | NS      | $3340496.13   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                   | Host Hotels & Resorts Inc COM                     | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    687485 | NS      | $10559769.65  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc               | Hudson Pacific Properties Inc COM                 | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    337364 | NS      | $924377.39    | 0.09%             |  |  |  | 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        |     27741 | NS      | $1531858.03   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                       | Invitation Homes Inc. COM                         | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |    564924 | NS      | $18529507.16  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                        | JBG SMITH Properties COM                          | CUSIP: 46590V100<br>LEI: 549300HHIW6GDQCPEC54 | Long             | EC               | CORP              | US        |     72680 | NS      | $1257364.01   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Kilroy Realty Corporation                   | Kilroy Realty Corporation COM                     | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |    105954 | NS      | $3635281.76   | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Kimco Realty Corporation                    | Kimco Realty Corporation COM                      | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    670421 | NS      | $14092249.51  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                     | Kite Realty Group Trust COM NEW                   | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    217982 | NS      | $4937292.28   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                        | LXP Industrial Trust COM USD0.0001                | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    296092 | NS      | $2445719.98   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                        | The Macerich Company COM                          | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    251090 | NS      | $4062636.15   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                       | Veris Residential Inc COM                         | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |     81630 | NS      | $1215470.72   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc.               | Medical Properties Trust Inc. COM                 | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |    600986 | NS      | $2590249.68   | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Mid-America Apartment Communities, Inc.     | Mid-America Apartment Communities, Inc. COM       | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |    116006 | NS      | $17170047.97  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors, Inc.             | National Health Investors, Inc. COM               | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |     46539 | NS      | $3263314.69   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust           | National Storage Affiliates Trust COM SHS BEN IN  | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |     69073 | NS      | $2209645.27   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Net Lease Office Properties                 | Net Lease Office Properties COM                   | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15055 | NS      | $490040.24    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp.                             | NETSTREIT Corp. COM                               | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     80333 | NS      | $1360037.70   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Omega Healthcare Investors, Inc.            | Omega Healthcare Investors, Inc. COM              | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |    286796 | NS      | $10511073.47  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Group Inc.                        | Paramount Group Inc. COM                          | CUSIP: 69924R108<br>LEI: 5493006GJU1CFI7Z5J17 | Long             | EC               | CORP              | US        |    183241 | NS      | $1117770.09   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc.                  | Park Hotels & Resorts Inc. COM                    | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |    197869 | NS      | $2024199.90   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                     | Pebblebrook Hotel Trust COM USD0.01 SBI           | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |    121837 | NS      | $1217151.62   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                    | Phillips Edison & Co Inc COMMON STOCK             | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |    124525 | NS      | $4362110.76   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc.                  | Piedmont Realty Trust Inc. COM CL A               | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    126246 | NS      | $920333.35    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc.               | Plymouth Industrial REIT Inc. COM                 | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39270 | NS      | $630676.19    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                               | Prologis Inc. COM USD0.01                         | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    919594 | NS      | $96667721.13  | 9.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                              | Public Storage COM                                | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    156470 | NS      | $45911427.83  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust LP                        | RLJ Lodging Trust LP COM                          | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148519 | NS      | $1081218.31   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                   | Realty Income Corporation COM                     | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |    894971 | NS      | $51559279.50  | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                       | Regency Centers Corp. COM                         | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    161909 | NS      | $11532778.20  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc            | Ryman Hospitality Properties Inc COM              | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     59462 | NS      | $5867115.56   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                        | Sl Green Realty Corp COM                          | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     70532 | NS      | $4365930.82   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust                    | Service Properties Trust COM SH BEN INT           | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               | CORP              | US        |    167086 | NS      | $399335.54    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                    | Simon Property Group Inc COM                      | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    304077 | NS      | $48883418.44  | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial, Inc.                       | STAG Industrial, Inc. COM                         | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |    184942 | NS      | $6709695.74   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.               | Summit Hotel Properties, Inc. COM                 | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |    109775 | NS      | $558754.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                       | Sun Communities, Inc. COM                         | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |    118906 | NS      | $15040420.12  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                                 | Tanger Inc. COM                                   | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |    112760 | NS      | $3448200.78   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation                  | Terreno Realty Corporation COM                    | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102396 | NS      | $5741343.77   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                     | UDR Inc COM                                       | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    298772 | NS      | $12198860.73  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                          | UMH Properties Inc COM STK USD0.10                | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     76768 | NS      | $1288934.75   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                | WIB 0 08/14/25                                    | CUSIP: 912797PN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8082100 | NS      | $8039555.75   | 0.78%             | 2025-08-14      | None          | 0.00%                 | No            |                  2 | 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        |     13388 | NS      | $535118.37    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                 | Ventas Inc. COM                                   | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    447245 | NS      | $28243521.59  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust SH BEN INT                   | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    165496 | NS      | $6328567.02   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| W. P. Carey Inc                             | W. P. Carey Inc COM                               | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |    217009 | NS      | $13537021.61  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                            | Elme Communities SH BEN INT                       | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |     87417 | NS      | $1389930.29   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower OP LLC                            | Welltower OP LLC COM                              | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    615676 | NS      | $94647871.56  | 9.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                  | Xenia Hotels & Resorts Inc COM                    | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |     98714 | NS      | $1240834.99   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                 | AvalonBay Communities, Inc. COM                   | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |    140915 | NS      | $28676202.00  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                     | BXP Inc COM                                       | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |    144352 | NS      | $9739429.58   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                     | Brandywine Realty Trust SH BEN INT NEW            | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |    168384 | NS      | $722367.36    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                       | Sila Realty Trust Inc COMMON STOCK                | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |     54345 | NS      | $1286346.21   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc.                     | Cousins Properties Inc. COM NEW                   | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |    166511 | NS      | $5000325.34   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc               | Empire State Realty Trust Inc CL A                | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |    138700 | NS      | $1122083.02   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Site Centers Corp                           | Site Centers Corp COM                             | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |     47878 | NS      | $541500.26    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

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