# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-25-046398
**Filing Date:** 2025-7
**Character Count:** 193195
**Document Hash:** 0c7b6b292e5f646cda2152af4842a3b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046398.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001145549-25-046398

**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:** 251121928

**BUSINESS ADDRESS:**
- **STREET 1:** 8515 E ORCHARD ROAD
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111
- **BUSINESS PHONE:** 303-737-3000

**MAIL ADDRESS:**
- **STREET 1:** 8515 E ORCHARD ROAD
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREAT-WEST FUNDS INC
- **DATE OF NAME CHANGE:** 20121005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MAXIM SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Empower Large Cap Value Fund (Series ID: S000032956)

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

## Nport-Ex

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

---

| | |
|:---|:---|
| **Empower Large Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Empower Large Cap Value Fund** |
| **Institutional Class Ticker / MXGSX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXVHX** |
| **Investor Class Ticker / MXLGX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXEQX** |
|  | &nbsp;&nbsp;&nbsp;**Investor II Class Ticker / MXHAX** |
| **Empower S&P 500® Index Fund** |  |
| **Institutional Class Ticker / MXKWX** |  |
| **Investor Class Ticker / MXVIX** |  |

---

<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 LARGE 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 — 0.04% | Basic Materials — 0.04% | Basic Materials — 0.04% |
| &nbsp;&nbsp;14489 | Freeport-McMoRan Inc | &nbsp;&nbsp;&nbsp;$548554 |
| Communications — 24.80% | Communications — 24.80% | Communications — 24.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;3116 | Airbnb Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 372238 |
| &nbsp;&nbsp;61239 | Alibaba Group Holding Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp; 8097633 |
| 338824 | Alphabet Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp; 52934473 |
| 517705 | Amazon.com Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 98498553 |
| &nbsp;&nbsp;62894 | Arista Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873027 |
| &nbsp;&nbsp;&nbsp;&nbsp;5842 | Booking Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26913568 |
| &nbsp;&nbsp;57034 | DoorDash Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10424104 |
| &nbsp;&nbsp;12540 | FactSet Research Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701186 |
| &nbsp;&nbsp;&nbsp;&nbsp;3231 | MercadoLibre Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303261 |
| &nbsp;&nbsp;78163 | Meta Platforms Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45050027 |
| &nbsp;&nbsp;32798 | Motorola Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14359292 |
| &nbsp;&nbsp;28539 | Netflix Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26613474 |
| &nbsp;&nbsp;23837 | Palo Alto Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067546 |
| 523475 | Pinterest Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16227725 |
| &nbsp;&nbsp;70574 | Shopify Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6738405 |
| &nbsp;&nbsp;17321 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9527070 |
| &nbsp;&nbsp;28299 | Trade Desk Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548521 |
| 427007 | Uber Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31111730 |
| 175614 | Walt Disney Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17333102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386694935 |
| Consumer, Cyclical — 10.32% | Consumer, Cyclical — 10.32% | Consumer, Cyclical — 10.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2090 | AutoZone Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7968710 |
| &nbsp;&nbsp;23016 | Chipotle Mexican Grill Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155633 |
| 242700 | Copart Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13734393 |
| &nbsp;&nbsp;61752 | DR Horton Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850532 |
| &nbsp;&nbsp;51716 | Home Depot Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18953397 |
| &nbsp;&nbsp;31902 | McDonald's Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9965228 |
| &nbsp;&nbsp;15291 | O'Reilly Automotive Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21905581 |
| 110987 | Ross Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14183029 |
| &nbsp;&nbsp;77062 | Starbucks Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7559012 |
| &nbsp;&nbsp;80140 | Tesla Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20769082 |
| 159392 | TJX Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19413945 |
| 164255 | Walmart Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14419946 |
| &nbsp;&nbsp;&nbsp;&nbsp;3154 | WW Grainger Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160994104 |
| Consumer, Non-Cyclical — 12.13% | Consumer, Non-Cyclical — 12.13% | Consumer, Non-Cyclical — 12.13% |
| &nbsp;&nbsp;84801 | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11248853 |
| &nbsp;&nbsp;&nbsp;&nbsp;9579 | AbbVie Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006992 |
| &nbsp;&nbsp;&nbsp;&nbsp;4344 | Block Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236009 |
| 196079 | Coca-Cola Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14043178 |
| &nbsp;&nbsp;38774 | Danaher Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948670 |
| &nbsp;&nbsp;27235 | Edwards Lifesciences Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973993 |
| &nbsp;&nbsp;57433 | Eli Lilly & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47434489 |
| &nbsp;&nbsp;22324 | Gilead Sciences Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501404 |
| &nbsp;&nbsp;60939 | Intuitive Surgical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30181259 |
| &nbsp;&nbsp;68702 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11393540 |
| &nbsp;&nbsp;11745 | McKesson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7904268 |
| &nbsp;&nbsp;18810 | Monster Beverage Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100761 |
| &nbsp;&nbsp;15348 | Natera Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170361 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;2814 | PayPal Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$183613 |
| &nbsp;&nbsp;55918 | Philip Morris International Inc | &nbsp;&nbsp;&nbsp;&nbsp; 8875864 |
| &nbsp;&nbsp;12207 | Quanta Services Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3102775 |
| &nbsp;&nbsp;32707 | Thermo Fisher Scientific Inc | &nbsp;&nbsp;&nbsp;&nbsp; 16275003 |
| &nbsp;&nbsp;42459 | Vertex Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20584972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189166004 |
| Energy — 0.27% | Energy — 0.27% | Energy — 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;6475 | Cheniere Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498315 |
| &nbsp;&nbsp;26167 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246373 |
| Financial — 11.59% | Financial — 11.59% | Financial — 11.59% |
| &nbsp;&nbsp;22798 | Berkshire Hathaway Inc Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12141759 |
| &nbsp;&nbsp;40916 | Blackstone Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719238 |
| &nbsp;&nbsp;14361 | Goldman Sachs Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845270 |
| 160472 | Intercontinental Exchange Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27681420 |
| &nbsp;&nbsp;57470 | KKR & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644107 |
| 117931 | Mastercard Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64640340 |
| &nbsp;&nbsp;48979 | Progressive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13861547 |
| 120410 | Visa Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42198889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180732570 |
| Industrial — 5.90% | Industrial — 5.90% | Industrial — 5.90% |
| &nbsp;&nbsp;77572 | 3M Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11392224 |
| 398429 | Amphenol Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26132958 |
| &nbsp;&nbsp;45125 | Eaton Corp PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12266329 |
| &nbsp;&nbsp;31807 | Illinois Tool Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7888454 |
| &nbsp;&nbsp;19498 | Rockwell Automation Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037893 |
| &nbsp;&nbsp;10463 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525193 |
| &nbsp;&nbsp;&nbsp;&nbsp;5449 | TransDigm Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7537548 |
| &nbsp;&nbsp;38082 | Union Pacific Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8996492 |
| &nbsp;&nbsp;85811 | Veralto Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362282 |
| &nbsp;&nbsp;12617 | Vertiv Holdings Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92050320 |
| Technology — 32.02% | Technology — 32.02% | Technology — 32.02% |
| &nbsp;&nbsp;40244 | Adobe Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15434782 |
| 162319 | Advanced Micro Devices Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16676654 |
| 414837 | Apple Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92147743 |
| &nbsp;&nbsp;14500 | AppLovin Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3842065 |
| &nbsp;&nbsp;26572 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17607405 |
| &nbsp;&nbsp;95244 | Broadcom Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15946703 |
| &nbsp;&nbsp;&nbsp;&nbsp;1911 | Fair Isaac Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524190 |
| &nbsp;&nbsp;41242 | Fiserv Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9107471 |
| &nbsp;&nbsp;&nbsp;&nbsp;6501 | HubSpot Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713956 |
| &nbsp;&nbsp;60778 | International Business Machines Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15113057 |
| &nbsp;&nbsp;45934 | Intuit Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28203016 |
| &nbsp;&nbsp;40454 | Lam Research Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941006 |
| 279938 | Microchip Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13551798 |
| 262681 | Microsoft Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98607820 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LARGE 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;3872 | MongoDB Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$679149 |
| 586823 | NVIDIA Corp | &nbsp;&nbsp;&nbsp;&nbsp; 63599877 |
| 210277 | Oracle Corp | &nbsp;&nbsp;&nbsp;&nbsp; 29398828 |
| 113650 | Salesforce Inc | &nbsp;&nbsp;&nbsp;&nbsp; 30499114 |
| &nbsp;&nbsp;35843 | ServiceNow Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28536046 |
| &nbsp;&nbsp;11540 | Snowflake Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1686686 |
| &nbsp;&nbsp;&nbsp;&nbsp;4565 | Synopsys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1957700 |
| &nbsp;&nbsp;24029 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988814 |
| &nbsp;&nbsp;25914 | Twilio Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499301120 |
| **TOTAL COMMON STOCK — 97.07%<br> (Cost $1,191,691,653)** | **TOTAL COMMON STOCK — 97.07%<br> (Cost $1,191,691,653)** | &nbsp;&nbsp;&nbsp;**$1513733980** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |
| &nbsp;&nbsp;20046 | SPDR® S&P 500® ETF Trust<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11213532 |
| **TOTAL EXCHANGE TRADED FUNDS — 0.72%<br> (Cost $11,291,675)** | **TOTAL EXCHANGE TRADED FUNDS — 0.72%<br> (Cost $11,291,675)** | &nbsp;&nbsp;&nbsp;&nbsp;**$11213532** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 1318800 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 4.29%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$1318800 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.08%<br> (Cost $1,318,800)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1318800** |
| **TOTAL INVESTMENTS — 97.87%<br> (Cost $1,204,302,128)** | &nbsp;&nbsp;&nbsp;**$1526266312** |
| **OTHER ASSETS & LIABILITIES, NET — 2.13%** | &nbsp;&nbsp;&nbsp;&nbsp;**$33238158** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1559504470** |

---

<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

<sup>ETF</sup> Exchange Traded Fund

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LARGE 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 — 3.04% | Basic Materials — 3.04% | Basic Materials — 3.04% |
| 130390 | CF Industries Holdings Inc | &nbsp;&nbsp;&nbsp;$10189978 |
| &nbsp;&nbsp;90327 | DuPont de Nemours Inc | &nbsp;&nbsp;&nbsp;&nbsp; 6745620 |
| &nbsp;&nbsp;48842 | Eastman Chemical Co | &nbsp;&nbsp;&nbsp;&nbsp; 4303469 |
| 265959 | Freeport-McMoRan Inc | &nbsp;&nbsp;&nbsp;&nbsp; 10069208 |
| 218166 | International Paper Co | &nbsp;&nbsp;&nbsp;&nbsp; 11639156 |
| &nbsp;&nbsp;46923 | PPG Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp; 5131030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48078461 |
| Communications — 3.94% | Communications — 3.94% | Communications — 3.94% |
| &nbsp;&nbsp;37346 | AT&T Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056145 |
| &nbsp;&nbsp;19053 | Charter Communications Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7021602 |
| 147219 | Cisco Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9084884 |
| 250545 | Comcast Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245110 |
| 370954 | News Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10097368 |
| &nbsp;&nbsp;59654 | T-Mobile US Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15910318 |
| &nbsp;&nbsp;47849 | Verizon Communications Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170431 |
| &nbsp;&nbsp;78071 | Walt Disney Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7705608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62291466 |
| Consumer, Cyclical — 8.37% | Consumer, Cyclical — 8.37% | Consumer, Cyclical — 8.37% |
| &nbsp;&nbsp;56277 | BJ's Wholesale Club Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6421206 |
| &nbsp;&nbsp;15037 | Cummins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713197 |
| &nbsp;&nbsp;29048 | Dollar General Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554191 |
| &nbsp;&nbsp;17115 | Ferguson Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742336 |
| 302772 | General Motors Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14239367 |
| &nbsp;&nbsp;40476 | Hilton Worldwide Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9210314 |
| &nbsp;&nbsp;&nbsp;&nbsp;5684 | Home Depot Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083129 |
| &nbsp;&nbsp;67667 | Kohl's Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553516 |
| 189365 | Las Vegas Sands Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7315170 |
| &nbsp;&nbsp;11588 | Lululemon Athletica Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280099 |
| 186809 | Mattel Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629699 |
| 147008 | PulteGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15112422 |
| 640282 | Southwest Airlines Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500670 |
| &nbsp;&nbsp;54021 | Target Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637632 |
| &nbsp;&nbsp;22319 | TJX Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718454 |
| 349833 | Walmart Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30711839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132423241 |
| Consumer, Non-Cyclical — 25.61% | Consumer, Non-Cyclical — 25.61% | Consumer, Non-Cyclical — 25.61% |
| 119340 | AbbVie Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25004117 |
| 211878 | AstraZeneca PLC Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15573033 |
| &nbsp;&nbsp;59411 | Becton Dickinson & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13608684 |
| &nbsp;&nbsp;15176 | Biogen Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076684 |
| &nbsp;&nbsp;59651 | Bristol-Myers Squibb Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3638114 |
| &nbsp;&nbsp;10762 | Cardinal Health Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482681 |
| &nbsp;&nbsp;17893 | Centene Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086284 |
| &nbsp;&nbsp;60114 | Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19777506 |
| 305279 | Coca-Cola Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21864082 |
| &nbsp;&nbsp;77118 | Colgate-Palmolive Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7225957 |
| 166127 | Conagra Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430607 |
| 199950 | Corteva Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12582854 |
| 151557 | CVS Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10267987 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;37509 | Elevance Health Inc | &nbsp;&nbsp;&nbsp;$16314915 |
| &nbsp;&nbsp;12424 | GE HealthCare Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1002741 |
| &nbsp;&nbsp;&nbsp;&nbsp;3945 | Humana Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1043847 |
| &nbsp;&nbsp;35328 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 5858795 |
| 601922 | Kenvue Inc | &nbsp;&nbsp;&nbsp;&nbsp; 14434090 |
| &nbsp;&nbsp;20857 | Keurig Dr Pepper Inc | &nbsp;&nbsp;&nbsp;&nbsp; 713727 |
| 101418 | Kimberly-Clark Corp | &nbsp;&nbsp;&nbsp;&nbsp; 14423668 |
| &nbsp;&nbsp;27405 | McKesson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18443291 |
| &nbsp;&nbsp;92000 | Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267120 |
| &nbsp;&nbsp;67275 | Merck & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038604 |
| 137763 | Pfizer Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490914 |
| 239695 | Philip Morris International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38046787 |
| 100296 | Procter & Gamble Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17092444 |
| &nbsp;&nbsp;23333 | Regeneron Pharmaceuticals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14798489 |
| 165662 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18342464 |
| &nbsp;&nbsp;67952 | Sanofi SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768618 |
| &nbsp;&nbsp;42933 | Thermo Fisher Scientific Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21363461 |
| 101015 | Tyson Foods Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6445767 |
| &nbsp;&nbsp;11835 | United Rentals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416995 |
| &nbsp;&nbsp;58864 | UnitedHealth Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30830020 |
| 600650 | Viatris Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5231662 |
| 115649 | Zimmer Biomet Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13089154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405076163 |
| Energy — 8.18% | Energy — 8.18% | Energy — 8.18% |
| &nbsp;&nbsp;11313 | Baker Hughes Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497206 |
| &nbsp;&nbsp;&nbsp;&nbsp;2465 | Chevron Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412370 |
| 184622 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19389002 |
| &nbsp;&nbsp;25137 | Enbridge Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113820 |
| &nbsp;&nbsp;23780 | EOG Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3049547 |
| 108197 | EQT Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5780966 |
| &nbsp;&nbsp;28444 | Expand Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166386 |
| 312384 | Exxon Mobil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37151829 |
| &nbsp;&nbsp;15430 | Hess Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464634 |
| &nbsp;&nbsp;14500 | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790460 |
| 129322 | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405660 |
| 291615 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10613052 |
| 139792 | South Bow Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570935 |
| &nbsp;&nbsp;89843 | Suncor Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478721 |
| &nbsp;&nbsp;79513 | TC Energy Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755049 |
| 199483 | TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12853323 |
| &nbsp;&nbsp;32578 | TotalEnergies SE Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107471 |
| &nbsp;&nbsp;57066 | Valero Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7536707 |
| &nbsp;&nbsp;87871 | Williams Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129388309 |
| Financial — 23.78% | Financial — 23.78% | Financial — 23.78% |
| &nbsp;&nbsp;63022 | Allstate Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13049966 |
| 280395 | American International Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24377541 |
| &nbsp;&nbsp;17193 | American Tower Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741197 |
| &nbsp;&nbsp;94774 | Apollo Global Management Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12978352 |
| 670494 | Bank of America Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27979715 |
| &nbsp;&nbsp;97367 | Capital One Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17457903 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LARGE CAP VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 356248 | Charles Schwab Corp | &nbsp;&nbsp;&nbsp;$27887093 |
| &nbsp;&nbsp;49958 | Chubb Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 15086816 |
| 507196 | Citigroup Inc | &nbsp;&nbsp;&nbsp;&nbsp; 36005844 |
| &nbsp;&nbsp;48491 | CME Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 12864177 |
| 242985 | Equitable Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 12657089 |
| 168198 | Equity Residential REIT | &nbsp;&nbsp;&nbsp;&nbsp; 12039613 |
| 184451 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 7230479 |
| 128838 | Gaming & Leisure Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557854 |
| &nbsp;&nbsp;15474 | Goldman Sachs Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8453291 |
| &nbsp;&nbsp;95650 | Hartford Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11834775 |
| 604963 | Huntington Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080495 |
| &nbsp;&nbsp;88769 | JPMorgan Chase & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21775036 |
| &nbsp;&nbsp;96313 | Loews Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852128 |
| 214738 | MetLife Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17241314 |
| &nbsp;&nbsp;13981 | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631163 |
| &nbsp;&nbsp;66377 | PNC Financial Services Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11667085 |
| 172390 | Rayonier Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806233 |
| 106357 | Rexford Industrial Realty Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4163877 |
| &nbsp;&nbsp;61189 | State Street Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5478251 |
| 141734 | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984009 |
| 175296 | Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484199 |
| 240268 | Wells Fargo & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17248840 |
| 391950 | Weyerhaeuser Co REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11476296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376090631 |
| Industrial — 11.91% | Industrial — 11.91% | Industrial — 11.91% |
| &nbsp;&nbsp;19660 | 3M Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887268 |
| &nbsp;&nbsp;29700 | AGCO Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2749329 |
| &nbsp;&nbsp;69032 | Ball Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3594496 |
| &nbsp;&nbsp;52332 | Boeing Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925223 |
| 120446 | CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10595635 |
| 196925 | CSX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5795503 |
| &nbsp;&nbsp;51387 | FedEx Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12527123 |
| &nbsp;&nbsp;48131 | Fortive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522227 |
| &nbsp;&nbsp;&nbsp;&nbsp;8457 | GE Vernova Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581753 |
| &nbsp;&nbsp;69429 | General Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13896214 |
| &nbsp;&nbsp;51412 | Honeywell International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10886491 |
| 114428 | Ingersoll Rand Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9157672 |
| 127652 | Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10226201 |
| &nbsp;&nbsp;62717 | L3Harris Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13127295 |
| &nbsp;&nbsp;20147 | Norfolk Southern Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771817 |
| &nbsp;&nbsp;22249 | Northrop Grumman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11391710 |
| &nbsp;&nbsp;75886 | Otis Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7831435 |
| &nbsp;&nbsp;15064 | Rockwell Automation Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892236 |
| 104180 | RTX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13799683 |
| &nbsp;&nbsp;44918 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10373677 |
| 129277 | Stanley Black & Decker Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9938816 |
| &nbsp;&nbsp;45855 | TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480229 |
| &nbsp;&nbsp;63251 | United Parcel Service Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956977 |
| &nbsp;&nbsp;32217 | West Fraser Timber Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188387786 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — 7.97% | Technology — 7.97% | Technology — 7.97% |
| &nbsp;&nbsp;63615 | Accenture PLC Class A | &nbsp;&nbsp;&nbsp;$19850425 |
| &nbsp;&nbsp;&nbsp;&nbsp;9030 | Adobe Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3463276 |
| &nbsp;&nbsp;22581 | Advanced Micro Devices Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2319972 |
| &nbsp;&nbsp;27558 | Applied Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3999217 |
| &nbsp;&nbsp;43492 | Fiserv Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9604338 |
| 118703 | Intel Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2695745 |
| &nbsp;&nbsp;74475 | Microsoft Corp | &nbsp;&nbsp;&nbsp;&nbsp; 27957170 |
| &nbsp;&nbsp;53329 | Oracle Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7455927 |
| 179942 | QUALCOMM Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27640891 |
| &nbsp;&nbsp;&nbsp;&nbsp;4647 | Salesforce Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247069 |
| 144462 | Samsung Electronics Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5727263 |
| &nbsp;&nbsp;82841 | Seagate Technology Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7037343 |
| &nbsp;&nbsp;39701 | Texas Instruments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7134270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126132906 |
| Utilities — 5.09% | Utilities — 5.09% | Utilities — 5.09% |
| &nbsp;&nbsp;99829 | Ameren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10022832 |
| &nbsp;&nbsp;&nbsp;&nbsp;1195 | Atmos Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184723 |
| 123088 | Dominion Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6901544 |
| 247807 | NextEra Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17567038 |
| &nbsp;&nbsp;16463 | NiSource Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660002 |
| 134300 | NRG Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12820278 |
| &nbsp;&nbsp;24629 | PG&E Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423126 |
| 253319 | PPL Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9147349 |
| &nbsp;&nbsp;89226 | Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367167 |
| 177845 | Southern Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16352848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80446907 |
| **TOTAL COMMON STOCK — 97.89%<br> (Cost $1,261,440,629)** | **TOTAL COMMON STOCK — 97.89%<br> (Cost $1,261,440,629)** | &nbsp;&nbsp;&nbsp;**$1548315870** |
| **CONVERTIBLE PREFERRED STOCK** | **CONVERTIBLE PREFERRED STOCK** | **CONVERTIBLE PREFERRED STOCK** |
| Utilities — 0.08% | Utilities — 0.08% | Utilities — 0.08% |
| &nbsp;&nbsp;29238 | NextEra Energy Inc 6.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193788 |
| **TOTAL CONVERTIBLE PREFERRED STOCK — 0.08%<br> (Cost $1,425,353)** | **TOTAL CONVERTIBLE PREFERRED STOCK — 0.08%<br> (Cost $1,425,353)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1193788** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Consumer, Cyclical — 0.27% | Consumer, Cyclical — 0.27% | Consumer, Cyclical — 0.27% |
| &nbsp;&nbsp;16378 | Dr Ing hc F Porsche AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820259 |
| &nbsp;&nbsp;33762 | Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4265283 |
| Industrial — 0.19% | Industrial — 0.19% | Industrial — 0.19% |
| &nbsp;&nbsp;51358 | Boeing Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031663 |
| **TOTAL PREFERRED STOCK — 0.46%<br> (Cost $9,081,203)** | **TOTAL PREFERRED STOCK — 0.46%<br> (Cost $9,081,203)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7296946** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LARGE CAP VALUE FUND

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

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 14519423 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 4.29%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$14519423 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.92%<br> (Cost $14,519,423)** | &nbsp;&nbsp;&nbsp;&nbsp;**$14519423** |
| **TOTAL INVESTMENTS — 99.35%<br> (Cost $1,286,466,608)** | &nbsp;&nbsp;&nbsp;**$1571326027** |
| **OTHER ASSETS & LIABILITIES, NET — 0.65%** | &nbsp;&nbsp;&nbsp;&nbsp;**$10317120** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1581643147** |

---

<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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: |
| **Counterparty** | **Currency<br> Purchased** | **Quantity of<br> Currency<br> Purchased** | **Currency<br> Sold** | **Quantity of<br> Currency<br> Sold** | **Settlement Date** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| BB | EUR | 2289700 | USD | 2447624 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$39120 |
| BB | USD | 3008813 | EUR | 2794100 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(25738) |
| BB | USD | 3315537 | GBP | 2586200 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(24942) |
| CGM | USD | 1184666 | EUR | 1100300 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(10322) |
| CGM | USD | 3384750 | GBP | 2637300 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(21733) |
| GS | USD | 2210840 | EUR | 2052900 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(18726) |
| GS | USD | 2837293 | GBP | 2211600 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(19333) |
| HSB | USD | 1844988 | EUR | 1713200 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(15644) |
| HSB | USD | 2136209 | GBP | 1680800 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(34806) |
| MS | EUR | &nbsp;&nbsp;&nbsp;539900 | USD | &nbsp;&nbsp;&nbsp;571961 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14401 |
| MS | USD | 2593071 | GBP | 2019200 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(15040) |
| SSB | USD | 2381429 | EUR | 2211600 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(20494) |
| SSB | USD | 2260352 | GBP | 1763200 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(17095) |
| TD | USD | 2394190 | EUR | 2223400 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(20548) |
| TD | USD | 2832053 | GBP | 2209000 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(21214) |
| UBS | USD | &nbsp;&nbsp;&nbsp;631451 | EUR | &nbsp;&nbsp;&nbsp;586600 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5629) |
| WES | USD | &nbsp;&nbsp;&nbsp;302220 | EUR | &nbsp;&nbsp;&nbsp;280700 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2636) |
|  |  |  |  |  | **Net Depreciation** | **$(220379)** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER LARGE CAP VALUE FUND

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

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC |
| CGM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets |
| GS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs |
| HSB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank USA |
| MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co LLC |
| SSB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Bank |
| TD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto Dominion Bank |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG |
| WES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westpac Banking |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro Dollar |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Pound |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Dollar |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P 500® 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 — 1.58% | Basic Materials — 1.58% | Basic Materials — 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;31638 | Air Products & Chemicals Inc | &nbsp;&nbsp;&nbsp;$9330679 |
| &nbsp;&nbsp;&nbsp;&nbsp;13053 | Albemarle Corp | &nbsp;&nbsp;&nbsp;&nbsp; 940077 |
| &nbsp;&nbsp;&nbsp;&nbsp;21250 | CF Industries Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1660688 |
| &nbsp;&nbsp;&nbsp;104223 | Dow Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3639467 |
| &nbsp;&nbsp;&nbsp;&nbsp;55742 | DuPont de Nemours Inc | &nbsp;&nbsp;&nbsp;&nbsp; 4162813 |
| &nbsp;&nbsp;&nbsp;&nbsp;13146 | Eastman Chemical Co | &nbsp;&nbsp;&nbsp;&nbsp; 1158294 |
| &nbsp;&nbsp;&nbsp;&nbsp;35360 | Ecolab Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8964467 |
| &nbsp;&nbsp;&nbsp;201020 | Freeport-McMoRan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7610617 |
| &nbsp;&nbsp;&nbsp;&nbsp;34140 | International Flavors & Fragrances Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649605 |
| &nbsp;&nbsp;&nbsp;&nbsp;69955 | International Paper Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732099 |
| &nbsp;&nbsp;&nbsp;&nbsp;66761 | Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31086592 |
| &nbsp;&nbsp;&nbsp;&nbsp;34217 | LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408877 |
| &nbsp;&nbsp;&nbsp;&nbsp;36208 | Mosaic Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977978 |
| &nbsp;&nbsp;&nbsp;156262 | Newmont Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7544329 |
| &nbsp;&nbsp;&nbsp;&nbsp;35227 | Nucor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239218 |
| &nbsp;&nbsp;&nbsp;&nbsp;30875 | PPG Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376181 |
| &nbsp;&nbsp;&nbsp;&nbsp;31590 | Sherwin-Williams Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030912 |
| &nbsp;&nbsp;&nbsp;&nbsp;21998 | Steel Dynamics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107264403 |
| Communications — 14.99% | Communications — 14.99% | Communications — 14.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;61946 | Airbnb Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400069 |
| &nbsp;&nbsp;&nbsp;820369 | Alphabet Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126861862 |
| &nbsp;&nbsp;&nbsp;663404 | Alphabet Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103643607 |
| 1325549 | Amazon.com Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252198953 |
| &nbsp;&nbsp;&nbsp;146117 | Arista Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11321145 |
| 1006042 | AT&T Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28450868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641 | Booking Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21380669 |
| &nbsp;&nbsp;&nbsp;&nbsp;17495 | CDW Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803748 |
| &nbsp;&nbsp;&nbsp;&nbsp;14321 | Charter Communications Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5277718 |
| &nbsp;&nbsp;&nbsp;558876 | Cisco Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34488238 |
| &nbsp;&nbsp;&nbsp;535192 | Comcast Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19748585 |
| &nbsp;&nbsp;&nbsp;112797 | Corning Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163847 |
| &nbsp;&nbsp;&nbsp;&nbsp;47678 | DoorDash Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8714108 |
| &nbsp;&nbsp;&nbsp;&nbsp;67127 | eBay Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546512 |
| &nbsp;&nbsp;&nbsp;&nbsp;18193 | Expedia Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8815 | F5 Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644 | FactSet Research Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565988 |
| &nbsp;&nbsp;&nbsp;&nbsp;27654 | Fox Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565216 |
| &nbsp;&nbsp;&nbsp;&nbsp;14673 | Fox Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773414 |
| &nbsp;&nbsp;&nbsp;&nbsp;85744 | Gen Digital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275646 |
| &nbsp;&nbsp;&nbsp;&nbsp;21199 | GoDaddy Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818788 |
| &nbsp;&nbsp;&nbsp;&nbsp;42599 | Interpublic Group of Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156989 |
| &nbsp;&nbsp;&nbsp;&nbsp;52925 | Juniper Networks Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915356 |
| &nbsp;&nbsp;&nbsp;&nbsp;29322 | Match Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914846 |
| &nbsp;&nbsp;&nbsp;307763 | Meta Platforms Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177382283 |
| &nbsp;&nbsp;&nbsp;&nbsp;22712 | Motorola Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9943541 |
| &nbsp;&nbsp;&nbsp;&nbsp;59933 | Netflix Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55889320 |
| &nbsp;&nbsp;&nbsp;&nbsp;65325 | News Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778147 |
| &nbsp;&nbsp;&nbsp;&nbsp;12161 | News Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369330 |
| &nbsp;&nbsp;&nbsp;&nbsp;27755 | Omnicom Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301167 |
| &nbsp;&nbsp;&nbsp;&nbsp;91767 | Palo Alto Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15659121 |
| &nbsp;&nbsp;&nbsp;113545 | Paramount Global Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357998 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;68338 | T-Mobile US Inc | &nbsp;&nbsp;&nbsp;$18226428 |
| 295239 | Uber Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21511113 |
| &nbsp;&nbsp;12499 | VeriSign Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3173121 |
| 590227 | Verizon Communications Inc | &nbsp;&nbsp;&nbsp;&nbsp; 26772697 |
| 253910 | Walt Disney Co | &nbsp;&nbsp;&nbsp;&nbsp; 25060917 |
| 320159 | Warner Bros Discovery Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3435306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1015252074 |
| Consumer, Cyclical — 8.22% | Consumer, Cyclical — 8.22% | Consumer, Cyclical — 8.22% |
| &nbsp;&nbsp;31035 | Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846582 |
| &nbsp;&nbsp;&nbsp;&nbsp;2299 | AutoZone Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8765581 |
| &nbsp;&nbsp;28103 | Best Buy Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068662 |
| &nbsp;&nbsp;23992 | Caesars Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599800 |
| &nbsp;&nbsp;26785 | CarMax Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087087 |
| 135734 | Carnival Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650885 |
| 194934 | Chipotle Mexican Grill Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787636 |
| 127703 | Copart Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7226713 |
| &nbsp;&nbsp;62123 | Costco Wholesale Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58754691 |
| &nbsp;&nbsp;19235 | Cummins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6029018 |
| &nbsp;&nbsp;16831 | Darden Restaurants Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496809 |
| &nbsp;&nbsp;20730 | Deckers Outdoor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317821 |
| &nbsp;&nbsp;85312 | Delta Air Lines Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719603 |
| &nbsp;&nbsp;29093 | Dollar General Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558147 |
| &nbsp;&nbsp;29108 | Dollar Tree Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185138 |
| &nbsp;&nbsp;&nbsp;&nbsp;5148 | Domino's Pizza Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365249 |
| &nbsp;&nbsp;41735 | DR Horton Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305771 |
| &nbsp;&nbsp;80324 | Fastenal Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6229126 |
| 542595 | Ford Motor Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5442228 |
| 139835 | General Motors Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6576440 |
| &nbsp;&nbsp;19746 | Genuine Parts Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352538 |
| &nbsp;&nbsp;14190 | Hasbro Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872543 |
| &nbsp;&nbsp;33133 | Hilton Worldwide Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7539414 |
| 139269 | Home Depot Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51040696 |
| &nbsp;&nbsp;43855 | Las Vegas Sands Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694119 |
| &nbsp;&nbsp;36127 | Lennar Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146657 |
| &nbsp;&nbsp;20100 | Live Nation Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624658 |
| &nbsp;&nbsp;29762 | LKQ Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266075 |
| &nbsp;&nbsp;79539 | Lowe's Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18550881 |
| &nbsp;&nbsp;16321 | Lululemon Athletica Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619822 |
| &nbsp;&nbsp;32339 | Marriott International Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7703150 |
| 100476 | McDonald's Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31385688 |
| &nbsp;&nbsp;30393 | MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900849 |
| 166932 | NIKE Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596843 |
| &nbsp;&nbsp;70254 | Norwegian Cruise Line Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | NVR Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028155 |
| &nbsp;&nbsp;&nbsp;&nbsp;8094 | O'Reilly Automotive Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11595303 |
| &nbsp;&nbsp;74517 | PACCAR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255720 |
| &nbsp;&nbsp;&nbsp;&nbsp;6328 | Pool Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014519 |
| &nbsp;&nbsp;28104 | PulteGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889091 |
| &nbsp;&nbsp;&nbsp;&nbsp;7122 | Ralph Lauren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572110 |
| &nbsp;&nbsp;45868 | Ross Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5861472 |
| &nbsp;&nbsp;35597 | Royal Caribbean Cruises Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7313048 |
| &nbsp;&nbsp;85135 | Southwest Airlines Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858833 |
| 158926 | Starbucks Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15589051 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P 500® 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;25543 | Tapestry Inc | &nbsp;&nbsp;&nbsp;$1798483 |
| &nbsp;&nbsp;65557 | Target Corp | &nbsp;&nbsp;&nbsp;&nbsp; 6841529 |
| 391569 | Tesla Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 101479022 |
| 158137 | TJX Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp; 19261087 |
| &nbsp;&nbsp;&nbsp;&nbsp;9357 | TKO Group Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1429843 |
| &nbsp;&nbsp;70615 | Tractor Supply Co | &nbsp;&nbsp;&nbsp;&nbsp; 3890886 |
| &nbsp;&nbsp;&nbsp;&nbsp;7004 | Ulta Beauty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2567246 |
| &nbsp;&nbsp;43140 | United Airlines Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978817 |
| &nbsp;&nbsp;79609 | Walgreens Boots Alliance Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889233 |
| 608599 | Walmart Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53428906 |
| &nbsp;&nbsp;17300 | Williams-Sonoma Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735130 |
| &nbsp;&nbsp;&nbsp;&nbsp;6059 | WW Grainger Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985262 |
| &nbsp;&nbsp;10598 | Wynn Resorts Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884933 |
| &nbsp;&nbsp;39141 | Yum! Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6159228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556945843 |
| Consumer, Non-Cyclical — 16.72% | Consumer, Non-Cyclical — 16.72% | Consumer, Non-Cyclical — 16.72% |
| 243187 | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32258755 |
| 248156 | AbbVie Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51993646 |
| &nbsp;&nbsp;41372 | Agilent Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839697 |
| &nbsp;&nbsp;11854 | Align Technology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883126 |
| 237629 | Altria Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14262493 |
| &nbsp;&nbsp;75367 | Amgen Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23480589 |
| &nbsp;&nbsp;73161 | Archer-Daniels-Midland Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512460 |
| &nbsp;&nbsp;57130 | Automatic Data Processing Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17454929 |
| &nbsp;&nbsp;11889 | Avery Dennison Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115885 |
| &nbsp;&nbsp;77558 | Baxter International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654810 |
| &nbsp;&nbsp;39385 | Becton Dickinson & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9021528 |
| &nbsp;&nbsp;18854 | Biogen Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579981 |
| &nbsp;&nbsp;17484 | Bio-Techne Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025087 |
| 206644 | Boston Scientific Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20846247 |
| 284369 | Bristol-Myers Squibb Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17343665 |
| &nbsp;&nbsp;19696 | Brown-Forman Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668482 |
| &nbsp;&nbsp;16243 | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241290 |
| &nbsp;&nbsp;22002 | Campbell's Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878320 |
| &nbsp;&nbsp;32521 | Cardinal Health Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480418 |
| &nbsp;&nbsp;25677 | Cencora Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7140517 |
| &nbsp;&nbsp;66318 | Centene Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026166 |
| &nbsp;&nbsp;&nbsp;&nbsp;5706 | Charles River Laboratories International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858867 |
| &nbsp;&nbsp;33184 | Church & Dwight Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653227 |
| &nbsp;&nbsp;38999 | Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12830671 |
| &nbsp;&nbsp;48065 | Cintas Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9878799 |
| &nbsp;&nbsp;17389 | Clorox Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560530 |
| 543593 | Coca-Cola Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38932131 |
| 116930 | Colgate-Palmolive Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10956341 |
| &nbsp;&nbsp;78378 | Conagra Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090341 |
| &nbsp;&nbsp;22383 | Constellation Brands Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107728 |
| &nbsp;&nbsp;27950 | Cooper Cos Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357581 |
| &nbsp;&nbsp;&nbsp;&nbsp;9779 | Corpay Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410133 |
| &nbsp;&nbsp;97974 | Corteva Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165504 |
| 179880 | CVS Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12186870 |
| &nbsp;&nbsp;90130 | Danaher Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18476650 |
| &nbsp;&nbsp;&nbsp;&nbsp;5992 | DaVita Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916596 |
| &nbsp;&nbsp;54594 | Dexcom Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728224 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;82696 | Edwards Lifesciences Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$5993806 |
| &nbsp;&nbsp;32598 | Elevance Health Inc | &nbsp;&nbsp;&nbsp;&nbsp; 14178826 |
| 110475 | Eli Lilly & Co | &nbsp;&nbsp;&nbsp;&nbsp; 91242407 |
| &nbsp;&nbsp;18351 | Equifax Inc | &nbsp;&nbsp;&nbsp;&nbsp; 4469570 |
| &nbsp;&nbsp;29742 | Estee Lauder Cos Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1962972 |
| &nbsp;&nbsp;61054 | GE HealthCare Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp; 4927668 |
| &nbsp;&nbsp;81187 | General Mills Inc | &nbsp;&nbsp;&nbsp;&nbsp; 4854171 |
| 174738 | Gilead Sciences Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19579393 |
| &nbsp;&nbsp;34306 | Global Payments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359243 |
| &nbsp;&nbsp;25571 | HCA Healthcare Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8836059 |
| &nbsp;&nbsp;14452 | Henry Schein Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989817 |
| &nbsp;&nbsp;19442 | Hershey Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325165 |
| &nbsp;&nbsp;36732 | Hologic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268936 |
| &nbsp;&nbsp;52384 | Hormel Foods Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620761 |
| &nbsp;&nbsp;17531 | Humana Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4638703 |
| &nbsp;&nbsp;11765 | IDEXX Laboratories Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940712 |
| &nbsp;&nbsp;20689 | Incyte Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252719 |
| &nbsp;&nbsp;10167 | Insulet Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669956 |
| &nbsp;&nbsp;49940 | Intuitive Surgical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24733784 |
| &nbsp;&nbsp;26048 | IQVIA Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592262 |
| &nbsp;&nbsp;17795 | J M Smucker Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107106 |
| 337776 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56016772 |
| &nbsp;&nbsp;36652 | Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023423 |
| 279762 | Kenvue Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6708693 |
| 169249 | Keurig Dr Pepper Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791701 |
| &nbsp;&nbsp;46172 | Kimberly-Clark Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6566582 |
| 127162 | Kraft Heinz Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869540 |
| &nbsp;&nbsp;93324 | Kroger Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6317102 |
| &nbsp;&nbsp;12107 | Labcorp Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817783 |
| &nbsp;&nbsp;15480 | Lamb Weston Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825084 |
| &nbsp;&nbsp;&nbsp;&nbsp;4215 | MarketAxess Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911915 |
| &nbsp;&nbsp;35411 | McCormick & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914679 |
| &nbsp;&nbsp;17798 | McKesson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11977876 |
| 179813 | Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16157996 |
| 354677 | Merck & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31835808 |
| &nbsp;&nbsp;40889 | Moderna Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159203 |
| &nbsp;&nbsp;&nbsp;&nbsp;8080 | Molina Healthcare Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661471 |
| &nbsp;&nbsp;20594 | Molson Coors Beverage Co Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253557 |
| 177290 | Mondelez International Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12029127 |
| &nbsp;&nbsp;94068 | Monster Beverage Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5504859 |
| &nbsp;&nbsp;21849 | Moody's Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10174861 |
| 140564 | PayPal Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9171801 |
| 192365 | PepsiCo Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28843208 |
| 794563 | Pfizer Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20134226 |
| 218001 | Philip Morris International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34603299 |
| 330198 | Procter & Gamble Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56272343 |
| &nbsp;&nbsp;20420 | Quanta Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190356 |
| &nbsp;&nbsp;16560 | Quest Diagnostics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801952 |
| &nbsp;&nbsp;14760 | Regeneron Pharmaceuticals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9361235 |
| &nbsp;&nbsp;21864 | ResMed Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4894256 |
| &nbsp;&nbsp;19666 | Revvity Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080663 |
| &nbsp;&nbsp;43775 | Rollins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365163 |
| &nbsp;&nbsp;44516 | S&P Global Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22618580 |
| &nbsp;&nbsp;15716 | Solventum Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195045 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P 500® 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;13343 | STERIS PLC | &nbsp;&nbsp;&nbsp;$3024191 |
| &nbsp;&nbsp;48104 | Stryker Corp | &nbsp;&nbsp;&nbsp;&nbsp; 17906714 |
| &nbsp;&nbsp;71342 | Sysco Corp | &nbsp;&nbsp;&nbsp;&nbsp; 5353504 |
| &nbsp;&nbsp;53629 | Thermo Fisher Scientific Inc | &nbsp;&nbsp;&nbsp;&nbsp; 26685790 |
| &nbsp;&nbsp;43983 | Tyson Foods Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2806555 |
| &nbsp;&nbsp;&nbsp;&nbsp;9264 | United Rentals Inc | &nbsp;&nbsp;&nbsp;&nbsp; 5805749 |
| 129086 | UnitedHealth Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 67608793 |
| &nbsp;&nbsp;&nbsp;&nbsp;6785 | Universal Health Services Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274901 |
| &nbsp;&nbsp;20487 | Verisk Analytics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097341 |
| &nbsp;&nbsp;36107 | Vertex Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17505396 |
| 202750 | Viatris Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765953 |
| &nbsp;&nbsp;&nbsp;&nbsp;8300 | Waters Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059131 |
| &nbsp;&nbsp;10120 | West Pharmaceutical Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265666 |
| &nbsp;&nbsp;28216 | Zimmer Biomet Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193487 |
| &nbsp;&nbsp;65022 | Zoetis Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10705872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1132471522 |
| Energy — 3.67% | Energy — 3.67% | Energy — 3.67% |
| &nbsp;&nbsp;57154 | APA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201377 |
| 141621 | Baker Hughes Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224243 |
| 234331 | Chevron Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39201233 |
| 181369 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19047372 |
| 102114 | Coterra Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951095 |
| &nbsp;&nbsp;84469 | Devon Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159141 |
| &nbsp;&nbsp;26787 | Diamondback Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282706 |
| &nbsp;&nbsp;19049 | Enphase Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181990 |
| &nbsp;&nbsp;78861 | EOG Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10113135 |
| &nbsp;&nbsp;84073 | EQT Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492020 |
| &nbsp;&nbsp;29554 | Expand Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289951 |
| 610606 | Exxon Mobil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72619372 |
| &nbsp;&nbsp;14439 | First Solar Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825523 |
| 116538 | Halliburton Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956569 |
| &nbsp;&nbsp;38573 | Hess Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6161265 |
| 271000 | Kinder Morgan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731630 |
| &nbsp;&nbsp;46900 | Marathon Petroleum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832861 |
| &nbsp;&nbsp;95153 | Occidental Petroleum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696752 |
| &nbsp;&nbsp;86990 | ONEOK Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8631148 |
| &nbsp;&nbsp;56782 | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7011441 |
| 200338 | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8374128 |
| &nbsp;&nbsp;32082 | Targa Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431479 |
| &nbsp;&nbsp;&nbsp;&nbsp;2841 | Texas Pacific Land Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764297 |
| &nbsp;&nbsp;45699 | Valero Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6035467 |
| 170916 | Williams Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10213940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248430135 |
| Financial — 15.49% | Financial — 15.49% | Financial — 15.49% |
| &nbsp;&nbsp;70654 | Aflac Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7856018 |
| &nbsp;&nbsp;24249 | Alexandria Real Estate Equities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243275 |
| &nbsp;&nbsp;35799 | Allstate Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7412899 |
| &nbsp;&nbsp;78028 | American Express Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20993433 |
| &nbsp;&nbsp;83385 | American International Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7249492 |
| &nbsp;&nbsp;65519 | American Tower Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14256934 |
| &nbsp;&nbsp;13670 | Ameriprise Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6617784 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;30490 | Aon PLC Class A | &nbsp;&nbsp;&nbsp;$12168254 |
| &nbsp;&nbsp;64693 | Apollo Global Management Inc | &nbsp;&nbsp;&nbsp;&nbsp; 8859059 |
| &nbsp;&nbsp;53637 | Arch Capital Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 5158807 |
| &nbsp;&nbsp;35025 | Arthur J Gallagher & Co | &nbsp;&nbsp;&nbsp;&nbsp; 12092031 |
| &nbsp;&nbsp;&nbsp;&nbsp;5812 | Assurant Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1219067 |
| &nbsp;&nbsp;18406 | AvalonBay Communities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 3950296 |
| 935953 | Bank of America Corp | &nbsp;&nbsp;&nbsp;&nbsp; 39057319 |
| 101943 | Bank of New York Mellon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8549959 |
| 257263 | Berkshire Hathaway Inc Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137013129 |
| &nbsp;&nbsp;20413 | Blackrock Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19320496 |
| 101232 | Blackstone Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14150209 |
| &nbsp;&nbsp;31801 | Brown & Brown Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3956044 |
| &nbsp;&nbsp;25123 | BXP Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688014 |
| &nbsp;&nbsp;16060 | Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964138 |
| &nbsp;&nbsp;53691 | Capital One Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9626796 |
| &nbsp;&nbsp;14502 | Cboe Global Markets Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281658 |
| &nbsp;&nbsp;44197 | CBRE Group Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5780084 |
| 238972 | Charles Schwab Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18706728 |
| &nbsp;&nbsp;52562 | Chubb Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15873198 |
| &nbsp;&nbsp;21221 | Cincinnati Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134766 |
| 265173 | Citigroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18824631 |
| &nbsp;&nbsp;67644 | Citizens Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771375 |
| &nbsp;&nbsp;50526 | CME Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13404043 |
| &nbsp;&nbsp;59658 | CoStar Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726703 |
| &nbsp;&nbsp;60712 | Crown Castle Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328012 |
| &nbsp;&nbsp;44428 | Digital Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6366088 |
| &nbsp;&nbsp;36287 | Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6194191 |
| &nbsp;&nbsp;13529 | Equinix Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030870 |
| &nbsp;&nbsp;49081 | Equity Residential REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513218 |
| &nbsp;&nbsp;&nbsp;&nbsp;3179 | Erie Indemnity Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332160 |
| &nbsp;&nbsp;&nbsp;&nbsp;9078 | Essex Property Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783042 |
| &nbsp;&nbsp;&nbsp;&nbsp;6669 | Everest Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423048 |
| &nbsp;&nbsp;31450 | Extra Space Storage Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670011 |
| &nbsp;&nbsp;&nbsp;&nbsp;8188 | Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800950 |
| &nbsp;&nbsp;89900 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524080 |
| &nbsp;&nbsp;33382 | Franklin Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642604 |
| &nbsp;&nbsp;14686 | Globe Life Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934440 |
| &nbsp;&nbsp;44014 | Goldman Sachs Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24044408 |
| &nbsp;&nbsp;38340 | Hartford Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743808 |
| &nbsp;&nbsp;89430 | Healthpeak Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808275 |
| &nbsp;&nbsp;75476 | Host Hotels & Resorts Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072514 |
| 201444 | Huntington Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023674 |
| &nbsp;&nbsp;80505 | Intercontinental Exchange Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13887113 |
| &nbsp;&nbsp;50375 | Invesco Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764189 |
| &nbsp;&nbsp;85284 | Invitation Homes Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972147 |
| &nbsp;&nbsp;37540 | Iron Mountain Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229942 |
| 392112 | JPMorgan Chase & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96185074 |
| 141692 | KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265655 |
| &nbsp;&nbsp;87844 | Kimco Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865807 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P 500® INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;94648 | KKR & Co Inc | &nbsp;&nbsp;&nbsp;$10942255 |
| &nbsp;&nbsp;27703 | Loews Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2546183 |
| &nbsp;&nbsp;21919 | M&T Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3918021 |
| &nbsp;&nbsp;68859 | Marsh & McLennan Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp; 16803662 |
| 114984 | Mastercard Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 63025030 |
| &nbsp;&nbsp;83356 | MetLife Inc | &nbsp;&nbsp;&nbsp;&nbsp; 6692653 |
| &nbsp;&nbsp;17355 | Mid-America Apartment Communities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 2908351 |
| 173928 | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20292180 |
| &nbsp;&nbsp;61476 | Nasdaq Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663569 |
| &nbsp;&nbsp;28697 | Northern Trust Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830959 |
| &nbsp;&nbsp;55632 | PNC Financial Services Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9778437 |
| &nbsp;&nbsp;32175 | Principal Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714605 |
| &nbsp;&nbsp;82136 | Progressive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23245309 |
| 129858 | Prologis Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14516826 |
| &nbsp;&nbsp;50475 | Prudential Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637048 |
| &nbsp;&nbsp;21675 | Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6487111 |
| &nbsp;&nbsp;24474 | Raymond James Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399683 |
| 122712 | Realty Income Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118523 |
| &nbsp;&nbsp;26966 | Regency Centers Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989012 |
| 128654 | Regions Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795651 |
| &nbsp;&nbsp;14597 | SBA Communications Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211486 |
| &nbsp;&nbsp;43703 | Simon Property Group Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7258194 |
| &nbsp;&nbsp;41034 | State Street Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673774 |
| &nbsp;&nbsp;54174 | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867972 |
| &nbsp;&nbsp;30162 | T Rowe Price Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770983 |
| &nbsp;&nbsp;32963 | Travelers Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8717395 |
| 189943 | Truist Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7816154 |
| &nbsp;&nbsp;47801 | UDR Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159171 |
| 227079 | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9587275 |
| &nbsp;&nbsp;63748 | Ventas Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4383312 |
| 140298 | VICI Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4576521 |
| 242295 | Visa Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84914706 |
| &nbsp;&nbsp;34721 | W R Berkley Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470746 |
| 466824 | Wells Fargo & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33513295 |
| &nbsp;&nbsp;82941 | Welltower Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12707391 |
| &nbsp;&nbsp;99992 | Weyerhaeuser Co REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927766 |
| &nbsp;&nbsp;13400 | Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1049701698 |
| Industrial — 7.28% | Industrial — 7.28% | Industrial — 7.28% |
| &nbsp;&nbsp;76557 | 3M Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11243161 |
| &nbsp;&nbsp;12736 | A O Smith Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832425 |
| &nbsp;&nbsp;14480 | Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889061 |
| 228272 | Amcor PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214238 |
| &nbsp;&nbsp;32515 | AMETEK Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5597132 |
| 169720 | Amphenol Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11131935 |
| &nbsp;&nbsp;10481 | Axon Enterprise Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512482 |
| &nbsp;&nbsp;47666 | Ball Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481969 |
| 104817 | Boeing Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17876539 |
| &nbsp;&nbsp;14359 | Builders FirstSource Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794013 |
| 118380 | Carrier Global Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7505292 |
| &nbsp;&nbsp;67694 | Caterpillar Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22325481 |
| &nbsp;&nbsp;18615 | CH Robinson Worldwide Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906176 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| 272832 | CSX Corp | &nbsp;&nbsp;&nbsp;$8029446 |
| &nbsp;&nbsp;35676 | Deere & Co | &nbsp;&nbsp;&nbsp;&nbsp; 16744531 |
| &nbsp;&nbsp;18758 | Dover Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3295405 |
| &nbsp;&nbsp;55411 | Eaton Corp PLC | &nbsp;&nbsp;&nbsp;&nbsp; 15062372 |
| &nbsp;&nbsp;79948 | Emerson Electric Co | &nbsp;&nbsp;&nbsp;&nbsp; 8765499 |
| &nbsp;&nbsp;21781 | Expeditors International of Washington Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2619165 |
| &nbsp;&nbsp;32072 | FedEx Corp | &nbsp;&nbsp;&nbsp;&nbsp; 7818512 |
| &nbsp;&nbsp;47061 | Fortive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443924 |
| &nbsp;&nbsp;20291 | Garmin Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405785 |
| &nbsp;&nbsp;39070 | GE Vernova Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11927290 |
| &nbsp;&nbsp;&nbsp;&nbsp;6332 | Generac Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801948 |
| &nbsp;&nbsp;37097 | General Dynamics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10111900 |
| 151748 | General Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30372362 |
| &nbsp;&nbsp;91171 | Honeywell International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19305459 |
| &nbsp;&nbsp;54675 | Howmet Aerospace Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7092988 |
| &nbsp;&nbsp;&nbsp;&nbsp;7496 | Hubbell Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480501 |
| &nbsp;&nbsp;&nbsp;&nbsp;4307 | Huntington Ingalls Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878800 |
| &nbsp;&nbsp;11407 | IDEX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064325 |
| &nbsp;&nbsp;37678 | Illinois Tool Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9344521 |
| &nbsp;&nbsp;58773 | Ingersoll Rand Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703603 |
| &nbsp;&nbsp;14541 | Jabil Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978594 |
| &nbsp;&nbsp;17938 | Jacobs Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168525 |
| &nbsp;&nbsp;&nbsp;&nbsp;9070 | JB Hunt Transport Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341907 |
| &nbsp;&nbsp;93662 | Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7503263 |
| &nbsp;&nbsp;23236 | Keysight Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480056 |
| &nbsp;&nbsp;26593 | L3Harris Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5566181 |
| &nbsp;&nbsp;&nbsp;&nbsp;4699 | Lennox International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635340 |
| &nbsp;&nbsp;29578 | Lockheed Martin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13212788 |
| &nbsp;&nbsp;&nbsp;&nbsp;9119 | Martin Marietta Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360068 |
| &nbsp;&nbsp;31760 | Masco Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208590 |
| &nbsp;&nbsp;&nbsp;&nbsp;2788 | Mettler-Toledo International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292377 |
| &nbsp;&nbsp;&nbsp;&nbsp;6045 | Mohawk Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690218 |
| &nbsp;&nbsp;&nbsp;&nbsp;9165 | Nordson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848764 |
| &nbsp;&nbsp;32378 | Norfolk Southern Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668729 |
| &nbsp;&nbsp;18547 | Northrop Grumman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9496249 |
| &nbsp;&nbsp;26276 | Old Dominion Freight Line Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347364 |
| &nbsp;&nbsp;56938 | Otis Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5876002 |
| &nbsp;&nbsp;12312 | Packaging Corp of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438022 |
| &nbsp;&nbsp;18047 | Parker-Hannifin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10969869 |
| &nbsp;&nbsp;24831 | Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172216 |
| &nbsp;&nbsp;28539 | Republic Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911004 |
| &nbsp;&nbsp;14921 | Rockwell Automation Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855288 |
| 186620 | RTX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24719685 |
| &nbsp;&nbsp;75247 | Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390630 |
| &nbsp;&nbsp;&nbsp;&nbsp;7485 | Snap-on Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522520 |
| &nbsp;&nbsp;24999 | Stanley Black & Decker Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921923 |
| &nbsp;&nbsp;42273 | TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5974020 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | Teledyne Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235115 |
| &nbsp;&nbsp;21800 | Textron Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575050 |
| &nbsp;&nbsp;32213 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10853204 |
| &nbsp;&nbsp;&nbsp;&nbsp;7645 | TransDigm Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10575252 |
| &nbsp;&nbsp;36468 | Trimble Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394124 |
| &nbsp;&nbsp;85002 | Union Pacific Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20080873 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P 500® 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;&nbsp;103915 | United Parcel Service Inc Class B | &nbsp;&nbsp;&nbsp;$11429611 |
| &nbsp;&nbsp;&nbsp;&nbsp;36138 | Veralto Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3521648 |
| &nbsp;&nbsp;&nbsp;&nbsp;19763 | Vulcan Materials Co | &nbsp;&nbsp;&nbsp;&nbsp; 4610708 |
| &nbsp;&nbsp;&nbsp;&nbsp;51816 | Waste Management Inc | &nbsp;&nbsp;&nbsp;&nbsp; 11995922 |
| &nbsp;&nbsp;&nbsp;&nbsp;23476 | Westinghouse Air Brake Technologies Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4257373 |
| &nbsp;&nbsp;&nbsp;&nbsp;36513 | Xylem Inc | &nbsp;&nbsp;&nbsp;&nbsp; 4361843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493019155 |
| Technology — 28.23% | Technology — 28.23% | Technology — 28.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;87611 | Accenture PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27338136 |
| &nbsp;&nbsp;&nbsp;&nbsp;61721 | Adobe Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23671855 |
| &nbsp;&nbsp;&nbsp;227533 | Advanced Micro Devices Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23376740 |
| &nbsp;&nbsp;&nbsp;&nbsp;24700 | Akamai Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988350 |
| &nbsp;&nbsp;&nbsp;&nbsp;69613 | Analog Devices Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14038854 |
| &nbsp;&nbsp;&nbsp;&nbsp;11425 | ANSYS Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616698 |
| 2111169 | Apple Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468953970 |
| &nbsp;&nbsp;&nbsp;115589 | Applied Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16774276 |
| &nbsp;&nbsp;&nbsp;&nbsp;30519 | Autodesk Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7989874 |
| &nbsp;&nbsp;&nbsp;658750 | Broadcom Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110294513 |
| &nbsp;&nbsp;&nbsp;&nbsp;15706 | Broadridge Financial Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808077 |
| &nbsp;&nbsp;&nbsp;&nbsp;39171 | Cadence Design Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9962360 |
| &nbsp;&nbsp;&nbsp;&nbsp;71112 | Cognizant Technology Solutions Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440068 |
| &nbsp;&nbsp;&nbsp;&nbsp;34616 | Crowdstrike Holdings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12204909 |
| &nbsp;&nbsp;&nbsp;&nbsp;16788 | Dayforce Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979244 |
| &nbsp;&nbsp;&nbsp;&nbsp;42897 | Dell Technologies Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910062 |
| &nbsp;&nbsp;&nbsp;&nbsp;35432 | Electronic Arts Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6418 | EPAM Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 | Fair Isaac Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6332845 |
| &nbsp;&nbsp;&nbsp;&nbsp;74013 | Fidelity National Information Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527291 |
| &nbsp;&nbsp;&nbsp;&nbsp;79768 | Fiserv Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17615167 |
| &nbsp;&nbsp;&nbsp;&nbsp;86180 | Fortinet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8295687 |
| &nbsp;&nbsp;&nbsp;&nbsp;11281 | Gartner Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4735087 |
| &nbsp;&nbsp;&nbsp;175325 | Hewlett Packard Enterprise Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705265 |
| &nbsp;&nbsp;&nbsp;128623 | HP Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561571 |
| &nbsp;&nbsp;&nbsp;604722 | Intel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13733237 |
| &nbsp;&nbsp;&nbsp;129644 | International Business Machines Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32237277 |
| &nbsp;&nbsp;&nbsp;&nbsp;39300 | Intuit Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24129807 |
| &nbsp;&nbsp;&nbsp;&nbsp;11791 | Jack Henry & Associates Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153037 |
| &nbsp;&nbsp;&nbsp;&nbsp;18754 | KLA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12748969 |
| &nbsp;&nbsp;&nbsp;180404 | Lam Research Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13115371 |
| &nbsp;&nbsp;&nbsp;&nbsp;15138 | Leidos Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042722 |
| &nbsp;&nbsp;&nbsp;&nbsp;77694 | Microchip Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761167 |
| &nbsp;&nbsp;&nbsp;155455 | Micron Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13507485 |
| 1045319 | Microsoft Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392402299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7046 | Monolithic Power Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086539 |
| &nbsp;&nbsp;&nbsp;&nbsp;11007 | MSCI Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224458 |
| &nbsp;&nbsp;&nbsp;&nbsp;27350 | NetApp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402424 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| 3443325 | NVIDIA Corp | &nbsp;&nbsp;&nbsp;$373187563 |
| &nbsp;&nbsp;&nbsp;&nbsp;36203 | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp; 6880742 |
| &nbsp;&nbsp;&nbsp;&nbsp;55349 | ON Semiconductor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2252151 |
| &nbsp;&nbsp;&nbsp;229615 | Oracle Corp | &nbsp;&nbsp;&nbsp;&nbsp; 32102473 |
| &nbsp;&nbsp;&nbsp;287402 | Palantir Technologies Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24256729 |
| &nbsp;&nbsp;&nbsp;&nbsp;44342 | Paychex Inc | &nbsp;&nbsp;&nbsp;&nbsp; 6841084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143 | Paycom Software Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1123643 |
| &nbsp;&nbsp;&nbsp;&nbsp;16626 | PTC Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576199 |
| &nbsp;&nbsp;&nbsp;155772 | QUALCOMM Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23928137 |
| &nbsp;&nbsp;&nbsp;&nbsp;15062 | Roper Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880254 |
| &nbsp;&nbsp;&nbsp;134039 | Salesforce Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35970706 |
| &nbsp;&nbsp;&nbsp;&nbsp;27573 | Seagate Technology Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342326 |
| &nbsp;&nbsp;&nbsp;&nbsp;28883 | ServiceNow Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22994912 |
| &nbsp;&nbsp;&nbsp;&nbsp;27142 | Skyworks Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754187 |
| &nbsp;&nbsp;&nbsp;&nbsp;78155 | Super Micro Computer Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676027 |
| &nbsp;&nbsp;&nbsp;&nbsp;21671 | Synopsys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9293608 |
| &nbsp;&nbsp;&nbsp;&nbsp;24466 | Take-Two Interactive Software Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070578 |
| &nbsp;&nbsp;&nbsp;&nbsp;21346 | Teradyne Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763180 |
| &nbsp;&nbsp;&nbsp;127901 | Texas Instruments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22983810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635 | Tyler Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276133 |
| &nbsp;&nbsp;&nbsp;&nbsp;45237 | Western Digital Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828932 |
| &nbsp;&nbsp;&nbsp;&nbsp;28723 | Workday Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6707682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7202 | Zebra Technologies Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1912595992 |
| Utilities — 2.50% | Utilities — 2.50% | Utilities — 2.50% |
| &nbsp;&nbsp;&nbsp;105614 | AES Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311726 |
| &nbsp;&nbsp;&nbsp;&nbsp;38415 | Alliant Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472005 |
| &nbsp;&nbsp;&nbsp;&nbsp;34673 | Ameren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481169 |
| &nbsp;&nbsp;&nbsp;&nbsp;73118 | American Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7989604 |
| &nbsp;&nbsp;&nbsp;&nbsp;25861 | American Water Works Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815015 |
| &nbsp;&nbsp;&nbsp;&nbsp;24247 | Atmos Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748101 |
| &nbsp;&nbsp;&nbsp;&nbsp;90158 | CenterPoint Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3266424 |
| &nbsp;&nbsp;&nbsp;&nbsp;40071 | CMS Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009733 |
| &nbsp;&nbsp;&nbsp;&nbsp;49941 | Consolidated Edison Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522975 |
| &nbsp;&nbsp;&nbsp;&nbsp;44165 | Constellation Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8904989 |
| &nbsp;&nbsp;&nbsp;114615 | Dominion Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6426463 |
| &nbsp;&nbsp;&nbsp;&nbsp;27745 | DTE Energy Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836301 |
| &nbsp;&nbsp;&nbsp;108530 | Duke Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13237404 |
| &nbsp;&nbsp;&nbsp;&nbsp;49649 | Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925319 |
| &nbsp;&nbsp;&nbsp;&nbsp;56982 | Entergy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871391 |
| &nbsp;&nbsp;&nbsp;&nbsp;35497 | Evergy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447518 |
| &nbsp;&nbsp;&nbsp;&nbsp;47695 | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962337 |
| &nbsp;&nbsp;&nbsp;140887 | Exelon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492073 |
| &nbsp;&nbsp;&nbsp;&nbsp;73919 | FirstEnergy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987806 |
| &nbsp;&nbsp;&nbsp;288326 | NextEra Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20439430 |
| &nbsp;&nbsp;&nbsp;&nbsp;62136 | NiSource Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491032 |
| &nbsp;&nbsp;&nbsp;&nbsp;29422 | NRG Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808624 |
| &nbsp;&nbsp;&nbsp;314691 | PG&E Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5406391 |
| &nbsp;&nbsp;&nbsp;&nbsp;19123 | Pinnacle West Capital Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821466 |
| &nbsp;&nbsp;&nbsp;&nbsp;99205 | PPL Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582293 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P 500® INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;70420 | Public Service Enterprise Group Inc | &nbsp;&nbsp;&nbsp;$5795566 |
| &nbsp;&nbsp;&nbsp;&nbsp;88808 | Sempra | &nbsp;&nbsp;&nbsp;&nbsp; 6337339 |
| &nbsp;&nbsp;&nbsp;153624 | Southern Co | &nbsp;&nbsp;&nbsp;&nbsp; 14125727 |
| &nbsp;&nbsp;&nbsp;&nbsp;48298 | Vistra Corp | &nbsp;&nbsp;&nbsp;&nbsp; 5672117 |
| &nbsp;&nbsp;&nbsp;&nbsp;47323 | WEC Energy Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 5157261 |
| &nbsp;&nbsp;&nbsp;&nbsp;80513 | Xcel Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp; 5699515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169045114 |
| **TOTAL COMMON STOCK — 98.68%<br> (Cost $4,244,536,107)** | **TOTAL COMMON STOCK — 98.68%<br> (Cost $4,244,536,107)** | &nbsp;&nbsp;&nbsp;**$6684725936** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 4951935 | 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;&nbsp;&nbsp;&nbsp;4951935 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.07%<br> (Cost $4,951,935)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.07%<br> (Cost $4,951,935)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$4951935** |

---

---

| | |
|:---|:---|
| **Principal Amount** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.85% | U.S. Treasury Bonds and Notes — 0.85% |
| $58181800 U.S. Treasury Bills<sup>(e)</sup><br> 4.23%, 05/15/2025 | &nbsp;&nbsp;&nbsp;$57882817 |
| **TOTAL SHORT TERM INVESTMENTS — 0.85%<br> (Cost $57,882,817)** | &nbsp;&nbsp;&nbsp;&nbsp;**$57882817** |
| **TOTAL INVESTMENTS — 99.60%<br> (Cost $4,307,370,859)** | &nbsp;&nbsp;&nbsp;**$6747560688** |
| **OTHER ASSETS & LIABILITIES, NET — 0.40%** | &nbsp;&nbsp;&nbsp;&nbsp;**$26820707** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$6774381395** |

---

<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> Appreciation** |
| **Long** |  |  |  |  |  |
| S&P 500® Emini Futures | 320 | USD | 90452 | Jun 2025 | $325899 |
|  |  |  |  | **Net Appreciation** | **$325899** |

---

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 OTC market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.

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

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

Investments in shares of the underlying mutual funds are valued at the net asset value as reported by the underlying mutual fund, which may be obtained from pricing services or other pricing sources.

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

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

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

------

*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 |
| Convertible Preferred Stock, Preferred Stock | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices |
| Exchange Traded Funds | Exchange traded close price |
| Government Money Market Mutual Funds | Net asset value of underlying mutual fund |
| Short Term Investments | Maturity date, credit quality and interest rates |
| Futures Contracts | Exchange traded close price |
| Forward Foreign Currency Contracts | Foreign currency spot and forward rates |

---

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

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

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

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

As of March 31, 2025, the inputs used to value the investments of the Empower Large Cap Value Fund are detailed in the following table. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments. For the remaining Funds, all the investments were valued using Level 1 inputs, except for Short Term Investments, which were valued using Level 2 inputs.

#### Empower Large Cap Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$48078461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$48078461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62291466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62291466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132423241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132423241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386733699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18342464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405076163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105921934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23466375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129388309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376090631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376090631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178014109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10373677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188387786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120405643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5727263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126132906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80446907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80446907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490406091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57909779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548315870 |
| Convertible Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193788 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7296946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7296946 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14519423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14519423 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504925514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66400513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571326027 |

---

------

*March 31, 2025*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53521 |
| Total Assets | &nbsp;&nbsp;$1504925514 | &nbsp;&nbsp;&nbsp;&nbsp;$66454034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1571379548 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  |  |  |  |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273900) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(273900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(273900) |

---

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

<u>Futures Contracts</u>

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

<u>Forward Foreign Currency Contracts</u>

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

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

---

| | |
|:---|:---|
| Empower Large Cap Value Fund |  |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$42841776 |

---

---

| | |
|:---|:---|
| Empower S&P 500® 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;&nbsp;367 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$108639416 |

---

------

*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 Large Cap Value Fund

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

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

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

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

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

**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:** $1589170481.57

**Total Liabilities:** $7223562.17

**Net Assets:** $1581946919.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.463410641194 | **1-Year:** 0.133339854306 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101688 | 4.44%                | 0.87%                | -2.15%               |
| Class ID C000155814 | 4.45%                | 0.88%                | -2.04%               |
| Class ID C000214216 | 4.48%                | 0.81%                | -2.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22226788.74             | $48314480.79                               |
| Month 2  | $38543871.92             | $-4810668.16                               |
| Month 3  | $47178200.77             | $-46044738.25                              |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** DVOIKVU0SHNYT5NF2675

### Schedule of Portfolio Investments

| Name                               | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dreyfus Instl Resv                 | Dreyfus Instl Resv PFD GOVT INSTL                                        | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | RF                | US        |  14519426 | PA      | $14519425.73  | 0.92%             | 2025-04-01      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Equitable Holdings Inc             | Equitable Holdings Inc COM                                               | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    242985 | NS      | $12657088.65  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                        | Fiserv Inc. COM                                                          | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     43492 | NS      | $9604338.41   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.              | Freeport-McMoRan Inc. CL B                                               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    265959 | NS      | $10069207.66  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                        | Kenvue Inc. COM                                                          | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    601922 | NS      | $14434089.51  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                     | Mckesson Corp. COM                                                       | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     27405 | NS      | $18443291.07  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                   | NRG Energy, Inc. COM NEW                                                 | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    134300 | NS      | $12820278.20  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.        | Samsung Electronics Co Ltd. KRW100                                       | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    144462 | NS      | $5727263.09   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                    | T-Mobile US Inc COM                                                      | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     59654 | NS      | $15910317.95  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                       | Target Corp. COM STK USD0.0833                                           | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     54021 | NS      | $5637631.56   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                           | AT&T Inc COM                                                             | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     37346 | NS      | $1056144.85   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.        | Advanced Micro Devices Inc. COM                                          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     22581 | NS      | $2319971.93   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Agco Corporation                   | Agco Corporation COM                                                     | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     29700 | NS      | $2749329.01   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                        | AbbVie Inc. COM                                                          | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    119340 | NS      | $25004116.82  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                          | Adobe Inc COM                                                            | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      9030 | NS      | $3463275.95   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.       | CF Industries Holdings, Inc. COM USD0.01                                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    130390 | NS      | $10189978.50  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.        | Capital One Financial Corp. COM                                          | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     97367 | NS      | $17457903.03  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.              | Cardinal Health, Inc. COM                                                | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     10762 | NS      | $1482680.71   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                      | Centene Corp. COM USD0.001                                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     17893 | NS      | $1086284.04   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                | Cisco Systems, Inc. COM                                                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    104634 | NS      | $6456964.11   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                 | Coca-Cola Co (The) COM                                                   | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    305279 | NS      | $21864081.68  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.              | Colgate-Palmolive Co. COM USD1.00                                        | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     77118 | NS      | $7225956.59   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc           | Ferguson Enterprises Inc COMMON STOCK NEW                                | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     17115 | NS      | $2742336.43   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.               | JPMorgan Chase & Co. COM USD1.00                                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     88769 | NS      | $21775035.73  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                   | Merck & Co., Inc COM                                                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     67275 | NS      | $6038603.94   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.               | Otis Worldwide Corp. COM                                                 | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     75886 | NS      | $7831435.06   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.     | Rexford Industrial Realty Inc. COM                                       | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    106357 | NS      | $4163876.52   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                    | Salesforce Inc. COM                                                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      4647 | NS      | $1247068.91   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                      | U.S. Bancorp. COM USD0.01                                                | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    141734 | NS      | $5984009.48   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.        | United Parcel Service, Inc. CLASS'B'COM USD0.01                          | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     63251 | NS      | $6956977.43   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                   | TotalEnergies SE EUR2.5                                                  | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    199483 | NS      | $12853322.94  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                      | Accenture PLC CLS'A'USD0.0000225                                         | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     63615 | NS      | $19850424.83  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                          | Shell PLC ORD EUR0.07                                                    | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    291615 | NS      | $10613052.35  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| The Allstate Corporation           | The Allstate Corporation COM                                             | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     63022 | NS      | $13049965.80  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                       | Ameren Corp. COM                                                         | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     99829 | NS      | $10022831.63  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation         | American Tower Corporation COM                                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     17193 | NS      | $3741196.74   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc       | Apollo Global Management Inc COM                                         | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     94774 | NS      | $12978351.62  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                    | AstraZeneca PLC SPONSORED ADR                                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    211878 | NS      | $15573033.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company               | Baker Hughes Company CL A                                                | CUSIP: 05722G100<br>LEI: 549300XU3XH6F05YEQ93 | Long             | EC               | CORP              | US        |     11313 | NS      | $497206.34    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc.                     | CME Group Inc. COM                                                       | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     48491 | NS      | $12864177.47  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                     | ConocoPhillips COM USD0.01                                               | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    184622 | NS      | $19389002.51  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Healthcare Technologies Inc.    | GE Healthcare Technologies Inc. COMMON STOCK                             | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     12424 | NS      | $1002741.04   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company             | General Motors Company COM                                               | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    302772 | NS      | $14239367.13  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.  | The Hartford Insurance Group Inc. COM                                    | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     95650 | NS      | $11834774.61  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corporation                   | Hess Corporation COM                                                     | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     15430 | NS      | $2464633.88   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                    | Home Depot Inc. COM                                                      | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      5684 | NS      | $2083129.17   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                        | Humana Inc. COM                                                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      3945 | NS      | $1043847.02   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated | Huntington Bancshares Incorporated COM                                   | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    604963 | NS      | $9080494.62   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                  | Intel Corporation COM                                                    | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    118703 | NS      | $2695745.17   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.            | International Paper Co. COM                                              | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    218166 | NS      | $11639155.97  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                  | Johnson & Johnson COM                                                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     35328 | NS      | $5858795.62   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corporation         | Kimberly-Clark Corporation COM                                           | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |    101418 | NS      | $14423668.14  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                       | Kohl's Corp. COM                                                         | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     67667 | NS      | $553516.06    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Loews Corporation                  | Loews Corporation COM                                                    | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     96313 | NS      | $8852127.86   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                      | Volkswagen AG NON VTG PRF NPV                                            | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |     33762 | NS      | $3445024.20   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Mattel, Inc.                       | Mattel, Inc. COM                                                         | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    186809 | NS      | $3629698.85   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                    | Microsoft Corp. COM                                                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     74475 | NS      | $27957170.51  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                     | Morgan Stanley COM NEW                                                   | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     13981 | NS      | $1631163.29   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                 | NextEra Energy Inc COM                                                   | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    247807 | NS      | $17567038.39  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corporation       | Norfolk Southern Corporation COM                                         | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     20147 | NS      | $4771816.91   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation       | Northrop Grumman Corporation COM                                         | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     22249 | NS      | $11391710.53  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                       | Oracle Corp. COM                                                         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     58507 | NS      | $8179863.53   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                   | PG&E Corporation COM                                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     24629 | NS      | $423126.24    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.  | PNC Financial Services Group Inc. COM                                    | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     66377 | NS      | $11667085.37  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.               | PPG Industries, Inc. COM                                                 | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     46923 | NS      | $5131030.06   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                        | Pfizer Inc. COM                                                          | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    137763 | NS      | $3490914.43   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.           | The Procter & Gamble Co. COM                                             | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    100296 | NS      | $17092444.76  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                    | Pulte Group Inc COM                                                      | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147008 | NS      | $15112422.73  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                      | QUALCOMM Inc. COM                                                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    179942 | NS      | $27640890.60  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                       | Rayonier Inc COM                                                         | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    172390 | NS      | $4806233.22   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.    | Regeneron Pharmaceuticals, Inc. COM                                      | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     23333 | NS      | $14798488.71  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.          | Rockwell Automation, Inc. COM                                            | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     15064 | NS      | $3892236.31   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited               | Schlumberger Limited COM USD0.01                                         | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    129322 | NS      | $5405659.66   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation     | The Charles Schwab Corporation COM                                       | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    356248 | NS      | $27887093.42  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                             | Sempra COM                                                               | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     89226 | NS      | $6367167.36   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                       | Southern Co. COM                                                         | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    177845 | NS      | $16352847.64  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.             | Southwest Airlines Co. COM                                               | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |    640282 | NS      | $21500669.89  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                 | State Street Corp. COM                                                   | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     61189 | NS      | $5478251.25   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                 | Suncor Energy Inc. COM NPV 'NEW'                                         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     89843 | NS      | $3478720.98   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.             | The TJX Companies Inc. COM                                               | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     22319 | NS      | $2718454.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC    | Seagate Technology Holdings PLC ORD SHS                                  | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     82841 | NS      | $7037343.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| TE Connectivity PLC                | TE Connectivity PLC ORD SHS                                              | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     45855 | NS      | $6480228.45   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc.  | American International Group Inc. COM NEW                                | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    280395 | NS      | $24377541.28  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.               | Elevance Health Inc. COM                                                 | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     37509 | NS      | $16314914.66  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.             | Applied Materials Inc. COM                                               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     27558 | NS      | $3999216.98   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp.                 | Atmos Energy Corp. COM                                                   | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |      1195 | NS      | $184723.10    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ Wholesale Club Holdings Inc     | BJ Wholesale Club Holdings Inc COM                                       | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     56277 | NS      | $6421205.68   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corporation                   | Ball Corporation COM                                                     | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     69032 | NS      | $3594496.22   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.              | Bank of America Corp. COM                                                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    670494 | NS      | $27979714.43  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company      | Becton, Dickinson and Company COM                                        | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     59411 | NS      | $13608683.78  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                         | Biogen Inc COM                                                           | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     15176 | NS      | $2076683.86   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                 | The Boeing Company COM                                                   | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     52332 | NS      | $8925222.72   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                 | The Boeing Company 6% SER A DEP SHS REPSTG 1/20TH INT MANDATORY CONV PFD | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     51358 | NS      | $3031662.75   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company       | Bristol-Myers Squibb Company COM                                         | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     59651 | NS      | $3638114.47   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                    | The Cigna Group COM                                                      | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     60114 | NS      | $19777506.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                    | CSX Corporation COM                                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    196925 | NS      | $5795502.68   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                    | CVS Health Corp COM                                                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    151557 | NS      | $10267986.75  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.       | Charter Communications, Inc. CL A                                        | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     19053 | NS      | $7021602.19   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                | Expand Energy Corp. COM                                                  | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     28444 | NS      | $3166386.09   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                      | Chevron Corp. COM USD0.75                                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2465 | NS      | $412369.85    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                     | Citigroup Inc. COM USD0.01                                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    507196 | NS      | $36005844.12  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                | Comcast Corporation COM USD0.01 CL A                                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    250545 | NS      | $9245110.53   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                 | Conagra Brands Inc COM                                                   | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |    166127 | NS      | $4430607.16   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                        | Corteva Inc COM                                                          | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    199950 | NS      | $12582853.74  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                       | Cummins Inc. COM                                                         | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     15037 | NS      | $4713197.28   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                | Walt Disney Company COM                                                  | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     78071 | NS      | $7705607.62   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corporation         | Dollar General Corporation COM                                           | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     29048 | NS      | $2554190.64   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                | Dominion Energy Inc COM STK NPV                                          | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    123088 | NS      | $6901544.20   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc              | Dupont De Nemours Inc COM                                                | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     90327 | NS      | $6745620.37   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                 | EOG Resources Inc. COM USD0.01                                           | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     23780 | NS      | $3049547.22   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                    | EQT Corporation COM                                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    108197 | NS      | $5780965.76   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company           | Eastman Chemical Company COM                                             | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     48842 | NS      | $4303468.50   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                      | Enbridge Inc. COM                                                        | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     25137 | NS      | $1113820.44   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                 | Equity Residential SH BEN INT                                            | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    168198 | NS      | $12039612.93  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                  | Exxon Mobil Corp. COM NPV                                                | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    312384 | NS      | $37151828.56  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                  | FedEx Corporation COM USD0.10                                            | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     51387 | NS      | $12527123.21  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                | Fifth Third Bancorp COM                                                  | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    184451 | NS      | $7230479.14   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corporation                | Fortive Corporation COM                                                  | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     48131 | NS      | $3522226.51   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc  | Gaming and Leisure Properties Inc COM                                    | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    128838 | NS      | $6557854.22   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                    | GE Vernova Inc. COM                                                      | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      8457 | NS      | $2581753.01   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                       | GE Aerospace COM NEW                                                     | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     69429 | NS      | $13896214.54  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.          | Goldman Sachs Group, Inc. COM USD0.01                                    | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     15474 | NS      | $8453291.60   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc      | Hilton Worldwide Holdings Inc COM                                        | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     40476 | NS      | $9210313.93   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.       | Honeywell International Inc. COM USD1                                    | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     51412 | NS      | $10886491.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                 | Ingersoll Rand Inc COM                                                   | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    114428 | NS      | $9157672.61   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc               | Keurig Dr Pepper Inc COM                                                 | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     20857 | NS      | $713726.54    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc         | L3 Harris Technologies Inc COM                                           | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     62717 | NS      | $13127295.28  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp               | Las Vegas Sands Corp COM                                                 | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    189365 | NS      | $7315169.93   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.           | Lululemon Athletica Inc. COM                                             | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     11588 | NS      | $3280099.25   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                             | Sanofi EUR2                                                              | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    165662 | NS      | $18342464.46  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                         | Siemens AG NPV(REGD)                                                     | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     44918 | NS      | $10373676.89  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| MetLife Inc.                       | MetLife Inc. COM USD0.01                                                 | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    214738 | NS      | $17241314.09  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                   | News Corporation CL A                                                    | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |    373583 | NS      | $10168929.20  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                 | NEE 6.926 09/01/25                                                       | CUSIP: 65339F713<br>LEI: 254900RHL9MEUS5NKX63 | Long             | DBT              | CORP              | US        |     29238 | NS      | $1193787.50   | 0.08%             | 2025-09-01      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                      | NiSource Inc. COM                                                        | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     16463 | NS      | $660001.67    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                    | PPL Corporation COM USD0.01                                              | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    253319 | NS      | $9147349.10   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.   | Philip Morris International Inc. COM                                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    239695 | NS      | $38046786.96  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                        | Phillips 66 COM                                                          | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     14500 | NS      | $1790460.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                          | RTX Corp. COM                                                            | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    104180 | NS      | $13799682.42  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                             | Sanofi SPON ADR ECH REP 0.5 ORD SH                                       | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     67952 | NS      | $3768617.87   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.       | Stanley Black & Decker, Inc. COM                                         | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    129277 | NS      | $9938815.86   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated     | Texas Instruments Incorporated COM USD1.00                               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     39701 | NS      | $7134269.70   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc       | Thermo Fisher Scientific Inc COM                                         | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     42933 | NS      | $21363460.63  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                         | 3M Company COM USD0.01                                                   | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     19660 | NS      | $2887267.64   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                   | TotalEnergies SE SPONSORED ADS                                           | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     32578 | NS      | $2107470.78   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                  | Tyson Foods, Inc. CL A                                                   | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    101015 | NS      | $6445767.22   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.               | United Rentals, Inc. COM                                                 | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     11835 | NS      | $7416994.62   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.            | UnitedHealth Group Inc. COM                                              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     58864 | NS      | $30830020.00  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                | Valero Energy Corp. COM USD0.01                                          | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     57066 | NS      | $7536706.43   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.        | Verizon Communications Inc. COM USD0.10                                  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     47849 | NS      | $2170430.65   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                        | Viatris Inc COM                                                          | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    600650 | NS      | $5231661.53   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust               | Vornado Realty Trust SH BEN INT                                          | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    175296 | NS      | $6484199.03   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                        | Walmart Inc COM                                                          | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    349833 | NS      | $30711839.30  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                  | Wells Fargo & Co. COM                                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    240268 | NS      | $17248839.76  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd.         | West Fraser Timber Co Ltd. COM                                           | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     32217 | NS      | $2478775.97   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company               | Weyerhaeuser Company COM NEW                                             | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    391950 | NS      | $11476295.96  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)      | Williams Companies Inc. (The) COM                                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     87871 | NS      | $5251170.98   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc         | Zimmer Biomet Holdings Inc COM USD0.01                                   | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    115649 | NS      | $13089153.98  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                    | South Bow Corp. COM                                                      | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |    139792 | NS      | $3570934.83   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| TC Energy Corp                     | TC Energy Corp COM NPV                                                   | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     79513 | NS      | $3755049.17   | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Dr Ing H C F Porsche AG            | Dr Ing H C F Porsche AG NON-VTG PRF NPV                                  | CUSIP: D2R3HA114<br>LEI: 529900EWEX125AULXI58 | Long             | EP               | CORP              | DE        |     16378 | NS      | $820259.46    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                            | CRH PLC ORD EUR 0.32                                                     | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    120446 | NS      | $10595634.12  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC | Johnson Controls International PLC SHS                                   | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |    127652 | NS      | $10226201.52  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                      | Medtronic PLC USD0.0001                                                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     92000 | NS      | $8267120.02   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                         | Chubb Ltd. COM                                                           | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     49958 | NS      | $15086816.27  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                     | MORGAN STANLEY                                                           | CUSIP: 888881203<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DFE              | CORP              | N/A       |         1 | NC      | $586361.98    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK                  | STATE STREET BANK                                                        | CUSIP: 888881204<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2381428.76   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK                  | STATE STREET BANK                                                        | CUSIP: 888881205<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2260351.87   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK INTL                 | BARCLAYS BANK INTL                                                       | CUSIP: 888881192<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3008812.61   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK INTL                 | BARCLAYS BANK INTL                                                       | CUSIP: 888881193<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3315537.37   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK INTL                 | BARCLAYS BANK INTL                                                       | CUSIP: 888881194<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $1283501.73   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK INTL                 | BARCLAYS BANK INTL                                                       | CUSIP: 888881195<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $1203242.14   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS           | CITIGROUP GLOBAL MARKETS                                                 | CUSIP: 888881196<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $1184666.16   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS           | CITIGROUP GLOBAL MARKETS                                                 | CUSIP: 888881197<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3384749.85   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | GOLDMAN SACHS GROUP INC                                                  | CUSIP: 888881198<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2210839.86   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | GOLDMAN SACHS GROUP INC                                                  | CUSIP: 888881199<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2837292.60   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES INC                | HSBC SECURITIES INC                                                      | CUSIP: 888881200<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $1844987.91   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES INC                | HSBC SECURITIES INC                                                      | CUSIP: 888881201<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2136208.73   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | MORGAN STANLEY                                                           | CUSIP: 888881202<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2593070.77   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| TORONTO DOMINION BANK              | TORONTO DOMINION BANK                                                    | CUSIP: 888881206<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2394190.47   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| TORONTO DOMINION BANK              | TORONTO DOMINION BANK                                                    | CUSIP: 888881207<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2832052.87   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS INVESTMENT BANK                | UBS INVESTMENT BANK                                                      | CUSIP: 888881208<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $631451.44    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP               | WESTPAC BANKING CORP                                                     | CUSIP: 888881209<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $302220.43    | 0.02%             |  |  |  | No            |                  2 | 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.